LXP Industrial Trust (LXP) Q4 2025 earnings summary

Executive summary

• Achieved stabilized portfolio occupancy of 97.1% and completed nearly 5 million sq ft of new and extended leases, increasing base and cash base rents by up to 30% and 28% year-over-year.

• Reduced leverage to 4.9x net debt to Adjusted EBITDA and repaid $220 million of debt, including $140 million of 6.75% Senior Notes.

• Disposed of $389 million in assets, focusing on 12 target markets now representing 87% of gross book value.

• Generated Adjusted Company FFO of $3.15 per share ($187 million) for 2025 and repurchased 277,000 shares at an average price of $49.47.

• Ended year with $170 million in cash, prioritizing liquidity for future development and value creation.

Financial highlights

• Q4 2025 Adjusted Company FFO: $0.79/share ($47 million); full-year FFO: $3.15/share ($187 million).

• 2026 Adjusted Company FFO guidance: $3.22–$3.37/share, 4.6% growth at midpoint.

• Same-store NOI growth: 2.9% for 2025, flat in Q4 year-over-year; 2026 guidance: 1.5%–2.5%.

• Portfolio: 108 properties, 52.7M SF, 97.1% leased, $5.26 average rent PSF.

• Dividend yield stands at 5.4% as of February 2026.

Outlook and guidance

• 2026 FFO guidance assumes redeployment of Q4 asset sale proceeds into Phoenix development.

• No other dispositions or investments assumed in 2026 guidance.

• Same-store NOI growth expected to be driven by 3.25% contractual escalators/renewals, offset by 1.25% from lower occupancy and higher concessions.

• Average same-store occupancy expected at 96%–97% in 2026.

• $500,000 credit loss assumed at low end of guidance.