LXP Industrial Trust
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LXP Industrial Trust (LXP) investor relations material

LXP Industrial Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

What specific factors drove Phoenix spec timing?
How will concession trends impact 2026 NOI?
Future non-target dispositions and capital use
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Frequently asked questions

LXP Industrial Trust is a real estate investment trust (REIT) focused on the ownership, management, and development of industrial properties. The company’s portfolio primarily consists of logistics and distribution facilities leased to tenants across various industries. LXP Industrial Trust emphasizes properties in key logistics markets to support supply chain operations and e-commerce growth. The company is headquartered in New York, New York, and its shares are listed on the NYSE.

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