Company: LXP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000910108-25-000041
Chunk: 2

Company: LXP Industrial Trust
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 2
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 since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances or achievements to differ materially from current expectations, strategies or 

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plans include, among others, those risks discussed below in “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and under the headings “Risk Factors” in this Quarterly Report and under “Risk Factors” in Part I, Item A and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Annual Report and other periodic reports filed by the Company with the SEC. Except as required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.

Overview

As of June 30, 2025, we had equity ownership interests in approximately 116 consolidated real estate properties, located in 16 states and containing approximately 56.4 million square feet of rentable space, which were approximately 94.1% leased based upon net rentable square feet. 

Our portfolio primarily consists of Class A warehouse and distribution real estate investments in our 12 target markets within the Sunbelt and lower Midwest. We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets, including through capital recycling. However, increased financing costs and industrial real estate fundamentals continue to negatively impact development starts in our target markets and the markets where we own properties. Due to this, the current key drivers to growth in our revenues are leasing our vacant development properties and mark-to-market of our lease rollover. 

Second Quarter 2025 Transaction Summary.

The following summarizes our transactions during the three months ended June 30, 2025.

Leasing Activity.

•Entered into lease extensions encompassing 0.1 million square feet. The average fixed rent on extended leases was $11.36 per square foot compared to the average fixed rent on these leases before extension of $9.63 per square foot. The weighted-average cost of tenant improvements and lease commissions was $3.11 per square foot for the extended leases.

•Leased a 1.1 million square foot vacant facility with an