Lexington Realty Trust

What Lexington Realty Trust does

Lexington Realty Trust, now operating as LXP Industrial Trust (NYSE: LXP), is a publicly traded real estate investment trust (REIT) that has been self-managed and self-administered since going public in 1993. The company actively acquires, owns, develops, and operates single-tenant Class A warehouse and distribution facilities across 12 target markets concentrated in the U.S. Sunbelt and lower Midwest. Its portfolio comprises 112 industrial properties totaling 54.2 million square feet, of which 92% is Class A by square footage, with a weighted average lease term of 4.9 years, average annual rental escalations of 2.9%, and an average portfolio age of 9.8 years.

LXP executes a multi-channel industrial investment strategy organized around five capabilities: (1) acquisitions of stabilized single-tenant industrial assets; (2) speculative development and build-to-suit projects funded through joint ventures with development partners; (3) sale/leaseback transactions that monetize corporate-owned real estate while locking in long-term leases; (4) institutional fund management with pension funds and financial institutions; and (5) financing solutions including forward commitments, construction financing, first mortgages, mezzanine loans, and preferred equity. The company operates from offices in West Palm Beach (headquarters), New York, and Dallas, and is led by Chairman/CEO/President T. Wilson Eglin with a lean management team of approximately 51-100 employees.

Revenue is generated primarily through long-term triple-net rental income on industrial properties, supplemented by fee income from joint ventures and institutional fund management programs and by transaction-based returns from development and build-to-suit projects. The company is governed as a REIT, distributing the substantial majority of taxable income as dividends to shareholders (NYSE: LXP). It does not operate software or technology products; its underlying "platform" is a relationship-driven industrial real estate investment and asset management operation, with brand strength anchored by a GRESB "A" Public Disclosure Score, a 33% GBC-certified portfolio, and a 4.19/5 Kingsley tenant satisfaction rating.

Name

Lexington Realty Trust

Legal name

LXP Industrial Trust REIT

Website

https://lxp.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

LXP Industrial Trust (NYSE: LXP), formerly Lexington Realty Trust, is a publicly traded REIT that acquires, owns, develops, and operates single-tenant Class A warehouse and distribution properties across 12 Sunbelt and lower Midwest U.S. logistics markets, serving corporate tenants via acquisitions, build-to-suits, sale/leasebacks, and institutional fund management.

Ownership category

akta.pro rank

Product category

Industrial REIT (Industrial Real Estate Investment Trust)

NAICS

Offices of Real Estate Agents and Brokers (53121), Offices of Real Estate Agents and Brokers (5312), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Industrial REIT
• Single-tenant properties
• Warehouse and distribution
• Sale-leaseback transactions
• Build-to-suit development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Revenue model

1. Industrial Real Estate Rental Income: Primary revenue stream from long-term net leases on single-tenant Class A warehouse and distribution properties across 12 Sunbelt and lower Midwest target markets. Properties generate rental income with weighted average lease terms of approximately 4.9 years and average annual rental escalations of 2.9%.
2. Joint Venture and Fund Management Fees: Fee income generated from co-investment programs and joint ventures with pension funds, financial institutions, and developers, including office joint venture portfolio and special purpose industrial cold-storage joint venture portfolio.
3. Development and Build-to-Suit Returns: Returns from speculative development and build-to-suit projects through joint ventures with development partners, capturing higher investment yields while keeping development risk with partners.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Lexington Realty Trust (operating as LXP Industrial Trust) is a publicly traded REIT that acquires, owns, develops, and operates single-tenant Class A warehouse and distribution industrial properties concentrated in 12 Sunbelt and lower Midwest U.S. logistics markets. The company generates revenue through long-term net leases, sale/leaseback transactions, build-to-suit development, speculative development joint ventures, and institutional fund management for pension funds and financial partners.

Product overview

LXP Industrial Trust is a publicly traded REIT (NYSE: LXP) organized as a single-entity, integrated industrial real estate platform. Rather than a modular software product, the company offers a coordinated suite of real estate investment services: Acquisitions (purchasing single-tenant industrial properties), Development (speculative and joint-venture development), Build-to-Suits (custom construction financing and acquisition), Sale/Leasebacks (liquidity solutions for corporate users), and Institutional Fund Management (joint venture programs with institutional partners). These services are delivered through a unified platform targeting 12 Sunbelt and lower Midwest markets, with a portfolio of 112 industrial properties totaling 54.2 million square feet.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Real Estate Acquisitions Acquisition service that purchases single-tenant Class A warehouse and distribution facilities for corporate tenants in high-growth logistics markets across the Sunbelt and lower Midwest regions of the United States. Targeted for institutional and corporate buyers seeking premium industrial real estate.
• Industrial Real Estate Development Development service for speculative and build-to-suit industrial properties through joint ventures with development partners, focusing on shovel-ready opportunities in target markets. Aimed at developers seeking capital and risk-sharing partners.
• Build-to-Suits Custom-build industrial property service that finances and acquires industrial properties built to suit corporate tenant requirements. Provides forward commitments, construction financing, first mortgages, mezzanine loans, preferred equity, and joint venture structures to developers nationwide.
• Sale/Leasebacks Sale-leaseback transaction service enabling corporate users to free up capital by selling assets while maintaining long-term use through net-lease arrangements. Targets corporate tenants seeking liquidity while continuing operations from the same location.
• Institutional Fund Management Fund management service that structures co-investment programs and joint ventures with pension funds, financial institutions, and developers. Manages office joint venture portfolio and special purpose industrial cold-storage joint venture portfolio. Designed for institutional investors seeking specialty real estate exposure.

Quantifiable outcome

• Adjusted FFO of $47 million ($0.80 per diluted share) in Q1 2026, a 2.6% year-over-year increase
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Development PartnerscoreStrategic or Co-development PartnerJoint ventures with development partners for speculative development opportunities. LXP participates in development of build-to-suit projects by advancing funds during construction and agreeing to purchase upon completion. Partners retain development risk while LXP provides capital.
• Development Partners (Speculative Development)coreStrategic or Co-development PartnerJoint ventures for shovel-ready speculative development opportunities in Phoenix, Indianapolis, Greenville-Spartanburg, Central Florida, and Columbus markets. Development risk is largely retained by partners while LXP provides capital commitment.
• Build-to-Suit Development PartnerscoreStrategic or Co-development PartnerRelationships with developers around the country for build-to-suit industrial property development. LXP advances funds during construction and agrees to purchase upon completion and tenant occupancy, providing developers with capital and exit certainty.
• Speak Up for KidsminorOthersCharitable partner based in West Palm Beach supporting child advocacy within the dependency system, focusing on the best interests and needs of children.
• North Texas Food BankminorOthersCharitable partner aiming to close the hunger gap in North Texas by providing access to nutritious food. LXP provides donations and volunteer time through its charitable giving program.
• Family & Children's Association (FCA)minorOthersCharitable partner providing help to the most vulnerable families, children, seniors, individuals, and communities of Long Island, NY.
• Trinity's Services and Food for the Homeless (SAFH)minorOthersCharitable partner delivering reliable food sources to those who are hungry, supporting good nutrition, offering connections to other services, and strengthening community through shared service.
• Real Estate Exchange (REEX)minorOthersREEX Summer Programs aims to address the lack of diverse representation in the commercial real estate industry through educational and mentorship programs.

Scale indicators16 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Prologis: Prologis is the largest global industrial REIT with a portfolio exceeding 1 billion square feet across logistics properties. While it operates at much greater scale and geographic breadth than LXP, both companies target modern Class A warehouse/distribution facilities serving corporate logistics and e-commerce tenants, making them directly comparable on investment strategy and asset focus.
• Duke Realty: Duke Realty was a leading domestic industrial REIT that was acquired by Prologis in 2022. It previously owned approximately 155 million square feet of bulk distribution and industrial properties, making it a relevant historical benchmark for LXP's industrial portfolio scale and tenant strategy.
• Realty Income Corporation: Realty Income is a large-cap net lease REIT with a diverse portfolio including industrial, retail, and other property types. Its sale/leaseback and single-tenant net lease expertise in industrial specifically overlaps with LXP's industrial investment strategy, making it a relevant broader peer in net-lease real estate.

Direct peers

• EastGroup Properties: EastGroup Properties is a Sunbelt-focused industrial REIT owning multi-tenant distribution facilities in high-growth markets across the southern U.S. Like LXP, it concentrates in Sunbelt logistics markets and targets modern bulk distribution facilities, making it a highly comparable peer in terms of geographic strategy and asset focus.
• First Industrial Realty Trust: First Industrial is a leading U.S. industrial REIT owning and operating approximately 67 million square feet of bulk and light industrial properties across major markets. It shares LXP's focus on Class A logistics facilities serving corporate tenants and offers direct comparability on portfolio scale, tenant profile, and investment strategy.
• Rexford Industrial Realty: Rexford Industrial is a Southern California-focused industrial REIT owning infill warehouse and distribution properties near the Ports of LA/Long Beach. While more geographically concentrated than LXP, it shares a similar investment thesis around modern industrial facilities serving logistics demand and is often benchmarked against LXP in REIT investor analyses.
• STAG Industrial: STAG Industrial is a single-tenant industrial REIT owning approximately 110 million square feet across 41 U.S. markets. Its single-tenant net lease strategy is highly comparable to LXP's core investment approach, though STAG pursues a broader geographic footprint and smaller average building size.
• Terreno Realty Corporation: Terreno Realty owns and operates industrial real estate in six major U.S. coastal markets, with a focus on infill locations serving distribution and logistics tenants. Its focus on modern Class A industrial facilities with strong tenant credit is directly comparable to LXP's investment criteria.
• Plymouth Industrial REIT: Plymouth Industrial REIT owns single- and multi-tenant industrial properties across secondary and select primary U.S. markets. While smaller in scale than LXP, it pursues a similar industrial-focused investment strategy and is often grouped with LXP in single-tenant industrial REIT peer comparisons.
• PS Business Parks: PS Business Parks owns and operates industrial and flex/office properties concentrated in select major markets. While it has a flex/office component, its industrial focus on multi-tenant distribution facilities serving corporate tenants overlaps with LXP's industrial strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/lxpnyc1993
• Facebookfacebook.com/lxpindustrial
• LinkedInlinkedin.com/company/lxp-industrial-trust
• Instagraminstagram.com/lxpindustrialtrust

Revenue estimate

Valuation estimate

Number of profiles

Profiles28 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lexington Realty Trust