LXP Industrial Trust reports Q3 adjusted FFO 16c, consensus 16c

Reports Q3 revenue $86.9M, consensus $LXP. CEO T. Wilson Eglin commented, “We are pleased with our third quarter results, highlighted by the sale of our two vacant development projects in the Central Florida and Indianapolis markets to a user buyer. The gross sale price of $175M represents a 20% premium over the gross book value of the properties and is approximately 6% accretive to earnings while reducing leverage to 5.2x net debt to Adjusted EBITDA. The transaction was an excellent outcome for the company and follows our success leasing the one million square foot Greenville/Spartanburg development project in the second quarter, leading to increased occupancy of approximately 97% at quarter-end. Our high-quality portfolio of primarily new, Class A assets in well-performing markets with solid contractual rent growth and inexpensive rents relative to market positions us well for growth moving forward.”