LXP Industrial Trust Completes Strategic Reverse Share Split
In a significant development for its shareholders, LXP Industrial Trust (NYSE:LXP), a prominent real estate investment trust focusing on Class A warehouse and distribution properties, has announced a reverse share split at a ratio of 1-for-5. This strategic move aims to enhance the overall value of the company and to streamline its share structure.
Impact of the Reverse Share Split
As of the close of business on the designated effective date, each outstanding common share of LXP has been reclassified to represent one-fifth of a share. This adjustment has considerably reduced the total number of outstanding shares from approximately 295.8 million to about 59.2 million. It’s important to note that this action will affect all shareholders equitably, ensuring their ownership percentages remain consistent. Minor variations may occur due to payments for fractional shares.
Trading Adjustments
Effective from the market open following the split, LXP’s common shares will commence trading on a new, split-adjusted basis on the New York Stock Exchange under the symbol “LXP.” While the ticker remains unchanged, a new CUSIP number—529043408—has been assigned to the shares.
Quarterly Dividend Update
In conjunction with this split, the previously declared quarterly dividend of $0.14 per share will be adjusted to $0.70 per share post-split. This update is significant for shareholders, providing them with increased returns per share while upholding investor confidence in LXP.
Shareholder Communications
For any inquiries regarding the reverse share split, LXP investors are encouraged to reach out to their brokers or contact LXP’s transfer agent, Computershare. For inquiries requiring assistance, they can be reached at (800) 546-5141 for domestic calls or (781) 575-2765 for international inquiries.
About LXP Industrial Trust
LXP Industrial Trust (NYSE:LXP) is a publicly traded real estate investment trust specializing in Class A warehouse and distribution investments. With a focus on 12 target markets in the Sunbelt region and the lower Midwest, LXP is dedicated to expanding its portfolio through various strategies, including acquisitions and development projects. The company remains committed to delivering value and growth for its shareholders.
Investor Relations
For further inquiries or media relations, investors can contact Heather Gentry, Executive Vice President of Investor Relations at LXP Industrial Trust. She can be reached at (212) 692-7200 or via email at hgentry@lxp.com.
Frequently Asked Questions
What is a reverse share split?
A reverse share split is a process where a company reduces the number of its outstanding shares, increasing the share price proportionately, thereby maintaining the overall market capitalization.
Why did LXP undertake a reverse share split?
LXP implemented the reverse share split to enhance shareholder value and streamline its share structure, potentially attracting more investors.
How does the reverse share split affect my investment?
The reverse split will not change your ownership percentage in LXP, but it will adjust the number of shares you own and their trading price accordingly.
Will my dividend change after the reverse share split?
After the reverse share split, the quarterly dividend will adjust to $0.70 per share, reflecting the new share structure.
How can I get assistance regarding this split?
You can contact your broker or reach out to LXP’s transfer agent, Computershare, for any assistance related to the reverse share split process.
