Company: LXP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000910108-25-000041
Chunk: 52

Company: LXP Industrial Trust
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 52
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 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 to the higher gains on the dispositions of two properties during the six months ended June 30, 2025 compared to the two property dispositions during the six months ended June 30, 2024.

The increase in net loss attributable to noncontrolling interests of $0.6 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.

29

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