LXP Industrial Trust (LXP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$351.6M

Revenue growth

-3.5%

Net income, last twelve months

$120.6M

Earnings per share

$1.94

Gross margin

81.4%

Net margin

34.3%

Free cash flow

$114.2M

Return on equity

5.9%

Market value

$3.6B

Price to earnings

31.5x

Dividend yield

4.5%

Cash

$110.3M

Debt

$1.3B

Debt to equity

0.66

Shares outstanding

59.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 29 July 2026.

• All-cash buyout valued near $5.2 billion. The deal values LXP at about $5.2 billion including net debt and preferred equity, at $61.20 per share in cash.
• Premium to recent trading averages. The price is a 12.3% premium to the 30-day VWAP and a 19.8% premium to the 90-day VWAP, both for the period ended July 17, 2026.
• Board approved the transaction unanimously. The LXP Board of Trustees unanimously approved the transaction, which remains subject to shareholder approval and other customary closing conditions.
• Adjusted FFO per share up 5%. Adjusted Company FFO was $49.5 million, or $0.84 per diluted share, against $0.80 a year earlier.
• Net loss to common shareholders. Net loss attributable to common shareholders was $(1.6) million, or $(0.03) per diluted share, compared with net income of $27.5 million a year earlier.
• Revenue rose modestly. Gross revenues were $88.1 million against $87.7 million a year earlier; the company attributes the increase to acquisitions and higher rental revenue.
• Prior-year property sale gains. The prior-year quarter included a $31.3 million gain on sale or disposal of real estate; the current quarter shows a $(79) thousand loss on that line.
• Rent spreads on 2.3 million square feet. Base rents rose 43.1% and cash base rents rose 26.2% on new and extended second-generation leases, excluding two fixed-rate renewals.
• Spreads including fixed-rate renewals. Including fixed-rate renewals, base rents on second-generation leases rose 38.3% and cash base rents rose 22.6%.
• Stabilized portfolio 97.4% leased. The stabilized portfolio was 97.4% leased at June 30, 2026, against 96.6% at March 31, 2026.
• Phoenix development pre-leased. A 1.2 million square foot development project was pre-leased, with an initial annual cash base rent of about $9.8 million.
• Leases completed after quarter end. After June 30, 2026, 0.2 million square feet of new leases and extensions were completed, with cash base rents up 31.0%.
• Same-store NOI growth slowed. Same-store NOI rose 0.5% against the same period in 2025, compared with 2.0% reported for the first quarter of 2026.
• Property and G&A costs edged up. Property operating expense was $16.2 million, up from $15.9 million; general and administrative expense was $9.7 million against $9.6 million.

Company events

The newest 8-K filings of 350 held.

Every filing

The newest filings with the SEC of 790 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

350 funds held it at 30 Jun 2026: 140 added and 113 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

LXP Industrial Trust is a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes. It focuses on what it calls Class A warehouse and distribution real estate in target markets in the Sunbelt and lower Midwest. As of 31 December 2025, it had equity ownership interests in approximately 108 consolidated real estate properties in 14 states. Those properties contain approximately 52.7 million square feet of space, approximately 97.1% of which was leased. The company was formed in 1993 and converted to a Maryland real estate investment trust in December 1997, and it conducts primarily all of its business through wholly-owned subsidiaries.

How it earns money

A majority of its properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs for real estate taxes, utilities, insurance and ordinary repairs. Some leases make the landlord responsible for certain operating expenses. Most of the leases are operating leases, and rent is recognised on a straight-line basis over the lease term. As of 31 December 2025, 99.3% of its leases had scheduled rent increases, with an average escalation rate of 2.8% based on the next rent step. The weighted average lease term was 4.8 years.

What it owns

LXP defines Class A real estate as buildings of high quality that are well-designed, well-constructed and well-maintained. It targets general purpose warehouse and distribution facilities that can easily be leased to other users.

- Clear heights generally from 28 feet for smaller buildings to 40 feet for larger buildings - Wide column spacing and speed bays - - Cross docking for larger facilities - Ample trailer and employee parking

The average age of its warehouse and distribution facilities was approximately 9.9 years. The portfolio is predominantly single-tenant, and a limited number of properties are multi-tenant.

Where it invests

LXP concentrates on 12 target markets in the Sunbelt and lower Midwest. It may sell select properties outside its target markets to raise liquidity for development or to improve the quality of the portfolio.

Development and redevelopment

LXP partners with merchant builders for build-to-suit projects and speculative development. It owns interests in approximately 514 acres of developable land in its target markets. The company says its partners are generally responsible for entitling the land and most cost overruns. It also redevelops existing warehouse facilities. When a building cannot be re-let to a single user, the company weighs adapting it for multiple tenants against selling it.

Who rents from it

The company says it is not dependent on any one tenant. As of 31 December 2025, its largest tenant represented 6.5% of annualised base rent (ABR), and 47.4% of ABR came from tenants with investment grade credit ratings, counting the tenant, a guarantor or a parent. About 73.8% of ABR was from leases scheduled to expire during 2026 through 2031. LXP monitors tenant credit by:

- Subscribing to rating agency information - Reviewing financial statements - Following news reports - Watching the timeliness of rent collections - Meeting with tenants and observing their use of the facilities

Institutional joint ventures

LXP also provides advisory services and co-invests with institutional investors in non-consolidated entities, earning certain fees. It holds a 20% interest in NNN Office JV L.P., formed in 2018, which had five office properties at year end. It also holds a 20% interest in NNN MFG Cold JV L.P., formed in 2021 when LXP disposed of a portfolio of 22 special purpose industrial properties. That venture had 21 properties at year end. The joint ventures use non-recourse mortgage loans to finance their investments.

How the company is run

LXP manages its operations as a single operating segment and does not allocate capital by market. It had 58 full-time employees, none covered by a collective bargaining agreement. They work in Investments, Asset Management, Accounting, Tax, Corporate, Legal and Information Technology. The company outsources managed IT services, part of its internal audit function and, primarily, property management to national firms. It conducts certain taxable activities through a taxable REIT subsidiary. It has elected REIT taxation since its taxable year ended 31 December 1993, and it competes for properties and tenants with developers, real estate companies and financial institutions that it says have greater financial or other resources.

*From LXP Industrial Trust's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/910108/000091010826000009/lxp-20251231.htm)*

From the company's 10-K.