Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 78

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 78
---
 %2021 Senior Notes400.0 2.375 %October 203199.758 %2020 Senior Notes400.0 2.700 %September 203099.233 %Trust Preferred Securities 129.1  Three Month SOFR + 1.96%(3)April 2037— Total unsecured debt$1,479.1 

(1)    Spread includes a 10 basis point daily SOFR adjustment. 

(2)    Repaid $50.0 million of the Term Loan, resulting in a loss on debt satisfaction of $0.4 million. The SOFR portion of the interest rate was swapped to 4.31% per annum until January 31, 2027. 

(3)    Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 170 basis points through maturity. $82.5 million is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of March 31, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.58%, which includes the effect of the interest rate swaps. 

The senior notes are unsecured and require interest payments semi-annually in arrears. We may redeem the senior notes at our option at any time prior to maturity in whole or in part by paying the principal amount of the senior notes being redeemed plus a make-whole premium.

We have an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600,000, subject to covenant compliance. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus an interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. We had no borrowings under the $600,000 revolving credit facility as of March 31, 2025 and December 31, 2024. 

As of March 31, 2025, we were compliant with all applicable financial covenants contained in our corporate-level debt agreements.

Development Costs

As of March 31, 2025, the aggregate amount of our consolidated