LXP Industrial Trust recapitalizes 22-property portfolio via $550M JV with Davidson Kempner

LXP Industrial Trust

LXP sold 22 special purpose industrial assets to a new JV with Davidson Kempner for $550M; retains 20% equity interest.
Estimated net proceeds of ~$487M; to repay credit line ($340M) and fund warehouse/distribution investments.
JV obtained $381M non-recourse mortgage at SOFR+245bps (2-yr term + 3 one-yr extensions); assumed $26M existing debt.
Pro forma warehouse/distribution exposure rises to 93% of gross book value (from ~16% at YE 2015).
LXP entitled to acquisition, asset management, leasing fees and a promoted-interest incentive; $250M additional equity commitment for future acquisitions.

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