Company: LXP
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000910108-25-000067
Chunk: 10

Company: LXP Industrial Trust
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 10
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201 

Our same-store NOI increased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 by 2.0% and 4.0%, respectively, primarily due to an increase in cash base rents. As of September 30, 2025 and 2024, our historical same-store square footage leased was 96.9% and 99.0%, respectively.

30

Below is a reconciliation of net income to same-store NOI for periods presented ($000's):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income$42,357 $5,613 $88,916 $9,859 Interest and amortization expense16,095 16,037 48,842 50,624 Provision for income taxes184 21 598 229 Depreciation and amortization49,120 48,387 148,994 144,243 General and administrative9,325 10,993 29,345 29,734 Transaction costs— — 38 498 Non-operating/fee income(1,696)(1,663)(4,905)(10,228)Gain on sale or disposal of, and recovery on, real estate, net(46,159)(11,050)(102,114)(19,402)Gain on change in control of a subsidiary— — — (209)Gain on debt satisfaction, net— — (793)— Equity in losses of non-consolidated entities1,239 1,158 3,177 3,444 Lease termination income, net(76)— (199)— Straight-line adjustments(1,463)(1,656)(4,490)(6,032)Lease incentives455 430 1,354 898 Amortization of above/below market leases(349)(694)(2,220)(1,600)Sales-types lease adjustments— (584)— (1,777)NOI$69,032 $66,992 $206,543 $200,281 Less NOI:Acquisitions, expansions, developments, redevelopments and dispositions(6,315)(5,530)(18,181)(19,080)Same-Store NOI$62,717 $61,462 $188,362