LXP Industrial Trust (NYSE: LXP), a real estate investment trust focused on industrial properties, saw its stock soar 5.02% in pre-market trading on Thursday, February 13th, 2025. The surge came after the company reported better-than-expected fourth-quarter 2024 results and provided an upbeat outlook for 2025.
The REIT reported adjusted funds from operations (AFFO) of $0.16 per diluted share for the fourth quarter of 2024, surpassing analysts' estimates of $0.14. Revenue for the quarter also exceeded expectations, coming in at $100.9 million, compared to the consensus estimate of $80.6 million.
LXP Industrial Trust's strong performance was driven by solid leasing activity, with the company completing 1.0 million square feet of new leases and lease extensions during the quarter, raising base and cash base rents by 66.3% and 42.6%, respectively. Additionally, the company acquired four warehouse facilities for $157.6 million and placed a 625,238 square foot build-to-suit facility into service.
Looking ahead to 2025, LXP Industrial Trust forecasts its adjusted FFO per diluted common share to be in the range of $0.61 to $0.65, in line with analysts' expectations of $0.64. The company cited its continued focus on growth through strategic acquisitions, developments, and leasing as key factors supporting its positive outlook.