Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 36

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 36
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 as a result of international trade conflicts associated with tariffs, could adversely impact our estimates. As of March 31, 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 March 31, 2025 compared with three months ended March 31, 2024. The increase in net income attributable to common shareholders of $19.2 million was primarily due to the items discussed below.

The increase in rental revenue of $2.7 million was primarily due to an aggregate increase in rental revenue of $8.4 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $5.7 million due to property sales and vacancies.

The increase in depreciation and amortization expense of $3.0 million was primarily due to properties acquired and/or completed and placed in service.

The increase in general and administrative expense of $0.9 million was primarily due to the increase in employee compensation, corporate rent expense and a decrease in capitalized payroll.

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The decrease in non-operating income of $3.2 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 $0.7 million was primarily due to a $2.2 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 $0.4 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $1.7 million due to properties placed into service during 2024.

The increase in gain on sale of real estate of $24.6 million was related to the disposition of one property in 2025 and no dispositions in 2024.

The increase in net loss attributable to noncontrolling interests of $0.5 million is primarily related to the recognition of the noncontrolling interests' share of operating losses related to development projects placed into service vacant during 2024.

Same-Store Results

Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the two comparable reporting periods. We define NOI as