Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q2 2025 Earnings Presentation
38 slides from Lxp Industrial Trust's earnings presentation, Jul 30, 2025
Slide 1: Quarterly Supplemental Information Second Quarter 2025
QUARTERLY SUPPLEMENTAL INFORMATION SECOND QUARTER 2025 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS June 30, 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 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) Includes consolidated and non-consolidated developable land. Quarterly Highlights Portfoli
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) June 30, 2025 December 31, 2024 Assets: Real estate, at cost $ 4,126,352 $ 4,176,294 Real estate - intangible assets 313,296 318,444 Land held for development 82,945 82,827 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, 2025 2024 2025 2024 Gross revenues: Rental revenue $ 86,744 $ 84,768 $ 174,637 $ 169,975 Other revenue 975 1,018 1,945 2,062 To
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, 2025 2024 2025 2024 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 27,450 $ 3,775 $ 44,729 $ 1,84
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, 2025 2024 2025 2024 Adjusted Company FFO available to all equityholders - diluted $ 47,275 $ 46,904 $ 93,686 $ 95,702 FUNDS AVAILABLE FOR DISTRIBUTION Adjustments
Slide 8: Non-GAAP Financial Data (Continued) - NOI
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income $ 28,397 $ 4,801 $ 46,559 $ 4,246 Interest and amortization expense 16,467 17,603 32,747 34,587 Provision for income taxes
Slide 9: Non-GAAP Financial Data (Continued) - Adjusted EBITDA
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Trailing 12 Months Net income attributable to LXP Industrial Trust shareholders $ 29,132 $ 18,978 $ 33,031 $ 6,346 $ 87,487 Interest and amortization expense 16,467 16,280 15,853 1
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2022 12/31/2023 12/31/2024 6/30/2025 Adjusted Company FFO Payout Ratio 72.4 % 72.1 % 82.0 % 84.4 % Unencumbered Assets $4.5 billion $4.5 billion $4.5 billion $4.4 billion Unencumbered NOI 93.4 % 96.3 % 96.3 % 96.5 % Debt / Gross Assets 30.1 % 3
Slide 11: Disposition Summary
11Table of Contents DISPOSITION SUMMARY Footnotes: (1) Represents the aggregate GAAP and Cash cap rates for dispositions for the quarter ended June 30, 2025. PROPERTY DISPOSITION: Gross Month Gross Disposition of % Disposition Location % Owned Price ($000) Disposition Leased Price PSF 1 Chillicothe,
Slide 12: Development Summary
12Table of Contents DEVELOPMENT SUMMARY DEVELOPMENT PLACED IN SERVICE: Placed in Project (% Owned) Service Market Sq. Ft. Available for Lease (6) 1 South Shore Building B (100%) 3Q 2024 Central Florida 80,983 2 South Shore Building A (100%) 2Q 2024 Central Florida 132,212 3 Ocala (80%) 1Q 2024 Centr
Slide 13: Development Summary (Continued)
13Table of Contents DEVELOPMENT SUMMARY (CONTINUED) LAND HELD FOR INDUSTRIAL DEVELOPMENT: GAAP LXP Investment Balance Amount Funded Project Approximate 6/30/2025 6/30/2025 (% owned) Market Acres ($000) ($000)(1) Consolidated 1 Reems & Olive (95.5%) Phoenix, AZ 315 $ 75,352 $ 74,239 2 Mt. Comfort Pha
Slide 14: Capital Expenditures and Leasing Costs
14Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS (1) ($000) Six months ended June 30, 2025 2024 First-Generation Costs Tenant Improvements $ 5 $ 234 Base Building 147 881 Total First-Generation Costs $ 152 $ 1,115 Second-Generation Costs Tenant Improvements $ 6,049 $ 459 Leasing Costs 2,35
Slide 15: Same-Store Data
15Table of Contents SAME-STORE DATA ($000) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Same-Store NOI Total Cash Base Rent $ 63,413 $ 61,235 $ 126,856 $ 121,605 Tenant Reimbursement 14,277 13,315 29,093 26,845 Property Operating Expenses (14,211) (13,945) (29,313) (27,8
Slide 16: Portfolio Information
16Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets (1) 6/30/2025 6/30/2025 Phoenix, AZ 13.7% 11.2% Greenville/Spartanburg, SC 13.4% 13.4% Atlanta, GA 9.6% 9.9% Indianapolis, IN 7.6% 5.3% Central Florida 6.2% 3.6% Memphis, TN 6.2% 7.9% Cincinnati/Dayton, OH 6.1% 5.2% Houston, T
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 6/30/2025 ($000) ABR % as of 6/30/2025 ($000) (3) Amazon 2026-2033 6 3,864,731 7.3 % $ 18,973 6.7 % Nissan 2027 2 2,971,000 5.6 % 13,438 4.8 %
Slide 18: Quarterly Leasing Summary
18Table of Contents QUARTERLY LEASING SUMMARY (1) Location Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000) New Cash Base Rent Per Annum ($000) NEW LEASE - FIRST GENERATION 1 Greer, SC 05/2027 1,091,888 $ 5,511 $ 6,038 1 TOTAL NEW LEASES - FIRST GENERATION 1,091,888 $ 5,511 $ 6,038 Locat
Slide 19: Lease Rollover Schedule
19Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 6/30/2025 % of ABR as of 6/30/2025 2025 - remaining 4 $ 3,472 1.2 % 2026 22 29,698 10.5 % 2027 18 47,881 17.0 % 2028 9 19,339 6.9 % 2029 23 43,330 15.4 % 2030 13 36,850 13.1 % 2031 13 29,171 10.4 % 2032 4 5,9
Slide 20: Property Leases & Vacancies
20Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 21: Property Leases & Vacancies
21Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 22: Property Leases & Vacancies
22Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 23: Property Leases & Vacancies
23Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 24: Property Leases & Vacancies
24Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 25: Property Leases & Vacancies - Available for Lease
25Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of
Slide 26: Property Leases & Vacancies - Non-Consolidated Properties
26Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Ren
Slide 27: Property Leases & Vacancies - NNN Office JV Properties
27Table of Contents PROPERTY LEASES & VACANCIES - 6/30/2025 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 6/30/2025 ($000) Annualized Cash Base Ren
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 $ 13,737 $ 13,242 3.500% 03/2028 Goodyear, AZ 39,018 39,018 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 52,755 $ 52,
Slide 29: Debt Maturity Schedule
29Table of Contents DEBT MATURITY SCHEDULE ($000) Consolidated Mortgage Debt Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2025 - remaining $ 2,810 $ — $ — 2026 5,773 — — 2027 5,984 — 250,000 2028 2,223 — 300,000 2029 960 — — 2030 1,002 — 400,000 2031 604 33,399 400,0
Slide 30: Debt Covenants
30Table of Contents DEBT COVENANTS (1) CORPORATE LEVEL DEBT MUST BE: 6/30/2025 Bank Loans: Maximum Leverage < 60% 34.9% Fixed Charge Coverage > 1.5x 3.2x Recourse Secured Indebtedness Ratio < 10% cap value —% Secured Indebtedness Ratio < 40% 3.1% Unsecured Debt Service Coverage > 2.0x 4.3x Unencumbe
Slide 31: Components of Net Asset Value
31Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended June 30, 2025 NOI for the existing property portfolio at June 30, 2025, 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 $ 2,886 Equipment 308 Prepaids 5,716 Interest receivable 189 Other receivables 2,416 Deferred lease incentives 8,516 Derivative asset 1,617 Deferred asset 185 Total of other assets $ 21,833 The
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) Adjusted Company FFO Payout: Six months ended June 30, 2025 Common share dividends per share $ 0.27 Adjusted Company FFO per diluted share $ 0.32 Adjusted Company FFO payout ratio 84.4 % Unencumbered Assets: Real estate, at cost $ 4,556,32
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 address and website
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM