LXP Industrial Trust (LXP) investor relations material

Executive summary

• Entered into a definitive merger agreement to be acquired for $61.20 per share in cash, valuing the transaction at $5.2 billion including net debt and preferred equity, pending shareholder approval and customary conditions.

• Reported a net loss of $(1.6) million, or $(0.03) per diluted share, for Q2 2026, but Adjusted Company FFO rose 5.0% year-over-year to $0.84 per diluted share.

• Portfolio consists of 109 properties across 14 states, with 92.6% Class A space and 97.4% stabilized portfolio leased.

• Suspended regular common share dividends as part of the merger agreement, but preferred dividends continue.

• Pre-leased a 1.2 million sq. ft. Phoenix development project and completed 2.3 million sq. ft. of new and extended leases, significantly increasing base rents.

Financial highlights

• Adjusted Company FFO per diluted share increased to $0.84 from $0.80 year-over-year; FFO available to all equityholders was $49.5 million for Q2 2026.

• Same-store NOI grew 0.5% year-over-year for the quarter.

• Net operating income (NOI) for Q2 2026 was $69.3 million; annualized Adjusted EBITDA reached $263.2 million.

• Total gross revenues for Q2 2026 were $88.1 million, up from $87.7 million in Q2 2025.

• Company Funds Available for Distribution for Q2 2026 was $36.1 million.

Outlook and guidance

• No earnings guidance provided or affirmed due to the pending merger.

• Management expects cash flows from operations and available liquidity to be sufficient for operating needs and debt service.

• The company anticipates incurring approximately $164.3 million in development costs for ongoing and future projects.

• Ongoing development includes a fully pre-leased 1.2 million sq. ft. Phoenix project and two speculative projects in Columbus, OH.

• The merger is subject to shareholder approval and other customary closing conditions; failure to complete could result in significant costs and operational impacts.