LXP Industrial Trust (LXP) Q4 2025 earnings summary

Executive summary

• Achieved 97.1% stabilized occupancy, reduced net debt to adjusted EBITDA to 4.9x, and completed 3.8M sq ft of new and extended leases with base and cash base rents up nearly 30% and 28% year-over-year.

• Sold 11 facilities for $389.1M at a 5.7% cap rate, exited five non-target markets, and acquired one property for $30M at a 6.5% cap rate.

• Generated Adjusted Company FFO of $3.15 per share ($187M) for 2025 and repurchased 277K shares at an average price of $49.47.

• Ended year with $170M in cash, prioritizing liquidity and future land bank value creation.

• Prepared to break ground on a 1M sq ft spec project in Phoenix, with a $120M budget and 7–7.5% stabilized cash yield, and extended maturities on $600M credit facility and $250M term loan.

Financial highlights

• Adjusted Company FFO for Q4 2025 was $0.79 per diluted share ($47M); full year was $3.15 per share ($187M).

• Same-store NOI growth was 2.9% for 2025; portfolio consists of 108 properties, 52.7M sq ft, with $5.26 average rent PSF.

• Dividend yield was 5.4% as of February 2026; paid a quarterly dividend of $0.70 per common share.

• G&A expenses were $11M in Q4 and $40M for 2025; 2026 guidance: $39–$41M.

• Weighted-average interest rate was 3.58% and weighted-average debt maturity was 5.0 years.

Outlook and guidance

• 2026 Adjusted Company FFO guidance: $3.22–$3.37 per share, 4.6% growth at midpoint.

• 2026 net income guidance: $(0.01) to $0.14 per diluted share.

• Same-store NOI growth for 2026 expected at 1.5%–2.5%, driven by 3.25% contractual escalators/renewals, offset by lower occupancy and higher concessions.

• Average occupancy for same-store pool expected at 96%–97% in 2026.

• Bad debt assumption for 2026: $500,000 at low end of guidance.