LXP Industrial Trust | 8-K: FY2026 Q2 Revenue: USD 88.11 M

Revenue: As of FY2026 Q2, the actual value is USD 88.11 M.

EPS: As of FY2026 Q2, the actual value is USD -0.03, missing the estimate of USD 0.0242.

EBIT: As of FY2026 Q2, the actual value is USD 14.56 M.

Financial Results (Three Months Ended June 30, 2026 vs. 2025)

Revenue

• Total gross revenues for LXP Industrial Trust were $88.1 million for the quarter ended June 30, 2026, compared to $87.7 million for the same period in 2025, an increase primarily due to acquisitions and increased rental revenue.

Net Income / Loss

• Net loss attributable to common shareholders was - $1.6 million for the quarter ended June 30, 2026, compared to net income of $27.5 million for the same period in 2025.

Adjusted Company Funds From Operations (FFO)

• Adjusted Company FFO available to all equityholders - diluted was $49.5 million, or $0.84 per diluted common share, for the quarter ended June 30, 2026.
• This compares to $47.3 million, or $0.80 per diluted common share, for the same period in 2025, representing a 5.0% increase.

Company Funds Available for Distribution (FAD)

• Company Funds Available for Distribution were $36,085 thousand for the quarter ended June 30, 2026, down from $42,309 thousand in the prior year period.

Operating Costs (in thousands)

• Depreciation and amortization expense was - $48,056 for the quarter ended June 30, 2026, compared to - $49,362 in the prior year.
• Property operating expenses were - $16,174 for the quarter ended June 30, 2026, compared to - $15,875 in the prior year.
• General and administrative expenses were - $9,714 for the quarter ended June 30, 2026, compared to - $9,630 in the prior year.
• Interest and amortization expense was - $13,250 for the quarter ended June 30, 2026, compared to - $16,467 in the prior year.
• Transaction costs were - $0 for the quarter ended June 30, 2026, compared to - $38 in the prior year.

Operational Metrics (Three Months Ended June 30, 2026)

Same-Store Net Operating Income (NOI)

• Same-Store NOI increased by 0.5% compared to the same period in 2025.

Leasing Activity

• LXP Industrial Trust pre-leased a 1.2 million square foot development project with an initial annual cash base rent of approximately $9.8 million.
• The company completed 2.3 million square feet of new and extended second-generation leases.
• Base Rents and Cash Base Rents on these second-generation leases increased by 43.1% and 26.2%, respectively, excluding two fixed-rate renewals.
• As of June 30, 2026, LXP Industrial Trust’s stabilized portfolio was 97.4% leased.

Acquisitions and Development

• LXP Industrial Trust acquired a 37-acre infill covered land investment in Phoenix, Arizona, for $103.2 million, with an initial cash yield of 15.7%.
• Two speculative development projects commenced in the Columbus, Ohio market, consisting of a 750,000 square foot facility and a 161,000 square foot facility.

Subsequent Highlights (Post-Quarter End)

• LXP Industrial Trust sold one warehouse facility outside of its target markets for $51 million.
• An additional 0.2 million square feet of new leases and lease extensions were completed, increasing Cash Base Rents by 31.0%.

Balance Sheet (as of June 30, 2026)

Debt Metrics

• Net debt to Annualized Adjusted EBITDA was 5.5x.
• Total consolidated debt was $1.4 billion.
• The weighted-average term to maturity of total consolidated debt was 4.5 years, with a weighted-average interest rate of 3.6%.

Cash and Cash Equivalents

• Total cash and cash equivalents were $18.0 million at quarter end.

Financial Highlights (Six Months Ended June 30, 2026 vs. 2025)

Net Income (Loss) Attributable to Common Shareholders

• For the six months ended June 30, 2026, LXP Industrial Trust reported a net loss of - $3,572 thousand, compared to a net income of $44,729 thousand for the same period in 2025.

Adjusted Company FFO

• Adjusted Company FFO available to all equityholders - diluted was $96,809 thousand for the six months ended June 30, 2026, compared to $93,686 thousand in the same period in 2025.

Company Funds Available for Distribution (FAD)

• For the six months ended June 30, 2026, Company FAD was $85,882 thousand, compared to $90,433 thousand in the prior year period.

Net Operating Income (NOI)

• NOI was $137,016 thousand for the six months ended June 30, 2026, compared to $137,511 thousand in the prior year period.
• The change in Same-Store NOI was 1.2% for the six months ended June 30, 2026, compared to the same period in 2025.

Gross Revenues

• For the six months ended June 30, 2026, total gross revenues were $174,058 thousand, down from $176,582 thousand in the prior year period.

Operating Costs (Expenses Applicable to Revenues)

• For the six months ended June 30, 2026, depreciation and amortization was $95,041 thousand (2025: $99,874 thousand), property operating was $32,909 thousand (2025: $33,004 thousand), and general and administrative was $19,968 thousand (2025: $20,020 thousand).

Credit Metrics (as of June 30, 2026)

• Adjusted Company FFO Payout Ratio was 85.4%.
• (Net Debt + Preferred) / Annualized Adjusted EBITDA was 5.8x.
• Debt / Gross Assets was 28.8%.
• Unencumbered Assets totaled $4.4 billion.
• Credit Facility Availability was $585.0 million.

Outlook / Guidance

• Due to a proposed merger, LXP Industrial Trust will not host a conference call or webcast for its second-quarter 2026 results.
• The company will no longer provide earnings guidance and is not affirming past guidance.