LXP INDUSTRIAL TRUST

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LXP Industrial Trust : Second Quarter 2022 Investor Presentation

08/05/2022 | 11:36am EDT

I N V E S T O R P R E S E N T A T I O N

SECOND QUARTER 2022

LXPINDUSTRIAL TRUST

Disclosure

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve known and unknown risks, uncertainties or other factors not under LXP Industrial Trust's ("LXP") control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward- looking statements. These factors include, but are not limited to, those factors and risks detailed in LXP's filings with the Securities and Exchange Commission. Except as required by law, LXP undertakes no obligation to (1) publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events or (2) update or supplement forward-looking statements that become untrue because of subsequent events. Accordingly, there is no assurance that LXP's expectations will be realized.

For information on non-GAAP measures, please see the definitions at the end of the presentation. See LXP's corresponding supplemental disclosure package for a reconciliation of all non-GAAP financial measures to the most directly comparable GAAP measure. All information is on a consolidated basis unless noted.

LXP's 'Other' Portfolio consists of office, cold storage, manufacturing, and other specialty assets.

All company names are trademarks™, registered® trademarks or service marks of their respective holders. Use of them does not imply any affiliation with or endorsement of them.

2

LXPINDUSTRIAL TRUST

LXP Offers a Highly Attractive Investment Opportunity

1

2

Large, high-quality portfolio of primarily single-tenant warehouse/distribution assets in key logistics markets

Compelling sector tailwinds driving strong

demand, occupancy and rent growth

3

Platform primed for long-term growth from favorable

mark-to-market in current portfolio and strong development pipeline

4

Balance sheet provides operational flexibility

to execute disciplined growth strategy

5

Experienced management team with a track

record of value creation

6 Top-ranked ESG+R program aligned with established frameworks

3

LXPINDUSTRIAL TRUST

2022 Strategy Execution1

Industrial Investment Opportunities

  • Acquired a warehouse/distribution facility for ~$59 million, bringing year-to-date purchase to $131 million at GAAP and Cash stabilized capitalization rates of 4.5% and 4.0%, respectively.
  • Invested ~$53 million in six ongoing development projects.
  • Commenced development on a new project in Central Florida and acquired 60 acres of developable land in Atlanta, Georgia and Indianapolis, Indiana markets.

Non-Core Asset Dispositions

  • Disposed of ~$55 million at aggregated weighted-average GAAP and cash capitalization rates of 6.2% and 6.7%, respectively.
  • Subsequent to quarter-end, disposed of ~$92 million dollars of assets.
  • Majority of remaining office assets in the market for sale.

Proactive Asset Management

  • Leased ~1 million square feet, including a new lease totaling 392,000 square feet.
  • Stabilized Industrial Portfolio leased of 99.3%.
  • Increased industrial Base and Cash Base rents by 21.3% and 18.7%, respectively, on new/extended leases during the quarter, with a 3.0% average annual rental escalator.

Flexible Balance Sheet

  • Leverage of 6.8x net debt to Adjusted EBITDA.
  • Primarily fixed rate, long term debt with weighted-average interest rate of 2.9% and a weighted-average term of 6.5 years.
  • Aggregate of $183.4 million under unsettled forward common share sales contracts.

Capital Markets Activity

  • Year-to-date, repurchased ~7.9 million common shares at an average share price of $11.27 per common share under share repurchase program. Board increased the repurchase authorization by an additional 10 million common shares.

1. As of 6/30/2022, unless otherwise noted.

4

LXPINDUSTRIAL TRUST

Clear Strategic Focus

GROWTH

Multi-channel industrial growth strategy - purchases, build-to-suit, development and sale-leasebacks

Strategy

SECTOR

Single-tenant,well-located, Class A warehouse/distribution assets along the Sunbelt and lower Midwest

OPPORTUNITY

Grow cash flow through investment activity, contractual annual rental escalations and market rent growth

Produce dividend yield and growth that is attractive relative to fixed-income alternatives

PORTFOLIO MANAGEMENT

▪ Warehouse/distribution pure play

▪ Dispose of remaining office/non-core portfolio

Execution

ASSET MANAGEMENT

▪ Focused on tenant relationships

▪ Manage lease expirations and weighted-average lease terms ▪ Sustain high levels of occupancy while raising rents

CAPITAL ALLOCATION

  • Sales proceeds and other sources of liquidity will be utilized to fund development pipeline, repurchase shares and pay down debt

FLEXIBILITY

Balance Sheet

Maintain moderate leverage while stabilizing development pipeline

Access to secured and investment-grade unsecured debt

  • Incorporate primarily long-term,fixed-rate debt with balanced maturities

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Lexington Realty Trust published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 15:35:09 UTC.


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Financials (USD)
Sales 2022 327 M - -
Net income 2022 15,1 M - -
Net Debt 2022 1 479 M - -
P/E ratio 2022 223x
Yield 2022 4,48%
Capitalization 3 031 M 3 031 M -
EV / Sales 2022 13,8x
EV / Sales 2023 13,6x
Nbr of Employees 63
Free-Float 97,3%
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 10,83 $
Average target price 12,88 $
Spread / Average Target 18,9%
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Managers and Directors
T. Wilson Eglin Chairman, President & Chief Executive Officer
Beth Boulerice Chief Financial Officer, Treasurer & Executive VP
Joseph S. Bonventre COO, Secretary, Executive VP & General Counsel
Brendan P. Mullinix Chief Investment Officer & Executive VP
Richard S. Frary Lead Independent Trustee
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