LXP Industrial Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LXP Industrial Trust submitted its Q1 2024 10-Q, providing a detailed financial update for the quarter ending March 31, 2024.</b>

AI Summary

LXP Industrial Trust (LXP-PC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. LXP Industrial Trust filed its 10-Q report for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024. Key financial statement data, including common stock and preferred stock, is presented. The report covers the period from January 1, 2024, to March 31, 2024. Comparative financial data from previous periods (e.g., March 31, 2023, December 31, 2023) is included.

Why It Matters

For investors and stakeholders tracking LXP Industrial Trust, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of LXP Industrial Trust, crucial for evaluating investment decisions. The detailed financial statements and disclosures allow stakeholders to assess the company's operational results, balance sheet strength, and cash flows during the first quarter of 2024.

Risk Assessment

Risk Level: low — LXP Industrial Trust shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant deviations from typical reporting requirements.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand LXP Industrial Trust's performance and financial health for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-01-01 — Reporting Period Start Date (The 10-Q covers financial data from this date.)
• 2024-05-02 — Filing Date (The date the 10-Q was filed with the SEC.)

Key Players & Entities

• LXP Industrial Trust (company) — Filer of the 10-Q report.
• March 31, 2024 (date) — Period ending date for the 10-Q filing.
• January 1, 2024 (date) — Start date of the reporting period.
• 20240502 (date) — Filing date of the 10-Q.

FAQ

Industry Context

LXP Industrial Trust operates as a Real Estate Investment Trust (REIT), focusing on industrial properties. REITs are companies that own, operate, or finance income-generating real estate.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
2. Review the income statement to understand revenue generation and profitability for Q1 2024.
3. Examine the cash flow statement to assess the company's liquidity and cash management.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-02: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for March 31, 2024, providing the latest financial data compared to previous filings like the 2023 10-K or prior 10-Q reports.

Key Financial Figures

• $0.0001 — hares of beneficial interest, par value $0.0001 per share, classified as Common Stock L
• $000 — ngements outstanding are as follows (in $000's, except square feet): Project (% ow

Filing Documents

• lxp-20240331.htm (10-Q) — 1164KB
• ex311-2024331.htm (EX-31.1) — 10KB
• ex312-2024331.htm (EX-31.2) — 10KB
• ex321-2024331.htm (EX-32.1) — 4KB
• ex322-2024331.htm (EX-32.2) — 5KB
• 0001444838-24-000070.txt (&nbsp;) — 7591KB
• lxp-20240331.xsd (EX-101.SCH) — 62KB
• lxp-20240331_cal.xml (EX-101.CAL) — 93KB
• lxp-20240331_def.xml (EX-101.DEF) — 295KB
• lxp-20240331_lab.xml (EX-101.LAB) — 695KB
• lxp-20240331_pre.xml (EX-101.PRE) — 516KB
• lxp-20240331_htm.xml (XML) — 1073KB

— FINANCIAL INFORMATION

PART I. — FINANCIAL INFORMATION

Financial Statement s (Unaudited)

ITEM 1. Financial Statement s (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Changes in Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

ITEM 4. Controls and Procedures 34

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 35

Risk Factors

ITEM 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 35

Mine Safety Disclosure s

ITEM 4. Mine Safety Disclosure s 35

Other Information

ITEM 5. Other Information 35

Exhibits

ITEM 6. Exhibits 36

SIGNATURES

SIGNATURES 38 WHERE YOU CAN FIND MORE INFORMATION: We file and furnish annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission, which we refer to as the SEC. We file and furnish information electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file or furnish electronically with the SEC. The address of the SEC's Internet site is http://www.sec.gov. We also maintain a web site at http://www.lxp.com through which you can obtain copies of documents that we file or furnish with the SEC. The contents of that web site are not incorporated by reference in or otherwise a part of this Quarterly Report on Form 10-Q or any other document that we file or furnish with the SEC. 2 Table of Contents

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets: Real estate, at cost $ 3,951,860 $ 3,774,239 Real estate - intangible assets 310,989 314,525 Land held for development 81,034 80,743 Investments in real estate under construction 153,181 319,355 Real estate, gross 4,497,064 4,488,862 Less: accumulated depreciation and amortization 936,474 904,709 Real estate, net 3,560,590 3,584,153 Assets held for sale 25,123 9,168 Right-of-use assets, net 18,283 19,342 Cash and cash equivalents 163,213 199,247 Restricted cash 222 216 Short term investments 130,552 130,140 Investments in non-consolidated entities 47,010 48,495 Deferred expenses, net 35,549 35,008 Investment in a sales-type lease, net (allowance for credit loss $ 56 in 2024 and $ 61 in 2023) 64,061 63,464 Rent receivable – current 4,545 5,327 Rent receivable – deferred 83,049 80,421 Other assets 24,171 17,794 Total assets $ 4,156,368 $ 4,192,775 Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 58,843 $ 60,124 Term loan payable, net 297,027 296,764 Senior notes payable, net 1,286,711 1,286,145 Trust preferred securities, net 127,819 127,794 Dividends payable 39,572 39,610 Liabilities held for sale 622 417 Operating lease liabilities 18,993 20,233 Accounts payable and other liabilities 61,264 57,981 Accrued interest payable 18,255 11,379 Deferred revenue - including below-market leases, net 8,967 9,428 Prepaid rent 17,781 17,443 Total liabilities 1,935,854 1,927,318 Commitments and contingencies Equity: Preferred shares, par value $ 0.0001 per share; authorized 100,000,000 shares: Series C Cumulative Convertible Preferred, liquidation preference $ 96,770 ; 1,935,400 shares issued and outstanding 94,016 94,016 Common shares, par value $ 0.0001 per share; authorized 600,000,000 sh

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