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LXP Industrial Trust (LXP) investor relations material

LXP Industrial Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Sold two vacant development projects totaling 2.1M sq ft for $175 million, a 20% premium to book value, boosting stabilized portfolio occupancy to 96.8% and reducing leverage to 5.2x net debt to adjusted EBITDA.

  • Net income attributable to common shareholders was $34.6 million for Q3 2025, up from $4.7 million year-over-year, with adjusted company FFO at $46.7 million for the quarter.

  • Board approved a 3.7% dividend increase and a 1-for-5 reverse stock split effective November 10, 2025.

  • Portfolio focus remains on Class A warehouse and distribution facilities in 12 Sun Belt and Midwest target markets, now representing 85% of gross assets.

  • Year-to-date sales volume reached $273 million, with gains of $91 million (54% over cost) and an average cash cap rate of 5.1% on stabilized assets.

Financial highlights

  • Adjusted company FFO for Q3 was $46.7 million ($0.16 per diluted share), with 2025 guidance raised to $0.63–$0.64 per share.

  • Net income for Q3 2025 was $34.6 million ($0.12 per diluted share), up from $4.7 million ($0.02 per share) year-over-year.

  • Same-store NOI growth was 4% year-to-date and 2% for Q3; full-year 2025 guidance narrowed to 3%–3.5%.

  • Sale proceeds of $151 million used to repay $140 million of 6.75% senior notes, saving $10 million in annual interest and $1.8 million in property costs.

  • Cash and cash equivalents at quarter end were $229.7 million.

Outlook and guidance

  • 2025 adjusted company FFO guidance increased and narrowed to $0.63–$0.64 per share, reflecting accretive impact of asset sales and debt repayment.

  • Same-store NOI growth for 2025 guided to 3%–3.5%, with 2026 expected to benefit from new properties moving into the pool.

  • Projecting about 20% mark-to-market rent growth for 2026 lease expirations; 80% retention anticipated for 2026.

  • Dividend increased by 3.7% to $0.56 per share annualized, effective Q1 2026.

  • Growth expected through leasing, development pipeline execution, and opportunistic acquisitions, though higher financing costs are slowing new development starts.

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Frequently asked questions

LXP Industrial Trust is a real estate investment trust (REIT) focused on the ownership, management, and development of industrial properties. The company’s portfolio primarily consists of logistics and distribution facilities leased to tenants across various industries. LXP Industrial Trust emphasizes properties in key logistics markets to support supply chain operations and e-commerce growth. The company is headquartered in New York, New York, and its shares are listed on the NYSE.

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