LXP Industrial Trust: Update to credit analysis following ratings affirmation with stable outlook
Our credit view of this issuer reflects its solid fixed charge coverage and well-laddered debt maturity schedule, against its modest size and high Net Debt/EBITDA.Lexington Realty Trust is a real estate investment trust (REIT) that focused on single-tenant industrial real estate investments. The company conducts its operations either directly or indirectly through property owner subsidiaries and lender subsidiaries, which are single purpose entities; an operating partnership, Lepercq Corporate Income Fund L.P. , in which the company is the sole unit holder of the general partner and the sole unit holder of the limited partner that holds a majority of the limited partner interests; a wholly-owned taxable REIT subsidiaries, Lexington Realty Advisors, Inc.; and investments in joint ventures.
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