One-glance verdict
Overvalued
$30.21 our estimate vs market $60.88
Wall Street consensus: $60.00 (98.6% higher than our fair-value estimate)
102% above our estimate, beyond the bull case
Fundamentals snapshot
LXP Industrial Trust
LXP · NYQ · Real Estate · REIT - Industrial
Current price
$60.88
52-week range
$44.00 - $61.61
Market cap
$3.59B
Balance sheet
Distressed
0.78x Concerning
Net debt $1.35B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Returns 3.5% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 4.6% with 33-year payout history.
- Risk Stock trades 3.8% above its 5-year average P/E.
What this company does
LXP Industrial Trust
LXP Industrial Trust is a real estate company that owns and rents out large, modern warehouses to other businesses, primarily in the southern and midwestern U.S. The company makes its money by collecting rent from tenants who use these buildings to store and ship products. This matters because the growth of online shopping has increased the demand for warehouse space to support modern supply chains (the entire system of getting a product from the factory to a customer).
How the company got here
LXP Industrial Trust started in 1993 as a company named Lexington Corporate Properties Trust, owning a mix of different types of buildings, including a lot of office space. Over time, the company made a major strategic shift to focus almost entirely on industrial properties like warehouses. This was a big change from its original, more diversified approach. To signal this new focus, the company sold off most of its other properties and officially changed its name to LXP Industrial Trust in 2022. This transformation was driven by the idea that modern warehouses and distribution centers, which are critical for e-commerce and supply chains (the system of organizations and processes that move goods from supplier to customer), were a better business to be in for the long term.
What it actually does
LXP is a special type of company called a Real Estate Investment Trust, or REIT (a company that owns, and in most cases operates, income-producing real estate). Think of it as a landlord, but for giant warehouses and distribution centers instead of apartments. Its customers are large companies, like Amazon and FedEx, that need massive spaces to store products and manage their logistics (the detailed coordination of a complex operation). LXP makes money primarily by leasing these large industrial buildings to tenants and collecting rent payments over long periods.
Industrial Real Estate Operations
The company operates as a single primary business focused on owning and managing industrial properties. Its main activity is leasing large warehouse and distribution facilities to corporate tenants, which provides a steady stream of rental income. A smaller but important part of the business involves developing new properties from the ground up, sometimes as a 'build-to-suit' project where a building is custom-made for a specific tenant's needs. The company also engages in what it calls 'capital recycling' (selling older or less desirable properties to reinvest the money into newer, better-located buildings), which is how it continuously improves its portfolio of properties. This single segment accounts for all of the company's business.
What management is betting on now
Management's current strategy is to own only high-quality, modern warehouses located in what it considers the best markets, primarily in the Sunbelt and lower Midwest regions of the U.S. They are betting that the growth of e-commerce and the need for companies to have efficient distribution networks will keep demand for these types of buildings high. A key priority is to continue improving the portfolio by selling older assets and using the cash to acquire or develop better ones. The company also focuses on growing its income by including scheduled rent increases in its leases and renewing expiring leases at higher market rates.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$88.11M
Net income
$55.00K
Diluted EPS
-0.03
Operating cash flow
$48.71M
Free cash flow
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Sources
Revenue
$85.95M
Net income
$-239.00K
Diluted EPS
-0.03
Operating cash flow
$37.46M
Free cash flow
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Sources
Revenue
$86.74M
Net income
$28.77M
Diluted EPS
1.55
Operating cash flow
$41.94M
Free cash flow
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Sources
Revenue
$86.90M
Net income
$36.28M
Diluted EPS
0.12
Operating cash flow
$63.50M
Free cash flow
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Sources
Revenue
$87.72M
Net income
$29.13M
Diluted EPS
0.09
Operating cash flow
$44.29M
Free cash flow
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Revenue
$88.86M
Net income
$18.98M
Diluted EPS
0.06
Operating cash flow
$38.99M
Free cash flow
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Revenue
$100.85M
Net income
$33.03M
Diluted EPS
0.11
Operating cash flow
$69.22M
Free cash flow
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Revenue
$85.57M
Net income
$6.35M
Diluted EPS
0.02
Operating cash flow
$64.60M
Free cash flow
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Is it cheap or expensive?
Fair value $30.21 vs current price $60.88
Wall Street consensus is the average analyst price target: $60.00 (98.6% higher than our fair-value estimate).
Our most-likely fair value is $30.21 a share — about 50.4% below today's price of $60.88, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $1.4B. Interest coverage 0.8x.
Net debt
$1.35B
Interest coverage
0.78x
LXP Industrial Trust's profit covers its interest bill about 0.8 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
LXP
BASELINE
LXP Industrial Trust
Total debt $1.37B Interest coverage 0.78x This is the baseline the peer rows are being compared against.
Total debt $3.48B Interest coverage 2.42x +210% vs LXP Carries about 3.1x more debt cushion than LXP.
Total debt $2.58B Interest coverage 3.62x +364% vs LXP Carries about 4.6x more debt cushion than LXP.
Total debt $3.27B Interest coverage 3.63x +364% vs LXP Carries about 4.6x more debt cushion than LXP.
Total debt $1.65B Interest coverage 9.82x +1,157% vs LXP Carries about 12.6x more debt cushion than LXP.
Total debt $948.29M Interest coverage 5.86x +650% vs LXP Carries about 7.5x more debt cushion than LXP.
What you should know
The case for and against LXP
3 Rewards
1 Risk
Rewards
-
Returns 3.5% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 4.6% with 33-year payout history.
Risks
-
Stock trades 3.8% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
61.49x
Forward P/E
-3,044.00x
P/B
1.94x
P/S
10.32x
EV/EBITDA
21.16x
PEG ratio
3.15x
Profitability
How much profit each dollar creates
Gross margin
81.5%
Operating margin
16.1%
Net margin
18.7%
ROE
3.5%
ROA
0.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.70x
Current ratio
1.03x
Quick ratio
0.89x
Total debt
$1.37B
Total cash
$17.99M
Growth
How the business has been compounding
Revenue TTM
$347.70M
Revenue 5Y CAGR
0.4%
EPS TTM
0.99
EPS 5Y CAGR
-1.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$191.61M
Free CF TTM
$163.81M
FCF margin
47.1%
Dividend
Shareholder payout
Yield
4.6%
Payout ratio
280.3%
Last ex-div date
2026-06-30