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Midas Edge

LXP Industrial Trust

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

LXP$61.18+0.0%Stored close · as of Oct 30, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ITEM 2. Properties

Real Estate Portfolio

General. As of December 31, 2024, we had ownership interests in approximately 119 consolidated real estate properties containing approximately 57.8 million square feet of rentable space, which were approximately 93.6% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary.

Ground Leases. Certain of the properties in which we have an interest are subject to long-term ground leases where either the tenant of the building on the property or a third party owns and leases the underlying land to the property owner subsidiary. Certain of these properties are economically owned through the holding of industrial revenue bonds primarily for real estate tax abatement purposes and as such, neither ground lease payments nor bond interest payments are made or received, respectively. For certain of the properties held under a ground lease, the ground lessee has a purchase option. At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner.

Office Leases. We lease our headquarters office space in West Palm Beach, Florida and our satellite offices in Dallas, Texas and New York, New York.

Property-Level Leverage. As of December 31, 2024, we had outstanding consolidated mortgages and notes payable of approximately $55.5 million with a weighted-average interest rate of approximately 4.1% and a weighted-average maturity of 5.6 years.

Property Charts. The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2024.

LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION
As of December 31, 2024
Property LocationCityStateNet Rentable Square FeetPrimary Tenant Current Lease Term ExpirationPercent Leased
3405 S. McQueen Rd.ChandlerAZ201,7843/31/2033100%
4445 N. 169th Ave.GoodyearAZ160,14012/31/2025100%
16811 W. Commerce Dr.GoodyearAZ540,3494/30/2026100%
255 143rd Ave.GoodyearAZ801,4249/30/2030100%
3815 N Cotton Ln.GoodyearAZ488,4001/31/2031100%
3595 N Cotton Ln.GoodyearAZ392,2788/31/2033100%
17510 W. Thomas Rd.GoodyearAZ468,18211/30/2036100%
1515 South 91st Ave.PhoenixAZ496,20412/31/2027100%
8989 W Buckeye Rd.PhoenixAZ268,8725/31/2037100%
9494 W. Buckeye Rd.TollesonAZ186,3369/30/2026100%
5275 Drane Field Rd.LakelandFL222,1345/31/2036100%
3400 NW 35th Street Rd.OcalaFL617,0558/31/2030100%
3343 NW 44th AvenueOcalaFL1,085,280N/A—%
2455/2467 Premier RowOrlandoFL350,9905/31/2025100%
3775 Fancy Farms Rd.Plant CityFL510,4843/31/2028100%
1075 NE 30th St.RuskinFL138,6731/31/202942%
3240 Clover Ridge Ave.RuskinFL132,212N/A—%
3102 Queen Palm Dr.TampaFL229,6052/28/2026100%
95 International Pkwy.AdairsvilleGA225,2113/31/2025100%
200 Momeni Ln.AdairsvilleGA447,7538/31/2027100%
7875 White Rd. SWAustellGA604,8521/31/2028100%
1001 Old Grassdale Rd.CartersvilleGA273,5765/31/2029100%
51 Busch Dr.CartersvilleGA328,0007/31/2031100%
41 Busch Dr.CartersvilleGA396,0009/30/2031100%
1625 Oakley Industrial Blvd.FairburnGA907,67510/31/2028100%
490 Westridge Pkwy.McDonoughGA1,121,1201/31/2028100%
493 Westridge Pkwy.McDonoughGA676,00010/31/2030100%
335 Morgan Lakes Industrial Blvd.PoolerGA499,5007/31/2027100%
1001 Gateway Pkwy.RinconGA204,8241/31/2034100%
1319 Dean Forest Rd.SavannahGA355,5276/30/2025100%
1315 Dean Forest Rd.SavannahGA88,5038/31/2025100%
1004 Trade Center Pkwy.SavannahGA419,6677/31/2026100%
7225 Goodson Rd.Union CityGA370,0005/31/2029100%
3931 Lakeview Corporate Dr.EdwardsvilleIL769,5009/30/2026100%
4015 Lakeview Corporate Dr.EdwardsvilleIL1,017,7805/31/2030100%
1001 Innovation Rd.RantoulIL813,12610/31/2034100%
749 Southrock Dr.RockfordIL150,00012/31/2027100%
3686 South Central Ave.RockfordIL93,00012/31/2027100%
2463 N Buck Creek Rd.GreenfieldIN1,053,360N/A—%
1627 Veterans Memorial Pkwy. E.LafayetteIN309,4009/30/2029100%
1285 W. State Road 32LebanonIN741,8801/31/2029100%
180 Bob Glidden Blvd.WhitelandIN179,53012/31/2026100%
76 Bob Glidden Blvd.WhitelandIN168,48012/31/2026100%
19 Bob Glidden Blvd.WhitelandIN530,4003/31/2031100%
5352 Performance WayWhitestownIN380,0007/31/2025100%
4900 Albert S White Dr.WhitestownIN149,0728/31/2025100%
4600 Albert S White Dr.WhitestownIN149,0721/31/2028100%
5424 Albert S. White Dr.WhitestownIN1,016,24411/30/2031100%
27200 West 157th St.New CenturyKS446,5001/31/2027100%
200 Richard Knock WayWaltonKY232,50012/31/2031100%
300 Richard Knock WayWaltonKY544,3204/30/2032100%
LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION
As of December 31, 2024
Property LocationCityStateNet Rentable Square FeetPrimary Tenant Current Lease Term ExpirationPercent Leased
1700 47th Ave. NorthMinneapolisMN18,62012/31/2025100%
1550 Hwy 302ByhaliaMS615,6009/30/2027100%
549 Wingo Rd.ByhaliaMS855,8783/31/2030100%
554 Nissan Pkwy.CantonMS1,466,0002/28/2027100%
6495 Polk Ln.Olive BranchMS269,9025/31/2028100%
11624 S. Distribution Cv.Olive BranchMS1,170,2186/30/2029100%
8500 Nail Rd.Olive BranchMS716,0807/31/2029100%
11555 Silo Dr.Olive BranchMS927,7429/30/2029100%
671 Washburn Switch Rd.ShelbyNC673,4255/31/2036100%
2203 Sherrill Dr.StatesvilleNC639,80010/31/2026100%
736 Addison Rd.ErwinNY408,00011/30/2026100%
29-01 Borden Ave./29-10 Hunters Point Ave.Long Island CityNY140,3303/31/2028100%
351 Chamber Dr.ChillicotheOH489,15012/31/2031100%
1860 Walcutt Rd.ColumbusOH292,73011/21/2029100%
10300 Schuster WayEtnaOH250,02010/14/2029100%
9800 Schuster WayEtnaOH1,074,84010/31/2033100%
200 Arrowhead Dr.HebronOH400,5228/31/2027100%
191 Arrowhead Dr.HebronOH250,4102/28/2034100%
2155 Rohr Rd.LockbourneOH320,1906/30/2035100%
575-599 Gateway Blvd.MonroeOH194,9366/30/2026100%
600 Gateway Blvd.MonroeOH994,0138/31/2027100%
700 Gateway Blvd.MonroeOH1,299,4926/30/2030100%
675 Gateway Blvd.MonroeOH143,6642/28/2032100%
10345 Philipp Pkwy.StreetsboroOH649,25010/31/2026100%
250 Rittenhouse Cir.BristolPA241,97711/30/2036100%
231 Apple Valley Rd.DuncanSC196,0001/31/202662%
425 Apple Valley Rd.DuncanSC327,3609/30/2026100%
235 Apple Valley Rd.DuncanSC177,32010/31/2026100%
417 Apple Valley Rd.DuncanSC195,0003/31/2027100%
70 Tyger River Dr.DuncanSC408,0001/31/2029100%
230 Apple Valley Rd.DuncanSC275,4004/30/2029100%
402 Apple Valley Rd.DuncanSC235,60012/31/2029100%
7870 Reidville Rd.GreerSC396,0739/30/2025100%
7820 Reidville Rd.GreerSC210,82012/31/2027100%
140 Smith Farms Pkwy.GreerSC304,8842/28/2029100%
21 Inland Pkwy.GreerSC1,318,68012/31/2034100%
170 Smith Farms Pkwy.GreerSC797,9364/30/2035100%
160 Smith Farms Pkwy.GreerSC1,091,888N/A—%
923 Matrix Pkwy.PiedmontSC625,23812/31/2036100%
5795 North Blackstock Rd.SpartanburgSC341,6607/31/2029100%
1021 Tyger Lake Rd.SpartanburgSC213,2002/28/2031100%
6050 Dana WayAntiochTN674,5286/30/2031100%
1520 Lauderdale Memorial Hwy.ClevelandTN851,3703/31/2031100%
201 James Lawrence Rd.JacksonTN1,062,05510/31/2027100%
633 Garrett Pkwy.LewisburgTN310,0003/31/2026100%
3820 Micro Dr.MillingtonTN701,8199/30/2029100%
200 Sam Griffin Rd.SmyrnaTN1,505,0004/30/2027100%
2115 East Belt Line Rd.CarrolltonTX356,8556/30/203584%
3737 Duncanville Rd.DallasTX510,4009/30/2026100%
4600 Underwood Rd.Deer ParkTX402,64812/31/2026100%
4005 E. I-30Grand PrairieTX215,0003/31/2037100%
LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTION
As of December 31, 2024
Property LocationCityStateNet Rentable Square FeetPrimary Tenant Current Lease Term ExpirationPercent Leased
13600/13901 Industrial RoadHoustonTX132,4493/31/2038100%
1704 S. I-45HutchinsTX120,9606/30/2030100%
3201 N. Houston School Rd.LancasterTX468,3001/31/2030100%
3115 N. Houston School Rd.LancasterTX124,450N/A—%
13930 Pike Rd.Missouri CityTX—4/30/2032100%
8601 E. Sam Lee Ln.NorthlakeTX1,214,5268/31/2029100%
17505 Interstate Hwy. 35WNorthlakeTX500,55610/31/2034100%
10565 Red Bluff Rd.PasadenaTX248,2404/30/2025100%
4100 Malone Dr.PasadenaTX233,1908/31/2028100%
10535 Red Bluff Rd.PasadenaTX257,8354/30/2029100%
9701 New Decade Dr.PasadenaTX102,86310/31/2029100%
10575 Red Bluff Rd.PasadenaTX248,2402/28/2034100%
16407 Applewhite Rd.San AntonioTX849,2754/30/2027100%
2601 Bermuda Hundred Rd.ChesterVA1,034,4706/30/2030100%
291 Parkside Dr.WinchesterVA344,7005/31/2031100%
80 Tyson Dr.WinchesterVA400,40012/18/2031100%
150 Mercury WayWinchesterVA324,5359/30/2034100%
Warehouse / Distribution Total57,765,28693.6%

As of December 31, 2024, Annualized Cash Base Rent for the consolidated portfolio, excluding assets primarily consisting of land leases, was $5.08 per square foot. The weighted-average remaining lease term was 5.4 years.

LXP NON-CONSOLIDATED PORTFOLIO PROPERTY CHART
As of December 31, 2024
Property Location · City · State · Percent Owned · Net Rentable Square Feet · Primary Tenant Current Lease Term Expiration · Percent Leased
Non-consolidated leased land:
30 Light St.BaltimoreMD41.1%—12/31/2048100%
Office properties:
3902 Gene Field Rd.St. JosephMO20%98,8496/30/2027100%
1210 AvidXchange Ln.CharlotteNC20%201,4504/30/2032100%
2221 Schrock Rd.ColumbusOH20%42,2907/6/2027100%
500 Olde Worthington Rd.WestervilleOH20%97,7473/31/202686%
8900 Freeport Pkwy.IrvingTX20%261,3055/31/203323%
Office total701,64169.5%
Special purpose industrial properties:
318 Pappy Dunn Blvd.AnnistonAL20%276,78211/24/2029100%
4801 North Park Dr.OpelikaAL20%165,4935/31/2042100%
1020 W. Airport Rd.RomeovilleIL20%188,16610/31/2031100%
10000 Business Blvd.Dry RidgeKY20%336,3506/30/2031100%
730 North Black Branch Rd.ElizabethtownKY20%167,7706/30/2030100%
750 North Black Branch Rd.ElizabethtownKY20%539,5926/30/2030100%
301 Bill Bryan Blvd.HopkinsvilleKY20%424,9046/30/2030100%
4010 Airpark Dr.OwensboroKY20%211,5986/30/2030100%
113 Wells St.North BerwickME20%993,6854/30/2029100%
904 Industrial Rd.MarshallMI20%246,5089/30/2028100%
43955 Plymouth Oaks Blvd.PlymouthMI20%311,61210/31/2030100%
26700 Bunert Rd.WarrenMI20%260,24310/31/2032100%
2880 Kenny Biggs Rd.LumbertonNC20%423,28011/30/2026100%
10590 Hamilton Ave.CincinnatiOH20%264,59812/31/2027100%
590 Ecology Ln.ChesterSC20%420,5977/14/2025100%
50 Tyger River Dr.DuncanSC20%221,8338/31/2027100%
900 Industrial Blvd.CrossvilleTN20%222,2009/30/2033100%
120 Southeast Pkwy. Dr.FranklinTN20%289,33012/31/2028100%
7007 F.M. 362 Rd.BrookshireTX20%262,0953/31/2035100%
13863 Industrial Rd.HoustonTX20%187,8003/31/2035100%
901 East Bingen Point WayBingenWA20%124,53912/31/2032100%
Special purpose industrial total6,538,975100%
Non-consolidated portfolio total7,240,61697.0%

In addition, we have two non-consolidated joint ventures with a developer, which own developable parcels of land in Etna, Ohio.

As of December 31, 2024, the Annualized Cash Base Rent for the non-consolidated portfolio was $7.03 per square foot and the weighted-average remaining lease term was 6.6 years.

Land Held for Development

The following is a summary of our land held for development as of December 31, 2024:

Project (% owned)MarketApproximate Acres
Consolidated:
Reems & Olive (95.5%)Phoenix, AZ315
Mt. Comfort Phase II (80%)Indianapolis, IN116
ATL Fairburn (100%)Atlanta, GA14
Project (% owned)MarketApproximate Acres
Non-consolidated:
Etna Park 70 (90%)Columbus, OH48
Etna Park 70 East (90%)Columbus, OH21

Tenant Diversification

We believe our tenant mix is well diversified. Below are the industries in our warehouse/distribution portfolio based on 2024 ABR for consolidated properties owned as of December 31, 2024:

IndustriesPercentage of ABR
Consumer Products23.9%
Transportation/Logistics20.7%
E-Commerce13.7%
Automotive12.8%
Construction/Materials10.7%
Food6.1%
Apparel3.8%
Specialty2.6%
Retail Department1.9%
Energy Products1.1%
Other2.7%
Total100.0%

The following table sets forth information about the 15 largest tenants/guarantors in our portfolio as of December 31, 2024, based on total annualized base rental revenue as of December 31, 2024 ($000s, except square feet).

Tenants(1)Lease ExpirationsNumber of LeasesSquare Feet LeasedSquare Feet Leased as a % of the Consolidated Portfolio(2)(3)ABRPercentage of ABR(2)(4)
Amazon2026-203363,864,7317.1%$18,9496.7%
Nissan202722,971,0005.5%13,2584.7%
Black and Decker2029 & 203322,289,3664.2%9,6943.4%
Wal-Mart2027-203132,351,9174.4%9,0773.2%
GXO Logistics2026-202831,697,4753.1%7,8262.8%
Watco20381132,4490.2%6,5732.3%
FedEx20282292,0210.5%6,2822.2%
Owens Corning2025-20273863,2421.6%6,1692.2%
Olam2029 & 203721,196,6142.2%6,0452.1%
Mars Wrigley20281604,8521.1%5,5522.0%
Undisclosed (5)203411,318,6802.4%5,4341.9%
Drive Automotive Industries20361625,2381.2%5,2481.9%
Georgia-Pacific2028 & 203121,283,1022.4%5,1131.8%
FIGS20311488,4000.9%4,6891.7%
Asics20301855,8781.6%4,6341.6%
3120,834,96538.5%$114,54340.4%

(1)Tenant, guarantor or parent.

(2)Total shown may differ from detail amounts due to rounding.

(3)Excludes vacant square feet.

(4)Based on ABR for consolidated properties owned as of December 31, 2024.

(5)Lease restricts certain disclosures

In 2024, 2023 and 2022, no tenant/guarantor represented greater than 10% of our annual base rental revenue.

The following chart sets forth certain information regarding lease expirations for the next ten years in our consolidated portfolio at December 31, 2024:

YearNumber of Lease ExpirationsSquare FeetABR ($000's)Percentage of ABR
2025102,164,814$11,1593.9%
2026236,656,78232,21011.4%
2027189,363,48741,35614.6%
2028103,774,92124,5298.7%
2029239,053,95842,36515.0%
2030117,094,56231,58211.2%
2031135,548,83128,0749.9%
20324805,5845,9252.1%
203331,668,90212,7034.5%
203473,592,08020,4787.2%

The following chart sets forth ABR ($000's) based on the credit rating of our consolidated tenants at December 31, 2024(1):

ABRPercentage of ABR
Investment Grade$132,96646.9%
Non-investment Grade50,85418.0%
Unrated99,39035.1%
$283,210100.0%

(1) Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. See Item 1A “Risk Factors”.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.