LXP Industrial Trust | 6.50% Series C Cumulative Convertible Preferred Stock (LXP.PRC)
Prospectus excerpt: Holders may convert the Series C Preferred Shares into our common shares subject to certain conditions. The conversion rate will initially be 1.8643 common shares per Series C Preferred Share, which is equivalent to an initial conversion price of $26.82 per common share. The conversion rate will be subject to adjustment upon the occurrence of specified events. Upon conversion (pursuant to a voluntary conversion or the Company Conversion Option) of the Series C Preferred Shares, we may choose to deliver the conversion value, as defined, to investors in cash, our common shares, or a combination of cash and our common shares.
LXP Industrial Trust is a real estate investment trust (REIT) that owns a portfolio of equity investments focused on single-tenant industrial properties. Co. has equity ownership interests in its consolidated real estate properties located in various states. The properties in which Co. has an interest are primarily net leased to tenants in various industries. Co. conducts its operations indirectly through its property owner subsidiaries, which are single purpose entities; a wholly-owned taxable REIT subsidiaries, Lexington Realty Advisors, Inc.; and joint ventures.