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No. of Recommendations: 3
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.
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