You down with LXP (yeah, you know me)
Industrial net lease REIT LXP Industrial (NYSE: LXP) announced a definitive agreement to be taken private by the collective of Brookfield Asset Management (NYSE: BAM) and the Canada Pension Plan Investment Board in a $5.2 billion all-cash transaction. LXP focuses on class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest.
The deal represents the largest of four completed or pending listed net lease REIT take-private or merger transactions in 2026 compared to zero IPOs or direct listings. The current trend is clear: private capital is outpacing public equity for assets.
The $61.20/share take-out price represents an 18.3x multiple on the midpoint of management’s most recent guidance for FY2026 adjusted company FFO (revised June 1st). Annualizing 1Q2026 NOI implies a mid 5s cap rate, although that includes the impact of vacant assets and development projects (which pushes the pro forma yield higher).
As of 1Q2026, LXP’s portfolio included 52.7 million sq. ft. across 108 properties. Top tenant concentrations include Amazon (6.5% of ABR), Nissan (4.9%), Black & Decker (3.6%), and Wal-Mart (3.3%). Total portfolio weighted average lease term remaining was 4.7 years with 1.8 million sq. ft. of vacancy.
Since the turn of the decade, LXP generated an annualized total return of 7.2%, just shy of its since inception (1994 listing) annualized total return of 7.5%.
Above average
Net lease non-traded REIT equity capital raise for July of $389 million slightly exceeded the monthly average from 1H2026. The Big 4 have raised $2.7 billion in first seven months of the year.
Note: Dollars in millions
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