Riding The Wave Of Industrial Growth: Analyst Upgrades LXP Industrial

Start generating passive income through real estate.

Own a piece of your favorite cities through diversified real estate investments in the country's top markets

*Terms and conditions apply. Visit Nada's website for more details.

  • KeyBanc Capital Markets analyst Todd M. Thomas upgraded LXP Industrial Trust LXP to Overweight from Sector Weight with a price target of $12.
  • The analyst believes LXP's single-tenant, net lease industrial portfolio is doing well and expects steady future growth, with leasing spreads below 20% (around 33% of annualized base rate) scheduled to expire through 2026. 
  • Also, Thomas expects development leasing to continue improving and support core growth.
  • However, the analyst sees the four non-core office assets (especially 1701 Market Street, Philadelphia) as an overhang, and projects disposition in the near term should benefit the company.
  • Thomas raised the estimate for FFO per share to $0.70 (from $0.69) vs. a consensus of $0.68 for 2023 on expected higher net operating income run-rate in the quarter. 
  • The analyst reduced FFO per share estimate to $0.70 (from $0.71) versus a consensus of $0.71 for 2024 on projected dilution from non-core office asset sales. 
  • Earlier this month, LXP reported Q1 2023 revenues of $85.1 million, beating the consensus of $81.3 million.
  • Price Action: LXP shares are trading higher by 1.73% at $9.99 on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Price Target
Posted In: Analyst ColorEquitiesLarge CapNewsREITUpgradesPrice TargetMarketsAnalyst RatingsReal EstateBriefsExpert IdeasFinancialsOffice REIT's
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!