LXP Industrial Trust is a real estate investment trust (REIT) focused on owning and investing in Class A warehouse and distribution facilities. The company's portfolio is geographically concentrated in target markets within the Sunbelt and lower Midwest regions. Major cities and areas of investment include Phoenix, Greenville/Spartanburg, Atlanta, Dallas/Ft. Worth, Houston, Memphis, and Central Florida. LXP's strategy includes the active development and redevelopment of properties and the strategic disposition of assets located outside its core target markets.
LXP Industrial Trust continues to advance its strategy as a pure-play industrial REIT focused on Class A warehouse and distribution properties throughout the Sunbelt and lower Midwest. Operationally, the company has executed a clear plan to de-lever its balance sheet, successfully reducing its net debt to Adjusted EBITDA ratio from 5.9x to 4.9x by the end of 2025. This de-leveraging has been paired with a broader initiative to optimize the portfolio by selling non-core assets and utilizing the proceeds to selectively fund growth and buy back shares. The company also continues to digest the aftereffects of its historic 2021 strategic pivot from a diversified property mix to an exclusively industrial focus. As part of that major transition, in early 2022 LXP recapitalized a 22-property special purpose industrial portfolio through a sale into a joint venture with Davidson Kempner Capital Management. That historical transaction was valued at $550 million at a 7.4% cap rate, with LXP retaining a 20% interest and using the proceeds to right-size its balance sheet.
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