Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 19

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 19
---
ortized debt issuance costs(539)(585)Total Mortgages and notes payable, net$53,602 $54,930 UNSECURED DEBT:Term Loan$250,000 $300,000 SOFR + 1.10%(2)(3)January 20272023 Senior Notes300,000 300,000 6.750 %November 20282021 Senior Notes400,000 400,000 2.375 %October 20312020 Senior Notes400,000 400,000 2.700 %September 2030Trust Preferred Securities 129,120 129,120  Three Month SOFR + 1.96%(4)April 2037Principal balance outstanding$1,479,120 $1,529,120 Unamortized debt discount(3,545)(3,731)Unamortized debt issuance costs(9,368)(10,309)Total unsecured debt, net$1,466,207 $1,515,080 Total Debt Obligations$1,519,809 $1,570,010 (1)    The weighted-average interest rate at March 31, 2025 and December 31, 2024 was approximately 4.1%.(2)     Spread includes a 10 basis point daily SOFR adjustment.(3)    During the first quarter of 2025, the Company repaid $50,000 of the Term Loan resulting in a loss on debt satisfaction of $350. The SOFR portion of the interest rate was swapped to 4.31% per annum until January 31, 2027. (4)    Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 170 basis points through maturity. $82,500 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 Company capitalized $99 and $1,853 of interest expense for the three months ended March 31, 2025 and 2024, respectively.

The Company has an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600,000,