LXP Industrial Trust

Adjusted company FFO in Q1 was approximately $47 million, or $0.80 per diluted common share, up 2.6% versus Q1 2025. Same-store NOI increased 2% year over year in the quarter. The stabilized portfolio was 96.6% leased at quarter end and 97.1% leased pro forma for leases signed in April. Q1 G&A was approximately $10.3 million. Management reaffirmed 2026 adjusted company FFO guidance of $3.22 to $3.37 per share and 2026 same-store NOI growth guidance of 1.5% to 2.5%. They said Q2 same-store NOI growth should be lower than Q1, with stronger growth expected in the second half, and that full-year G&A should be $39 million to $41 million.

Will Eglin said the company’s focus this year is on creating value in the land bank and addressing near-term expirations and existing vacancy after executing key 2025 priorities like strengthening the balance sheet and resolving big-box vacancy. He emphasized that industrial fundamentals are improving, especially in large-format buildings and in LXP’s target markets, and said the company is active on 7.4 million square feet of leasing and development/redevelopment opportunities through 2027. His tone was constructive and confident, especially around Phoenix, Columbus, and demand from data center-related and manufacturing tenants.

Nathan Brunner highlighted first-quarter adjusted company FFO of about $47 million and $0.80 per share, plus 2% same-store NOI growth. He said 2026 guidance remains unchanged at $3.22 to $3.37 per share for adjusted company FFO and 1.5% to 2.5% for same-store NOI, with Q2 growth expected to be lower before improving later in the year. He also noted $10.3 million of Q1 G&A, a $39 million to $41 million full-year G&A target, net debt to annualized adjusted EBITDA of 5.1x, $1.3 billion of cash, an undrawn $600 million revolver, and 325,000 shares repurchased at an average price of $48.70.

Analysts pressed on Phoenix supply/demand, whether LXP would pre-lease the project, and how much new leasing is embedded in guidance. Management said the last competing million-plus-square-foot buildings in Phoenix have leased, that it would prefer to pre-lease and de-risk the project if possible, and that midpoint guidance assumes roughly average occupancy of 96.5%, with the high end implying 97% occupancy. They also said guidance still assumes 70% to 80% retention and that there are about 550,000 square feet of known second-half move-outs, while most large 2027 leases, including Nissan, are in advanced discussions and expected to have very high renewal rates.