Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 76

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 76
---
 debt, as well as other available alternatives, will provide the necessary capital required by our business.

25

At March 31, 2025, our secured debt was $53.6 million compared to $54.9 million at December 31, 2024. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($70.9 million at March 31, 2025), property sale proceeds and borrowing capacity on our unsecured credit facility ($600.0 million at March 31, 2025, subject to covenant compliance).

Cash flows from operations were $39.0 million for the three months ended March 31, 2025 as compared to $38.9 million for the three months ended March 31, 2024. The increase was primarily related to increased rental revenue related to acquired properties and placing development properties into service and the receipt of a lease termination fee, partially offset by a decrease in cash flow due to property sales and vacancies. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.

Net cash provided by (used in) in investing activities totaled $23.2 million and $(27.7) million during the three months ended March 31, 2025 and 2024, respectively. Cash provided by investing activities in 2025 related primarily to proceeds from a property sale, offset by investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net. Cash used in investing activities in 2024 related primarily to investments in real estate under construction, capital expenditures