LXP 10-K & 10-Q changes, risk factors and insider trading

While loan receivables are not a primary focus, we makehave made, and may make, loans to purchasers of our properties and developers. Our interests in loans receivable are generally non-recourse and secured by real estate properties owned by borrowers that were unable to obtain similar financing from a commercial bank. These loans are subject to many risks including delinquency. The ability of a borrower to repay a loan secured by a real estate property is typically and primarily dependent upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If a borrower were to default on a loan, it is possible that we would not recover the full value of the loan as the collateral may be non-performing or impaired.

We carry comprehensive liability, property, fire, extended coverage, pollution and rent loss insurance on certain of the properties in which we have an interest, with policy specifications and insured limits that we believe are customary for similar properties. However, with respect to those properties where the leases do not provide for abatement of rent under any circumstances, we generally domay not maintain rent loss insurance. In addition, certain of our leases require the tenant to maintain all insurance on the property, and the failure of the tenant to maintain the proper insurance could adversely impact our investment in a property in the event of a loss. Furthermore, there are certain types of losses, such as losses resulting from wars, terrorism or certain acts of God, that generally are not insured because they are either uninsurable or not economically insurable. Should an uninsured loss or a loss in excess of insured limits occur, we could lose capital invested in a property as well as the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or other financial obligations related to the property. Any loss of these types could adversely affect our financial condition and results of operations.

In addition, the cost of property and related coverage insurance hasis increasedimpacted significantly in recent years due to the rise inby construction costs andcosts, property values and the decrease in capacity in the insurance market.

ThePublic COVID-19health pandemicemergencies, contributedand the steps governments take to control them, may lead to labor shortages, supply chain issues, including longer lead times for construction materials and increased construction costs, capital markets disruptions and inflationary conditions.conditions, Future public health emergencies, and the steps governments take to control them,which may negatively affect (i) the operation of our properties, (ii) the effectiveness of our strategic decision making, (iii) the operation of our key information systems, (iv) our ability to make timely filings with the SEC and (v) our ability to maintain an effective control environment.

As of December 31, 2024,2025, we had $129.1$351.0 million of trustvariable preferredrate securities that mature in April 2037 that are SOFR indexed. An aggregate amountdebt of $82.5which $332.5 million of the trust preferred securities is swapped to obtain an effective fixed interest rate of 5.20% to October 30, 2027. In addition, we had a $300.0 million unsecured term loan which matures January 2027 that is SOFR indexed and was subject to interest rate swap agreements that expired inthrough January 2025.2027 Anand aggregate amount of $250.0 million of the term loan is swapped to obtain an effective fixed interest rate of 4.31% from January 31, 2025 to January 31,October 2027. Also, any future borrowings under our unsecured revolving credit facility iswill be subject to a variable interest rate. We also have an aggregate of $1.1$1.0 billion of unsecured senior notes which mature from November 2028 to October 2031. We may refinance all of this indebtedness with variable-rate indebtedness.

We have used derivatives to hedge certain of our variable-rate liabilities. As of December 31, 2024,2025, we had 11seven interest rate swap agreements outstanding with an aggregate notional amount of $632.5$332.5 million. The counterparties of these arrangements are major financial institutions; however, we are exposed to credit risk in the event of non-performance or default by the counterparties. Further, additional risks, including losses on a hedge position, may reduce the return on our investments. Such losses may exceed the amount invested in such instruments. We may also have to pay certain costs, such as transaction fees or breakage costs, related to hedging transactions.

Our inability to retain the services of any of our key personnel, an unplanned loss of any of their services or our inability to replace them upon termination as needed, could adversely impact our operations. We do not have key manperson life insurance coverage on our executive officers.

The following is a discussion and analysis of the consolidated financial condition and results of operations of LXP Industrial Trust for the years ended December 31, 20242025 and 2023,2024, and significant factors that could affect itsour prospective financial condition and results of operations. This discussion should be read together with our accompanying consolidated financial statements included herein and notes thereto.

•We enteredEntered into new leases and lease extensions encompassing 4.54.9 million square feet. The average fixed rent on new and extended leases was $5.89$5.99 per square footfoot, compared to the average fixed rent on these leases before extension of $4.22$5.23 per square foot excluding tenant reimbursements as part of the expiring rent in one lease and one lease with a fixed-rate renewal.foot. The weighted-average cost of tenant improvements and lease commissions was $2.52$1.22 per square foot for new first-generation leases and $3.39 per square foot for second-generation new and extended leases.

In 2024,2025, we acquired ora completed and placed into service $550.5$30.0 million of warehouse facilities,facility, which is ana increasedecrease of $404.1$520.5 million compared to 20232024 investment activity of $146.4$550.5 million. The increasedecrease was primarily due to placingour moreprioritizing developmentdeleveraging propertiesover into service and properties we acquired as partreinvestment of our efforts to recycle capital outrecycling of non-target markets and into our target markets.proceeds.

In addition, we may continue to selectively recycle capital out of our targetnon-target markets over time andand, as opportunities arise, and use the proceeds to reduce indebtedness and invest in our target markets.markets, primarily through our development activities. We do not expect capital recycling to have a material dilutive impact on earnings.

There continues to be competition for the acquisition of industrial properties, specifically warehouse and distribution facilities. While we believe the industrial market will continue to grow, increased costs from international trade policy may continue to cause some tenants to reevaluate expansion and growth plans. WeAs continueconstruction starts were reduced in recent years and supply in our markets has decreased, we expect to prioritize development activities, including build-to-suit projectsprojects, over (1) acquisitions of leased properties due to the relatively higher yield that build-to-suitdevelopment projectsactivities generally provide and (2) speculative development due to the inherent leasing risk.provide.

Our industrial investment underwriting focuses more on real estate characteristics such as location and related demographic and local economic trends than it does on tenant credit. This has allowed us to selectively acquire certain short-term leased or vacant warehouse and distribution facilities, which may be acquired with greater total return potential than long-term leased warehouse and distribution facilities and allow for a value-add strategy through the lease renewal, lease up or a multi-tenanting process.

Development. Our development activities have been focused on build-to-suit projects, speculative development and purchasing newly-developed properties with vacancy. In 2025,2026, we expect to continue to focus our development activities on build-to-suit projects and limit the amount ofselective speculative development toin markets wherewith therefavorable isindustrial sufficientreal tenantestate demand.fundamentals. ConstructionDue to low construction starts in our target markets continue to be down compared to construction starts in previousrecent years.years, Wewe believe this will ultimately result in lower supply inhas the future if,decreased and when, demand increasesis andincreasing, which may provide opportunity for more development investment.

General. Re-leasing properties that are currently vacant or become vacant as leases expire at favorable effective rates is a primary area of focus for our asset management strategy. Renewals of industrial leases, particularly for warehouse and distribution facilities, are generally dependent on location and occupancy alternatives for our tenants. Uncertainty from international trade policy has caused some tenants to reevaluate their space needs and consolidate into other spaces or move to facilities with lower rental rates.

A majority of our leases require tenants to pay operating expenses, including maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses. However, certain of our leases provide for some level of landlord responsibility for capital repairs and replacements, the cost of which is generally factored into the rental rate.rate and our underwriting. Our motivation to release vacant space requires us to meet market demands with respect to rental rates, tenant concessions and landlord responsibilities. Developers may be similarly motivated when signing leases with tenants due to the significant competition in the industrial space. As a result, the obligations of our property owner subsidiaries on new leases and newly renewed or extended leases may increase to include, among other items, some form of responsibility for operating expenses and/or capital repairs and replacements.

During the year ended December 31, 2024,2025, we completed 4.54.9 million square feet of new leases,leases and leaseextended extensions,leases, raising base and cash base rents by 22.9%29.7% and 17.7%, respectively, and 46.5% and 39.7%,27.7%, respectively, excluding tenanttwo reimbursementsfixed-rate renewals, an additional two-year extension to 2030 at a 0.6 million square foot facility completed in onethe first quarter of 2025 and a first-generation lease and one lease withat a fixed-rate1.1 renewal.million square foot facility completed in the second quarter of 2025.

Tenant Credit. We continue to monitor the credit of tenants of properties in which we have an interest by (1) subscribing to rating agency information, so that we can monitor changes in the ratings of our rated tenants, (2) reviewing financial statements that are publicly available or that are required to be delivered to us under the applicable lease, (3) monitoring news reports regarding our tenants and their respective businesses, (4) monitoring the timeliness of rent collections and (5) meeting with our tenants.tenants and observing their use of our facilities.

We use considerable judgementjudgment in our estimates of cash flow projections, discount, capitalization and interest rates, fair market lease rates, carrying costs during hypothetical expected lease-up periods and costs to execute similar leases. While our methodology for purchase price allocation did not change during the year ended December 31, 2024,2025, the real estate market is fluid and our assumptions are based on information currently available in the market at the time of acquisition. Significant increases or decreases in these key estimates, particularly with regards to cash flow projections and discount and capitalization rates, would result in a significantly lower or higher fair value measurement of the real estate assets being acquired.

Revenue Recognition. We enter into agreements with tenants that convey the right to control the use of identified space at our properties in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases. Lease classification tests require significant estimates and judgments by management in its application. Upon lease commencement or lease modification, we assess the lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. The determination of lease classification requires the calculation of the rate implicit in the lease, which is driven by significant estimates, including the estimation of both the value assigned to the property components on the lease commencement date or upon acquisition and the estimation of the unguaranteed residual value of such components at the end of the lease term. The determination of the lease term also requires judgementjudgment because the probability of purchase options and renewals have to be analyzed to conclude if they are reasonably certain of being exercised. If the lease component is determined to be a direct financing or sales-type lease, revenue is recognized over the life of the lease using the rate implicit in the lease.

Impairment of Real Estate. We record impairments of our real estate assets classified as held for use when triggering events dictate that an asset may be impaired. An impairment is recorded when the carrying amount of the asset exceeds the sum of its undiscounted future operating and residual cash flows. The impairment is the difference between the estimated fair value of the asset and the carrying amount. We record impairments of our real estate assets classified as held for sale at the lower of the carrying amount or estimated fair value using the estimated or contracted sales price less costs to sell. Any real estate assets recorded at fair value on a non-recurring basis as a result of our impairment analysis are valued using unobservable local and national industry market data such as comparable sales, appraisals, brokers’ opinions of value and/or terms of definitive sales contracts. Additionally, the analysis includes considerable judgementjudgment in our estimates of hold periods, projected cash flows and discount and capitalization rates. Significant increases or decreases in any of these inputs, particularly with regards to cash flow projections and discount and capitalization rates, would result in a significantly lower or higher fair value measurement of the real estate assets being assessed.

Cash flows from operations as reported on the consolidatedConsolidated statementsStatements of cashCash flowsFlows totaled $188.7 million for 2025 and $211.2 million for 2024 and $209.4 million for 2023.2024. The increasedecrease was related primarily related to increased rental revenue related to additional sales-type lease income, lease extensions and placing development properties into service, partially offset by a decrease in cash flow due to property sales and increasedvacancies, interestpartially expense.offset by rental revenue related to acquired properties, lease extensions and placing development properties into service during 2024 and the receipt of a lease termination fee. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.

Net cash provided by (used in) investing activities totaled $298.2 million in 2025 and $86.4 million in 2024 and $(183.5) million in 2023.2024. Cash provided by investing activities in 2025 related primarily to proceeds from property sales, receipt of insurance proceeds and distributions from non-consolidated entities, offset by acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net. Cash provided by investing activities in 2024 related primarily to net proceeds received from the disposition of real estate, realization of the net investment in a sales-type lease, distributions from non-consolidated entities, loan receivable payments and redeeming investments in held-to-maturity securities.securities Cashoffset used in investing activities related primarily toby acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, and investments in non-consolidated entities and investments in held-to-maturity securities.entities.

We expect to continue to access debt and equity markets in the future to implement our business strategy and to fund future growth when market conditions are favorable. However, the volatility in the capital markets primarily resulting from the effects of risinghigher interest rates and rising inflation have negatively affectaffected our ability to access these capital markets.

Share Repurchase Program. InDuring Augustthe 2022,year ended December 31, 2025, we repurchased 0.1 million common shares at an average share price of $49.04 per common share, pursuant to a share repurchase authorization of 2.0 million common shares by our Board of TrusteesTrustees, authorizedwhich thehas repurchaseno expiration date. As of upDecember to31, an2025, additional 10.00.2 million common shares underwere oursubject shareto repurchase program,contracts whichand doessettled notin haveJanuary an expiration date.2026. No common shares were repurchased during 2024 and 2023.2024. As of December 31, 2024,2025, 6.91.3 million common shares remain available for repurchase under this authorization.

Financings: The following Seniorpresents Notes wereour outstanding unsecured debt obligations as of December 31, 20242025:

Property Specific Debt. As of December 31, 2024,2025, the principal balance of our secured debt decreased to approximately $49.9 million compared to $55.5 million at December 31, 2024 compared to $60.9 million at December 31, 2023.2024. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($101.8$170.4 million at December 31, 20242025), property sale proceeds or borrowing capacity on our primary credit facility ($600.0 million as of December 31, 2024,2025, subject to covenant compliance).

Unless stated otherwise or the context otherwise requires, the “Company,” the “Trust,” “LXP,” “we,” “our,” and “us” refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests in properties are held in, and all property operating activities are conducted, through special purpose entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. References herein to this “Quarterly Report” are to this Quarterly Report on Form 10-Q for the three and six months ended MarchJune 31,30, 2026. The results of operations contained herein for the three and six months ended MarchJune 31,30, 2026 and 2025 are not necessarily indicative of the results that may be expected for a full year.

When we use the term “REIT,” we mean an entity that has elected to be qualified as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the "Code"). All references to 2026 and 2025 refer to the periods ending MarchJune 31,30, 2026 and 2025, respectively, and our fiscal year ended December 31, 2025.

The following is a discussion and analysis of the unaudited Condensed Consolidated Financial condition and results of operations of LXP Industrial Trust for the three and six months ended MarchJune 31,30, 2026 and 2025, and significant factors that could affect its prospective financial condition and results of operations. This discussion should be read together with the accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein and notes thereto and with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on February 12, 2026, which we refer to as the Annual Report. Historical results may not be indicative of future performance.

Forward-Looking Statements. This Quarterly Report, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” “may,” “plans,” “predicts,” “will,” “will likely result” or similar expressions. Readers should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances or achievements to differ materially from current expectations, strategies or plans include, among others, risks associated with our ability to obtain consummate the Merger (defined below), including obtaining the requisite shareholder approval, and the timing of the closing, including the risks that a condition to closing will not be satisfied within the expected timeframe or at all or that the closing will not occur; the outcome of any legal proceedings that may be instituted against the parties to, and others related to, the Merger Agreement (defined below), including timing and expenses risks; operational risks related to the Merger, including time demands on management, employee retentions and transaction costs that are not contingent on closing; and those risks discussed below in “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and under the headings “Risk Factors” in this Quarterly Report and under “Risk Factors” in Part I, Item A and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Annual Report and other periodic reports filed by the Company with the SEC. Except as required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.

As of MarchJune 31,30, 2026, we had equity ownership interests in approximately 108109 consolidated real estate properties, located in 14 states and containing approximately 52.753.3 million square feet of rentable space, which were approximately 96.6%97.4% leased based upon net rentable square feet.

Our portfolio primarily consists of Class A warehouse and distribution real estate investments in our 12 target markets within the Sunbelt and lower Midwest. We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets, primarily through tax-deferred exchanges related to capital recycling. However, increased financing costs and industrial real estate fundamentals continue to negatively impact development starts in our target markets and the markets where we own properties. Due to this, theThe current key drivers to growth in our revenues are leasing our vacant, operating, redevelopment and development properties and mark-to-market of our lease rollover. As we continue to build out our development pipeline on our owned-land parcels, we continue to seek investments in additional land to develop for warehouse and distribution facilities, including through covered land investments where a tenant leases the improvements that will be demolished for a redevelopment of the property. These covered land investments may consist of office assets.

FirstSecond Quarter 2026 Transaction Summary.

The following summarizes our transactions during the three months ended MarchJune 31,30, 2026:

•Completed 1.8an additional 2.3 million square feet of new second-generation leases and second-generation lease extensions, increasing base and cash base rents by 19.1%43.1% and 11.9%,26.2%, respectively.respectively, excluding leases with fixed-rate renewals.

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these estimates during the threesix months ended MarchJune 31,30, 2026.

As of MarchJune 31,30, 2026, the principal balance of our secured debt was $48.5$47.1 million compared to $49.9 million at December 31, 2025. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($130.1$18.0 million at MarchJune 31,30, 2026), property sale proceeds or borrowing capacity on our revolving credit facility ($600.0$585.0 million at MarchJune 31,30, 2026, subject to covenant compliance).

Cash flows from operations were $37.5$86.2 million for the threesix months ended MarchJune 31,30, 2026 as compared to $39.0$83.3 million for the threesix months ended MarchJune 31,30, 2025. The decreaseincrease was primarily related to decreasedincreased rental revenue related to property salesacquisitions, contractual rent increases and vacancies.increased occupancy. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.

Net cash (used in) provided by investing activities totaled $(6.9139.9) million and $23.2$47.6 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. Cash used in investing activities in 2026 related primarily to acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, offset by net proceeds from receipt of insurance proceeds. Cash provided by investing activities in 2025 related primarily to proceeds from property sales and receipt of insurance proceeds, offset by acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net.

Net cash used in financing activities totaled $71.0$98.7 million and $93.1$161.7 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. Cash used in financing activities in 2026 was primarily related to the dividends, repurchase of common shares, debt service payments, deferred financing costs related to borrowings and repayments on the line of credit, amending the credit facility and Term Loan, distributions to noncontrolling interests, offset by contributions from noncontrolling interests. Cash used in financing activities in 2025 was primarily related to the partial repayment of the Term Loan, partial repurchases of the Trust Preferred Securities, dividends, and debt service payments, offset by contributions from noncontrolling interests.

We may sell up to $350.0 million of common shares over the term of the program. We did not sell shares under the ATM program during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.

Share Repurchase Program. During the threesix months ended MarchJune 31,30, 2026, we repurchased and retired 0.3 million common shares at an average price of $48.70 per common share under an existing share repurchase program. We did not repurchase any common shares during the threesix months ended MarchJune 31,30, 2025. As of MarchJune 31,30, 2026, 1.0 million common shares remained available for repurchase under this authorization.

Dividends. Dividends paid to our common and preferred shareholders were $43.0$85.4 million and 41.0$82.1 million in the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.

We declared a quarterly dividend of $0.70 per common share for the three months ended MarchJune 31,30, 2026, which is an increase of $0.025 per common share from the $0.675 per common share quarterly dividend declared during the three months ended MarchJune 31,30, 2025.

Financings. The following presents our outstanding unsecured debt obligations as of MarchJune 31,30, 2026:

(1) Amended and restated the TermRevolving LoanCredit Facility with an interest rate range from SOFR plus 0.80%0.725% to 1.60%.1.40%. Based on our current rating and leverage ratio, the credit spread is 0.85%.0.775%. Maturity can be extended to January 2031, subject to certain conditions. The SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027.

(23) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82.5 million is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of MarchJune 31,30, 2026, the weighted average interest rate of the Trust Preferred Securities was 5.28%,5.281%, which includes the effect of the interest rate swaps.

We have an unsecured credit agreement with KeyBank National Association, as agent, for a revolving credit facility of up to $600.0 million subject to covenant compliance. In January 2026, we amended and restated our credit agreement and extended the maturity from July 2026 to January 2030. The maturity can be extended to January 2031, subject to certain conditions. The interest rate ranges from SOFR plus 0.725%,0.725% to 1.40% based on the consolidated leverage ratio and investment grade ratings. Based on our current consolidated leverage ratio and investment grade ratings, for SOFR borrowing the applicable margin for the credit facility equals 0.775%. The revolving credit facility is also subject to a facility fee equal to 0.125% to 0.300%, depending on our credit rating and consolidated leverage ratio, of the total commitments under the revolving credit facility. The facility fee is currently 0.15%. We had $15.0 million in borrowings outstanding and $585.0 million available as of June 30, 2026. We had no borrowings under the $600.0 million revolving credit facility as of March 31, 2026 and December 31, 2025.

As of MarchJune 31,30, 2026, we were compliant with all applicable financial covenants contained in our corporate-level debt agreements.

As of MarchJune 31,30, 2026, the aggregate amount of our consolidated development and redevelopment projects included in investment in real estate under construction is $68.8$102.4 million. We expect to incur approximately $110.1$164.3 million of costs, excluding noncontrolling interests' share andshare, potential developer fees or partner buyouts, redevelopment projects and infrastructure work for our consolidated and non-consolidated land parcels held for development. However, the risks associated with development, including supply chain issues, which may be exacerbated as a result of military conflicts and international trade conflicts associated with tariffs, could adversely impact our estimates. As of MarchJune 31,30, 2026, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. We are unable to estimate (1) the timing of any required fundings for leasing costs until leases are executed and (2) the timing or amount of any additional costs related to the development of our land parcels until we commit to such additional costs.

Three months ended MarchJune 31,30, 2026 compared with three months ended MarchJune 31,30, 2025. The decrease in net income (loss) attributable to common shareholders of $19.2$29.1 million was primarily due to the items discussed below.

The decreaseincrease in rental revenue of $2.9$0.4 million was primarily due to an aggregate decrease in rental revenue of $3.5 million primarily due to property sales and vacancies, partially offset by an increase of $0.6$3.2 million due to acquisitions, properties placed in service and leasing.leasing, partially offset by an aggregate increase in rental revenue of $2.8 million primarily due to property sales and vacancies.

The decrease in interest and amortization expense of $3.1$3.2 million was primarily due to a $2.4 million decrease in interest and amortization expense related to the Senior Notes due 2028 that were partially repaid in 2025, a decrease in interest expense of $0.5$0.4 million related to the Trust Preferred Securities that were partially repaid in 2025, a $0.1 million decrease in interest expense related to mortgage amortization and an increase in capitalized interest of $0.1$0.3 million due to commencement of a speculativeincreased development project.activity.

The decrease in gain on sale or disposal of, and recovery on, real estate, net of $22.3$31.4 million was primarily due to no property dispositions during the three months ended MarchJune 31,30, 2026 compared to $24.6$31.4 million gain on sale offrom one property disposedsold during the three months ended MarchJune 31,30, 2025, offset by $2.3 million of insurance recovery on real estate recognized during the three months ended March 31, 2026.2025.

The decrease in net (income) loss attributable to noncontrolling interests of $0.8$0.7 million is due to a decrease in the recognition of the noncontrolling interests' share of operating loss offrom real estate fromfor two vacant development properties disposedsold in 2025.