Company: LXP
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000910108-25-000067
Chunk: 106

Company: LXP Industrial Trust
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 106
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 property sales and vacancies.

The increase in depreciation and amortization expense of $4.8 million was primarily due to properties acquired and/or completed and placed in service.

The increase in property operating expense of $2.7 million was primarily due to an aggregate increase of $2.2 million related to properties placed in service, acquisitions and leasing, in addition to an increase of $1.9 million related to increases in real estate taxes, and maintenance and repairs, partially offset by a decrease of $1.4 million related to property sales.

The decrease in non-operating income of $5.3 million was primarily due to lower interest income from short-term investments that 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 nine months ended September 30, 2024. Additionally, interest rate swaps on a portion of the Trust Preferred Securities and a partial repurchase of these securities resulted in a $2.2 million decrease in interest expense during the nine months ended September 30, 2025. These amounts were partially offset by a $1.4 million increase in interest expense related to the Term Loan and a $3.1 million decrease in capitalized interest due to properties placed in service subsequent to September 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 $82.7 million was related to the higher gains on the dispositions of seven properties and $2.0 million of recovery on real estate during the nine months ended September 30, 2025 compared to the three property dispositions during the nine months ended September 30, 2024.

The decrease in net (income) loss attributable to noncontrolling interests of $6.2 million is primarily related to the recognition of the noncontrolling interests' share of gains on the sale of real estate of two vacant development properties in 2025.

29

Same-Store Results

Same-store net operating income, or NOI, which is a