LXP Industrial Trust reports Q2 AFFO 18c, consensus 17c

Reports Q2 revenue $87.05M, consensus $83.66M. Increased Industrial Same-Store NOI 5.8% in the Q2 compared to the same period in 2022. T. Wilson Eglin, Chairman and CEO of LXP, commented “During the Q2 we leased 1.6 million square feet in our Phoenix and Columbus development projects, producing outcomes that highlight our continued success in development leasing and our ability to deliver superior yields relative to the purchase market. Additionally, we’ve completed 2.7 million square feet of lease extensions year-to-date, raising Base and Cash Base Rents by 49.1% and 34.6%, respectively, when adjusted for one fixed rate renewal. As we move into the second half of the year, we believe we are well-positioned to achieve strong leasing results in both our development and wholly-owned industrial portfolios.”