LXPLXP Industrial Trust
Real Estate Investment Trusts
- Revenue
- $4M
- 0.4% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.6B
- Employees
- —
- Net debt / EBITDA
- —
- $1.2B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo167% of net incomeCash flow under 80% of net income
- Dilutive SBCYes262% of revenueOver 10% of revenue
- Payouts exceed cash flowNo89% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 22nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4M | $7M | $6M | $4M | $4M | 0.4% |
| Net income | $383M | $114M | $30M | $45M | $113M | 154% |
| Operating cash flow | $220M | $194M | $209M | $211M | $189M | 11% |
| Stock-based comp | $7M | $7M | $8M | $10M | $11M | 12% |
| Buybacks | $0 | $131M | $0 | $0 | $4M | |
| Dividends | $128M | $142M | $152M | $158M | $164M | 3.9% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 18, 2026 | DEFM14A | Leopard REIT LLC | $61.20 | 12.3% |
| Sep 4, 2026 | PREM14A | Leopard REIT LLC | $61.20 | 12.3% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 4, 2019 | VORNADO REALTY TRUST | SC 13D/A | 0.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.