LXP Industrial Trust reports Q1 adjusted FFO 17c, consensus 17c

Reports Q1 revenue $85.1M vs. $80.3M last year. Wilson Eglin, Chairman and CEO of LXP, commented "We continue to execute exceptionally well on capturing market rent growth, with 2.3M square feet leased during the quarter at Base and Cash Base rental increases of approximately 59% and 42%, respectively, when adjusted for one fixed rate renewal. Rents in our portfolio continue to be well below market and we look forward to a higher period of lease rollover in 2024. We completed an additional 2.5 million square feet of development projects in the quarter, including our 400,000 square foot Phoenix facility, which was placed into service, and subject to a 10-year lease with 3.5% annual escalations. Our development initiatives continue to produce favorable outcomes, and as a result, we are raising our estimate of cash stabilized yields on the remaining 4.3M square foot development pipeline to a range of 6.0%-6.5%."