Latest news with #distribution
Globe and Mail
2 hours ago
- Automotive
- Globe and Mail
KIOTI Tractor Opens First West Coast Warehouse
The 146,000-square-foot Washington facility strengthens KIOTI's distribution channels WENDELL, N.C. , July 30, 2025 /CNW/ -- KIOTI Tractor, a division of Daedong- USA Inc., announced the opening of a 146,327-square-foot facility in Tumwater, Wash. , its first location in the region. Located two miles south of Olympia , the site represents a major milestone in the company's continued investment in its North American infrastructure. KIOTI's expansion into Tumwater represents a strategic investment to strengthen support for dealers and customers in the Upper Midwest, Pacific Northwest and Western Canada . The facility came online in phases beginning in May 2025—increasing KIOTI's distribution efficiency in the region. This move is part of a broader initiative to expand the company's North American footprint, building on the recent expansion and growth of its Milton, Ontario warehouse. "As we continue to expand our presence in North America , strengthening our distribution channels remains a key strategic priority," said Ryan Kim , deputy CEO at KIOTI Tractor. "After evaluating our infrastructure, we made significant investments to enhance logistics and increase our overall capacity. The Tumwater warehouse now serves as a dedicated hub to support our western dealers and customers." The Tumwater facility is designed to improve logistics and inventory management. With 26 dock doors and a 36 foot high-clearance interior space, the site significantly increases KIOTI's equipment and parts storage capacity. Its strategic location in Washington will streamline distribution, delivering faster fulfillment, improved service, and greater operational efficiency. "By positioning the facility in the heart of the Pacific Northwest, we are providing our dealers with quicker access to the products and parts their customers need," said Bryan Falkner , director of product support and U.S. operations at KIOTI Tractor. "It's a critical building block in our long-term strategy to streamline and improve our service and support across North America ." To learn more about KIOTI Tractor or find your nearest authorized KIOTI Tractor dealer, visit About KIOTI Tractor For more than 35 years, KIOTI Tractor has been a trusted supplier of tractors, ranging from 22 to 140 horsepower, serving the U.S. and Canadian markets. Our comprehensive product line includes tractors, utility vehicles, residential and commercial zero-turn mowers, and compact construction equipment. Headquartered in Wendell, N.C. , with additional distribution centers in Texas , Washington and Canada , KIOTI's vertical integration strategy ensures high-quality products and seamless component integration. Our customers benefit from a vast and ever-expanding dealer network throughout North America , dedicated to providing exceptional customer service. For more information about KIOTI and its products, please visit your authorized KIOTI Tractor dealer or
Khaleej Times
3 hours ago
- Business
- Khaleej Times
Ghitha Holding revenue increases 6.7% to Dh2.61 billion in H1 2025
Ghitha Holding, an Abu Dhabi-based diversified conglomerate spanning agriculture, food production, and distribution, and a subsidiary of IHC, on Wednesday announced that its first half group revenue rose to Dh2.61 billion, up 6.7 per cent compared to H1 last year, largely driven by inorganic growth following recent acquisitions, which expanded scale and reach. Gross profit reached Dh599.4 million, an increase of 23 per cent YoY, reflecting the effectiveness of Ghitha's strategic pivot toward margin-led growth. Falal Ameen, Ghitha Holding's CEO, said: 'Our first-half results demonstrate the strength of our strategy, with a clear focus on profitable growth, disciplined portfolio integration, and value-driven execution. Growth was driven by a combination of strategic acquisitions and internal margin expansion. We continue to reshape our customer and channel mix, placing greater emphasis on profitable verticals, pricing discipline, and high-performing segments, a model that has consistently proven to strengthen our profitability and long-term sustainability. We also launched the SAP S/4HANA programme during the period, an important step in modernising our digital backbone to support future scalability and national food security goals.'' As part of its broader strategy to expand across various food segments, Ghitha continued to strengthen key verticals through M&A. In H1 2025, its subsidiary Al Ain Farms acquired Al Jazira Poultry Farm, a leading UAE-based poultry producer. The transaction, along with the successful acquisition of Arabian Farms last year, has further strengthened Ghitha's position in the protein vertical and reflects its long-term commitment to scaling high-demand categories within the national food value chain. Ghitha will build on this momentum by accelerating its operational transformation and advancing integration across its value chain. With the digitalisation program underway and a robust M&A pipeline, the Group is well-positioned to drive scalable growth while reinforcing food system resilience in alignment with national priorities. In July 2025 (Q3), Ghitha Agriculture Holding LLC, a subsidiary of Ghitha Holding PJSC, signed a sale and purchase agreementto sell 100 per cent of its shareholding in 'AGRINV SPV RSC LTD' to NRTC Food Holding LLC, for a consideration of $47 million. This transaction forms part of Ghitha's ongoing strategy to optimize its portfolio structure by consolidating businesses under focused, high-performing platforms. Following completion, Ghitha will continue to consolidate AGRINV SPV RSC LTD through NRTC. The completion of the transaction is subject to the satisfaction of customary conditions under the SPA and receipt of all necessary regulatory approvals.
Yahoo
4 hours ago
- Business
- Yahoo
Fortis purchases B2B payments firm Serve First Solutions
Fortis, a company that specialises in embedded payment technology, has acquired B2B payments firm Serve First Solutions. Serve First Solutions, as detailed on its website, provides an array of payment services, including processing for B2B cards, retail point of sale systems, e-commerce, and mobile payment solutions. Serve First Solutions chief revenue officer Matthew Greco said: 'Joining Fortis allows Serve First to bring our expertise to a broader market of software platforms. Together, we'll deliver powerful, integrated solutions with the service excellence customers depend on.' Fortis will integrate Serve First's B2B-focused expertise and customer service approach with its own technology and enterprise resource planning (ERP) capabilities to improve the efficiency of payment technology systems for businesses that manage payments across multiple channels. Fortis anticipates that this acquisition will facilitate its entry and growth in essential market segments, notably in the wholesale, distribution, and manufacturing industries. The enhanced capabilities resulting from the merger are expected to provide software platforms and their business users with a set of tools and services, as well as improved support for critical financial transactions. Fortis CEO Greg Cohen stated: 'By combining our technology with a world class distribution and service model, we're not just processing payments—we're helping our clients unlock new revenue and accelerate cash flow. 'Serve First brings deep expertise in B2B payments, and together we'll deliver even more value to customers through integrated solutions built for scale.' In March, Fortis received a joint investment from Audax Private Equity and its existing investor, Lovell Minnick Partners (LMP). "Fortis purchases B2B payments firm Serve First Solutions " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
4 hours ago
- Business
- Yahoo
Bridgepoint to buy majority stake in German insurer HBC
Bridgepoint has reached an agreement to acquire a majority stake in Hanseatic Broking Center (HBC), a Germany-based insurance distribution platform, for an undisclosed sum. The transaction will see Preservation Capital Partners divest its entire stake in the company. Bridgepoint said it will forge a partnership with HBC management and founding members, who will retain a considerable investment in the business. Since its establishment in 2022, HBC has been operating in the German-speaking insurance market, servicing upwards of 40,000 clients and overseeing a premium volume in excess of €600m ($693.07m). Under Bridgepoint's stewardship, HBC aims to create an integrated platform by merging its commercial broking with managing general agent (MGA) functions in Germany, Austria, Switzerland (DACH) and beyond. HBC co-founder and CEO Hauke Martinsen said: 'We have built HBC around a clear belief: that specialist, independent advice is more important than ever for SMEs [small and medium-sized enterprises]. I am proud of what we have created so far, a platform that brokers trust, clients rely on and insurers want to partner with. 'With Bridgepoint behind us, we are in a great position to keep scaling that model, strengthen our MGA proposition, and unlock even more opportunities for our team and our clients.' HBC recent acquisitions include LTA, which specialises in travel insurance, Schomacker, which deals with marine insurance, and Schinner, which focuses on property insurance. Bridgepoint partner and head of DACH Carsten Kratz stated: 'HBC stands out for its entrepreneurial team, specialist focus and impressive growth trajectory. 'With a strong foundation and clear strategic direction, we see significant potential to help HBC scale further, deepen its MGA capabilities, accelerate digitisation and broaden its reach across the region.' The deal, due to be finalised in the third quarter of 2025, is contingent upon standard closing conditions and regulatory consent. In May, Bridgepoint entered exclusive negotiations for the sale of Kereis, a multi-channel insurance brokerage in Europe, to Advent, a private equity firm. "Bridgepoint to buy majority stake in German insurer HBC " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
5 hours ago
- Business
- Globe and Mail
LXP Industrial Trust Reports Second Quarter 2025 Results
WEST PALM BEACH, FL, July 30, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust ('LXP') (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended June 30, 2025. Second Quarter 2025 Highlights Recorded Net Income attributable to common shareholders of $27.5 million, or $0.09 per diluted common share. Generated Adjusted Company Funds From Operations available to all equityholders - diluted ('Adjusted Company FFO') of $47.3 million, or $0.16 per diluted common share. Increased Same-Store NOI 4.7% compared to the same period in 2024. Leased a 1.1 million square foot development project with an initial Cash Base Rent of $5.50 per square foot. Extended 1.3 million square feet of leases year-to-date, increasing Base and Cash Base Rents by 41.5% and 46.2%, respectively, including 120,000 square feet of leases in the quarter, increasing Base and Cash Base Rents by 18.2% and 18.1%, respectively. Commenced redevelopment of a 350,000 square foot warehouse facility. Repurchased $28.1 million of the Company's Trust Preferred Securities at a 5.0% discount to par value. Disposed of one warehouse facility for $39.6 million. T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "We delivered another quarter of solid funds from operations and strong same-store NOI growth. We reached a significant milestone during the quarter with the lease of our 1.1 million square foot development facility in the Greenville/Spartanburg market, which increased occupancy and is expected to contribute approximately $3.7 million to FFO this year. Finally, we sold an industrial asset at a 4.3% cash capitalization rate and utilized a portion of the proceeds to repurchase $28 million of our floating-rate Trust Preferred Securities at a 5% discount to par value, further reducing leverage and increasing our hedged and fixed-rate debt to 99% in 2025 and 2026." FINANCIAL RESULTS Revenues For the quarter ended June 30, 2025, total gross revenues were $87.7 million, compared with total gross revenues of $85.8 million for the quarter ended June 30, 2024. The increase is primarily attributable to revenue from acquisitions, rent increases and stabilized development projects, offset by property sales. Net Income Attributable to Common Shareh olders For the quarter ended June 30, 2025, net income attributable to common shareholders was $27.5 million, or $0.09 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2024 of $3.8 million, or $0.01 per diluted share. Adjusted Company FFO For the quarter ended June 30, 2025, LXP generated Adjusted Company FFO of $47.3 million, or $0.16 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2024 of $46.9 million, or $0.16 per diluted share. Dividends LXP previously announced that it declared a regular quarterly common share dividend for the quarter ended June 30, 2025 of $0.135 per common share which was paid on July 15, 2025 to common shareholders of record as of June 30, 2025. LXP also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended June 30, 2025, which is expected to be paid on August 15, 2025 to shareholders of record as of July 31, 2025. The property above sold at GAAP and Cash capitalization rates of 4.5% and 4.3%, respectively. Total consolidated year-to-date 2025 property disposition volume was $74.6 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.6% and 4.1%, respectively. Project (% owned) # of Buildings Market Estimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of 6/30/2025 (1) LXP Amount Funded as of 6/30/2025 (2) Estimated Completion Date % Leased as of 6/30/2025 Redevelopment Projects Orlando (100%) (3) 1 Central, FL 350,990 $ 9,400 $ 14,303 $ 254 1Q 2026 —% Richmond (100%) (4) 1 Richmond, VA 252,351 3,700 11,244 201 1Q 2026 —% Total Redevelopment Projects 2 603,341 $ 13,100 $ 25,547 $ 455 Land Infrastructure Improvements Reems & Olive (95.5%) (5) N/A Phoenix, AZ N/A 15,381 8,188 8,446 N/A N/A Total 2 603,341 $ 28,481 $ 33,735 $ 8,901 Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes if any. Excludes noncontrolling interests' share. During the quarter ended June 30, 2025, the tenant vacated the building and LXP began redeveloping the property. During the quarter ended March 31, 2025, the tenant vacated the building, which is part of a four building integrated campus, and LXP began redeveloping the property into a standalone warehouse and distribution facility. Represents infrastructure development costs to prepare the land for vertical development. Project (% owned) Market Approximate Acres GAAP Investment Balance as of 6/30/2025 ($000) LXP Amount Funded as of 6/30/2025 ($000) (1) Consolidated: Reems & Olive (95.5%) Phoenix, AZ 315 $ 75,352 $ 74,239 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,861 4,738 ATL Fairburn (100%) Atlanta, GA 14 1,732 1,768 Total Consolidated Land Projects 445 $ 82,945 $ 80,745 Project (% owned) Market Approximate Acres GAAP Investment Balance as of 6/30/2025 ($000) LXP Amount Funded as of 6/30/2025 ($000) (1) Non-consolidated: Etna Park 70 (90%) Columbus, OH 48 $ 9,871 $ 11,695 Etna Park 70 East (90%) Columbus, OH 21 2,381 3,062 Total Non-Consolidated Land Projects 69 $ 12,252 $ 14,757 Excludes noncontrolling interests' share. LEASING During the second quarter of 2025, LXP executed the following new and extended leases: NEW LEASES - FIRST GENERATION Location Lease Expiration Date Sq. Ft. 1 Greer, SC 05/27 1,091,888 1 TOTAL NEW LEASES - FIRST GENERATION 1,091,888 LEASE EXTENSIONS - SECOND GENERATION Location Prior Term New Lease Expiration Date Sq. Ft. 1 Adairsville, GA 09/25 11/30 100,960 2 Minneapolis, MN 12/25 12/35 18,620 2 TOTAL EXTENDED LEASES - SECOND GENERATION 119,580 As of June 30, 2025, LXP's stabilized portfolio was 94.1% leased and was 98.4% leased, excluding first-generation space available for lease. A total of 2.4 million square feet of first-generation and extended second-generation leases were entered into during the six months ended June 30, 2025 with Base and Cash Base Rents on second-generation leases increasing by 41.5% and 46.2%, respectively. (1) 1. Excludes an additional two-year extension to 2030 at a 605,000 square foot facility in Austell, GA completed in the first quarter of 2025. BALANCE SHEET LXP ended the quarter with net debt to Adjusted EBITDA of 5.8x. During the quarter, LXP repurchased $28.1 million of Trust Preferred Securities at a 5% discount to par value. LXP's total consolidated debt was $1.5 billion at quarter end. Total consolidated debt had a weighted-average term to maturity of 5.0 years and a weighted-average interest rate of 3.9% as of June 30, 2025. 2025 EARNINGS GUIDANCE LXP now estimates that its net income attributable to common shareholders for the year ended December 31, 2025 will be within an expected range of $0.13 to $0.15 per diluted common share. LXP is tightening its estimated Adjusted Company FFO for the year ending December 31, 2025, to be within an expected range of $0.62 to $0.64 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations. SECOND QUARTER 2025 CONFERENCE CALL LXP will host a conference call today, July 30, 2025, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2025. Interested parties may participate in this conference call by dialing 1-888-660-6082 or 1-929-201-6604. Conference ID is 1576583. A replay of the call will be available through August 6, 2025 at 1-800-770-2030 or 1-609-800-9909, pin code for all replay numbers is 1576583. A link to a live webcast of the conference call is available at within the Investors section. ABOUT LXP INDUSTRIAL TRUST LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest. LXP seeks to expand its warehouse and distribution portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions. For more information, including LXP's Quarterly Supplemental Information package, or to follow LXP on social media, visit Contact: Investor or Media Inquiries for LXP Industrial Trust: Heather Gentry, Executive Vice President of Investor Relations LXP Industrial Trust Phone: (212) 692-7200 E-mail: hgentry@ This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under LXP's 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and 'Risk Factors' in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates and changes in applicable governmental regulations and tax legislation, (2) the outbreak of highly infectious or contagious diseases and natural disasters, (3) authorization by LXP's Board of Trustees of future dividend declarations, (4) LXP's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2025, (5) the successful consummation of any lease, acquisition, development, build-to-suit, disposition, financing or other transaction, including achieving any estimated yields, (6) the failure to continue to qualify as a real estate investment trust, (7) changes in general business and economic conditions, including the impact of any legislation, (8) competition, (9) inflation and increases in operating costs, (10) labor shortages, (11) supply chain disruption and increases in real estate construction costs and raw materials costs and construction schedule delays, (12) defaults or non-renewals of significant tenant leases, (13) changes in financial markets and interest rates, (14) changes in accessibility of debt and equity capital markets, (15) future impairment charges, (16) international trade disputes or the imposition of significant tariffs or other trade restrictions by the U.S. on imported goods that adversely impact trading volumes and (17) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words 'believes,' 'expects,' 'intends,' 'anticipates,' 'estimates,' 'projects', 'may,' 'plans,' 'predicts,' 'will,' 'will likely result,' 'is optimistic,' 'goal,' 'objective' or similar expressions. Except as required by law, LXP undertakes no obligation to 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. Accordingly, there is no assurance that LXP's expectations will be realized. References to LXP refer to LXP Industrial Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors. Non-GAAP Financial Measures - Definitions LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures. LXP believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles ('GAAP'), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating LXP's financial performance or cash flow from operating, investing or financing activities or liquidity. Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest expense, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of real estate or changes in control, impairment charges, gain (loss) on debt satisfaction, net, non-cash charges, net, straight-line adjustments, non-recurring charges, the non-cash purchase option impact of sales-type leases and adjustments for pro rata share of non-wholly owned entities. LXP's calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. LXP believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA. Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements and lease termination income and to include ancillary income. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. LXP believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio. Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements, non-cash sales-type lease income and lease termination income, and includes ancillary income. LXP believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs. Company Funds Available for Distribution ('FAD'): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second-generation tenant improvements, and (10) cash paid for second-generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts ('REITs'), LXP believes it provides a meaningful indication of its ability to fund its cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity. First-Generation Costs: Represents cash spend for tenant improvements, leasing costs and expenditures contemplated at acquisition for recently acquired properties with vacancy. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies. Funds from Operations ('FFO') and Adjusted Company FFO: LXP believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. LXP believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income. The National Association of Real Estate Investment Trusts, or Nareit, defines FFO as 'net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.' FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. LXP presents FFO available to common shareholders - basic and also presents FFO available to all equityholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into LXP's common shares, are converted at the beginning of the period. LXP also presents Adjusted Company FFO available to all equityholders - diluted which adjusts FFO available to all equityholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio and not comparable from period to period. LXP believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of LXP's operating performance or as an alternative to cash flow as a measure of liquidity. GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of LXP's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate, (or has generated) divided by the acquisition/completion cost, (or sale price). Stabilized yields assume 100% occupancy and the payment of estimated costs to achieve 100% occupancy excluding developer incentive fees or partner promotes, if any. Net Operating Income ('NOI'): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of LXP's historical or future financial performance, financial position or cash flows. LXP defines NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash and purchase option income related to sales-type leases and lease termination income, net), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, LXP's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. LXP believes that net income is the most directly comparable GAAP measure to NOI. Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the period commencing January 1, 2024 and through the end of the current reporting period. As Same-Store NOI excludes the change in NOI from acquired, expanded, disposed of properties and properties with significant casualty loss, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, LXP's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of LXP's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of LXP's financial performance since it does not reflect the operations of LXP's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of LXP's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact LXP's results from operations. LXP believes that net income is the most directly comparable GAAP measure to Same-Store NOI. Second-Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second-generation building improvements represent an investment in existing stabilized properties. Stabilized Portfolio: All real estate properties other than non-stabilized properties. LXP considers stabilization to occur upon the earlier of 90% occupancy of the property or one year from the cessation of major construction activities. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, LXP ceases capitalizing costs on the completed portion of the project but continues to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the project is placed in service and depreciation commences. LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Gross revenues: Rental revenue $ 86,744 $ 84,768 $ 174,637 $ 169,975 Other revenue 975 1,018 1,945 2,062 Total gross revenues 87,719 85,786 176,582 172,037 Expense applicable to revenues: Depreciation and amortization (49,362) (48,347) (99,874) (95,856) Property operating (15,875) (15,482) (33,004) (30,670) General and administrative (9,630) (9,248) (20,020) (18,741) Non-operating income 744 2,734 1,264 6,503 Interest and amortization expense (16,467) (17,603) (32,747) (34,587) Gain on debt satisfaction, net 1,143 — 793 — Transaction costs (38) (498) (38) (498) Change in allowance for credit loss — (14) — (9) Gain on sale or disposal of, and recovery on, real estate, net 31,320 8,352 55,955 8,352 Gain on change in control of a subsidiary — 209 — 209 Income before provision for income taxes and equity in losses of non-consolidated entities 29,554 5,889 48,911 6,740 Provision for income taxes (199) (83) (414) (208) Equity in losses of non-consolidated entities (958) (1,005) (1,938) (2,286) Net income 28,397 4,801 46,559 4,246 Net loss attributable to noncontrolling interests 735 625 1,551 911 Net income attributable to LXP Industrial Trust shareholders 29,132 5,426 48,110 5,157 Dividends attributable to preferred shares - Series C (1,573) (1,573) (3,145) (3,145) Allocation to participating securities (109) (78) (236) (168) Net income attributable to common shareholders $ 27,450 $ 3,775 $ 44,729 $ 1,844 Net income attributable to common shareholders - per common share basic $ 0.09 $ 0.01 $ 0.15 $ 0.01 Weighted-average common shares outstanding - basic 291,872,243 291,403,985 291,789,613 291,346,184 Net income attributable to common shareholders - per common share diluted $ 0.09 $ 0.01 $ 0.15 $ 0.01 Weighted-average common shares outstanding - diluted 292,208,168 291,615,350 292,253,680 291,451,866 LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) June 30, 2025 December 31, 2024 Assets: Real estate, at cost $ 4,126,352 $ 4,176,294 Real estate - intangible assets 313,296 318,444 Land held for development 82,945 82,827 Investments in real estate under construction 33,735 5,947 Real estate, gross 4,556,328 4,583,512 Less: accumulated depreciation and amortization (1,111,597) (1,047,166) Real estate, net 3,444,731 3,536,346 Right-of-use assets, net 14,250 16,484 Cash and cash equivalents 70,976 101,836 Restricted cash 247 237 Investments in non-consolidated entities 38,416 40,018 Deferred expenses, net 38,227 39,820 Rent receivable - current 3,149 2,052 Rent receivable - deferred 85,301 85,757 Other assets 21,833 20,762 Total assets $ 3,717,130 $ 3,843,312 Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 52,260 $ 54,930 Term loan payable, net 248,615 297,814 Senior notes payable, net 1,090,411 1,089,373 Trust preferred securities, net 100,074 127,893 Dividends payable 41,544 41,164 Operating lease liabilities 14,730 17,114 Accounts payable and other liabilities 53,681 57,055 Accrued interest payable 10,337 10,517 Deferred revenue - including below-market leases, net 4,873 6,751 Prepaid rent 14,431 19,918 Total liabilities 1,630,956 1,722,529 Commitments and contingencies Equity: Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding 94,016 94,016 Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 295,756,383 and 294,499,790 shares issued and outstanding in 2025 and 2024, respectively 30 29 Additional paid-in-capital 3,320,069 3,315,104 Accumulated distributions in excess of net income (1,351,361) (1,316,993) Accumulated other comprehensive income 1,601 6,136 Total shareholders' equity 2,064,355 2,098,292 Noncontrolling interests 21,819 22,491 Total equity 2,086,174 2,120,783 Total liabilities and equity $ 3,717,130 $ 3,843,312 EARNINGS PER SHARE (Unaudited and in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 EARNINGS PER SHARE: Basic: Net income attributable to common shareholders $ 27,450 $ 3,775 $ 44,729 $ 1,844 Weighted-average number of common shares outstanding - basic 291,872,243 291,403,985 291,789,613 291,346,184 Net income attributable to common shareholders - per common share basic $ 0.09 $ 0.01 $ 0.15 $ 0.01 Diluted: Net income attributable to common shareholders - basic $ 27,450 $ 3,775 $ 44,729 $ 1,844 Weighted-average common shares outstanding - basic 291,872,243 291,403,985 291,789,613 291,346,184 Effect of dilutive securities: Unvested share-based payment awards 335,925 211,365 464,067 105,682 Weighted-average common shares outstanding - diluted 292,208,168 291,615,350 292,253,680 291,451,866 Net income attributable to common shareholders - per common share diluted $ 0.09 $ 0.01 $ 0.15 $ 0.01 LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION (Unaudited and in thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 27,450 $ 3,775 $ 44,729 $ 1,844 Adjustments: Depreciation and amortization - real estate 47,725 46,937 96,547 93,145 Amortization of leasing commissions 1,637 1,410 3,327 2,711 Joint venture and noncontrolling interest adjustment 1,206 1,540 2,412 3,103 Gain on sale or disposal of, and recovery on, real estate, net (31,320) (8,635) (55,955) (8,635) Gain on change in control of a subsidiary — (209) — (209) FFO available to common shareholders - basic 46,698 44,818 91,060 91,959 Preferred dividends 1,573 1,573 3,145 3,145 Amount allocated to participating securities 109 78 236 168 FFO available to all equityholders - diluted 48,380 46,469 94,441 95,272 Allowance for credit loss — 14 — 9 Transaction costs, including our share of non-consolidated entities (1) 38 518 38 518 (Gain) loss on debt satisfaction, net, including our share of non-consolidated entities (1,143) 3 (793) 3 Noncontrolling interest adjustments — (100) — (100) Adjusted Company FFO available to all equityholders - diluted 47,275 46,904 93,686 95,702 FUNDS AVAILABLE FOR DISTRIBUTION: Adjustments: Straight-line adjustments (2,068) (1,674) (3,027) (4,376) Lease incentives 453 330 899 468 Amortization of above/below market leases (756) (457) (1,871) (906) Lease termination payments, net (123) — 1,477 — Sales-type lease non-cash income — (610) — (1,202) Non-cash interest 1,064 1,145 2,143 2,307 Non-cash charges, net 2,960 2,399 6,086 4,850 Capitalized interest and internal costs (292) (1,005) (511) (3,061) Second-Generation tenant improvements (5,597) (6) (6,049) (459) Second-Generation lease costs (620) (8,160) (2,356) (9,254) Joint venture and noncontrolling interest adjustment 13 (148) (44) (113) Company Funds Available for Distribution $ 42,309 $ 38,718 $ 90,433 $ 83,956 Per Common Share Amounts Basic: FFO $ 0.16 $ 0.15 $ 0.31 $ 0.32 Diluted: FFO $ 0.16 $ 0.16 $ 0.32 $ 0.32 Adjusted Company FFO $ 0.16 $ 0.16 $ 0.32 $ 0.32 Basic: Weighted-average common shares outstanding - basic FFO 291,872,243 291,403,985 291,789,613 291,346,184 Diluted: Weighted-average common shares outstanding - diluted EPS 292,208,168 291,615,350 292,253,680 291,451,866 Preferred shares - Series C 4,710,570 4,710,570 4,710,570 4,710,570 Weighted-average common shares outstanding - diluted FFO 296,918,738 296,325,920 296,964,250 296,162,436 (1) Transaction costs, including costs associated with terminated investments, such as non-refundable deposits and legal costs. (1) Assumes all convertible securities are dilutive.
