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LXP Industrial Trust receives $16/share offer from Land & Buildings

Jan. 30, 2022 10:05 PM ETLXP Industrial Trust (LXP)By: Joshua Fineman, SA News Editor34 Comments

REITs (Real Estate Investment Trusts) on a blue LED screen framed by the text stock exchange in green.

Torsten Asmus/iStock via Getty Images

LXP Industrial Trust (NYSE:LXP) received a $16/share cash offer from activist investor Land & Buildings.

The $16/share offer represents am 11% premium to LXP’s most recent closing price of $14.41 and a 22% premium to the $13.12 unaffected price

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Comments (34)

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Philipsonh profile picture
Will this mean the preferred issue will be called in due to change of control; many investors own the issue (with a face value of $50) at $57 per share and up.
Rob G. in Vegas profile picture
@Philipsonh Did you read the LXP+C prospectus?
Philipsonh profile picture
@Rob Grande Part of it, and right now LXP-C looks like a poor investment. Holders at $57 or so lose if it is called and may lose if the Reit is sold. The odds are against the preferred right now.
( That is my opinion ).
Rob G. in Vegas profile picture
@Philipsonh It is a busted convertible and can't be called at this time, but yes - a buyout by a private entity could cause some LXP+C holders to throw in the towel and redeem their preferred shares at $50/share.

I don't see LXP selling out anytime soon unless the price is outrageously high and $16/share from Land and Buildings won't interest them.
Stock went sideways from 2013 to 2020.....Class A Premium properties.

At 16 it would be giving the company away.
Raleigh Reid profile picture
an offer that's just 25bp over the recent high, looks non serious to me. no thanks Mr. Litt.
@Raleigh Reid Trying to elicit counter offers at a higher price since he is a shareholder.
bale002 profile picture
More editing problems at SA.
The offer of $16/share seems a little low in light of all the value Land and Buildings claimed was untapped in LXP.
Beyond Saving profile picture
@AntiochAndy 20x FFO seems like a generous offer to me, LXP is a mediocre industrial REIT. L&B is way late to this party. I realized my gains already, but I think shareholders should be happy with an exit at $16.
@Beyond Saving Perhaps, but I doubt that L&B is in business for the purpose of being generous. It seems to me that people who have held LXP for some time while waiting for the transformation of its portfolio are about to possibly reap some rewards for their patience and that L&B would like to get those rewards for itself and leave current stockholders out.
@AntiochAndy I agree. It has taken a long time to transition into an industrial Reit.
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