LXP Industrial Trust reported third‑quarter 2025 results showing total gross revenues of $86.9 million, up 1.5% from $85.6 million in the same quarter a year earlier. Net income attributable to common shareholders rose to $34.6 million, or $0.12 per diluted share, compared with $4.7 million, or $0.02 per diluted share, in Q3 2024. Adjusted Company FFO remained steady at $46.7 million, or $0.16 per diluted share, matching the prior year’s figure.
The company completed the sale of two vacant development projects totaling 2,138,640 sq ft in Ocala, Florida, and Indianapolis, Indiana, on September 30 2025. The gross sale price was $175 million, with net proceeds of approximately $151 million. The transaction represented a 20% premium to book value and contributed a significant gain to net income. Net debt to Adjusted EBITDA was reduced to 5.2× at quarter‑end.
Portfolio occupancy stayed high at 96.8% of stabilized assets. Over the nine months ended September 30, 2025, LXP entered into 2.9 million sq ft of first‑ and second‑generation leases, with base rents increasing 30.8% and cash base rents up 30.1%. Operational efficiencies and strong demand for Class A industrial space helped offset potential margin pressure.
Management reiterated full‑year guidance on a pre‑split basis: net income per diluted share of $0.25 to $0.26 and Adjusted Company FFO of $0.63 to $0.64. The guidance reflects the accretive impact of the sale and debt repayment, and the company’s focus on its 12‑market Sun Belt and lower Midwest strategy.
The company declared a regular quarterly common‑share dividend of $0.14 per share, payable January 15 2026, and a cash dividend of $0.8125 per share of Series C Preferred stock. A 1‑for‑5 reverse stock split will take effect November 10 2025, aimed at increasing the per‑share trading price and meeting exchange listing requirements.
Management noted that while the company enjoys strong leasing momentum, it remains mindful of headwinds such as rising interest rates and construction costs, and plans modest speculative development in 2026 to support future growth.
Despite a low Altman Z‑Score of 0.77, LXP’s high institutional ownership of 98.07% and liquidity from the sale support its financial position.
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