LXP Industrial Trust Files Q3 2024 10-Q

TL;DR

LXP Industrial Trust's Q3 2024 10-Q is in. Check financials.

AI Summary

LXP Industrial Trust filed its 10-Q for the period ending September 30, 2024. The filing covers financial performance and operational details for the third quarter of 2024. Key financial data and disclosures relevant to investors are included.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for LXP Industrial Trust, crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

• LXP Industrial Trust (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-06 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• lxp-20240930.htm (10-Q) — 1414KB
• ex311-2024930.htm (EX-31.1) — 10KB
• ex312-2024930.htm (EX-31.2) — 10KB
• ex321-2024930.htm (EX-32.1) — 4KB
• ex322-2024930.htm (EX-32.2) — 5KB
• 0001444838-24-000116.txt ( ) — 8272KB
• lxp-20240930.xsd (EX-101.SCH) — 66KB
• lxp-20240930_cal.xml (EX-101.CAL) — 94KB
• lxp-20240930_def.xml (EX-101.DEF) — 301KB
• lxp-20240930_lab.xml (EX-101.LAB) — 743KB
• lxp-20240930_pre.xml (EX-101.PRE) — 535KB
• lxp-20240930_htm.xml (XML) — 1165KB

— 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 26

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

ITEM 4. Controls and Procedures 36

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 37

Risk Factors

ITEM 1A. Risk Factors 37

Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Purchases of Equity Securities

ITEM 2. Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Purchases of Equity Securities 37

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 37

Mine Safety Disclosure s

ITEM 4. Mine Safety Disclosure s 37

Other Information

ITEM 5. Other Information 37

Exhibits

ITEM 6. Exhibits 38

SIGNATURES

SIGNATURES 40 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) September 30, 2024 December 31, 2023 Assets: Real estate, at cost $ 3,966,948 $ 3,774,239 Real estate - intangible assets 298,811 314,525 Land held for development 82,759 80,743 Investments in real estate under construction 66,961 319,355 Real estate, gross 4,415,479 4,488,862 Less: accumulated depreciation and amortization 1,000,154 904,709 Real estate, net 3,415,325 3,584,153 Assets held for sale 114,735 9,168 Right-of-use assets, net 16,097 19,342 Cash and cash equivalents 54,971 199,247 Restricted cash 232 216 Short-term investments — 130,140 Investments in non-consolidated entities 45,899 48,495 Deferred expenses, net 37,424 35,008 Investment in a sales-type lease, net (allowance for credit loss $ 112 in 2024 and $ 61 in 2023) 65,242 63,464 Rent receivable – current 1,713 5,327 Rent receivable – deferred 84,564 80,421 Other assets 17,850 17,794 Total assets $ 3,854,052 $ 4,192,775 Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 56,247 $ 60,124 Term loan payable, net 297,551 296,764 Senior notes payable, net 1,088,853 1,286,145 Trust preferred securities, net 127,868 127,794 Dividends payable 39,740 39,610 Liabilities held for sale 155 417 Operating lease liabilities 16,754 20,233 Accounts payable and other liabilities 60,009 57,981 Accrued interest payable 15,533 11,379 Deferred revenue - including below-market leases, net 7,809 9,428 Prepaid rent 17,783 17,443 Total liabilities 1,728,302 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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View this 10-Q filing on SEC EDGAR