LXP Industrial Trust Q3 FFO Declines

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(RTTNews) - LXP Industrial Trust (LXP) reported that its third quarter FFO available to equityholders and unitholders declined to $45.13 million from $51.92 million, prior year. FFO per share was $0.15 compared to $0.18. Adjusted FFO was $46.7 million, or $0.16 per share, compared to $51.9 million, or $0.18 per share. Net income attributable to common shareholders was $4.7 million, or $0.02 per share, compared with $11.0 million, or $0.04 per share, prior year.

On average, three analysts polled by Thomson Reuters expected the company to report a loss per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Total gross revenues were $85.6 million, compared with $85.4 million, a year ago. Same-store NOI was up 5.4% in the third quarter. Analysts on average had estimated $84.22 million in revenue.

LXP now estimates that its net income attributable to common shareholders for the year ended December 31, 2024 will be within an expected range of $0.14 to $0.15 per common share. LXP tightened estimated adjusted FFO for the year ended December 31, 2024, to be within an expected range of $0.63 to $0.64 per common share.

LXP announced that it declared a regular quarterly common share dividend for the quarter ending December 31, 2024 of $0.135 per common share payable January 15, 2025 to common shareholders of record as of December 31, 2024. This represents an increase of 3.8% from the previous quarterly per share common share dividend.

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