LXP Industrial Trust Files 2024 10-K

TL;DR

LXP Industrial Trust filed its 2024 10-K, detailing its real estate investment trust operations.

AI Summary

LXP Industrial Trust filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly known as Lexington Realty Trust, is incorporated in Maryland and operates as a Real Estate Investment Trust. Its principal executive offices are located at One Penn Plaza, Suite 4015, New York, NY 10119.

Why It Matters

This filing provides a comprehensive overview of LXP Industrial Trust's financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-13 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• LXP Industrial Trust (company) — Filer of the 10-K
• Lexington Realty Trust (company) — Former name of LXP Industrial Trust
• One Penn Plaza, Suite 4015, New York, NY 10119 (location) — Business and mailing address
• 2024-12-31 (date) — Fiscal year end
• 2025-02-13 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — hares of beneficial interest, par value $0.0001 per share, classified as Common Stock L
• $9.12 — ock Exchange as of that date, which was $9.12 per share. Number of common shares out
• $0 — shares of beneficial interest par value $0.0001, classified as common stock. When
• $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
• $250 — their personal donations matched up to $250 annually, and we contributed more than
• $50,000 — annually, and we contributed more than $50,000 to our partner organizations. Additiona

Filing Documents

• lxp-20241231.htm (10-K) — 2949KB
• ex412descriptionofsecuriti.htm (EX-4.12) — 64KB
• ex19lxpinsidertradingpolic.htm (EX-19) — 50KB
• ex21listofsubsidiaries2024.htm (EX-21) — 215KB
• ex23deloitteconsentlxp2024.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
• lxp-20241231_g1.jpg (GRAPHIC) — 53KB
• 0001444838-25-000023.txt ( ) — 15245KB
• lxp-20241231.xsd (EX-101.SCH) — 129KB
• lxp-20241231_cal.xml (EX-101.CAL) — 123KB
• lxp-20241231_def.xml (EX-101.DEF) — 520KB
• lxp-20241231_lab.xml (EX-101.LAB) — 1231KB
• lxp-20241231_pre.xml (EX-101.PRE) — 833KB
• lxp-20241231_htm.xml (XML) — 2260KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 10 ITEM 1B. Unresolved Staff Comments 22 ITEM 1C. Cyber Security 23 ITEM 2.

Properties

Properties 26 ITEM 3.

Legal Proceedings

Legal Proceedings 33 ITEM 4. Mine Safety Disclosures 33 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 ITEM 6. [Reserved] 35 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 36 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 ITEM 9A.

Controls and Procedures

Controls and Procedures 92 ITEM 9B. Other Information 92 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 93 ITEM 11.

Executive Compensation

Executive Compensation 93 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 93 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 93 ITEM 14. Principal Accounting Fees and Services 93 PART IV ITEM 15. Exhibits, Financial Statement Schedules 94 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 in, 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 2024, 2023 and 2022 refer to our fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022, 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, excluding billed tenant reimbursements and lease termination income. When we use the term "Annualized Cash Base Rent" or "ABR," we mean the period end cash base rent multiplied by 12. For leases with free rent periods or that were signed in the month prior to the end of the year or have not commenced, the next full cash base rent payment is multiplied by 12, excluding not in service lea

Business

Item 1. Business General We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. 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, 2024, we had equity ownership interests in approximately 119 consolidated real estate properties, located in 17 states and containing an aggregate of approximately 57.8 million square feet of space, approximately 93.6% of which was leased. During the year ended December 31, 2024, we disposed of our remaining consolidated office properties and our consolidated portfolio is 100% industrial. History and Current Corporate Structure We were formed in 1993 and converted to a Maryland REIT in December 1997. 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. Strategy General. Our business strategy is focused on growing our portfolio in our target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise. We acquire and develop warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation. We provide capital to merchant builders by providing construction financing and/or a takeout for build-to-suit projects and speculative development properties. We believe our development strategy has the potential to provide us with higher returns than we co

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View this 10-K filing on SEC EDGAR