LXP LXP Industrial Trust
Price Chart
Executive Summary
LXP reported Q1 2026 Adjusted Company FFO of $0.80 per diluted share, beating the $0.01 consensus by 7900% (though the consensus appears to be for GAAP EPS, not the REIT-standard AFFO metric). Total gross revenues declined 3.3% YoY to $85.9M due to property dispositions, and GAAP net loss was $(0.03) per share vs. $0.30 income a year ago. The company reaffirmed its 2026 AFFO guidance of $3.22-$3.37 per share, and same-store NOI grew 2.0%, with strong leasing spreads (Cash Base Rents +24.3% on new/extended leases).
Actionable Insight
The AFFO beat and reaffirmed guidance are positive, but the GAAP net loss and revenue decline temper enthusiasm. Watch for continued leasing momentum and development pipeline execution; the 5.1x leverage is manageable. The stock may trade on AFFO yield vs. industrial REIT peers.
Key Facts
- Adjusted Company FFO of $0.80 per diluted share, up 2.6% YoY from $0.78
- Total gross revenues $85.9M, down 3.3% from $88.9M YoY due to property dispositions
- GAAP net loss attributable to common shareholders of $(1.9)M, or $(0.03) per diluted share, vs. net income of $17.3M ($0.30) in Q1 2025
- Same-Store NOI increased 2.0% YoY
- Executed 1.8M sq ft of new and extended leases with Cash Base Rent spreads of +11.9%
- Reaffirmed 2026 Adjusted Company FFO guidance of $3.22-$3.37 per diluted share
- Net debt to Annualized Adjusted EBITDA at 5.1x; weighted-average interest rate 3.6%
- Repurchased ~325,000 common shares at avg $48.70 in Q1
- Quarterly common dividend of $0.70 per share declared and paid
Financial Impact
AFFO beat consensus by ~$0.79 per share (consensus was $0.01 GAAP EPS, but Street tracks AFFO at ~$0.80); revenue miss of ~$3M vs $84.9M consensus
Risk Factors
- Property dispositions continue to pressure top-line revenue growth
- GAAP net loss widened significantly YoY due to lower gains on sales and higher equity losses
- Development pipeline ($151M total cost) carries execution and lease-up risk
- Interest rate environment could impact refinancing costs on $1.3B debt
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3283527 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
3d ago
|
Institutional Cluster
| $52.76 awaiting T+1 | awaiting T+1 | — | $53.04 (−0.53%) |
|
Jun 1, 2026
13d ago
|
8-K
| $46.02 $45.68 | ▼ −0.73% | ▼ −0.01% | $53.04 (+15.27%) |
|
Apr 29, 2026
6w ago
|
8-K
| $45.79 $45.56 | ▼ −0.51% | ▼ −1.54% | $53.04 (+15.82%) |
|
Apr 29, 2026
6w ago
|
Press Release
| $50.16 $50.92 | ▲ +1.52% | ▲ +0.49% | $53.04 (+5.74%) |
|
Apr 3, 2026
10w ago
|
DEFA14A
| $45.33 $46.22 | ▲ +1.97% | ▲ +1.91% | $53.04 (+17.02%) |
|
Apr 1, 2026
10w ago
|
Press Release
| $46.10 $46.06 | ▼ −0.09% | ▼ −0.56% | $53.04 (+15.05%) |
|
Mar 16, 2026
12w ago
|
Press Release
| $47.89 $47.97 | ▲ +0.19% | ▲ +1.58% | $53.04 (+10.76%) |
US Market Status
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