Company: LXP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000910108-25-000041
Chunk: 102

Company: LXP Industrial Trust
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 102
---
 which may be exacerbated as a result of international trade conflicts associated with tariffs, could adversely impact our estimates. As of June 30, 2025, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. We are unable to estimate the timing of any required fundings for potential development projects on these parcels.

Results of Operations

Three months ended June 30, 2025 compared with three months ended June 30, 2024. The increase in net income attributable to common shareholders of $23.7 million was primarily due to the items discussed below.

The increase in rental revenue of $2.0 million was primarily due to an aggregate increase in rental revenue of $7.5 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $5.5 million due to property sales and vacancies.

28

The increase in depreciation and amortization expense of $1.0 million was primarily due to properties acquired and/or completed and placed in service.

The decrease in non-operating income of $2.0 million was primarily due to a decrease in interest income earned from investing in short-term investments.

The decrease in interest and amortization expense of $1.1 million was primarily due to a $1.9 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full in 2024 and a decrease of $0.6 million related to the Trust Preferred Securities. These amounts were partially offset by a $0.6 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $0.8 million due to properties placed into service during the three months ended June 2024.

The increase in gain on debt satisfaction, net of $1.1 million was primarily due to the partial repurchase of the Trust Preferred Securities at a 5% discount to par value of $1.4 million and offset by a write off of deferred financing costs of $0.3 million.

The increase in gain on sale of real estate of $23.0 million was related to the higher gains on the dispositions of one property during three months ended June 30, 2025 compared to the two property dispositions during the three months ended June 30, 2024.

Six months ended June 30, 2025 compared with six months ended June 30, 2024. The increase in net income attributable to common shareholders of $43.0 million was primarily