Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Equity

Shareholders' Equity:

At-The-Market Offering Program. The Company maintains an At-The-Market offering program (“ATM program”) under which the Company can issue common shares, including through forward sales contracts.

The Company may, from time to time, sell up to $350,000 of common shares over the term of the ATM program. During the years ended December 31, 2025, 2024 and 2023, the Company did not sell shares under the ATM program.

Stock Based Compensation. During the years ended December 31, 2025, 2024 and 2023, the Company issued 391,758, 333,842 and 256,940 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 2,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. During 2025, the Company repurchased and retired 81,611 common shares at an average price of $49.04 per common share under the repurchase program. No common shares were repurchased during 2024 and 2023. As of December 31, 2025, 1,293,237 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were $7,835 of unsettled repurchases as of December 31, 2025.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2025. The shares have a dividend of $3.25 per share per annum and a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of December 31, 2025, the conversion ratio was one Series C Preferred share to 0.487 common shares. The conversion rate may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.

If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.

The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.

Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.

Reverse Split. Effective as of 5:00 p.m. ET on November 10, 2025, the Company completed the Reverse Split. As a result of the Reverse Split, the number of outstanding common shares was reduced from approximately 295,794,224 common shares to approximately 59,158,844 common shares.

A summary of the changes in accumulated other comprehensive income related to the Company's cash flow hedges is as follows:

	Years ended December 31,
	2025		2024
Balance at beginning of period	$	6,136	$	9,483
Other comprehensive income (loss) before reclassifications	(1,838)		7,802
Amounts of (income) reclassified from accumulated other comprehensive income to interest expense	(3,871)		(11,149)
Balance at end of period	$	427	$	6,136

Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued OP units as a form of consideration. All OP units, other than OP units owned by the Company, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company had determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 0.226 common shares, subject to future adjustments.

During 2023, 166,514 common shares were issued by the Company, in connection with OP unit redemptions, for an aggregate book value of $3,393. On December 31, 2023, our former operating partnership, Lepercq Corporate Income Fund L.P., was merged with and into the Company and all outstanding OP units were converted into 164,525 common shares for a total of $7,800 on a one to 0.226 basis. The Company was the surviving entity of the merger.

The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:

	Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests
	2025		2024		2023
Net income attributable to LXP Industrial Trust shareholders	$	113,160	$	44,534	$	30,383
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	—		—		3,393
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	113,160	$	44,534	$	33,776