LXP Industrial Trust LXP
We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. Class A real estate encompasses attractive and efficient buildings of high quality that are well-designed and constructed with above-average material, workmanship and finishes and are well-maintained and managed. A majority of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide that the landlord is responsible for certain operating expenses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1M | $4.1M | $6.3M | $7.3M | $4.1M | $330.4M | $326.0M | $397.0M | $1.0M | $31.4M |
| Cost of revenue | $64.4M | $60.5M | $58.4M | $54.9M | $47.3M | — | — | — | — | — |
| Gross profit | -$60.3M | -$56.4M | -$52.1M | -$47.6M | -$43.3M | — | — | — | — | — |
| SG&A | $40.1M | $40.0M | $36.3M | $38.7M | $35.5M | $30.4M | $30.8M | $31.7M | $34.2M | $31.1M |
| Interest expense | $62.9M | $66.5M | $46.4M | $45.4M | $46.7M | $55.2M | $65.1M | $79.9M | $77.9M | $88.0M |
| Pre-tax income | $122.7M | $45.9M | $35.3M | $101.3M | $386.6M | $188.1M | $283.8M | $230.9M | $89.4M | $90.3M |
| Income tax | $163.0K | $93.0K | $165.0K | $1.1M | $1.3M | $1.6M | $1.4M | $1.7M | $1.9M | $1.4M |
| Net income | $113.2M | $44.5M | $30.4M | $113.8M | $382.6M | $183.3M | $279.9M | $227.4M | $85.6M | $95.6M |
| EPS, basic | 1.82 | 0.65 | 0.41 | 0.38 | 1.35 | 0.66 | 1.15 | 0.93 | 0.33 | 0.38 |
| EPS, diluted | 1.82 | 0.65 | 0.41 | 0.38 | 1.34 | 0.66 | 1.15 | 0.93 | 0.33 | 0.37 |
| Shares, diluted (wtd. avg.) | $58.6M | $58.3M | $58.2M | $282.5M | $287.4M | $268.2M | $237.9M | $240.8M | $241.5M | $237.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $170.4M | $101.8M | $199.2M | $54.4M | $190.9M | $178.8M | $122.7M | $168.8M | $107.8M | $86.6M |
| Short-term investments | — | $0 | $130.1M | $0 | — | — | — | — | — | — |
| Receivables | $3.5M | $2.1M | $5.3M | $3.0M | $3.5M | $2.9M | $3.2M | $3.5M | $5.5M | $7.5M |
| Total assets | $3.54B | $3.84B | $4.19B | $4.05B | $4.01B | $3.49B | $3.18B | $2.95B | $3.55B | $3.44B |
| Long-term debt | $1.35B | $1.57B | — | — | — | — | — | — | — | — |
| Total liabilities | $1.49B | $1.72B | $1.93B | $1.66B | $1.68B | $1.50B | $1.46B | $1.61B | $2.21B | $2.03B |
| Total equity | $2.04B | $2.10B | $2.27B | $2.39B | $2.32B | $1.99B | $1.72B | $1.35B | $1.34B | $1.41B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $188.7M | $211.2M | $209.4M | $194.3M | $220.3M | $201.8M | $192.2M | $217.8M | $227.9M | $239.8M |
| Depreciation and amortisation | $200.1M | $196.6M | $186.5M | $183.4M | $179.5M | $164.3M | $150.4M | $172.1M | $177.6M | $170.0M |
| Capital expenditure | — | — | — | — | — | — | — | $15.5M | $15.2M | $4.4M |
| Investing cash flow | $298.2M | $86.4M | -$183.5M | -$236.9M | -$337.8M | -$494.4M | -$187.0M | $554.9M | -$283.1M | $11.4M |
| Financing cash flow | -$418.3M | -$395.0M | $119.0M | -$93.9M | $129.1M | $342.6M | -$53.2M | -$707.6M | $49.6M | -$237.3M |
| Dividends paid | $164.3M | $158.2M | $151.9M | $142.5M | $128.3M | $118.4M | $122.8M | $175.5M | $172.1M | $165.9M |
| Buybacks | $4.0M | $0 | $0 | $130.7M | $0 | $11.0M | $3.6M | $47.2M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000910108-26-000009.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |