LXP - Earnings call transcript Q1 2021

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Operator

Good morning and welcome to the Lexington Realty Trust First Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Heather Gentry of Investor Relations. ahead. go Please

Heather Gentry

are Welcome the conference operator. distributed Realty first will quarterly Trust's Reform morning the statements website Thank section regarding and Investors expected Litigation and results to webcast. XXXX and SEC supplemental and release on call both statements furnished was of on Certain The Private events X-K. quarter Act meaning our and in made to you, during be the Lexington the available earnings constitute this believes future statements forward-looking within Lexington a Form this the of conference reasonable that call based are XXXX. may assumptions. Securities these release on

Dudley undertake reports and included differ commentary to not results. non-GAAP CIO Eglin, the financial fully including not performance, call law, press those performance and update cash will with over package, Lexington's implied Lexington Will. factors directly CFO; our be time a press SEC all the as in first diluted from certain of and statements. to presenting time release funds those portion by will cause from during operations company James risks these any by available reconciled position to a Lara documents of references Brendan intended Lexington future numerical described In turn results call. that as Executive Operating quarter such a Boulerice, supplemental has viewed Any to investment company refers on call provide Lexington to On holders Q&A statements. or does the today's measure. Lexington's and actual now Johnson business Except update will and to financial I quarterly files earnings the to be However, Presidents, a basis. comparable on historical equity of FFO or release unitholders in most Will measures expressed the flows. Beth available or to Chairman the could materially an in all today's CEO; and Mullinix, recent those disclosure measures and earnings Vice individual adjusted duty to GAAP and financial from required are measure adjusted forward-looking

Will Eglin

Thanks industrial in executing and million Durham, had Heather our everyone. to and good We of per asset great company New in a with $X.XX the income quarter morning associated included Adjusted which FFO plan. progress quarter, substantial legacy $XX.X primarily common Hampshire. first lease a was share on business diluted overall make continue termination

the GAAP stabilized Occupancy and industrial to assets During fully-leased across quarter-end held-for-sale quarter, the approximately X.X% of million and grow. rates X.X% investments for rents produced cap continued cash average exposure the portfolio we real development respectively. assets. and XX% market. healthy purchased industrial project over Columbus our three in and our $XX these Overall, assets of completed at excluding gross represented Market is estate estimated

demand office during steadily There value rates portfolio quarter, increasing to easing. continue value are drive the up several factors the under pressure pandemic of replacement and we overall has and We cost the continuing our see of our our to improved the holdings. be rapidly value to tenant higher. Capitalization driving is rents is of believe increase of properties continued signs also amidst industrial the

The valuations factors are portfolio quarter industrial rent industrial driving from base in Belt markets and Central in two opportunities quarter our and Industrial in in and Indianapolis with visible included X.X% supporting Sun investment our a facilities sign. landscape, the finding respectively trends cash and XX.X% increases the we of all first the highly the purchases these higher risk-adjusted representing most continue benefiting to base Our also is on competitive Midwest. renewal one time lower target in and Florida. focus best

we of close than Additionally, an the million approximately contract assets, a first is or which with offer, deal accepted have with billion typical that flow robust, $XXX under quarter, later under to current $X slow of this more of start expect investments either is we quarter. After review.

mindful as are a continues there to chasing capital We be of opportunities competitive market. lot in a pricing, of

Development On target Atlanta buildings. to purchase vacancy in of the and Fairburn attractive purchase of continue to markets finishing Central the are the be in our of available projects in ways is what in we for committed excess for of market development Indianapolis front, our yields stabilized to other construction we are two project and and Florida. leased us produce the fully

to We XX.X% was at feet million portfolio quarter-end our X.X the leased square leased. stabilized and during Turning leasing. quarter

Our asset terrific increasing lease new a in extensions with both done job securing leases management team and has rents.

base rental the rates the five-year the to facility. we renewals within extension industrial executed portfolio, rent tenants multi-tenant North by increased in for new in at industrial our raised a to XX% addition base three In our base facility cash increased Carolina single-tenant XX% approximately Subsequent by lease simultaneously Tennessee foot industrial at respectively. square and in occupancy to X.X% XXX,XXX nearly and and our we XXX% two Lumberton quarter-end, facility and Antioch

quarter-end. with at balance X.X of in adjusted debt Our times to to net continues shape, sheet be great EBITDA

by enhanced will cash million balance including forward assets offer accepted have Our Liquidity South facility and flow the our restricted we X.X% had $XX million of $XX.X and cash or approximately GAAP of and for the at cash million. throughout $XXX respectively quarter the sales the in augmented was cap of sold million, Currently million. contract gross our price with rates quarter-end and by industrial X.X% aggregate an at Laurens an cash under year. of sold balance for Subsequent during Carolina to retained quarter, be was ATM. in $XXX we we $XX

$XXX portfolio portfolio sale properties, of of of approximately million. believe non-core generated value which quarter is NOI We $X.X remaining XX current first Our consists million. the this

and with to targets. continue make have efforts we long-term Finally, our ESG environmental progress disclosed

and financial data, member distributed a collect a a became on disclosures the and identify to we gain our of to We we to With turn In to opportunities feedback in task reporting and survey I'll assessment real participant investments call climate-related tenant with development the for of year. to partner estate discuss first the are recent tenants. pipeline. force that, on Brendan our GRESB the time over supporter addition, working this GRESB

Brendan Mullinix

term XXX,XXX Thanks, tenants, with during is as Indianapolis, and in and within Northwest make rental well-located The of five properties two Class large identical it central acquired with X.X%. The XXXX, attractive high-quality the users, one e-commerce buildings, in have and markets. facilities excellent years, to assets Will. U.S. Indianapolis mile of its lease airports just cargo in a bulk infrastructure five distributors. the under weighted each virtually ranks top of The escalations we quarter in two leased, FedEx location, Indianapolis with Indianapolis the square-foot the built world each A are I-XX. labor XXX% are particularly very XX country, of top approximately hub it one the largest the one pool of second both distribution average

primarily a Parts Class can Motion an credit with of on Company. vacancy is Our leasing brand-new Central square Property Industries a is Genuine A example Lakeland foot distribution warehouse the up in long-term and add where through tenant annual value X.X% basis leased a center subsidiary acquisition facility. Florida escalations some XXX,XXX we in is to

with property corridor between, the I-X Lakeland tenant distance and X.X%. facility core Lakeland. and is a just additional in square viewing new approximately is largest we remaining Air of to cash away, are have Florida's be We a stabilized of work Tampa prospects the in for And space, potential multiple currently on the sub-market portion negotiations the the MSAs. from a Amazon a as forecasted towards footage Orlando, short yield two a and Hub fastest-growing

square-foot the GAAP of was XXX,XXX approximately project X.X% Our Columbus, and cash to are in yields estimated a and leased first X.X%, stabilized in quarter. Rickenbacker completed respectively. PepsiCo subsidiary The

As submarket over I-XX and Amazon currently of and yield is $XX West Florida and Will statewide expected site is million cost along development is I-XX premiums And assumes costs the continued posted our Georgia. In XX-acre have South with East development quarter. XXX% is distribution our near projects and more at located turnpike's the The we've first estimated Metro to Florida split of of Ocala A, estimate our Florida mentioned, feet. seeing cash The towards XXX,XXX pipeline approximately well-situated facility. square-foot we Central been distribution I-XX, development Atlanta record and warehouse square our stabilized The north X.XX%, access is Jacksonville to located of development be substantially to that Atlanta the occupancy property A, estimated the the approximately well touch in where led X.X our have for feet the airport quarter completed building located, to sub-market million. trade, a positive We square-foot offering funding with underway. square Tampa, recently-purchased a $XX prime-location Florida eight Promote. Central begun just project Coast be million. as of on Atlanta million very South on over Class is center, is as to requirements, to in property an absorption along absorption. Class development frontage Orlando Atlanta, projects sales payment two the In substantial our of costs. Today of I'll of and attractive tenant project in which we positive Indianapolis. million Florida and this be five around a core

results. other is a miles Indianapolis specs, Like I-XX. million east both trailer XX-foot is which spacing court in projects plans depths, updates anticipated these Comfort the one quarters an site stabilized cost offers and clear Comfort competing to projects profile quarter, truck feature completions to Indianapolis Atlanta that The favorable and first in Comfort discuss projects. of including ample Ocala $XX to Indianapolis with modern parking, in sub-markets logistics fastest-growing the cash and of XXXX, provide Beth Our of access on our project progress for facility X.X both range. meet began the financial the market-leading respectively, We'll e-commerce very has Mount easy roughly the XX estimated With to second distributors. column of efficient demands turn of million. late just heights, to car Mount Mount labor I'll and and regular The funding bulk subsequent relative over the development submarkets. in downtown call we to with square-foot shell and yields to project depth building continue the are mid-X% and other

Beth Boulerice

million. common have would excluding been $X.XX FFO adjusted We approximately FFO $XX share termination Brendan. company per income of in lease company the $XX.X common per diluted or approximately of $X.XX generated share, Thanks million quarter and diluted adjusted

the company increased to we XXXX, morning, were low-end of representing this due attributable XX% million, diluted were revised of to adjusted range just compared announced reimbursement. range a time by the mostly mentioned. our guidance new the same acquisitions $X.XX, quarter Revenues per common roughly As with share. to XXXX I FFO $X.XX $XX an $XX to during termination period million income increase and approximately in operating expenses tenant the Property to $X.XX

average G&A More X.X% million. First have XX% of our an $XX increased and excluding expect vacancy. and $XX have be leases portfolio same-store specifically, to quarter-end, been was our X.X% same-store industrial would And with X.X% X.X% NOI XX.X%. approximately Overall, NOI escalations X.X%. vacancy $X.X million excluding approximately industrial range, At rate had would quarter at portfolio increased with million. same-store we single-tenant our of lease been to G&A single-tenant XXXX

capital increase the program to ATM in under opportunity the our availability the $XXX to quarter we million. our took markets On front, first

for an of we aggregate contracts shares, settled. which yet Additionally, common have million forward entered X.X not into sales

we contracts of As price of common XX, $XX.X forward an March under had million. shares aggregate unsettled which had million X.X settlement sales

with XX%. sheet ample facility is shape low At leverage nothing and and As Will cash unencumbered available. our revolving remains had our balance unsecured high quarter-end, mentioned, terrific we outstanding at credit on NOI in

of term that billion consolidated to a with of was back Will. interest years. over $X.X our I'll addition, average and rate debt a X.X% weighted approximately approximately X.X weighted call average With the turn In outstanding

Will Eglin

Thanks, who the conduct will the Beth. turn I the will call over question-and-answer now portion to of operator, call. the

Operator

session ahead. question-and-answer first our begin come will [Operator go Anthony And will Paolone of Please We question from Instructions] JPMorgan. the now

Anthony Paolone

for just the one. to is My the in income Thanks your and The guidance million a morning. question of that $XX.X clarifying in term first included $X.XX quarter first year? $X.XX good

Will Eglin

Tony. Yes. It is

Anthony Paolone

talked Okay. Thanks. just there. then Brendan asset, And taking where you're about some the on Florida lease-up

of appetite see Just for transactions? what's those your should of types And doing we those? more

Will Eglin

of creating more markets. is that think Yes. little going a that function things. a I our We're do more a our positions we getting in expectation investments, That's to mean will that's concentrated where purchase of us well them A sort to forward buildings. of underwrite I lease bit that's we allow and Class few the of knowledge we yield can can a data advance market where and stabilized fully-leased to warehouse in

we'll a think bit a than little but it's I do not going focus. dominant become to So that more

Anthony Paolone

REITs direction operating the think a seven it's Okay. in And if be weighted net you in or Lexington's or Is closer gravitates sweet five. be, the to to should average where a think years maybe of that middle industrial do think little closer somewhere about the spot lease over about some the different length, you XX and to pure seems lease companies down? you that of up time

Will Eglin

a the recently. longer it We is. shortage been like it of there's warehouse distribution opportunities market lease where In

see sale-leasebacks in and to sometimes are where more in You build-to-suit tend specialized. facilities it the

like we're So could shorter get what market. the seeing but on years just seven in it based we

Anthony Paolone

from just disposition to up Okay. side. And then last just me tie one the

million You that that just mentioned non-core $XXX the but million. million to about NOI $XXX I or Is in tie $XXX separate? of million you together. are to then worth the those mentioned wanted be $X.X sold

Will Eglin

$XXX the million is $XXX The in million.

Anthony Paolone

$XXX million this Okay. think left? year, And that's that what's or be you could done just

Will Eglin

left. what's That's

increase think hopeful opportunities our one that guidance end as will we we have out but time before reasons did that move the easing may can, to the of all sale pandemic hard we is to the why to portfolio soon I with would it that not of more recognizing we're move of be as year the on like quickly move it We'd end. but front, tell. higher

Anthony Paolone

Okay, great. Thank you.

Operator

McGrath Evercore Sheila go The next ahead. from Please comes of ISI. question

Sheila McGrath

valuation Will, Yes, the your thoughts M&A you morning. the if just your on on on sector big-picture I and thoughts Monmouth good was in could wondering that. give us

Will Eglin

been M&A announcements There's two couple as weeks in last substantial Sure Sheila. of the know. you

VEREIT in to you company act beginning Income The larger much well-capitalized and a was a interesting very because have first to of cost me to a large good maybe a one Realty a entity. Realty like path Income with on consolidator being capital,

and for transaction lease very such tip for that sector. you've And well I management job the with hat net positive got a thought I I had So, thought Rufrano presentation. and structured. was was very very, impressed very the Overall, to to your thought-out was implications doing the I VEREIT. great interesting McDowell and thought with Glenn Paul

for So, company. sector that was in I for thought a win-win M&A that shareholders an too. it's both in each see REIT whole good And when transaction the you

the a of positive. So, ones. but view. positive likely I Commonwealth, a that really and the very share implications the class for management was very case essentially industrial we I Monmouth thought think has and got us a different well-respected for really Equity be team that In that you've long too, reaching time conclusion Equity to asset good Commonwealth is

know, high of our maybe, an sort sort with that's tell market price be what of focused can the is any kind strategy. how of the from scale to endorsement have And of some entry I its would to industrial more people access I it Commonwealth questioned cash think to up Equity deploy on what So, the but I is. scale going the is platform. price I don't

us for time. at transactions, you very but very, the So, think different good two very I have same

Sheila McGrath

little then that? termination more kind fee, great. detail give your to asset on was that? if Okay, are you prospects what of us what lease And could And a that backfill

Will Eglin

that want you jump one? to on James, do in

James Dudley

sure. Yes,

a wasn't end to that committed we So, direct and the had March the had into lease of was that a expiration that sub-tenant tenant lease stepping property. then we a had one at

just industrial. got from perspective, quite with And from the property. there's maximize interest that of negotiating preliminary bit office while piece was perspective. but we It's been and to a leasing of there's getting given we of the sale and the had interest, also it been a tenants two place situation kind income So, thought incumbent lease the the in value talking the surrender and transaction. mixed-use a It's a tenant through some some time best from a second

think the of ultimately it a about who be the to that opportunity felt and the that would exiting will our way it, be executed potentially then outcome the I property. property redevelop we property. probably value So, that someone again, But would was maximize to the through transaction the sale we the

Sheila McGrath

came Okay, to us question. the great. what was online And this intra-quarter modeling timing The one last development that going model forward? help quick quarter

Will Eglin

Beth, do jump that you want one? to on in

Beth Boulerice

year. in Hey Sheila. came on of this It March

Sheila McGrath

you. Okay. Thank

Beth Boulerice

Sure.

Operator

Please next Markets. comes The go Capital of from ahead. Mailman KeyBanc question Craig

Craig Mailman

Hey guys.

appreciate the asset here. your I and M&A about on rising Will, thoughts So, values the commentary

your curious significantly cost year here improved over has of or Just also pretty so. last capital the

you and for how viewing guys you're Just industrial cost are of your capital to given blended the pay, growth here? what prospects willing

Will Eglin

sort opportunities redeploying of from we've accretion ATM second and most to and portfolio the been in match, for odd-million. But the closely selling we've the may proceeds sale been drawing our just be liquidating not the down things exactly development odd-million for to sort works dollar, quarter, a purchase And the in disposition some of market and acquisitions been about part forward commentary in activity market. math of stock what quarter Well taking handful then invest first our them best. where plan look which other may and we you the on dollar would doing office $XXX at be if we've Craig $XXX dispositions but using for is purchase the and trying

disposition using purchases philosophically, from standpoint. far. to proceeds we're I of as And a been capital just the we've business sort that's so really approaching So said, how make

Craig Mailman

on something million to guys it's But and through mechanics get you I teed capital is doing. that, higher just using equity up. cost are improve acquisitions. have you'll you $XXX left level of fund debt guys of to go your because how will million you get significantly I right, guess the be once $XXX future

I'm to to you higher-growth some think going-in yield. so sourcing higher-yielding term, as just the trying have some of clearly portfolio you developments, want a to which a may markets in have you build job done And longer want mix industrial maybe nice guys but out lower

buy higher-yielding, competitiveness continue Just more of to are rollover about growth portfolio you maybe maybe out guys some kind near-term term the to your less thinking get some how in at developments which in versus building getting raises match online term? of the dilution more funding capital may from versus the not NOI closely hit the right away the longer terms portfolio out and

Will Eglin

think buildings skill I of because uniquely sort we're with return set marketplace single-tenant has some the right, also we're have fully-leased yet with flows lease and via the right positioned produce more Well, net stable and cash active that vacancy than buying we And very to growth. developers. in which partnering

of I how That to there's speculate versus capital the market. potential So, that may mix with a it's is more for much you agree what to we think bit on allow ideal cost be be tiny a active premature purchases little purchase development. I get of our us the in the bit in to better. But active would

Craig Mailman

of for Beth. equity the one of for one timing Then is think down What $XX.X the just quick pulling million maybe purposes? just modeling you do forward

Beth Boulerice

to between August So it pull down and February. we have

drawing So during development projects. be that need and the the be will fund we dependent it time. down development also as We'll to on budget

Craig Mailman

you Thank Great.

Operator

comes of America. from go Please Bank Next Elvis question ahead. Rodrigues of

Elvis Rodriguez

included Beth, included the quick the taking how maybe And just for a the into for of the was you How year? much question. question much guidance thank income. coming the year? and remainder termination is in on morning, Good

Beth Boulerice

spread not bit the be but had But was a a going when income to little a happen compared weren’t $XXX,XXX quarter. forward, and it that Hey, it's guidance We thing, there. last in of -- It's may so wasn't that's about other out thought the guidance for much it there's over termination year was going tenant, to we we known one. gave solid in but it it another Elvis. that We about it time.

Will Eglin

it And from the $X.X of million? the about year loss is revenue Beth, the over balance Durham

Beth Boulerice

Exactly. Exactly.

Elvis Rodriguez

can help us Okay. That's then And helpful. perhaps here. very Will you

you of $XXX mentioned million million. $XXX $XXX about So includes to potential of investments developments. had million dispositions also investments and million to the about I'm $XXX assuming,

see currently or this towards of deployment you're dispositions the just net $XX we excluding should capital? we how it Should of call your million end at So and occur the more of year, development. see acquisitions of that on the

Will Eglin

In terms acquisition on side? development the of spending or

Elvis Rodriguez

acquisition the it Should On ? front. come a bit little more we see

Will Eglin

we to On just, through have we that predict a at to disciplined the aggressive to we've to where working and of acquisition pipeline of us up because chance we methodical I'm to June what a be about than talked sort XX with than it side. Yeah. think an little wherever that that respect I internal I hesitant gives mean and a think year-end. visible be get maybe sort be. before encourages a year should bigger creates bit dynamic more I us

the So very take a positioned deal capital we'll slow, it's on we're comes, And see moment. heartened a deploy very the typically of and sheet market clearly very, very quarter amount the at I as activity first large to compared but year. the when to to think it lot transaction robust it's this market I'm but of

Elvis Rodriguez

for Great. And me. more just one

X%. tenants quarter. with you feel now this tenant Amazon units to over comfortable top mean, XX a is a your tenant do had little How added You new I concentration?

how So anything build out you as your your portfolio platform? concentration tenant industrial about you and could think you share Thanks.

Will Eglin

above to place. sort Yeah. X% of be at of We've the any but in credit like avoid trying very balanced exposure. Sure. moment, having would concentration the sort exception Amazon we been one

Elvis Rodriguez

Great. Thank you.

Operator

Petersen question ahead. from Jefferies. comes Jon go Please of next The

Jon Petersen

your the portfolio, the that for you to of office and on how markets trying of Great. and impact I forward? XXXX that might the exchange; properties your LXP what that can if you're mean still for idea Thanks. might then, Will, wonder you anticipate give eliminating plans transaction thoughts the dispose growth specifically going

Will Eglin

for estate earthquake really would real that an the be Well, industry.

we that we've say position. that never safe been and modern our manage that have And is tax job to disposition and buildings racing forever fast with ideally to a what finish as that's where redeploying as sell, we're the personally sale have enjoy rent can. office been just not warehouse conclusion doing reached to I have tax about but having likely, hope low proceeds, we redeploying never it's facilities we've basis So worry we to the capital ever distribution and and into we to proceeds Class and A growth a

in where years, how we're the work to, tax sort to that that that's and the trying legislation source to fact for motivated XXXX knows exchange have and sellers out. market years for So has trying at been get often gains. further investments years, passive the tax liquidity of But portfolio who investors will of and the a great selling and reflect buyer long-term net to lease prices you a

that an forward, for but in Hard see, this the you industry. world. as said So that to moves earthquake I never would know be how

Jon Petersen

Yeah.

the Okay. details square X.X missed some venture? in And then press could venture economics I joint apologize, the Indianapolis, us this, in you you guys release million have of your on feet if I joint that the give that but

Will Eglin

Sure. Brendan, you jump there? want in to do

Brendan Mullinix

effective is Hi, merchant to structured That transaction the joint in our Yes. Jon. similar builder Indianapolis ventures. on

I structures merchant about at a joint but how to those deep For then XX/XX based competitive details the are our reasons, to level are get structured, promote venture into success. it's like on builder there partner a and high don't

Jon Peterson

helpful. guys. Thanks, All right. That’s Right. Okay.

Operator

ahead. Our of Todd Fargo. next go question comes Please from Stender Wells

Todd Stender

you. Thank morning. Good Hi.

here quarterly renewed then know kind me. but was your lease in Heinz out summary of year, last leasing it QX. Kraft I it stuck got the at at extended looking Just again

have. to wanted details Just any hear you

Will Eglin

you Jim, do to want one? that answer

James Dudley

Yes.

there lease. discussion longer-term five-year fair and a So exercised a option be market Kraft it had anticipation a would they on that in

them. amount of TI XX and a small we we're it with continued negotiate So they exercised go wanted to and years. then to willing They

the was they year negotiated it protect space really five-year that So they competition an to get have would knew longer term. exercise the without extension while the so could last themselves we

Todd Stender

costs have All continuing driven right. about That’s market the for material with return Thanks. expectations guys think rise then new housing you mostly by ground just construction breaking how to impacted Will as your helpful. on And costs development?

Will Eglin

it much. I'll because Brendan maybe very far offer two so his us on projects new perspective ask the think just I impacted to hasn't

Brendan Mullinix

on touch can that. I

So, rising factor steel very big the In first is one that's we're on is had all, a mindful pricing of construction particular impact our something sector. of. costs

remarks, the far which that as in have development were important. steel delivery prepared and projects is secured we discussed So my pricing

really As and may two today the surrounding delivery pricing steel. One be escalating there is aware many issues are other is protracted schedule.

I projects think basis one other in having and allow that thing it's contribute supply terms steel the I discussed And ahead a pricing, construction while think competing of steel to that positive greater escalating potentially including I costs think will the a growth. rental about it that were our other secured new at of better to that deliver will us starts. a than not

a competitive So I think us standpoint. those factors help from will actually

Todd Stender

Brendan. Its helpful. Thanks,

Operator

Thalmann. Please question of go John from ahead. Massocca Ladenburg comes next The

John Massocca

Good morning.

out. on-balance of JV of some that as at the office you the was office spinout of, how their one or monetizing Income/VEREIT kind transaction up Does may also of be the scale office into properties sheet your even a change potential aspects the look company other Realty potential of to, portfolio looking rolls that assets? merger So separate it

Will Eglin

necessarily. Not

it wait have I to that sort and and work. to think you, see of, has to put how trades whether capital to access

if we're a terms sector pleased with at ended far looking would up not venture sort being at any, strategy I the It there joint exit REIT lease our think office so large-scale trades I great think In for be net we're moment. well. of the that and office performance its very of,

sort turn a big I a big that they think into big there's if of opportunity market-leading risk opportunity platform. but obviously can too

John Massocca

still plan assets particular the is And so dispositions your granular in end? possible the I guess with JV of kind if on

Will Eglin

is ourselves partner made far Yes. a well. high our equity. and We're good and shrunk and handful doing we've a producing very partnership sales we've on for return that And equity our of so

John Massocca

kind kind of Okay. And secondary the you of the “gateway from non- shift those some gateway of market in markets”? will? competition, competition markets of of then Has side development have into you if maybe markets, in maybe terms the any there of investments, particularly of any been change kind seen

Will Eglin

on you in that? we've sort have pressure on perspective, work from opinion from of in relationships. trying with those Brendan, build-to-suit I with felt we've partners past my others of do think real a that lot done working the an to been horn competitive we haven't any and

Brendan Mullinix

Yes. I with would agree that.

been market's for some time. Our competitive

So comments entrants, would but I there's those new with sure, agree there.

John Massocca

Okay. the the Branch on prepared missed remarks, and Mississippi? at update this one leasing Olive then I one in there apologies last prospects And Olive detail was Branch if the any property,

Will Eglin

but jump our touch in in comments, James and ask on offer didn't his I'll it perspective. We to

James Dudley

Yes.

-- holdover outcome. So a square well may going market million there's the so there tenant from imminent, mostly vacancy continue preliminary, be also potential exiting, working feet take But several in prospects place about our we're going XX we’ve some but a a We're a They're now. quite got to feel of of we we prospects. right that's that nothing activity have through bit perspective. clarity to as successful to have of and but

John Massocca

are I market And demand? successful is the given rents below probably outcome, mean a

Brendan Mullinix

that would with right. to in place were better tenant. rents That's We expect the the incumbent

John Massocca

you all for it very me. much. That’s Thank Okay.

Operator

closing to I any session. like back conference [Operator Will Instructions] would our for remarks. question-and-answer over to concludes the turn This Eglin

Will Eglin

member have great website Thanks again as me you this again joining Thanks visit us our of call contact questions. our on And team any any our for may receive materials. morning. and would contact a quarterly senior Heather day. you always Gentry, other Please to management or addition the everybody to with in if or like

Operator

disconnect. you Thank presentation The conference has attending concluded. for may and now you today's now

LXP Industrial Trust (LXP) 7 May 212021 Q1 Earnings call transcript