LXP Industrial Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>LXP Industrial Trust has submitted its 2023 annual report on Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

LXP Industrial Trust (LXP-PC) filed a Annual Report (10-K) with the SEC on February 15, 2024. LXP Industrial Trust filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Lexington Realty Trust. Its primary business address is One Penn Plaza, Suite 4015, New York, NY 10119. The company's IRS number is 133717318.

Why It Matters

For investors and stakeholders tracking LXP Industrial Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of LXP Industrial Trust's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. As a Real Estate Investment Trust (REIT), understanding the details within this filing is essential for stakeholders to evaluate its portfolio, income generation, and compliance with relevant regulations.

Risk Assessment

Risk Level: medium — LXP Industrial Trust shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any significant positive or negative deviations that would suggest an unusually high or low risk profile without further in-depth analysis of the financial statements and risk factors sections.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify specific areas of financial performance, operational challenges, or strategic opportunities for LXP Industrial Trust.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• 133717318 — IRS Number (IRS Number)

Key Players & Entities

• LXP Industrial Trust (company) — Filer name
• Lexington Realty Trust (company) — Former company name
• New York (company) — Business address city
• MD (company) — State of incorporation

FAQ

Industry Context

LXP Industrial Trust operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on industrial properties. This sector is influenced by economic conditions, real estate market trends, and tenant demand for industrial and logistics space.

Regulatory Implications

As a publicly traded company and a REIT, LXP Industrial Trust is subject to regulations from the U.S. Securities and Exchange Commission (SEC) and potentially state-specific real estate and corporate laws.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and asset/liability figures.
2. Examine the risk factors section for potential challenges and uncertainties facing LXP Industrial Trust.
3. Review any disclosures related to executive compensation and corporate governance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for LXP Industrial Trust.)

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (Indicates the business structure and primary focus of LXP Industrial Trust.)

Year-Over-Year Comparison

This is the initial filing data extracted for LXP Industrial Trust's 2023 10-K. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $0.0001 — hares of beneficial interest, par value $0.0001 per share, classified as Common Stock L
• $9.75 — ock Exchange as of that date, which was $9.75 per share. Number of common shares out
• $0 — shares of beneficial interest par value $0.0001, classified as common stock. When
• $7.8 million — our common shares for a total value of $7.8 million. Since December 31, 2015 through Decem
• $250 m — JV has additional equity commitments of $250 million, of which our proportionate share
• $50 m — on, of which our proportionate share is $50 million, for the acquisition of special p
• $100,000 — for a single employee making less than $100,000 in base salary per year is $1 per month
• $1 — han $100,000 in base salary per year is $1 per month. Dental and vision benefits

Filing Documents

• lxp-20231231.htm (10-K) — 3081KB
• ex412descriptionofsecuriti.htm (EX-4.12) — 64KB
• ex21listofsubsidiaries2023.htm (EX-21) — 217KB
• ex23deloitteconsentlxp2023.htm (EX-23) — 2KB
• ex311ceocertificationlxp20.htm (EX-31.1) — 10KB
• ex312cfocertificationlxp20.htm (EX-31.2) — 10KB
• ex321ceocertificationlxp20.htm (EX-32.1) — 4KB
• ex322cfocertificationlxp20.htm (EX-32.2) — 5KB
• ex97executiveincentivecomp.htm (EX-97) — 49KB
• image_0.jpg (GRAPHIC) — 0KB
• lxp-20231231_g1.jpg (GRAPHIC) — 164KB
• lxp-20231231_g2.jpg (GRAPHIC) — 476KB
• 0001444838-24-000053.txt (&nbsp;) — 17023KB
• lxp-20231231.xsd (EX-101.SCH) — 129KB
• lxp-20231231_cal.xml (EX-101.CAL) — 126KB
• lxp-20231231_def.xml (EX-101.DEF) — 574KB
• lxp-20231231_lab.xml (EX-101.LAB) — 1381KB
• lxp-20231231_pre.xml (EX-101.PRE) — 879KB
• lxp-20231231_htm.xml (XML) — 2283KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 12 ITEM 1B. Unresolved Staff Comments 24 ITEM 1C. Cyber Security 25 ITEM 2.

Properties

Properties 28 ITEM 3.

Legal Proceedings

Legal Proceedings 39 ITEM 4. Mine Safety Disclosures 39 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 ITEM 6. [Reserved] 41 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 ITEM 9A.

Controls and Procedures

Controls and Procedures 98 ITEM 9B. Other Information 98 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 99 ITEM 11.

Executive Compensation

Executive Compensation 99 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 99 ITEM 14. Principal Accounting Fees and Services 99 PART IV ITEM 15. Exhibits, Financial Statement Schedules 100 2 Table of Contents Defined Terms Unless stated otherwise or the context otherwise requires, the "Company," the "Trust," "LXP," "we," "our," and "us" refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests in properties are held, and all property operating activities are conducted, through special purpose entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. When we use the term "REIT," we mean real estate investment trust. All references to 2023, 2022 and 2021 refer to our fiscal years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. When we use the term "GAAP," we mean United States generally accepted accounting principles in effect from time to time. When we use the term "common shares," we mean our shares of beneficial interest par value $0.0001, classified as common stock. When we use the term "Series C Preferred Shares," we mean our beneficial interest classified as 6.50% Series C Convertible Preferred Stock. When we use the term "base rent," we mean GAAP rental revenue and ancillary income, but excluding billed tenant reimbursements and lease termination income. When we use the term "Annualized Cash Base Rent," ("ABR") we mean the period end cash base rent multiplied by 12. For leases with free rent periods or that were signed prior to the end of the year but have not commenced, the first cash base rent payment is multiplied by 12. When we use "Stabilized Portfolio," we mea

Business

Item 1. Business General We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on investing in single-tenant warehouse/distribution real estate investments. A majority of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide that the landlord is responsible for certain operating expenses. As of December 31, 2023, we had equity ownership interests in approximately 115 consolidated real estate properties, located in 18 states and containing an aggregate of approximately 54.6 million square feet of space, approximately 99.8% of which was leased. History and Current Corporate Structure We became a Maryland REIT in December 1997. Prior to that, our predecessor was organized in the state of Delaware in October 1993 upon the rollup of two partnerships focused on investments in diversified net-leased assets. Primarily all of our business is conducted through wholly-owned subsidiaries, but historically we conducted a portion of our business through an operating partnership subsidiary, Lepercq Corporate Income Fund L.P., which we refer to as LCIF. On December 31, 2023, we merged LCIF with and into us, with us as the surviving entity. As a result of the merger 0.7 million LCIF partnership units not already owned by us were converted on a 1 for 1.126 basis into 0.8 million of our common shares for a total value of $7.8 million. Since December 31, 2015 through December 31, 2023, we transitioned our portfolio from approximately 16% warehouse/distribution assets to approximately 99.7% warehouse/distribution assets. As of December 31, 2023, our portfolio consisted of 112 warehouse/distribution facilities and three other properties. Strategy General. Our business strategy is focused on growing our portfolio with attractive warehouse/di

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View this 10-K filing on SEC EDGAR