LXP Industrial Trust FFO Rises In Q3, Revenue Beats

(RTTNews) - LXP Industrial Trust (LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, on Thursday reported higher FFO in the third quarter ended September 30, 2022.

Funds From Operations was $47.4 million, or $0.17 per share, as compared to $40.3 million, or $0.14 per share in the prior period.

Adjusted Company FFO stood at $48.1 million, or $0.17 per share, as compared to $53.6 million, or $0.19 per share in the prior period.

Net income for the period was $21.78 million or $0.08 per share versus $5.03 million or $0.02 per share in the third quarter of the previous period.

Revenues decreased to $80.1 million, from $83.4 million for the quarter ended September 30, 2021. This is primarily attributable to property sales, including the recapitalization of the special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture.

3 analysts polled by Thomson Reuters were expecting the company to report revenues of $79.37 million.

The company also raised the common share dividend for the fourth quarter of 2022 by 4.2%. The regular quarterly dividend/distribution of $0.125 would be payable on January 17, 2023, to common shareholders/unitholders of record as of December 30, 2022.

For the 2022 fiscal, the company's earnings guidance is in the range of $036-$0.39 and the adjusted FFO guidance is in the range of $0.65 to $0.68.

Shares of LXP Industrial Trust are currently trading in premarket at $9.60, up $0.01 or 0.10 percent from the previous close.