Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q1 2025 Earnings Presentation
24 slides from Lxp Industrial Trust's earnings presentation, May 1, 2025
Slide 1: Investor Presentation First Quarter 2025
INVESTOR PRESENTATION FIRST QUARTER 2025
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 – Preeminent U.S. Industrial REIT
LXP INDUSTRIAL TRUST LXP Industrial Trust – Preeminent U.S. Industrial REIT LXP 118 57.3M NYSE Properties Square Feet >30 Yrs 100% ~47% Industrial Investment Grade Publicly Traded Real Estate Tenancy $4.9B 85% ~91% Gross Assets 12 Target Markets1 Class A Properties2 Ratings4 6.8% Baa2 BBB BBB- Divid
Slide 4: First Quarter Highlights
LXP INDUSTRIAL TRUST First Quarter Highlights − Sold one property for ~$35M at a cash capitalization rate of 3.8% − Commenced redevelopment of ~250K SF warehouse facility − Leased ~1.1M SF • Signed 540K lease extension, increasing Base and Cash Base Rents ~52% and 59%, respectively • Extended 605K S
Slide 5: Business Plan Focused on Delivering Value
LXP INDUSTRIAL TRUST Business Plan Focused on Delivering Value Pure-play industrial REIT Portfolio concentrated in new, Class A bulk distribution real estate with an average age of 9.5 years1 Investment strategy focused on 12 markets in the Sunbelt and lower Midwest with population and job growth 3.
Slide 6: Warehouse/Distribution Pure-Play Portfolio
LXP INDUSTRIAL TRUST Warehouse/Distribution Pure-Play Portfolio High-quality, Class A bulk logistics portfolio with modern specs and strong internal growth profile Portfolio Metrics Internal Growth Profile − 118 Properties − 5.2% 1Q Same-Store NOI Growth 9% − 57.3M SF − ~18% Current Mark-to-Market (
Slide 7: High Credit Quality Tenants Across Diverse Range of Industries
LXP INDUSTRIAL TRUST High Credit Quality Tenants Across Diverse Range of Industries Top 10 Tenants Tenants1 % of SF2 % of ABR Amazon 7.2% 6.7% Nissan 5.6% 4.7% Black and Decker 4.3% 3.4% Walmart 4.4% 3.2% GXO Logistics 3.2% 2.8% Watco 0.2% 2.3% FedEx 0.5% 2.2% Owens Corning 1.6% 2.2% Olam 2.2% 2.1%
Slide 8: Focused on 12 Markets in Sunbelt and Lower Midwest
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Focused on 12 Markets in Sunbelt and Lower Midwest LXP Target Market Characteristics − Business friendly government policies − Strong population and job growth − Direct access to rail, port and airport infrastructure − Attracting advanced manufacturing onshori
Slide 9: Favorable Demographics in LXP's 12 Target Markets
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Favorable Demographics in LXP’s 12 Target Markets − Population and employment growth in LXP’s 12 target markets has been 3.5x and 1.7x higher than the national average, respectively, reflecting1: o Business friendly policies attracting investment and creating
Slide 10: LXP is Well-Positioned for Reshoring of Manufacturing
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST LXP is Well- Positioned for Reshoring of Manufacturing “The ongoing trend of companies shifting locations of their manufacturing operations is emerging as the second great industrial market disruptor of the 21st century, following the rise of e-commerce” - New
Slide 11: Reshoring Investment Focused in LXP's 12 Target Markets
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Reshoring Investment Focused in LXP’s 12 Target Markets LXP market selection criteria aligned with attributes Key Criteria for Site attracting major manufacturing investment Selection Favor LXP Markets − Availability of sites for large- scale projects − Access
Slide 12: Identifiable Earnings Growth Drivers
LXP INDUSTRIAL TRUST Identifiable Earnings Growth Drivers Looking Ahead Mark-to-Market Opportunity Estimated to increase initial annual cash rent Leases expiring through 2030 estimated to by $32M, or $0.11 per share (17% of FFO)1,2 have a ~18% current mark-to-market Contractual Rental Escalations 3.
Slide 13: Rental Growth, Escalators and Leasing Spreads
LXP INDUSTRIAL TRUST Same-Store NOI Growth ~18% Current Mark-to-Market2 Significant mark-to-market opportunity $50 and rent escalators driving Lease Rollover Schedule1 14.9% 15.1% $40 13.2% strong same-store NOI growth ($ in millions) 10.6% $30 6.8% $20 $10 3.4% Historical Same-Store NOI Growth $0 8
Slide 14: Development Program Highlights
LXP INDUSTRIAL TRUST Development Program Highlights1 Development Program Enhances External and Internal Growth Profile Development Program4 2.5 1.09 ▪ 9.1 Million SF of development core and shell construction Square Feet (in millions) completed (15 facilities) 1.73 ▪ ~5.7 Million SF of first generat
Slide 15: Value Creation at Phoenix Land Development
LXPINDUSTRIAL LXP INDUSTRIALTRUST TRUST Value Creation at Phoenix Land Development Future opportunity to develop ~315-acre development site in Phoenix, where LXP recently sold a ~100-acre parcel to a data center user for $86.5M Phoenix Development Site and Data Center Initial Investment 4Q Acquired
Slide 16: Strong Balance Sheet with Attractive Debt Maturity Profile
LXP INDUSTRIAL TRUST Strong Balance Sheet with Attractive Debt Maturity Profile1 Attractive weighted-average interest rate of 3.96% with a Consolidated Debt Maturity Profile ($mm)2 weighted-average term of 5.3 years; approximately 97% $450 at fixed rates for 2025 and 2026 2.70% 2.38% $400 $350 6.75%
Slide 17: Our Environmental, Social, Governance and Resilience Strategy
LXP INDUSTRIAL TRUST Our Environmental, Social, Governance and Resilience Strategy Our Approach ESG+R Priorities − Strategy led by our ESG+R Taskforce that − Oversight provided by the Nominating and ESG establishes our priorities and actions Committee of our Board of Trustees − Transparency through
Slide 18: Sustainability Highlights and Progress
LXP INDUSTRIAL TRUST Sustainability Highlights and Progress1 Environmental Resilience − 33% green building certified2 across portfolio • Assessed Carbon Risk Real Estate Monitor − Completed second GHG inventory (CRREM) decarbonization pathways across our − Submitted Energy Star applications for port
Slide 19: 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 20: 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 21: Appendix
LXP INDUSTRIAL TRUST Appendix 21
Slide 22: Development Pipeline Summary
LXP INDUSTRIAL TRUST Development Pipeline Summary Completed Development Placed In Service FIRST GENERATION LEASING Placed In Initial Lease Project (% Owned) Market SF Service Term Piedmont (100%) Greenville/ 625,238 4Q 2024 12 Spartanburg Etna Building D (100%) Columbus 250,020 3Q 2024 5 Cotton 303
Slide 23: Credit Metrics Summary
LXP INDUSTRIAL TRUST Credit Metrics Summary Credit Metrics Summary Adjusted Company FFO Payout Ratio 84.4% Unencumbered Assets $4.5B Unencumbered NOI 96.5% (Debt + Preferred)/Gross Assets 33.3% Debt/Gross Assets 31.3% Secured Debt/Gross Assets 1.1% Unsecured Debt/Unencumbered Assets 32.9% Net Debt/A
Slide 24: LXP Industrial Trust contact details
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM