Core Insights - LXP Industrial Trust reported strong performance in Q4 2025, with significant leasing activity and improved occupancy rates, achieving a net debt to Adjusted EBITDA ratio of 4.9x, down from 5.9x [4][22] - The company leased over two million square feet in Q4 2025, with Base and Cash Base rental increases of approximately 27% and 23% respectively, contributing to a full-year leasing volume of nearly five million square feet [4][19] - LXP's net income attributable to common shareholders for Q4 2025 was $27.1 million, or $0.46 per diluted share, compared to $31.4 million, or $0.54 per diluted share in Q4 2024 [7][55] Financial Performance - Total gross revenues for Q4 2025 were $86.7 million, a decrease from $100.9 million in Q4 2024, primarily due to a one-time rental revenue boost in the previous year [6] - Adjusted Company Funds From Operations (FFO) for Q4 2025 remained stable at $47.0 million, or $0.79 per diluted share, consistent with Q4 2024 [8] - Same-Store Net Operating Income (NOI) increased by 2.9% for the full year, aligning with Q4 performance compared to the same periods in 2024 [5] Leasing Activity - In 2025, LXP executed a total of 4.9 million square feet in first-generation, new second-generation, and extended second-generation leases, with Base and Cash Base Rents increasing by 22.6% and 17.8% respectively [19] - The stabilized portfolio was 97.1% leased as of December 31, 2025, reflecting strong demand and effective leasing strategies [20] Property Dispositions - LXP sold four warehouse facilities outside of target markets for gross proceeds of $116.2 million in Q4 2025, contributing to a total property disposition volume of $389.1 million for the year [11][4] - The properties were sold at weighted-average GAAP and Cash capitalization rates of 6.4% and 5.7% respectively [11] Debt Management - The company repaid $140 million of 6.75% Senior Notes due 2028 and reduced net debt to Adjusted EBITDA to 4.9x [5][22] - LXP extended the maturities and reduced pricing on its $600 million unsecured revolving credit facility and $250 million unsecured term loan, improving financial flexibility [23][24] Future Outlook - For 2026, LXP estimates net income attributable to common shareholders will range from $(0.01) to $0.14 per diluted common share, with Adjusted Company FFO guidance between $3.22 and $3.37 per diluted common share [25]