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

Reports Q1 revenue $88.9M, consensus $84.81M. CEO T. Wilson Eglin commented, “We’re pleased with our Q1 results, which included leasing volume of 1.1 million square feet, same-store NOI growth of 5.2% and an asset sale in a non-target market that generated $35.0M of proceeds. We have continued to produce both strong leasing outcomes and same-store NOI growth and remain focused on increasing occupancy and executing on our 12-market investment strategy in the Sunbelt and Lower Midwest that account for 85% of our gross assets. We believe our portfolio’s asset quality, tenant credit strength and geographic footprint that aligns with onshoring initiatives position us well going forward amid an uncertain macroeconomic environment.”