LXP Industrial Trust Partners With Wunder to Deploy Solar at Chicago Property

Rhea-AI Summary

LXP Industrial Trust (NYSE: LXP) has partnered with Wunder to deploy a 207 kilowatt solar system at its Rockford, Illinois industrial facility. The system, operational since June 2024, is expected to generate 261,990 kilowatt hours of power in its first year, offsetting over 403,500 pounds of CO2 emissions. This initiative aims to provide substantial energy bill savings to the tenant while enhancing LXP's sustainability efforts. The project was completed without any capital outlay from LXP, showcasing a cost-effective approach to implementing renewable energy solutions in commercial real estate.

Positive

• Deployment of a 207 kilowatt solar system at Rockford, Illinois facility
• Expected to generate 261,990 kilowatt hours of power in the first year
• Anticipated substantial energy bill savings for the tenant
• No capital outlay required from LXP for the project
• Enhances LXP's sustainability initiatives

Negative

• None.

Insights

Financial Analyst

LXP Industrial Trust's partnership with Wunder to deploy a solar system is a strategic move that could influence its financial health positively. The potential energy bill savings for tenants can increase the attractiveness of LXP's properties, leading to higher occupancy rates and rental income. Additionally, integrating sustainable energy solutions can improve LXP’s ESG (Environmental, Social and Governance) profile, making it more appealing to ESG-focused investors. This project also demonstrates cost-efficiency as it didn’t require capital outlay from LXP, mitigating financial risk while enhancing property value. Such initiatives support LXP’s long-term growth and stability in a competitive market.

Market Research Analyst

LXP Industrial Trust's solar project with Wunder is a significant step in aligning with market trends towards sustainability. As businesses increasingly prioritize ESG criteria, this initiative places LXP ahead in meeting these expectations. The project's expected generation of 261,990 kilowatt-hours of power and the offset of more than 403,500 pounds of CO2 emissions are substantial. These figures resonate well with environmentally conscious investors and tenants. Additionally, the partnership implies a proactive approach to energy management, which can drive tenant satisfaction and loyalty, important for long-term market competitiveness.

Tech Expert

The integration of a 207-kilowatt solar system at LXP's Rockford facility is a testament to the growing role of renewable technology in industrial real estate. The strategic partnership with Wunder enhances LXP's technological infrastructure without imposing capital costs, showcasing innovation in energy solutions. The system's ability to generate significant power and reduce carbon emissions aligns with advanced sustainability practices. Such technology adoption not only supports operational efficiency but also positions LXP as a leader in the green tech space, potentially attracting tech-savvy investors and tenants who value cutting-edge, sustainable solutions.

WEST PALM BEACH, Fla. and ROCKFORD, Ill., July 23, 2024 (GLOBE NEWSWIRE) -- LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust (REIT) focused on Class A, warehouse and distribution investments, partnered with Wunder, a category-defining provider of commercial energy solutions, to deploy an on-site solar system at LXP’s Rockford, Illinois industrial facility. The 207 kilowatt solar system, which came online in June 2024, is expected to deliver substantial energy bill savings to the tenant. The system is anticipated to generate 261,990 kilowatt hours of power in its first year of operation alone, offsetting more than 403,500 pounds of CO2 emissions.

Leslie Moore, SVP, Director of ESG and Corporate Operations, commented, “We are excited to add another solar installation to our portfolio to further enhance LXP’s sustainability initiatives. Our partnership with Wunder provided us with an end-to-end solution without any capital outlay from LXP. We are appreciative of Wunder’s expertise and persistence in completing this project.”

Dave Riess, CEO of Wunder, said, “LXP continues to demonstrate their leadership in responsible and sustainable business practices by integrating solar solutions like the Rockford project. Working with the LXP team on this project was a joy and we look forward to partnering with them again on future projects, should the opportunity arise. Solar projects – like this one – represent a fantastic opportunity for real estate firms to unlock new revenue, meet ESG targets, and deliver exciting tenant benefits, all at no cost. We’re committed to delivering these holistic energy solutions for real estate firms’ nationwide, and providing the flexibility they demand.”

ABOUT LXP INDUSTRIAL TRUST

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on class A warehouse and distribution investments in target markets across the Sunbelt and Midwest. LXP seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information or to follow LXP on social media, visit www.lxp.com.

ABOUT WUNDER

Wunder is a leading provider of enterprise-grade energy solutions for the commercial real estate market. Some of the nation’s largest and most sophisticated real estate firms and Fortune 500s rely upon Wunder to develop and programmatically execute strategic renewable energy initiatives across their real estate holdings. Proprietary technology, market expertise, and best-in-class financing partners enable Wunder to seamlessly unlock renewable energy’s financial and ESG benefits, while delivering an exceptional client experience. Wunder’s mission is to accelerate America’s clean energy future by tackling the largest opportunity to drive down U.S. carbon emissions – the commercial and industrial sectors. To learn more, visit www.WunderCapital.com.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties and other factors not under LXP’s control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in LXP's periodic filings with the Securities and Exchange Commission. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events.

Contact:
Investor or Media Inquiries for LXP Industrial Trust:
Heather Gentry, Senior Vice President of Investor Relations
LXP Industrial Trust
Phone: (212) 692-7200 E-mail: hgentry@lxp.com

FAQ

What is the capacity of the solar system installed at LXP's Rockford, Illinois property?

The solar system installed at LXP's Rockford, Illinois property has a capacity of 207 kilowatts.

When did the solar system at LXP's Rockford facility become operational?

The solar system at LXP's Rockford facility became operational in June 2024.

How much CO2 emissions is the solar system expected to offset in its first year?

The solar system is expected to offset more than 403,500 pounds of CO2 emissions in its first year of operation.

Who did LXP Industrial Trust (LXP) partner with for this solar project?

LXP Industrial Trust partnered with Wunder, a provider of commercial energy solutions, for this solar project.

Did LXP Industrial Trust (LXP) have to make any capital investment for the solar installation?

No, LXP Industrial Trust did not have to make any capital outlay for the solar installation. The project was completed through their partnership with Wunder.