I have owned LXP a few times in the past, but haven't owned it since 2017. It's share price as fallen recently, along with most other REITs that I follow.Financial statements look reasonably good to me, but LXP transition to more industrial properties while decreasing office and other property types have had a negative effect on its growth.Schwab shows it with a quarterly dividend of $.1025. LXP's quarterly dividend was $.1775 all last year per NAREIT's available tax data and there is a Dec 17 press release on LXP's website stating that its Jan 2019 was to be $.1775.Is anyone aware of any dividend but by LXP? Schwab data is mostly correct, but it does sometimes get things wrong.VM- Thinking of putting in a position with LXP.
Had it, sold it and not looking back.I made little money, but it was a dog stuck on a leash.Bought in 2016 in $7.15 + range and sold Q3 last year for $8.25~~ MrMax
On February 27, 2019, LXP cut its annual dividend from $0.71 to $0.41 to pay for portfolio repositioning and future growth:https://seekingalpha.com/news/3437692-lexington-realty-cuts-...I don't own any shares.David
Also, Vornado REIT recently sold its entire holdings of LXP shares:https://seekingalpha.com/news/3439481-vornado-sells-lxp-ue-s...David
I seem to recall LXP was discussed on this board a while back as well. However, I don't have the link handy.-srockazNo LXP postion
LXP has years of sub-par management. They rotate between property types, but always seem to be late to the party. Now they are getting out of commercial and into industrial, when industrial is fairly pricey, and commercial is not. Maybe that move will be proved right by the test of time, but past performance of the management team is no reason to suppose it will be so. This rotation is the reason for the dividend cut, as assets they sell for $1 generated higher revenue than the assets they buy for $1.I have some LXP. Not happy about the dividend cut, but sticking it out.I have a large amount of LXP-C, which is a unique $50 par preferred stock worth owning.
Thanks to all for your input, especially David for the link about the dividend cut. Schwab had a link to the Vornado sale, but I couldn't find anything on the dividend cut LXP's website. With the dividend cut, its share price will need to fall considerably further before I am interested.
Hey VMALXP hasn't released the 10K as yet, but looking through 3Q18, CF's were not doing well.For 3Q18, using rolling 4Q periods, the Dividend-to-Net CFFO (CFFO minus preferred div minus dist to Non-Controlling Interests) had risen to 77%, which is not bad for a Net Lease REIT, but it had been progressing upward from the mid 60% range over the past 4 quarters. What is the most worrisome is the interest expense as a % of CFFO plus Interest, which had jumped up to 27%. This is unsustainably high. In my experience, any ratio between 25% and 30% that is not on its way down as the debt-financed investments become more profitable, will lead to a dividend cut. LXP's interest expense ratios were upwards of 30% over past 8Q, but were headed down to low 20% range, which is good, but then popped back up over the past two 4Q periods. Not good.Revenue/share and CFFO/share were flat and had declined by a penny, respectively, also not good. The most recent 8k summary shows nominal revenues had dropped to ($MM) $87.251, down from $99.958 for 3Q18. I haven't seen the number of outstanding basic shares for the 4Q18, but this much drop in Revenue is definitely not good.2 years ago when I bought shares, it sounded as though management had put itself on good footing with its insertion into office properties in an expanding and promising economic growth cycle and the 7.6% current yield seemed like a good bet. Fortunately, I followed my rule of limiting such high yield to <1% of portfolio income......And while on the topic of Net Lease REITs, although I hold no shares, I'd be cautious of WPC. Thru 4Q18, per share data are flat and interest expense ratio as defined above, jumped up to 25.9% from 24.3% and payout ratio has hit 90% after dropping to the low 80% range a couple of years ago, it has been steadily climbing.BruceM
Wpc - pretty good run the last 3 months - up 15%: once the dust settles with cpa-17 - the numbers should improve. hold with a very consistent div pay out.
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