LXP Industrial Trust (NYSE:LXP) Stock, Quote.Headers.trade-ideas

LXP Industrial Trust

LXP Industrial Trust is a real estate investment trust principally involved in the ownership of equity and debt investments in single-tenant properties and land throughout the United States. Majority of the revenue is earned through rental revenue.

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REFI

Chicago Atlantic Real Estate Finance (NASDAQ: REFI) stands out in the cannabis capital providers and mortgage REIT (mREIT) sectors due to its premium valuation, impressive dividend yield, and robust growth track record.

Chicago Atlantic Real Estate Finance&#39;s Stock Valuation &amp; Dividend Yield Are Leaving Competitors Behind

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These Industrial REITs Yield Over 5% and Have Track Records of Dividend Growth

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2 Industrial REITs to Buy for Yield and Income in 2024

LXP Industrial Trust Common Stock (Maryland REIT)

LXP Industrial Trust 6.5% Series C Cumulative Convertible Preferred Stock

JMP Securities analyst Mitch Germain reiterates LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) from Market Perform to Market Perform.

Reiteration

JMP Securities Reiterates Market Perform on LXP Industrial Trustto Market Perform

WIIM

LXP Industrial Trust shares are trading higher after the company reported better-than-expected Q3 financial results.

2024 EARNINGS GUIDANCE
LXP now estimates that its net income attributable to common shareholders for the year ended December 31, 2024 will be within an expected range of $0.14 to $0.15 per diluted common share. LXP is tightening its estimated Adjusted Company FFO for the year ended December 31, 2024, to be within an expected range of $0.63 to $0.64 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

Guidance

LXP Industrial Trust Narrows FY24 AFFO Guidance from $0.62-$0.65 to $0.63-$0.64 vs $0.63 Est

LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) reported quarterly earnings of $0.16 per share which met the analyst consensus estimate. This is a 11.11 percent decrease over earnings of $0.18 per share from the same period last year. The company reported quarterly sales of $85.57 million which beat the analyst consensus estimate of $84.98 million by 0.69 percent. This is a 0.17 percent increase over sales of $85.42 million the same period last year.

Earnings

Earnings Beats

LXP Industrial Trust Q3 AFFO $0.16, Inline, Sales $85.57M Beat $84.98M Estimate

Evercore ISI Group analyst Sheila McGrath maintains LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) with a In-Line and raises the price target from $10 to $11.

Price Target

Evercore ISI Group Maintains In-Line on LXP Industrial Trust, Raises Price Target to $11

Evercore ISI Group analyst Sheila McGrath maintains LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) with a In-Line and raises the price target from $9 to $10.

Evercore ISI Group Maintains In-Line on LXP Industrial Trust, Raises Price Target to $10

LXP Industrial Trust Tightens FY24 Estimated Adjusted Company FFO Per Share From $0.61 - $0.65 To $0.62 - $0.65, Est $0.63

LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) reported quarterly AFFO of $0.16 per share which met the analyst consensus estimate. This is a 11.11 percent decrease over earnings of $0.18 per share from the same period last year. The company reported quarterly sales of $85.786 million which beat the analyst consensus estimate of $85.036 million by 0.88 percent. This is a 1.45 percent decrease over sales of $87.050 million the same period last year.

LXP Industrial Trust Q2 2024 AFFO $0.16, Inline, Sales $85.786M Beat $85.036M Estimate

Chicago Atlantic Real Estate Finance (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/refi#NASDAQ">REFI</a>) stands out in the cannabis capital providers and mortgage REIT (mREIT) sectors due to its premium valuation, impressive dividend yield, and robust growth track record.
<a href="https://www.benzinga.com/topic/pablo-zuanic">Pablo Zuanic</a>, a senior equity analyst, noted in a recent report, &quot;Of the six publicly listed cannabis capital providers, five are NASDAQ listed, being NLCP (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nlcp#OTC">NLCP</a>) the exception. However, some may not currently provide the right comp due to poor liquidity, size, and relative newness.&quot;
<h2>Performance And Valuation Comparison</h2>
REFI trades at a 3% premium to its book value, reflecting strong investor confidence in its growth prospects.
This stands in contrast to other cannabis capital providers such as AFC Gamma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/afcg#NASDAQ">AFCG</a>), which trades at a 20% discount to its book value, and Innovative Industrial Properties Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iipr#NASDAQ">IIPR</a>), which trades at a 57% premium. Its consistent performance and strategic management justify REFI&rsquo;s premium.
<h3>Dividend Yield</h3>
One of REFI&rsquo;s most attractive features is its 12.2% dividend yield. This is significantly higher than its peers, with AFCG offering a 15.8% yield and IIPR at 6.8%.
The high dividend yield, combined with a solid dividend coverage ratio of 117% over the last five quarters, underscores REFI&rsquo;s ability to generate stable returns for investors.
Additionally, REFI&rsquo;s yield is bolstered by special cash dividends paid in the past two December, contributing to an annualized dividend yield of 14.1%.
&quot;AFCG, SHFS (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/shfs#NASDAQ">SHFS</a>), and SSIC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ssic#NASDAQ">SSIC</a>) trade at close to a 20% discount to book value, while NLCP now trades at par,&quot; Zuanic continued. &quot;IIPR trades at a 57% premium, according to FactSet. In terms of dividend yield, AFCG is the outlier at close to 16%, followed by REFI at 12.2% (IIPR over 6%; NCLP 8.7% taking the latest DPS of 43 cents; SSIC 8.7%),&rdquo; Zuanic wrote.
Read Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39392754/brick-and-mortar-investments-build-cash-flow-and-11-price-uptick-for-this-cannabis-">Brick-And-Mortar Investments Build Cash Flow And 11% Price Uptick For This Cannabis Stock</a>
<h3>Leverage And Risk Management</h3>
REFI&#39;s leverage ratio increased to 28% in March 2024 from 14% a year earlier, indicating its strategic use of debt to fuel growth.
Despite the increase in leverage, REFI maintains a conservative risk profile, with 60% of its loan book rated in the top two risk categories. This disciplined approach to risk management further enhances its appeal to investors.
<h3>Growth Track Record</h3>
According to Zuanic, REFI&rsquo;s growth track record is another distinguishing factor. Despite the overall market volatility, the company&#39;s loan book increased by about $50 million year-over-year to $376 million by the end of March 2024.
This growth is supported by a diverse portfolio spread across 15 states, with significant exposure in Michigan, Maryland, and Florida.
<h3>Market Position And Outlook</h3>
In the broader context, mREITs have generally underperformed, with most trading at significant discounts to book value and offering dividend yields in the mid to high teens.
However, REFI&#39;s stronger growth track record, higher yield-to-maturity, and the potential for better growth opportunities in the cannabis sector explain its relative premium.
For Zuanic, its strategic management and conservative risk approach provide a stable foundation for continued investor confidence and attractive returns.
<h2>Top Stock Performers In The Last 12 Months</h2>
In addition, Zuanic provided stock performance data from FactSet.
<h3>Industrial REITs And Lenders To The Cannabis Industry</h3>
<ul>
<li>Innovative Industrial Properties Inc (IIPR): 47%</li>
<li>NewLake Capital Partners, Inc. (NLCP): 44%</li>
<li>Silver Spike Investment Corp. (SSIC): 38%</li>
<li>Industrial Logistics Properties Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ilpt#NASDAQ">ILPT</a>): 12%</li>
<li>LXP Industrial Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lxp#NYSE">LXP</a>): 8%</li>
</ul>
<h3>Top MSO Stock Performers In The Last 12 Months</h3>
<ul>
<li>Grown Rogue International Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/grusf#OTC">GRUSF</a>): 221%</li>
<li>Goodness Growth Holdings, Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gdnsf#OTC">GDNSF</a>): 185%</li>
<li>Trulieve Cannabis Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>): 133%</li>
<li>Ayr Wellness Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTC">AYRWF</a>): 118%</li>
<li>Glass House Brands Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/glasf#OTC">GLASF</a>): 115%</li>
</ul>
<h3>Top Canadian LP Stock Performers In The Last 12 Months</h3>
<ul>
<li>Nova Cannabis Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nvacf#OTC">NVACF</a>): 97%</li>
<li>High Tide (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hiti#NASDAQ">HITI</a>): 72%</li>
<li>Canopy Growth Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgc#NASDAQ">CGC</a>): 61%</li>
<li>Cresco Labs Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>): 46%</li>
<li>SNDL (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sndl#NASDAQ">SNDL</a>): 37%</li>
</ul>
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39323795/cannabis-property-funds-control-over-4-5b-are-investors-missing-out-on-high-dividen">Cannabis Property Funds Control Over $4.5B: Are Investors Missing Out On High Dividend Stocks?</a>
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

Chicago Atlantic Real Estate Finance's Stock Valuation & Dividend Yield Are Leaving Competitors Behind

Jefferies analyst Jonathan Petersen maintains LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) with a Buy and raises the price target from $11 to $12.

Jefferies Maintains Buy on LXP Industrial Trust, Raises Price Target to $12

LXP also announced that Nathan Brunner has been appointed Executive Vice President of Capital Markets, effective September 1, 2024, and will assume the roles of CFO and Treasurer upon Boulerice&#39;s transition.

Management

LXP Industrial Trust Says Beth Boulerice Will Step Down From Her Roles As CFO And Treasurer, Effective March 1, 2025; To Be Succeeded By Nathan Brunner

Industrial <a href="https://www.benzinga.com/alternative-investments/real-estate">real estate</a> investment trusts (REITs) own and manage income-generating industrial properties, such as warehouses, distribution centers, logistics facilities, and manufacturing plants. Industrial REITs generate income by leasing the properties.
Investors in industrial REITs can benefit from the demand for space in the logistics and manufacturing sectors. The growth of e-commerce and the need for efficient supply chain management have contributed to the growth of the space in recent years. Similar to other REITs, industrial REITs are required to distribute a significant portion of their income to shareholders in the form of dividends.
If you&#8217;re interested in investing in industrial REITs, here are two you could buy today.
<h2 class="wp-block-heading">LXP Industrial Trust</h2>
LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) owns and manages a portfolio of <a href="https://s28.q4cdn.com/666463615/files/doc_financials/2024/q1/LXPQ1Q2024InvestorPPT_05022024.pdf">115</a> warehouse and distribution properties containing approximately 56.9 million square feet across growth markets in the Sunbelt and Lower Midwest regions, including Phoenix, Atlanta, Memphis, Houston, Nashville, and Chicago. It's also worth noting that LXP counts Amazon as one of its largest tenants.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Only 0.2% of single-family rentals make this platform's rigorous cut. You can co-invest in them <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">with Jeff Bezos and other notable investors for only $100</a>.</li>
<li>Want to Create a Passive Income Stream? <a href="https://www.benzinga.com/real-estate/23/05/32554601/want-to-grow-your-wealth-passively-these-high-yield-real-estate-notes-might-be-your-holy-grail">These High-Yield Real Estate Notes Might Be Your Holy Grail</a> </li>
</ul>
LXP currently pays a quarterly dividend of $0.13 per share, equating to an annualized dividend of $0.52 per share, which gives its stock a yield of about 5.9% at the time of this writing.&nbsp;
In addition to being a high-yielder, LXP is an up-and-coming dividend-growth star. It has raised its annual dividend for four consecutive years, and its recent hike has it on pace for 2024 to mark the fifth consecutive year with an increase.
<h2 class="wp-block-heading">Innovative Industrial Properties</h2>
Innovative Industrial Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>) acquires, owns, and manages specialized properties leased to cannabis companies. Its portfolio consists of <a href="https://investors.innovativeindustrialproperties.com/~/media/Files/I/IIP-IR-V2/reports-and-presentations/iipr-investor-presentation-3-4-2024.pdf">108</a> properties across 19 U.S. states, including both industrial and retail properties.
Innovative Industrial Properties currently pays a quarterly dividend of $1.82 per share, equating to an annualized dividend of $7.28 per share, which gives its stock a yield of about 6.95% at the time of this writing.
Like LXP, Innovative Industrial Properties also has a track record of dividend growth. It has raised its annual dividend payment each year since its initial public offering in 2016, putting it on pace for 2024 to mark the 8th consecutive year with an increase.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. This platform <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allows individuals to invest in commercial real estate with as little as $5,000. </a></li>
<li>This Bezos-backed startup selects America's prime single-family rentals and then <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">lets you invest in them</a> starting from $100. </li>
</ul>
Image Credit: Shutterstock

2024&nbsp;EARNINGS&nbsp;GUIDANCE
LXP now estimates that its net income attributable to common shareholders for the year ended December 31, 2024 will be within an expected range of&nbsp;$0.08&nbsp;to&nbsp;$0.12&nbsp;per diluted common share. LXP is affirming its expectation that Adjusted Company FFO for the year ended December 31, 2024, will be within a range of&nbsp;$0.61&nbsp;and&nbsp;$0.65&nbsp;per diluted common share. This&nbsp;guidance&nbsp;is forward looking, excludes the impact of certain items and is based on current expectations.

LXP Industrial Trust For 2024 Expects EPS Of $0.08-$0.12 (Prior $(0.02)- $0.02); Sees Adjusted FFO Of $0.61-$0.65 Per Diluted Common Share Vs. Consensus Of $0.63

LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) reported quarterly Adj. FFO of $0.16 per share which met the analyst consensus estimate. This is a 5.88 percent decrease over earnings of $0.17 per share from the same period last year. The company reported quarterly sales of $86.251 million which beat the analyst consensus estimate of $81.723 million by 5.54 percent. This is a 1.38 percent increase over sales of $85.075 million the same period last year.

LXP Industrial Trust Q1 2024 Adj. FFO $0.16, Inline, Sales $86.251M Beat $81.723M Estimate

Industrial real estate investment trusts (REITs) own and manage income-generating industrial properties, such as warehouses, distribution centers, logistics facilities, and manufacturing plants, and generate income by leasing the properties.
Investors in industrial REITs can benefit from the demand for space in the logistics and manufacturing sectors. The growth of e-commerce and the need for efficient supply chain management have contributed to the growth of the space in recent years. Similar to other REITs, industrial REITs are required to distribute a significant portion of their income to shareholders in the form of dividends.
If you're interested in investing in industrial REITs, here are two you could buy today.
<h2 class="wp-block-heading">Terreno Realty Corporation</h2>
Terreno Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRNO#NYSE">TRNO</a>) owns and manages a portfolio of 259 industrial properties containing 16 million square feet across six major coastal U.S. markets &#8211; Seattle, the San Francisco Bay Area, Los Angeles, Miami, Washington D.C., and Northern New Jersey / New York City.
Terreno currently pays a quarterly dividend of $0.45 per share, equating to an annualized dividend of $1.80 per share and giving its stock a yield of about 2.87% at the time of this writing.&nbsp;
While its yield is not eye-popping, it's important to note that Terreno has raised its dividend at a compound annual growth rate of 12.5% since its 2011 initiation, making it a quality dividend-growth stock.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
</ul>
<h2 class="wp-block-heading">LXP Industrial Trust</h2>
LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) owns and manages a portfolio of 110 warehouse and distribution properties containing over 52 million square feet across growth markets in the Sunbelt and Lower Midwest regions, including Phoenix, Atlanta, Memphis, Houston, Nashville, and Chicago. It's also worth noting that LXP counts Amazon as one of its largest tenants with a total of six leases.&nbsp;
LXP currently pays a quarterly dividend of $0.13 per share, equating to an annualized dividend of $0.52 per share and giving its stock a yield of about 6.03% at the time of this writing. The company has also raised its annual dividend for four consecutive years and is on pace for 2024 to mark the fifth consecutive year with an increase, making it both a high-yield and dividend-growth stock.
<h2 class="wp-block-heading">&nbsp;Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
</ul>
Image Credit: Shutterstock

Offerings

LXP Industrial Trust Files For Mixed Shelf Offering; Size Not Disclosed

2024 EARNINGS&nbsp;GUIDANCE
LXP estimates that its net income attributable to common shareholders for the year ended December 31, 2024 will be within an expected range of&nbsp;$(0.02)&nbsp;to&nbsp;$0.02&nbsp;per diluted common share. LXP estimates its Adjusted Company FFO for the year ended December 31, 2024, will be within an expected range of&nbsp;$0.61&nbsp;to&nbsp;$0.65&nbsp;per diluted common share. This&nbsp;guidance&nbsp;is forward looking, excludes the impact of certain items and is based on current expectations.

LXP Industrial Trust For 2024 Expects EPS Of $(0.02)- $0.02 Vs. $(0.03) Est.; Sees Adjusted FFO Of $0.61-$0.65 Per Diluted Common Share

LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) reported quarterly adjsuted FFO of $0.17 per share. This is unchanged from the same period last year. The company reported quarterly sales of $82.96 million which missed the analyst consensus estimate of $83.83 million by 1.04 percent. This is a 2.28 percent increase over sales of $81.10 million the same period last year.

LXP Industrial Trust Q4 Adj. FFO $0.17, Same YoY, Sales $82.96M Miss $83.83M Estimate

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Earnings Scheduled For February 15, 2024

Income investors looking for higher-yielding stocks have often avoided the industrial sub-sector of real estate investment trusts (REITs). While some of the industrial REITs, such as Prologis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLD#NYSE">PLD</a>), Rexford Industrial Realty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REXR#NYSE">REXR</a>) and Terreno Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRNO#NYSE">TRNO</a>) have delivered strong growth to investors over the long term, the dividends of such issues have frequently yielded less than 3%.
For those seeking more income without sacrificing principal, some industrial REITs with above-average dividend yields have performed well over the last three months. Take a look at four of them.&nbsp;
Newlake Capital Partners Inc. (OTCMARKETS: NLCP) is a New Canaan, Connecticut industrial REIT with 32 properties of 1.7 million square feet across 12 states. Newlake Capital Partners specializes in triple-net leases to cannabis companies, as well as providing capital to them when necessary.&nbsp;
Newlake was founded in 2019 and had its IPO in August 2021. Its tenants include the largest companies in the cannabis industry, such as Curaleaf, Cresco Labs and Trulieve. As of Sept. 30, 2023, it had a 100% occupancy rate, with an average of 14.2 years remaining on its lease terms and 2.6% annual rent escalations.&nbsp;
Unlike most REITs, Newlake has very little debt. It has $31 million in cash and only $2 million in debt. It has been able to raise its quarterly dividend from $0.12 to $0.40 per share over the past five years. The dividend was last raised in December from $0.39 per share. The forward annual dividend of $1.60 per share yields 9.60%.
There is no new analyst coverage on Newlake. In December, Zuanic &amp; Associates analyst Pablo Zuanic initiated coverage on Newlake with an Overweight rating. And since Nov. 1, Newlake has had a total return of 35.48% to lead all industrial REITs.
Innovative Industrial Properties Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>) is a San Diego, California-based internally managed, diversified/industrial REIT that specializes in triple-net leases and lease-backs on commercial properties with cannabis companies as its sole tenants. It also creates loans for cannabis operators who require funding. It was founded in 2016 and had its IPO on Dec. 1, 2016.
As of Q3 2023, Innovative Industrial Properties owned a total of 108 properties with 8.1 million square feet across 19 states. Its average lease length for its 29 tenants is 14.9 years. 91% of its properties are industrial, 3% are retail and 6% are industrial/retail. As of November 2023, it had a 97% lease collection rate.
Innovative Industrial pays a quarterly dividend of $1.82. The annual dividend of $7.28 per share yields 7.71%.
Since November 1, Innovative Industrial's total return has been 33.89%.
However, some income investors may find these REITs to be too volatile with portfolios consisting solely of cannabis-related tenants. If that's the case, consider the next two REITs.
LXP Industrial Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXP#NYSE">LXP</a>) is a New York-based REIT with 110 industrial properties, consisting of 53.9 million square feet. LXP had its IPO in 1993 and focuses on single-tenant warehouse/distribution properties in the Sunbelt and Midwest markets where population growth is strong. Most of its properties are less than 10 years old, with multi-purpose functionality.
Its most recent lease rate was a strong 99.2%, with Weighted Average Lease Terms (WALT) of 6.0 years and 2.6% rental escalations. Its largest tenants include Amazon, Nissan, Kellogg and Walmart. In 2023, LXP extended its $300 million in loan debt with 2025 maturity dates out to 2027.
LXP pays a quarterly dividend of $0.13 per share. The $0.52 annual dividend yields 5.67%.
Since Nov. 1, 2023, LXP has had a total return of 17.57%.
Plymouth Industrial REIT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) is a Boston, Massachusetts-based industrial REIT that owns and operates 156 properties with over 34 million square feet in 13 East Coast and Midwestern markets. Its total portfolio occupancy as of Dec. 31, 2023, was 98.6%. During the fourth quarter of 2023, it leased an aggregate of 966,167 square feet, with a 23.4% increase in rental rates on a cash basis from these leases.
In 2023, with a 29.98% return, Plymouth outperformed larger and more well-known Industrial REITs such as Prologis and Rexford Industrial Realty. Still, this smaller REIT receives far less publicity than its rivals.
On Jan. 22, 2023, JMP Securities analyst Mitch Germain upgraded Plymouth Industrial REIT from Market Perform to Market Outperform and announced a $27 price target.
Plymouth Industrial pays a quarterly dividend of $0.225 per share. The $0.90 per share annual dividend presently yields 4.06%.
Plymouth has had a total return since Nov. 1, 2023, of 12.36%.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>
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