LXP发布二季度业绩并重申已公告的Brookfield/CPP现金收购安排

WEST PALM BEACH, Fla., July 29, 2026 (GLOBE NEWSWIRE) -- LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended June 30, 2026.
Proposed Merger
On July 19, 2026, LXP entered into an Agreement and Plan of Merger (the “Merger Agreement”) with certain affiliates of Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) and Canada Pension Plan Investment Board ("CPP Investments," and together with Brookfield, collectively, the "Buyer") in which, upon the terms and subject to the conditions set forth in the Merger Agreement, the Buyer would acquire all of the outstanding shares of LXP for $61.20 per share in cash (collectively with the other transactions contemplated by the Merger Agreement, the “Merger”) in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. The proposed purchase price represents a premium of 12.3% to LXP’s 30-day volume weighted average price (“VWAP”) and a 19.8% premium to LXP’s 90-day VWAP, in each case for the period ended July 17, 2026. The transaction was unanimously approved by the LXP Board of Trustees and is expected to close by the end of the fourth quarter of 2026, subject to approval by LXP's shareholders and satisfaction of other customary closing conditions.
Second Quarter 2026 Highlights
Recorded Net Loss attributable to common shareholders of
$(1.6) million, or $(0.03)
per diluted common share.
Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of
$49.5 million, or $0.84
per diluted common share, compared to
$0.80
per diluted common share in the same period in 2025, an increase of 5.0%.
Increased Same-Store NOI
0.5%
compared to the same period in 2025.
Pre-leased a
1.2
million square foot development project with an initial annual cash base rent of approximately
$9.8
million.
Completed
2.3
million square feet of new and extended second-generation leases, increasing Base and Cash Base Rents by
43.1% and 26.2%,
respectively, excluding two fixed-rate renewals.
Acquired a 37-acre infill covered land investment in Phoenix, Arizona for
$103.2
million and an initial cash yield of
15.7%.
Commenced
two
speculative development projects in the Columbus, Ohio market, consisting of a 750,000 square foot facility and a 161,000 square foot facility.
Subsequent Highlights
Sold one warehouse facility outside of target markets for $51 million.
Completed 0.2 million square feet of new leases and lease extensions, increasing Cash Base Rents by 31.0%.
FINANCIAL RESULTS
Revenues
For the quarter ended June 30, 2026, total gross revenues were $88.1 million, compared with total gross revenues of $87.7 million for the quarter ended June 30, 2025. The increase is primarily attributable to acquisitions and increased rental revenue.
Net Income Attributable to Common Shareholders
For the quarter ended June 30, 2026, net loss attributable to common shareholders was $(1.6) million, or $(0.03) per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2025 of $27.5 million, or $0.47 per diluted share.
Adjusted Company FFO
For the quarter ended June 30, 2026, LXP generated Adjusted Company FFO of $49.5 million, or $0.84 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2025 of $47.3 million, or $0.80 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending June 30, 2026. The dividend of $0.70 per common share was paid on July 15, 2026 to common shareholders of record as of June 30, 2026.
LXP also previously announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended June 30, 2026, which is expected to be paid on August 17, 2026 to shareholders of record as of July 31, 2026.
Pursuant to the terms of the Merger Agreement, LXP has agreed to suspend payment of its regular common share quarterly dividend, effective immediately, subject to certain exceptions set forth in the Merger Agreement. The Merger Agreement permits LXP to make regular quarterly dividends on the Series C Preferred shares.
TRANSACTION ACTIVITY
PROPERTY ACQUISITION
Market
Sq. Ft.
Initial Cost Basis
($000)
Wtd. Average
Lease Term (Yrs)
% Leased at
Acquisition
Phoenix, AZ
(1)
599,664
$
103,164
4.9
100
%
(1)
37-acre infill industrial redevelopment site leased to Phoenix Education Partners through March 31, 2031.
The property was acquired at GAAP and cash capitalization rates of 14.5% and 15.7%, respectively.
ONGOING DEVELOPMENT AND REDEVELOPMENT PROJECTS
Project (% owned)
# of Buildings
Market
Estimated
Sq. Ft.
Estimated Project Cost
($000)
GAAP
Investment
Balance as of 6/30/2026
($000)
(1)
LXP Amount
Funded as of 6/30/2026
($000)
(2)
Estimated
Base
Building
Completion Date
% Leased
as of 6/30/2026
Consolidated Projects:
Development Project
Reems & Olive - Building D (95.5%)
1
Phoenix, AZ
1,184,591
$
121,900
$
54,754
$
35,800
4Q 2026
100
%
Redevelopment Projects
Orlando (100%)
(3)
1
Central FL
350,990
$
9,400
$
17,771
$
3,559
4Q 2026
—
%
Richmond (100%)
(3)
1
Richmond, VA
252,351
5,000
16,227
4,122
3Q 2026
—
%
Total Redevelopment Projects
2
603,341
$
14,400
$
33,998
$
7,681
Land Infrastructure Improvements
Reems & Olive (95.5%)
(4)
N/A
Phoenix, AZ
N/A
$
16,537
$
13,670
$
15,980
N/A
N/A
Total Consolidated Projects
3
1,787,932
$
152,837
$
102,422
$
59,461
Non-Consolidated Projects:
Development Project
Etna Park 70 - Building B (90.0%)
1
Columbus, OH
750,000
$
67,100
$
7,109
$
6,755
3Q 2027
N/A
Etna Park 70 - Building C (90.0%)
1
Columbus, OH
161,000
21,900
1,774
1,672
3Q 2027
N/A
2
911,000
$
89,000
$
8,883
$
8,427
Total Development and Redevelopment Projects
5
2,698,932
$
241,837
$
111,305
$
67,888
(1)
Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes, if any.
(2)
Excludes noncontrolling interests' share.
(3)
Estimated project costs exclude estimated tenant improvements and leasing costs.
(4)
Represents infrastructure development costs to prepare the land for vertical development.
LAND HELD FOR INDUSTRIAL DEVELOPMENT
Project (% owned)
Market
Approximate Acres
GAAP Investment Balance
as of 6/30/2026
($000)
LXP Amount Funded
as of 6/30/2026
($000)
(1)
Consolidated Land:
Reems & Olive (95.5%)
Phoenix, AZ
240
$
57,170
$
57,077
Mt. Comfort Phase II (80.0%)
Indianapolis, IN
116
5,879
4,768
ATL Fairburn (100.0%)
Atlanta, GA
14
1,732
1,779
Total Consolidated Land
370
$
64,781
$
63,624
Consolidated Covered Land:
Covered Land Investment (100%)
(2)
Phoenix, AZ
37
Total Consolidated and Covered Land
407
Non-Consolidated Land:
Etna Park 70 East (90.0%)
Columbus, OH
21
$
2,767
$
3,629
Etna Park 70 (90.0%)
Columbus, OH
19
850
784
Total Non-Consolidated Land
40
$
3,617
$
4,413
(1)
Excludes noncontrolling interests’ share.
(2)
37-acre infill covered land investment available for redevelopment upon expiration of the in-place lease.
LEASING
During the second quarter of 2026, LXP executed new and extended leases:
NEW LEASES - FIRST GENERATION
Location
Lease
Expiration Date
Sq. Ft.
Glendale, AZ
11/31
1,184,591
TOTAL NEW LEASES - FIRST GENERATION
1,184,591
NEW LEASES - SECOND GENERATION
Location
Lease
Expiration Date
Sq. Ft.
Pasadena, TX
11/33
248,240
Savannah, GA
06/31
161,200
TOTAL NEW LEASES - SECOND GENERATION
409,440
LEASE EXTENSIONS - SECOND GENERATION
Location
New Lease Expiration Date
Sq. Ft.
Savannah, GA
07/36
270,252
San Antonio, TX
09/37
849,275
Tolleson, AZ
09/33
186,336
Savannah, GA
12/31
149,415
Whiteland, IN
12/29
179,530
Whiteland, IN
12/29
168,480
Whitestown, IN
10/35
63,840
TOTAL LEASE EXTENSIONS - SECOND GENERATION
1,867,128
As of June 30, 2026, LXP's stabilized portfolio was 97.4% leased. A total of 2.3 million square feet of new and extended s