Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q4 2025 Earnings Presentation
38 slides from Lxp Industrial Trust's earnings presentation, Feb 12, 2026
Slide 1: Quarterly Supplemental Information Fourth Quarter 2025
QUARTERLY SUPPLEMENTAL INFORMATION FOURTH QUARTER 2025 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS December 31, 2025 Page PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 17 FINANCIAL DATA QUARTERLY LEASING SUMMARY 18 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 19 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 20 NON-GAAP FINANCIAL DATA 6 S
Slide 3: Summary / Highlights
3Table of Contents SUMMARY / HIGHLIGHTS LXP Industrial Trust is a REIT focused on Class A, warehouse and distribution real estate investments in 12 target markets in the Sunbelt and lower Midwest. Footnote (1) Includes consolidated and non-consolidated developable land. Portfolio Statistics # of Pro
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) December 31, 2025 December 31, 2024 Assets: Real estate, at cost $ 3,908,485 $ 4,176,294 Real estate - intangible assets 305,841 318,444 Land held for development 82,971 82,827 Investments in
Slide 5: Consolidated Statements of Operations
5Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Gross revenues: Rental revenue $ 85,692 $ 99,829 $ 346,140 $ 354,353 Other revenue 1,052 1,022 4
Slide 6: Non-GAAP Financial Data
6Table of Contents NON-GAAP FINANCIAL DATA (Unaudited and in thousands, except share and per share data) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 27,124 $ 31,389 $ 1
Slide 7: Non-GAAP Financial Data (Continued)
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted Company FFO available to all equityholders - diluted $ 46,957 $ 46,951 $ 187,324 $ 189,360 FUNDS AVAILABLE FOR DISTRIBUTIO
Slide 8: Non-GAAP Financial Data (Continued) - NOI
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net income $ 28,694 $ 32,976 $ 117,610 $ 42,835 Interest and amortization expense 14,081 15,853 62,923 66,477 Provision (be
Slide 9: Non-GAAP Financial Data (Continued) - Adjusted EBITDA
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: Twelve months ended 12/31/2025 Net income attributable to LXP Industrial Trust shareholders $ 113,160 Interest and amortization expense 62,923 Provision (benefit) for income taxes 699 Depreciation and amortization 196,615
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Adjusted Company FFO Payout Ratio 72.4 % 72.1 % 82.0 % 86.5 % Unencumbered Assets $4.5 billion $4.5 billion $4.5 billion $4.2 billion Unencumbered NOI 93.4 % 96.3 % 96.3 % 96.4 % Debt / Gross Assets 30.1 %
Slide 11: Disposition Activity
11Table of Contents DISPOSITION ACTIVITY Footnotes: (1) Capitalization rates exclude two vacant development projects sold to a user buyer during the quarter ended September 30, 2025. Gross Disposition Month of % Gross Disposition Location % Owned Price ($000) Disposition Leased Price PSF Winchester,
Slide 12: Development Summary
12Table of Contents DEVELOPMENT SUMMARY Footnotes: (1) Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes, if any. (2) Excludes noncontrolling interests’ share. (3) During the quarter ended June 30, 2025, the tenant vacated the building and LXP began redevelopi
Slide 13: Development Program Summary
13Table of Contents DEVELOPMENT PROGRAM SUMMARY First Generation Leased Lease Project (% Owned) Market Sq. Ft. Commencement Smith Farms Building 3 (90%) Greenville/Spartanburg, SC 1,091,888 2Q 2025 Piedmont (100%) Greenville/Spartanburg, SC 625,238 4Q 2024 Etna Building D (100%) Columbus, OH 250,020
Slide 14: Capital Expenditures and Leasing Costs
14Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS(1) ($000) Twelve months ended December 31, 2025 2024 First-Generation Costs Tenant Improvements $ 3,207 $ 378 Base Building 147 881 Total First-Generation Costs $ 3,354 $ 1,259 Second-Generation Costs Tenant Improvements $ 7,248 $ 3,091 Leas
Slide 15: Same-Store Data
15Table of Contents SAME-STORE DATA ($000) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Same-Store NOI Total Cash Base Rent $ 61,078 $ 60,499 $ 244,549 $ 237,716 Tenant Reimbursement 12,972 12,448 54,468 51,666 Property Operating Expenses (14,075) (12,966) (56
Slide 16: Portfolio Information
16Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets(1) 12/31/2025 12/31/2025 Phoenix, AZ 14.5% 11.2% Greenville/Spartanburg, SC 14.1% 13.8% Atlanta, GA 10.8% 11.0% Indianapolis, IN 6.5% 5.4% Memphis, TN 6.5% 8.3% Cincinnati/Dayton, OH 6.4% 5.4% Houston, TX 6.3% 6.5% Dallas/Ft.
Slide 17: Top Tenants
17Table of Contents TOP 15 TENANTS Tenants(1) Lease Expirations Number of Leases Sq. Ft. Leased Sq. Ft. Leased as % of Consolidated Portfolio(2) ABR as of 12/31/2025 ($000) ABR % as of 12/31/2025(3) Amazon 2030-2033 5 3,418,231 6.7 % $ 18,085 6.5 % Nissan 2027 2 2,971,000 5.8 % 13,438 4.8 % Black an
Slide 18: Quarterly Leasing Summary
18Table of Contents Footnotes: (1) Assumes 12 months rent from the lease commencement/extension, excluding free rent periods as applicable. (2) Rent from prior tenant for square feet leased. (3) Fixed-rate renewal. (4) Annualized rents as of September 30, 2025. QUARTERLY LEASING SUMMARY(1) Location
Slide 19: Lease Rollover Schedule
19Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 12/31/2025 % of ABR as of 12/31/2025 2026 17 $ 19,793 7.1 % 2027 15 45,572 16.4 % 2028 11 21,554 7.8 % 2029 24 47,258 17.1 % 2030 14 38,837 14.0 % 2031 14 31,711 11.4 % 2032 4 6,554 2.4 % 2033 3 13,082 4.7 %
Slide 20: Property Leases & Vacancies
20Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 21: Property Leases & Vacancies
21Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 22: Property Leases & Vacancies
22Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 23: Property Leases & Vacancies
23Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 24: Property Leases & Vacancies
24Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 25: Property Leases & Vacancies - Available for Lease
25Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 26: Non-Consolidated Properties - NNN MFG Cold JV
26Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2025 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) LXP % Ownership Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Ren
Slide 27: Non-Consolidated Properties - NNN Office JV
27Table of Contents Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) LXP % Ownership Annualized Base Rent as of 12/31/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2025 ($000) 12/31/2
Slide 28: Mortgages and Notes Payable
28Table of Contents MORTGAGES AND NOTES PAYABLE Footnotes Debt Balance ($000) GAAP Balance ($000)(1) Interest Rate (%) Maturity(2) MORTGAGE(3) Long Island City, NY $ 11,336 $ 10,931 3.500% 03/2028 Goodyear, AZ 38,610 38,610 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 49,946 $ 49,541
Slide 29: Debt Maturity Schedule
29Table of Contents DEBT MATURITY SCHEDULE ($000) Consolidated Mortgage Debt Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2026 $ 5,773 $ — $ — 2027 5,984 — 250,000 ‘(1) 2028 2,223 — 160,000 2029 960 — — 2030 1,002 — 400,000 2031 605 33,399 400,000 $ 16,547 $ 33,399 $
Slide 30: Debt Covenants
30Table of Contents DEBT COVENANTS(1) CORPORATE LEVEL DEBT MUST BE: 12/31/2025 Bank Loans: Maximum Leverage < 60% 26.8% Fixed Charge Coverage > 1.5x 3.5x Recourse Secured Indebtedness Ratio < 10% —% Secured Indebtedness Ratio < 40% 3.0% Unsecured Debt Service Coverage > 1.75x 4.8x Unencumbered Lever
Slide 31: Components of Net Asset Value
31Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended December 31, 2025 NOI for the existing property portfolio at December 31, 2025. Includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets underv
Slide 32: Other Financial Data
32Table of Contents OTHER FINANCIAL DATA ($000) Balance Sheet The components of other assets are: Deposits $ 2,651 Equipment 279 Prepaids 1,388 Interest receivable 192 Other receivables 1,511 Deferred lease incentives 8,840 Derivative asset 488 Deferred asset 165 Total of other assets $ 15,514 The c
Slide 33: Non-GAAP Measures Definitions
33Table of Contents NON-GAAP MEASURES DEFINITIONS LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Supplemental Information and in other public disclosures. LXP believes that the measures defined below are helpful to investo
Slide 34: Non-GAAP Measures Definitions
34Table of Contents NON-GAAP MEASURES DEFINITIONS Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) leas
Slide 35: Non-GAAP Measures Definitions
35Table of Contents NON-GAAP MEASURES DEFINITIONS Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical
Slide 36: Select Credit Metrics Definitions
36Table of Contents SELECT CREDIT METRICS DEFINITIONS ($000, except per share data) Adjusted Company FFO Payout: Twelve months ended December 31, 2025 Common share dividends per share $ 2.725 Adjusted Company FFO per diluted share $ 3.15 Adjusted Company FFO payout ratio 86.5 % Unencumbered Assets:
Slide 37: Investor Information
37Table of Contents INVESTOR INFORMATION Transfer Agent Computershare Overnight Correspondence: PO Box 43006 150 Royall Street, Suite 101 Providence, RI 02940 Canton, MA 02021 (800) 850-3948 www-us.computershare.com/investor Investor Relations Heather Gentry Executive Vice President, Investor Relati
Slide 38: LXP Industrial Trust
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM