Revenue has plateaued near $86-88M with a 2.3% YoY decline in Q2 2026, while NOI margins have swung wildly from -145.6% to 80.5% due to impairments, and FFO per share dropped 36.8% YoY to $0.83, indicating earnings quality concerns.
LXP Industrial Trust (LXP) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 347.7M | 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 % | -4.21% | -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 | 405.71M | 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) | -58.01M | -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 % | -16.68% | -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 | -109.63M | -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 | 40M | 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 | 195.74M | 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 % | 56.3% | 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 | 143.73M | 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 % | 41.34% | 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 | 51.62M | 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 % | 14.85% | 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 | 1.64x | 1.76x | 3.58x | 9.27x | 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 | -80.23M | -128.2M | -44.09M | -19.37M | -115.76M | -349.01M | 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 | 74.93M | 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 % | 21.55% | 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 | 1.74M | 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 % | 2.32% | 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 | 64.78M | 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 % | 18.63% | 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 % | -25.96% | 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) | 161.52M | 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 % | 46.45% | 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 % | -144.97% | 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 | 2.78 | 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 % | 78.29% | 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) | 1.12 | 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 % | -28.34% | 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 | 58.09M | 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 |
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.
Key Metrics
Top Statement Risk
Earnings volatility from impairments
Metrics are mathematically derived from official filings.
Revenue Plateau Amid Portfolio Shift
LXP's revenue has hovered near $86-88M over the past year, with a 2.3% YoY decline in Q2 2026, reflecting the ongoing disposition of legacy office assets, as per recent financial statements.
The revenue trajectory appears flat to slightly declining, which likely reflects the deliberate shrinking of the office portfolio. However, the industrial segment's growth may be offsetting some of this decline, as NOI margins in quarters without impairments (e.g., 80.5% in Q1 2026) suggest strong property-level performance. Investors should monitor the pace of office dispositions and the contribution of new developments to revenue.
NOI Margins Masked by Impairments
Reported NOI margins swung wildly from -145.6% in Q3 2025 to 80.5% in Q1 2026, indicating significant non-cash charges, likely impairments on office assets, as disclosed in quarterly reports.
The extreme volatility in NOI margins is not indicative of operational deterioration but rather reflects large impairment charges on legacy office properties. Excluding these charges, core industrial NOI margins appear robust, with Q1 2026 showing 80.5%. This suggests that the underlying industrial portfolio is highly profitable, but the transition costs are distorting reported figures. Investors should focus on cash NOI and same-store metrics for a clearer picture.
FFO Per Share Volatility Raises Questions
FFO per share swung from $1.46 in Q3 2025 to $0.83 in Q2 2026, a 36.8% YoY decline, according to LXP's earnings releases, suggesting earnings quality may be impacted by one-time items.
The sharp decline in FFO per share in Q2 2026, despite stable revenue, points to non-recurring charges or higher interest costs. The dividend yield of 1.4% appears low for a REIT, but the payout ratio based on AFFO (which was $45.7M in Q2 2026) seems manageable. However, the volatility in FFO warrants caution, as it may indicate that the market's expectations for stable cash flows are not yet met.
Depreciation Distorts GAAP Earnings
GAAP net income was only $55K in Q2 2026 despite positive FFO of $48.1M, highlighting the massive depreciation charges typical of REITs, as per LXP's income statement.
The wide gap between net income and FFO underscores the importance of using FFO/AFFO for valuation. Depreciation on industrial assets is likely significant, but it may overstate economic depreciation if property values are appreciating. Investors should compare depreciation to maintenance capex to assess whether the portfolio is being adequately maintained. The low debt-to-equity ratio of 0.67% suggests ample balance sheet capacity for future investments.
Same-Store Growth Uncertain
With no explicit same-store NOI disclosure in the provided data, organic growth appears mixed, as revenue declined 2.3% YoY in Q2 2026, based on reported figures.
The absence of same-store metrics makes it difficult to isolate organic growth from portfolio changes. However, the revenue decline suggests that same-store rents may be flat or slightly down, possibly due to lease expirations or tenant concessions. Investors should seek clarity on leasing spreads and occupancy trends in the industrial portfolio to gauge organic growth potential.
Earnings Quality Under Scrutiny
The persistent negative gross margin of -30.7% TTM and the Q2 2026 EPS miss of -$0.03 versus $0.11 estimate raise concerns about earnings quality, as per LXP's latest earnings report.
The negative gross margin is likely due to depreciation and impairments being classified in cost of revenue, which obscures the true profitability of the leasing business. The EPS miss, coupled with no forward guidance, suggests management may lack visibility or face unexpected charges. Investors should monitor whether these are one-time events or indicative of structural issues, such as rising property taxes or insurance costs.