11 stories mentioning LXPUpdated 33d ago
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LXP Industrial Trust (LXP) has an average rating of overweight and mean price target of $60, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index down 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.5%.The Philadelphia Housing Index was falling 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was off 0.6%.Bitcoin (BTC-USD) was rising 0.8% to $65,190, and the yield for 10-year US Treasuries climbed 5.7 basis points to 4.598%.In economic news, the Conference Board's measure of leading indicators declined by 0.2% in June, larger than the 0.1% decrease expected in a Bloomberg-compiled survey, following a 0.1% increase in May.In corporate news, Truist Financial (TFC) shares fell 3.3% after JPMorgan downgraded the stock to underweight from neutral and lowered its price target to $53 from $53.50.LXP Industrial Trust (LXP) has agreed to be acquired by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP shares rose 4.2%, and Brookfield was down 1.8%.BlackRock (BLK) is attempting to sell over $12 billion in bonds to finance a data center in El Paso, Texas, Bloomberg reported. BlackRock shares were down 1.5%.KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to buy a majority stake in Portuguese fiber operator DStelecom, Bloomberg reported. KKR shares fell 4.1%.
Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index down 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.3%.The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was off 0.6%.Bitcoin (BTC-USD) was rising 1% to $65,342, and the yield for 10-year US Treasuries was climbing up 6 basis points to 4.602%.In corporate news, LXP Industrial Trust (LXP) has agreed to be acquired by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP shares rose 4.2%, and Brookfield was down 1.4%.BlackRock (BLK) is attempting to sell over $12 billion in bonds to finance a data center in El Paso, Texas, Bloomberg reported. BlackRock shares were shedding 1%.KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to buy a majority stake in Portuguese fiber operator DStelecom, Bloomberg reported. KKR shares were down 3.4%.
Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index down 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.2%.The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.6%.Bitcoin (BTC-USD) was rising 1% to $65,342, and the yield for 10-year US Treasuries was climbing 6 basis points to 4.602%.In corporate news, LXP Industrial Trust (LXP) has agreed to be acquired and taken private by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP Industrial Trust shares rose 4.2%, and Brookfield Asset Management added was down 1.4%.
The Dow Jones Industrial Average was down, while the S&P 500 and Nasdaq Composite were up, as chipmakers traded higher to kick off the week.In company news, Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust (LXP) in an all-cash deal valued at around $5.2 billion, including net debt and preferred equity, LXP said Monday. Under the terms of the transaction, which is expected to close in Q4, LXP shareholders will receive $61.20 per share in cash. Brookfield shares were down 1.3% around midday, while LXP shares were up 4.2%.Alphabet's (GOOG, GOOGL) Google is working on a new server chip that will allow it to serve its AI models to users more efficiently, The Information reported Monday, citing two people with direct knowledge of the matter. Google plans to use the new chip to help address shortages in AI computing capacity, as the tech giant's workers project it could be 6 to 10 times more efficient than the latest version of its existing line of homegrown AI chips when it launches, the report said, citing the people. Google Class C shares were up 3.1%, while its Class A shares were up 3.0%.SpaceX (SPCX) said Sunday that it is preparing to launch the 13th flight test of Starship as early as Thursday. SpaceX shares were down 1.0%.Alibaba Group's (BABA) AliExpress unit was fined 550 million euros ($628.9 million) by the European Commission for failing to comply with the Digital Services Act, the European Commission said Monday. The EC penalized the web platform for failing to diligently assess and mitigate risks tied to the sale of counterfeit and hazardous items, it said. Alibaba shares were up 4.4%.Bristol-Myers Squibb (BMY) said Monday that it is expanding its partnership with Nvidia (NVDA) to build an AI factory dedicated to pharmaceutical research and development. Financial terms of the deal were not disclosed. Bristol shares were up 0.1%, while Nvidia shares were up 1.7%.Price: $47.71, Change: $-0.62, Percent Change: -1.28%
LXP Industrial Trust (LXP) has agreed to be acquired and taken private by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity.Shareholders of LXP Industrial will receive $61.20 per share in cash, representing a premium of about 12% to the real estate investment trust's 30-day average price as of Friday, the companies said in a joint statement Monday.Shares of LXP Industrial rose 4% in Monday trade, taking its year-to-date gain to 22%."This transaction is the culmination of the LXP team's successful execution of our strategic plan to transform LXP into a pure-play industrial REIT," LXP Industrial Chief Executive Thomas Eglin Jr. said in the statement. "The LXP board unanimously determined that this transaction with Brookfield and CPP Investments fully maximizes value for our shareholders."LXP Industrial has warehouse and logistics facilities, comprising 108 properties in industrial markets in the Sunbelt and Midwest. The companies said the portfolio is "well positioned" to benefit from demand for logistics properties."The industrial sector, particularly in the US, continues to offer attractive long-term investment opportunities, supported by structural demand drivers including domestic manufacturing, evolving global supply chains and population growth across key Sunbelt markets," said Sophie van Oosterom, managing director and head of real estate at CPP Investments.The transaction, which requires approval from LXP Industrial's shareholders, is expected to close in the fourth quarter. Following completion, the company's shares will no longer trade on the New York Stock Exchange."LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets," Brookfield Real Estate CEO Lowell Baron. "The acquisition aligns with our strategy of investing in high-quality real estate with durable cash flows and opportunities to create value through active asset management."The deal allows LXP to consider alternative acquisition proposals until Aug. 28. LXP Industrial suspended its dividend payments until the deal completes or is canceled.In April, the company reported adjusted funds from operations of $0.80 a share for the first quarter, up from $0.78 a year earlier. Total gross revenue decreased to $85.9 million from $88.9 million in the prior-year quarter.Price: $60.83, Change: $+2.32, Percent Change: +3.97%
Brookfield Asset Management (BAM.TO, BAM) on Monday said it entered two multibillion-dollar deals, agreeing to a joint venture to acquire outpatient medical buildings in the United States and teaming up with the Canada Pension Plan Investment Board to acquire LXP Industrial Trust (LXP) for $5.2 billion.The company said it formed a joint venture with Healthpeak Properties (DOC) for a 49% stake in outpatient facilities valued at $2.1 billion. It paid its partner $1.03 billion for the stake. Healthpeak will continue to manage the properties, providing asset management, leasing, and property management services. Healthpeak retains a seven-year right to buy back Brookfield's interest by providing its junior partner with a 6.5% return on its investment.Brookfield also on Monday said it and the CPP Investment Board agreed to acquire LXP Industrial Trust for $5.2 billion, including debt. The company said LXP "owns one of the largest portfolios of modern warehouse and logistics facilities in the US, comprising approximately 53 million square feet across 108 properties in attractive industrial markets in the Sunbelt and Midwest".LXP shareholders will receive $61.20 per share, a 12.3% premium to its 30-day weighted average price on the New York Stock Exchange."The acquisition aligns with our strategy of investing in high-quality real estate with durable cash flows and opportunities to create value through active asset management. We're excited to partner with CPP Investments and build on LXP's strong foundation," Lowell Baron, CEO of Brookfield Real Estate, said in a release.Brookfield shares opened down C$0.01, or 0.2%, to C$67.70 on the Toronto Stock Exchange.Price: $67.72, Change: $+0.01, Percent Change: +0.01%
Financial stocks were declining pre-bell Monday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally lower.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust (LXP) in an all-cash transaction valued at around $5.2 billion, including net debt and preferred equity, LXP said. Shares of Brookfield Asset Management were down 0.4% premarket.Blackstone (BX) has agreed to make a "significant investment" in South Korea-based actuator supplier Futronic, the company said. Blackstone stock was 0.7% higher pre-bell.KKR (KKR) and property investor AEW Capital Management may separately sell commercial real estate in China at losses, Bloomberg reported. KKR shares were 0.9% higher premarket.
Financial stocks were edging higher pre-bell Monday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally advancing.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust (LXP) in an all-cash transaction valued at around $5.2 billion, including net debt and preferred equity, LXP said. Shares of Brookfield Asset Management were down 0.4% premarket.
LXP Industrial Trust (LXP) said late Monday it now expects 2026 adjusted funds from operations per diluted share of $3.30 to $3.40 from $3.22 to $3.37 earlier.Analysts polled by FactSet expected $3.28.In May, the company acquired a 37-acre infill industrial redevelopment site in the South Airport submarket of Phoenix for $103 million, according to a statement.The site produces annual rent of $16.1 million, with 2% annual rent hikes, the company said.
