LXP Industrial Trust reports Q1 AFFO 16c, consensus 16c

Reports Q1 revenue $86.25M, consensus $81.72M. CEO T. Wilson Eglin commented “Our industrial portfolio generated robust same-store NOI growth in the first quarter and is continuing to benefit from attractive mark-to-market outcomes with our average annual escalator rising to 2.7%. Additionally, as a result of Q2 leasing, we estimate that our industrial same-store NOI will be in the range of 4.0% to 5.0% for 2024. As we advance our efforts on development leasing and mark-to-market opportunities, we expect to continue deleveraging the balance sheet over time, enhancing LXP‘s financial profile and building a stronger foundation for profitable long-term growth, with build-to-suit opportunities our primary area of focus.”