At a glance
LXP Industrial Trust is worth $3.60B, about 34 times its fiscal 2025 earnings. Revenue fell 2.3% to $350.2M in fiscal 2025, with 32.3% kept as profit; over 5 years it has grown 1.2% a year. It pays a 4.76% dividend yield, raised every year for at least 5 years, and returned $879.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +36.1% over the past year with dividends reinvested and +1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.9% in the 2020 crash (S&P 500: 33.7%) and 44.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
LXP Industrial Trust is a real estate investment trust (REIT). A REIT is a company that owns property and generally avoids corporate income tax by paying out most of its taxable income as dividends. LXP owns Class A warehouse and distribution buildings. Class A means high-quality facilities that are well built and well maintained. As of December 31, 2025, it held about 108 properties in 14 states, with about 52.7 million square feet that were 97.1% leased. Its warehouses averaged 9.9 years old.
LXP makes money by collecting rent, mostly from one tenant per building. Revenue was $350.2 million in 2025. Most leases are net leases: the tenant pays all or nearly all of the building's real estate taxes, utilities, insurance and ordinary repairs, including any increases. As of December 31, 2025, the largest tenant supplied 6.5% of annual base rent. Tenants backed by investment-grade credit ratings, a sign of lower default risk, supplied 47.4%.
LXP reports one operating segment and does not report revenue by region. It focuses on 12 target markets in the Sunbelt and lower Midwest. It grows by developing buildings with partner builders on about 514 acres of land, plus selective purchases. It also earns fees from two joint ventures with institutional investors and owns 20% of each. One holds five office properties and the other holds 21 special-purpose industrial properties.
Price history
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LXP +36.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $90.8M, up 4.5% from a year earlier, and net income was $92.1M (+153.7%).
- For fiscal 2025, revenue was $350.2M (-2.3% year over year; +1.2% a year from FY2020 to FY2025) with a 32.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.2% watch |
|---|---|
| Return on equity (FY2025) | 5.6% weak |
| Return on assets (FY2025) | 3.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $330.4M | $183.3M | — |
| FY2021 | $344.0M | $382.6M | — |
| FY2022 | $321.2M | $113.8M | — |
| FY2023 | $340.5M | $30.4M | — |
| FY2024 | $358.5M | $44.5M | — |
| FY2025 | $350.2M | $113.2M | — |
Valuation snapshot
| Market value | $3.60B |
|---|---|
| P/E ratio | 33.6 |
| Dividend yield | 4.76% |
Rank among 1514 US companies
Market value at each year end
LXP Industrial Trust’s market value went from $2.56B at the end of 2016 to $3.60B on Oct 28, 2026, up 41%; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.60B | +22.9% |
| 2025 | $2.93B | +22.7% |
| 2024 | $2.39B | -17.6% |
| 2023 | $2.90B | +5.1% |
| 2022 | $2.76B | -37.5% |
| 2021 | $4.42B | +50.2% |
| 2020 | $2.94B | +11.7% |
| 2019 | $2.63B | +35.7% |
| 2018 | $1.94B | -16.5% |
| 2017 | $2.32B | -9.3% |
| 2016 | $2.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LXP price data to Oct 28, 2026 | +28.9% | +36.1% | +22.1% | +1.1% | +7.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.9% |
| 2025 | +26.7% |
| 2024 | -13.2% |
| 2023 | +4.4% |
| 2022 | -32.9% |
| 2021 | +52.3% |
| 2020 | +4.3% |
| 2019 | +34.9% |
| 2018 | -7.2% |
| 2017 | -4.0% |
| 2016 | +44.9% |
| 2015 | -21.2% |
| 2014 | +14.5% |
| 2013 | +3.2% |
| 2012 | +48.2% |
| 2011 | +0.2% |
| 2010 | +38.7% |
| 2009 | +43.5% |
| 2008 | -63.7% |
| 2007 | -19.9% |
| 2006 | +15.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 88.1% over that stretch · deepest drop along the way 88.1%, back to its old high 48 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.3% over that stretch · deepest drop along the way 30.9%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.6% over that stretch · deepest drop along the way 44.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16.8% | Jun 30, 2025 |
| Vanguard Portfolio Management | 10% | Jan 30, 2026 |
| STATE STREET CORPORATION | 5.7% | Dec 31, 2025 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| Macquarie Group Limited | 4.83% | Dec 31, 2024 |
ETFs with the most weight in LXP
| NETL NETLease Corporate Real Estate ETF | 3.65% |
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 3.07% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.08% |
| VRAI Virtus Real Asset Income ETF | 1.07% |
| BLDG Cambria Global Real Estate ETF | 1.06% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.7% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.32% |
| VGSR Vert Global Sustainable Real Estate ETF | 0.28% |
What could go wrong
- One tenant's failure can empty a building. Most properties are leased to one tenant. If that tenant defaults or goes bankrupt, the building's rent can stop entirely while LXP pays all operating costs. Bankruptcy law caps what a landlord can recover.
- Long leases may lag market rents. A significant portion of leases are long-term with no reset to market rent. If market rents climb faster than these leases allow, income can lag, leaving less cash for dividends.
- Some tenants can end leases early. Certain leases let tenants terminate early. They usually owe a fee, but in most cases it is less than the remaining expected rent. LXP then pays the building's costs and re-leasing expenses.
- Development projects carry extra risk. LXP develops warehouses with partner builders, including speculative projects started without a signed tenant. Projects may not win approvals, can cost more than estimated or take longer, and partners' interests may differ.
- Tariffs could weaken warehouse demand. LXP warns that trade disputes and higher U.S. tariffs could reduce demand for its properties. Warehouses depend on the flow of goods, so less trade could mean fewer tenants or weaker rents.
- Substantial debt and interest-rate exposure. LXP had $999.3 million of debt as of September 30, 2026. Higher interest rates can raise borrowing costs, refinancing may come on worse terms, and a credit-rating downgrade could hurt its finances.
Recent events
- Acquisition or sale of assets completed; Listing notice from the exchange; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Bylaws or fiscal year changed; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement; Other company announcement
For income and retirement investors
LXP raised its regular dividend five years in a row through 2025, from a split-adjusted $2.11 per share in 2020 to $2.70, about 5% a year. In 2025, dividends paid equaled 145.2% of net income. REITs often pay more than net income because depreciation, a non-cash charge, lowers reported earnings. Still, LXP says its dividend policy could change. The yield was 4.76% as of October 28, 2026. Buybacks totaled $134.7 million from 2021 to 2025, mostly in 2022, yet the share count rose 4.2% between November 2021 and October 2026.
The share price fell 88.1% in the 2008 financial crisis and took about four years to recover. It dropped 30.9% in the 2020 COVID crash but recovered within about four months. In the 2022 bear market it slid 44.3% and had not regained its April 2022 peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does LXP Industrial Trust make money?
LXP makes money by leasing warehouse and distribution buildings, mostly to one tenant per building, with a focus on 12 target markets across the Sunbelt and lower Midwest. Under its net leases, tenants pay most property costs, such as real estate taxes, insurance and ordinary repairs. Revenue was $350.2 million in 2025. LXP also develops new buildings with partner builders on about 514 acres of land. It earns fees from two joint ventures in which it owns 20% stakes.
Does LXP Industrial Trust raise its dividend every year?
It raised its regular dividend five years in a row through 2025, from a split-adjusted $2.11 per share in 2020 to $2.70 in 2025, or about 5% a year. There were no special dividends in that period. The streak is not guaranteed: dividends paid in 2025 equaled 145.2% of net income, and LXP's annual report says the dividend policy could change. REITs often pay more than net income because depreciation, a non-cash charge, lowers reported earnings.
What is LXP's dividend yield?
LXP's dividend yield was 4.76% as of October 28, 2026. For full-year 2025 it paid $2.70 per share in regular dividends, adjusted for a 1-for-5 reverse stock split that combined every five shares into one. As a REIT, LXP must distribute most of its taxable income to keep its tax status, which tends to support higher yields. A rising share price lowers the yield. The shares returned 36.1% over the year to October 28, 2026.
How much debt does LXP Industrial Trust have?
LXP had $999.3 million of debt as of September 30, 2026, compared with $3.5 billion of total assets and $2.0 billion of shareholders' equity. It held $110.3 million in cash and investments. Its annual report calls this a substantial amount of debt and flags the related risks. Higher interest rates can raise borrowing costs, and refinancing may come on worse terms. Loan covenants (conditions set by lenders) can limit its activities, and a credit-rating downgrade could hurt the business.
Is LXP Industrial Trust the same company as Lexington Realty Trust?
Yes. Its former names include Lexington Realty Trust and Lexington Corporate Properties Trust. The company was formed in 1993 and became a Maryland real estate investment trust in 1997. Its focus has since narrowed to Class A warehouse and distribution buildings. In 2018 it disposed of a portfolio of office assets and formed a joint venture, NNN Office JV, in which it kept a 20% interest. That venture held five office properties as of December 31, 2025.