LXP Industrial Trust, a real estate investment trust (REIT), has announced significant changes in its executive team. Chief Financial Officer and Treasurer Beth Boulerice will step down from her roles on March 1, 2025, transitioning to an advisory position within the company. Nathan Brunner will succeed her, taking on the role of Executive Vice President of Capital Markets on September 1, 2024, before assuming the CFO and Treasurer positions the following year.
Brunner brings a wealth of experience from his extensive career in real estate investment banking, particularly in the industrial and net lease sectors. His background includes a significant tenure at J.P. Morgan, where he served as Managing Director in the Real Estate Investment Banking group. His expertise in mergers and acquisitions (M&A) and corporate finance is expected to enhance LXP’s financial strategy and market position.
Brunner’s career, which began at Macquarie Group, spans over 19 years. He holds a Bachelor of Laws and a Bachelor of Commerce from the University of Queensland, along with a Graduate Diploma in Chartered Accounting.
CEO and President T. Wilson Eglin has acknowledged Boulerice’s valuable contributions over the years and expressed confidence in Brunner’s ability to lead the finance team. Lead Independent Trustee Jamie Handwerker highlighted the Board’s commitment to succession planning and the addition of leaders capable of enhancing shareholder value.
LXP has shown a strong commitment to shareholder returns, evidenced by four consecutive years of dividend increases and 31 years of consistent dividend payments. Additionally, LXP’s robust cash flows adequately cover its interest payments, signifying financial stability. LXP’s dividend yield as of March 2024 is an attractive 6.24%. The company’s revenue growth over the last twelve months as of Q1 2024 has been positive at 4.8%, and a Gross Profit Margin of 82.92%.
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