Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 95

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 95
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, lease costs, investments in non-consolidated entities and changes in real estate deposits, net. Cash used in investing activities in 2024 related primarily to investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net, partially offset by distributions from non-consolidated entities in excess of accumulated earnings. 

Net cash used in financing activities totaled $93.1 million and $47.2 million during the three months ended March 31, 2025 and 2024, respectively. Cash used in financing activities in 2025 was primarily related to the partial repayment of the Term Loan, dividends, and debt service payments, offset by contributions from noncontrolling interests.  

At-The-Market Offering Program. We maintain an At-The-Market offering program ("ATM program") under which we can issue common shares, including through forward sales contracts. 

We may sell up to $350.0 million common shares over the term of the program. We did not sell shares under the ATM program during the three months ended March 31, 2025 and 2024, respectively.

Volatility in the capital markets, including as a result of general economic conditions, may negatively affect our ability to access the capital markets through our ATM program and other offerings.

Share Repurchase Program. In August 2022, our Board of Trustees authorized the repurchase of an additional 10.0 million common shares under our share repurchase program with no expiration date. We did not repurchase any common shares during the three months ended March 31, 2025 and 2024. At March 31, 2025, 6.9 million common shares remained available for repurchase under this authorization. 

Dividends. Dividends paid to our common and preferred shareholders were $41.0 million and $39.5 million in the three months ended March 31, 2025 and 2024, respectively. 

We declared a quarterly dividend of $0.135 per common share during the three months ended March 31, 2025, which is an increase of $0.005 per common share from the $0.13 per common share quarterly dividend declared during the three months ended March 31, 2024.

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Financings. The following presents our outstanding unsecured debt obligations as of March 31, 2025:

March 31, 2025Interest RateMaturity DateIssue PriceTerm Loan$