Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 37

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 37
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 operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases and lease termination income, net), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating same-store NOI, and accordingly same-store NOI may not be comparable to other REITs. Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired, expanded and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. However, same-store NOI should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.

The following presents our consolidated same-store NOI, for the three months ended March 31, 2025 and 2024 ($000's):

Three Months Ended March 31,20252024Total cash base rent$64,080 $60,992 Tenant reimbursements14,817 13,530 Property operating expenses(15,311)(14,106)Same-store NOI$63,586 $60,416 

Our same-store NOI increased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 by 5.2%, primarily due to an increase in cash base rents. As of March 31, 2025 and March 31, 2024, our historical same-store square footage leased was 99.2% and 98.9%, respectively.

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Below is a reconciliation of net income to same-store NOI for periods presented ($000's):

Three Months Ended March 31,20252024Net income$18,162 $(555)Interest and amortization expense16,280 16,984 Provision for income taxes215 125 Depreciation and amortization50,512 47,509 General and administrative10,390 9,493 Non-operating/fee income(1,490)(4