LXP Industrial Trust filed a Form 8-K on November 2, 2026, reporting the completion of its merger with Leopard Merger Sub LLC, a transaction that converted each common share into $61.20 in cash and triggered delisting from the New York Stock Exchange.

Key Highlights

  • Merger closed November 2, 2026: LXP Industrial Trust merged with and into Leopard Merger Sub LLC, with the merger agreement originally dated July 19, 2026.
  • Common share consideration was $61.20: Each common share outstanding at the Effective Time was cancelled and converted into the right to receive $61.20 in cash, without interest.
  • Series C Preferred Share holders received $50.00 per unit plus accrued dividends: Accrued and unpaid dividends were reported as $1.1014 per unit, without interest and subject to required tax withholding.
  • NYSE delisting requested: The company asked the New York Stock Exchange to suspend trading and delist both common shares and 6.50% Series C Cumulative Convertible Preferred Shares prior to market open on November 2, 2026.
  • Shareholder approval obtained October 26, 2026: Common shareholders approved the merger at a Special Meeting, though the filing notes they did not approve the merger-related compensation proposal.
  • Restricted share awards fully vested: All outstanding restricted share awards became fully vested at the Effective Time, with performance conditions deemed satisfied at the maximum level, and holders received cash equal to the merger consideration per underlying share.
  • Leadership replaced at Effective Time: All members of the Board of Trustees and all executive officers resigned; Gautam Huded, Frank Costanzo, and Priyanka Taneja became managers of the surviving entity.

LXP Industrial Trust Acquisition by Leopard Parent: Transaction Details and Consequences

According to the filing, LXP Industrial Trust (NYSE:LXP) completed a two-step merger on November 2, 2026. In the first step, the company merged with and into Leopard Merger Sub LLC, a Maryland limited liability company and wholly owned indirect subsidiary of Leopard REIT LLC ("Parent"), with Merger Sub surviving as the "Initial Surviving Entity." In the second step, the Initial Surviving Entity merged with and into Leopard Intermediate LLC, a Delaware limited liability company and wholly owned subsidiary of Parent, which became the "Surviving Entity." As a result, Parent became the sole member of the Surviving Entity, and the filing reported that "a change of control of the Company occurred."

The filing disclosed that each Company Common Share issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive $61.20 per share in cash, without interest. Shares held by the Parent Parties or any of their subsidiaries, or by the Company and its subsidiaries, were cancelled with no consideration paid. For holders of the 6.50% Series C Cumulative Convertible Preferred Shares, the filing stated each share was first converted into one Series C Preferred Unit of the Initial Surviving Entity, and then, at the Second-Step Effective Time, each such unit was cancelled and converted into the right to receive $50.00 per unit plus accrued and unpaid dividends of $1.1014, without interest and subject to any required tax withholding. Parent funded the merger consideration "through a variety of sources, including equity financing and debt financing," according to the filing.

In connection with the closing, the company requested that the NYSE suspend trading in both its common shares and Series C Preferred Shares and file a Form 25 to initiate delisting and deregistration under Section 12(b) of the Exchange Act. The filing further stated that after the Form 25 becomes effective, the Surviving Entity intends to file a Form 15 to terminate registration and suspend reporting obligations. All Board of Trustees members tendered resignations at the Effective Time, and the filing noted these departures "were not a result of any disagreements with the Company on any matter relating to its operations, policies or practices."

What Was Disclosed

The filing reported the November 2, 2026 completion of a merger that extinguished LXP Industrial Trust as a public company, paying common shareholders $61.20 per share in cash, converting preferred holders to cash plus accrued dividends, and initiating delisting from the NYSE.