Company: LXP
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000910108-25-000067
Chunk: 8

Company: LXP Industrial Trust
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 8
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 compared with nine months ended September 30, 2024. The increase in net income attributable to common shareholders of $72.8 million was primarily due to the items discussed below.

The increase in rental revenue of $5.9 million was primarily due to an aggregate increase in rental revenue of $16.1 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $10.2 million due to property sales and vacancies.

The increase in depreciation and amortization expense of $4.8 million was primarily due to properties acquired and/or completed and placed in service.

The increase in property operating expense of $2.7 million was primarily due to an aggregate increase of $2.2 million related to properties placed in service, acquisitions and leasing, in addition to an increase of $1.9 million related to increases in real estate taxes, and maintenance and repairs, partially offset by a decrease of $1.4 million related to property sales.

The decrease in non-operating income of $5.3 million was primarily due to lower interest income from short-term investments that matured in June 2024.

The decrease in interest and amortization expense of $1.8 million was primarily due to a $4.1 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full during the nine months ended September 30, 2024. Additionally, interest rate swaps on a portion of the Trust Preferred Securities and a partial repurchase of these securities resulted in a $2.2 million decrease in interest expense during the nine months ended September 30, 2025. These amounts were partially offset by a $1.4 million increase in interest expense related to the Term Loan and a $3.1 million decrease in capitalized interest due to properties placed in service subsequent to September 30, 2024.

The increase in gain on debt satisfaction, net of $0.8 million was primarily due to the repurchase of a portion of the Trust Preferred Securities at a 5% discount to par value of $1.4 million, offset by a write off of deferred financing costs of $0.6 million related to the repurchase of the Trust Preferred Securities and partial repayment of the Term Loan.

The increase in gain on sale of real estate of $82.7 million was related to the higher gains on the dispositions of seven properties and $2.0 million of recovery on real estate during the nine months ended September 30, 202