Revenue growth remains inconsistent, evidenced by a 3.3% contraction in 2026Q1 and extreme NOI margin volatility, including a negative 145.6% margin recorded in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 347.31M | 350.23M | 358.46M | 340.5M | 321.25M | 344M | 330.45M | 325.97M | 395.34M | 391.64M | 429.5M | 430.84M | 424.37M | 398.44M | 344.88M | 326.91M | 342.86M | 376.62M | 441.23M | 431.75M | 207.39M | 197.13M | 151.22M | 120.52M | 100.62M | 82.86M | 80M | 77.3M | 65.12M | 43.57M | 31.68M |
| Revenue Growth % | -3.81% | -2.3% | 5.27% | 5.99% | -6.61% | 4.1% | 1.37% | -17.55% | 0.94% | -8.81% | -0.31% | 1.52% | 6.51% | 15.53% | 5.5% | -4.65% | -8.97% | -14.64% | 2.2% | 108.18% | 5.2% | 30.36% | 25.48% | 19.78% | 21.43% | 3.57% | 3.5% | 18.71% | 49.46% | 37.55% | 12.72% |
| Property Operating Expenses | 406.72M | 457.63M | 253.38M | 241.92M | 235.44M | 224.46M | 41.91M | 42.02M | 210.87M | 223.16M | 213.4M | 222.85M | 218.51M | 236.47M | 222.09M | 62.36M | 235.26M | 257.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | -59.41M | -107.4M | 105.08M | 98.58M | 85.81M | 119.54M | 288.53M | 283.95M | 184.47M | 168.48M | 216.09M | 207.99M | 205.86M | 161.97M | 122.79M | 264.55M | 107.59M | 119.16M | 441.23M | 431.75M | 207.39M | 197.13M | 151.22M | 120.52M | 100.62M | 82.86M | 80M | 77.3M | 65.12M | 43.57M | 31.68M |
| NOI Margin % | -17.1% | -30.66% | 29.32% | 28.95% | 26.71% | 34.75% | 87.32% | 87.11% | 46.66% | 43.02% | 50.31% | 48.27% | 48.51% | 40.65% | 35.6% | 80.92% | 31.38% | 31.64% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -109.71M | -156.56M | 39.98M | 36.3M | 38.81M | 35.46M | 30.37M | 30.79M | 31.66M | 34.16M | 31.1M | 29.28M | 28.25M | 28.97M | 23.96M | 184.5M | 22.49M | 23.59M | 352.6M | 259.93M | 112.86M | 94.4M | 49.38M | 50.83M | 31.47M | 26.54M | 25.42M | 25.54M | 22M | 16.22M | 12.7M |
| G&A Expenses | 39.92M | 40.05M | 40.05M | 36.33M | 38.81M | 35.46M | 30.37M | 30.79M | 31.66M | 34.16M | 31.1M | 29.28M | 28.25M | 28.97M | 23.96M | 22.21M | 22.49M | 23.59M | 112.7M | 39.39M | 35.53M | 17.61M | 13.94M | 10.04M | 5.74M | 4.95M | 4.9M | 4.69M | 4.52M | 3.92M | 3.13M |
| EBITDA | 241M | 245.78M | 257.96M | 252.96M | 227.57M | 260.79M | 422.42M | 403.61M | 395.34M | 387.21M | 428.66M | 345.9M | 344.9M | 316.83M | 270.8M | 242.34M | 257.41M | 280.78M | 337.56M | 425.35M | 179.27M | 175.77M | 143.55M | 99.27M | 92.52M | 76.27M | 73.6M | 70.75M | 59.18M | 38.84M | 27.22M |
| EBITDA Margin % | 69.39% | 70.18% | 71.96% | 74.29% | 70.84% | 75.81% | 127.83% | 123.82% | 100% | 98.87% | 99.81% | 80.28% | 81.27% | 79.52% | 78.52% | 74.13% | 75.08% | 74.55% | 76.5% | 98.52% | 86.44% | 89.16% | 94.93% | 82.36% | 91.95% | 92.05% | 91.99% | 91.52% | 90.89% | 89.13% | 85.93% |
| Depreciation & Amortization | 190.69M | 196.62M | 192.86M | 190.68M | 180.57M | 176.71M | 164.26M | 150.44M | 242.53M | 252.89M | 243.67M | 167.19M | 167.29M | 183.83M | 171.97M | 162.28M | 172.3M | 185.21M | 248.93M | 253.53M | 84.73M | 73.03M | 41.71M | 29.57M | 23.38M | 19.95M | 19.01M | 18.99M | 16.07M | 11.48M | 8.25M |
| D&A / Revenue % | 54.91% | 56.14% | 53.8% | 56% | 56.21% | 51.37% | 49.71% | 46.15% | 61.35% | 64.57% | 56.73% | 38.8% | 39.42% | 46.14% | 49.86% | 49.64% | 50.25% | 49.18% | 56.42% | 58.72% | 40.86% | 37.05% | 27.58% | 24.54% | 23.23% | 24.08% | 23.76% | 24.57% | 24.68% | 26.36% | 26.03% |
| Operating Income | 50.31M | 49.16M | 65.1M | 62.28M | 47M | 84.08M | 258.16M | 253.17M | 152.81M | 134.32M | 184.99M | 178.71M | 177.61M | 133M | 98.83M | 80.06M | 85.11M | 95.57M | 88.63M | 171.81M | 94.54M | 102.73M | 101.84M | 69.69M | 69.15M | 56.32M | 54.59M | 51.76M | 43.11M | 27.35M | 18.97M |
| Operating Margin % | 14.48% | 14.04% | 18.16% | 18.29% | 14.63% | 24.44% | 78.13% | 77.67% | 38.65% | 34.3% | 43.07% | 41.48% | 41.85% | 33.38% | 28.66% | 24.49% | 24.82% | 25.38% | 20.09% | 39.8% | 45.58% | 52.11% | 67.35% | 57.83% | 68.72% | 67.97% | 68.23% | 66.96% | 66.21% | 62.78% | 59.9% |
| Interest Expense | 4M | 59.05M | 66.48M | 46.39M | 45.42M | 46.71M | 55.2M | 65.09M | 79.88M | 77.88M | 88.03M | 89.74M | 97.3M | 85.89M | 98.8M | 107.52M | 123.11M | 131.63M | 156.06M | 163.63M | 65.1M | 56.18M | 36.45M | 25.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.00x | 0.98x | 1.76x | 1.03x | 1.80x | 1.75x | 1.62x | 3.89x | 2.15x | 2.03x | 2.25x | 1.50x | 0.79x | 2.51x | 0.63x | 0.72x | 0.91x | -0.43x | 0.74x | 0.82x | 1.23x | 1.14x | 2.89x | - | - | - | - | - | - | - |
| Non-Operating Income | -76.32M | -128.2M | 0 | -19.37M | 0 | 0 | 161.59M | 147.59M | -307.31M | -31.91M | 6.66M | -23.05M | 31.43M | 51.77M | -240.87M | 1.95M | -121.63M | -111.83M | 156.06M | -28.1M | -53.3M | 14.73M | 60.38M | 0 | -28.55M | -18.28M | -16.57M | 0 | 0 | 0 | 0 |
| Pretax Income | 102.21M | 118.31M | 42.71M | 36.63M | 117.34M | 386.38M | 187.97M | 286.67M | 230.93M | 89.39M | 90.3M | 112.03M | 48.33M | -10.73M | 158.27M | -80.83M | -23.92M | -31.08M | 52.31M | -74.39M | -3.48M | 13.93M | 41.86M | 0 | 71.49M | 0 | 57.55M | 0 | 42.71M | 30.87M | 0 |
| Pretax Margin % | 29.43% | 33.78% | 11.91% | 10.76% | 36.53% | 112.32% | 56.88% | 87.94% | 58.41% | 22.83% | 21.02% | 26% | 11.39% | -2.69% | 45.89% | -24.73% | -6.98% | -8.25% | 11.85% | -17.23% | -1.68% | 7.07% | 27.68% | 0% | 71.05% | 0% | 71.93% | 0% | 65.59% | 70.85% | 0% |
| Income Tax | 620K | 699K | -127K | 703K | 1.1M | 1.29M | 1.58M | 1.38M | 1.73M | 1.92M | 1.44M | 568K | 1.11M | 3.26M | 941K | -823K | 1.56M | 2.38M | 3.01M | 3.37M | -238K | -150K | 1.18M | 36.04M | 38.55M | 38.26M | 32.64M | 30.41M | 27.38M | 18.76M | 13.51M |
| Effective Tax Rate % | 0.61% | 0.59% | -0.3% | 1.92% | 0.94% | 0.33% | 0.84% | 0.48% | 0.75% | 2.14% | 1.59% | 0.51% | 2.29% | -30.37% | 0.59% | 1.02% | -6.51% | -7.65% | 5.75% | -4.54% | 6.85% | -1.08% | 2.82% | - | 53.93% | - | 56.71% | - | 64.09% | 60.77% | - |
| Net Income | 93.85M | 113.16M | 44.53M | 30.38M | 113.78M | 382.65M | 183.3M | 279.91M | 227.41M | 85.58M | 95.62M | 111.7M | 93.1M | 1.63M | 180.32M | -79.58M | -32.96M | -210.15M | 8.46M | 76.85M | 7.75M | 32.7M | 44.81M | 33.65M | 30.59M | 18.06M | 21.95M | 21.35M | 15.74M | 8.59M | 5.47M |
| Net Margin % | 27.02% | 32.31% | 12.42% | 8.92% | 35.42% | 111.24% | 55.47% | 85.87% | 57.52% | 21.85% | 22.26% | 25.93% | 21.94% | 0.41% | 52.28% | -24.34% | -9.61% | -55.8% | 1.92% | 17.8% | 3.74% | 16.59% | 29.63% | 27.92% | 30.41% | 21.8% | 27.44% | 27.62% | 24.17% | 19.72% | 17.26% |
| Net Income Growth % | 47.15% | 154.1% | 46.58% | -73.3% | -70.26% | 108.75% | -34.51% | 23.08% | 165.72% | -10.5% | -14.39% | 19.98% | 5611.9% | -99.1% | 326.57% | -141.46% | 84.32% | -2582.6% | -88.99% | 891.24% | -76.29% | -27.03% | 33.16% | 9.98% | 69.39% | -17.72% | 2.83% | 35.65% | 83.14% | 57.21% | 60.76% |
| Funds From Operations (FFO) | 284.55M | 309.77M | 237.4M | 221.06M | 294.35M | 559.36M | 347.56M | 430.35M | 469.94M | 338.48M | 339.3M | 278.89M | 260.39M | 185.46M | 352.29M | 82.7M | 139.34M | -24.94M | 257.39M | 330.39M | 92.49M | 105.73M | 86.52M | 63.22M | 53.97M | 38.01M | 40.96M | 40.34M | 31.81M | 20.08M | 13.71M |
| FFO Margin % | 81.93% | 88.45% | 66.23% | 64.92% | 91.63% | 162.61% | 105.18% | 132.02% | 118.87% | 86.43% | 79% | 64.73% | 61.36% | 46.55% | 102.15% | 25.3% | 40.64% | -6.62% | 58.34% | 76.52% | 44.6% | 53.63% | 57.21% | 52.46% | 53.64% | 45.88% | 51.2% | 52.18% | 48.85% | 46.08% | 43.29% |
| FFO Growth % | 58.22% | 30.49% | 7.39% | -24.9% | -47.38% | 60.94% | -19.24% | -8.43% | 38.84% | -0.24% | 21.66% | 7.1% | 40.4% | -47.35% | 325.98% | -40.65% | 658.62% | -109.69% | -22.09% | 257.22% | -12.52% | 22.21% | 36.85% | 17.14% | 41.97% | -7.2% | 1.55% | 26.82% | 58.43% | 46.41% | 41.37% |
| FFO per Share | 4.89 | 5.29 | 4.07 | 3.80 | 5.21 | 9.73 | 6.48 | 9.04 | 9.76 | 7.01 | 7.14 | 5.97 | 5.67 | 4.42 | 9.80 | 2.71 | 5.32 | -1.14 | 18.96 | 25.45 | 8.87 | 10.59 | 9.14 | 9.19 | 9.84 | 9.53 | 11.62 | 11.57 | 7.88 | 6.08 | 7.00 |
| FFO Payout Ratio % | 43.32% | 53.03% | 66.62% | 68.73% | 48.4% | 22.94% | 34.06% | 28.54% | 37.35% | 50.85% | 48.88% | 59.07% | 61.26% | 73.08% | 29.32% | 114.7% | 55.44% | -212.99% | 93.75% | 41.55% | 101.29% | 82.39% | 82.58% | 75.26% | 58.67% | 72.79% | 56.95% | 57.02% | 68.85% | 68.74% | 75.31% |
| EPS (Diluted) | 1.61 | 1.82 | 0.65 | 0.41 | 1.90 | 6.70 | 3.30 | 5.75 | 4.70 | 1.65 | 1.85 | 2.25 | 1.90 | -0.35 | 4.65 | -2.60 | -1.25 | -9.60 | -1.40 | 3.85 | -0.85 | 1.65 | 4.00 | 4.40 | 5.45 | 3.85 | 5.50 | 5.40 | 3.90 | 1.60 | 2.90 |
| EPS Growth % | 51.31% | 180% | 59.12% | -78.5% | -71.64% | 103.03% | -42.61% | 22.34% | 184.85% | -10.81% | -17.78% | 18.42% | 642.86% | -107.53% | 278.85% | -108% | 86.98% | -585.71% | -136.36% | 552.94% | -151.52% | -58.75% | -9.09% | -19.27% | 41.56% | -30% | 1.85% | 38.46% | 143.75% | -44.83% | 65.71% |
| EPS (Basic) | - | 1.82 | 0.65 | 0.41 | 1.90 | 6.75 | 3.30 | 5.75 | 4.80 | 1.65 | 1.90 | 2.25 | 1.90 | -0.35 | 4.95 | -2.60 | -1.25 | -9.60 | -1.40 | 3.85 | -0.85 | 1.65 | 4.05 | 4.45 | 5.55 | 3.95 | 5.75 | 5.55 | 3.95 | 1.65 | 2.90 |
| Diluted Shares Outstanding | 58.16M | 58.57M | 58.31M | 58.24M | 56.49M | 57.47M | 53.64M | 47.59M | 48.16M | 48.31M | 47.54M | 46.75M | 45.89M | 41.96M | 35.93M | 30.49M | 26.2M | 21.86M | 13.57M | 12.98M | 10.43M | 9.98M | 9.47M | 6.88M | 5.49M | 3.99M | 3.53M | 3.49M | 4.04M | 3.3M | 1.96M |
Legacy asset disposition volatility
As indicated by the quarterly financial data, LXP's FFO per share has fluctuated significantly, ranging from a low of $0.80 in 2026Q1 to a peak of $1.46 in 2025Q3, suggesting that non-recurring items and asset sale timing continue to heavily influence the company's reported earnings quality.
The wide variance in FFO per share suggests that investors should exercise caution when extrapolating recent performance to future periods. The reliance on asset dispositions to fund the industrial pivot likely creates noise in the FFO line, making it difficult to isolate the underlying cash-generating capacity of the core industrial portfolio.
Based on the provided income statement data, LXP experienced extreme NOI margin volatility, including a negative 145.6% margin in 2025Q3, which appears to reflect significant non-cash charges or impairment events associated with the ongoing transition away from legacy office assets rather than core property-level operational failure.
The erratic nature of the NOI margin suggests that the company's property-level profitability is currently obscured by the accounting treatment of its portfolio transformation. Analysts should monitor whether these margins stabilize as the company completes its exit from non-industrial holdings and focuses exclusively on its warehouse and distribution assets.
According to the reported quarterly figures, revenue growth has been inconsistent, with a notable 14.0% decline in 2025Q4 and a 3.3% contraction in 2026Q1, indicating that the pace of asset dispositions may be currently outpacing the revenue contribution from the new industrial development pipeline.
The recent revenue contraction suggests that the company is in a difficult phase of its lifecycle where the loss of income from sold assets is not yet fully offset by the stabilization of new industrial projects. This trend warrants further investigation into the timing of development completions and the lease-up velocity of the new portfolio.
As reported in the financial statements, the divergence between GAAP net income and FFO, highlighted by the -$239.0K net income in 2026Q1 despite positive FFO, suggests that significant non-cash depreciation and potential impairment charges are creating a disconnect between accounting profitability and actual cash flow generation.
The persistent gap between net income and FFO implies that traditional valuation metrics like P/E ratios are likely misleading for LXP. Investors should focus on AFFO as the primary metric for dividend safety, as the current accounting figures appear to be heavily impacted by the legacy portfolio's book value adjustments.
Quick answers to the most common questions about buying LXP stock.
For fiscal year 2025, LXP Industrial Trust (LXP) reported total revenue of $350.2M. This represents a 1005.7% increase compared to $31.7M in 1996.
LXP Industrial Trust (LXP) is profitable, generating $113.2M in net income for the fiscal year ending 2025 with a net profit margin of 32.3%.
LXP Industrial Trust (LXP) reported an operating income of $49.2M, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
LXP Industrial Trust (LXP) generated $-107.4M in gross profit for the year, representing a gross profit margin of -30.7%. This demonstrates the company's core pricing power and production efficiency.