LXP Industrial Trust has officially completed its merger with Leopard Merger Sub LLC, a wholly owned indirect subsidiary of Leopard REIT LLC. This merger, effective November 2, 2026, has led to the removal of LXP's securities from the New York Stock Exchange (NYSE).

The significance of this merger cannot be understated. It not only marks a pivotal moment for LXP Industrial Trust but also reflects broader trends in the real estate investment trust (REIT) industry. With the completion of the merger, each share of LXP's common stock will be converted into a cash payment of $61.20, while the 6.50% Series C Cumulative Convertible Preferred Stock will be converted into preferred units of the surviving entity.

Background

LXP Industrial Trust, classified under the SIC code 6798, operates as a real estate investment trust. The company is listed on the NYSE under the ticker symbols LXP and LXP-PC. The trust has undergone several name changes in its history, previously known as Lexington Realty Trust and Lexington Corporate Properties Trust.

What the Filing Says

According to the SEC filing (accession number 0000876661-26-000886), the New York Stock Exchange has notified the SEC of its intention to remove LXP's securities from listing and registration at the opening of business on November 13, 2026. The filing states, "Each share of Common Stock (Maryland REIT) of LXP Industrial Trust was converted into USD 61.20 in cash, without interest, less any applicable fee, and tax." Additionally, the preferred stock will be converted into preferred units of the surviving entity.

Impact

This merger and subsequent delisting may significantly affect LXP's shareholders, who will receive cash for their shares and preferred units in the new entity. Investors in the broader real estate investment trust sector may also feel the ripple effects as consolidation trends continue. Competitors may need to reassess their strategies in light of this merger, as it highlights the ongoing shifts within the industry.

What's Next

The filing does not say what happens next.