LXP Industrial Trust Q2 Adj. FFO Rises; Reaffirms 2023 Adj. FFO Guidance

(RTTNews) - LXP Industrial Trust (LXP) posted a second-quarter net loss to shareholders of $9.7 million, or $0.03 per share, compared with net income of $39.7 million, or $0.14 per share, prior year. Adjusted FFO was $52.7 million, or $0.18 per share, compared to $48.9 million, or $0.17 per share, last year.

Second quarter total gross revenues were $87.1 million, compared with $79.8 million, previous year. The company said the increase is primarily attributable to revenue from acquisitions and stabilized development projects, which was partially offset by sales.

LXP now expects net income to shareholders for the year ended December 31, 2023 will be within an expected range of $0.21 to $0.25 per share. LXP reaffirmed estimated adjusted FFO will be within an expected range of $0.66 and $0.70 per share.

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