Debt Reduction And Interest SavingsLXP announced a $150M tender offer for its 6.75% notes due 2028, the company’s highest-cost debt, which is expected to generate $8.9–$9.9M in annual interest savings, effectively bringing leverage to management’s 5x target and providing greater balance sheet flexibility.
Lease Sale And Focus ShiftLXP has officially put its big-box lease-up concerns in the rearview by selling its Ocala and Indy projects to a user buyer for $151M in net proceeds, allowing investors to focus on LXP's peer-leading rent growth and solid SS NOI growth potential.
Valuation And Market PositionEven after a 5% move in the stock, LXP trades at an attractive 14.4x NTM FFO multiple, a 3x turn discount to the peer median of 17.4x, with underlying markets faring better than peers due to its exposure to the Sunbelt and Midwest.