Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-2.14%
$59.37
0% positive prob.
5-Day Prediction
-3.60%
$58.49
0% positive prob.
20-Day Prediction
+130.90%
$140.09
0% positive prob.
SEC 8-K filings with transcript text
Jul 29, 2026 · 100% conf.
1D
-2.14%
$59.37
Act: +0.10%
5D
-3.60%
$58.49
Act: -0.05%
20D
+130.90%
$140.09
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Exhibit 99.1
West Palm Beach, Fla. - July 29, 2026 - LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended June 30, 2026.
Proposed Merger
On July 19, 2026, LXP entered into an Agreement and Plan of Merger (the “Merger Agreement”) with certain affiliates of Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) and Canada Pension Plan Investment Board ("CPP Investments," and together with Brookfield, collectively, the "Buyer") in which, upon the terms and subject to the conditions set forth in the Merger Agreement, the Buyer would acquire all of the outstanding shares of LXP for $61.20 per share in cash (collectively with the other transactions contemplated by the Merger Agreement, the “Merger”) in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. The proposed purchase price represents a premium of 12.3% to LXP’s 30-day volume weighted average price (“VWAP”) and a 19.8% premium to LXP’s 90-day VWAP, in each case for the period ended July 17, 2026. The transaction was unanimously approved by the LXP Board of Trustees and is expected to close by the end of the fourth quarter of 2026, subject to approval by LXP's shareholders and satisfaction of other customary closing conditions.
Second Quarter 2026 Highlights
•Recorded Net Loss attributable to common shareholders of $(1.6) million, or $(0.03) per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $49.5 million, or $0.84 per diluted common share, compared to $0.80 per diluted common share in the same period in 2025, an increase of 5.0%.
•Increased Same-Store NOI 0.5% compared to the same period in 2025.
•Pre-leased a 1.2 million square foot development project with an initial annual cash base rent of approximately $9.8 million.
•Completed 2.3 million square feet of new and extended second-generation leases, increasing Base and Cash Base Rents by 43.1% and 26.2%, respectively, excluding two fixed-rate renewals.
•Acquired a 37-acre infill covered land investment in Phoenix, Arizona for $103.2 million and an initial cash yield of 15.7%.
•Commenced two speculative development projects in the Columbus, Ohio market, consisting of a 750,000 square foot facility and a 161,000 square foot facility.
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Subsequent Highlights
•Sold one warehouse facility outside of target markets for $51 million.
•Completed 0.2 million square feet of new leases and lease extensions, increasing Cash Base Rents by 31.0%.
Revenues
For the quarter ended June 30, 2026, total gross revenues were $88.1 million, compared with total gross revenues of $87.7 million for the quarter ended June 30, 2025. The increase is primarily attributable to acquisitions and increased rental revenue.
Net Income Attributable to Common Shareholders
For the quarter ended June 30, 2026, net loss attributable to common shareholders was $(1.6) million, or $(0.03) per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2025 of $27.5 million, or $0.47 per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2026, LXP generated Adjusted Company FFO of $49.5 million, or $0.84 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2025 of $47.3 million, or $0.80 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending June 30, 2026. The dividend of $0.70 per common share was paid on July 15, 2026 to common shareholders of record as of June 30, 2026.
LXP also previously announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended June 30, 2026, which is expected to be paid on August 17, 2026 to shareholders of record as of July 31, 2026.
Pursuant to the terms of the Merger Agreement, LXP has agreed to suspend payment of its regular common share quarterly dividend, effective immediately, subject to certain exceptions set forth in the Merger Agreement. The Merger Agreement permits LXP to make regular quarterly dividends on the Series C Preferred shares.
MarketSq. Ft.Initial Cost Basis ($000) Wtd. Average Lease Term (Yrs) % Leased at Acquisition
Phoenix, AZ(1) 599,664$103,164 4.9100%
1.37-acre infill industrial redevelopment site leased to Phoenix Education Partners through March 31, 2031.
The property was acquired at GAAP and cash capitaliz
Apr 29, 2026
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Exhibit 99.1
West Palm Beach, Fla. - April 29, 2026 - LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Recorded Net Loss attributable to common shareholders of $(1.9) million, or $(0.03) per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.3 million, or $0.80 per diluted common share, compared to $0.78 per diluted common share in the same period in 2025, an increase of 2.6%.
•Increased Same-Store NOI 2.0% compared to the same period in 2025.
•Extended lease at 1.1 million square foot Greenville/Spartanburg facility for additional four years through 2031, following the initial two-year lease signed in May 2025.
•Completed an additional 0.7 million square feet of new leases and lease extensions, increasing Base and Cash Base Rents by 34.1% and 24.3%, respectively.
•Commenced a 1.2 million square foot speculative development project in Phoenix, Arizona.
•Extended the maturities and reduced pricing on $600 million unsecured revolving credit facility and $250 million term loan.
•Repurchased and retired approximately 325,000 common shares at an average price of $48.70 per common share.
Subsequent Highlights
•Completed 1.4 million square feet of new leases and lease extensions, increasing Cash Base Rents by 23.4%, bringing year-to-date spreads on Cash Base Rents to 16.3%.
T Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “Our first quarter results reflect LXP’s continued leasing momentum, with 3.2 million square feet leased year-to-date, underscoring the strength of both our target markets and demand for large-format logistics facilities. This activity included the successful outcome at our 1.1 million square foot facility in Greenville/Spartanburg, in which we extended the lease for an additional four years, further enhancing the 8% initial cash stabilized development yield. With active discussions underway on over seven million square feet in our leasing pipeline, we are optimistic that we will continue to achieve attractive leasing outcomes going forward.”
Page 2 of 12
Revenues
For the quarter ended March 31, 2026, total gross revenues were $85.9 million, compared with total gross revenues of $88.9 million for the quarter ended March 31, 2025. The decrease is primarily attributable to property dispositions.
Net Income Attributable to Common Shareholders
For the quarter ended March 31, 2026, net loss attributable to common shareholders was $(1.9) million, or $(0.03) per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2025 of $17.3 million, or $0.30 per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2026, LXP generated Adjusted Company FFO of $47.3 million, or $0.80 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2025 of $46.4 million, or $0.78 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending March 31, 2026. The dividend of $0.70 per common share was paid on April 15, 2026 to common shareholders of record as of March 31, 2026.
LXP also previously announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended March 31, 2026, which is expected to be paid on May 15, 2026 to shareholders of record as of April 30, 2026.
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost ($000) GAAP Investment Balance as of 3/31/2026
($000)(1)
LXP Amount Funded as of 3/31/2026
($000)(2) Estimated Base Building Completion Date% Leased as of 3/31/2026
Development Project
Reems & Olive - Building D (95.5%)1Phoenix, AZ1,185,000 $121,900 $23,953 $20,230 1Q 2027—%
Redevelopment Projects
Orlando (100%)(3) 1Central FL350,990 $9,400 $17,350 $3,242 4Q 2026—%
Richmond (100%)(3) 1Richmond, VA252,351 3,900 14,594 3,071 2Q 2026—%
Total Redevelopment Projects2603,341 $13,300 $31,944 $6,313
Land Infrastructure Improvements
Reems & Olive (95.5%)(4) N/APhoenix, AZN/A16,200 12,952 15,547 N/AN/A
Total 31,788,341 $151,400 $68,849 $42,090
1.Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes, if any.
2.Excludes noncontrolling interests' share.
3.Estimated project costs exclude estimated tenant improvements and leasing costs.
4.Represents i
Feb 12, 2026
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Exhibit 99.1
West Palm Beach, Fla. - February 12, 2026 - LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended December 31, 2025.
Fourth Quarter 2025 Highlights
•Recorded Net Income attributable to common shareholders of $27.1 million, or $0.46 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.0 million, or $0.79 per diluted common share.
•Same-Store NOI increased 2.9% for the full year and was in line for the quarter compared to the same periods in 2024.
•Completed 2.1 million square feet of new leases and lease extensions, increasing Base and Cash Base Rents by 27.4% and 22.6%, respectively, excluding two fixed-rate renewals.
•Sold four warehouse facilities outside of target markets for gross proceeds of $116.2 million.
•Repaid $140 million of 6.75% Senior Notes due 2028.
•Reduced net debt to Adjusted EBITDA to 4.9x.
•Completed a reverse split of common shares at a ratio of 1-for-5 on November 10, 2025.
Subsequent Highlights
•Extended the maturities and reduced pricing on $600 million unsecured revolving credit facility and $250 million unsecured term loan.
•Repurchased and retired approximately 277,000 common shares in December 2025 and January 2026 for an average price of $49.47 per common share.
Full Year 2025 Highlights
•Recorded Net Income attributable to common shareholders of $106.5 million, or $1.82 per diluted common share.
•Generated Adjusted Company FFO of $187.3 million, or $3.15 per diluted common share.
•Increased the Stabilized Portfolio leased percentage to 97.1%.
•Completed 3.8 million square feet of new second-generation leases and lease extensions, increasing Base and Cash Base Rents by 29.7% and 27.7%, respectively, excluding fixed-rate renewals and an additional two-year extension to 2030 at a 605,000 square foot facility.
•Leased 1.1 million square foot development project with initial Cash Base Rent of $5.50 per square foot.
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•Commenced redevelopment of two warehouse facilities located in the Central Florida and Richmond, Virginia markets, totaling 603,000 square feet.
•Acquired one warehouse facility in the Atlanta, Georgia market for $30 million.
•Disposed of 11 warehouse facilities for gross proceeds of $389.1 million, including two vacant development projects totaling 2.1 million square feet sold to a user buyer for $175 million.
•Repaid an aggregate of $218.1 million of debt, including $140 million of 6.75% Senior Notes due 2028, $50 million of unsecured term loan and $28.1 million of Trust Preferred Securities.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “Our fourth quarter capped a successful 2025, highlighted by new leases and lease extensions, healthy occupancy gains and continued portfolio optimization. We made significant progress advancing our key objectives during the year, most notably reducing net debt to Adjusted EBITDA to 4.9x from 5.9x and increasing occupancy from 93.6% to 97.1%. In the fourth quarter, we leased over two million square feet at Base and Cash Base rental increases of approximately 27% and 23%, respectively, excluding fixed rate renewals, bringing full-year leasing volume to nearly five million square feet. Property sales of $389 million in 2025, including $116 million in the fourth quarter, allowed us to pay down high coupon debt, exit five non-target markets and repurchase shares. In 2026, we are focused on strategic capital deployment through disciplined external growth opportunities primarily in our land bank, executing opportunistic share repurchases, driving attractive mark-to-market outcomes and leasing our remaining vacancies.”
Revenues
For the quarter ended December 31, 2025, total gross revenues were $86.7 million, compared with total gross revenues of $100.9 million for the quarter ended December 31, 2024. The decrease is primarily attributable to additional rental revenue of $15 million in the quarter ended December 31, 2024 related to a tenant exercising a purchase option in a sales-type lease.
Net Income Attributable to Common Shareholders
For the quarter ended December 31, 2025, net income attributable to common shareholders was $27.1 million, or $0.46 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2024 of $31.4 million, or $0.54 per diluted share.
Adjusted Company FFO
For the quarter ended December 31, 2025, LXP generated Adjusted Company FFO of $47.0 million, or $0.79 per diluted share, compared to Adjusted Compan
Oct 30, 2025
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Exhibit 99.1
Board Authorizes 3.7% Dividend Increase
West Palm Beach, Fla. - October 30, 2025 - LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
•Recorded Net Income attributable to common shareholders of $34.6 million, or $0.12 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $46.7 million, or $0.16 per diluted common share.
•Sold two vacant development projects totaling 2.1 million square feet to a user buyer for $175 million, representing a 20% premium over the gross book value.
•Increased the Stabilized Portfolio leased percentage to 96.8%.
•Increased Same-Store NOI 4.0% year-to-date and 2.0% in the quarter compared to the same periods in 2024.
•Extended 1.8 million square feet of leases year-to-date, increasing Base and Cash Base Rents by 30.8% and 30.1%, respectively, including a 510,000 square foot lease in the quarter, increasing Base and Cash Base Rents by 14.6% and 8.3%, respectively.
•Acquired one warehouse facility for $30.0 million.
•Reduced net debt to Adjusted EBITDA to 5.2x.
Subsequent Highlights
•Completed 1.1 million square feet of new and extended leases, raising Cash Base Rents 27.7%, excluding one fixed rate renewal.
•Repaid $140.0 million aggregate principal amount of outstanding 6.75% Senior Notes due 2028 pursuant to a cash tender offer.
•Announced a reverse stock split of common shares at a ratio of 1-for-5 expected to take place on November 10, 2025.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "We are pleased with our third quarter results, highlighted by the sale of our two vacant development projects in the Central Florida and Indianapolis markets to a user buyer. The gross sale price of $175 million represents a 20% premium over the gross book value of the properties and is approximately 6% accretive to earnings while reducing leverage to 5.2x net debt to Adjusted EBITDA. The transaction was an excellent outcome for the company and follows our success leasing the one million square foot Greenville/Spartanburg development project in the second quarter, leading to increased occupancy of approximately 97% at quarter-end. Our high-quality portfolio of primarily new, Class A assets in well-performing markets with solid contractual rent growth and inexpensive rents relative to market positions us well for growth moving forward."
Page 2 of 13
Revenues
For the quarter ended September 30, 2025, total gross revenues were $86.9 million, compared with total gross revenues of $85.6 million for the quarter ended September 30, 2024. The increase is primarily attributable to revenue from stabilized development projects, rent increases and acquisitions, offset by property sales.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2025, net income attributable to common shareholders was $34.6 million, or $0.12 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2024 of $4.7 million, or $0.02 per diluted share.
Adjusted Company FFO
For the quarter ended September 30, 2025, LXP generated Adjusted Company FFO of $46.7 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2024 of $46.7 million, or $0.16 per diluted share.
Dividends
LXP announced that it declared a regular quarterly common share dividend for the quarter ending December 31, 2025 of $0.14 per common share, on a pre-split basis, payable January 15, 2026 to common shareholders of record as of December 31, 2025. This represents an increase of 3.7% from the previous quarterly per share common share dividend and equates to an annualized increase of $0.02 per common share and an annualized dividend of $0.56 per common share, subject to and assuming future declarations.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ending December 31, 2025, which is expected to be paid on February 17, 2026 to shareholders of record as of January 30, 2026.
As previously announced, LXP declared a regular quarterly common share dividend for the quarter ended September 30, 2025 of $0.135 per common share which was paid on October 15, 2025 to common shareholders of record as of September 30, 2025. LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock
Jul 30, 2025
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Exhibit 99.1
West Palm Beach, FL - July 30, 2025 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended June 30, 2025.
Second Quarter 2025 Highlights
•Recorded Net Income attributable to common shareholders of $27.5 million, or $0.09 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.3 million, or $0.16 per diluted common share.
•Increased Same-Store NOI 4.7% compared to the same period in 2024.
•Leased a 1.1 million square foot development project with an initial Cash Base Rent of $5.50 per square foot.
•Extended 1.3 million square feet of leases year-to-date, increasing Base and Cash Base Rents by 41.5% and 46.2%, respectively, including 120,000 square feet of leases in the quarter, increasing Base and Cash Base Rents by 18.2% and 18.1%, respectively.
•Commenced redevelopment of a 350,000 square foot warehouse facility.
•Repurchased $28.1 million of the Company's Trust Preferred Securities at a 5.0% discount to par value.
•Disposed of one warehouse facility for $39.6 million.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "We delivered another quarter of solid funds from operations and strong same-store NOI growth. We reached a significant milestone during the quarter with the lease of our 1.1 million square foot development facility in the Greenville/Spartanburg market, which increased occupancy and is expected to contribute approximately $3.7 million to FFO this year. Finally, we sold an industrial asset at a 4.3% cash capitalization rate and utilized a portion of the proceeds to repurchase $28 million of our floating-rate Trust Preferred Securities at a 5% discount to par value, further reducing leverage and increasing our hedged and fixed-rate debt to 99% in 2025 and 2026."
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Revenues
For the quarter ended June 30, 2025, total gross revenues were $87.7 million, compared with total gross revenues of $85.8 million for the quarter ended June 30, 2024. The increase is primarily attributable to revenue from acquisitions, rent increases and stabilized development projects, offset by property sales.
Net Income Attributable to Common Shareholders
For the quarter ended June 30, 2025, net income attributable to common shareholders was $27.5 million, or $0.09 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2024 of $3.8 million, or $0.01 per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2025, LXP generated Adjusted Company FFO of $47.3 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2024 of $46.9 million, or $0.16 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ended June 30, 2025 of $0.135 per common share which was paid on July 15, 2025 to common shareholders of record as of June 30, 2025.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended June 30, 2025, which is expected to be paid on August 15, 2025 to shareholders of record as of July 31, 2025.
Location Gross Disposition
Price
($000) Month of Disposition% Leased
Chillicothe, OH$39,621 April100%
The property above sold at GAAP and Cash capitalization rates of 4.5% and 4.3%, respectively. Total consolidated year-to-date 2025 property disposition volume was $74.6 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.6% and 4.1%, respectively.
Page 3 of 11
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of 6/30/2025(1)
LXP Amount Funded as of 6/30/2025(2) Estimated Completion Date % Leased as of 6/30/2025
Redevelopment Projects
Orlando (100%)(3) 1Central, FL350,990 $9,400 $14,303 $254 1Q 2026—%
Richmond (100%)(4) 1Richmond, VA252,351 3,700 11,244 201 1Q 2026—%
Total Redevelopment Projects2603,341 $13,100 $25,547 $455
Land Infrastructure Improvements
Reems & Olive (95.5%)(5) N/APhoenix, AZN/A15,381 8,188 8,446 N/AN/A
Total 2603,341 $28,481 $33,735 $8,901
1.Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes if any.
2.Excludes noncontrolling interests' share.
3.During the quarter ended June 30, 2025, the tenant vacated the building and LXP began redeveloping the property
May 1, 2025
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Exhibit 99.1
West Palm Beach, FL - May 1, 2025 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended March 31, 2025.
First Quarter 2025 Highlights
•Recorded Net Income attributable to common shareholders of $17.3 million, or $0.06 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $46.4 million, or $0.16 per diluted common share.
•Increased Same-Store NOI 5.2% compared to the same period in 2024.
•Completed 540,000 square foot lease extension, increasing the Base and Cash Base Rents 52.5% and 58.9%, respectively.
•Commenced redevelopment of 250,000 square foot warehouse facility.
•Disposed of one warehouse facility for gross proceeds of $35.0 million.
•Repaid $50.0 million of the Company's $300.0 million term loan.
Subsequent Events
•Disposed of one warehouse facility for a gross price of $39.6 million.
•Completed 101,000 square foot lease extension, increasing Cash Base Rent by 39%.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "We’re pleased with our first quarter results, which included leasing volume of 1.1 million square feet, same-store NOI growth of 5.2% and an asset sale in a non-target market that generated $35.0 million of proceeds. We have continued to produce both strong leasing outcomes and same-store NOI growth and remain focused on increasing occupancy and executing on our 12-market investment strategy in the Sunbelt and Lower Midwest that account for 85% of our gross assets. We believe our portfolio’s asset quality, tenant credit strength and geographic footprint that aligns with onshoring initiatives position us well going forward amid an uncertain macroeconomic environment."
Revenues
For the quarter ended March 31, 2025, total gross revenues were $88.9 million, compared with total gross revenues of $86.3 million for the quarter ended March 31, 2024. The increase is primarily attributable to revenue from acquisitions, rent increases and stabilized development projects, offset by property sales.
Page 2 of 11
Net Income Attributable to Common Shareholders
For the quarter ended March 31, 2025, net income attributable to common shareholders was $17.3 million, or $0.06 per diluted share, compared with a net loss attributable to common shareholders for the quarter ended March 31, 2024 of $(1.9) million, or $(0.01) per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2025, LXP generated Adjusted Company FFO of $46.4 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2024 of $48.8 million, or $0.16 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ended March 31, 2025 of $0.135 per common share which was paid on April 15, 2025 to common shareholders of record as of March 31, 2025.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended March 31, 2025, which is expected to be paid on May 15, 2025 to shareholders of record as of April 30, 2025.
Location Gross Disposition
Price
($000) Month of Disposition% Leased
Bristol, PA(1) $34,967 March 100%
1.Non-target market.
The property above sold at GAAP and Cash capitalization rates of 6.9% and 3.8%, respectively. Subsequent to quarter end, LXP sold a property in Chillicothe, OH for a gross price of $39.6 million at GAAP and Cash capitalization rates of 4.5% and 4.3%, respectively.
Page 3 of 11
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of 3/31/2025(1)
LXP Amount Funded as of 3/31/2025(2) Estimated Completion Date % Leased as of 3/31/2025
Redevelopment Projects
Richmond (100%)(3) 1Richmond, VA252,351$4,700$11,119$—1Q 2026—%
Land Infrastructure Improvements
Reems & Olive (95.5%)(4) N/APhoenix, AZN/A11,4596,3817,036N/AN/A
252,351$16,159$17,500$7,036
1.Excludes leasing costs, incomplete costs, and developer incentive fees or partner promotes, if any.
2.Excludes noncontrolling interests' share.
3.During the first quarter, the tenant vacated the building, which is part of a four building integrated campus, and LXP began redeveloping the property into a standalone warehouse and distribution facility.
4.Represents infrastructure development costs to prepare the land for vertical development.
Feb 13, 2025
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Exhibit 99.1
West Palm Beach, FL - February 13, 2025 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter and year ended December 31, 2024.
Fourth Quarter 2024 Highlights
•Recorded Net Income attributable to common shareholders of $31.4 million, or $0.11 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.0 million, or $0.16 per diluted common share.
•Increased Same-Store NOI 4.1% compared to the same period in 2023.
•Completed 1.0 million square feet of new leases and lease extensions, raising Base and Cash Base Rents by 66.3% and 42.6%, respectively, excluding a fixed-rate renewal.
•Acquired four warehouse facilities for an aggregate cost of $157.6 million.
•Placed into service a 625,238 square foot build-to-suit warehouse facility located in the Greenville/Spartanburg, South Carolina market.
•Invested an aggregate of $21.0 million in development activities.
•Disposed of three warehouse facilities for an aggregate gross price of $136.7 million.
•Sold land subject to a sales-type lease in Phoenix, Arizona for a gross price of $86.5 million.
Subsequent Events
•Leased 540,000 square feet, raising Cash Base Rent by 59%.
•Repaid $50.0 million of the $300.0 million term loan.
Full Year 2024 Highlights
•Recorded Net Income attributable to common shareholders of $37.9 million, or $0.13 per diluted common share.
•Generated Adjusted Company FFO of $189.4 million, or $0.64 per diluted common share.
•Completed 4.5 million square feet of new leases and lease extensions, raising Base and Cash Base Rents by 46.5% and 39.7%, respectively, excluding tenant improvement reimbursements in one lease and a fixed-rate renewal.
Page 2 of 12
•Increased Same-Store NOI 5.0% compared to 2023.
•Placed into service three fully-leased warehouse facilities containing an aggregate of 1.4 million square feet in the Phoenix, Arizona, Greenville/Spartanburg, South Carolina and Columbus, Ohio markets.
•Invested an aggregate of $108.7 million in development activities and $7.6 million in a value-add opportunity at the Orlando, Florida asset.
•Sold remaining two consolidated office assets.
•Disposed of four warehouse facilities for an aggregate gross price of $165.3 million.
•Satisfied $198.9 million aggregate principal amount of 4.40% Senior Notes due 2024 at maturity.
•Entered into interest rate swap agreements for an aggregate amount of $250.0 million of the term loan and an aggregate amount of $82.5 million of the Trust Preferred Securities.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented "We finished 2024 with another strong quarter driven by excellent leasing outcomes and solid same-store growth. We completed 4.5 million square feet of leasing throughout the year, increasing Base and Cash Base rents approximately 46% and 40%, respectively, generated attractive same-store NOI growth of 5.0% and raised our average annual rent escalators to 2.8%. We also further strengthened our balance sheet in 2024, ending the year at 5.9x net debt to Adjusted EBITDA. We continue to focus on growing EBITDA and deleveraging as we lease up assets, mark rents to market and deliver contractual rent growth. Also, during the quarter, we acquired four Class A properties and substantially completed our 625,000 square foot build-to-suit, further increasing our Sunbelt market exposure. We are pleased with our 2024 accomplishments and we believe we are well-positioned to continue benefiting from long-term demographic and advanced manufacturing trends in our markets."
Revenues
For the quarter ended December 31, 2024, total gross revenues were $100.9 million, compared with total gross revenues of $83.0 million for the quarter ended December 31, 2023. The increase is primarily attributable to additional rental revenue of $15.0 million related to a tenant exercising a purchase option in a sales-type lease, revenue from acquisitions, rent increases and stabilized development projects, offset by sales.
Net Income Attributable to Common Shareholders
For the quarter ended December 31, 2024, net income attributable to common shareholders was $31.4 million, or $0.11 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2023 of $13.0 million, or $0.04 per diluted share.
Page 3 of 12
Adjusted Company FFO
For the quarter ended December 31, 2024, LXP generated Adjusted Company FFO of $47.0 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended Decemb
Nov 6, 2024
2 exhibit991-pressreleasedat.htm
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Exhibit 99.1
Board Authorizes 3.8% Dividend Increase
West Palm Beach, FL - November 6, 2024 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended September 30, 2024.
Third Quarter 2024 Highlights
•Recorded Net Income attributable to common shareholders of $4.7 million, or $0.02 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $46.7 million, or $0.16 per diluted common share.
•Increased Same-Store NOI 5.4% in the third quarter compared to the same period in 2023.
•Completed new leases and lease extensions totaling 0.7 million square feet, raising Base and Cash Base Rents by 38.3% and 22.5%, respectively.
•Leased and placed into service a 250,020 square foot speculative development facility located in Columbus, Ohio.
•Invested an aggregate of $27.5 million in development activities and $7.6 million in a value-add opportunity at the Orlando, Florida asset.
•Entered into forward interest rate swap agreements for an aggregate of $250.0 million of the term loan and an aggregate of $82.5 million of the Trust Preferred Securities.
Subsequent Events
•Disposed of three facilities outside of Chicago, Illinois for an aggregate gross disposition price of approximately $136.7 million.
•Acquired one facility in Savannah, Georgia for approximately $34.1 million.
•Tenant exercised its purchase option to acquire the leased land owned by LXP in Phoenix, Arizona for $86.5 million, with closing anticipated in December 2024.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented "We posted strong third-quarter results with same-store NOI growth of 5.4% driven by 39.1% cash rental increases on second generation leases completed through September 30, 2024. We made progress on development leasing, executing a five-year lease at our 250,000 square foot development project in Columbus with a development yield of 8.5% and 3.5% annual rental increases. A more active transaction market supported our efforts to recycle assets outside of our target markets with the proceeds targeted for reinvestment into the Sunbelt. Finally, we acted on an improved short-term interest rate outlook during the quarter and swapped $332.5 million of floating-rate debt, increasing our fixed-rate debt to 94% for 2025 and 2026, mitigating previously estimated interest expense increases."
Page 2 of 12
Revenues
For the quarter ended September 30, 2024, total gross revenues were $85.6 million, compared with total gross revenues of $85.4 million for the quarter ended September 30, 2023. The increase is primarily attributable to market rent increases and stabilized development projects, offset by property sales and a decrease in other revenue.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2024, net income attributable to common shareholders was $4.7 million, or $0.02 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2023 of $11.0 million, or $0.04 per diluted share.
Adjusted Company FFO
For the quarter ended September 30, 2024, LXP generated Adjusted Company FFO of $46.7 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2023 of $51.9 million, or $0.18 per diluted share.
Dividends
LXP announced that it declared a regular quarterly common share dividend for the quarter ending December 31, 2024 of $0.135 per common share payable January 15, 2025 to common shareholders of record as of December 31, 2024. This represents an increase of 3.8% from the previous quarterly per share common share dividend and equates to an annualized increase of $0.02 per common share and an annualized dividend of $0.54 per common share, subject to and assuming future declarations.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ending December 31, 2024, which is expected to be paid on February 14, 2025 to shareholders of record as of January 31, 2025.
As previously announced, LXP declared a regular quarterly common share dividend for the quarter ending September 30, 2024 of $0.13 per common share, which was paid on October 15, 2024 to common shareholders of record as of September 30, 2024. LXP also declared a cash dividend of $0.8125 per share of Series C Preferred for the quarter ending September 30, 2024, which is expected to be paid on November 15, 2024 to shareholders of record as of
Jul 31, 2024
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Exhibit 99.1
West Palm Beach, FL - July 31, 2024 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended June 30, 2024.
Second Quarter 2024 Highlights
•Recorded Net Income attributable to common shareholders of $3.8 million, or $0.01 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $46.9 million, or $0.16 per diluted common share.
•Increased Same-Store NOI 5.0% in the second quarter compared to the same period in 2023.
•Completed new leases and lease extensions totaling 2.7 million square feet, raising Base and Cash Base Rents by 44.5% and 44.0%, respectively, excluding tenant improvement reimbursements as part of the expiring rent in one lease.
•Satisfied $198.9 million aggregate principal amount of 4.40% Senior Notes due 2024 at maturity.
•Invested an aggregate of $34.7 million in development activities.
•Sold remaining two consolidated office assets, with consolidated portfolio now 100% industrial assets.
Subsequent Events
•Leased approximately 96,000 square feet, raising Base and Cash Base Rents by 28.1% and 34.8%, respectively.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "Our excellent second quarter results were driven by nearly three million square feet of leasing volume with strong leasing spreads and same-store NOI growth of 5%. This quarter also marked the completion of our portfolio transformation as we sold our final two consolidated office assets. We remain focused on executing internal growth opportunities, including marking current rents to market and leasing our remaining development pipeline, as well as pursuing build-to-suit projects that fit our target market strategy.”
Page 2 of 12
Revenues
For the quarter ended June 30, 2024, total gross revenues were $85.8 million, compared with total gross revenues of $87.1 million for the quarter ended June 30, 2023. The decrease is primarily attributable to property sales and a decrease in other revenue, offset by revenue from market rent increases and stabilized development projects.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended June 30, 2024, net income attributable to common shareholders was $3.8 million, or $0.01 per diluted share, compared with net loss attributable to common shareholders for the quarter ended June 30, 2023 of $(9.7) million, or $(0.03) per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2024, LXP generated Adjusted Company FFO of $46.9 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2023 of $52.7 million, or $0.18 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending June 30, 2024 of $0.13 per common share, which was paid on July 15, 2024 to common shareholders of record as of June 28, 2024.
LXP also previously announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ending June 30, 2024, which is expected to be paid on August 15, 2024 to shareholders of record as of July 31, 2024.
Property Type (% Owned)MarketSq. Ft. Initial Cost Basis
($000)(1) Approximate Lease Term (Yrs)% Leased
Warehouse/Distribution (90%)(2) Greenville/Spartanburg, SC1,091,888$73,414 N/A—%
Warehouse/Distribution (100%)(2) Central Florida132,21219,021 N/A—%
1,224,100$92,435 1. Initial cost basis excludes certain remaining costs, such as incomplete tenant improvements, leasing costs and developer incentive fees or partner promotes, if any.
2. The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with LXP's policy.
Page 3 of 12
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost ($000)
GAAP Investment Balance as of 6/30/2024(1) ($000)
LXP Amount Funded as of 6/30/2024 ($000) Actual/Estimated Base Building Completion Date% Leased as of 6/30/2024
Consolidated:
Build-to-Suit Development Projects Leased
Piedmont (100%)1Greenville/Spartanburg, SC625,238 $74,400 $48,578 $34,540 4Q 2024100 %
Development Projects Available for Lease
South Shore Building B (100%)(2) 1Central Florida80,983 $12,700 $12,122 $11,919 3Q 2023— %
Etna Building D (100%)1Columbus, OH250,020 30,200 23,743 25,021 1Q 2024— %
2331,003 $42,900 $35,865 $36,940
3956,24
May 2, 2024
2 exhibit991-pressreleasedat.htm
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West Palm Beach, FL - May 2, 2024 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended March 31, 2024.
First Quarter 2024 Highlights
•Recorded Net Loss attributable to common shareholders of $(1.9) million, or $(0.01) per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $48.8 million, or $0.16 per diluted common share.
•Increased Industrial Same-Store NOI 6.5% in the first quarter compared to the same period in 2023.
•Completed a 119,295 square foot lease extension amendment, raising industrial Base and Cash Base Rents by 28.0% and 27.9%, respectively.
•Acquired a 59.1 acre land parcel for $3.4 million and commenced development of a 625,200 square foot built-to-suit warehouse/distribution facility in the Greenville/Spartanburg, South Carolina market subject to a 12-year lease, which is estimated to commence in January 2025.
•Placed in service one warehouse/distribution facility containing 488,400 square feet in the Phoenix, Arizona market, which is fully leased to a single tenant.
•Invested an aggregate of $25.5 million in development activities.
Subsequent Events
•Completed 1.6 million square feet of lease extensions raising industrial Cash Base Rents by an estimated 26.9%.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented "Our industrial portfolio generated robust same-store NOI growth in the first quarter and is continuing to benefit from attractive mark-to-market outcomes with our average annual escalator rising to 2.7%. Additionally, as a result of second quarter leasing, we estimate that our industrial same-store NOI will be in the range of 4.0% to 5.0% for 2024. As we advance our efforts on development leasing and mark-to-market opportunities, we expect to continue deleveraging the balance sheet over time, enhancing LXP’s financial profile and building a stronger foundation for profitable long-term growth, with build-to-suit opportunities our primary area of focus."
Page 2 of 13
Revenues
For the quarter ended March 31, 2024, total gross revenues were $86.3 million, compared with total gross revenues of $85.1 million for the quarter ended March 31, 2023. The increase is primarily attributable to revenue from market rent increases and stabilized development projects, which was partially offset by sales.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended March 31, 2024, net loss attributable to common shareholders was $(1.9) million, or $(0.01) per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2023 of $9.5 million, or $0.03 per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2024, LXP generated Adjusted Company FFO of $48.8 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2023 of $50.3 million, or $0.17 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending March 31, 2024 of $0.13 per common share, which was paid on April 15, 2024 to common shareholders of record as of March 28, 2024.
LXP previously also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ending March 31, 2024, which is expected to be paid on May 15, 2024 to shareholders of record as of April 30, 2024.
Property Type (% Owned)MarketSq. Ft. Initial Cost Basis
($000)(1) Approximate Lease Term (Yrs)% Leased
Warehouse/Distribution (93%)Phoenix, AZ488,400$52,767 7.0100%
Warehouse/Distribution (80%)(2) Central Florida1,085,28080,825 N/A—%
Warehouse/Distribution (80%)(2) Indianapolis, IN1,053,36064,285 N/A—%
2,627,040$197,877 1. Initial cost basis excludes certain remaining costs, such as incomplete tenant improvements, leasing costs and developer partner promote, if any.
2. The warehouse distribution facility was placed in service vacant one year after the completion of base building construction in accordance with LXP's policy.
Page 3 of 13
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost(1) ($000)
GAAP Investment Balance as of 3/31/2024(2) ($000)
LXP Amount Funded as of 3/31/2024(3) ($000) Actual/Estimated Base Building Completion Date% Leased as of 3/31/2024
Consolidated:
Build-to-Suit Development Projects Leased
Piedmont (100%)(4) 1Greenvill
Feb 15, 2024
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Exhibit 99.1
New York - February 15, 2024 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the fourth quarter and year ended December 31, 2023.
Fourth Quarter 2023 Highlights
•Recorded Net Income attributable to common shareholders of $13.0 million, or $0.04 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $51.4 million, or $0.17 per diluted common share.
•Increased Industrial Same-Store NOI 4.1% in 2023 compared to the same period in 2022.
•Completed 2.2 million square feet of new leases and lease extensions, raising Industrial Base and Cash Base Rents by 39.4% and 28.4%, respectively (56.1% and 40.6%, respectively excluding fixed-rate renewals).
•Extended the $300.0 million term loan until January 31, 2027.
•Issued $300.0 million aggregate principal amount of 6.75% Senior Notes due 2028.
•Invested an aggregate of $23.9 million in development activities, including $20.7 million in ongoing development projects.
•Placed into service warehouse/distribution facilities containing an aggregate of 1.4 million square feet in three target markets.
•Sold one property for a gross sales price of $18.0 million.
Full Year 2023 Highlights
•Recorded Net Income attributable to common shareholders of $23.9 million, or $0.08 per diluted common share.
•Generated Adjusted Company FFO of $206.2 million, or $0.70 per diluted common share.
•Completed 6.8 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 40.1% and 27.0%, respectively (52.3% and 37.3%, respectively excluding fixed-rate renewals).
•Industrial Same-Store NOI increased 4.1% in 2023 compared to 2022.
•Acquired one warehouse/distribution facility for $15.0 million.
•Committed to the construction of a 250,000 square foot industrial facility in the Columbus, Ohio market.
•Completed construction of seven warehouse/distribution facilities containing an aggregate of 4.2 million square feet in four target markets.
•Leased four development projects consisting of 1.9 million square feet in four target markets.
Page 2 of 13
•Invested an aggregate of $122.1 million in development activities, including $85.8 million in ongoing development projects.
•Disposed of four properties and a land parcel for an aggregate gross disposition price of $100.2 million.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “We had an excellent fourth quarter, highlighted by robust leasing volume. Leasing momentum was strong throughout the year, with 6.8 million square feet leased in 2023 at attractive Base and Cash Base rental increases of approximately 52% and 37%, respectively, excluding fixed-rate renewals, same-store industrial NOI growth of more than 4% and our stabilized industrial portfolio was 100% leased at year-end. We also strengthened our balance sheet, effectively extending debt maturities to 2027. Our last two office properties are under contract for sale, and as we look ahead, we believe we are well positioned for growth driven by average annual fixed rental escalations of 2.6%, rents for leases expiring through 2029 that are currently 23% below market and the lease up of our development pipeline.”
Revenues
For the quarter ended December 31, 2023, total gross revenues were $83.0 million, compared with total gross revenues of $81.1 million for the quarter ended December 31, 2022. The increase is primarily attributable to revenue from acquisitions, market rent increases and stabilized development projects, which was partially offset by sales.
Net Income Attributable to Common Shareholders
For the quarter ended December 31, 2023, net income attributable to common shareholders was $13.0 million, or $0.04 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2022 of $36.9 million, or $0.13 per diluted share.
Adjusted Company FFO
For the quarter ended December 31, 2023, LXP generated Adjusted Company FFO of $51.4 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2022 of $47.9 million, or $0.17 per diluted share.
Dividends/Distributions
As previously announced, during the fourth quarter of 2023, LXP declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2023 of $0.13 per common share/unit, which was paid on January 16, 2024 to common shareholders/unitholders of record as of December 29, 2023. LXP previously declared a dividend of $0.8125 per share
Nov 8, 2023
lxp-20231103
0000910108false00009101082023-11-032023-11-030000910108exch:XNYSus-gaap:CommonClassAMember2023-11-032023-11-030000910108exch:XNYSus-gaap:SeriesCPreferredStockMember2023-11-032023-11-03
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2023
(Exact name of registrant as specified in its charter)
Maryland 1-12386 13-3717318
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
One Penn Plaza, Suite 4015,
New York,
New York
10119-4015
(Address of Principal Executive Offices)
(Zip Code)
(212) 692-7200
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common StockLXPNew York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per shareLXPPRCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01. Entry into a Material Definitive Agreement.
On November 3, 2023, LXP Industrial Trust (the “Trust”) entered into the First Amendment to the Second Amended and Restated Credit Agreement (the “Amendment”), which amended the Second Amended and Restated Credit Agreement dated as of July 5, 2022 (as amended, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility and term loans. The Amendment, among other things, (i) extends the maturity of the term loans from January 31, 2025 to January 31, 2027, and (ii) amends the list of lenders under the term loans and adjusts the allocation of principal among such lenders.
A copy of the Amendment is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this report is incorporated by reference into this Item 2.03.
Item 9.01.Financial Statements and Exhibits
(d)Exhibits
10.1
First Amendment to the Second Amended and Restated Credit Agreement, dated November 3, 2023, among the Trust, KeyBank National Association, as a lender and administrative agent, and the other current and former lenders thereunder.
104Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LXP Industrial Trust
Date: November 8, 2023 By:/s/ Beth Boulerice
Beth Boulerice
Chief Financial Officer
Oct 31, 2023
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Exhibit 99.1
Board Authorizes 4% Dividend Increase
New York - October 31, 2023 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended September 30, 2023.
Third Quarter 2023 Highlights
•Recorded Net Income attributable to common shareholders of $11.0 million, or $0.04 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $51.9 million, or $0.18 per diluted common share.
•Increased Industrial Same-Store NOI 5.0% in the third quarter compared to the same period in 2022.
•Completed 481,500 square feet of new and extended leases, raising Industrial Base and Cash Base Rents by 26.3% and 15.9%, respectively.
•Leased a speculative, 304,884 square foot development project in the Greenville-Spartanburg, South Carolina market.
•Disposed of two office properties for an aggregate gross sale price of $48.1 million.
•Completed the forward purchase of a newly-constructed, 124,450 square foot warehouse/distribution facility in the Dallas, Texas market for approximately $15.0 million.
•Invested an aggregate of $36.5 million in development activities, including $23.8 million in six ongoing consolidated development projects.
•Completed construction of the core and shell of one warehouse/distribution facility containing 138,672 square feet in the Central Florida market.
•Ended the quarter with net debt to Adjusted EBITDA of 6.2x compared to 7.1x at September 30, 2022.
Subsequent Events
•Completed 1,075,764 square feet of new and extended leases, raising Base and Cash Base rents by 56.7% and 29.9%, respectively, excluding a fixed rate renewal.
•Leased 57,690 square feet of the South Shore development project.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “We are pleased with our third quarter accomplishments, including the sale of the Philadelphia and New Jersey office assets and the execution of 300,000 square feet of additional leasing in our development portfolio. Year to date, we’ve executed 5.8 million square feet of new leases and extensions, increasing Base and Cash Base rents 51.1% and 33.3%, respectively, on non-development leasing adjusted for two fixed rate renewals. Our leasing team continues to deliver strong mark-to-market outcomes, that, together with higher average annual escalators on new leases, are driving robust same-store industrial NOI growth.”
Page 2 of 13
Revenues
For the quarter ended September 30, 2023, total gross revenues were $85.4 million, compared with total gross revenues of $80.1 million for the quarter ended September 30, 2022. The increase is primarily attributable to revenue from acquisitions, market rent increases and stabilized development projects, which was partially offset by sales.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2023, net income attributable to common shareholders was $11.0 million, or $0.04 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2022 of $21.8 million, or $0.08 per diluted share.
Adjusted Company FFO
For the quarter ended September 30, 2023, LXP generated Adjusted Company FFO of $51.9 million, or $0.18 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2022 of $48.1 million, or $0.17 per diluted share.
Dividends/Distributions
LXP announced that it declared a regular quarterly common share/unit dividend/distribution for the quarter ending December 31, 2023 of $0.13 per common share/unit payable January 16, 2024 to common shareholders/unitholders of record as of December 29, 2023. This represents an increase of 4% from the previous quarterly per share common share/unit dividend/distribution and equates to an annualized increase of $0.02 per common share/unit and an annualized dividend/distribution of $0.52 per common share/unit, subject to and assuming future declarations.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ending December 31, 2023, which is expect to be paid on February 15, 2024 to shareholders of record as of January 31, 2024.
As previously announced, during the third quarter of 2023, LXP declared a regular quarterly common share/unit dividend/distribution for the quarter ending September 30, 2023 of $0.125 per common share/unit, which was paid on October 16, 2023 to common shareholders/unitholders of record as of September 29, 2023. LXP also declared a ca
Aug 2, 2023
2 exhibit991-pressreleasedat.htm
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Exhibit 99.1
New York - August 2, 2023 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended June 30, 2023.
Second Quarter 2023 Highlights
•Recorded Net Loss attributable to common shareholders of $(9.7) million, or $(0.03) per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $52.7 million, or $0.18 per diluted common share.
•Completed 2.0 million square feet of new and extended leases, including leasing two speculative development projects containing an aggregate of 1.6 million square feet in the Columbus, Ohio and Phoenix, Arizona markets.
•Increased Industrial Same-Store NOI 5.8% in the second quarter compared to the same period in 2022.
•Completed construction of the core and shell of three warehouse/distribution facilities containing 1.5 million square feet in the Greenville-Spartanburg, South Carolina and Central Florida markets.
•Invested an aggregate of $27.1 million in development activities, including $23.4 million in six ongoing development projects.
•Commenced construction of a 250,000 square foot industrial facility in the ETNA Park 70 joint venture in the Columbus, Ohio market.
Subsequent Events
•Completed the forward purchase of a newly-constructed, vacant warehouse/distribution facility containing 124,450 square feet, located in the Dallas, Texas market for a cost of approximately $14.9 million.
•Extended Duncan, South Carolina lease for five years raising Base and Cash Base Rents by 26.3% and 15.9%, respectively.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “During the second quarter, we leased 1.6 million square feet in our Phoenix and Columbus development projects, producing outcomes that highlight our continued success in development leasing and our ability to deliver superior yields relative to the purchase market. Additionally, we’ve completed 2.7 million square feet of lease extensions year-to-date, raising Base and Cash Base Rents by 49.1% and 34.6%, respectively, when adjusted for one fixed rate renewal. As we move into the second half of the year, we believe we are well-positioned to achieve strong leasing results in both our development and wholly-owned industrial portfolios.”
Page 2 of 12
Revenues
For the quarter ended June 30, 2023, total gross revenues were $87.1 million, compared with total gross revenues of $79.8 million for the quarter ended June 30, 2022. The increase is primarily attributable to revenue from acquisitions and stabilized development projects, which was partially offset by sales.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended June 30, 2023, net loss attributable to common shareholders was $(9.7) million, or $(0.03) per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2022 of $39.7 million, or $0.14 per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2023, LXP generated Adjusted Company FFO of $52.7 million, or $0.18 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2022 of $48.9 million, or $0.17 per diluted share.
Dividends/Distributions
LXP announced that it declared a regular quarterly common share/unit dividend/distribution for the quarter ending June 30, 2023 of $0.125 per common share/unit, which was paid July 17, 2023 to common shareholders/unitholders of record as of June 30, 2023.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ending June 30, 2023, which is expected to be paid on August 15, 2023 to shareholders of record as of July 31, 2023.
During the second quarter of 2023, LXP executed the following new leases and extensions:
Location Lease
Expiration Date Sq. Ft.
Industrial
1EtnaOH10/20331,074,840
2GoodyearAZ12/2030488,400
Page 3 of 12
Location Prior
Term
Lease
Expiration Date Sq. Ft.
Industrial
1 Duncan(2)
1.No prior leases. These tenants leased first generation space in our development projects.
2.During the quarter, the tenant executed its renewal option to extended its lease term for three years but a fair market value rent could not be determined as of June 30, 2023. Subse
May 4, 2023
2 n3521_x4exh99-1.htm
Exhibit 99.1
LXP Industrial Trust
One Penn Plaza, Suite 4015
New York, NY 10119-4015
FOR
LXP
New York - May 3, 2023 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended March 31, 2023.
First Quarter 2023 Highlights
●Recorded Net Income attributable to common shareholders of $9.5 million, or $0.03 per diluted common share.
●Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $50.3 million, or $0.17 per diluted common share.
●Completed 2.3 million square feet of lease extensions, raising industrial Base and Cash Base Rents by 45.0% and 28.5%, respectively.
●Increased Industrial Same-Store NOI to 5.0% in the first quarter compared to the same time period in 2022.
●Completed and placed into service a warehouse/distribution facility containing 0.4 million square feet in the Phoenix, Arizona market, subject to a 10-year lease.
●Completed construction of two warehouse/distribution facilities containing 2.1 million square feet in the Central Florida and Indianapolis, Indiana markets.
●Invested an aggregate of $34.6 million in development activities, including $31.0 million in six ongoing development projects.
●Disposed of one property for a gross sale price of $27.9 million.
Subsequent Events
●Fully leased the 1.1 million square foot completed warehouse/distribution project in the Columbus, Ohio market.
●Completed construction of a 1.1 million square foot warehouse/distribution facility in the Greenville - Spartanburg market.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “We continue to execute exceptionally well on capturing market rent growth, with 2.3 million square feet leased during the quarter at Base and Cash Base rental increases of approximately 59% and 42%, respectively, when adjusted for one fixed rate renewal. Rents in our portfolio continue to be well below market and we look forward to a higher period of lease rollover in 2024. We completed an additional 2.5 million square feet of development projects in the quarter, including our 400,000 square foot Phoenix facility, which was placed into service, and subject to a 10-year lease with 3.5% annual escalations. Our development initiatives continue to produce favorable outcomes, and as a result, we are raising our estimate of cash stabilized yields on the remaining 4.3 million square foot development pipeline to a range of 6.0% to 6.5%.”
Page 2 of 12
Revenues
For the quarter ended March 31, 2023, total gross revenues were $85.1 million, compared with total gross revenues of $80.3 million for the quarter ended March 31, 2022. The increase is primarily attributable to revenue from acquisitions and stabilized development projects, which was partially offset by sales.
Net Income Attributable to Common Shareholders
For the quarter ended March 31, 2023, net income attributable to common shareholders was $9.5 million, or $0.03 per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2022 of $9.0 million, or $0.03 per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2023, LXP generated Adjusted Company FFO of $50.3 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2022 of $48.1 million, or $0.16 per diluted share.
Dividends/Distributions
LXP announced that it declared a regular quarterly common share/unit dividend/distribution for the quarter ending March 31, 2023 of $0.125 per common share/unit, which was paid April 17, 2023 to common shareholders/unitholders of record as of March 31, 2023.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ending March 31, 2023, which is expected to be paid on May 15, 2023 to shareholders of record as of April 28, 2023.
Property Type Market Sq. Ft.
Initial Cost Basis
($000)
Approximate Lease Term (Yrs) % Leased at Completion
Warehouse/distribution(1) Phoenix, Arizona 392,278 $37,118 10.0 100%
1.Substantially completed and placed into service development project. LXP owns 93%. Initial cost basis excludes $1.9 million of lease commissions and certain remaining costs, including developer partner promote, if any. LXP funded an aggregate of $32.7 million as of March 31, 2023 for this project, of which, $1.6 million was funded in the first quarter of 2023.
Page 3 of 12
Project (% owned) # of Buildings Market
Estimated
Sq. Ft.
Estimated Project
Cost(1)
($000)
GAAP Investmen
Feb 17, 2023
2 n3045_x18exh99-1.htm
Exhibit 99.1
One Penn Plaza, Suite 4015
New York, NY 10119-4015
New York - February 16, 2023 - LXP Industrial
Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the fourth quarter and year ended December 31, 2022.
Fourth Quarter 2022 Highlights
•Recorded Net Income attributable to common shareholders of $36.9 million, or $0.13 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $47.9 million, or $0.17 per diluted common share.
•Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively.
•Industrial Same-Store NOI increased 6.7% quarter to date 2022 compared to 2021.
•Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.
•Completed construction of a warehouse/distribution facility containing 0.8 million square feet in the Greenville-Spartanburg, South Carolina market.
•Invested an aggregate of $67.6 million in development activities, including $53.3 million in six ongoing development projects.
•Disposed of four properties for an aggregate gross sales price of $49.6 million.
Full Year 2022 Highlights
•Recorded Net Income attributable to common shareholders of $107.3 million, or $0.38 per diluted common share.
•Generated Adjusted Company FFO of $193.1 million, or $0.67 per diluted common share.
•Completed 4.1 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 30.7% and 25.6%, respectively.
•Industrial Same-Store NOI increased 5.3% in 2022 compared to 2021.
•Acquired three warehouse/distribution facilities for an aggregate cost of $131.2 million.
Page 2 of 13
•Completed construction of two warehouse/distribution facilities containing 1.1 million and 0.8 million square feet in the Columbus, Ohio and Greenville-Spartanburg, South Carolina markets, respectively.
•Invested an aggregate of $298.2 million in development activities, including $204.4 million in six ongoing development projects and 60 acres of developable land.
•Amended unsecured credit facility extending the maturity of the revolving credit portion to July 2026.
•Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.
•Repurchased and retired 12.1 million common shares at an average price of $10.78 per share.
•Disposed of 10 properties and one land parcel for an aggregate gross sales price of $197.0 million.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “Our strong operating performance in the fourth quarter was driven by notable accomplishments in leasing, dispositions and leverage reduction. Additionally, we delivered 6.7% Same-Store NOI growth in the fourth quarter, demonstrating the value of our industrial portfolio, which has modern specs, average age of 8.8 years, attractive locational attributes and a diversified and strong credit tenant base. We expect 2023 Adjusted Company FFO to be in the range of $0.66 to $0.70 per diluted common share and Same-Store NOI growth of approximately 4-5%, reflecting the strong demand we are seeing for our high-quality assets and our progress optimizing our portfolio.”
Revenues
For the quarter ended December 31, 2022, total gross revenues were $81.1 million, compared with total gross revenues of $86.5 million for the quarter ended December 31, 2021. The decrease is primarily attributable to property sales, including the recapitalization of our special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture, which was partially offset by acquisitions.
Net Income Attributable to Common Shareholders
For the quarter ended December 31, 2022, net income attributable to common shareholders was $36.9 million, or $0.13 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2021 of $260.5 million, or $0.90 per diluted share.
Adjusted Company FFO
For the quarter ended December 31, 2022, LXP generated Adjusted Company FFO of $47.9 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2021 of $53.8 million, or $0.18 per diluted share.
Page 3 of 13
Dividends/Distributions
As previously announced, during the fourth quarter of 2022, LXP declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2022 of $0.125 per common share/unit, which was paid on January 17, 2023 to common shareholders/unitholders of record as of December 30, 2022. LXP
Nov 4, 2022
2 n3045-x17exh99_1.htm
Exhibit 99.1
LXP Industrial Trust
One Penn Plaza, Suite 4015
New York, NY 10119-4015
FOR
LXP
Raises Common Share Dividend for the Fourth Quarter of 2022 by 4.2%
New York - NOVEMBER 3, 2022 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended September 30, 2022.
Third Quarter 2022 Highlights
•Recorded Net Income attributable to common shareholders of $21.8 million, or $0.08 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $48.1 million, or $0.17 per diluted common share.
•Completed 0.3 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 47.0% and 40.7%, respectively.
•Invested an aggregate of $70.6 million in six ongoing development projects.
•Completed construction of a 1.1 million square foot warehouse/distribution facility in the Columbus, Ohio market.
•Amended unsecured credit facility extending the maturity of the revolving credit portion to July 2026.
•Repurchased and retired 5.6 million common shares for an average price of $10.16 per share and increased repurchase authorization by 10.0 million common shares.
•Disposed of three properties for an aggregate gross sale price of $92.0 million.
Subsequent Events
•Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively.
•Leased approximately 100 acres of land in the Phoenix, Arizona market for 20 years.
•Repurchased and retired 0.4 million common shares at an average price of $9.10 per share.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “We are pleased with our third quarter results, as we continued to realize gains through asset sales, raised rents and strategically invest capital to enhance our portfolio value. Given the strength of our portfolio and operations, the Board of Trustees increased our quarterly dividend by 4.2% for the fourth quarter. Our portfolio is performing well with 6.2% industrial Same Store NOI growth this quarter and we continue to see solid tenant demand, reflecting the strength of our high quality assets located in desirable growth markets and the resilience of our business.”
Page 2 of 13
Revenues
For the quarter ended September 30, 2022, total gross revenues were $80.1 million, compared with total gross revenues of $83.4 million for the quarter ended September 30, 2021. The decrease is primarily attributable to property sales, including the recapitalization of our special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture, which was partially offset by acquisitions.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2022, net income attributable to common shareholders was $21.8 million, or $0.08 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2021 of $5.0 million, or $0.02 per diluted share.
Adjusted Company FFO
For the quarter ended September 30, 2022, LXP generated Adjusted Company FFO of $48.1 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2021 of $53.6 million, or $0.19 per diluted share.
Dividends/Distributions
LXP announced that it declared a regular quarterly common share/unit dividend/distribution for the quarter ending December 31, 2022 of $0.125 per common share/unit payable January 17, 2023 to common shareholders/unitholders of record as of December 30, 2022. This represents an increase of 4.2% from the previous quarterly per share common share/unit dividend/distribution and equates to an annualized increase of $0.02 per common share/unit and an annualized dividend/distribution of $0.50 per common share/unit, subject to and assuming future declarations.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ending December 31, 2022, which is expected to be paid on February 15, 2023 to shareholders of record as of January 31, 2023.
As previously announced, during the third quarter of 2022, LXP declared a regular quarterly common share/unit dividend/distribution for the quarter ended September 30, 2022 of $0.12 per common share/unit, which was paid on October 17, 2022 to common shareholders/unitholders of record as of September 30, 2022. LXP also declared a cash dividend of $0.8125 per share of Series C Preferred for the quarter ending September 30, 2022, which is expected to be paid on November 15, 2022 to Se
Aug 5, 2022
2 n3045-x16exh99_1.htm
Exhibit 99.1
New York - AUGUST 4, 2022 - LXP Industrial
Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended June 30, 2022.
Second Quarter 2022 Highlights
•Recorded Net Income attributable to common shareholders of $39.7 million, or $0.14 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $48.9 million, or $0.17 per diluted common share.
•Completed 0.9 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 21.3% and 18.7%, respectively.
•Acquired a warehouse/distribution facility for a cost of $59.1 million.
•Acquired an aggregate of 60 acres of developable land in the Atlanta, Georgia and Indianapolis, Indiana markets for an aggregate investment of $2.6 million.
•Commenced development of two warehouse/distribution facilities in the Central Florida market.
•Invested an aggregate of $52.6 million in six ongoing development projects.
•Repurchased and retired 6.1 million common shares for an average price of $11.45 per share.
•Disposed of three properties for an aggregate gross sale price of $55.1 million.
Subsequent Events
•Repurchased and retired 1.8 million common shares at an average price of $10.65 per share. Increased the repurchase authorization by 10.0 million shares.
•Amended unsecured credit facility extending the maturity of the revolving credit portion to July 2026.
•Disposed of three properties for an aggregate gross sales price of $92.0 million.
•Completed 0.3 million square feet of new leases and lease extensions, raising industrial Base and Cash Rents by 47.0% and 40.7%, respectively.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “Our second quarter results were strong as our industrial portfolio continues to perform well with high occupancy and positive leasing outcomes. Industrial cash rents for extended leases increased 19% on approximately half a million square feet of leasing volume and industrial same store NOI grew 5.8% during the quarter. Our compelling mark-to-market opportunity on industrial leases rolling through 2028, combined with the execution of leases with rental escalations on average of 3% or higher, continue to strengthen our long-term internal growth profile.”
Page 2 of 12
Revenues
For the quarter ended June 30, 2022, total gross revenues were $79.8 million, compared with total gross revenues of $81.5 million for the quarter ended June 30, 2021. The decrease is primarily attributable to property sales, including the recapitalization of our special purpose industrial portfolio now owned in a non-consolidated joint venture, which was partially offset by acquisitions.
Net Income Attributable to Common Shareholders
For the quarter ended June 30, 2022, net income attributable to common shareholders was $39.7 million, or $0.14 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2021 of $71.0 million, or $0.26 per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2022, LXP generated Adjusted Company FFO of $48.9 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2021 of $52.2 million, or $0.18 per diluted share.
Dividends/Distributions
As previously announced, LXP declared a regular quarterly common share/unit dividend/distribution for the quarter ending June 30, 2022 of $0.12 per common share/unit which was paid on July 15, 2022 to common shareholders/unitholders of record as of June 30, 2022.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ending June 30, 2022, which is expected to be paid on August 15, 2022 to Series C Preferred shareholders of record as of July 29, 2022.
Property Type Market Sq. Ft.
Initial Basis
($000)
Approximate Lease Term (Yrs) % Leased at Acquisition
Warehouse/distribution Phoenix, AZ 268,872 $59,140 15.0 100%
1.In addition, an aggregate of 60 acres of developable land in the Atlanta, Georgia and Indianapolis, Indiana markets were acquired for an aggregate investment of $2.6 million.
Year to date total 2022 acquisition activity was $131.2 million at aggregate weighted-average GAAP and Cash stabilized capitalization rates of 4.5% and 4.0%, respectively.
Location Property Type
Gross Disposition
Price
($000)
Annualized Net Income(1) ($000)
Annualized
($
May 5, 2022
2 n3045-x10exh99_1.htm
Exhibit 99.1
Page 1 of 12
LXP
ONE
4015
NEW
New York - MAY 5, 2022 - LXP Industrial
Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the quarter ended March 31, 2022.
First Quarter 2022 Highlights
•Recorded Net Income attributable to common shareholders of $9.0 million, or $0.03 per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $48.1 million, or $0.16 per diluted common share.
•Completed 2.3 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 27.7% and 18.1%, respectively.
•Acquired two warehouse/distribution facilities for an aggregate cost of $72.0 million.
•Invested an aggregate of $68.8 million in five ongoing development projects.
Subsequent Events
•Acquired a warehouse/distribution facility in the Phoenix, Arizona market for a cost of $59 million.
•Commenced development of two warehouse/distribution facilities in the Central Florida market.
•Disposed of three properties for an aggregate gross sales price of approximately $55 million.
•Repurchased 1.24 million common shares at an average share price of $13.41 per common share under the share repurchase program.
T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “Our strong start to 2022, including industrial same store NOI growth of 5.1%, underscores the value and potential of our warehouse and distribution assets and the benefits of our successful portfolio transformation. We built on our already strong leasing momentum in the first quarter, completing 2.3 million square feet of new leases and lease extensions while raising Base and Cash Base rents 28% and 18% respectively, on average. We also negotiated average annual escalations of 3.3% - well above our historical results. With strong fundamentals in our target markets and our industrial rents below market by an average of 16%, we are well positioned to continue delivering attractive growth and strong financial performance as we re-lease our portfolio."
Page 2 of 12
Revenues
For the quarter ended March 31, 2022, total gross revenues were $80.3 million, compared with total gross revenues of $92.6 million for the quarter ended March 31, 2021. The decrease is primarily attributable to termination fee income of $10.9 million recognized in the first quarter of 2021. In addition, property sales, including the recapitalization of our special purpose industrial portfolio now owned in a non-consolidated joint venture, contributed to the decrease which was partially offset by acquisitions.
Net Income Attributable to Common Shareholders
For the quarter ended March 31, 2022, net income attributable to common shareholders was $9.0 million, or $0.03 per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2021 of $39.4 million, or $0.14 per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2022, LXP generated Adjusted Company FFO of $48.1 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2021 of $63.7 million, or $0.22 per diluted share.
Dividends/Distributions
As previously announced, LXP declared a regular quarterly common share/unit dividend/distribution for the quarter ending March 31, 2022 of $0.12 per common share/unit which was paid on April 18, 2022 to common shareholders/unitholders of record as of March 31, 2022.
LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ending March 31, 2022, which is expected to be paid on May 16, 2022 to Series C Preferred shareholders of record as of April 29, 2022.
Property Type Market Sq. Ft.
Initial Basis
($000)
Approximate Lease Term (Yrs) % Leased at Acquisition
Warehouse/distribution(1) Cincinnati/Dayton, OH 232,500 $23,382 N/A —%
Warehouse/distribution Cincinnati/Dayton, OH 544,320 48,660 10 100%
776,820 $72,042
1.Subsequent to acquisition, property fully leased for approximately nine years.
The above properties were acquired at aggregate weighted-average GAAP and Cash stabilized capitalization rates of 4.9% and 4.5%, respectively.
During the first quarter of 2022, we purchased the remaining 13% interest in the consolidated joint venture that owns the Fairburn, Georgia warehouse/distribution facility for a purchase price of $28.0 million.
Page 3 of 12
In February 2022, we disposed of a half-acre parcel of land for gr
Apr 8, 2022
2 n3045-x5exh99_1.htm
Exhibit 99.1
LXP Industrial Trust Suspends Strategic Alternatives Process
Remains Open to Opportunities to Maximize Shareholder Value
New York – April 8, 2022 – LXP Industrial Trust (NYSE:
LXP) (“LXP” or the “Company”), a real estate investment trust (REIT) focused on single-tenant warehouse/distribution real estate investments, today announced that its Board of Trustees has unanimously determined to suspend the Company’s previously announced evaluation of strategic alternatives.
The LXP Board of Trustees (the “Board”), with the support of its independent financial and legal advisors, conducted a robust and thorough review process and held discussions with a wide array of strategic and financial investors regarding potential alternatives, including a sale or merger of the Company and other transactions. The feedback from multiple potential counterparties reaffirmed the attractiveness of the Company’s portfolio and validated LXP’s transformation strategy. The feedback also cited the significant changes to macroeconomic, geopolitical and financing conditions since the commencement of the review process on February 8, 2022, which have meaningfully impacted the M&A environment.
Accordingly, the Board has unanimously determined that the best path forward for shareholders at this time is for LXP to continue to operate as an independent company and execute its growth strategy while completing the final stages of its portfolio transformation and capitalizing on the mark-to-market opportunity embedded in its portfolio. As such, the Board has suspended the review process. The LXP Board and management team are committed to maximizing shareholder value and remain open to all opportunities to achieve this objective.
Richard S. Frary, Lead Independent Trustee of the Board, commented, "Following a thorough evaluation of alternatives the LXP Board determined that, the continued execution of LXP’s strategy remains the best path to enhance shareholder value at this time. As we continue to execute our disciplined growth strategy to build on our strong momentum, we will remain open to all alternatives to maximize shareholder value."
T. Wilson Eglin, Chairman, Chief Executive Officer and President of LXP, commented further, “Over the last five years, we have successfully transformed LXP into a leading, predominantly single-tenant industrial REIT with a much stronger portfolio and driven relative outperformance and substantial shareholder value. Throughout the strategic review process, we received clear feedback reaffirming the merits of LXP’s strategy and transformation, which has created a robust platform for continued growth.”
First Quarter Leasing Activity Update and 2022 Guidance
Additionally, LXP announced a leasing activity update for the first quarter of 2022, with new and renewal leases totaling 2.3 million square feet executed in its warehouse/distribution portfolio. This leasing activity resulted in Base and Cash Base rental increases of 27.7% and 18.1%, respectively.
Further, LXP announced its net income attributable to common shareholders per diluted common share for the year ended December 31, 2022 is expected to be within a range of $0.31 to $0.35, and its Adjusted Company Funds From Operations available to all equity holders and unitholders - diluted (“Adjusted Company FFO”) - for the year ended December 31, 2022 is expected to be within a range of $0.64 to $0.68 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations. Adjusted Company FFO is a non-GAAP financial measure, which is defined and reconciled later in this press release.
LXP expects to announce its first quarter 2022 earnings results on May 5, 2022 and host a conference call the same day. Conference call and webcast details will be released in the coming weeks.
LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant warehouse and distribution investments across the United States. LXP seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information or to follow LXP on social media, visit www.lxp.com.
This release contains certain forward-looking statements which
involve known and unknown risks, uncertainties or other factors not under LXP's control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP's periodic
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Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on LXP's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.