Company: LXP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000910108-25-000041
Chunk: 8

Company: LXP Industrial Trust
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 8
---
 June 30, 2024. The increase in net income attributable to common shareholders of $43.0 million was primarily due to the items discussed below.

The increase in rental revenue of $4.7 million was primarily due to an aggregate increase in rental revenue of $14.7 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $10.0 million due to property sales and vacancies.

The increase in depreciation and amortization expense of $4.0 million was primarily due to properties acquired and/or completed and placed in service.

The increase in property operating expense of $2.3 million was primarily due to an aggregate increase of $1.6 million related to placed in service, acquisitions and leasing, in addition to an increase of $1.8 million related to increases related to real estate taxes, and maintenance and repairs, partially offset by a decrease of  $1.1 million related to property sales.

The increase in general and administrative expense of $1.3 million was primarily due to the increase in employee compensation, corporate rent expense and a decrease in capitalized payroll.

The decrease in non-operating income of $5.2 million was primarily due to a decrease in interest income earned on short-term investments which 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 six months ended June 30, 2024. Additionally, interest rate swaps on a portion of the Trust Preferred Securities and a partial repurchase of these securities resulted in a $1.2 million decrease in interest expense during the six months ended June 30, 2025. These amounts were partially offset by a $1.0 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $2.5 million due to properties placed into service subsequent to June 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 $47.6 million was related