Brookfield and CPP Investments Complete $5.2B Acquisition of LXP Industrial Trust

Transaction Overview

On November 2, 2026, LXP Industrial Trust completed its previously announced merger with subsidiaries of Leopard REIT LLC, an entity backed by Brookfield Asset Management and Canada Pension Plan Investment Board (CPP Investments). The all-cash transaction values LXP at approximately $5.2 billion, inclusive of net debt and preferred equity.

Key Deal Terms & Consideration

• Common Stock: Each issued and outstanding common share of LXP was converted into the right to receive $61.20 in cash, without interest.
• Series C Preferred Shares: Each Series C Preferred Share was converted into the right to receive $50.00 per unit plus $1.1014 in accrued and unpaid dividends.
• Restricted Share Awards: All outstanding restricted share awards vested immediately (performance conditions deemed satisfied at maximum levels) and were cancelled in exchange for cash equal to the merger consideration plus accrued unpaid dividends.

Delisting and Governance Changes

• Delisting & Deregistration: LXP requested that the NYSE suspend trading of its common shares (LXP) and Series C preferred shares (LXPPRC) prior to market open on November 2, 2026. A Form 25 will be filed for delisting, followed by a Form 15 to terminate registration under the Exchange Act.
• Board and Executive Departures: Effective at the merger's closing, all existing trustees of LXP's Board of Trustees and executive officers resigned. Leopard Merger Sub managers (Gautam Huded, Frank Costanzo, and Priyanka Taneja) assumed managerial control of the surviving entity.