false 0000910108 0000910108 2024-12-09 2024-12-09 0000910108 LXP:SharesOfBeneficialInterestParValue0.0001PerShareClassifiedAsCommonStockMember 2024-12-09 2024-12-09 0000910108 LXP:Sec6.50SeriesCCumulativeConvertiblePreferredStockParValue0.0001PerShareMember 2024-12-09 2024-12-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

 

 

FORM 8-K

 

 

    

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 9, 2024 

 

 

  

LXP INDUSTRIAL TRUST
(Exact name of registrant as specified in its charter)
 

 

Maryland 1-12386 13-3717318

(State or other jurisdiction

of incorporation)

 (Commission File Number) (IRS Employer Identification No.)
     

 

515 N. Flagler Drive, Suite 408, West Palm Beach, Florida 33401
(Address of principal executive offices) (Zip Code)

 

(212) 692-7200

(Registrant’s telephone number, including area code)

 

 

 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ☐

   

 

Item 8.01 - Other Information.

LXP Industrial Trust (“LXP”) is providing an operating and capital activity update in connection with its participation in the Jefferies Real Estate Conference in Miami on December 10-11, 2024.

 

In the fourth quarter of 2024 to date, LXP has completed new leases and lease extensions totaling approximately 0.5 million square feet, raising Cash Base Rents (as defined in Exhibit 99.1 to LXP’s Current Report on Form 8-K filed on November 6, 2024) by 28.9%. Leasing activity year-to-date has totaled approximately 4.0 million square feet with Cash Base Rents increasing by 37.6% (excluding tenant improvement reimbursements in one lease) on second generation leases.

 

With respect to development leasing, LXP and a prospective full building user have suspended discussions with respect to a lease of LXP’s 1.1 million square foot Ocala, Florida facility. LXP remains focused on leasing this facility and the remaining square footage in its development portfolio.

 

In November, subsequent to third quarter earnings, LXP acquired a property in Houston and two properties in Atlanta for an aggregate purchase price of approximately $124 million. As previously announced, LXP also acquired a property in Savannah for a purchase price of approximately $34 million in November.

 

In December, the tenant for the leased land owned by LXP in Phoenix, Arizona closed on the acquisition of the property under its purchase option for a purchase price of approximately $87 million.

 

   

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 9th day of December, 2024.

 

 

  LXP Industrial Trust
     
  By: /s/ Joseph S. Bonventre
  Name: Joseph S. Bonventre
  Title: Secretary

 

 

   

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Dec. 09, 2024
Document Type 8-K
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Document Period End Date Dec. 09, 2024
Entity File Number 1-12386
Entity Registrant Name LXP INDUSTRIAL TRUST
Entity Central Index Key 0000910108
Entity Tax Identification Number 13-3717318
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 515 N. Flagler Drive, Suite 408
Entity Address, City or Town West Palm Beach
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33401
City Area Code (212)
Local Phone Number 692-7200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Shares Of Beneficial Interest Par Value 0. 0001 Per Share Classified As Common Stock [Member]  
Title of 12(b) Security Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Trading Symbol LXP
Security Exchange Name NYSE
Sec 6. 50 Series C Cumulative Convertible Preferred Stock Par Value 0. 0001 Per Share [Member]  
Title of 12(b) Security 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Trading Symbol LXPPRC
Security Exchange Name NYSE
LXP Industrial (NYSE:LXP-C)
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