lxp-20260331

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, 2026.


☐			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)


Maryland			13-3717318
(State or other jurisdiction of incorporation of organization)			(I.R.S. Employer Identification No.)

515 N Flagler Dr, Suite 408, West Palm Beach, FL 33401

(Address of principal executive offices) (zip code)

(212) 692-7200

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock	LXP	New York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share	LXPPRC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 58,952,512 common shares of beneficial interest, par value $0.0001 per share, as of April 28, 2026.

TABLE OF CONTENTS


PART I. — FINANCIAL INFORMATION
ITEM 1. Financial Statements (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						7
Notes to Condensed Consolidated Financial Statements						9
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						25
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk						34
ITEM 4. Controls and Procedures						34
PART II — OTHER INFORMATION
ITEM 1. Legal Proceedings						35
ITEM 1A. Risk Factors						35
ITEM 2. Unregistered Sales of Equity Securities , Use of Proceeds, and Issuer Purchases of Equity Securities						35
ITEM 3. Defaults Upon Senior Securities						35
ITEM 4. Mine Safety Disclosures						35
ITEM 5. Other Information						35
ITEM 6. Exhibits						36
SIGNATURES						38

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.

Table of Contents

PART I. - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share data)


	March 31, 2026		December 31, 2025

Assets:
Real estate, at cost	$	3,909,897	$	3,908,485
Real estate - intangible assets	305,841		305,841
Land held for development	65,065		82,971
Investments in real estate under construction	68,849		41,769
Real estate, gross	4,349,652		4,339,066
Less: accumulated depreciation and amortization	(1,196,713)		(1,151,513)
Real estate, net	3,152,939		3,187,553

Right-of-use assets, net	7,583		8,721
Cash and cash equivalents	130,112		170,394
Restricted cash	168		257

Investments in non-consolidated entities	29,301		31,430
Deferred expenses, net	40,704		35,068
Rent receivable - current	3,963		3,454
Rent receivable - deferred	85,279		84,631
Other assets	16,652		15,514
Total assets	$	3,466,701	$	3,537,022

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	48,162	$	49,541

Term loan payable, net	247,532		249,053
Senior notes payable, net	953,104		952,693
Trust preferred securities, net	100,133		100,113
Dividends payable	43,536		44,715

Operating lease liabilities	7,914		9,134
Accounts payable and other liabilities	38,542		54,553
Accrued interest payable	11,425		9,218
Deferred revenue - including below-market leases, net	2,724		3,030
Prepaid rent	14,459		16,594
Total liabilities	1,467,531		1,488,644

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 shares, 58,947,523 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively	6		6
Additional paid-in-capital	3,305,816		3,313,884
Accumulated distributions in excess of net income	(1,413,734)		(1,371,654)
Accumulated other comprehensive income	1,403		427
Total shareholders’ equity	1,987,507		2,036,679
Noncontrolling interests	11,663		11,699
Total equity	1,999,170		2,048,378
Total liabilities and equity	$	3,466,701	$	3,537,022

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Table of Content

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Gross revenues:
Rental revenue	$	84,976	$	87,893
Other revenue	972		970
Total gross revenues	85,948		88,863
Expense applicable to revenues:
Depreciation and amortization	(46,985)		(50,512)
Property operating	(16,735)		(17,129)
General and administrative	(10,254)		(10,390)
Non-operating income	1,535		520
Interest and amortization expense	(13,217)		(16,280)
Loss on debt satisfaction, net	(299)		(350)
Transaction costs	(15)		—


Gain on sale or disposal of, and recovery on, real estate, net	2,304		24,635


Income before provision for income taxes and equity in losses of non-consolidated entities	2,282		19,357
Provision for income taxes	(136)		(215)
Equity in losses of non-consolidated entities	(2,437)		(980)








Net income (loss)	(291)		18,162
Net loss attributable to noncontrolling interests	52		816
Net income (loss) attributable to LXP Industrial Trust shareholders	(239)		18,978
Dividends attributable to preferred shares - Series C	(1,572)		(1,572)
Allocation to participating securities	(131)		(127)
Net income (loss) attributable to common shareholders	$	(1,942)	$	17,279

Net income (loss) attributable to common shareholders - per common share basic	$	(0.03)	$	0.30



Weighted-average common shares outstanding - basic	58,163,030		58,341,212

Net income (loss) attributable to common shareholders - per common share diluted	$	(0.03)	$	0.30


Weighted-average common shares outstanding - diluted	58,163,030		58,459,654

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Table of Content

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited and in thousands)


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	(291)	$	18,162
Other comprehensive income (loss):

Change in unrealized income (loss) on interest rate swaps, net	883		(3,189)
Company's share of other comprehensive income (loss) of non-consolidated entities	93		(21)
Other comprehensive income (loss)	976		(3,210)
Comprehensive income	685		14,952
Comprehensive loss attributable to noncontrolling interests	52		816
Comprehensive income attributable to LXP Industrial Trust shareholders	$	737	$	15,768

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Table of Content

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited and in thousands, except share and per share data)


			LXP Industrial Trust Shareholders
Three months ended March 31, 2026	Total		Number of Preferred Shares	Preferred Shares		Number of Common Shares	Common Shares		Additional Paid-in-Capital		Accumulated Distributions in Excess of Net Income		Accumulated Other Comprehensive Income/(Loss)		Noncontrolling Interests
Balance December 31, 2025	$	2,048,378	1,935,400	$	94,016	59,077,234	$	6	$	3,313,884	$	(1,371,654)	$	427	$	11,699
Capital contributions	139		—	—		—	—		—		—		—		139
Share based compensation, net	(92)		—	—		194,875	—		(92)		—		—		—
Repurchase of common shares	(7,976)		—	—		(324,586)	—		(7,976)		—		—		—

Dividends/distributions ($0.70 per common share)	(41,964)		—	—		—	—		—		(41,841)		—		(123)
Net loss	(291)		—	—		—	—		—		(239)		—		(52)
Other comprehensive income	883		—	—		—	—		—		—		883		—
Company's share of other comprehensive income of nonconsolidated entities	93		—	—		—	—		—		—		93		—

Balance March 31, 2026	$	1,999,170	1,935,400	$	94,016	58,947,523	$	6	$	3,305,816	$	(1,413,734)	$	1,403	$	11,663


			LXP Industrial Trust Shareholders
Three months ended March 31, 2025	Total		Number of Preferred Shares	Preferred Shares		Number of Common Shares	Common Shares		Additional Paid-in-Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interests
Balance December 31, 2024	$	2,120,783	1,935,400	$	94,016	58,899,958	$	6

SEC Form 10-Q filed by LXP Industrial Trust