LXP Industrial Trust Files Q2 2024 10-Q

TL;DR

LXP Industrial Trust's Q2 2024 10-Q is in. Financials updated.

AI Summary

LXP Industrial Trust filed a 10-Q for the period ending June 30, 2024. The filing details financial information for the company, including common stock and preferred stock figures. The company's principal executive offices are located at One Penn Plaza, Suite 4015, New York, NY 10119.

Why It Matters

This filing provides investors with an update on LXP Industrial Trust's financial performance and position for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year.)
• 2024-06-30 — Period End Date (The end date for the reporting period of this 10-Q.)
• 2023-12-31 — Prior Year End Date (The end date for the previous fiscal year.)

Key Players & Entities

• LXP Industrial Trust (company) — Filer of the 10-Q
• 0000910108 (company) — Central Index Key for LXP Industrial Trust
• 20240630 (date) — Conformed period of report
• 20240731 (date) — Filed as of date
• One Penn Plaza, Suite 4015, New York, NY 10119 (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.0001 — hares of beneficial interest, par value $0.0001 per share, classified as Common Stock L

Filing Documents

• lxp-20240630.htm (10-Q) — 1394KB
• ex311-2024630.htm (EX-31.1) — 10KB
• ex312-2024630.htm (EX-31.2) — 10KB
• ex321-2024630.htm (EX-32.1) — 4KB
• ex322-2024630.htm (EX-32.2) — 5KB
• 0001444838-24-000090.txt ( ) — 8141KB
• lxp-20240630.xsd (EX-101.SCH) — 63KB
• lxp-20240630_cal.xml (EX-101.CAL) — 95KB
• lxp-20240630_def.xml (EX-101.DEF) — 293KB
• lxp-20240630_lab.xml (EX-101.LAB) — 715KB
• lxp-20240630_pre.xml (EX-101.PRE) — 524KB
• lxp-20240630_htm.xml (XML) — 1146KB

— 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 8 Notes to Condensed Consolidated Financial Statements 9

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 27

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

ITEM 4. Controls and Procedures 37

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 38

Risk Factors

ITEM 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 38

Mine Safety Disclosure s

ITEM 4. Mine Safety Disclosure s 38

Other Information

ITEM 5. Other Information 38

Exhibits

ITEM 6. Exhibits 39

SIGNATURES

SIGNATURES 41 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) June 30, 2024 December 31, 2023 Assets: Real estate, at cost $ 4,044,720 $ 3,774,239 Real estate - intangible assets 310,989 314,525 Land held for development 86,401 80,743 Investments in real estate under construction 84,443 319,355 Real estate, gross 4,526,553 4,488,862 Less: accumulated depreciation and amortization 983,410 904,709 Real estate, net 3,543,143 3,584,153 Assets held for sale 15,973 9,168 Right-of-use assets, net 17,251 19,342 Cash and cash equivalents 48,676 199,247 Restricted cash 226 216 Short-term investments — 130,140 Investments in non-consolidated entities 47,120 48,495 Deferred expenses, net 37,040 35,008 Investment in a sales-type lease, net (allowance for credit loss $ 70 in 2024 and $ 61 in 2023) 64,657 63,464 Rent receivable – current 2,878 5,327 Rent receivable – deferred 84,855 80,421 Other assets 24,048 17,794 Total assets $ 3,885,867 $ 4,192,775 Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 57,551 $ 60,124 Term loan payable, net 297,289 296,764 Senior notes payable, net 1,088,334 1,286,145 Trust preferred securities, net 127,843 127,794 Dividends payable 39,706 39,610 Liabilities held for sale 24 417 Operating lease liabilities 17,935 20,233 Accounts payable and other liabilities 63,737 57,981 Accrued interest payable 10,785 11,379 Deferred revenue - including below-market leases, net 8,506 9,428 Prepaid rent 13,645 17,443 Total liabilities 1,725,355 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 shares, 294,

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View this 10-Q filing on SEC EDGAR