Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q1 2024 Earnings Presentation
23 slides from Lxp Industrial Trust's earnings presentation, May 2, 2024
Slide 1: Investor Presentation First Quarter 2024
INVESTOR PRESENTATION FIRST 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 Overview1 30 Years $5.1B 56.9M 95.5% 77% 30% Publicly-Traded Gross Assets SF2 Leased3 Top 25 Green Building Markets4 Certified2 Strategic Business Plan Focused on Delivering Value Industrial Portfolio Attributes ▪ Warehouse/Distribution Pure Play Industrial
Slide 4: Compelling Industrial Investment Opportunity
LXP INDUSTRIAL TRUST Compelling Industrial Investment Opportunity1 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 9.3 years2 High-Quality ✓ Lower risk portfolio
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 share1,2 to be 24% below market Contractual Rental Escalations 3.7% average escal
Slide 6: Warehouse/Distribution Pure-Play Portfolio
LXP INDUSTRIAL TRUST Warehouse/Distribution Pure-Play Portfolio1 High-quality, Class A warehouse/distribution properties with modern specs in top markets. Portfolio Metrics Building Metrics 115 56.9M 5.9 Years 503,856 SF 33.2’ Properties SF Weighted-Average Average Building Size Average Clear Lease
Slide 7: Diversified by Tenant, Market and Industry
LXP INDUSTRIAL TRUST Diversified by Tenant, Market and Industry1 Top 10 Tenants Phoenix Tenants2 % of SF3,4 % of ABR3,5 3.8% 4.8% 13.3% Greenville/Spartanburg Amazon 7.1% 6.8% Atlanta Nissan 5.4% 4.8% 5.3% Memphis Kellanova 5.1% 3.5% 5.3% Top 10 Houston Black and Decker 4.2% 3.4% Wal-Mart 4.3% 3.2%
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 Rollover1 Attractive mark-to-market opportunity based on current rents in our industrial portfolio. Lease Rollover Schedule2 24% Below Market3 $50,000 13.9% 13.4% $40,000 12.3% 11.2% 10.0% ($ in thousands) $30,000 $20,000 6.8% 6.8% 4.6% 3.5% $10,000 2
Slide 10: Recent Successful Leasing Outcomes
LXP INDUSTRIAL TRUST Recent Successful Leasing Outcomes Notable leasing outcomes contribute to increased revenue and improved internal growth profile. Property Market Atlanta Dallas Square Footage 370,000 501,000 Rental Increases ~79% - Base Rent ~58% - Base Rent ~62% - Cash Base Rent ~32% - Cash Ba
Slide 11: 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 12: Development Pipeline Summary
LXP INDUSTRIAL TRUST Development Pipeline Summary First Quarter 2024 Development Projects Actual/Estimated # of Estimated Estimated Project Base Building % Leased (As of Estimated Placed In Project (% Owned) Buildings Market SF Cost ($000)1 Completion Date 3/31/2024) Service Date Consolidated Build-
Slide 13: Proforma Capital Structure Details
LXP INDUSTRIAL TRUST Proforma Capital Structure Details1 Amount Interest Rate/ Debt ($ in Millions) Coupon Unsecured Credit Facility Due 2026 $ 0.0 SOFR + 0.85% Preferred Trust Equity, Preferred, Unsecured Bonds Due 2028 300.0 6.750% Mortgage 2.3% 3.1% Debt, 1.4% Unsecured Term Debt, Unsecured Bonds
Slide 14: Balance Sheet Strategy
LXP INDUSTRIAL TRUST Balance Sheet Strategy1 Focus on sustaining a strong balance sheet and maintaining investment-grade ratings. Proforma Consolidated Debt Maturity Profile ($000’s)2,3 Credit Metrics Summary $600,000 Adjusted Company FFO Payout Ratio 81.3% $500,000 2.7% 2.4% Unencumbered Assets $4.
Slide 15: 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 16: Environmental Social
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Environmental Social Actions & Performance ▪ Annually evaluate sustainability opportunities to improve efficiency, reduce our operating costs and properties’ environmental footprint ▪ Circulate sustainability-focused resources for tenants and property managers
Slide 17: 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 18: 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 19: 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 20: Appendix
LXP INDUSTRIAL TRUST Appendix 20
Slide 21: Other Property Portfolio / Office Joint Venture Portfolio
LXP INDUSTRIAL TRUST Other Property Portfolio1 Square Lease Address City State Property Type Footage Expiration 3476 Stateview Blvd2 Fort Mill SC Office 169,083 2024 3480 Stateview Blvd2 Fort Mill SC Office 169,218 2024 30 Light Street Baltimore MD Other - 2048 Office Joint Venture Portfolio1 Square
Slide 22: Special Purpose Industrial Joint Venture Portfolio
LXP INDUSTRIAL TRUST Special Purpose Industrial Joint Venture Portfolio1 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
Slide 23: LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM