Quarterly ResultApr 29, 2026, 06:02 AM
LXP Q1 Adjusted FFO $0.80/share (+2.6%); Net Loss $(1.9)M
AI Summary
LXP Industrial Trust reported a Q1 2026 net loss of $(1.9) million, or $(0.03) per diluted common share, but saw Adjusted Company FFO increase by 2.6% to $0.80 per diluted common share. The company achieved strong leasing momentum with 3.2 million square feet leased year-to-date, including a significant lease extension in Greenville/Spartanburg. LXP also commenced a 1.2 million square foot speculative development in Phoenix, refinanced $850 million in credit facilities, and repurchased 325,000 common shares. The company reaffirmed its 2026 Adjusted Company FFO guidance.
Key Highlights
- Adjusted Company FFO was $0.80 per diluted common share, up 2.6% from $0.78 in Q1 2025.
- Net Loss attributable to common shareholders was $(1.9) million, or $(0.03) per diluted common share.
- Same-Store NOI increased by 2.0% compared to Q1 2025.
- Extended lease at 1.1 million square foot Greenville/Spartanburg facility for four years through 2031.
- Completed 0.7 million square feet of new leases and extensions, increasing Base and Cash Base Rents by 34.1% and 24.3%.
- Commenced a 1.2 million square foot speculative development project in Phoenix, Arizona.
- Extended maturities and reduced pricing on $600 million revolving credit facility and $250 million term loan.
- Repurchased and retired approximately 325,000 common shares at an average price of $48.70.
- Declared a regular quarterly common share dividend of $0.70 per share.