UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State or ot ...

LXP Industrial Trust (NYSE:LXP) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET Company Participants Heather Gentry – Senior Vice President-Investor Relations Will Eglin – Chairman, Chief Executive Officer and President Brendan Mullinix – Chief Investment Officer Beth Boulerice – Chief Financial Officer, Treasurer and Executive Vice President James Dudley – Executive Vice President and Director-Asset Management Conference Call Participants Todd Thomas – KeyBanc Capital Markets Jim Kemmer – Evercore ...

Governance & Resilience Governance ▪ Strive to implement best governance practices, mindful of the concerns of our shareholders ▪ This includes Code of Business Conduct and Ethics, enterprise risk assessments, whistleblower policy, and management succession planning ▪ Increase our ESG+R transparency and disclosure by providing regular updates to shareholders and other stakeholders and aligning with appropriate reporting to frameworks, including GRESB®, SASB, GRI and TCFD ▪ Monitor compliance with applicable ...

Disclosure LXP's 'Other' Portfolio consists of office, manufacturing and other specialty assets. LXPINDUSTRIAL TRUST Platform primed for long-term growth from favorable mark-to-market in current portfolio and strong development pipeline 3 LXPINDUSTRIAL TRUST ▪ Disposed of ~$197 million of office assets, non-target market industrial assts and a land parcel at aggregated weighted-average GAAP and Cash capitalization rates of 5.6%. Balance Sheet Details ▪ Issued 16.0 million common shares upon settlement of fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State or other ju ...

LXP Industrial Trust (NYSE:LXP) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET Company Participants Will Eglin - Chairman, Chief Executive Officer, President Beth Boulerice - Chief Financial Officer Brendan Mullinix - Executive Vice President, Chief Investment Officer James Dudley - Executive Vice President, Director of Asset Management Heather Gentry - Senior Vice President, Investor Relations Conference Call Participants Anthony Paolone - JP Morgan Todd Thomas - Keybanc Capital Markets Jon ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State o ...

LXP Industrial Trust (NYSE:LXP) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Heather Gentry - Senior Vice President, Investor Relations Wilson Eglin - Chairman, Chief Executive Officer and President Brendan Mullinix - Executive Vice President and Chief Investment Officer James Dudley - Executive Vice President and Director of Asset Management Beth Boulerice - Executive Vice President, Chief Financial Officer, and Treasurer Conference Call Participants James Allen Villard ...

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) Unaudited H1 2022 financial statements show increased assets, decreased net income from lower property gains, and reduced operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets slightly increased to $4.05 billion, while liabilities rose and equity decreased Condensed Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$4,054,420** | **$4,005,558** | | Real estate, net | $3,663,291 | $3,534,966 | | Cash and cash equivalents | $49,817 | $190,926 | | **Total Liabilities** | **$1,794,770** | **$1,682,330** | | Revolving credit facility borrowings | $120,000 | $0 | | Senior notes payable, net | $988,613 | $987,931 | | **Total Equity** | **$2,259,650** | **$2,323,228** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2022 operations show decreased gross revenues and net income, primarily due to lower gains on property sales Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Total gross revenues | $79,775 | $81,541 | $160,053 | $174,098 | | Gains on sales of properties | $27,855 | $66,726 | $28,110 | $88,645 | | Selling profit from sales-type lease | $9,314 | $0 | $9,314 | $0 | | Net income attributable to common shareholders | $39,667 | $71,000 | $48,665 | $110,397 | | Diluted EPS | $0.14 | $0.26 | $0.17 | $0.40 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2022 cash flows show decreased operating cash, increased investing outflows, and a shift to financing outflows Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $95,207 | $108,687 | | Net cash used in investing activities | ($217,112) | ($140,317) | | Net cash provided by (used in) financing activities | ($19,196) | $50,368 | | **Change in cash, cash equivalents and restricted cash** | **($141,101)** | **$18,738** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, real estate investments, debt, equity activities, and subsequent events like credit facility amendments - The company is a REIT focused on single-tenant industrial properties, with interests in approximately **121 consolidated properties** in **22 states** as of June 30, 2022[25](index=25&type=chunk)[26](index=26&type=chunk) - During the first six months of 2022, the company acquired **three warehouse/distribution facilities** for a total initial cost of **$131.2 million**[44](index=44&type=chunk) - The company disposed of various properties for an aggregate gross price of **$55.4 million**, recognizing gains of **$28.1 million** in the first six months of 2022. An impairment charge of **$1.8 million** was also recognized on a property due to vacancy[50](index=50&type=chunk)[51](index=51&type=chunk) - Subsequent to June 30, 2022, the company amended its revolving credit facility, extending the maturity to July 2026 and transitioning from LIBOR to SOFR. It also repurchased **1.8 million common shares** and disposed of **three properties** for **$92.0 million**[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the portfolio's transition to industrial assets, decreased net income, liquidity, capital recycling, and same-store NOI growth [Overview and Transaction Summary](index=28&type=section&id=Overview%20and%20Transaction%20Summary) LXP's portfolio is now 99% warehouse/distribution assets, with Q2 2022 activities including acquisitions, dispositions, and share repurchases - The company has transitioned its portfolio from approximately **16% warehouse/distribution assets** at the end of 2015 to approximately **99%** as of June 30, 2022[129](index=129&type=chunk) - In Q2 2022, the company repurchased and retired **6.1 million common shares** at an average cost of **$11.45 per share**[134](index=134&type=chunk) - Disposed of interests in **two industrial properties** and **one office property** for an aggregate gross sales price of **$55.1 million** during Q2 2022[136](index=136&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity through cash, credit facility, and manages capital via share repurchases and senior notes - As of June 30, 2022, the company had **$49.8 million** in cash on hand and **$480.0 million** of availability under its unsecured revolving credit facility[145](index=145&type=chunk) - During the six months ended June 30, 2022, the company repurchased and retired approximately **6.1 million common shares** at an average price of **$11.45 per share**[154](index=154&type=chunk) - As of June 30, 2022, the company had forward sales contracts for **16,000,000 common shares** that have not yet settled, with an aggregate settlement price of **$183.4 million**, maturing in December 2022[152](index=152&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Net income decreased in Q2 and H1 2022, primarily due to lower gains on property sales and reduced lease termination income - The decrease in net income for Q2 2022 was primarily due to a **$38.9 million decrease** in gains on sales of properties compared to Q2 2021[162](index=162&type=chunk)[168](index=168&type=chunk) - For the six months ended June 30, 2022, total gross revenues decreased by **$14.0 million**, largely due to an **$11.8 million decrease** in termination income compared to the prior year[171](index=171&type=chunk)[172](index=172&type=chunk) - Equity in earnings of non-consolidated entities increased by **$17.1 million** for the six-month period, mainly due to the company's share of gains on sale of three properties from the NNN Office JV L.P.[177](index=177&type=chunk) [Same-Store Results](index=34&type=section&id=Same-Store%20Results) Same-store NOI increased by 3.2% for Q2 and 2.8% for H1 2022, driven by higher occupancy and cash base rents Consolidated Same-Store NOI (in thousands) | Period | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | $53,023 | $51,402 | 3.2% | | **Six Months Ended June 30** | $104,329 | $101,513 | 2.8% | - The increase in same-store NOI was primarily due to an increase in occupancy and cash base rents[180](index=180&type=chunk) - Historical same-store square footage leased was **99.3%** as of June 30, 2022, compared to **98.5%** as of June 30, 2021[180](index=180&type=chunk) [Funds From Operations](index=35&type=section&id=Funds%20From%20Operations) Q2 2022 diluted FFO increased to $0.19 per share, while Adjusted Company FFO decreased to $0.17 per share FFO and Adjusted Company FFO per Diluted Share | Metric (per share) | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | FFO - diluted | $0.19 | $0.18 | $0.35 | $0.41 | | Adjusted Company FFO - diluted | $0.17 | $0.18 | $0.33 | $0.41 | - Adjusted Company FFO for Q2 2022 includes adjustments for a **$9.3 million** selling profit from a sales-type lease and **$0.7 million** in non-recurring costs[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its variable-rate debt, mitigated by swaps - As of June 30, 2022, **15.3%** of the company's aggregate principal consolidated indebtedness (**$249.1 million**) was variable-rate and not subject to interest rate swaps[192](index=192&type=chunk) - A hypothetical **100 basis point increase** in interest rates would have increased interest expense by **$0.6 million** for the three months ended June 30, 2022[192](index=192&type=chunk) - The company uses derivative financial instruments, including **four interest rate swap agreements** as of June 30, 2022, to mitigate interest rate risk[194](index=194&type=chunk) [Controls and Procedures](index=39&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal controls - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[196](index=196&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[197](index=197&type=chunk) [PART II — OTHER INFORMATION](index=40&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=40&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings not expected to materially impact financial condition - The company states that legal proceedings it is involved in are not expected to have a material adverse effect on its business, financial condition, or results of operations[199](index=199&type=chunk) [Risk Factors](index=40&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported in this period - No material changes in risk factors were reported from those disclosed in the Annual Report[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased over 6 million common shares under its publicly announced program Share Repurchases - Q2 2022 | Period | Total Shares Purchased | Average Price Paid | Shares Remaining in Program | | :--- | :--- | :--- | :--- | | April 2022 | 1,238,427 | $13.41 | 7,737,888 | | May 2022 | 1,692,088 | $11.22 | 6,045,800 | | June 2022 | 3,167,511 | $10.82 | 2,878,289 | | **Q2 2022 Total** | **6,098,026** | **$11.45** | **2,878,289** | [Exhibits](index=41&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents and certifications - The report includes CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906[207](index=207&type=chunk) - Financial statements and notes are formatted in Inline XBRL for interactive data analysis[208](index=208&type=chunk)