LXPLXP Industrial Trust

Real Estate Investment Trusts · $3.6B market cap

2.1×

More likely than average to be taken private

Top 6% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

Dilutive SBCYes
262% of revenue
Over 10% of revenue
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B
Recurring revenueYes
8 of 10
10-K business scored 7+ of 10 for recurring revenue

11 other checks

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
167% of net income
Cash flow under 80% of net income
Payouts exceed cash flowNo
89% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support
Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Net cashNo
—
More cash than debt, positive EBITDA
AI-rollup shapedNo
0 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Filed	Form	Acquirer	Price	Premium
Sep 18, 2026	DEFM14A	Leopard REIT LLC (Brookfield and CPP Investment Board)	$61.20	12.3%
Sep 4, 2026	PREM14A	Brookfield Asset Management / CPPIB (Leopard REIT LLC)	$61.20	12.3%
Jul 20, 2026	8-K	Leopard REIT LLC (affiliates of equity sponsors)	—	—

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%

Filed	Filer	Form	Stake	Intent
Mar 4, 2019	VORNADO REALTY TRUST	SC 13D/A	0.0%	Passive

No open-market trades in the last 12 months.

No pay-versus-performance disclosure yet.