Lxp Industrial Trust · NYSE:LXP
Lxp Industrial Trust — Q3 2025 Earnings Presentation
38 slides from Lxp Industrial Trust's earnings presentation, Oct 30, 2025
Slide 1: Quarterly Supplemental Information Third Quarter 2025
QUARTERLY SUPPLEMENTAL INFORMATION THIRD QUARTER 2025 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS September 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
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) Excludes an additional two-year extension to 2030 at a 605,000 square foot facility in Aus
Slide 4: Consolidated Balance Sheets
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) September 30, 2025 December 31, 2024 Assets: Real estate, at cost $ 3,994,311 $ 4,176,294 Real estate - intangible assets 314,418 318,444 Land held for development 83,254 82,827 Investments i
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 September 30, Nine months ended September 30, 2025 2024 2025 2024 Gross revenues: Rental revenue $ 85,811 $ 84,549 $ 260,448 $ 254,524 Other revenue 1,091 1,021 3
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 September 30, Nine months ended September 30, 2025 2024 2025 2024 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 34,616 $ 4,689 $ 79
Slide 7: Non-GAAP Financial Data (Continued)
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Adjusted Company FFO available to all equityholders - diluted $ 46,681 $ 46,707 $ 140,367 $ 142,409 FUNDS AVAILABLE FOR DISTRIBUTIO
Slide 8: Non-GAAP Financial Data (Continued) - Net Operating Income
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net income $ 42,357 $ 5,613 $ 88,916 $ 9,859 Interest and amortization expense 16,095 16,037 48,842 50,624 Provision for in
Slide 9: Non-GAAP Financial Data (Continued) - Adjusted EBITDA
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Trailing 12 Months Net income attributable to LXP Industrial Trust shareholders $ 36,279 $ 29,132 $ 18,978 $ 33,031 $ 117,420 Interest and amortization expense 16,095 16,467 16,280
Slide 10: Select Credit Metrics Summary
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2022 12/31/2023 12/31/2024 9/30/2025 Adjusted Company FFO Payout Ratio 72.4 % 72.1 % 82.0 % 86.2 % Unencumbered Assets $4.5 billion $4.5 billion $4.5 billion $4.3 billion Unencumbered NOI 93.4 % 96.3 % 96.3 % 96.5 % Debt / Gross Assets 30.1 % 3
Slide 11: Transaction Activity
11Table of Contents TRANSACTION ACTIVITY Footnotes: (1) Non-target market. (2) Outdoor storage facility. (3) Capitalization rates exclude the two vacant development projects sold to a user buyer during the quarter. LEASED PROPERTY DISPOSITIONS: Gross Disposition Month of % Gross Disposition Location
Slide 12: Development Summary
12Table 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) During the quarter ended June 30, 2025, the tenant vacated the building and LXP began redevelopi
Slide 13: Development Summary
13Table of Contents DEVELOPMENT 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 3Q 2024
Slide 14: Capital Expenditures and Leasing Costs
14Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS(1) ($000) Nine months ended September 30, 2025 2024 First-Generation Costs Tenant Improvements $ 7 $ 234 Base Building 147 881 Total First-Generation Costs $ 154 $ 1,115 Second-Generation Costs Tenant Improvements $ 6,435 $ 1,245 Leasing Cos
Slide 15: Same-Store Data
15Table of Contents SAME-STORE DATA ($000) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Same-Store NOI Total Cash Base Rent $ 63,157 $ 61,722 $ 189,018 $ 182,477 Tenant Reimbursement 13,227 13,142 42,312 39,977 Property Operating Expenses (13,667) (13,402) (42
Slide 16: Portfolio Information
16Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets(1) 9/30/2025 9/30/2025 Phoenix, AZ 14.2% 11.3% Greenville/Spartanburg, SC 13.8% 13.5% Atlanta, GA 10.5% 10.6% Indianapolis, IN 6.4% 4.7% Memphis, TN 6.3% 8.0% Cincinnati/Dayton, OH 6.3% 5.3% Houston, TX 6.1% 6.4% Dallas/Ft. Wo
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 9/30/2025 ($000) ABR % as of 9/30/2025(3) Amazon 2026-2033 6 3,864,731 7.4 % $ 19,228 6.9 % Nissan 2027 2 2,971,000 5.7 % 13,438 4.8 % Black and
Slide 18: Quarterly Leasing Summary
18Table of Contents QUARTERLY LEASING SUMMARY(1) Location Prior Term New Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000) Prior Base Rent Per Annum ($000)(1) % Change New Cash Base Rent Per Annum ($000) Prior Cash Base Rent Per Annum ($000)(1) % Change LEASE EXTENSIONS 1 Dallas, TX 09/20
Slide 19: Lease Rollover Schedule
19Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 9/30/2025 % of ABR as of 9/30/2025 2025 - remaining 1 $ 1,075 0.4 % 2026 21 27,162 9.7 % 2027 16 46,637 16.6 % 2028 10 19,909 7.1 % 2029 24 46,247 16.5 % 2030 14 38,506 13.7 % 2031 13 29,283 10.4 % 2032 4 6,0
Slide 20: Property Leases & Vacancies - 9/30/2025
20Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 21: Property Leases & Vacancies - 9/30/2025
21Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 22: Property Leases & Vacancies - 9/30/2025
22Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 23: Property Leases & Vacancies - 9/30/2025
23Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 24: Property Leases & Vacancies - 9/30/2025
24Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 25: Property Leases & Vacancies - Available for Lease
25Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent (“ABR”) as of 9/
Slide 26: Property Leases & Vacancies - Non-Consolidated Properties
26Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent
Slide 27: Property Leases & Vacancies - Non-Consolidated Office JV
27Table of Contents PROPERTY LEASES & VACANCIES - 9/30/2025 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 9/30/2025 ($000) Annualized Cash Base Rent
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 $ 12,541 $ 12,092 3.500% 03/2028 Goodyear, AZ 38,815 38,815 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 51,356 $ 50,907
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 $ 1,411 $ — $ — 2026 5,773 — — 2027 5,984 — 250,000 2028 2,223 — 300,000 ‘(1) 2029 960 — — 2030 1,002 — 400,000 2031 604 33,399
Slide 30: Debt Covenants
30Table of Contents DEBT COVENANTS(1) CORPORATE LEVEL DEBT MUST BE: 9/30/2025 Bank Loans: Maximum Leverage < 60% 30.7% Fixed Charge Coverage > 1.5x 3.3x Recourse Secured Indebtedness Ratio < 10% —% Secured Indebtedness Ratio < 40% 3.2% Unsecured Debt Service Coverage > 2.0x 4.3x Unencumbered Leverag
Slide 31: Components of Net Asset Value
31Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended September 30, 2025 NOI for the existing property portfolio at September 30, 2025, includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets unde
Slide 32: Other Financial Data
32Table of Contents OTHER FINANCIAL DATA ($000) Balance Sheet The components of other assets are: Deposits $ 3,474 Equipment 302 Prepaids 3,597 Interest receivable 100 Other receivables 1,055 Deferred lease incentives 8,137 Derivative asset 1,058 Deferred asset 171 Total of other assets $ 17,894 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, except per share data) Adjusted Company FFO Payout: Nine months ended September 30, 2025 Common share dividends per share $ 0.405 Adjusted Company FFO per diluted share $ 0.47 Adjusted Company FFO payout ratio 86.2 % Unencumbered Assets: R
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
LXP INDUSTRIAL TRUST ■ 515 N. FLAGLER DRIVE ■ SUITE 408 ■ WEST PALM BEACH, FL 33401 ■ WWW.LXP.COM