LXP Industrial Trust Closes on $600 Million Unsecured Revolving Credit Facility and $250 Million Unsecured Term Loan

Core Viewpoint - LXP Industrial Trust has successfully closed a $600 million senior unsecured revolving credit facility, extending its maturity and reducing interest costs, which enhances its financial flexibility and strengthens its balance sheet [1][2][4]. Financing Details - The new revolving credit facility matures on January 31, 2030, with options for two six-month extensions or one twelve-month extension at LXP's discretion, subject to certain conditions [2]. - The interest rate for the facility is set at SOFR plus 77.5 basis points, a reduction from the previous rate of SOFR plus 95 basis points [2]. - A facility fee of 15 basis points on total commitments has been established, down from 20 basis points under the previous facility [2]. Term Loan Refinancing - LXP has refinanced its $250 million unsecured term loan, which has an initial maturity date of January 31, 2029, with two one-year extension options at LXP's discretion, subject to certain conditions [3]. - The interest rate for the term loan is now SOFR plus 85 basis points, reduced from 110 basis points under the previous facility [3]. Financial Impact - The new debt facilities are expected to extend the debt maturity profile and lower interest costs, contributing to a stronger balance sheet and increased financial flexibility [4]. - In 2025, LXP reduced its leverage to approximately five times net debt to Adjusted EBITDA, which has positively influenced its credit outlook as recognized by S&P Global Ratings [4]. Company Overview - LXP Industrial Trust is a publicly traded REIT focused on Class A warehouse and distribution investments across 12 target markets in the Sunbelt and lower Midwest [5]. - The company aims to expand its portfolio through various strategies, including acquisitions, build-to-suit transactions, sale-leaseback transactions, and development projects [5].