Q U A R T E R L Y S U P P L E M E N T A L I N F O R M A T I O N SECOND QUARTER 2023
TABLE OF CONTENTS June 30, 2023 PAGE PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 17 FINANCIAL DATA QUARTERLY LEASING SUMMARY 18 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 19 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 20 NON-GAAP FINANCIAL DATA 6 SELECT CREDIT METRICS SUMMARY 10 DEBT OTHER FINANCIAL DATA 11 MORTGAGES AND NOTES PAYABLE 29 DEBT MATURITY SCHEDULE 31 CAPITAL DEPLOYMENT DEBT COVENANTS 32 DEVELOPMENT SUMMARY 12 CAPITAL EXPENDITURES AND LEASING COSTS 14 COMPONENTS OF NET ASSET VALUE 33 NON-GAAP MEASURES DEFINITIONS 34 PORTFOLIO DATA SAME STORE DATA 15 APPENDIX - OTHER PORTFOLIO 38 INDUSTRIAL PORTFOLIO INFORMATION 16 INVESTOR INFORMATION 39 This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of LXP Industrial Trust (“LXP”), which may cause actual results, performance or achievements of LXP and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates, (2) the outbreak of highly infectious or contagious diseases, (3) the authorization by LXP's Board of Trustees of future dividend declarations, (4) the successful consummation of any lease, acquisition, build-to- suit, disposition, financing or other transaction, (5) the failure to continue to qualify as a real estate investment trust, (6) changes in general business and economic conditions, including the impact of any legislation, (7) competition, (8) inflation, increases in real estate construction costs and construction schedule delays, (9) changes in financial markets and interest rates, (10) changes in accessibility of debt and equity capital markets, (11) future impairment charges, and (12) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. 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. Accordingly, there is no assurance that LXP's expectations will be realized. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. All information is on a consolidated basis unless noted.
SUMMARY / HIGHLIGHTS June 30, 2023 Quarterly Highlights Portfolio Statistics - Net Loss - $(0.03) per diluted common share # of Properties: 116 - Adjusted Company FFO - $0.18 per diluted common share # of States: 20 - Completed 2.0 million square feet of new and extended leases, including two speculative development Square Footage: 54.2 million projects containing an aggregate of 1.6 million square feet located in the Columbus, Ohio and Phoenix, Arizona markets Ongoing Development Projects: 6 - Industrial Same-Store NOI increased 5.8% quarter to date 2023 compared to 2022 Portfolio % Leased: 99.5% - Completed construction of the core and shell of three warehouse/distribution facilities containing # of Leases: 139 1.5 million square feet in the Greenville-Spartanburg, South Carolina and Central Florida markets - Invested an aggregate of $27.1 million in development activities, including $23.4 million in 5.9 years six ongoing development projects Weighted-Average Age: 9.8 years - Commenced construction of a 250,000 square foot industrial facility in the ETNA Park 70 joint venture in the Columbus, Ohio market Developable Land:(1) 523 acres - Net Debt to Adjusted EBITDA ratio was 6.3x at quarter end Footnote (1) Includes consolidated and non-consolidated developable land. Weighted-Average Lease Term (ABR): LXP is a real estate investment trust ("REIT") focused on single-tenant industrial real estate investments. LXP has been a publicly traded REIT since 1993 (NYSE: LXP). LXP's investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities. Table of Contents 3
CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) June 30, 2023 December 31, 2022 Assets: Real estate, at cost 3,688,245$ 3,691,066$ Real estate - intangible assets 326,422 328,607 Land held for development 84,591 84,412 Investments in real estate under construction 372,342 361,924 Real estate, gross 4,471,600 4,466,009 Less: accumulated depreciation and amortization 857,750 800,470 Real estate, net 3,613,850 3,665,539 Assets held for sale 49,644 66,434 Right-of-use assets, net 21,937 23,986 Cash and cash equivalents 23,161 54,390 Restricted cash 124 116 Investments in non-consolidated entities 50,683 58,206 Deferred expenses, net 31,565 25,207 Investment in a sales-type lease, net 62,331 61,233 Rent receivable - current 4,970 3,030 Rent receivable - deferred 76,620 71,392 Other assets 27,564 24,314 Total assets 3,962,449$ 4,053,847$ Liabilities and Equity: Liabilities: Mortgages and notes payable, net 66,353$ 72,103$ Term loan payable, net 299,209 298,959 Senior notes payable, net 989,977 989,295 Trust preferred securities, net 127,744 127,694 Dividends payable 38,259 38,416 Liabilities held for sale 1,703 1,150 Operating lease liabilities 22,805 25,118 Accounts payable and other liabilities 64,399 74,261 Accrued interest payable 8,735 9,181 Deferred revenue - including below market leases, net 10,350 11,452 Prepaid rent 14,192 15,215 Total liabilities 1,643,726 1,662,844 Commitments and contingencies Equity: Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: 94,016 94,016 29 29 Additional paid-in-capital 3,322,499 3,320,087 Accumulated distributions in excess of net income (1,151,924) (1,079,087) Accumulated other comprehensive income 16,200 17,689 Total shareholders' equity 2,280,820 2,352,734 Noncontrolling interests 37,903 38,269 Total equity 2,318,723 2,391,003 Total liabilities and equity 3,962,449$ 4,053,847$ Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 292,581,929 and 291,719,310 shares issued and outstanding in 2023 and 2022, respectively Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issues and outstanding Table of Contents 4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) 2023 2022 2023 2022 Gross revenues: Rental revenue 85,065$ 77,939$ 168,482$ 156,475$ Other revenue 1,985 1,836 3,643 3,578 Total gross revenues 87,050 79,775 172,125 160,053 Expenses applicable to revenues: Depreciation and amortization (45,993) (45,193) (91,734) (89,699) Property operating (15,745) (13,702) (30,988) (28,318) General and administrative (9,010) (9,296) (18,252) (20,033) Non-operating income 143 79 337 111 Interest and amortization expense (10,144) (10,821) (21,537) (21,503) Impairment charges (12,967) (1,829) (16,490) (1,829) Change in allowance for credit loss 110 - 31 - Gains on sales of properties - 27,855 7,879 28,110 - 9,314 - 9,314 Selling profit from sales-type lease Income (loss) before provision for income taxes and equity in earnings (losses) of non-consolidated entities (6,556) 36,182 1,371 36,206 Provision for income taxes (210) (263) (426) (680) Equity in earnings (losses) of non-consolidated entities (1,014) 5,619 2,590 16,920 Net income (loss) (7,780) 41,538 3,535 52,446 Less net (income) attributable to noncontrolling interests (268) (240) (417) (526) Net income (loss) attributable to LXP Industrial Trust shareholders (8,048) 41,298 3,118 51,920 Dividends attributable to preferred shares - Series C (1,573) (1,573) (3,145) (3,145) Allocation to participating securities (62) (58) (134) (110) Net income (loss) attributable to common shareholders (9,683)$ 39,667$ (161)$ 48,665$ Net income (loss) attributable to common shareholders - per common share basic (0.03)$ 0.14$ -$ 0.17$ Weighted-average common shares outstanding - basic 290,186,934 283,568,078 290,134,015 283,604,072 Net income (loss) attributable to common shareholders - per common share diluted (0.03)$ 0.14$ -$ 0.17$ Weighted-average common shares outstanding - diluted 291,015,537 285,436,441 290,964,350 287,687,397 Three months ending June 30, Six months ending June 30, Table of Contents 5
NON-GAAP FINANCIAL DATA (Unaudited and in thousands, except share and per share data) 2023 2022 2023 2022 FUNDS FROM OPERATIONS: Basic and Diluted: Net income (loss) attributable to common shareholders (9,683)$ 39,667$ (161)$ 48,665$ Adjustments: Depreciation and amortization - real estate 45,028 44,523 89,888 88,373 Impairment charges - real estate 12,967 6,043 16,490 6,043 Noncontrolling interest - OP units (81) 47 (78) 136 Amortization of leasing commissions 965 670 1,846 1,326 Joint venture and noncontrolling interest adjustment 1,929 2,823 4,329 5,973 Gain on sales of properties, including our share of non-consolidated entities - (39,435) (12,654) (50,961) FFO available to common shareholders and unitholders - basic 51,125 54,338 99,660 99,555 Preferred dividends 1,573 1,573 3,145 3,145 Amount allocated to participating securities 62 58 134 110 FFO available to common equityholders and unitholders - diluted 52,760 55,969 102,939 102,810 Selling profit from sales-type lease(1) - (9,314) - (9,314) Allowance for credit losses (110) - (31) - Transaction costs(2) - (34) 4 55 Debt satisfaction losses, net, including our share of non-consolidated entities - 1,495 - 1,495 Other non-recurring costs(3) - 753 - 1,934 Noncontrolling interest adjustments 5 - 1 - Adjusted Company FFO available to all equityholders and unitholders - diluted 52,655$ 48,869$ 102,913$ 96,980$ Per Common Share and Unit Amounts: Basic: FFO 0.18$ 0.19$ 0.34$ 0.35$ Diluted: FFO 0.18$ 0.19$ 0.35$ 0.35$ Adjusted Company FFO 0.18$ 0.17$ 0.35$ 0.33$ Weighted-Average Common Shares: Basic: Weighted-average common shares outstanding - basic EPS 290,186,934 283,568,078 290,134,015 283,604,072 Operating partnership units (4) 828,603 860,048 830,335 865,512 Weighted-average common shares outstanding - basic FFO 291,015,537 284,428,126 290,964,350 284,469,584 Diluted: Weighted-average common shares outstanding - diluted EPS 291,015,537 285,436,441 290,964,350 287,687,397 Unvested share-based payments awards 135,172 10,140 131,522 34,762 Preferred shares - Series C 4,710,570 4,710,570 4,710,570 4,710,570 Weighted-average common shares outstanding - diluted FFO 295,861,279 290,157,151 295,806,442 292,432,729 (1) Gain recognized upon exercise of tenant's purchase option in the lease. (2) Includes costs related to entering into a sales-type lease and other investment costs. (3) Includes strategic alternatives and costs related to shareholder activism. (4) Includes OP units other than OP units held by us. Three months ending June 30, Six months ending June 30, Table of Contents 6
NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) 2023 2022 2023 2022 Adjusted Company FFO available to all equityholders and unitholders - diluted 52,655$ 48,869$ 102,913$ 96,980$ FUNDS AVAILABLE FOR DISTRIBUTION Adjustments: Straight-line adjustments (2,638) (3,313) (5,725) (6,815) Lease incentives 109 129 205 263 Amortization of above/below market leases (449) (481) (898) (961) Sales-type lease non-cash income (541) - (1,067) - Non-cash interest 820 820 1,639 1,639 Non-cash charges, net 2,249 1,598 4,496 3,696 Capitalized interest and internal costs (3,673) (1,885) (5,905) (3,051) Second generation tenant improvements (304) (285) (466) (4,517) Second generation lease costs (1,401) (617) (1,563) (758) Joint venture and non-controlling interests adjustment (397) 130 (467) (219) Company Funds Available for Distribution 46,430$ 44,965$ 93,162$ 86,257$ Three months ending June 30, Six months ending June 30, Table of Contents 7
NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): 2023 2022 2023 2022 Net income (loss) (7,780)$ 41,538$ 3,535$ 52,446$ Interest and amortization expense 10,144 10,821 21,537 21,503 Provision for income taxes 210 263 426 680 Depreciation and amortization 45,993 45,193 91,734 89,699 General and administrative 9,010 9,296 18,252 20,033 Transaction costs - (34) 4 55 Non-operating/advisory fee income (1,143) (1,503) (2,545) (2,986) Gains on sales of properties - (27,855) (7,879) (28,110) Impairment charges 12,967 1,829 16,490 1,829 Selling profit from sales-type lease - (9,314) - (9,314) Equity in (earnings) losses of non-consolidated entities 1,014 (5,619) (2,590) (16,920) Straight-line adjustments (2,638) (3,313) (5,725) (6,815) Lease incentives 109 129 205 263 Amortization of above/below market leases (449) (481) (898) (961) Sales-type lease adjustments (651) (13) (1,098) (13) NOI 66,786 60,937 131,448 121,389 Less NOI: Acquisitions, development and dispositions (5,201) (2,600) (11,494) (7,264) Same-Store NOI 61,585$ 58,337$ 119,954$ 114,125$ Six months ending June 30,Three months ending June 30, Table of Contents 8
NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Trailing 12 Months Net income (loss) attributable to LXP Industrial Trust shareholders (8,048)$ 11,166$ 38,473$ 23,390$ 64,981$ Interest and amortization expense 10,144 11,393 12,659 11,255 45,451 Provision for income taxes 210 216 151 271 848 Depreciation and amortization 45,993 45,741 45,922 44,946 182,602 Straight-line adjustments (2,638) (3,087) (2,519) (2,078) (10,322) Sales-type lease non-cash income (541) (526) (342) - (1,409) Lease incentives 109 96 127 128 460 Amortization of above/below market leases (449) (449) (449) (455) (1,802) Gains on sales of properties - (7,879) (6,143) (24,841) (38,863) Impairment charges 12,967 3,523 580 628 17,698 Debt satisfaction losses, net - - - 119 119 Selling profit from sales-type leases - - (37,745) - (37,745) Sales-type lease adjustments (110) 83 4,212 13 4,198 Non-cash charges, net 2,249 2,247 1,846 1,941 8,283 Non-recurring strategic alternatives and activism costs - - - 639 639 Pro-rata share adjustments: Non-consolidated entities adjustment 3,562 (566) 2,983 5,012 10,991 Noncontrolling interests adjustment (8) (46) 1,480 (1) 1,425 Adjusted EBITDA 63,440$ 61,912$ 61,235$ 60,967$ 247,554$ Table of Contents 9
SELECT CREDIT METRICS SUMMARY (1) 12/31/2020 12/31/2021 12/31/2022 6/30/2023 Adjusted Company FFO Payout Ratio 55.6% 56.7% 72.4% 71.4% Unencumbered Assets $3.8 billion $4.2 billion $4.5 billion $4.5 billion Unencumbered NOI 89.3% 92.6% 93.4% 93.8% (Debt + Preferred) / Gross Assets 32.5% 33.4% 32.1% 32.6% Debt/Gross Assets 30.4% 31.4% 30.1% 30.6% Secured Debt / Gross Assets 3.1% 1.7% 1.5% 1.4% Unsecured Debt / Unencumbered Assets 32.1% 33.5% 31.3% 31.8% Net Debt / Adjusted EBITDA (2) 4.8x 5.5x 6.4x 6.3x (Net Debt + Preferred) / Adjusted EBITDA (2) 5.1x 5.8x 6.9x 6.7x Credit Facilities Availability (3) $600.0 million $600.0 million $600.0 million $600.0 million Footnotes (1) LXP believes these credit metrics provide investors with additional information to evaluate its liquidity and performance. (2) Includes prorata share of non-consolidated assets. Adjusted EBITDA is for the last 12 months. (3) Subject to covenant compliance. Table of Contents 10
OTHER FINANCIAL DATA Future Rent Estimates for Current Leases Year Base Rent (1) Cash Base Rent (1) Difference 2023 - remaining 141,393$ 136,329$ (5,064)$ 2024 268,747 263,406 (5,341) Balance Sheet Other assets 27,564$ The components of other assets are: Deposits 2,824$ Equipment 248 Prepaids 5,367 Other receivables 248 Deferred lease incentives 3,555 Derivative asset 15,268 Deferred asset 54 Accounts payable and other liabilities 64,399$ The components of accounts payable and other liabilities are: Accounts payable and accrued expenses 21,314$ Development, CIP and other accruals 34,886 Taxes 239 Deferred lease costs 4,033 Deposits 3,784 Transaction costs 143 Footnote (1) ($000) 6/30/2023 Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 6/30/2023, and (iii) no properties are sold or acquired after 6/30/2023. Includes future rent estimates for leased development projects. Table of Contents 11
DEVELOPMENT SUMMARY ONGOING DEVELOPMENT NOT IN SERVICE: GAAP LXP Actual/Estimated Estimated Investment Balance Amount Funded Base Building % Leased Estimated Project # of Estimated Project Cost as of 6/30/2023 as of 6/30/2023 Completion as of Placed in Service (% owned) Buildings Market Sq. Ft. ($000)(1) ($000)(2) ($000)(3) Date 6/30/2023 Date Consolidated Development Projects Leased 1 The Cubes at Etna East (95%) 1 Columbus, OH 1,074,840 76,600$ 63,370$ 66,148$ 3Q 2022 100% 4Q 2023 2 Cotton 303 (93%) 1 Phoenix, AZ 488,400 55,300 39,182 32,652 3Q 2023 100% 1Q 2024 2 Subtotal 2 1,563,240 131,900$ 102,552$ 98,800$ Development Projects Available for Lease 1 Ocala (80%) 1 Central Florida 1,085,280 83,200$ 77,209$ 67,984$ 1Q 2023 0% - 2 Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 65,900 63,790 55,312 1Q 2023 0% - 3 Smith Farms (90%) 2 Greenville/Spartanburg, SC 1,396,772 101,600 92,213 79,975 2Q 2023 0% - 4 South Shore (100%) 2 Central Florida 270,885 42,500 36,578 30,313 2Q 2023 - 3Q 2023 0% - 4 Subtotal 6 3,806,297 293,200$ 269,790$ 233,584$ 6 Total Consolidated Development Projects 8 5,369,537 425,100$ 372,342$ 332,384$ Non-Consolidated Development Project 1 ETNA Building D (90%)(4) 1 Columbus, OH 250,000 29,000$ N/A N/A 1Q 2024 0% - 1 Total Non-Consolidated Development Projects 1 250,000 29,000$ DEVELOPMENT PLACED IN SERVICE: Initial % Leased Placed in Investment as of Project (% Owned) Service Market Sq. Ft. ($000) 6/30/2023 1 Cotton 303 Building 1 (93%) 1Q 2023 Phoenix, AZ 392,278 37,118$ 100% 2 Smith Farms Building 1 (90%) 4Q 2022 Greenville/Spartanburg, SC 797,936 64,067 100% 3 Fairburn (100%) 4Q 2021 Atlanta, GA 907,675 47,568 100% 4 KeHE Distributors (100%) 4Q 2021 Phoenix, AZ 468,182 61,490 100% 5 Rickenbacker (100%) 1Q 2021 Columbus, OH 320,190 19,531 100% 5 Total Development Placed In Service 2,886,261 229,774$ Footnotes (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes leasing costs. (3) Excludes noncontrolling interests' share. (4) 6/30/2023 The ETNA Park 70 joint venture commenced development of a 250,000 square foot speculative development project in 2Q 2023. GAAP Investment Balance and LXP Amount Funded as of 6/30/2023 included in joint venture balance located in the chart on page 13. Subsequent to June 30, 2023, a wholly-owned subsidiary of LXP entered into an agreement to fund all of the construction costs, inclusive of its partner's share, to complete the Etna Park 70 industrial facility. Table of Contents 12
DEVELOPMENT SUMMARY (CONTINUED) LAND HELD FOR INDUSTRIAL DEVELOPMENT: GAAP LXP Investment Balance Amount Funded Project 6/30/2023 6/30/2023 (% owned) Market ($000) ($000)(1) Consolidated 1 Reems & Olive (95.5%) Phoenix, AZ 77,538$ 74,177$ 2 Mt. Comfort Phase II (80%) Indianapolis, IN 5,321 4,266 3 ATL Fairburn (100%) Atlanta, GA 1,732 1,737 3 Total Consolidated Land Projects 84,591$ 80,180$ GAAP LXP Investment Balance Amount Funded Project 6/30/2023 6/30/2023 (% owned) Market ($000) ($000)(1) Non - Consolidated 1 ETNA Park 70 (90%) Columbus, OH 13,333$ 14,043$ 2 ETNA Park 70 East (90%) Columbus, OH 2,096 2,405 2 Total Non-Consolidated Land Projects 15,429$ 16,448$ Footnotes (1) Excludes noncontrolling interests' share. 73 52 21 6/30/2023 Approx. Developable Acres 320 116 Approx. Developable Acres 450 14 Table of Contents 13
CAPITAL EXPENDITURES AND LEASING COSTS (1) ($000) 2023 2022 First Generation Costs Tenant Improvements 2,514$ 388$ Leasing Costs 300 1,824 Base Building 531 2,135 Total First Generation Costs 3,345$ 4,347$ Second Generation Costs Tenant Improvements Industrial 466$ 4,517$ Other - - Total Second Generation Tenant Improvements 466$ 4,517$ Leasing Costs Industrial 1,563$ 635$ Other - 123 Total Second Generation Leasing Costs 1,563$ 758$ Building Improvements Industrial 4,034$ 8,568$ Other - - Total Second Generation Building Improvements 4,034$ 8,568$ Total Second Generation Costs 6,063$ 13,843$ Total Capital Expenditures and Leasing Costs 9,408$ 18,190$ Footnote (1) Consolidated costs on a cash basis. Amounts exclude development projects, capitalized interest and internal costs, if any. Leasing costs includes payments for lease incentives, if any. Six months ending June 30, 6/30/2023 Table of Contents 14
SAME STORE DATA ($000) Same-Store NOI Same-Store NOI by Components 2023 2022 2023 2022 2023 2022 Total Cash Base Rent 62,350$ 59,194$ 56,913$ 53,835$ 5,437$ 5,359$ Tenant Reimbursements 13,526 10,961 12,048 9,504 1,478 1,457 Property Operating Expenses (14,291) (11,818) (12,505) (9,973) (1,786) (1,845) Same-Store NOI 61,585$ 58,337$ 56,456$ 53,366$ 5,129$ 4,971$ Change in Same-Store NOI 5.6% 5.8% 3.2% 2023 2022 2023 2022 2023 2022 Total Cash Base Rent 121,357$ 115,936$ 110,519$ 105,315$ 10,838$ 10,621$ Tenant Reimbursements 25,759 22,096 22,760 19,283 2,999 2,813 Property Operating Expenses (27,162) (23,907) (23,666) (20,367) (3,496) (3,540) Same-Store NOI 119,954$ 114,125$ 109,613$ 104,231$ 10,341$ 9,894$ Change in Same-Store NOI 5.1% 5.2% 4.5% Same-Store # of Properties 108 108 101 101 7 7 Same-Store Percent Leased(1) 99.8% 99.8% 99.8% 99.8% 99.4% 100.0% Footnotes (1) At 6/30/2023. Other Six months ended June 30, Six months ended June 30, Six months ended June 30, Industrial Industrial OtherConsolidated Three months ended June 30, Three months ended June 30, Three months ended June 30, 6/30/2023 QUARTER YEAR TO DATE Consolidated Table of Contents 15
INDUSTRIAL PORTFOLIO INFORMATION Markets (1) ABR % as of 6/30/2023 Industries ABR % as of 6/30/2023 Phoenix, AZ 12.2% Consumer Products 23.2% Greenville/Spartanburg, SC 9.5% Transportation/Logistics 20.2% Atlanta, GA 8.6% E-Commerce 14.7% Memphis, TN 8.0% Automotive 12.0% Houston, TX 5.9% Construction/Materials 10.5% Cincinnati/Dayton, OH 5.6% Food 9.6% Indianapolis, IN 5.5% Apparel 2.3% Dallas/Ft. Worth, TX 5.4% Technology 2.2% Nashville, TN 3.7% Retail Department 2.1% Chicago, IL 3.5% Specialty 1.8% Central Florida 3.3% Other 1.4% Columbus, OH 3.1% Total Industrial Portfolio Concentration (2) 100.0% Savannah, GA 2.7% Jackson, MS 2.6% St. Louis, MO 2.3% # of Properties 109 DC/Baltimore, MD 2.3% Square Feet 52,746,815 New York/New Jersey 2.2% % Investment Grade (3) 49.1% Charlotte, NC 2.2% % of ABR(4) 92.0% Cleveland, OH 2.0% % Leased 99.5% Champaign-Urbana, IL 1.6% Weighted-Average Age (Years)(5) 9.2 Total Industrial Portfolio Concentration (2) 92.1% Weighted-Average ABR per SF(6) $4.52 Weighted-Average Lease Term (Years)(7) 6.2 Footnotes % with Fixed Escalation(8) 97.9% (1) Based on CoStar.com inventory data. Average Annual Rent Escalation(8) 2.6% (2) Total shown may differ from detailed amounts due to rounding. Average Building Size (SF) 492,961 (3) Percent of ABR. Credit ratings based upon either tenant, guarantor or Average Clear Height (Feet)(9) 33.0 parent/ultimate parent. % Top 25 Markets(10) 77.0% (4) Based on ABR for consolidated properties owned. % Top 50 Markets(10) 92.0% (5) Weighting based on square footage, excluding land parcels. Mortgage Debt ($000) $63,503 (6) Excludes land assets and all vacant square footage. (7) Weighting based on ABR. (8) Based on ABR for single-tenant leases owned (properties 50% leased to a single tenant). Average Annual Rent Escalation based on next rent step percentages. Excludes escalating leases in last year after last escalation. (9) Based on internal and external sources. (10) Percent of ABR based upon CoStar.com inventory data. 6/30/2023 Additional Information Table of Contents 16
TOP 15 TENANTS Tenants (1) Property Type Lease Expirations Number of Leases Sq. Ft. Leased Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)(3) ABR as of 6/30/2023 ($000) ABR % as of 6/30/2023 ($000) (2)(4) Amazon Industrial 2026-2033 6 3,864,731 7.2% 18,265$ 6.7% Nissan Industrial 2027 2 2,971,000 5.5% 13,082 4.8% Kellogg Industrial 2027-2029 3 2,801,916 5.2% 9,575 3.5% Wal-Mart Industrial 2024-2031 3 2,351,917 4.4% 8,842 3.2% GXO Logistics Industrial 2024-2028 3 1,697,475 3.1% 7,401 2.7% Xerox Office 2023 1 202,000 0.4% 7,070 2.6% Watco Industrial 2038 1 132,449 0.2% 6,445 2.4% Fedex Industrial 2028 2 292,021 0.5% 6,263 2.3% Morgan Lewis (5) Office 2024 1 289,432 0.5% 5,988 2.2% Mars Wrigley Industrial 2025 1 604,852 1.1% 5,473 2.0% Undisclosed (6) Industrial 2034 1 1,318,680 2.4% 5,315 1.9% Aligned Data Centers (7) Industrial 2042 1 - 0.0% 5,228 1.9% Owens Corning Industrial 2025-2027 3 863,242 1.6% 5,130 1.9% Olam Industrial 2024 & 2037 2 1,196,614 2.2% 5,103 1.9% Georgia-Pacific Industrial 2028 & 2031 2 1,283,102 2.4% 4,989 1.8% 32 19,869,431 36.9% 114,169$ 41.8% Footnotes (1) Tenant, guarantor or parent. (2) Total shown may differ from detailed amounts due to rounding. (3) Excludes vacant square feet. (4) Based on ABR for consolidated properties owned. (5) Includes parking operations. (6) Lease restricts certain disclosures. (7) Industrial development leased land, which is included in industrial portfolio. 6/30/2023 Table of Contents 17
QUARTERLY LEASING SUMMARY NEW LEASES - FIRST GENERATION(1) Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000)(2) New Cash Base Rent Per Annum ($000)(2) Industrial 1 Etna OH N/A 10/2033 1,074,840 6,093$ 5,274$ 2 Goodyear AZ N/A 12/2030 488,400 5,266 4,689 1 TOTAL NEW LEASES - FIRST GENERATION 1,563,240 11,359$ 9,963$ LEASE EXTENSIONS - SECOND GENERATION Prior Term Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000)(2) Prior Base Rent Per Annum ($000)(3) New Cash Base Rent Per Annum ($000)(2) Prior Cash Base Rent Per Annum ($000)(3) Industrial 1 Duncan (4) SC 01/2024 01/2027 408,000 N/A N/A N/A N/A 1 TOTAL EXTENDED LEASES - SECOND GENERATION 408,000 -$ -$ -$ -$ Footnotes (1) No prior leases. These tenants leased first generation space in our development projects. (2) Assumes 12 months rent from the later of 7/1/2023 or lease commencement/extension, excluding free rent periods as applicable. (3) Rent from prior tenants for square feet leased. (4) 6/30/2023 Location Location During the quarter, the tenant executed its renewal option to extend its lease term for three years but a fair market value rent could not be determined as of June 30, 2023. Subsequent to June 30, 2023, the lease was amended for a five-year renewal term until January 2029 instead of a three-year renewal term, raising Base and Cash Base Rents by 26.3% and 15.9%, respectively. Table of Contents 18
LEASE ROLLOVER SCHEDULE - INDUSTRIAL ($000) Year Number of Leases Expiring ABR as of 6/30/2023 Percent of ABR as of 6/30/2023 Percent of ABR as of 6/30/2022 2023 - remaining 1 1,294$ 0.5% 2.1% 2024 18 19,188 7.6% 10.9% 2025 13 17,956 7.1% 7.3% 2026 24 30,636 12.2% 11.0% 2027 15 38,013 15.1% 15.1% 2028 8 17,841 7.1% 6.3% 2029 11 25,723 10.2% 9.4% 2030 10 28,399 11.3% 10.6% 2031 12 22,000 8.8% 7.8% 2032 3 5,274 2.1% 4.4% Thereafter 14 44,863 18.0% 14.6% Total (1) 129 251,187$ 100.0% Footnotes (1) Total shown may differ from detailed amounts due to rounding. 6/30/2023 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 2Q 2023 2Q 2022 Table of Contents 19
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES SINGLE TENANT WAREHOUSE/DISTRIBUTION 2023 8/31/2023 Houston, TX 10535 Red Bluff Rd. Pasadena TX -- 257,835 1,231 1,294 2024 1/31/2024 Memphis, TN 6495 Polk Ln. Olive Branch MS -- 118,211 495 515 3/31/2024 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- 53,240 264 306 Columbus, OH 2155 Rohr Rd. Lockbourne OH -- 320,190 1,566 1,614 4/30/2024 Memphis, TN 11555 Silo Dr. Olive Branch MS -- 927,742 2,855 3,053 Nashville, TN 6050 Dana Way Antioch TN -- 11,238 150 150 5/31/2024 Atlanta, GA 7225 Goodson Rd. Union City GA -- 370,000 1,442 1,521 6/30/2024 Cincinnati/Dayton, OH 575-599 Gateway Blvd. Monroe OH -- 194,936 1,024 1,003 7/31/2024 Greenville/Spartanburg, SC 5795 North Blackstock Rd. Spartanburg SC -- 341,660 1,672 1,688 Greenville/Spartanburg, SC 231 Apple Valley Rd. Duncan SC -- 75,320 370 370 8/31/2024 Houston, TX 9701 New Decade Dr. Pasadena TX -- 102,863 530 551 Atlanta, GA 41 Busch Dr. Cartersville GA -- 119,295 596 596 9/30/2024 Memphis, TN 3820 Micro Dr. Millington TN -- 701,819 1,985 2,014 10/31/2024 Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- 58,202 230 254 Dallas/Ft. Worth, TX 17505 Interstate Hwy. 35W Northlake TX -- 500,556 2,269 2,293 11/30/2024 DC/Baltimore, MD 150 Mercury Way Winchester VA -- 324,535 1,716 1,738 12/31/2024 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- 95,832 469 455 Chicago, IL 3686 South Central Ave. Rockford IL -- 93,000 407 407 Chicago, IL 749 Southrock Dr. Rockford IL -- 150,000 638 660 2025 3/31/2025 Atlanta, GA 95 International Pkwy. Adairsville GA -- 124,251 653 675 4/30/2025 Houston, TX 10565 Red Bluff Rd. Pasadena TX -- 248,240 1,237 1,262 5/31/2025 Atlanta, GA 7875 White Rd. SW Austell GA -- 604,852 5,323 5,473 Table of Contents 20
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2025 6/30/2025 Savannah, GA 1319 Dean Forest Rd. Savannah GA -- 355,527 1,818 1,819 7/31/2025 Indianapolis, IN 5352 Performance Way Whitestown IN -- 380,000 1,278 1,315 Cleveland, OH 7005 Cochran Rd. Glenwillow OH -- 458,000 2,061 2,164 8/31/2025 Indianapolis, IN 4900 Albert S White Dr. Whitestown IN -- 85,232 436 434 Savannah, GA 1315 Dean Forest Rd. Savannah GA -- 88,503 525 540 9/30/2025 Greenville/Spartanburg, SC 7870 Reidville Rd. Greer SC -- 396,073 1,666 1,691 Atlanta, GA 95 International Pkwy. Adairsville GA -- 100,960 515 515 Nashville, TN 6050 Dana Way Antioch TN -- 117,600 410 435 12/31/2025 Phoenix, AZ 4445 N. 169th Ave. Goodyear AZ -- 160,140 1,007 1,028 Minneapolis/St Paul, MN 1700 47th Ave. North Minneapolis MN -- 18,620 605 605 2026 1/31/2026 Greenville/Spartanburg, SC 231 Apple Valley Rd. Duncan SC -- 120,680 598 632 2/28/2026 Central Florida 3102 Queen Palm Dr. Tampa FL -- 229,605 1,693 1,739 3/31/2026 Central Florida 2455 Premier Row Orlando FL -- 205,016 786 508 Lewisburg, TN 633 Garrett Pkwy. Lewisburg TN -- 310,000 1,287 1,314 4/30/2026 Phoenix, AZ 16811 W. Commerce Dr. Goodyear AZ -- 540,349 2,444 2,398 6/30/2026 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- 163,680 752 769 Columbus, OH 351 Chamber Dr. Chillicothe OH -- 136,495 618 618 7/31/2026 Columbus, OH 1860 Walcutt Rd. Columbus OH -- 97,934 501 494 Savannah, GA 1004 Trade Center Pkwy. Savannah GA -- 270,252 1,433 1,443 8/31/2026 Savannah, GA 1004 Trade Center Pkwy. Savannah GA -- 149,415 821 816 9/30/2026 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- 163,680 669 705 St. Louis, MO 3931 Lakeview Corporate Dr. Edwardsville IL -- 769,500 2,696 2,735 Nashville, TN 6050 Dana Way Antioch TN -- 67,200 394 393 Phoenix, AZ 9494 W. Buckeye Rd. Tolleson AZ -- 186,336 1,109 1,108 Table of Contents 21
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2026 9/30/2026 Dallas/Ft. Worth, TX 3737 Duncanville Rd. Dallas TX -- 510,400 2,365 1,768 10/31/2026 Greenville/Spartanburg, SC 235 Apple Valley Rd. Duncan SC -- 177,320 962 966 Charlotte, NC 2203 Sherrill Dr. Statesville NC -- 639,800 2,796 2,768 Cleveland, OH 10345 Philipp Pkwy. Streetsboro OH -- 649,250 2,883 2,890 11/30/2026 Erwin, NY 736 Addison Rd. Erwin NY -- 408,000 1,549 1,556 Philadelphia, PA 250 Rittenhouse Cir. Bristol PA -- 241,977 1,146 1,277 12/31/2026 Houston, TX 4600 Underwood Rd. Deer Park TX -- 402,648 1,507 1,772 Indianapolis, IN 180 Bob Glidden Blvd. Whiteland IN -- 179,530 787 801 Indianapolis, IN 76 Bob Glidden Blvd. Whiteland IN -- 168,480 787 770 2027 1/31/2027 Greenville/Spartanburg, SC 70 Tyger River Dr. Duncan SC 18 408,000 2,001 2,076 Kansas City, MO 27200 West 157th St. New Century KS -- 446,500 1,240 1,182 2/28/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- 68,420 388 402 Jackson, MS 554 Nissan Pkwy. Canton MS -- 1,466,000 6,200 6,423 3/31/2027 Greenville/Spartanburg, SC 417 Apple Valley Rd. Duncan SC -- 195,000 1,052 1,052 4/30/2027 Nashville, TN 200 Sam Griffin Rd. Smyrna TN -- 1,505,000 6,560 6,659 San Antonio, TX 16407 Applewhite Rd. San Antonio TX -- 849,275 2,994 3,075 7/31/2027 Savannah, GA 335 Morgan Lakes Industrial Blvd. Pooler GA -- 499,500 2,080 2,109 8/31/2027 Cincinnati/Dayton, OH 600 Gateway Blvd. Monroe OH -- 994,013 3,945 3,526 Columbus, OH 200 Arrowhead Dr. Hebron OH -- 400,522 1,449 1,465 9/30/2027 Memphis, TN 1550 Hwy 302 Byhalia MS -- 615,600 2,439 2,553 10/31/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- 36,274 266 254 Jackson, TN 201 James Lawrence Rd. Jackson TN -- 1,062,055 3,944 3,973 12/31/2027 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- 334,222 2,844 2,757 2028 1/31/2028 Atlanta, GA 490 Westridge Pkwy. McDonough GA -- 1,121,120 3,737 3,823 Table of Contents 22
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2028 3/31/2028 New York/New Jersey 29-01 Borden Ave./29-10 Hunters Point Ave. Long Island City NY -- 140,330 5,135 5,512 Central Florida 3775 Fancy Farms Rd. Plant City FL -- 330,176 1,955 1,865 5/31/2028 Memphis, TN 6495 Polk Ln. Olive Branch MS -- 151,691 759 751 Nashville, TN 6050 Dana Way Antioch TN -- 50,400 309 304 8/31/2028 Houston, TX 4100 Malone Dr. Pasadena TX -- 233,190 1,359 1,298 Indianapolis, IN 4900 Albert S White Dr. Whitestown IN -- 63,840 309 315 10/31/2028 Atlanta, GA 1625 Oakley Industrial Blvd. Fairburn GA -- 907,675 4,223 3,973 2029 1/31/2029 Indianapolis, IN 1285 W. State Road 32 Lebanon IN -- 741,880 2,662 2,582 4/30/2029 Greenville/Spartanburg, SC 230 Apple Valley Rd. Duncan SC -- 275,400 1,420 1,377 6/30/2029 Memphis, TN 11624 S. Distribution Cv. Olive Branch MS -- 1,170,218 4,101 3,872 7/31/2029 Memphis, TN 8500 Nail Rd. Olive Branch MS -- 716,080 2,751 2,750 8/31/2029 Dallas/Ft. Worth, TX 8601 E. Sam Lee Ln. Northlake TX -- 1,214,526 4,278 4,129 9/30/2029 Indianapolis, IN 1627 Veterans Memorial Pkwy. E. Lafayette IN -- 309,400 1,427 1,241 Chicago, IL 6225 E. Minooka Rd. Minooka IL -- 1,034,200 2,931 2,835 11/21/2029 Columbus, OH 1860 Walcutt Rd. Columbus OH -- 194,796 983 931 11/30/2029 Chicago, IL 1460 Cargo Court Minooka IL -- 705,661 2,857 2,767 12/31/2029 Greenville/Spartanburg, SC 402 Apple Valley Rd. Duncan SC -- 235,600 1,263 1,185 Chicago, IL 200 International Pkwy. S. Minooka IL -- 473,280 2,138 2,054 2030 1/31/2030 Dallas/Ft. Worth, TX 3201 N. Houston School Rd. Lancaster TX -- 468,300 1,669 1,588 3/31/2030 Memphis, TN 549 Wingo Rd. Byhalia MS -- 855,878 4,388 4,541 5/31/2030 St. Louis, MO 4015 Lakeview Corporate Dr. Edwardsville IL -- 1,017,780 3,460 3,054 6/30/2030 Richmond, VA 2601 Bermuda Hundred Rd. Chester VA 3 1,034,470 3,851 4,010 Cincinnati/Dayton, OH 700 Gateway Blvd. Monroe OH -- 1,299,492 5,515 5,282 Dallas/Ft. Worth, TX 1704 S. I-45 Hutchins TX -- 120,960 617 588 Table of Contents 23
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2030 8/31/2030 Central Florida 3400 NW 35th Street Rd. Ocala FL -- 617,055 3,014 2,857 9/30/2030 Phoenix, AZ 255 143rd Ave. Goodyear AZ -- 801,424 4,193 4,017 10/31/2030 Atlanta, GA 493 Westridge Pkwy. McDonough GA -- 676,000 3,819 2,125 2031 2/28/2031 Greenville/Spartanburg, SC 1021 Tyger Lake Rd. Spartanburg SC -- 213,200 1,043 1,007 3/31/2031 Cleveland, TN 1520 Lauderdale Memorial Hwy. Cleveland TN -- 851,370 3,592 2,792 Indianapolis, IN 19 Bob Glidden Blvd. Whiteland IN -- 530,400 2,190 2,042 5/31/2031 DC/Baltimore, MD 291 Parkside Dr. Winchester VA -- 344,700 1,726 1,666 6/30/2031 Nashville, TN 6050 Dana Way Antioch TN -- 352,275 1,543 1,435 7/31/2031 Atlanta, GA 51 Busch Dr. Cartersville GA -- 328,000 1,646 1,515 9/30/2031 Atlanta, GA 41 Busch Dr. Cartersville GA -- 276,705 1,590 1,494 11/30/2031 Indianapolis, IN 5424 Albert S. White Dr. Whitestown IN -- 1,016,244 3,897 3,628 12/18/2031 DC/Baltimore, MD 80 Tyson Dr. Winchester VA -- 400,400 2,368 2,287 12/31/2031 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- 161,982 1,274 1,166 Cincinnati/Dayton, OH 200 Richard Knock Way Walton KY -- 232,500 1,271 1,160 Columbus, OH 351 Chamber Dr. Chillicothe OH -- 352,655 1,958 1,808 2032 2/28/2032 Cincinnati/Dayton, OH 675 Gateway Blvd. Monroe OH -- 143,664 938 897 4/30/2032 Houston, TX 13930 Pike Rd. Missouri City TX -- - 2,123 2,173 Cincinnati/Dayton, OH 300 Richard Knock Way Walton KY -- 544,320 2,411 2,204 2033 3/31/2033 Phoenix, AZ 3405 S. McQueen Rd. Chandler AZ -- 201,784 4,498 4,167 8/31/2033 Phoenix, AZ 3595 N Cotton Ln. Goodyear AZ 4 392,278 3,264 2,871 2034 1/31/2034 Columbus, OH 191 Arrowhead Dr. Hebron OH 17 250,410 1,057 798 10/31/2034 Champaign-Urbana, IL 1001 Innovation Rd. Rantoul IL -- 813,126 4,196 4,072 12/31/2034 Greenville/Spartanburg, SC 21 Inland Pkwy. Greer SC -- 1,318,680 5,544 5,315 2035 4/30/2035 Greenville/Spartanburg, SC 8201 Reidville Rd. Greer SC 5 797,936 4,322 3,710 Table of Contents 24
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2035 6/30/2035 Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- 298,653 1,361 1,173 2036 5/31/2036 Central Florida 5275 Drane Field Rd. Lakeland FL -- 117,440 787 708 Charlotte, NC 671 Washburn Switch Rd. Shelby NC -- 673,425 2,786 2,714 11/30/2036 Phoenix, AZ 17510 W. Thomas Rd. Goodyear AZ -- 468,182 4,304 3,880 2037 3/31/2037 Dallas/Ft. Worth, TX 4005 E. I-30 Grand Prairie TX -- 215,000 1,872 1,732 5/31/2037 Phoenix, AZ 8989 W Buckeye Rd. Phoenix AZ -- 268,872 2,368 2,050 2038 3/31/2038 Houston, TX 13901/14035 Industrial Rd. Houston TX -- 132,449 6,773 6,445 N/A Vacancy Central Florida 3775 Fancy Farms Rd. Plant City FL -- 180,308 - - Nashville, TN 6050 Dana Way Antioch TN -- 75,815 - - WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT 52,535,995 253,253$ 244,719$ MULTI-TENANT (6) N/A Various Greenville/Spartanburg, SC 7820 Reidville Rd Greer SC 7 (100%) 210,820 1,292 1,240 MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL 210,820 1,292$ 1,240$ INDUSTRIAL DEVELOPMENT LEASED LAND 2042 11/5/2042 Phoenix, AZ 501-42-015 B (Parcel Number) Phoenix AZ 8 - 7,415 5,228 INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL - 7,415$ 5,228$ INDUSTRIAL TOTAL/WEIGHTED AVERAGE 99.5% Leased (9) 52,746,815 261,960$ 251,187$ Table of Contents 25
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Property Type Sq. Ft. Leased or Available (2) Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) OTHER PROPERTIES SINGLE TENANT 2023 9/30/2023 Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office 1,220 38 38 12/14/2023 South Bay/San Jose, CA 3333 Coyote Hill Rd. Palo Alto CA 11 Office 202,000 6,642 7,070 2024 1/31/2024 Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office 289,432 4,280 4,197 5/31/2024 Charlotte, NC 3476 Stateview Blvd. Fort Mill SC 10 Office 169,083 2,014 2,114 Charlotte, NC 3480 Stateview Blvd. Fort Mill SC 10 Office 169,218 2,088 2,115 2025 5/31/2025 Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office 2,641 290 290 12/19/2025 Owensboro, KY 1901 Ragu Dr. Owensboro KY 12 Heavy Manufacturing 443,380 1,882 1,933 2027 1/31/2027 Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office 1,975 158 123 2031 11/30/2031 New York/New Jersey 4 Apollo Dr. Whippany NJ 10 Office 123,734 2,041 1,833 2048 12/31/2048 DC/Baltimore, MD 30 Light St. Baltimore MD -- Other - 311 311 N/A Vacancy Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office 8,769 - - N/A Philadelphia, PA 1701 Market St. Philadelphia PA 10 Office - 1,791 1,791 SINGLE TENANT OTHER TOTAL 1,411,452 21,535$ 21,815$ TOTAL OTHER/WEIGHTED AVERAGE 99.4% Leased 1,411,452 21,535$ 21,815$ TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE 99.5% Leased (9) 54,158,267 283,495$ 273,002$ Table of Contents 26
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) LXP % Ownership Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) 6/30/2023 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN MFG COLD JV PROPERTIES 2024 5/31/2024 Bingen, WA 901 East Bingen Point Way Bingen WA 14 124,539 20% 1,703 2,782 381,000 01/2024 2025 6/30/2025 Nashville, TN 301 Bill Bryan Blvd. Hopkinsville KY 14 424,904 20% 1,698 1,687 - -- Elizabethtown-Fort Knox, KY 730 North Black Branch Rd. Elizabethtown KY 14 167,770 20% 709 537 - -- Elizabethtown-Fort Knox, KY 750 North Black Branch Rd. Elizabethtown KY 14 539,592 20% 2,630 2,838 - -- Owensboro, KY 4010 Airpark Dr. Owensboro KY 14 211,598 20% 990 1,208 - -- 7/14/2025 Charlotte, NC 590 Ecology Ln. Chester SC 14 420,597 20% 2,190 2,532 - -- 2026 11/30/2026 Lumberton, NC 2880 Kenny Biggs Rd. Lumberton NC 14 423,280 20% 1,714 1,670 - -- 2027 8/31/2027 Greenville/Spartanburg, SC 50 Tyger River Dr. Duncan SC 14 221,833 20% 1,062 1,136 - -- 12/31/2027 Cincinnati/Dayton, OH 10590 Hamilton Ave. Cincinnati OH 14 264,598 20% 861 845 - -- 2028 9/30/2028 West Michigan 904 Industrial Rd. Marshall MI 14 246,508 20% 835 800 - -- 12/31/2028 Nashville, TN 120 Southeast Pkwy. Dr. Franklin TN 14 289,330 20% 833 735 - -- 2029 4/30/2029 Portland/South Portland, ME 113 Wells St. North Berwick ME 14 993,685 20% 1,672 1,627 - -- 11/24/2029 Anniston-Oxford, AL 318 Pappy Dunn Blvd. Anniston AL 14 276,782 20% 1,842 1,771 - -- 2030 10/31/2030 Detroit, MI 43955 Plymouth Oaks Blvd. Plymouth MI 14 311,612 20% 1,872 1,633 - -- 2031 6/30/2031 Cincinnati/Dayton, OH 10000 Business Blvd. Dry Ridge KY 14 336,350 20% 1,607 1,459 - -- 10/31/2031 Chicago, IL 1020 W. Airport Rd. Romeoville IL 14 188,166 20% 3,964 3,775 - -- 2032 10/31/2032 Detroit, MI 26700 Bunert Rd. Warren MI 13 260,243 20% 4,194 3,740 25,850 11/2032 2033 9/30/2033 Crossville, TN 900 Industrial Blvd. Crossville TN 14 222,200 20% 704 613 - -- 2034 9/30/2034 Las Vegas, NV 5670 Nicco Way North Las Vegas NV 14 180,235 20% 2,825 2,507 - -- 2035 3/31/2035 Houston, TX 13863 Industrial Rd. Houston TX 14 187,800 20% 2,604 2,348 - -- Houston, TX 7007 F.M. 362 Rd. Brookshire TX 14 262,095 20% 2,041 1,843 2042 5/31/2042 Columbus, GA 4801 North Park Dr. Opelika AL 14 165,493 20% 3,465 2,822 - -- NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE 100% Leased 6,719,210 42,015$ 40,908$ 406,850$ Table of Contents 27
PROPERTY LEASES AND VACANCIES - 6/30/2023 Year of Lease Expiration Date of Lease Expiration CoStar Market (1) Property Location City State Note Sq. Ft. Leased or Available (2) LXP % Ownership Annualized Base Rent as of 6/30/2023 ($000) Annualized Cash Base Rent ("ABR") as of 6/30/2023 ($000) 6/30/2023 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN OFFICE JV PROPERTIES 2025 6/30/2025 Atlanta, GA 2500 Patrick Henry Pkwy. McDonough GA 15 111,911 20% 1,628 1,525 75,960 09/2023 12/31/2025 Dallas/Ft. Worth, TX 4001 International Pkwy. Carrollton TX 15 138,443 20% 2,534 2,619 - -- 2026 3/31/2026 Columbus, OH 500 Olde Worthington Rd. Westerville OH 15 97,000 20% 1,345 1,285 - -- 2027 6/30/2027 Kansas City, MO 3902 Gene Field Rd. St. Joseph MO 15 98,849 20% 2,116 2,110 - -- 7/6/2027 Columbus, OH 2221 Schrock Rd. Columbus OH 15 42,290 20% 684 683 - -- 8/7/2027 Philadelphia, PA 25 Lakeview Dr. Jessup PA 15 150,000 20% 2,330 2,326 - -- 2025 3/14/2025 Dallas/Ft. Worth, TX 601 & 701 Experian Pkwy. Allen TX 10, 15 292,700 20% 3,686 3,512 - -- 2032 4/30/2032 Charlotte, NC 1210 AvidXchange Ln. Charlotte NC 16 201,450 20% 6,025 5,813 46,900 12/2023 01/2033 2033 5/31/2033 Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX 15 60,736 20% 1,302 1,215 - -- N/A Vacancy Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX 15 200,569 20% - - - -- NNN OFFICE JV TOTAL/WEIGHTED AVERAGE 85.6% Leased 1,393,948 21,650$ 21,088$ 122,860$ NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE 97.5% Leased 8,113,158 63,665$ 61,996$ 529,710$ 1 Based on CoStar.com inventory data. 2 Square footage leased or available. 3 Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet). 4 LXP has a 93% interest in this property. 5 LXP has a 90% interest in this property. 6 Multi-tenant properties are properties less than 50% leased to a single tenant. 7 Represents percent leased. 8 Industrial development land ground lease. LXP has a 95.5% interest in this property. 9 Percent leased is for Stabilized Portfolio. 10 Property held for sale at 6/30/2023. 11 Property is subject to a ground lease that will expire on 12/14/2023 with no extension options. 12 LXP has a 71.1% interest in this property. 13 Interest rate is fixed at 5.38%. 14 All debt is cross-collateralized and cross-defaulted. Rate is one month Term SOFR plus 245 bps. One month Term SOFR is capped at 3.0% through maturity. 15 All debt is cross-collateralized and cross-defaulted. Rate is one month Term SOFR plus 230 bps. One month Term SOFR is capped at 6.0% through maturity. 16 Interest rate is fixed and ranges from 5.0% to 5.3%. 17 Lease signed but has not commenced. ABR is equal to the annualized first month of rent per the lease. The expiration date is based on the anticipated commencement date of the lease. 18 Lease extended from 01/2024, however fair market rent not determined as of 6/30/2023. Rent amounts based on pre-extended lease. Subsequent to 6/302023, lease extended to 01/2029. Footnotes Table of Contents 28
MORTGAGES AND NOTES PAYABLE Footnotes Debt Balance ($000) Interest Rate (%) Maturity (a) Current Estimated Annual Debt Service ($000) (b) Balloon Payment ($000) INDUSTRIAL (f) Long Island City, NY 22,935$ 3.500% 03/2028 5,245$ -$ Goodyear, AZ 40,568 4.290% 08/2031 2,484 33,399 63,503$ 4.005% 6.9 7,729$ 33,399$ Palo Alto, CA 3,757$ 3.970% 12/2023 3,804$ -$ 3,757$ 3.970% 0.4 3,804$ -$ 67,260$ 4.003% 6.5 11,533$ 33,399$ CORPORATE (e) Senior Notes 198,932$ 4.400% 06/2024 8,753$ 198,932$ Term Loan (h) 300,000 2.722% 01/2025 8,279 300,000 Revolving Credit Facility (g) - - 07/2026 - - Senior Notes 400,000 2.700% 09/2030 10,800 400,000 Senior Notes 400,000 2.375% 10/2031 9,500 400,000 Trust Preferred Notes (i) 129,120 6.999% 04/2037 9,163 129,120 1,428,052$ 3.239% 6.0 46,495$ 1,428,052$ Total/Wtd. Avg./Years Remaining (c) (d) 1,495,312$ 3.273% 6.0 58,028$ 1,461,451$ Office Subtotal/Wtd. Avg./Years Remaining (c) Subtotal/Wtd. Avg./Years Remaining (c) Subtotal/Wtd. Avg./Years Remaining (c) 6/30/2023 Property Industrial Subtotal/Wtd. Avg./Years Remaining (c) OFFICE (f) Table of Contents 29
MORTGAGES AND NOTES PAYABLE (CONTINUED) ($000) GAAP Balance Deferred Loan Costs, net Discounts Gross Balance Mortgages and notes payable (f) 66,353$ 907$ -$ 67,260$ Term loans payable (e) 299,209 791 - 300,000 Senior notes payable(e) 989,977 5,939 3,016 998,932 Trust preferred securities (e) 127,744 1,376 - 129,120 Consolidated debt 1,483,283$ 9,013$ 3,016$ 1,495,312$ (a) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance. (b) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. (c) Total shown may differ from detailed amounts due to rounding. (d) See reconciliations of non-GAAP measures in this document. (e) Unsecured. (f) Secured. (g) (h) (i) Rate was three month LIBOR plus 170 bps. Subsequent to June 30, 2023, the rate transitioned to SOFR. Footnotes 6/30/2023 Rate ranges from Adjusted Term SOFR plus 0.85% to 1.65%. The Adjusted Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722%. Rate ranges from Adjusted Daily Simple SOFR or Adjusted Term SOFR plus 0.725% to 1.40%. Availability of $600 million, subject to covenant compliance. Maturity date can be extended to July 2027, subject to certain conditions. Table of Contents 30
DEBT MATURITY SCHEDULE ($000) Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2023 - remaining 6,373$ -$ -$ 2024 5,373 - 198,932 2025 5,570 - 300,000 2026 5,773 - - 2027 5,984 - - 29,073$ -$ 498,932$ Footnotes (1) Percentage denotes weighted-average interest rate. Consolidated Properties 6/30/2023 Table of Contents 31
DEBT COVENANTS (1) CORPORATE LEVEL DEBT MUST BE: 6/30/2023 Maximum Leverage < 60% 34.3% Fixed Charge Coverage > 1.5x 3.3x Recourse Secured Indebtedness Ratio < 10% cap value 0.0% Secured Indebtedness Ratio < 40% 3.7% Unsecured Debt Service Coverage > 2.0x 4.9x Unencumbered Leverage < 60% 36.2% Debt to Total Assets < 60% 31.4% Secured Debt to Total Assets < 40% 1.4% Debt Service Coverage > 1.5x 5.2x Unencumbered Assets to Unsecured Debt > 150% 319.9% Footnotes (1) Bank Loans: Bonds: The above is a summary of the key financial covenants for LXP's credit facility and term loan and senior notes, as of June 30, 2023 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable. These calculations are presented to show LXP's compliance with such covenants only and are not measures of LXP's liquidity or performance. Table of Contents 32
COMPONENTS OF NET ASSET VALUE ($000) Consolidated properties quarterly net operating income (NOI) (1) In service assets not fairly valued by capitalized NOI method (1) Industrial 59,560$ Consolidated assets acquired/completed (our share) in 2023 34,071$ Other 2,271 Consolidated assets less than 70% leased 46,793$ Total Net Operating Income 61,831$ Other assets: Assets held for sale - consolidated 49,644$ LXP's share of non-consolidated quarterly NOI (1) Assets held for sale - non-consolidated - LXP's share 4,913 NNN OFFICE JV Investment in a sales-type lease(2) 59,585 Office $ 751 Construction in progress 7,000 NNN MFG Cold JV Developable land - non-consolidated(3) 16,448 Industrial 2,021$ Developable land - consolidated(3) 80,180 Development investment(3) 332,384 Cash and cash equivalents 23,161 Other quarterly income Restricted cash 124 Advisory fees 1,000$ Accounts receivable 4,970 Other assets 27,564 Total other assets 605,974$ Three months ended Liabilities: NOI for NAV Reconciliation: 6/30/2023 Corporate level debt (face amount) 1,428,052$ NOI as reported 66,786$ Mortgages and notes payable (face amount) 67,260 Adjustments to NOI: Dividends payable 38,259 Disposed of properties (35) Liabilities held for sale - consolidated 1,703 Leases with free rent period 85 Liabilities held for sale - non-consolidated - LXP's share 89 Leases not commenced 268 Accounts payable, accrued expenses and other liabilities 87,326 Held for sale assets (2,894) Preferred stock, at liquidation value 96,770 Assets acquired/completed in 2023 25 LXP's share of non-consolidated mortgages (face amount) 105,942 Investment in a sales-type lease (1,807) Total deductions 1,825,401$ Assets less than 70% leased / Other (597) NOI for NAV 61,831$ Common shares & OP units at 6/30/2023 293,409,670 Footnotes (1) (2) Our share at carrying value excluding allowance for credit loss. (3) At cost incurred. 6/30/2023 The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation. Three months ended 6/30/2023 NOI for the existing property portfolio at June 30, 2023, includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued by a capitalized NOI method, not in service leased development projects and assets held for sale). Assets undervalued by a capitalized NOI method are identified generally by under 70% leased during the period, assets placed into service and assets acquired in 2023. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP's net book value has been used. Table of Contents 33
NON-GAAP MEASURES DEFINITIONS LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Supplemental Information and in other public disclosures. LXP believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund operations. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating LXP's financial performance or cash flow from operating, investing, or financing activities or liquidity. Definitions: Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, non-cash sales-type lease adjustments, impairment charges, debt satisfaction gains (losses), net, non-cash charges, net, straight-line adjustments, change in credit loss revenue, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. LXP’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. LXP believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA. Annualized Cash Base Rent ("ABR"): Annualized Cash Base Rent is calculated by multiplying the current monthly Cash Base Rent by 12. For leases in free rent periods or that were signed prior to the end of the quarter but have not commenced, the first Cash Base Rent payment is multiplied by 12. Excludes not in service leased development projects. LXP believes ABR provides a meaningful indication of an investment's ability to fund cash needs. Annualized Base Rent: Annualized Base rent is calculated by multiplying the current monthly Base Rent by 12. For leases signed prior to the end of the quarter but have not commenced, the first Base Rent is multiplied by 12. LXP believes Annualized Base Rent provides a meaningful measure to the net lease structure of the portfolio. Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements and lease termination income and to include ancillary income. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. LXP believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio. Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements, non-cash sales-type lease income and lease termination income, and includes ancillary income. LXP believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs. Table of Contents 34
NON-GAAP MEASURES DEFINITIONS Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), LXP believes it provides a meaningful indication of its ability to fund its quarterly distributions. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity. First Generation Costs: Represents cash spend for tenant improvements and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies. Funds from Operations (“FFO”) and Adjusted Company FFO: LXP believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“REIT”). LXP believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income. The National Association of Real Estate Investment Trusts, or Nareit, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. LXP presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into LXP's common shares, are converted at the beginning of the period. LXP also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio. LXP believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of LXP’s operating performance or as an alternative to cash flow as a measure of liquidity. Table of Contents 35
NON-GAAP MEASURES DEFINITIONS Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of LXP's historical or future financial performance, financial position or cash flows. LXP defines NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases, and lease termination income, net) and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, LXP's NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. LXP believes that net income is the most directly comparable GAAP measure to NOI. Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, LXP's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of LXP's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of LXP's financial performance since it does not reflect the operations of LXP's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of LXP's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact LXP's results from operations. LXP believes that net income is the most directly comparable GAAP measure to Same-Store NOI. Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second generation building improvements represent an investment in existing stabilized properties. Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction. Upon stabilization, a property is placed in service. Depreciation on development buildings commences when the asset is ready for its intended use, which we define as the earlier of when a property that was developed has been completed for one year, or is 90% occupied. Table of Contents 36
SELECT CREDIT METRICS DEFINITIONS ($000) Adjusted Company FFO Payout: Six months ended June 30, 2023 (Debt + Preferred) / Gross Assets: Six months ended June 30, 2023 Common share dividends per share 0.25$ Consolidated debt 1,483,283$ Adjusted Company FFO per diluted share 0.35 Preferred shares liquidation preference 96,770 Adjusted Company FFO payout ratio 71.4% Debt and preferred 1,580,053$ Unencumbered Assets: Total assets 3,962,449$ Real estate, at cost 4,471,600$ Plus depreciation and amortization: Held for sale real estate and intangible assets, at cost 61,695 Real estate 857,750 Investment in a sales-type lease(1) 62,393 Deferred lease costs 11,836 less encumbered real estate, at cost (144,386) Held for sale assets 15,546 Unencumbered assets 4,451,302$ Gross assets 4,847,581$ Unencumbered NOI: NOI 131,448$ (Debt + Preferred) / Gross Assets 32.6% Disposed of properties NOI (590) Adjusted NOI 130,858 Debt / Gross Assets: less encumbered adjusted NOI (8,050) Consolidated debt 1,483,283$ Unencumbered adjusted NOI 122,808$ Gross assets 4,847,581$ Unencumbered NOI % 93.8% Debt / Gross assets 30.6% Net Debt / Adjusted EBITDA: Adjusted EBITDA 247,554$ Secured Debt / Gross Assets: Total Secure Debt 66,353$ Consolidated debt 1,483,283$ less consolidated cash and cash equivalents (23,161) Gross assets 4,847,581$ Non-consolidated debt, net 104,544 Net debt 1,564,666$ Secured Debt / Gross Assets 1.4% Net debt / Adjusted EBITDA 6.3x Unsecured Debt / Unencumbered Assets: Consolidated debt 1,483,283$ (Net Debt + Preferred) / Adjusted EBITDA: less mortgages and notes payable (66,353) Adjusted EBITDA 247,554$ Unsecured Debt 1,416,930$ Net debt 1,564,666$ Unencumbered assets 4,451,302$ Preferred shares liquidation preference 96,770 Net debt + preferred 1,661,436$ Unsecured Debt / Unencumbered Assets 31.8% (Net Debt + Preferred) / Adjusted EBITDA 6.7x For the 12/31/2022, 12/31/2021 and 12/31/2020 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information. (1) At carrying value excluding allowance for credit loss. Table of Contents 37
APPENDIX - OTHER PORTFOLIO Year Number of Leases Expiring ABR as of 6/30/2023 ($000) Percent of ABR as of 6/30/2023 Percent of ABR as of 6/30/2022 # of Properties 7 2023 - remaining 2 7,108$ 35.5% 30.2% Square Feet 1,411,452 2024 3 8,426 42.1% 37.7% % Investment Grade (1) 36.6% 2025 2 2,223 11.1% 11.7% % of ABR(2) 8.0% 2026 0 - 0.0% 1.2% % Leased 99.4% 2027 1 123 0.6% 0.5% Weighted-Average Age (Years)(3) 31.5 2028 0 - 0.0% 0.6% Weighted-Average ABR per SF(4) $14.05 2029 0 - 0.0% 0.0% Weighted-Average Lease Term (Years)(5) 1.9 2030 0 - 0.0% 0.0% % with Fixed Escalation(6) 69.3% 2031 1 1,833 9.2% 7.5% Average Annual Rent Escalation(6) 1.8% 2032 0 - 0.0% 0.0% Mortgage Debt ($000) $3,757 Thereafter 1 311 1.6% 1.3% Total (7) 10 20,024$ 100.0% Footnotes (1) Percent of ABR. Credit ratings based upon either tenant, guarantor or parent/ultimate parent. (2) Based on ABR for consolidated properties owned. (3) Weighting based on square footage, excluding land parcels. (4) Excludes land assets and all vacant square footage. (5) Weighting based on ABR. (6) Based on ABR for single-tenant leases owned (properties 50% leased to a single tenant). Average Annual Rent Escalation based on next rent step percentages. (7) Total shown may differ from detailed amounts due to rounding. 6/30/2023 Additional Information LEASE ROLLOVER SCHEDULE Table of Contents 38
Investor Information Transfer Agent Computershare Overnight Correspondence: PO Box 43006 150 Royall Street, Suite 101 Providence, RI 02940 Canton, MA 02021 (800) 850-3948 www-us.computershare.com/investor Investor Relations Heather Gentry Senior Vice President, Investor Relations Telephone (direct) (212) 692-7219 E-mail hgentry@lxp.com Research Coverage Bank of America Camille Bonnel (416) 369-2140 Green Street Advisors Vince Tibone (949) 640-8780 JMP Securities Mitch Germain (212) 906-3537 KeyBanc Capital Markets Inc. Todd Thomas (917) 368-2286 Evercore Partners Steve Sakwa (212) 446-9462 Jim Kammert (312) 705-4233 Jefferies & Company, Inc. Jon Petersen (212) 284-1705 J.P. Morgan Chase Anthony Paolone (212) 622-6682 Table of Contents 39
LXP INDUSTRIAL TRUST ■ ONE PENN PLAZA ■ SUITE 4015 ■ NEW YORK, NY 10119 ■ WWW.LXP.COM