UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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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 | |