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LXP Industrial Trust (Maryland REIT) (LXP+0.52%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on Class A warehouse and distribution real estate investments, primarily in the Sunbelt and lower Midwest regions. As of the end of 2024, LXP owned interests in 119 properties across 17 states, with a portfolio occupancy rate of 93.6%.
During 2024, LXP completed several transactions, including the acquisition of four facilities for $157.6 million and the disposition of two office properties and four industrial facilities for $181.1 million. The company also placed into service three fully-leased facilities and invested $108.7 million in development activities.
LXP's financial results for 2024 showed a total revenue of $358.5 million, with rental revenue contributing $354.4 million. The company reported a net income of $42.8 million, an increase from $35.9 million in 2023, primarily due to higher rental revenues and gains on property sales.
The company maintained a substantial amount of indebtedness, totaling approximately $1.6 billion as of December 31, 2024. This includes mortgages, notes payable, a term loan, senior notes, and trust preferred securities.
LXP continues to focus on its growth strategy by acquiring and developing warehouse and distribution facilities in target markets, while maintaining a strong balance sheet. The company plans to continue its capital recycling strategy to optimize its portfolio.
The filing also highlights LXP's commitment to environmental, social, governance, and resilience (ESG+R) initiatives, including achieving significant milestones in sustainability efforts and maintaining a high tenant satisfaction score.
LXP's management acknowledges the potential risks associated with tenant defaults, interest rate fluctuations, and economic conditions, and continues to monitor these factors closely to mitigate potential adverse impacts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LXP Industrial Trust (Maryland REIT) annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.