Lxp Industrial Trust SEC Filings

LXP Industrial Trust’s Q2-25 10-Q shows materially stronger headline earnings, primarily from asset sales, while core operating trends remain steady.

• Income statement: Rental revenue rose 2.3% YoY to $86.7 M; total gross revenue reached $87.7 M. Net income attributable to common shareholders jumped to $27.5 M ($0.09/sh) vs $3.8 M ($0.01/sh) in Q2-24, driven by a $31.3 M gain on sale/disposal of real estate.
• Year-to-date: Six-month net income to common shareholders climbed to $44.7 M ($0.15/sh) from $1.8 M. Gains on real-estate sales totaled $56.0 M YTD.
• Balance sheet: Total assets slipped 3.3% YTD to $3.72 B as cash fell to $71.0 M. Debt declined $78.6 M to $1.49 B after a $50 M term-loan pay-down and $28.1 M repurchase of trust-preferred securities at a 5% discount. Leverage (debt/total assets) improved to 40.1% from 40.8%.
• Equity & dividends: Common dividend lifted to $0.135/sh (vs $0.13) consuming $41.3 M in Q2. Accumulated distributions still exceed net income by $1.35 B.
• Operations: Portfolio 94.1% leased (56.4 MM sq ft across 16 U.S. states). 1.1 MM sq ft of vacant space was leased at $5.50 psf; two redevelopment projects (Orlando & Richmond) totaling 0.6 MM sq ft initiated. Same-store rent escalations and lease extensions averaged +18% cash spread.
• Liquidity: No borrowings on $600 M revolver; interest expense fell 6.4% YoY to $16.5 M. Operating cash flow reached $83.3 M YTD (+7.6%) vs $77.4 M.
• Risk & hedging: Unrealised derivative loss of $4.5 M reduced OCI; 63% of variable-rate debt swapped through 2027 (notional $632.5 M).

Management reiterates a development-led growth strategy focused on Sunbelt/L. Midwest markets while using asset sales to recycle capital and reduce leverage. Near-term earnings visibility rests on lease-up of recently completed developments and successful execution of the $44 M remaining cap-ex pipeline.

LXP Industrial Trust has filed a Form S-8 to register an additional 5,000,000 common shares for issuance under its Amended and Restated 2022 Equity-Based Award Plan. The shares were added through an amendment adopted by the Board’s Compensation Committee on 3 April 2025 and approved by shareholders at the 27 May 2025 annual meeting. The filing incorporates by reference the Trust’s latest Form 10-K, Form 10-Q, current reports and proxy statement, and includes customary indemnification, undertakings and exhibit lists (e.g., the updated plan document, legal opinion and auditor consent). No financial results are presented, and the S-8 does not involve the sale of securities for cash; it merely registers shares that may be issued as equity awards to employees, officers and trustees.