LXP Industrial Trust
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
LXP$61.18+0.0%Stored close · as of Oct 30, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0000910108-25-000020
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0000910108-25-000041
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 86 current paragraphs.
39 unchanged; 31 reworded; 12 added; 2 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
New Tax Legislation. Effective July 4, 2025, certain changes to U.S. tax law were approved that impact us and our shareholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Internal Revenue Code (the “Code”), (ii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries (“TRSs”) from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.
Current report
Second Quarter 2025 Transaction Summary.
Current report
•Leased a 1.1 million square foot vacant facility with an initial Cash Base Rent of $5.50 per square foot.
Current report
•Repurchased $28.1 million of the Company's Trust Preferred Securities at a 5.0% discount to par value.
Current report
From time to time, we may repurchase certain of our outstanding debt securities, including our Trust Preferred Securities, in negotiated and/or market transactions. During the six months ended June 30, 2025, we repurchased $28.1 million of our Trust Preferred Securities at a 5.0% discount to par value.
Current report
(4) During the quarter ended June 30, 2025, we repurchased $28.1 million of the Trust Preferred Securities for a cash payment of $26.9 million, including accrued interest of $0.2 million, which resulted in a gain on debt satisfaction, net of $1.1 million including a write off of $0.3 million in deferred financing costs. The Trust Preferred Securities are classified as debt.
Current report
The increase in gain on debt satisfaction, net of $1.1 million was primarily due to the partial repurchase of the Trust Preferred Securities at a 5% discount to par value of $1.4 million and offset by a write off of deferred financing costs of $0.3 million.
Current report
The increase in property operating expense of $2.3 million was primarily due to an aggregate increase of $1.6 million related to placed in service, acquisitions and leasing, in addition to an increase of $1.8 million related to increases related to real estate taxes, and maintenance and repairs, partially offset by a decrease of $1.1 million related to property sales.
Current report
The decrease in interest and amortization expense of $1.8 million was primarily due to a $4.1 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full during the six months ended June 30, 2024. Additionally, interest rate swaps on a portion of the Trust Preferred Securities and a partial repurchase of these securities resulted in a $1.2 million decrease in interest expense during the six months ended June 30, 2025. These amounts were partially offset by a $1.0 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $2.5 million due to properties placed into service subsequent to June 30, 2024.
Current report
The increase in gain on debt satisfaction, net of $0.8 million was primarily due to the repurchase of a portion of the Trust Preferred Securities at a 5% discount to par value of $1.4 million, offset by a write off of deferred financing costs of $0.6 million related to the repurchase of the Trust Preferred Securities and partial repayment of the Term Loan.
Current report
The increase in gain on sale of real estate of $47.6 million was related to the higher gains on the dispositions of two properties during the six months ended June 30, 2025 compared to the two property dispositions during the six months ended June 30, 2024.
Current report
(1) Transaction costs, including costs associated with terminated investments, such as non-refundable deposits and legal fees.
Removed paragraphs (2)
Previous report
First Quarter 2025 Transaction Summary.
Previous report
•Repaid $50.0 million of the $300.0 million term loan.
Reworded paragraphs (31)
Previous wording
Unless stated otherwise or the context otherwise requires, when we use the terms the “Company,” the “Trust,” “LXP,” “we,” “our,” and “us,” we refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests are held, and all of the property operating activities are conducted through special purposes entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. References herein to ‘‘this Quarterly Report” are to this Quarterly Report on Form 10-Q for the three months ended March 31, 2025. The results of operations contained herein for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results that may be expected for a full year.
Current wording
Unless stated otherwise or the context otherwise requires, when we use the terms the “Company,” the “Trust,” “LXP,” “we,” “our,” and “us,” we refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests are held, and all of the property operating activities are conducted through special purposes entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. References herein to ‘‘this Quarterly Report” are to this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025. The results of operations contained herein for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for a full year.
Previous wording
The following is a discussion and analysis of the unaudited condensed consolidated financial condition and results of operations of LXP Industrial Trust for the three months ended March 31, 2025 and 2024, and significant factors that could affect its prospective financial condition and results of operations. This discussion should be read together with the accompanying unaudited condensed consolidated financial statements of the Company included herein and notes thereto and with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on February 13, 2025, which we refer to as the Annual Report. Historical results may not be indicative of future performance.
Current wording
The following is a discussion and analysis of the unaudited condensed consolidated financial condition and results of operations of LXP Industrial Trust for the three and six months ended June 30, 2025 and 2024, and significant factors that could affect its prospective financial condition and results of operations. This discussion should be read together with the accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein and notes thereto and with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on February 13, 2025, which we refer to as the Annual Report. Historical results may not be indicative of future performance.
Previous wording
As of March 31, 2025, we had equity ownership interests in approximately 118 consolidated real estate properties, located in 16 states and containing approximately 57.3 million square feet of rentable space, which were approximately 93.3% leased based upon net rentable square feet.
Current wording
As of June 30, 2025, we had equity ownership interests in approximately 116 consolidated real estate properties, located in 16 states and containing approximately 56.4 million square feet of rentable space, which were approximately 94.1% leased based upon net rentable square feet.
Previous wording
Our portfolio is primarily Class A warehouse and distribution real estate investments focused in our 12 target markets within the Sunbelt and lower Midwest. We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets, including through capital recycling. However, increased financing costs continue to negatively impact transaction activity and development starts in our target markets and the markets where we own properties. Due to this, the current key drivers to growth in our revenue are leasing our vacant development properties and mark-to-market of our lease rollover.
Current wording
Our portfolio primarily consists of Class A warehouse and distribution real estate investments in our 12 target markets within the Sunbelt and lower Midwest. We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets, including through capital recycling. However, increased financing costs and industrial real estate fundamentals continue to negatively impact development starts in our target markets and the markets where we own properties. Due to this, the current key drivers to growth in our revenues are leasing our vacant development properties and mark-to-market of our lease rollover.
Previous wording
•Entered into lease extensions encompassing 1.1 million square feet. The average fixed rent on extended leases was $7.85 per square foot compared to the average fixed rent on these leases before extension of $6.37 per square foot. The weighted-average cost of tenant improvements and lease commissions was $1.19 per square foot for the extended leases.
Current wording
•Entered into lease extensions encompassing 0.1 million square feet. The average fixed rent on extended leases was $11.36 per square foot compared to the average fixed rent on these leases before extension of $9.63 per square foot. The weighted-average cost of tenant improvements and lease commissions was $3.11 per square foot for the extended leases.
Previous wording
•Commenced redevelopment of 250,000 square foot warehouse facility located in Richmond, VA.
Current wording
•Commenced redevelopment of a 350,000 square foot warehouse facility.
Previous wording
•Disposed of our interest in one facility for a gross sale price of $35.0 million in a non-target market.
Current wording
•Disposed of our interest in one facility for $39.6 million.
Previous wording
Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to these estimates during the three months ended March 31, 2025.
Current wording
Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to these estimates during the six months ended June 30, 2025.
Previous wording
At March 31, 2025, our secured debt was $53.6 million compared to $54.9 million at December 31, 2024. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($70.9 million at March 31, 2025), property sale proceeds and borrowing capacity on our unsecured credit facility ($600.0 million at March 31, 2025, subject to covenant compliance).
Current wording
As of June 30, 2025, our secured debt was $52.3 million compared to $54.9 million at December 31, 2024. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($71.0 million at June 30, 2025), property sale proceeds and borrowing capacity on our unsecured credit facility ($600.0 million at June 30, 2025, subject to covenant compliance).
Previous wording
Cash flows from operations were $39.0 million for the three months ended March 31, 2025 as compared to $38.9 million for the three months ended March 31, 2024. The increase was primarily related to increased rental revenue related to acquired properties and placing development properties into service and the receipt of a lease termination fee, partially offset by a decrease in cash flow due to property sales and vacancies. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.
Current wording
Cash flows from operations were $83.3 million for the six months ended June 30, 2025 as compared to $77.4 million for the six months ended June 30, 2024. The increase was primarily related to increased rental revenue related to acquired properties and placing development properties into service and the receipt of a lease termination fee, partially offset by a decrease in cash flow due to property sales and vacancies. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.
Previous wording
Net cash provided by (used in) in investing activities totaled $23.2 million and $(27.7) million during the three months ended March 31, 2025 and 2024, respectively. Cash provided by investing activities in 2025 related primarily to proceeds from a property sale, offset by investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net. Cash used in investing activities in 2024 related primarily to investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net, partially offset by distributions from non-consolidated entities in excess of accumulated earnings.
Current wording
Net cash provided by investing activities totaled $47.6 million and $82.1 million during the six months ended June 30, 2025 and 2024, respectively. Cash provided by investing activities in 2025 related primarily to proceeds from property sales and receipt of insurance proceeds, offset by investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net. Cash provided by investing activities in 2024 related primarily to redeeming investments in held-to-maturity securities, proceeds from property sales and distributions received from non-consolidated entities, offset by investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net.
Previous wording
Net cash used in financing activities totaled $93.1 million and $47.2 million during the three months ended March 31, 2025 and 2024, respectively. Cash used in financing activities in 2025 was primarily related to the partial repayment of the Term Loan, dividends, and debt service payments, offset by contributions from noncontrolling interests.
Current wording
Net cash used in financing activities totaled $161.7 million and $310.0 million during the six months ended June 30, 2025 and 2024, respectively. Cash used in financing activities in 2025 was primarily related to the partial repayment of the Term Loan, repurchase of the Trust Preferred Securities, dividends, and debt service payments, offset by contributions from noncontrolling interests.
Previous wording
We may sell up to $350.0 million common shares over the term of the program. We did not sell shares under the ATM program during the three months ended March 31, 2025 and 2024, respectively.
Current wording
We may sell up to $350.0 million common shares over the term of the program. We did not sell shares under the ATM program during the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Share Repurchase Program. In August 2022, our Board of Trustees authorized the repurchase of an additional 10.0 million common shares under our share repurchase program with no expiration date. We did not repurchase any common shares during the three months ended March 31, 2025 and 2024. At March 31, 2025, 6.9 million common shares remained available for repurchase under this authorization.
Current wording
Share Repurchase Program and Repurchase of Debt. In August 2022, our Board of Trustees authorized the repurchase of an additional 10.0 million common shares under our share repurchase program with no expiration date. We did not repurchase any common shares during the six months ended June 30, 2025 and 2024. At June 30, 2025, 6.9 million common shares remained available for repurchase under this authorization.
Previous wording
Dividends. Dividends paid to our common and preferred shareholders were $41.0 million and $39.5 million in the three months ended March 31, 2025 and 2024, respectively.
Current wording
Dividends. Dividends paid to our common and preferred shareholders were $82.1 million and $79.1 million in the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(1) Spread includes a 10 basis point daily SOFR adjustment.
Current wording
(1) Spread includes a 0.10% daily SOFR adjustment.
Previous wording
(3) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 170 basis points through maturity. $82.5 million is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of March 31, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.58%, which includes the effect of the interest rate swaps.
Current wording
(3) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82.5 million is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of June 30, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.39%, which includes the effect of the interest rate swaps.
Previous wording
We have an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600,000, subject to covenant compliance. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus an interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. We had no borrowings under the $600,000 revolving credit facility as of March 31, 2025 and December 31, 2024.
Current wording
We have an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600.0 million subject to covenant compliance. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus an interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. We had no borrowings under the $600.0 million revolving credit facility as of June 30, 2025 and December 31, 2024.
Previous wording
As of March 31, 2025, the aggregate amount of our consolidated development and redevelopment projects included in investment in real estate under construction are $17.5 million. We expect to incur approximately $41.0 million of additional costs, excluding noncontrolling interests' share and potential developer incentive fees or partner buyouts, to fund all of the remaining costs for our consolidated development project commitments, including vacation development projects placed in service. However, the risks associated with development, including supply chain issues, which may be exacerbated as a result of international trade conflicts associated with tariffs, could adversely impact our estimates. As of March 31, 2025, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. We are unable to estimate the timing of any required fundings for potential development projects on these parcels.
Current wording
As of June 30, 2025, the aggregate amount of our consolidated development and redevelopment projects included in investment in real estate under construction are $33.7 million. We expect to incur approximately $44.0 million of additional costs, excluding noncontrolling interests' share and potential developer incentive fees or partner buyouts, to fund all of the remaining costs for our consolidated development project commitments, including vacant development projects placed in service. However, the risks associated with development, including supply chain issues, which may be exacerbated as a result of international trade conflicts associated with tariffs, could adversely impact our estimates. As of June 30, 2025, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. We are unable to estimate the timing of any required fundings for potential development projects on these parcels.
Previous wording
Three months ended March 31, 2025 compared with three months ended March 31, 2024. The increase in net income attributable to common shareholders of $19.2 million was primarily due to the items discussed below.
Current wording
Three months ended June 30, 2025 compared with three months ended June 30, 2024. The increase in net income attributable to common shareholders of $23.7 million was primarily due to the items discussed below.
Previous wording
The increase in rental revenue of $2.7 million was primarily due to an aggregate increase in rental revenue of $8.4 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $5.7 million due to property sales and vacancies.
Current wording
The increase in rental revenue of $2.0 million was primarily due to an aggregate increase in rental revenue of $7.5 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $5.5 million due to property sales and vacancies.
Previous wording
The increase in depreciation and amortization expense of $3.0 million was primarily due to properties acquired and/or completed and placed in service.
Current wording
The increase in depreciation and amortization expense of $1.0 million was primarily due to properties acquired and/or completed and placed in service.
Previous wording
The decrease in non-operating income of $3.2 million was primarily due to a decrease in interest income earned from investing in short-term investments.
Current wording
The decrease in non-operating income of $2.0 million was primarily due to a decrease in interest income earned from investing in short-term investments.
Previous wording
The decrease in interest and amortization expense of $0.7 million was primarily due to a $2.2 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full in 2024 and a decrease of $0.6 million related to the Trust Preferred Securities. These amounts were partially offset by a $0.4 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $1.7 million due to properties placed into service during 2024.
Current wording
The decrease in interest and amortization expense of $1.1 million was primarily due to a $1.9 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full in 2024 and a decrease of $0.6 million related to the Trust Preferred Securities. These amounts were partially offset by a $0.6 million increase in interest expense related to the Term Loan and a decrease in capitalized interest of $0.8 million due to properties placed into service during the three months ended June 2024.
Previous wording
The increase in gain on sale of real estate of $24.6 million was related to the disposition of one property in 2025 and no dispositions in 2024.
Current wording
The increase in gain on sale of real estate of $23.0 million was related to the higher gains on the dispositions of one property during three months ended June 30, 2025 compared to the two property dispositions during the three months ended June 30, 2024.
Previous wording
The increase in general and administrative expense of $0.9 million was primarily due to the increase in employee compensation, corporate rent expense and a decrease in capitalized payroll.
Current wording
The increase in general and administrative expense of $1.3 million was primarily due to the increase in employee compensation, corporate rent expense and a decrease in capitalized payroll.
Previous wording
The increase in net loss attributable to noncontrolling interests of $0.5 million is primarily related to the recognition of the noncontrolling interests' share of operating losses related to development projects placed into service vacant during 2024.
Current wording
The increase in net loss attributable to noncontrolling interests of $0.6 million is primarily related to the recognition of the noncontrolling interests' share of operating losses related to development projects placed into service vacant during 2024.
Previous wording
Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the two comparable reporting periods. We define NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases and lease termination income, net), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating same-store NOI, and accordingly same-store NOI may not be comparable to other REITs. Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired, expanded and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. However, same-store NOI should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.
Current wording
Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the period commencing January 1, 2024 and through the end of the current reporting period. We define NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases and lease termination income, net), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating same-store NOI, and accordingly same-store NOI may not be comparable to other REITs. Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired, expanded and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. However, same-store NOI should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.
Previous wording
The following presents our consolidated same-store NOI, for the three months ended March 31, 2025 and 2024 ($000's):
Current wording
The following presents our consolidated same-store NOI, for the three and six months ended June 30, 2025 and 2024 ($000's):
Previous wording
Our same-store NOI increased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 by 5.2%, primarily due to an increase in cash base rents. As of March 31, 2025 and March 31, 2024, our historical same-store square footage leased was 99.2% and 98.9%, respectively.
Current wording
Our same-store NOI increased for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 by 4.7% and 5.0%, respectively, primarily due to an increase in cash base rents. As of June 30, 2025 and 2024, our historical same-store square footage leased was 98.0% and 99.1%, respectively.
Previous wording
The following presents a reconciliation of net income attributable to common shareholders to FFO available to common shareholders and Adjusted Company FFO available to all equityholders for the three months ended March 31, 2025 and 2024 (unaudited and dollars in thousands, except share and per share amounts):
Current wording
The following presents a reconciliation of net income attributable to common shareholders to FFO available to common shareholders and Adjusted Company FFO available to all equityholders for the three and six months ended June 30, 2025 and 2024 (unaudited and dollars in thousands, except share and per share amounts):
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Six months ended June 30, 2025 compared with six months ended June 30, 2024. The increase in net income attributable to common shareholders of $43.0 million was primarily due to the items discussed below.
Current report — wording carried from elsewhere
The increase in rental revenue of $4.7 million was primarily due to an aggregate increase in rental revenue of $14.7 million primarily due to properties placed in service, acquisitions and leasing, partially offset by a decrease in rental revenue of $10.0 million due to property sales and vacancies.
Current report — wording carried from elsewhere
The increase in depreciation and amortization expense of $4.0 million was primarily due to properties acquired and/or completed and placed in service.
Current report — wording carried from elsewhere
The decrease in non-operating income of $5.2 million was primarily due to a decrease in interest income earned on short-term investments which matured in June 2024.