Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q2 2026 Earnings Presentation
38 slides from Lxp Industrial Trust's earnings presentation, Jul 29, 2026
Slide 1: Quarterly Supplemental Information Second Quarter 2026
QUARTERLY SUPPLEMENTAL INFORMATION SECOND QUARTER 2026 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS June 30, 2026 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 SELEC
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) Excludes Phoenix covered land investment. (2) Includes consolidated and non-consolidated d
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) 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 rea
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 June 30, Six months ended June 30, 2026 2025 2026 2025 Gross revenues: Rental revenue $ 87,141 $ 86,744 $ 172,117 $ 174,637 Other revenue 969 975 1,941 1,945 Tota
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 June 30, Six months ended June 30, 2026 2025 2026 2025 FUNDS FROM OPERATIONS: Basic and Diluted: Net income (loss) attributable to common shareholders $ (1,630) $ 27,450 $ (3,5
Slide 7: Non-GAAP Financial Data (Continued)
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Adjusted Company FFO available to all equityholders - diluted $ 49,471 $ 47,275 $ 96,809 $ 93,686 FUNDS AVAILABLE FOR DISTRIBUTION Adjustments
Slide 8: Non-GAAP Financial Data (Continued)
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income (loss) $ (8) $ 28,397 $ (299) $ 46,559 Interest and amortization expense 13,250 16,467 26,467 32,747 Provision for income t
Slide 9: Non-GAAP Financial Data (Continued)
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Annualized Adjusted EBITDA: Three months ended June 30, 2026 Net income attributable to LXP Industrial Trust shareholders $ 55 Interest and amortization expense 13,250 Provision for income taxes 164 Depreciation and amortization 48,056 St
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Adjusted Company FFO Payout Ratio 72.1 % 82.0 % 86.5 % 85.4 % Unencumbered Assets $4.5 billion $4.5 billion $4.2 billion $4.4 billion Unencumbered NOI 96.3 % 96.3 % 96.4 % 96.5 % Debt / Gross Assets 34.7 % 3
Slide 11: Acquisition Activity
11Table of Contents ACQUISITION ACTIVITY (1) 37-acre infill industrial redevelopment site leased to Phoenix Education Partners through March 31, 2031. PROPERTY ACQUISITION: Wtd. Average Percent Initial Cost Basis Lease Term Leased at Market % Owned Square Feet ‘($000) Month Closed (Yrs) Acquisition
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) Estimated project costs exclude estimated tenant improvements and leasing costs. (4) Represents
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) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 First-Generation Costs Tenant Improvements $ 367 $ — $ 393 $ 5 Base Building — — — 147 Total First-Generation Costs $ 367 $ — $ 393 $ 152 Second-Generation C
Slide 15: Same-Store Data
15Table of Contents SAME-STORE DATA ($000) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Same-Store NOI Total Cash Base Rent $ 68,022 $ 66,593 $ 136,767 $ 133,196 Tenant Reimbursement 14,208 14,853 29,340 30,121 Property Operating Expenses (15,400) (14,925) (31,868) (30,6
Slide 16: Portfolio Information
16Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets(1) 6/30/2026 6/30/2026 Phoenix, AZ 17.2% 16.4% Greenville/Spartanburg, SC 13.6% 12.8% Atlanta, GA 10.5% 10.3% Indianapolis, IN 6.3% 5.3% Memphis, TN 6.3% 7.8% Cincinnati/Dayton, OH 6.2% 5.1% Houston, TX 6.1% 6.7% Dallas/Ft. Wo
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 6/30/2026 ($000) ABR % as of 6/30/2026(3) Amazon 2030-2033 5 3,418,231 6.6 % $ 18,085 6.1 % Phoenix Education Partners 2031 1 599,664 1.2 % 16,13
Slide 18: Quarterly Leasing Summary
18Table of Contents Footnotes: (1) Assumes 12 months of rent from the lease commencement/extension, excluding free rent periods as applicable. (2) Rent from prior tenant for square feet leased. QUARTERLY LEASING SUMMARY(1) Location Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000) New Cas
Slide 19: Lease Rollover Schedule
19Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 6/30/2026 % of ABR as of 6/30/2026 2026 - remaining 7 $ 8,498 2.8 % 2027 14 37,669 12.6 % 2028 11 22,080 7.4 % 2029 27 51,192 17.1 % 2030 14 38,855 13.0 % 2031 19 59,052 19.8 % 2032 4 6,599 2.2 % 2033 5 15,99
Slide 20: Property Leases & Vacancies - 6/30/2026
20Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 21: Property Leases & Vacancies - 6/30/2026
21Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 22: Property Leases & Vacancies - 6/30/2026
22Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 23: Property Leases & Vacancies - 6/30/2026
23Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 24: Property Leases & Vacancies - 6/30/2026
24Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 25: Property Leases & Vacancies - Available for Lease
25Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/
Slide 26: Property Leases & Vacancies - Non-Consolidated Properties
26Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2026 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 6/30/2026 ($000) Annualized Cash Base Rent
Slide 27: Property Leases & Vacancies - Non-Consolidated 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 6/30/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 6/30/2026 ($000) 6/30/2026
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 $ 8,893 $ 8,578 3.500% 03/2028 Goodyear, AZ 38,192 38,192 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 47,085 $ 46,770 4
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 $ 2,912 $ — $ — 2027 5,984 — — 2028 2,223 — 160,000 2029 960 — 250,000 2030 1,002 — 415,000 2031 605 33,399 400,000 $ 13,686 $ 33,399 $ 1,22
Slide 30: Debt Covenants
30Table of Contents DEBT COVENANTS(1) CORPORATE LEVEL DEBT MUST BE: 6/30/2026 Bank Loans: Maximum Leverage < 60% 28.7% Fixed Charge Coverage > 1.5x 3.8x Recourse Secured Indebtedness Ratio < 10% —% Secured Indebtedness Ratio < 40% 2.8% Unsecured Debt Service Coverage > 1.75x 5.5x Unencumbered Levera
Slide 31: Components of Net Asset Value
31Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended June 30, 2026 NOI for the existing property portfolio at June 30, 2026. Includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued by
Slide 32: Other Financial Data
32Table of Contents OTHER FINANCIAL DATA ($000) Balance Sheet The components of other assets are: Deposits $ 1,470 Equipment 234 Prepaids 4,563 Other receivables 215 Deferred lease incentives 14,861 Derivative asset 1,698 Deferred asset 190 Total of other assets $ 23,231 The components of other liab
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: Six months ended June 30, 2026 Common share dividends per share $ 1.40 Adjusted Company FFO per diluted share $ 1.64 Adjusted Company FFO payout ratio 85.4 % Unencumbered Assets: Real est
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