LXP Industrial Trust stock drops after decision to suspend evaluation of possible sale

lxp-industrial-trust-stock-drops-after-decision-to-suspend-evaluation-of-possible-sale

Shares of LXP Industrial Trust LXP, -14.14% dropped 6.6% in premarket trading Friday, after the real estate investment trust, focused on single-tenant warehouse and distribution investments, said it has decided to suspend its evaluation of strategic alternatives, which included a possible sale or merger. The company said discussions with a “wide array” of investors affirmed the attractiveness of its portfolio. In addition, the “significant changes” to macroeconomic, geopolitical and financing conditions, since the review of alternatives was announced on Feb. 8, have “meaningfully impacted” the merger and acquisition environment. The stock had gained 4.3% since the review of alternatives was announced through Thursday, and closed at a 15-year high as recently as March 29. Over the past 12 months, the stock has run up 36.6% while the SPDR Real Estate Select Sector ETF XLRE, +0.36% has rallied 22.9% and the S&P 500 SPX, -0.27% has gained 9.8%.

Source: Marketwatch

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