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| Statement |
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| And then we have got a 58,000 square foot lease that’s coming off towards the back end of next year in Carrollton, which is a suburb of Dallas that we expect to have great activity and a really strong mark-to-market on |
| We believe we are well positioned to build on our strong operating performance and we are excited to continue to producing great results for our shareholders |
| Subsequent to quarter end, we continue to experience strong leasing volume with approximately 1.1 million square feet of new leases and extensions signed in October |
| We continue to raise rents on second-generation new and renewal industrial leases with year-to-date leasing volume of 3.6 million square feet at attractive base and cash based rental increases of approximately 39% and 24%, respectively |
| Will Eglin We appreciate everyone joining our call this morning, and in summary, we continue to successfully execute our strategic initiatives and are making considerable progress in all areas of our business |
| This improved internal growth profile, combined with marking rents to market continue to drive same-store industrial NOI growth, which was 5% in the third quarter |
| That was just consistent with our view around dividend growth supported by the strong same-store results that the portfolio is producing now |
| We did just do the 305,000 square foot lease in Greenville, the forward we -- the forward purchase we did on the 124 in Dallas has a lot of really good activity |
| So the smaller size has very strong activity |
| We believe we are uniquely well positioned to capitalize on these opportunities given our long track record in this space, our strong developer relationships and our well-located land bank |
| We had a successful third quarter driven by meaningful progress on office sales, additional leasing in our development portfolio, rental increases and further leverage reduction |
| We have got good activity on it |
| We have done a number of large building renewals recently and we have some others that are coming up and we anticipate we are going to see a strong mark-to-market on those as well and that we are going to retain those tenants |
| So attractive straight line yields as well |
| We have had promising activity at the site |
| Leasing interest has been strong at this facility |
| We would anticipate getting solid escalations in the 3% to 4% range |
| We also improved our overall 2023 Gresb real estate assessment score and maintained our first place ranking among our peer group with an A and public disclosure |
| We have seen opportunities |
| At the end of the third quarter, our same-store industrial portfolio was 99.1% leased and same-store industrial NOI increased 5% when compared to the same time period in 2022 |
| So as we look to some of the bigger expirations in 2024, you still feel pretty good about those just staying and getting your mark-to-market on those |
| We are increasing the low end of our adjusted company FFO guidance range by $0.02 to a revised range of $0.68 per diluted common share to $0.70 per diluted common share |
| Rents in our target markets grew approximately 15% in the third quarter when compared to third quarter of 2022 |
| During the quarter, we made further progress in our spec development pipeline by leasing our 305,000 square foot spec building in Greenville-Spartanburg at an estimated stabilized cash yield of 7.2%, excluding partner promote |
| Finally, we are pleased to have published our 2022 corporate responsibility report |
| As we approach 2024, we have already completed 2.9 million square feet of 2024 lease extensions at a base cash rental increase of 16.1% or 24.3% when excluding fixed renewals |
| The report highlights enhancements made to our ESG and our program and our demonstrated commitment to transparency and disclosure, utilizing established reporting frameworks, including SASB, TCFD and GRI |
| Great |
| Great |
| And I think that the difference is, is just the spec development properties that we have are just in submarkets that have a little bit more exposure to new product and we have got some more infill locations with the renewals that are performing better just because there isn’t as much competition |
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| As Brendan mentioned, the big box sector, in particular, has experienced an oversupply of product, creating a more competitive market environment for our larger development projects |
| Our non-lease development pipeline currently represents 6% of our gross asset value and we expect this number to decline below our target of 5%, as we continue to lease this portfolio |
| Quarter-over-quarter, we are seeing some moderate softening in tenant leasing demand across U.S |
| We would expect this to dissipate over time as the impact of fewer new starts begins to put pressure on supply |
| How are you? So, yeah, the slowdown is definitely on the larger box space |
| However, leasing continues to get done albeit at a slower pace as tenants take longer to make decisions and some oversupply in certain markets and submarkets is present |
| Our stabilized industrial portfolio was 99.2% leased at quarter end, down slightly compared to last quarter due to a no move-out in Houston |
| We currently estimate that our industrial portfolios in place rents are approximately 24% below market |
| We continue to see interest at our remaining completed spec development properties, although more robust activity is for our under 250,000 square foot spaces given the modest oversupply of big box product currently in the market |
| We just have the Fort Mill assets that are left and we did impair them in the past |
| So that will be an FFO loss to us with respect to going forward, but there’s been no free cash flow from that asset for close to 10 years |
| As rents grow and our spec development pipeline continues to lease up, leverage is expected to decline further |
| We have activity where we could have something done in the near-term on a couple of them or we could miss out on those opportunities potentially and we could have a little bit of a prolonged downtime |
| However, certain factors and risks, including those included in today’s earnings press release and those described in reports that LXP files with the SEC from time to time, could cause LXP’s actual results to differ materially from those expressed or implied by such statements |
| And just a small tactical issue |
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