Strong Lease-up and NOI Growth
The company achieved a lease-up of a 1.1 million square foot development facility in Greenville-Spartanburg and reported same-store NOI growth of 4.7%.
Significant Leasing Activity
Year-to-date leasing amounted to approximately 2.4 million square feet with substantial rent spread increases of 41% and 46% for base and cash-based rents, respectively.
Favorable Market Trends
U.S. net absorption was approximately 30 million square feet, with LXP's 12 target markets absorbing 20 million square feet, showing resilience compared to the broader market.
Successful Property Sale and Capital Redeployment
Sold a property in Chillicothe, Ohio for approximately $40 million at a 4.3% cash cap rate and used the proceeds to repurchase $28 million of floating rate trust preferred securities at a 5% discount.
Improved Debt Management
Increased hedged and fixed-rate debt to 99% and reduced net debt to adjusted EBITDA to 5.8x, down 0.4 turns over the last 12 months.