1315_Nareit Testimonials_REITworld_Eglin_2023-11-30_v2
11/30/2023 | by Nareit Staff

Will Eglin, chairman and CEO of LXP Industrial Trust (NYSE: LXP), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Eglin said the biggest achievement for 2023 has been in leasing. “In the industrial sector, landlords have been in a position of pricing power and that’s showed up in our rental outcomes, where we’ve raised rents 24% on a cash basis.”

LXP has also had success in leasing buildings in its development pipeline and has made progress selling the bulk of its remaining office portfolio. Eglin said the REIT also refinanced all its near-term debt.

Eglin said extending near-term debt should create a lot of opportunity for well-capitalized public companies, given that private investors may have more difficulty refinancing their debt. “That was a key factor in terms of our decision to extend out our maturities now.

LXP is very focused on opportunities in the build-to-suit area, given the rapid decline in speculative construction starts and the scarcity of capital, Eglin said. LXP also has the opportunity to raise rents, while improving the escalation structure of its leases, he added.