Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q1 2026 Earnings Presentation
37 slides from Lxp Industrial Trust's earnings presentation, Apr 29, 2026
Slide 1: Quarterly Supplemental Information First Quarter 2026
QUARTERLY SUPPLEMENTAL INFORMATION FIRST QUARTER 2026 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS March 31, 2026 Page PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 16 FINANCIAL DATA QUARTERLY LEASING SUMMARY 17 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 18 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 19 NON-GAAP FINANCIAL DATA 6 SELE
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. Portfolio Statistics # of Pro
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) March 31, 2026 December 31, 2025 Assets: Real estate, at cost $ 3,909,897 $ 3,908,485 Real estate - intangible assets 305,841 305,841 Land held for development 65,065 82,971 Investments in re
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 March 31, 2026 2025 Gross revenues: Rental revenue $ 84,976 $ 87,893 Other revenue 972 970 Total gross revenues 85,948 88,863 Expense applicable to revenues: Depr
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 March 31, 2026 2025 FUNDS FROM OPERATIONS: Basic and Diluted: Net income (loss) attributable to common shareholders $ (1,942) $ 17,279 Adjustments: Depreciation and amortizatio
Slide 7: Non-GAAP Financial Data (Continued)
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ended March 31, 2026 2025 Adjusted Company FFO available to all equityholders - diluted $ 47,338 $ 46,412 FUNDS AVAILABLE FOR DISTRIBUTION Adjustments: Straight-line adjustments (626) (959) Lease incenti
Slide 8: Non-GAAP Financial Data (Continued)
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended March 31, 2026 2025 Net income (loss) $ (291) $ 18,162 Interest and amortization expense 13,217 16,280 Provision for income taxes 136 215 Depreciation and amortization 46,985 50,512 General
Slide 9: Non-GAAP Financial Data (Continued)
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Annualized Adjusted EBITDA: Three Months Ended 3/31/2026 Net loss attributable to LXP Industrial Trust shareholders $ (239) Interest and amortization expense 13,217 Provision for income taxes 136 Depreciation and amortization 46,985 Strai
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2023 12/31/2024 12/31/2025 3/31/2026 Adjusted Company FFO Payout Ratio 72.1 % 82.0 % 86.5 % 87.5 % Unencumbered Assets $4.5 billion $4.5 billion $4.2 billion $4.2 billion Unencumbered NOI 96.3 % 96.3 % 96.4 % 96.4 % Debt / Gross Assets 34.7 % 3
Slide 11: Development Summary
11Table 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 12: Development Program Summary
12Table 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 13: Capital Expenditures and Leasing Costs
13Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS(1) ($000) Three months ended March 31, 2026 2025 First-Generation Costs Tenant Improvements $ 26 $ 5 Base Building — 147 Total First-Generation Costs $ 26 $ 152 Second-Generation Costs Tenant Improvements $ — $ 452 Leasing Costs 21 1,736 Bui
Slide 14: Same-Store Data
14Table of Contents SAME-STORE DATA ($000) Three months ended March 31, 2026 2025 Same-Store NOI Total Cash Base Rent $ 68,745 $ 66,603 Tenant Reimbursement 15,132 15,269 Property Operating Expenses (16,468) (15,759) Same-Store NOI $ 67,409 $ 66,113 Change in Same-Store NOI 2.0% Same-Store Statistic
Slide 15: Portfolio Information
15Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets(1) 3/31/2026 3/31/2026 Phoenix, AZ 14.6% 11.3% Greenville/Spartanburg, SC 14.0% 13.7% Atlanta, GA 10.8% 11.0% Indianapolis, IN 6.5% 5.7% Memphis, TN 6.5% 8.4% Cincinnati/Dayton, OH 6.4% 5.4% Houston, TX 6.3% 6.5% Dallas/Ft. Wo
Slide 16: Top Tenants
16Table 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 3/31/2026 ($000) ABR % as of 3/31/2026(3) Amazon 2030-2033 5 3,418,231 6.7 % $ 18,085 6.5 % Nissan 2027 2 2,971,000 5.8 % 13,537 4.9 % Black and
Slide 17: Quarterly Leasing Summary
17Table of Contents Footnotes: (1) Assumes 12 months rent from the lease commencement/extension, excluding free rent periods as applicable. (2) Rent from prior tenant for square feet leased. (3) Property consists of 639,800 square feet. During the quarter, the lease for 351,800 square feet was exten
Slide 18: Lease Rollover Schedule
18Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 3/31/2026 % of ABR as of 3/31/2026 2026 - remaining 12 $ 13,420 4.8 % 2027 15 40,609 14.7 % 2028 12 22,285 8.0 % 2029 25 49,155 17.8 % 2030 14 38,837 14.0 % 2031 16 39,428 14.3 % 2032 4 6,554 2.4 % 2033 3 13,
Slide 19: Property Leases & Vacancies
19Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 20: Property Leases & Vacancies
20Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 21: Property Leases & Vacancies
21Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 22: Property Leases & Vacancies
22Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 23: Property Leases & Vacancies
23Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 24: Property Leases & Vacancies
24Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/
Slide 25: Property Leases & Vacancies: Non-Consolidated Properties
25Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 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 3/31/2026 ($000) Annualized Cash Base Rent
Slide 26: Property Leases & Vacancies: Non-Consolidated Office JV
26Table 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 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) 3/31/2026
Slide 27: Mortgages and Notes Payable
27Table of Contents MORTGAGES AND NOTES PAYABLE Footnotes Debt Balance ($000) GAAP Balance ($000)(1) Interest Rate (%) Maturity(2) MORTGAGE(3) Long Island City, NY $ 10,119 $ 9,760 3.500% 03/2028 Goodyear, AZ 38,402 38,402 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 48,521 $ 48,162
Slide 28: Debt Maturity Schedule
28Table of Contents DEBT MATURITY SCHEDULE ($000) Consolidated Mortgage Debt Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2026 $ 4,348 $ — $ — 2027 5,984 — — 2028 2,223 — 160,000 2029 960 — 250,000 2030 1,002 — 400,000 2031 605 33,399 400,000 $ 15,122 $ 33,399 $ 1,21
Slide 29: Debt Covenants
29Table of Contents DEBT COVENANTS(1) CORPORATE LEVEL DEBT MUST BE: 3/31/2026 Bank Loans: Maximum Leverage < 60% 27.3% Fixed Charge Coverage > 1.5x 3.7x Recourse Secured Indebtedness Ratio < 10% —% Secured Indebtedness Ratio < 40% 2.9% Unsecured Debt Service Coverage > 1.75x 5.3x Unencumbered Levera
Slide 30: Components of Net Asset Value
30Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended March 31, 2026 NOI for the existing property portfolio at March 31, 2026. Includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued
Slide 31: Other Financial Data
31Table of Contents OTHER FINANCIAL DATA ($000) Balance Sheet The components of other assets are: Deposits $ 1,404 Equipment 255 Prepaids 1,744 Interest receivable 322 Other receivables 389 Deferred lease incentives 10,990 Derivative asset 1,371 Deferred asset 177 Total of other assets $ 16,652 The
Slide 32: Non-GAAP Measures Definitions
32Table 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 33: Non-GAAP Measures Definitions
33Table 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 34: Non-GAAP Measures Definitions
34Table 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 35: Select Credit Metrics Definitions
35Table of Contents SELECT CREDIT METRICS DEFINITIONS ($000, except per share data) Adjusted Company FFO Payout: Three months ended March 31, 2026 Common share dividends per share $ 0.70 Adjusted Company FFO per diluted share $ 0.80 Adjusted Company FFO payout ratio 87.5 % Unencumbered Assets: Real
Slide 36: Investor Information
36Table 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 37: LXP Industrial Trust address
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM