Company: LXP
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000910108-25-000067
Chunk: 100

Company: LXP Industrial Trust
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 100
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 “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 September 30, 2025, we had equity ownership interests in approximately 112 consolidated real estate properties, located in 15 states and containing approximately 54.2 million square feet of rentable space, which were approximately 96.8% 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, primarily through tax-deferred exchanges related to 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, operating, redevelopment and development properties and mark-to-market of our lease rollover. 

Third Quarter 2025 Transaction Summary.

The following summarizes our transactions during the three months ended September 30, 2025:

Leasing Activity.

•Entered into a lease extension encompassing 0.5 million square feet. The fixed rent on the extended lease was $5.80 per square foot compared to the fixed rent on this lease before extension of $5.35 per square foot. The cost of tenant improvements and lease commissions was $2.08 per square foot for the extended lease.

•Increased stabilized portfolio leased percentage to 96.8%.

Dispositions.

•Sold our interest in five facilities for $198.3 million. Two of the facilities sold were vacant development projects totaling 2,138,640 square feet, located in Ocala, Florida and Indianapolis, Indiana for a gross aggregate price of $174.6 million. 

Acquisition Activity.

•Acquired one warehouse facility located in Atlanta, Georgia for $30.0 million totaling 157,371 square feet