LXP Industrial Trust

Listed Company

LXP-PCCIK 0000910108NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$350.23M

Net Income

$113.16M

Total Assets

$3.54B

Equity

$2.04B

Shares Out

58.95M

Op. Cash Flow

$188.72M

Business

LXP Industrial Trust is a Maryland real estate investment trust that acquires, develops, owns and manages Class A warehouse and distribution properties. It offers core services including leasing of single-tenant industrial facilities, development and construction financing, build-to-suit projects, speculative development, and institutional fund management and advisory services with co-investments in joint ventures. The company reports a single operating segment for its industrial portfolio while also participating in institutional joint ventures that hold non-consolidated assets. It targets distribution and logistics markets across the Sunbelt and lower Midwest and primarily utilizes net and similar lease structures, third‑party property managers, and institutional capital partners for distribution and operations.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue	346	354	334	314	340
Other revenue	4	4	6	7	4
Total gross revenues	350	358	341	321	344
Depreciation and amortization	−197	−193	−184	−181	−177
Property operating	−64	−61	−58	−55	−47
General and administrative	−40	−40	−36	−39	−35
Non-operating income	3	8	3	935,000	1
Interest and amortization expense	−63	−66	−46	−45	—
Loss on debt satisfaction, net	−12	0	−132,000	−119,000	−14
Transaction costs	−178,000	−498,000	−4,000	−4	−432,000
Impairment charges	0	0	−16	−3	−6
Change in allowance for credit loss	0	61,000	32,000	−93,000	0
Gain on sale or disposal of, and recovery on, real estate, net	146	40	33	59	367
Gain on change in control of a subsidiary	0	209,000	0	0	—
Income before benefit (provision) for income taxes and equity in income (losses) of non-consolidated entities	123	46	35	101	387
Benefit (provision) for income taxes	−699,000	127,000	−703,000	—	—
Equity in (earnings) losses of non-consolidated entities	−4	−3	1	16	−190,000
Net income	118	43	36	116	385
Net (income) loss attributable to noncontrolling interests	−4	2	−6	−2	−2
Net income attributable to LXP Industrial Trust shareholders	113	45	30	114	383
Dividends attributable to preferred shares - Series C	−6	−6	−6	−6	−6
Allocation to participating securities	−401,000	−322,000	−230,000	−186,000	−510,000
Net income attributable to common shareholders, basic	106	38	24	107	376
Net income attributable to common shareholders, diluted	106	38	24	107	376
Net income attributable to common shareholders - per common share basic (usd per share)	1.82	0.65	0.41	0.38	1.35
Weighted-average common shares outstanding - basic (in shares)	58	58	58	280	278
Net income attributable to common shareholders - per common share diluted (usd per share)	1.82	0.65	0.41	0.38	1.34
Weighted-average common shares outstanding - diluted (in shares)	59	58	58	282	287

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate, at cost	3,908	4,176	3,774	3,691	3,584
Real estate - intangible assets	306	318	315	329	341
Land held for development	83	83	81	84	104
Investments in real estate under construction	42	6	319	362	161
Real estate, gross	4,339	4,584	4,489	4,466	4,191
Less: accumulated depreciation and amortization	−1,152	−1,047	905	800	—
Real estate, net	3,188	3,536	3,584	3,666	3,535
Right-of-use assets, net	9	16	19	24	28
Cash and cash equivalents	170	102	199	54	191
Restricted cash	257,000	237,000	216,000	116,000	101,000
Investments in non-consolidated entities	31	40	48	58	75
Deferred expenses, (net of accumulated amortization of $33,210 in 2025 and $28,035 in 2024)	35	40	35	25	19
Rent receivable - current	3	2	5	3	4
Rent receivable - deferred	85	86	80	71	63
Other assets	16	21	18	24	9
Total assets	3,537	3,843	4,193	4,054	4,006
Mortgages and notes payable, net	50	55	60	72	83
Term loan payable, net	249	298	297	299	—
Senior notes payable, net	953	1,089	1,286	989	—
Trust preferred securities, net	100	128	—	—	—
Dividends payable	45	41	40	38	37
Operating lease liabilities	9	17	20	25	29
Accounts payable and other liabilities	55	57	58	74	78
Accrued interest payable	9	11	11	9	8
Deferred revenue - including below-market leases (net of accumulated accretion of $11,947 in 2025 and $18,292 in 2024)	3	7	9	11	14
Prepaid rent	17	20	17	15	15
Total liabilities	1,489	1,723	1,927	1,663	1,682
Commitments and contingencies	—	—	—	—	—
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding	94	94	94	94	94
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 59,077,234 and 58,899,958 shares issued and outstanding in 2025 and 2024, respectively	6,000	6,000	29,000	29,000	28,000
Additional paid-in-capital	3,314	3,315	3,330	3,320	3,253
Accumulated distributions in excess of net income	−1,372	−1,317	−1,202	−1,079	−1,049
Accumulated other comprehensive income	427,000	6	9	18	−6
Total shareholders equity	2,037	2,098	2,232	2,353	2,291
Noncontrolling interests	12	22	33	38	32
Total equity	2,048	2,121	2,265	2,391	2,323
Total liabilities and equity	3,537	3,843	4,193	4,054	4,006

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	200	197	187	183	180
Gain on sale or disposal of, and recovery on, real estate, net	−146	−40	−33	−59	−367
Change in allowance for credit loss	0	−61,000	−32,000	93,000	0
Impairment charges	0	0	16	3	6
Straight-line rents	−5	−7	−9	−11	−12
Amortization of right of use assets	4	4	4	4	4
Other non-cash expense, net	12	8	6	6	7
Distributions of accumulated earnings from non-consolidated entities	0	2	5	17	0
Change in accounts payable and other liabilities	979,000	3	4	−2	8
Change in rent receivable and prepaid rent, net	−5	6	−488,000	623,000	1
Change in accrued interest payable	−1	−862,000	2	700,000	2
Other adjustments, net	−5	−5	−7	−2	−6
Net cash provided by operating activities	189	211	209	194	220
Acquisition of real estate, including intangible assets	−33	−162	−15	−132	−758
Investment in real estate under construction	−29	−106	−121	−277	−289
Capital expenditures	−25	−18	−18	−33	−15
Insurance proceeds	5	0	0	—	—
Net proceeds from sale of properties	380	177	98	194	728
Realization of net investment in a sales-type lease	0	66	0	0	—
Principal payments on loans receivable	0	0	1	27,000	8,000
Investments in non-consolidated entities, net	−546,000	−1	−4	−3	−5
Distributions from non-consolidated entities in excess of accumulated earnings	5	7	10	20	8
Payments of deferred leasing costs	−4	−7	−6	—	—
Investment in held-to-maturity securities	0	130	—	—	—
Investment in held-to-maturity securities	—	—	−130	0	0
Change in real estate deposits, net	−891,000	−168,000	867,000	−2	947,000
Net cash provided by (used in) investing activities	298	86	−183	−237	−338
Dividends to common and preferred shareholders	−164	−158	−152	−142	−128
Principal amortization payments	−6	−5	−12	−11	−14
Principal payments on debt, excluding normal amortization	−50	0	0	0	−15
Repurchase of senior notes	−140	−199	0	0	−189
Revolving credit facility borrowings	0	85	125	280	555
Revolving credit facility payments	0	−85	−125	−280	−555
Repurchase of trust preferred securities	−27	0	0	—	—
Proceeds from issuance of senior notes	0	0	298	0	399
Payments for early extinguishment of debt	−11	0	0	0	−13
Deferred financing costs	0	0	−6	−4	−4
Cash distributions to noncontrolling interests	−17	−4	−7	−1	−2
Cash contributions from noncontrolling interests	2	2	714,000	8	21
Repurchase of common shares	−4	0	0	−131	0
Purchase of noncontrolling interest	0	−28	0	−28	0
Issuance of common shares, net of costs and repurchases to settle tax obligations	−1	−2	−3	—	—
Net cash provided by (used in) financing activities	−418	−395	119	−94	129
Change in cash, cash equivalents and restricted cash	69	−97	145	−137	12
Interest paid	60	67	52	—	—
Income taxes paid	923,000	274,000	951,000	—	—
Accounts payable related to Investment in real estate under construction	5	15	21	—	—
Reclassification of Real estate, net to Investments in real estate under construction	25	0	0	—	—
Deconsolidation of Lombard Street Lots, LLC in Real estate, at cost	0	5	0	—	—
Deconsolidation of Lombard Street Lots, LLC in Investments in non-consolidated entities	0	2	0	—	—
Reclassification to Real estate, net from Gain on sale or disposal of, and recovery on, real estate net	389,000	0	1	—	—
Reduction of accumulated depreciation and amortization related to an expired Ground Lease in Palo Alto, California	0	0	29	—	—
Reduction of Real estate, net related to an expired Ground Lease in Palo Alto, California	0	0	29	—	—

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