Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q4 2024 Earnings Presentation
39 slides from Lxp Industrial Trust's earnings presentation, Feb 13, 2025
Slide 1: Quarterly Supplemental Information Fourth Quarter 2024
QUARTERLY SUPPLEMENTAL INFORMATION FOURTH QUARTER 2024 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS December 31, 2024 Page PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 18 FINANCIAL DATA QUARTERLY LEASING SUMMARY 19 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 20 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 21 NON-GAAP FINANCIAL DATA 6 S
Slide 3: Summary / Highlights
3Table of Contents SUMMARY / HIGHLIGHTS December 31, 2024 LXP is a real estate investment trust ("REIT") focused on Class A, warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. Quarterly Highlights - Net Income - $0.11 per diluted common share - Adj
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) December 31, 2024 December 31, 2023 Assets: Real estate, at cost $ 4,176,294 $ 3,774,239 Real estate - intangible assets 318,444 314,525 Land held for development 82,827 80,743 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 ending December 31, Twelve months ending December 31, 2024 2023 2024 2023 Gross revenues: Rental revenue $ 99,829 $ 81,894 $ 354,353 $ 334,220 Other revenue 1,022 1,062
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 ending December 31, Twelve months ending December 31, 2024 2023 2024 2023 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 31,389 $ 12,985 $
Slide 7: Non-GAAP Financial Data (Continued)
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ending December 31, Twelve months ending December 31, 2024 2023 2024 2023 Adjusted Company FFO available to all equityholders - diluted $ 46,951 $ 51,352 $ 189,360 $ 206,191 FUNDS AVAILABLE FOR DISTRIBUT
Slide 8: Non-GAAP Financial Data (Continued) - NOI
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ending December 31, Twelve months ending December 31, 2024 2023 2024 2023 Net income $ 32,976 $ 19,487 $ 42,835 $ 35,923 Interest and amortization expense 15,853 13,887 66,477 46,389 Provision (b
Slide 9: Non-GAAP Financial Data (Continued) - Adjusted EBITDA
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: Twelve months ended 12/31/2024 Net income attributable to LXP Industrial Trust shareholders $ 44,534 Interest and amortization expense 66,477 Benefit for income taxes (127) Depreciation and amortization 192,863 Straight-l
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY (1) 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Adjusted Company FFO Payout Ratio 56.7 % 72.4 % 72.1 % 82.0 % Unencumbered Assets $4.2 billion $4.5 billion $4.5 billion $4.5 billion Unencumbered NOI 92.6 % 93.4 % 96.3 % 96.3 % (Debt + Preferred) / Gr
Slide 11: Other Financial Data
11Table of Contents OTHER FINANCIAL DATA 12/31/2024 ($000) Future Rent Estimates for Current Leases Year Base Rent (1) Cash Base Rent (1) Difference 2025 $ 283,374 $ 280,075 $ (3,299) 2026 267,533 269,991 2,458 Balance Sheet Other assets $ 20,762 The components of other assets are: Deposits $ 1,674
Slide 12: Quarterly Investments / Capital Recycling Summary
12Table of Contents QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY 12/31/2024 PLACED IN SERVICE DEVELOPMENT: Initial Cost Month Primary Basis Placed in Lease Percent Market % Owned Square Feet ($000)(1) Service Expiration Leased 1 Greenville/Spartanburg, SC 100% 625,238 $ 66,324 December 12/36 10
Slide 13: Development Summary
13Table of Contents DEVELOPMENT SUMMARY 12/31/2024 DEVELOPMENT PLACED IN SERVICE: Placed in Project (% Owned) Service Market Sq. Ft. Available for Lease (1) 1 South Shore Building B (100%) (2) 3Q 2024 Central Florida 80,983 2 Smith Farms Building 3 (90%) 2Q 2024 Greenville/Spartanburg, SC 1,091,888
Slide 14: Development Summary (Continued) - Land Held for Development
14Table of Contents DEVELOPMENT SUMMARY (CONTINUED) 12/31/2024 LAND HELD FOR DEVELOPMENT: GAAP LXP Investment Balance Amount Funded Project Approximate 12/31/2024 12/31/2024 (% owned) Market Acres ($000) ($000)(1) Consolidated 1 Reems & Olive (95.5%)(2) Phoenix, AZ 315 $ 75,324 $ 74,175 2 Mt. Comfor
Slide 15: Capital Expenditures and Leasing Costs
15Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS (1) 12/31/2024 ($000) Twelve months ending December 31, 2024 2023 First Generation Costs Tenant Improvements $ 378 $ 3,065 Leasing Costs — 1,161 Base Building 881 1,087 Total First Generation Costs $ 1,259 $ 5,313 Second Generation Costs Ten
Slide 16: Same Store Data
16Table of Contents SAME STORE DATA 12/31/2024 ($000) Same Store NOI Three months ending December 31, QUARTER 2024 2023 Total Cash Base Rent $ 62,113 $ 59,762 Tenant Reimbursement 12,479 11,360 Property Operating Expenses (13,246) (12,196) Same-Store NOI $ 61,346 $ 58,926 Change in Same-Store NOI 4.
Slide 17: Portfolio Information
17Table of Contents PORTFOLIO INFORMATION 12/31/2024 ABR % as of Markets (1) 12/31/2024 Greenville/Spartanburg, SC 11.1% Phoenix, AZ 11.0% Atlanta, GA 10.4% Memphis, TN 7.8% Houston, TX 6.7% Columbus, OH 5.7% Dallas/Ft. Worth, TX 5.4% Cincinnati/Dayton, OH 5.2% Indianapolis, IN 5.1% Central Florida
Slide 18: Top Tenants
18Table of Contents TOP 15 TENANTS 12/31/2024 Tenants (1) Lease Expirations Number of Leases Sq. Ft. Leased Sq. Ft. Leased as a % of Consolidated Portfolio (2)(3) ABR as of 12/31/2024 ($000) ABR % as of 12/31/2024 (2)(4) Amazon 2026-2033 6 3,864,731 7.1 % $ 18,949 6.7 % Nissan 2027 2 2,971,000 5.5 %
Slide 19: Quarterly Leasing Summary
19Table of Contents QUARTERLY LEASING SUMMARY (1) 12/31/2024 Location Prior Term Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000) Prior Base Rent Per Annum ($000) (1) New Cash Base Rent Per Annum ($000) Prior Cash Base Rent Per Annum ($000) (2) NEW LEASE - SECOND GENERATION 1 Lockbourne,
Slide 20: Lease Rollover Schedule
20Table of Contents LEASE ROLLOVER SCHEDULE 12/31/2024 ($000) Year Number of Leases Expiring ABR as of 12/31/2024 Percent of ABR as of 12/31/2024 Percent of ABR as of 12/31/2023 2025 10 $ 11,159 3.9 % 6.9 % 2026 23 32,210 11.4 % 12.4 % 2027 18 41,356 14.6 % 14.0 % 2028 10 24,529 8.7 % 6.8 % 2029 23
Slide 21: Property Leases & Vacancies
21Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) SI
Slide 22: Property Leases & Vacancies
22Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) WA
Slide 23: Property Leases & Vacancies
23Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) WA
Slide 24: Property Leases & Vacancies
24Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) WA
Slide 25: Property Leases & Vacancies
25Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) WA
Slide 26: Property Leases & Vacancies - Multi-Tenant / Available
26Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/31/2024 ($000) MU
Slide 27: Property Leases & Vacancies - Non-Consolidated
27Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) LXP % Ownership Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/3
Slide 28: Property Leases & Vacancies - Non-Consolidated Office JV
28Table of Contents PROPERTY LEASES & VACANCIES - 12/31/2024 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) LXP % Ownership Annualized Base Rent as of 12/31/2024 ($000) Annualized Cash Base Rent (“ABR”) as of 12/3
Slide 29: Mortgages and Notes Payable
29Table of Contents MORTGAGES AND NOTES PAYABLE 12/31/2024 Property Footnotes Debt Balance ($000) Interest Rate (%) Maturity (a) Current Estimated Annual Debt Service ($000) (b) Balloon Payment ($000) MORTGAGE (c) Long Island City, NY $ 16,097 3.500% 03/2028 $ 5,245 $ — Goodyear, AZ 39,418 4.290% 08
Slide 30: Mortgages and Notes Payable (Continued)
30Table of Contents MORTGAGES AND NOTES PAYABLE (CONTINUED) 12/31/2024 ($000) GAAP Balance Deferred Loan Costs, net Discounts Gross Balance Mortgages and notes payable (c) $ 54,930 $ 585 $ — $ 55,515 Term loans payable (e) 297,814 2,186 — 300,000 Senior notes payable (e) 1,089,373 6,896 3,731 1,100,
Slide 31: Debt Maturity Schedule
31Table of Contents DEBT MATURITY SCHEDULE 12/31/2024 ($000) Consolidated Properties Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2025 $ 5,570 $ — $ — 2026 5,773 — — 2027 (1) 5,984 — 300,000 2028 2,223 — 300,000 2029 960 — — $ 20,510 $ — $ 600,000 Footnotes: (1) LXP
Slide 32: Debt Covenants
32Table of Contents DEBT COVENANTS (1) CORPORATE LEVEL DEBT MUST BE: 12/31/2024 Bank Loans: Maximum Leverage < 60% 36.4% Fixed Charge Coverage > 1.5x 3.1x Recourse Secured Indebtedness Ratio < 10% cap value —% Secured Indebtedness Ratio < 40% 3.2% Unsecured Debt Service Coverage > 2.0x 4.2x Unencumb
Slide 33: Components of Net Asset Value
33Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended 12/31/2024 NOI for the existing property portfolio at December 31, 2024, includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued b
Slide 34: Non-GAAP Measures Definitions
34Table 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 35: Non-GAAP Measures Definitions
35Table 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 36: Non-GAAP Measures Definitions
36Table 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 37: Select Credit Metrics Definitions
37Table of Contents SELECT CREDIT METRICS DEFINITIONS ($000) Adjusted Company FFO Payout: Twelve months ending December 31, 2024 Common share dividends per share $ 0.525 Adjusted Company FFO per diluted share $ 0.64 Adjusted Company FFO payout ratio 82.0 % Unencumbered Assets: Real estate, at cost $
Slide 38: Investor Information
38Table 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 39: LXP Industrial Trust address
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM