- The stock price of LXP Industrial Trust (NYSE: LXP) increased by 2.94% in the most recent trading session. This is why it happened.
The stock price of LXP Industrial Trust (NYSE: LXP) – a real estate investment trust (REIT) focused on single-tenant warehouse and distribution real estate investments – increased by 2.94% in the most recent trading session. Investors are responding positively to LXP Industrial Trust announcing that its Board of Trustees has initiated a review of the Company’s strategic alternatives. With the support of its independent financial advisors, the Board will consider a wide range of options including, among other things, a sale, a merger, and other business combinations.
LXP has not set a timetable for the review process, nor has it made any decisions related to any potential strategic alternatives at this time. And there can be no assurance that the review process will result in a transaction or other strategic change or outcome.
The company does not intend to disclose or comment on developments related to this review unless or until it determines that further disclosure is appropriate or required by law.
BofA Securities, Evercore and Wells Fargo Securities are serving as LXP’s financial advisors and Paul Hastings LLP is serving as legal counsel.
“The LXP Board and management team are committed to examining a wide range of options to maximize value for all shareholders. Over the last five years, we have successfully transformed LXP into a leading, predominantly single-tenant industrial REIT with a much stronger and more valuable portfolio. With this transformation substantially complete, we believe now is an opportune time to launch a comprehensive process to determine the best path to drive shareholder value. As the Board conducts its review, we will remain open to all credible opportunities to unlock value, while maintaining our focus on executing our disciplined growth strategy and supporting our stakeholders.”
— T. Wilson Eglin, Chairman, Chief Executive Officer and President of LXP Industrial Trust
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