WEST PALM BEACH, Fla. - LXP Industrial Trust (NYSE: LXP), a real estate investment trust specializing in single-tenant industrial properties, today announced a forthcoming change in its executive leadership. Beth Boulerice is set to step down as Chief Financial Officer and Treasurer on March 1, 2025, and will transition to an advisory role within the company. Nathan Brunner has been named as her successor, with his appointment as Executive Vice President of Capital Markets taking effect on September 1, 2024, before he steps into the CFO and Treasurer roles next year.
Brunner's extensive background in real estate investment banking, particularly in the industrial and net lease sectors, is poised to bolster LXP's financial strategy and market position. His experience includes a significant tenure at J.P. Morgan, culminating in a role as Managing Director within the Real Estate Investment Banking group. His expertise encompasses mergers and acquisitions (M&A) and corporate finance, which are expected to be valuable assets to LXP's growth initiatives.
T. Wilson Eglin, CEO and President of LXP, expressed gratitude for Boulerice's contributions over the years and optimism about Brunner's capabilities to lead the finance team. Jamie Handwerker, Lead Independent Trustee, echoed these sentiments, highlighting the Board's focus on succession planning and adding leaders with the skills necessary to enhance shareholder value.
Brunner's professional journey began at Macquarie Group (OTC:MQBKY) and has spanned over 19 years. His educational qualifications include a Bachelor of Laws and a Bachelor of Commerce from the University of Queensland, as well as a Graduate Diploma of Chartered Accounting.
InvestingPro Insights
As LXP Industrial Trust (NYSE: LXP) prepares for a strategic shift in its executive leadership, the company's financial outlook remains a critical factor for investors. With Nathan Brunner set to bring his extensive background in real estate investment banking to the CFO role, understanding LXP's current financial position is imperative.
InvestingPro Tips reveal that LXP has demonstrated a commitment to shareholder returns, having raised its dividend for 4 consecutive years and maintained dividend payments for 31 consecutive years. This is indicative of the company's focus on providing consistent returns to its investors. Additionally, the company's cash flows are robust enough to cover its interest payments, which is a reassuring sign of financial stability.
From the real-time data provided by InvestingPro, we observe that LXP is currently trading at a high earnings multiple, with a P/E Ratio (Adjusted) for the last twelve months as of Q1 2024 standing at 397.39. This could suggest that the market has high expectations for the company's future earnings growth. However, the PEG Ratio for the same period is -2.2, indicating potential concerns about the company's growth trajectory relative to its earnings.
The company's dividend yield as of March 2024 is an attractive 6.24%, which may appeal to income-focused investors. Moreover, the revenue growth for the last twelve months as of Q1 2024 has been positive at 4.8%, albeit modest. This growth, coupled with a Gross Profit Margin of 82.92%, paints a picture of a company with a strong grasp on its operational efficiency.
Investors interested in a deeper analysis of LXP's financials and strategic outlook can find additional InvestingPro Tips at https://www.investing.com/pro/LXP. With these insights, those looking to capitalize on LXP's potential can make more informed decisions. Furthermore, for a limited time, users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable tips and data to guide their investment choices. Currently, there are 7 additional InvestingPro Tips available for LXP, offering a comprehensive view of the company's financial health and market potential.
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