Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q2 2024 Earnings Presentation
22 slides from Lxp Industrial Trust's earnings presentation, Jul 31, 2024
Slide 1: Investor Presentation Second Quarter 2024
INVESTOR PRESENTATION SECOND QUARTER 2024
Slide 2: Forward-Looking Statements and Other Disclosure
LXP INDUSTRIAL TRUST Forward-Looking Statements and Other Disclosure This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statemen
Slide 3: LXP Industrial Trust Overview
LXP INDUSTRIAL TRUST LXP Industrial Trust Overview >30 Years $4.9B 58.2M 88% 77% 29% Publicly Traded Gross Assets SF Class A Top 25 Green Building Properties1 Markets2 Certified SF Strategic Business Plan Focused on Delivering Value Industrial Portfolio Attributes ▪ Warehouse/Distribution Pure Play
Slide 4: Compelling Industrial Investment Opportunity
LXP INDUSTRIAL TRUST Compelling Industrial Investment Opportunity Attractive Asset ✓ E-commerce, reshoring and demographic trends drive tenant Class with Secular demand Tailwinds ✓ Construction starts are down ✓ Newer properties with an average age of 9.4 years1 / 88% Class A2 High-Quality ✓ Lower r
Slide 5: Earnings Growth Supported by Strong Tailwinds
LXP INDUSTRIAL TRUST Earnings Growth Supported by Strong Tailwinds Looking Ahead Mark-to-Market Opportunity Estimated to increase initial annual cash Rents expiring through 2029 are estimated rent by $36M, or $0.12 per share1 to be 24% below market Contractual Rental Escalations 3.6% average escalat
Slide 6: Warehouse/Distribution Pure-Play Portfolio
LXP INDUSTRIAL TRUST Warehouse/Distribution Pure-Play Portfolio High-quality, Class A warehouse/distribution properties with modern specs in top markets. Portfolio Metrics Building Metrics 117 Properties 505,738 SF Avg. Building Size 58.2M Square Feet 33.2’ Avg. Clear Height7 5.8 Years WALT1 $4.79 A
Slide 7: Diversified by Tenant, Market and Industry
LXP INDUSTRIAL TRUST Diversified by Tenant, Market and Industry Top 10 Tenants 3.7% Phoenix Tenants1 % of SF2,3 % of ABR2 4.4% 13.1% Greenville/Spartanburg Amazon 7.1% 6.8% 5.2% Atlanta Nissan 5.5% 4.8% Memphis Kellanova 5.2% 3.5% 5.3% Top 10 Houston Black and Decker 4.2% 3.4% Wal-Mart 4.3% 3.3% Mar
Slide 8: Sunbelt & Lower Midwest Investment Focus
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Sunbelt & Lower Midwest Investment Focus Our target industrial markets experience strong growth characteristics, user demand and demographic trends. LXP Properties in Top 25 77% Industrial Markets (by SF)1 Of Portfolio in Top 25 Markets1,2 Midwest and Sunbelt
Slide 9: Warehouse/Distribution Rent Rollover
LXP INDUSTRIAL TRUST Warehouse/Distribution Rent Rollover Attractive mark-to-market opportunity based on current rents in our industrial portfolio. Lease Rollover Schedule1 24% Below Market2 $50,000 16.1% 13.7% $40,000 11.9% 10.7% 10.1% ($ in thousands) $30,000 8.7% $20,000 5.0% 4.5% $10,000 1.3% 2.
Slide 10: Development Program Highlights
LXP INDUSTRIAL TRUST Development Program Highlights1 Development Program Enhances External and Internal Growth Profile Development Program4 2.5 1.09 ▪ 8.5 Million SF of development core and shell construction Square Feet (in millions) 0.25 completed (14 facilities) 1.73 ▪ 5.4 Million SF of first gen
Slide 11: Development Pipeline Summary
LXP INDUSTRIAL TRUST Development Pipeline Summary Second Quarter 2024 Consolidated Development Projects Actual/Estimated Base # of Estimated Estimated Project % Leased (As of Estimated Placed In Project (% Owned) Market Building Completion Buildings SF Cost ($000) 6/30/2024) Service Date Date Build-
Slide 12: Capital Structure Details
LXP INDUSTRIAL TRUST Capital Structure Details1 Amount Interest Rate/ Debt ($ in Millions) Coupon Unsecured Credit Facility Due 20262 $ 0.0 SOFR + 0.85% Preferred Trust Equity, Preferred, Unsecured Bonds Due 2028 300.0 6.750% Mortgage 2.0% 2.7% Debt, 1.2% Unsecured Term Debt, Unsecured Bonds Due 203
Slide 13: Balance Sheet Strategy
LXP INDUSTRIAL TRUST Balance Sheet Strategy Focus on sustaining a strong balance sheet and maintaining investment-grade ratings. Consolidated Debt Maturity Profile ($000’s)1 Credit Metrics Summary $600,000 Adjusted Company FFO Payout Ratio 81.3% $500,000 2.70% 2.38% Unencumbered Assets $4.5B $400,00
Slide 14: Corporate Responsibility
LXP INDUSTRIAL TRUST Corporate Responsibility Top-ranked environmental, social, governance, and resilience (“ESG+R”) platform ▪ Established objectives integrated throughout our investment process, contributing to our ongoing long-term success ▪ Building a responsible program that enhances both compa
Slide 15: Environmental Social
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Environmental Social Actions & Performance ▪ Annually evaluate sustainability opportunities to improve efficiency and reduce our operating costs and environmental footprint ▪ Circulate sustainability-focused resources for tenants and property managers, includi
Slide 16: Governance & Resilience
INDUSTRIALTRUST LXP INDUSTRIAL TRUST Governance & Resilience Governance Actions & Performance 2023 GRESB Results ▪ Strive to implement best governance practices, mindful of the concerns ▪ Received Public Disclosure Score of 96 (A), and placed 1st in U.S. of our shareholders and operate in accordance
Slide 17: Non-GAAP Measures-Definitions
LXP INDUSTRIAL TRUST Non-GAAP Measures-Definitions LXP has used non-GAAP financial measures as defined by Regulation G promulgated by the Securities and Exchange Commission in this presentation. LXP believes that the measures defined below are helpful to investors in measuring LXP’s performance or t
Slide 18: Non-GAAP Measures-Definitions, cont.
LXP INDUSTRIAL TRUST Non-GAAP Measures-Definitions, cont. 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 n
Slide 19: Appendix
LXP INDUSTRIAL TRUST Appendix 19
Slide 20: Office Joint Venture Portfolio
LXP INDUSTRIAL TRUST Office Joint Venture Portfolio Square Lease Address City State Market Footage Expiration 3902 Gene Field Road St. Joseph MO Kansas City, MO 98,849 2027 2221 Schrock Road Columbus OH Columbus, OH 42,290 2027 500 Olde Worthington Road1 Westerville OH Columbus, OH 97,000 2026/2029
Slide 21: Special Purpose Industrial Joint Venture Portfolio
LXP INDUSTRIAL TRUST Special Purpose Industrial Joint Venture Portfolio Square Lease Address City State Market Footage Expiration 318 Pappy Dunn Blvd. Anniston AL Anniston/Oxford, AL 276,782 2029 4801 North Park Dr. Opelika AL Columbus, GA 165,493 2042 1020 W. Airport Rd. Romeoville IL Chicago, IL 1
Slide 22: LXP Industrial Trust contact details
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM