NYSE: LXP
LXP Industrial TrustCIK 0000910108 · SIC 6798 · Real Estate Investment Trusts
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LXP: revenue $88.1M, net income $55,000. LXP agrees to /share merger; suspends common dividend, extends credit to 2030
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LXP Industrial Trust agrees to $5.2B all-cash merger with Brookfield/CPP at $61.20/share
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LXP Industrial Trust agrees to $61.20/share all-cash acquisition by Brookfield and CPP
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Unaudited and in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Gross revenues: | ||||
| Rental revenue | 87,141 | 86,744 | 172,117 | 174,637 |
| Other revenue | 969 | 975 | 1,941 | 1,945 |
| Total gross revenues | 88,110 | 87,719 | 174,058 | 176,582 |
| Expense applicable to revenues: | ||||
| Depreciation and amortization | (48,056) | (49,362) | (95,041) | (99,874) |
| Property operating | (16,174) | (15,875) | (32,909) | (33,004) |
| General and administrative | (9,714) | (9,630) | (19,968) | (20,020) |
| Non-operating income | 472 | 744 | 2,007 | 1,264 |
| Interest and amortization expense | (13,250) | (16,467) | (26,467) | (32,747) |
| Gain (loss) on debt satisfaction, net | — | 1,143 | (299) | 793 |
| Transaction costs | — | (38) | (15) | (38) |
| Gain (loss) on sale or disposal of, and recovery on, real estate, net | (79) | 31,320 | 2,225 | 55,955 |
| Income before provision for income taxes and equity in losses of non-consolidated entities | 1,309 | 29,554 | 3,591 | 48,911 |
| Provision for income taxes | (164) | (199) | (300) | (414) |
| Equity in losses of non-consolidated entities | (1,153) | (958) | (3,590) | (1,938) |
| Net income (loss) | (8) | 28,397 | (299) | 46,559 |
| Net loss attributable to noncontrolling interests | 63 | 735 | 115 | 1,551 |
| Net income (loss) attributable to LXP Industrial Trust shareholders | 55 | 29,132 | (184) | 48,110 |
| Dividends attributable to preferred shares Series C | (1,573) | (1,573) | (3,145) | (3,145) |
| Allocation to participating securities | (112) | (109) | (243) | (236) |
| Net income (loss) attributable to common shareholders | (1,630) | 27,450 | (3,572) | 44,729 |
| Net income (loss) attributable to common shareholders per common share basic | (0.03) | 0.47 | (0.06) | 0.77 |
| Weighted-average common shares outstanding basic | 58,094,324 | 58,374,448 | 58,128,487 | 58,357,922 |
| Net income (loss) attributable to common shareholders per common share diluted | (0.03) | 0.47 | (0.06) | 0.77 |
| Weighted-average common shares outstanding diluted | 58,094,324 | 58,441,633 | 58,128,487 | 58,450,736 |
Condensed Consolidated Balance Sheets (Unaudited)
(Unaudited and in thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Real estate, at cost | 3,962,106 | 3,908,485 |
| Real estate intangible assets | 336,881 | 305,841 |
| Land held for development | 64,781 | 82,971 |
| Investments in real estate under construction | 102,422 | 41,769 |
| Real estate, gross | 4,466,190 | 4,339,066 |
| Less: accumulated depreciation and amortization | (1,231,328) | (1,151,513) |
| Real estate, net | 3,234,862 | 3,187,553 |
| Assets held for sale | 15,393 | — |
| Right-of-use assets, net | 6,717 | 8,721 |
| Cash and cash equivalents | 17,990 | 170,394 |
| Restricted cash | 172 | 257 |
| Investments in non-consolidated entities | 29,231 | 31,430 |
| Deferred expenses, net | 49,445 | 35,068 |
| Rent receivable current | 2,894 | 3,454 |
| Rent receivable deferred | 83,999 | 84,631 |
| Other assets | 23,231 | 15,514 |
| Total assets | 3,463,934 | 3,537,022 |
| Liabilities and Equity: | ||
| Liabilities: | ||
| Mortgages and notes payable, net | 46,770 | 49,541 |
| Revolving credit facility borrowings | 15,000 | — |
| Term loan payable, net | 247,750 | 249,053 |
| Senior notes payable, net | 953,514 | 952,693 |
| Trust preferred securities, net | 100,152 | 100,113 |
| Dividends payable | 44,276 | 44,715 |
| Liabilities held for sale | 252 | — |
| Operating lease liabilities | 7,009 | 9,134 |
| Accounts payable and other liabilities | 61,820 | 54,553 |
| Accrued interest payable | 9,117 | 9,218 |
| Deferred revenue including below-market leases, net | 2,463 | 3,030 |
| Prepaid rent | 15,291 | 16,594 |
| Total liabilities | 1,503,414 | 1,488,644 |
| Commitments and contingencies | ||
| Equity: | ||
| Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: | ||
| Series C Cumulative Convertible Preferred, liquidation preference $96,769 and $96,770, respectively; 1,935,375 and 1,935,400 shares issued and outstanding in 2026 and 2025, respectively | 94,014 | 94,016 |
| Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 58,952,524 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively | 6 | 6 |
| Additional paid-in-capital | 3,308,879 | 3,313,884 |
| Accumulated distributions in excess of net income | (1,456,767) | (1,371,654) |
| Accumulated other comprehensive income | 1,774 | 427 |
| Total shareholders’ equity | 1,947,906 | 2,036,679 |
| Noncontrolling interests | 12,614 | 11,699 |
| Total equity | 1,960,520 | 2,048,378 |
| Total liabilities and equity | 3,463,934 | 3,537,022 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited and in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net cash provided by operating activities: | 86,172 | 83,278 |
| Cash flows from investing activities: | ||
| Acquisition of real estate, including intangible assets | (103,164) | — |
| Investment in real estate under construction | (23,447) | (11,720) |
| Capital expenditures | (5,866) | (11,765) |
| Insurance proceeds | 2,561 | 1,034 |
| Net proceeds from sale of real estate | — | 73,502 |
| Investments in non-consolidated entities | (1,254) | (354) |
| Deferred leasing costs | (8,672) | (1,930) |
| Change in real estate deposits, net | (79) | (1,152) |
| Net cash provided by (used in) investing activities | (139,921) | 47,615 |
| Cash flows from financing activities: | ||
| Dividends to common and preferred shareholders | (85,368) | (82,098) |
| Principal amortization payments | (2,861) | (2,760) |
| Principal payments on debt, excluding normal amortization | — | (50,000) |
| Revolving credit facility borrowings | 35,000 | — |
| Revolving credit facility payments | (20,000) | — |
| Repurchase of trust preferred securities | — | (26,725) |
| Deferred financing costs | (7,575) | — |
| Repurchase of common shares | (15,814) | — |
| Cash contributions from noncontrolling interests | 1,219 | 990 |
| Cash distributions to noncontrolling interests | (188) | (110) |
| Issuance of common shares, net of costs and repurchases to settle tax obligations | (3,153) | (1,040) |
| Net cash used in financing activities | (98,740) | (161,743) |
| Change in cash, cash equivalents and restricted cash | (152,489) | (30,850) |
| Cash, cash equivalents and restricted cash, at beginning of period | 170,651 | 102,073 |
| Cash, cash equivalents and restricted cash, at end of period | 18,162 | 71,223 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents at beginning of period | 170,394 | 101,836 |
| Restricted cash at beginning of period | 257 | 237 |
| Cash, cash equivalents and restricted cash at beginning of period | 170,651 | 102,073 |
| Cash and cash equivalents at end of period | 17,990 | 70,976 |
| Restricted cash at end of period | 172 | 247 |
| Cash, cash equivalents and restricted cash at end of period | 18,162 | 71,223 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited and in thousands, except share and per share data); (Unaudited and in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗