10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024.

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________________ to ________________

Commission File Number 1-12386

 LXP INDUSTRIAL TRUST

(Exact name of registrant as specified in its charter)

Maryland	13-3717318
(State or other jurisdiction of incorporation of organization)	(I.R.S. Employer Identification No.)

515 N Flagler Dr, Suite 408, West Palm Beach, FL 33401

(Address of principal executive offices) (zip code)

(212) 692-7200

(Registrant's telephone number, including area code)

One Penn Plaza, Suite 4015, New York, NY 10119

(Former Address of principal executive offices) (zip code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock	LXP	New York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share	LXPPRC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 294,314,556 common shares of beneficial interest, par value $0.0001 per share, as of May 1, 2024.

TABLE OF CONTENTS

PART I. — FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations	4
Condensed Consolidated Statements of Comprehensive Income (Loss)	5
Condensed Consolidated Statements of Changes in Equity	6
Condensed Consolidated Statements of Cash Flows	7
Notes to Condensed Consolidated Financial Statements	8
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk	34
ITEM 4. Controls and Procedures	34
PART II — OTHER INFORMATION
ITEM 1. Legal Proceedings	35
ITEM 1A. Risk Factors	35
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds	35
ITEM 3. Defaults Upon Senior Securities	35
ITEM 4. Mine Safety Disclosures	35
ITEM 5. Other Information	35
ITEM 6. Exhibits	36
SIGNATURES	38

WHERE YOU CAN FIND MORE INFORMATION:

We file and furnish annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission, which we refer to as the SEC. We file and furnish information electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file or furnish electronically with the SEC. The address of the SEC's Internet site is http://www.sec.gov. We also maintain a web site at http://www.lxp.com through which you can obtain copies of documents that we file or furnish with the SEC. The contents of that web site are not incorporated by reference in or otherwise a part of this Quarterly Report on Form 10-Q or any other document that we file or furnish with the SEC.

2

PART I. - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share data)

	March 31, 2024		December 31, 2023
Assets:
Real estate, at cost	$	3,951,860	$	3,774,239
Real estate - intangible assets	310,989		314,525
Land held for development	81,034		80,743
Investments in real estate under construction	153,181		319,355
Real estate, gross	4,497,064		4,488,862
Less: accumulated depreciation and amortization	936,474		904,709
Real estate, net	3,560,590		3,584,153
Assets held for sale	25,123		9,168
Right-of-use assets, net	18,283		19,342
Cash and cash equivalents	163,213		199,247
Restricted cash	222		216
Short term investments	130,552		130,140
Investments in non-consolidated entities	47,010		48,495
Deferred expenses, net	35,549		35,008
Investment in a sales-type lease, net (allowance for credit loss $56 in 2024 and $61 in 2023)	64,061		63,464
Rent receivable – current	4,545		5,327
Rent receivable – deferred	83,049		80,421
Other assets	24,171		17,794
Total assets	$	4,156,368	$	4,192,775
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	58,843	$	60,124
Term loan payable, net	297,027		296,764
Senior notes payable, net	1,286,711		1,286,145
Trust preferred securities, net	127,819		127,794
Dividends payable	39,572		39,610
Liabilities held for sale	622		417
Operating lease liabilities	18,993		20,233
Accounts payable and other liabilities	61,264		57,981
Accrued interest payable	18,255		11,379
Deferred revenue - including below-market leases, net	8,967		9,428
Prepaid rent	17,781		17,443
Total liabilities	1,935,854		1,927,318
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding	94,016		94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 294,289,569 and 293,449,088 shares issued and outstanding in 2024 and 2023, respectively	29		29
Additional paid-in-capital	3,327,682		3,330,383
Accumulated distributions in excess of net income	(1,241,595)		(1,201,824)
Accumulated other comprehensive income	8,423		9,483
Total shareholders’ equity	2,188,555		2,232,087
Noncontrolling interests	31,959		33,370
Total equity	2,220,514		2,265,457
Total liabilities and equity	$	4,156,368	$	4,192,775

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except share and per share data)

	Three Months Ended March 31,
	2024		2023
Gross revenues:
Rental revenue	$	85,207	$	83,417
Other revenue	1,044		1,658
Total gross revenues	86,251		85,075
Expense applicable to revenues:
Depreciation and amortization	(47,509)		(45,741)
Property operating	(15,188)		(15,243)
General and administrative	(9,493)		(9,242)
Non-operating income	3,769		194
Interest and amortization expense	(16,984)		(11,393)
Impairment charges	—		(3,523)
Change in allowance for credit loss	5		(79)
Gains on sales of properties	—		7,879
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities	851		7,927
Provision for income taxes	(125)		(216)
Equity in earnings (losses) of non-consolidated entities	(1,281)		3,604
Net income (loss)	(555)		11,315
Less (net income) loss attributable to noncontrolling interests	286		(149)
Net income (loss) attributable to LXP Industrial Trust shareholders	(269)		11,166
Dividends attributable to preferred shares – Series C	(1,572)		(1,572)
Allocation to participating securities	(90)		(72)
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Net income (loss) attributable to common shareholders - per common share basic	$	(0.01)	$	0.03
Weighted-average common shares outstanding – basic	291,288,383		290,080,508
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.01)	$	0.03
Weighted-average common shares outstanding – diluted	291,288,383		291,040,466

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited and in thousands)

	Three Months Ended March 31,
	2024		2023
Net income (loss)	$	(555)	$	11,315
Other comprehensive income (loss):
Change in unrealized loss on interest rate swaps, net	(1,101)		(3,190)
Company's share of other comprehensive income (loss) of non-consolidated entities	41		(330)
Other comprehensive loss	(1,060)		(3,520)
Comprehensive income (loss)	(1,615)		7,795
Comprehensive (income) loss attributable to noncontrolling interests	286		(149)
Comprehensive income (loss) attributable to LXP Industrial Trust shareholders	$	(1,329)	$	7,646

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited and in thousands, except share and per share data)

			LXP Industrial Trust Shareholders
Three months ended March 31, 2024	Total		Number of Preferred Shares	Preferred Shares		Number of Common Shares	Common Shares		Additional Paid-in-Capital		Accumulated Distributions in Excess of Net Income		Accumulated Other Comprehensive Income/(Loss)		Noncontrolling Interests
Balance December 31, 2023	$	2,265,457	1,935,400	$	94,016	293,449,088	$	29	$	3,330,383	$	(1,201,824)	$	9,483	$	33,370
Issuance of partnership interest in real estate	464		—	—		—	—		—		—		—		464
Issuance of common shares and deferred compensation amortization, net	2,283		—	—		1,446,693	—		2,283		—		—		—
Repurchase of common shares to settle tax obligations	(1,588)		—	—		(160,079)	—		(1,588)		—		—		—
Forfeiture of employee common shares	—		—	—		(446,133)	—		—		—		—		—
Purchase of noncontrolling interest in consolidated joint venture	(4,910)		—	—		—	—		(3,396)		—		—		(1,514)
Dividends ($0.13 per common share)	(39,577)		—	—		—	—		—		(39,502)		—		(75)
Net loss	(555)		—	—		—	—		—		(269)		—		(286)
Other comprehensive loss	(1,101)		—	—		—	—		—		—		(1,101)		—
Company's share of other comprehensive income of non-consolidated entities	41		—	—		—	—		—		—		41		—
Balance March 31, 2024	$	2,220,514	1,935,400	$	94,016	294,289,569	$	29	$	3,327,682	$	(1,241,595)	$	8,423	$	31,959

Three Months Ended March 31, 2023
Balance December 31, 2022	$	2,391,003	1,935,400	$	94,016	291,719,310	$	29	$	3,320,087	$	(1,079,087)	$	17,689	$	38,269
Issuance of partnership interest in real estate	106		—	—		—	—		—		—		—		106
Redemption of noncontrolling OP units for common shares	—		—	—		3,572	—		18		—		—		(18)
Issuance of common shares and deferred compensation amortization, net	2,156		—	—		1,216,166	—		2,156		—		—		—
Repurchase of common shares to settle tax obligations	(2,076)		—	—		(204,780)	—		(2,076)		—		—		—
Forfeiture of employee common shares	—		—	—		(176,547)	—		—		—		—		—
Dividends/distributions ($0.125 per common share)	(38,222)		—	—		—	—		—		(37,954)		—		(268)
Net income	11,315		—	—		—	—		—		11,166		—		149
Other comprehensive loss	(3,190)		—	—		—	—		—		—		(3,190)		—
Company's share of other comprehensive loss of non-consolidated entities	(330)		—	—		—	—		—		—		(330)		—
Balance March 31, 2023	$	2,360,762	1,935,400	$	94,016	292,557,721	$	29	$	3,320,185	$	(1,105,875)	$	14,169	$	38,238

6

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)

	Three Months Ended March 31,
	2024		2023
Net cash provided by operating activities:	$	38,916	$	37,546
Cash flows from investing activities:
Investment in real estate under construction	(24,195)		(34,256)
Capital expenditures	(2,610)		(3,703)
Net proceeds from sale of properties	—		27,338
Principal payments on loans receivable	—		1,462
Investments in non-consolidated entities	(609)		(451)
Distributions from non-consolidated entities in excess of accumulated earnings	855		4,736
Deferred leasing costs	(1,094)		(410)
Change in real estate deposits, net	(43)		(245)
Net cash used in investing activities	(27,696)		(5,529)
Cash flows from financing activities:
Dividends to common and preferred shareholders	(39,540)		(38,207)
Principal amortization payments	(1,325)		(2,887)
Revolving credit facility borrowings	—		25,000
Revolving credit facility payments	—		(25,000)
Cash contributions from noncontrolling interests	464		106
Cash distributions to noncontrolling interests	(75)		(268)
Purchase of noncontrolling interest	(4,910)		—
Issuance of common shares, net of costs and repurchases to settle tax obligations	(1,862)		(2,224)
Net cash used in financing activities	(47,248)		(43,480)
Change in cash, cash equivalents and restricted cash	(36,028)		(11,463)
Cash, cash equivalents and restricted cash, at beginning of period	199,463		54,506
Cash, cash equivalents and restricted cash, at end of period	$	163,435	$	43,043
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	$	199,247	$	54,390
Restricted cash at beginning of period	216		116
Cash, cash equivalents and restricted cash at beginning of period	$	199,463	$	54,506
Cash and cash equivalents at end of period	$	163,213	$	42,923
Restricted cash at end of period	222		120
Cash, cash equivalents and restricted cash at end of period	$	163,435	$	43,043

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(1)The Company and Financial Statement Presentation

LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties.

As of March 31, 2024, the Company had ownership interests in approximately 118 consolidated real estate properties, located in 18 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries.

The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities.

The Company conducts its operations indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc., and (3) joint ventures. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) for the three months ended March 31, 2024 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 15, 2024 (“Annual Report”).

Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP.

8

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

As of March 31, 2024, the Company had interests in six consolidated joint ventures with developers, consisting of four development projects and two land joint ventures with ownership interests ranging from 80% to 95.5%. Each joint venture acquired land parcels for industrial development. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company’s unaudited condensed consolidated financial statements.

In addition, the Company is the primary beneficiary of certain other VIEs as it has a controlling financial interest in these entities.

The assets of each VIE are only available to satisfy such VIE's respective liabilities. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Real estate, net	$	473,092	$	535,118
Total assets	$	561,066	$	626,442
Total liabilities	$	11,659	$	19,549

Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimated credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates.

Reclassifications. Certain amounts included in the 2023 unaudited condensed consolidated financial statements have been reclassified to conform to the 2024 presentation.

Recently Issued Accounting Guidance. In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company will continue to evaluate the impact of the guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures that requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the guidance until it becomes effective.

In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require

9

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the effectiveness of the new rules pending related litigation. If the stay is lifted and the effective times are unchanged, certain of the disclosure requirements will begin to apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

(2)Earnings Per Share

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
BASIC
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Weighted-average number of common shares outstanding - basic	291,288,383		290,080,508
Net income (loss) attributable to common shareholders - per common share basic	$	(0.01)	$	0.03
DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,931)	$	9,522
Impact of assumed conversions	—		3
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,525
Weighted-average common shares outstanding - basic	291,288,383		290,080,508
Effect of dilutive securities:
Unvested share-based payment awards	—		127,871
Operating partnership units	—		832,087
Weighted-average common shares outstanding - diluted	291,288,383		291,040,466
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.01)	$	0.03

For per common share amounts, generally all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:

10

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

	Three Months Ended March 31,
	2024	2023
Preferred shares - Series C	4,710,570	4,710,570

(3)Investments in Real Estate

The Company placed in service the following warehouse/distribution facilities during the three months ended March 31, 2024:

Market (% owned)	Placed in Service Date	Initial Cost Basis(1)		Lease Expiration Date	Land		Building and Improvements
Phoenix, AZ (93%)	February 2024	$	52,767	01/2031	$	9,449	$	43,318
Central Florida (80%) (2)	February 2024	80,825		N/A	10,618		70,207
Indianapolis, IN (80%)(2)	February 2024	64,285		N/A	5,126		59,159
		$	197,877		$	25,193	$	172,684

(1)    Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer fee or developer partner promote, if any.

(2)    The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy.

As of March 31, 2024, the details of the development arrangements outstanding are as follows (in $000's, except square feet):

Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost(1)		GAAP Investment Balance as of 3/31/2024(2)		LXP Amount Funded as of 3/31/2024(3)		Actual/Estimated Base Building Completion Date	% Leased as of 3/31/2024
Build-to-Suit Development Projects Leased
Piedmont (100%)(4)	1	Greenville-Spartanburg, SC	625,200	$	74,400	$	26,069	$	5,354	4Q 2024	100	%
Development Projects Available for Lease(5)
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	$	76,900	$	73,242	$	70,266	2Q 2023	—	%
South Shore (100%) (6)	2	Central Florida	213,195	33,500		30,439		30,295		2Q 2023 - 3Q 2023	—	%
Etna Building D (100%)	1	Columbus, OH	250,000	30,200		23,431		22,964		1Q 2024	—	%
	4		1,555,083	$	140,600	$	127,112	$	123,525
	5		2,180,283	$	215,000	$	153,181	$	128,879

(1)    Estimated project cost includes estimated tenant improvements and leasing costs.

(2)    Excludes leasing costs and incomplete costs.

(3)    Excludes noncontrolling interests' share.

(4)    During the three months ended March 31, 2024, the Company acquired a 59.1 acre land parcel for a purchase price of $3,416 and commenced construction of a build-to-suit warehouse/distribution facility subject to a 12-year lease, which is estimated to commence in January 2025.

(5)    Estimated project cost excludes potential developer fee or partner promote, if any.

(6)    During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 21% of the total project, was occupied by the tenant and placed in service.

As of March 31, 2024, the Company's aggregate investment in the ongoing development arrangements was $153,181. This amount included capitalized interest of $1,211 for the three months ended March 31, 2024 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the three months ended March 31, 2023, capitalized interest for development arrangements was $1,794.

11

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

As of March 31, 2024, the details of the land held for industrial development are as follows (in $000's, except acres):

Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance as of  3/31/2024		LXP Amount Funded as of 3/31/2024 (1)
Reems & Olive (95.5%)	Phoenix, AZ	320	$	73,973	$	74,610
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,329		4,284
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,755
		450	$	81,034	$	80,649

(1)    Excludes noncontrolling interests' share.

(4)Dispositions and Impairment

During the three months ended March 31, 2024, there were no dispositions. During the three months ended March 31, 2023, the Company disposed of its interest in an industrial property for a gross disposition price of $27,910, and recognized a gain on sale of property of $7,879.

The Company had three and two properties classified as held for sale at March 31, 2024 and December 31, 2023, respectively. Assets and liabilities of the held for sale properties at March 31, 2024 and December 31, 2023 consisted of the following:

	March 31, 2024		December 31, 2023
Assets:
Real estate, at cost	$	35,777	$	9,018
Real estate, intangible assets	3,536		—
Accumulated depreciation and amortization	(14,452)		—
Other	262		150
	$	25,123	$	9,168
Liabilities:
Accounts payable and other liabilities	$	43	$	5
Deferred revenue	21		53
Prepaid rent	558		359
	$	622	$	417

The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered.

The Company incurred no impairment charges on real estate during the three-month period ended March 31, 2024. The Company recognized an impairment charge on real estate of $3,523 during the three months ended March 31, 2023 due to a potential sale of the property.

12

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(5)Fair Value Measurements

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:

	Balance		Fair Value Measurements Using
Description	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	8,370	$	—	$	8,370	$	—
	Balance		Fair Value Measurements Using
Description	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	9,471	$	—	$	9,471	$	—
Impaired assets held for sale (1)	$	9,170	$	—	$	—	$	9,170

(1) The Company estimated the fair value of certain real estate assets throughout the year based on a discounted cash flow analysis using a discount rate of 10.0% and a residual capitalization rate of 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy.

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Investment in a sales-type lease, net	$	64,061	$	67,540	$	63,464	$	62,500
Liabilities
Debt	$	1,770,400	$	1,635,962	$	1,770,827	$	1,630,066

The fair value of the Company's investment in a sales-type lease, net is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis and an estimate of the unguaranteed residual value.

The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low.

Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts.

13

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

Cash Equivalents, Restricted Cash, Short-Term Investments, Accounts Receivable and Accounts Payable. The Company estimates that the fair value of cash equivalents, restricted cash, short-term investments, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments.

(6)Investments in Non-Consolidated Entities

Below is a schedule of the Company's investments in non-consolidated entities:

	Percentage Ownership at	Investment Balance as of				Equity in earnings (losses) of non-consolidated entities
Investment	March 31, 2024	March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	18,745	$	19,693	$	(990)	$	(802)
NNN Office JV L.P. ("NNN JV")(2)	20%	16,264		16,237		(173)		(132)
Etna Park 70, LLC(3)	90%	9,750		10,320		(70)		(37)
Etna Park East LLC(4)	90%	2,251		2,245		(48)		(33)
BSH Lessee L.P.(5)	25%	—		—		—		4,608
		$	47,010	$	48,495	$	(1,281)	$	3,604

(1)    MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company.

(2)    NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company.

(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

(4)    Joint venture formed in 2019 with a developer entity to acquire a parcel of land.

(5)    A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statements of operations.

The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments for the three months ended March 31, 2024 and 2023 were $1,044 and $1,208, respectively.

(7)Debt

The Company had the following mortgages and notes payable outstanding as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Mortgages and notes payable	$	59,562	$	60,888
Unamortized debt issuance costs	(719)		(764)
Mortgage notes payable, net	$	58,843	$	60,124

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at March 31, 2024 and December 31, 2023 and all mortgages and notes payable mature between 2028 and 2031 as of March 31, 2024. The weighted-average interest rate at March 31, 2024 and December 31, 2023 was approximately 4.0%, respectively.

14

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

The Company had the following senior notes outstanding as of March 31, 2024 and December 31, 2023:

Issue Date	March 31, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
November 2023 (1)	$	300,000	$	300,000	6.750	%	November 2028	99.423	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
	1,298,932		1,298,932
Unamortized debt discount	(4,297)		(4,489)
Unamortized debt issuance costs	(7,924)		(8,298)
Senior notes payable, net	$	1,286,711	$	1,286,145

(1) A portion of the net proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2024 Senior Notes at or near maturity.

Each series of the senior notes is unsecured and require payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of March 31, 2024, are as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)    Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,973 and $3,236 as of March 31, 2024 and December 31, 2023, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at March 31, 2024.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The interest rate at March 31, 2024 was 7.279%. As of March 31, 2024 and December 31, 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,301 and $1,326, respectively, of unamortized debt issuance costs.

The Company capitalized $1,853 and $1,996 of interest expense for the three months ended March 31, 2024 and 2023, respectively.

15

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(8)    Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

Cash Flow Hedges of Interest Rate Risk. The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not incur any ineffectiveness during the three months ended March 31, 2024 and 2023.

During July 2022, the Company transitioned its four interest rate swap agreements with its counterparties to a benchmark rate of Term SOFR. The swaps were designated as cash flow hedges of the risk in variability attributable to changes in the Term SOFR swap rates on its $300,000 SOFR-indexed variable rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire in January 2025. During the next 12 months, the Company estimates that an additional $8,126 will be reclassified as a decrease in interest expense if the swaps remain outstanding.

As of March 31, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Swaps	4	$300,000

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets:

	As of March 31, 2024			As of December 31, 2023
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest Rate Swaps	Other Assets	$	8,370	Other Assets	$	9,471

16

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivatives March 31,				Amount of (Income) Loss Reclassified from Accumulated OCI into Income(1) March 31,
Hedging Relationships	2024		2023		2024		2023
Interest Rate Swaps	$	1,715	$	(1,019)	$	(2,816)	$	(2,171)
The Company's share of non-consolidated entity's interest rate cap	147		(45)		(106)		(285)
Total	$	1,862	$	(1,064)	$	(2,922)	$	(2,456)

(1)    Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations.

Total interest expense presented in the unaudited condensed consolidated statements of operations, in which the effects of cash flow hedges are recorded was $16,984 and $11,393 for the three months ended March 31, 2024 and 2023, respectively.

The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of March 31, 2024, the Company had not posted any collateral related to the agreements.

(9)    Lease Accounting

Lessor

Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred.

Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before.

Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions.

The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

17

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2024 and 2023, the Company did not incur any costs that were not incremental to the execution of leases.

The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties.

Sales-Type Leases. As of March 31, 2024, the Company had one lease that qualified as a sales-type lease.

The Company has one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease (November 2024) and ending on the third anniversary date (November 2025). The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date.

For the three months ended March 31, 2024 and 2023, the interest income earned from sales-type leases of $1,899 and $1,833, respectively, is included in rental revenue in the unaudited condensed consolidated statements of operations.

Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
Classification	2024		2023
Fixed	$	70,012	$	68,087
Sales-type lease income	1,899		1,833
Variable(1)	13,296		13,497
Total	$	85,207	$	83,417

(1)    Primarily comprised of tenant reimbursements.

18

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2024 were as follows:

	Operating		Sales-Type
2024 - remainder	$	201,908	$	3,956
2025	259,993		5,473
2026	243,164		5,692
2027	206,865		5,920
2028	176,381		6,156
2029	152,138		6,403
Thereafter	432,562		726,604
Total	$	1,673,011	$	760,204
Difference between undiscounted cash flow and present value			(696,087)
Investment in a sales-type lease			$	64,117

The minimum lease payments above do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, unless such payments are reasonably certain to be received.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.

Lessee

The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2024. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred.

The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate.

The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease.

The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

19

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases (years)	8.5		9.2
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:

Income Statement Classification	Fixed		Variable		Total
2024:
Property operating	$	878	$	15	$	893
General and administrative(1)	381		67		448
Total	$	1,259	$	82	$	1,341
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309

(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.

The Company recognized sublease income related to its ground leases in rental revenue of $830 for each of the three months ended March 31, 2024 and 2023.

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:

	Operating Leases
2024 - remainder	$	3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	$	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	$	18,993

20

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(10)Allowance for Credit Loss

As of March 31, 2024 and December 31, 2023, the Company had a $56 and $61, respectively, credit loss allowance resulting from an investment in a sales-type lease.

The following table details the investment in a sales-type lease as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024
	Amortized cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investment in a sales-type lease	$	64,117	$	(56)	$	64,061	0.09	%
	As of December 31, 2023
Investment in a sales-type lease	$	63,525	$	(61)	$	63,464	0.10	%

	For the Three Months Ended March 31, 2024
	Balance at Beginning of Period		Write-Offs		General Allowance		Balance at End of Period
Allowance for credit loss	$	61	$	—	$	(5)	$	56
	For the Twelve Months Ended December 31, 2023
Allowance for credit loss	$	93	$	—	$	(32)	$	61

As of March 31, 2024, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status.

(11)Concentration of Risk

The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the three months ended March 31, 2024 and 2023, no single tenant represented greater than 10% of rental revenues.

Cash and cash equivalent balances and certain short-term investments at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions.

21

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(12)Equity

Shareholders' Equity:

During the three months ended March 31, 2024 and 2023, the Company granted common shares to certain employees as follows:

	Three Months Ended March 31,
	2024		2023
Performance Shares:(1)
Shares granted:
Index - 1Q	489,182		407,611
Peer - 1Q	489,177		407,606
Grant date fair value per share:(2)
Index - 1Q	$	6.01	$	6.96
Peer - 1Q	$	5.68	$	6.50
Non-Vested Common Shares:(3)
Shares issued	442,100		376,480
Grant date fair value	$	4,249	$	4,010

(1)    The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a

group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual

number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2024, 119,519

performance shares of the remaining 565,652 issued in 2021 vested.

(2)    The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.

(3)    The shares vest ratably over a three-year service period.

At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts.

During the three months ended March 31, 2024, the Company amended the terms of its ATM program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. During the three months ended March 31, 2024 and 2023, the Company did not sell shares under the ATM program.

Stock Based Compensation. During the three months ended March 31, 2024 and 2023, the Company issued 25,755 and 24,008, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $225 and $240, respectively.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. There were no common shares repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of March 31, 2024.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2024. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of March 31, 2024, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.

22

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.

The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.

Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:

	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	9,483	$	17,689
Other comprehensive income (loss) before reclassifications	1,862		(1,064)
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense	(2,922)		(2,456)
Balance at end of period	$	8,423	$	14,169

Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in an operating partnership (“OP units”) as a form of consideration. All OP units, other than OP units owned by the Company, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company has determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 1.13 common shares.

During the three months ended March 31, 2023, 3,572 common shares, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $18. On December 31, 2023, the operating partnership was merged with and into the Company and all outstanding OP units were converted into 822,627 common shares for a total value of $7,800 on a one to 1.13 basis.

23

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:

	Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests
	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to LXP Industrial Trust shareholders	$	(269)	$	11,166
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	—		18
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$	(269)	$	11,184

(13)Related Party Transactions

There were no related party transactions other than those disclosed elsewhere in these unaudited condensed consolidated financial statements.

(14)Commitments and Contingencies

In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies.

The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries.

As of March 31, 2024, the Company expects to incur approximately $99,700 excluding noncontrolling interests' share and potential developer fees or partner buyouts, to substantially fund the consolidated development project commitments. As of March 31, 2024, the Company has interests in various industrial land parcels held for development. The Company is unable to estimate the timing of any required funding for the potential development projects on these parcels.

From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations.

(15)Supplemental Disclosure of Statement of Cash Flow Information

In addition to disclosures discussed elsewhere, during the three months ended March 31, 2024 and 2023, the Company paid $10,799 and $11,320, respectively, for interest and $128 and $126, respectively, for income taxes.

During the three months ended March 31, 2024 and 2023, the Company accrued additions for capital projects of $35,631 and $34,924, respectively.

24

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

Introduction

Unless stated otherwise or the context otherwise requires, when we use the terms the “Company,” the “Trust,” “LXP,” “we,” “our,” and “us,” we refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests are held, and all of the property operating activities are conducted through special purposes entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. References herein to ‘‘this Quarterly Report” are to this Quarterly Report on Form 10-Q for the three months ended March 31, 2024. The results of operations contained herein for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected for a full year.

When we use the term “REIT,” we mean real estate investment trust. All references to 2024 and 2023, refer to the periods ending March 31, 2024 and 2023, respectively, and our fiscal year ended December 31, 2023.

When we use the term “GAAP,” we mean United States generally accepted accounting principles in effect from time to time.

When we use the term “common shares,” we mean our shares of beneficial interest par value $0.0001, classified as common stock. When we use the term “Series C Preferred Shares,” we mean our beneficial interest classified as 6.50% Series C Cumulative Convertible Preferred Stock.

When we use the term “base rent,” we mean GAAP rental revenue and ancillary income, excluding billed tenant reimbursements and lease termination income.

When we use “Stabilized Portfolio,” we mean all real estate properties other than non-stabilized properties. We consider stabilization to occur upon the earlier of 90% occupancy of the property or one-year from the cessation of major construction activities. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

The terms “FFO,” “Adjusted Company FFO,” and “NOI” are defined below.

The following is a discussion and analysis of the unaudited condensed consolidated financial condition and results of operations of LXP Industrial Trust for the three months ended March 31, 2024 and 2023, and significant factors that could affect its prospective financial condition and results of operations. This discussion should be read together with the accompanying unaudited condensed consolidated financial statements of the Company included herein and notes thereto and with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on February 15, 2024, which we refer to as the Annual Report. Historical results may not be indicative of future performance.

Forward-Looking Statements. This Quarterly Report, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our 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” or similar expressions. Readers should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances or achievements to differ materially from current expectations, strategies or plans include, among others, those risks discussed below in “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and under the headings “Risk Factors” in this Quarterly Report and under “Risk Factors” in Part I, Item A and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Annual Report and other periodic reports filed by the Company with the SEC. Except as required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.

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Overview

As of March 31, 2024, we had equity ownership interests in approximately 118 consolidated real estate properties, located in 18 states and containing an aggregate of approximately 57.3 million square feet of space, approximately 95.3% of which was leased.

As of March 31, 2024, our portfolio consisted of 115 warehouse/distribution facilities and three other properties. Our warehouse/distribution portfolio is primarily focused in our target markets within the Sunbelt and Midwest. We expect to grow these markets by executing on our development pipeline and opportunistically acquiring facilities in these markets. However, increased financing costs have continue to negatively impact transaction activity and development starts in our target markets and the markets where we own properties. Due to this, the current key drivers to growth in our revenue are leasing our vacant development properties and mark-to-market of our lease rollover.

First Quarter 2024 Transaction Summary.

The following summarizes our significant transactions during the three months ended March 31, 2024.

Leasing Activity:

•Entered into an amendment for an extended lease encompassing 119,295 square feet. The average fixed rent on the lease was $6.59 per square foot compared to the average fixed rent on this lease before the amendment of $5.15 per square foot. The lease commission was $1.23 per square foot for the extended lease.

Investments:

•Placed in service one warehouse/distribution facility containing 488,400 square feet in the Phoenix, Arizona market, which was fully leased to a single tenant. Two vacant warehouse/distribution facilities containing an aggregate of 2.1 million square feet were placed in service one year after the completion of base building construction.

•Acquired a 59.1 acre land parcel and commenced development of a 625,200 square foot built-to-suit warehouse/distribution facility in the Greenville/Spartanburg, South Carolina market, which is subject to a 12-year lease, which is estimated to commence in January 2025.

•Invested an aggregate of $25.5 million in development activities.

During the three months ended March 31, 2024, we completed and placed in service the following warehouse/distribution assets:

Market (% ownership)	Square Feet	Initial Capitalized Cost (millions)		Placed in Service Date	Approximate Lease Term (years)	% Leased
Phoenix, AZ (93%)	488,400	$	52.8	February 2024	7.0	100%
Central Florida (80%)	1,085,280	80.8		February 2024	N/A	—%
Indianapolis, IN (80%)	1,053,360	64.3		February 2024	N/A	—%
	2,627,040	$	197.9

Critical Accounting Estimates

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to these estimates during the three months ended March 31, 2024.

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Liquidity and Capital Resources

Cash Flows. We believe that cash flows from operations will continue to provide adequate capital to fund our operating and administrative expenses, regular debt service obligations and all dividend payments in accordance with applicable REIT requirements in both the short-term and long-term. However, our cash flow from operations may be negatively affected in the near term if we experience tenant defaults. In addition, we anticipate that cash on hand, borrowings under our unsecured revolving credit facility, capital recycling proceeds, issuances of equity, mortgage proceeds and other debt, as well as other available alternatives, will provide the necessary capital required by our business.

At March 31, 2024, our secured debt was $59.6 million compared to $60.9 million at December 31, 2023. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand and short-term investments ($293.8 million at March 31, 2024), property sale proceeds and borrowing capacity on our unsecured credit facility ($600.0 million at March 31, 2024, subject to covenant compliance).

Cash flows from operations were $38.9 million for the three months ended March 31, 2024 as compared to $37.5 million for the three months ended March 31, 2023. The increase was primarily related to increased rental revenue related to lease extensions and placing development properties into service, partially offset by a decrease in cash flow due to property sales. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.

Net cash used in investing activities totaled $27.7 million and $5.5 million during the three months ended March 31, 2024 and 2023, respectively. Cash used in investing activities in 2024 related primarily to investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net, partially offset by distributions from non-consolidated entities in excess of accumulated earnings. Cash used in investing activities in 2023 primarily related to investments in real estate under construction offset by net proceeds received from the disposition of real estate and distributions from non-consolidated entities.

Net cash used in financing activities totaled $47.2 million and $43.5 million during the three months ended March 31, 2024 and 2023, respectively. Cash used in financing activities in 2024 was primarily related to dividend, debt service payments and the repurchase of a noncontrolling interest, offset by revolving credit facility borrowings.

At-The-Market Offering Program. We maintain an At-The-Market offering program ("ATM program") under which we can issue common shares, including through forward sales contracts.

During the three months ended March 31, 2024, we amended the terms of our ATM program, under which we may, from time to time, sell up to $350.0 million common shares over the term of the program. We did not sell shares under the ATM program during the three months ended March 31, 2024 and March 31, 2023, respectively.

The volatility in the capital markets primarily resulting from the effects of the current economic conditions may negatively affect our ability to access the capital markets through our ATM program and other offerings.

Share Repurchase Program. In August 2022, our Board of Trustees authorized the repurchase of an additional 10.0 million common shares under our share repurchase program with no expiration date. We did not repurchase any common shares during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 6.9 million common shares remained available for repurchase under this authorization.

Dividends. Dividends paid to our common and preferred shareholders were $39.5 million and $38.2 million in the three months ended March 31, 2024 and 2023, respectively.

We declared a quarterly dividend of $0.13 per common share during the three months ended March 31, 2024, which is an increase of $0.005 per common share from the $0.125 per common share quarterly dividend declared during the three months ended March 31, 2023.

27

Financings. The following senior notes were outstanding as of March 31, 2024:

Issue Date	Face Amount (millions)		Interest Rate		Maturity Date	Issue Price
November 2023(1)	$	300.0	6.750	%	November 2028	99.423	%
August 2021	400.0		2.375	%	October 2031	99.758	%
August 2020	400.0		2.70	%	September 2030	99.233	%
May 2014	198.9		4.40	%	June 2024	99.883	%
Senior notes payable	$	1,298.9

(1) A portion of the net proceeds were invested on a short-term basis and we intend to use the investments to repay the 2014 Senior Notes at or near maturity.

The senior notes are unsecured and requires interest payments semi-annually in arrears. We may redeem the senior notes at our option at any time prior to maturity in whole or in part by paying the principal amount of the senior notes being redeemed plus a make-whole premium.

A summary of the maturity dates and interest rates of our unsecured credit agreement, as of March 31, 2024, are as follows:

	Maturity Date	Current Interest Rate
$600.0 Million Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300.0 Million Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)    Maturity date of the revolving credit facility can be extended to July 2027 at our option, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from SOFR plus 0.725% to 1.40%. At March 31, 2024, we had no borrowings outstanding and availability of $600.0 million, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum until January 31, 2025.

As of March 31, 2024, we were compliant with all applicable financial covenants contained in our corporate-level debt agreements.

During 2007, we issued $200.0 million in Trust Preferred Securities, which bore interest at a fixed rate of 6.804% through April 2017 and, thereafter, bears interest at a variable rate of three-month SOFR plus a 26 basis point adjustment plus 170 basis points. These securities are (1) classified as liabilities, (2) due in 2037 and (3) currently redeemable by us. As of March 31, 2024, and 2023, there were $129.1 million of these securities outstanding.

Development Costs

As of March 31, 2024, the aggregate estimated total costs of our consolidated development projects included in investment in real estate under construction are $215.0 million. We expect to incur approximately $99.7 million of additional costs, excluding noncontrolling interests' share and potential developer fees or partner buyouts, to fund all of the remaining costs for our consolidated development project commitments. However, the risks associated with development, including supply chain issues, could adversely impact our estimates. As of March 31, 2024, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. We are unable to estimate the timing of any required fundings for potential development projects on these parcels.

Results of Operations

Three months ended March 31, 2024 compared with three months ended March 31, 2023. The decrease in net income attributable to common shareholders of $11.5 million was primarily due to the items discussed below.

The increase in total gross revenues of $1.2 million was primarily due to an aggregate increase of $1.8 million in base rental revenue and tenant reimbursement income primarily due to properties placed in service and leasing, partially offset by a decrease in rental revenue due to property sales.

The decrease in other revenue of $0.6 million was primarily due to a decrease in parking income due to the sale of the Philadelphia, PA office property in 2023.

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The increase in depreciation and amortization expense of $1.8 million was primarily due to properties completed and placed in service in 2023 and 2024.

The decrease in impairment charges of $3.5 million was primarily related to an impairment charge recognized on an office property during the three months ended March 31, 2023. There were no impairment charges recognized during the three months ended March 31, 2024.

The increase in non-operating income of $3.6 million was primarily due to an increase in interest income earned from investing in short term investments.

The increase in interest and amortization expense of $5.6 million is primarily due to a $5.1 million increase related to the 2028 Senior Notes that were issued in November 2023. Variable interest expense increased $0.3 million related to the Trust Preferred Securities in the three months ended March 31, 2024 compared to the three months ended March 31, 2023. Additionally, capitalized interest decreased $0.1 million primarily due to less development activity in the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

The decrease in gains on sales of properties of $7.9 million was related to the timing of property dispositions.

The decrease in equity in earnings (losses) of non-consolidated entities of $4.9 million was primarily due to recognizing our share of a gain on sale of property related to BSH Lessee L.P. in 2023 that resulted in an increase in equity in earnings of $4.8 million.

Same-Store Results

Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the two comparable reporting periods. We define 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 same-store NOI, and accordingly same-store NOI may not be comparable to other REITs. Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. However, same-store NOI should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our 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 our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.

The following presents our consolidated same-store NOI, for the three months ended March 31, 2024 and 2023 ($000's):

	Three Months Ended March 31,
	2024		2023
Total cash base rent	$	64,618	$	60,799
Tenant reimbursements	13,532		12,720
Property operating expenses	(14,055)		(13,305)
Same-store NOI	$	64,095	$	60,214

Our same-store NOI increased for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 by 6.4% primarily due to an increase in cash base rents. As of March 31, 2024 and 2023, our historical same-store square footage leased was 99.2% and 99.5%, respectively.

29

Below is a reconciliation of net income (loss) to same-store NOI for periods presented ($000's):

	Three Months Ended March 31,
	2024		2023
Net income (loss)	$	(555)	$	11,315
Interest and amortization expense	16,984		11,393
Provision for income taxes	125		216
Depreciation and amortization	47,509		45,741
General and administrative	9,493		9,242
Transaction costs	—		4
Non-operating/advisory fee income	(4,813)		(1,402)
Gains on sales of properties	—		(7,879)
Impairment charges	—		3,523
Equity in (earnings) losses of non-consolidated entities	1,281		(3,604)
Straight-line adjustments	(2,702)		(3,087)
Lease incentives	138		96
Amortization of above/below market leases	(449)		(449)
Sales-types lease adjustments	(597)		(447)
NOI	$	66,414	$	64,662
Less NOI:
Acquisitions, developments and dispositions	(2,319)		(4,448)
Same-Store NOI	$	64,095	$	60,214

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Funds From Operations

We believe 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 REIT. We believe 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 a 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 the 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.

We present FFO available to common shareholders and unitholders - basic and also present 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 our common shares, are converted at the beginning of the period. We also present 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 our real estate portfolio. We believe this is an appropriate presentation as it is frequently requested by securities 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 our operating performance or as an alternative to cash flow as a measure of liquidity.

Adjusted Company FFO, NOI and the other non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income or loss as determined in accordance with GAAP. FFO, Adjusted Company FFO and NOI, and GAAP net income (loss) differ because FFO, Adjusted Company FFO and NOI exclude many items that are factored into GAAP net income or loss.

Because of the differences between FFO, Adjusted Company FFO, NOI and GAAP net income or loss, FFO, Adjusted Company FFO and NOI may not be accurate indicators of our operating performance, especially during periods in which we are acquiring and selling properties. In addition, FFO, Adjusted Company FFO and NOI are not necessarily indicative of cash flow available to fund cash needs and investors should not consider FFO, Adjusted Company FFO or NOI as alternatives to cash flows from operations, as an indication of our liquidity or as indicative of funds available to fund our cash needs, including our ability to make distributions to our shareholders.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO, Adjusted Company FFO and NOI. Also, because not all companies calculate FFO, Adjusted Company FFO and NOI the same way, comparisons with other companies’ measures with similar titles may not be meaningful.

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The following presents a reconciliation of net income (loss) attributable to common shareholders to FFO available to common shareholders and unitholders and Adjusted Company FFO available to all equityholders and unitholders for the three months ended March 31, 2024 and 2023 (unaudited and dollars in thousands, except share and per share amounts):

	Three Months Ended March 31,
FUNDS FROM OPERATIONS:	2024		2023
Basic and Diluted:
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Adjustments:
Depreciation and amortization - real estate	46,208		44,860
Impairment charges - real estate	—		3,523
Noncontrolling interests - OP units	—		3
Amortization of leasing commissions	1,301		881
Joint venture and noncontrolling interest adjustment	1,563		2,400
Gains on sales of properties, including our share of non-consolidated entities	—		(12,654)
FFO available to common shareholders and unitholders - basic	47,141		48,535
Preferred dividends	1,572		1,572
Amount allocated to participating securities	90		72
FFO available to all equityholders and unitholders - diluted	48,803		50,179
Allowance for credit losses	(5)		79
Transaction costs(1)	—		4
Noncontrolling interest adjustments	—		(4)
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	48,798	$	50,258

Per Common Share and Unit Amounts
Basic:
FFO	$	0.16	$	0.17
Diluted:
FFO	$	0.16	$	0.17
Adjusted Company FFO	$	0.16	$	0.17

Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS	291,288,383	290,080,508
Operating partnership units(2)	—	832,087
Weighted-average common shares outstanding - basic FFO	291,288,383	290,912,595
Diluted:
Weighted-average common shares outstanding - diluted EPS	291,288,383	291,040,466
Preferred shares - Series C	4,710,570	4,710,570
Weighted-average common shares outstanding - diluted FFO	295,998,953	295,751,036

(1) Includes costs related to entering into a sales-type lease.

(2) Includes OP units other than OP units held by us.

32

Off-Balance Sheet Arrangements

As of March 31, 2024, we had investments in various real estate entities with varying structures. The real estate investments owned by our institutional joint ventures are generally financed with non-recourse debt. Non-recourse debt is generally defined as debt whereby the lenders' sole recourse with respect to borrower defaults is limited to the value of the assets collateralized by the debt. The lender generally does not have recourse against any other assets owned by the borrower or any of the members or partners of the borrower, except for certain specified exceptions listed in the particular loan documents. These exceptions generally relate to “bad boy” acts, including fraud, prohibited transfers and breaches of material representations, and environmental matters. We have guaranteed such obligations for certain of our non-consolidated entities with respect to $457.7 million of such non-recourse debt. We believe the likelihood of making any payments under such guaranties is remote and we generally have an agreement from each partner to reimburse us for its proportionate share of any liability related to a guarantee trigger unless such trigger is caused solely by us.

33

ITEM 3. QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

Our exposure to market risk relates primarily to our variable-rate indebtedness not subject to interest rate swaps and our fixed-rate debt. Our consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was $129.1 million at March 31, 2024 and 2023, which represented 7.2% and 8.6%, respectively, of our aggregate principal consolidated indebtedness. During the three months ended March 31, 2024 and 2023, our variable-rate indebtedness had a weighted-average interest rate of 7.3% and 6.3%, respectively, and had the weighted-average interest rate been 100 basis points higher, our interest expense for the three months ended March 31, 2024 and 2023 would have increased by $0.3 million and $0.5 million, respectively. At each of March 31, 2024 and 2023, our aggregate principal consolidated fixed-rate debt was $1.7 billion and $1.4 billion, respectively, which represented 92.8% and 91.4%, respectively, of our aggregate principal indebtedness.

For certain of our financial instruments, fair values are not readily available since there are no active trading markets as characterized by current exchanges between willing parties. Accordingly, we derive or estimate fair values using various valuation techniques, such as computing the present value of estimated future cash flows using discount rates commensurate with the risks involved. However, the determination of estimated cash flows may be subjective and imprecise. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values, especially given the volatility of the current economic environment. The following fair value was determined using the interest rates that we believe our outstanding fixed-rate indebtedness would warrant as of March 31, 2024. We believe the fair value is indicative of the interest rate environment as of March 31, 2024, but this amount does not take into consideration the effects of subsequent interest rate fluctuations. Accordingly, we estimate that the fair value of our fixed-rate indebtedness was $1.5 billion as of March 31, 2024.

Our interest rate risk objectives are to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, we manage our exposure to fluctuations in market interest rates through the use of fixed-rate debt instruments to the extent that reasonably favorable rates are obtainable with such arrangements. We may enter into derivative financial instruments such as interest rate swaps or caps to mitigate our interest rate risk on a related financial instrument or to effectively lock the interest rate on a portion of our variable-rate debt. As of March 31, 2024, we had four interest rate swap agreements (see Note 8 to our unaudited condensed consolidated financial statements contained in this Quarterly Report).

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report to determine if such controls and procedures were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including each of our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures were effective as of March 31, 2024.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this Quarterly Report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls. Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

34

PART II - OTHER INFORMATION

ITEM 1.Legal Proceedings.

From time to time, we are directly and indirectly involved in legal proceedings arising in the ordinary course of our business, including claims by lenders under non-recourse carve-out guarantees. We believe, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on our business, financial condition and results of operations.

ITEM 1A.Risk Factors.

There have been no material changes in our risk factors from those disclosed in the Annual Report.

ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds.

The following table summarizes repurchases of our common shares during the three months ended March 31, 2024 pursuant to publicly announced repurchase plans (1):

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid for Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
January 1 - 31, 2024	—	$	—	—	6,874,241
February 1 - 29, 2024	—	$	—	—	6,874,241
March 1 - 31, 2024	—	$	—	—	6,874,241
First quarter 2024	—	$	—	—	6,874,241

(1)    Share repurchase authorization of an additional 10.0 million common shares announced on August 4, 2022, which has no expiration date.

ITEM 3.Defaults Upon Senior Securities - not applicable.

ITEM 4.Mine Safety Disclosures - not applicable.

ITEM 5.Other Information

During the three months ended March 31, 2024, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

35

ITEM 6.Exhibits.

Exhibit No.		Description
3.1	—	Articles of Merger and Amended and Restated Declaration of Trust of the Company, dated December 31, 2006 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 8, 2007)(1)
3.2	—	Articles Supplementary Relating to the Reclassification of 8.05% Series B Cumulative Redeemable Preferred Stock, par value $0.0001 per share, and 7.55% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 per share (filed as Exhibit 3.4 to the Company's Current Report on Form 8-K filed November 21, 2013)(1)
3.3	—	Articles of Amendment to the Amended and Restated Declaration of Trust, dated as of December 14, 2021 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 16, 2021)(1)
3.4	—	Articles of Amendment to the Amended and Restated Declaration of Trust, dated as of May 26, 2022 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 27, 2022)(1)
3.5	—	Third Amended and Restated By-laws of the Company (filed as Exhibit 3.1 to the Company's Quarterly Report on from 10-Q filed May 19, 2023)(1)
3.6	—	Sixth Amended and Restated Agreement of Limited Partnership of LCIF, dated as of December 30, 2013 (filed as Exhibit 3.25 to the Company's Annual Report on Form 10-K filed February 26, 2014)(1)
3.7	—	First Amendment to Sixth Amended and Restated Agreement of Limited Partnership of LCIF, dated as of July 12, 2021 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed July 16, 2021)(1)
4.1	—	Specimen of Common Shares Certificate of the Company (filed as Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021)(1)
4.2	—	Form of 6.50% Series C Cumulative Convertible Preferred Stock certificate (filed as Exhibit 4.1 to the Company's Registration Statement on Form 8A filed December 8, 2004)(1)
4.3	—	Amended and Restated Trust Agreement, dated March 21, 2007, among the Company, The Bank of New York Trust Company, National Association, The Bank of New York (Delaware), the Administrative Trustees (as named therein) and the several holders of the Preferred Securities from time to time (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 27, 2007 (the “03/27/2007 8-K”))(1)
4.4	—	Junior Subordinated Indenture, dated as of March 21, 2007, between Lexington Realty Trust and The Bank of New York Trust Company, National Association (filed as Exhibit 4.2 to the 03/27/07 8-K)(1)
4.5	—	Indenture, dated as of June 10, 2013, among the Company, certain subsidiaries of the Company signatories thereto, and U.S. Bank, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 13, 2013)(1)
4.6	—	First Supplemental Indenture, dated as of September 30, 2013, between the Company and U.S. Bank, as trustee (filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed on October 3, 2013)(1)
4.7	—	Indenture, dated as of May 9, 2014, among the Company and U.S. Bank, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed May 13, 2014)(1)
4.8	—	First Supplemental Indenture, dated as of May 20, 2014, among the Company, LCIF and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed May 20, 2014)(1)
4.9	—	Second Supplemental Indenture, dated as of August 28, 2020, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 28, 2020)(1)
4.10	—	Third Supplemental Indenture, dated as of August 30, 2021, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 30, 2021)(1)

36

4.11	—	Fourth Supplemental Indenture, dated as of November 13, 2023, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 13, 2023)(1)
10.1	—	Amendment No.2 to Equity Sales Agreement, dated as of February 16, 2024, between the Company and Jefferies LLC, Keybanc Capital Market Inc., Regions Securities LLC, BofA Securities USA LLC, Mizuho Markets Americas LLC and Evercore Group L.L.C (filed as Exhibit 1.3 to the Company's Current Report on Form 8-K filed on February 20, 2024)(1)
31.1	—	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(2)
31.2	—	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(2)
32.1	—	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3)
32.2	—	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3)
101.INS	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (2, 5)
101.SCH	—	Inline XBRL Taxonomy Extension Schema (2, 5)
101.CAL	—	Inline XBRL Taxonomy Extension Calculation Linkbase (2, 5)
101.DEF	—	Inline XBRL Taxonomy Extension Definition Linkbase Document (2, 5)
101.LAB	—	Inline XBRL Taxonomy Extension Label Linkbase Document (2, 5)
101.PRE	—	Inline XBRL Taxonomy Extension Presentation Linkbase Document (2, 5)

(1)    Incorporated by reference.

(2)    Filed herewith.

(3)    Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 11 or 12 of the Securities Act of 1933, as amended (the “Securities Act”), or Section 18 of the Securities Exchanges Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of those sections, and shall not be part of any registration statement to which it may relate, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing or document.

(4)    Management contract or compensatory plan or arrangement.

(5)    The following materials from this Quarterly Report on Form 10-Q for the period ended March 31, 2024 are formatted in Inline XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Balance Sheets of the Company; (ii) Unaudited Condensed Consolidated Statements of Operations of the Company; (iii) Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) of the Company; (iv) Unaudited Condensed Consolidated Statements of Changes in Equity of the Company; (v) Unaudited Condensed Consolidated Statements of Cash Flows of the Company; and (vi) Notes to Unaudited Condensed Consolidated Financial Statements of the Company, detailed tagged.

37

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		LXP Industrial Trust
Date:	May 2, 2024	By:	/s/ T. Wilson Eglin
			T. Wilson Eglin
			Chief Executive Officer and President (principal executive officer)
Date:	May 2, 2024	By:	/s/ Beth Boulerice
			Beth Boulerice
			Chief Financial Officer, Executive Vice President and Treasurer (principal financial officer)

38

EX-31.1

Exhibit 31.1

CERTIFICATION

PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, T. Wilson Eglin, certify that:

1.I have reviewed this report on Form 10-Q of LXP Industrial Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024

/s/ T. Wilson Eglin

T. Wilson Eglin
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Beth Boulerice, certify that:

1.I have reviewed this report on Form 10-Q of LXP Industrial Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024

/s/ Beth Boulerice

Beth Boulerice

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of LXP Industrial Trust (“the Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof, I, T. Wilson Eglin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ T. Wilson Eglin

T. Wilson Eglin
Chief Executive Officer

May 2, 2024

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of LXP Industrial Trust (“the Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof, I, Beth Boulerice, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Beth Boulerice

Beth Boulerice

Chief Financial Officer

May 2, 2024

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period Ended Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12386
Entity Registrant Name	LXP INDUSTRIAL TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3717318
Entity Address, Address Line One	515 N Flagler Dr, Suite 408
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	212
Local Phone Number	692-7200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		294,314,556
Entity Central Index Key	0000910108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Former Address
Document Information [Line Items]
Entity Address, Address Line One	One Penn Plaza, Suite 4015
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Trading Symbol	LXP
Security Exchange Name	NYSE
Series C Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Trading Symbol	LXPPRC
Security Exchange Name	NYSE

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Real estate, at cost	$ 3,951,860	$ 3,774,239
Real estate - intangible assets	310,989	314,525
Land held for development	81,034	80,743
Investments in real estate under construction	153,181	319,355
Real estate, gross	4,497,064	4,488,862
Less: accumulated depreciation and amortization	936,474	904,709
Real estate, net	3,560,590	3,584,153
Assets held for sale	25,123	9,168
Right-of-use assets, net	18,283	19,342
Cash and cash equivalents	163,213	199,247
Restricted cash	222	216
Short term investments	130,552	130,140
Investments in non-consolidated entities	47,010	48,495
Deferred expenses, net	35,549	35,008
Investment in a sales-type lease, net (allowance for credit loss $56 in 2024 and $61 in 2023)	64,061	63,464
Rent receivable – current	4,545	5,327
Rent receivable – deferred	83,049	80,421
Other assets	24,171	17,794
Total assets	4,156,368	4,192,775
Liabilities:
Mortgages and notes payable, net	58,843	60,124
Term loan payable, net	297,027	296,764
Senior notes payable, net	1,286,711	1,286,145
Trust preferred securities, net	127,819	127,794
Dividends payable	39,572	39,610
Liabilities held for sale	622	417
Operating lease liabilities	18,993	20,233
Accounts payable and other liabilities	61,264	57,981
Accrued interest payable	18,255	11,379
Deferred revenue - including below-market leases, net	8,967	9,428
Prepaid rent	17,781	17,443
Total liabilities	1,935,854	1,927,318
Commitments and contingencies
Equity:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding	94,016	94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 294,289,569 and 293,449,088 shares issued and outstanding in 2024 and 2023, respectively	29	29
Additional paid-in-capital	3,327,682	3,330,383
Accumulated distributions in excess of net income	(1,241,595)	(1,201,824)
Accumulated other comprehensive income	8,423	9,483
Total shareholders’ equity	2,188,555	2,232,087
Noncontrolling interests	31,959	33,370
Total equity	2,220,514	2,265,457
Total liabilities and equity	$ 4,156,368	$ 4,192,775

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity:
Sales-type lease, allowance for credit loss	$ 56	$ 61
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized shares (in shares)	100,000,000	100,000,000
Series C Cumulative Convertible Preferred, liquidation preference	$ 96,770	$ 96,770
Series C Cumulative Convertible Preferred, shares issued (in shares)	1,935,400	1,935,400
Series C Cumulative Convertible Preferred, shares outstanding (in shares)	1,935,400	1,935,400
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized shares (in shares)	600,000,000	600,000,000
Common shares, shares issued (in shares)	294,289,569	293,449,088
Common shares, outstanding (in shares)	294,289,569	293,449,088

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gross revenues:
Rental revenue	$ 85,207,000	$ 83,417,000
Other revenue	1,044,000	1,658,000
Total gross revenues	86,251,000	85,075,000
Expense applicable to revenues:
Depreciation and amortization	(47,509,000)	(45,741,000)
Property operating	(15,188,000)	(15,243,000)
General and administrative	(9,493,000)	(9,242,000)
Non-operating income	3,769,000	194,000
Interest and amortization expense	(16,984,000)	(11,393,000)
Impairment charges	0	(3,523,000)
Change in allowance for credit loss	5,000	(79,000)
Gains on sales of properties	0	7,879,000
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities	851,000	7,927,000
Provision for income taxes	(125,000)	(216,000)
Equity in earnings (losses) of non-consolidated entities	(1,281,000)	3,604,000
Net income (loss)	(555,000)	11,315,000
Less (net income) loss attributable to noncontrolling interests	286,000	(149,000)
Net income (loss) attributable to LXP Industrial Trust shareholders	(269,000)	11,166,000
Dividends attributable to preferred shares – Series C	(1,572,000)	(1,572,000)
Allocation to participating securities	(90,000)	(72,000)
Net income (loss) attributable to common shareholders	$ (1,931,000)	$ 9,522,000
Net income (loss) attributable to common shareholders – per common share basic (in dollars per share)	$ (0.01)	$ 0.03
Weighted-average number of common shares outstanding – basic (in shares)	291,288,383	290,080,508
Net income (loss) attributable to common shareholders – per common share diluted (in dollars per share)	$ (0.01)	$ 0.03
Weighted-average common shares outstanding – diluted (in shares)	291,288,383	291,040,466

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (555)	$ 11,315
Other comprehensive income (loss):
Change in unrealized loss on interest rate swaps, net	(1,101)	(3,190)
Company's share of other comprehensive income (loss) of non-consolidated entities	41	(330)
Other comprehensive loss	(1,060)	(3,520)
Comprehensive income (loss)	(1,615)	7,795
Comprehensive (income) loss attributable to noncontrolling interests	286	(149)
Comprehensive income (loss) attributable to LXP Industrial Trust shareholders	$ (1,329)	$ 7,646

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in-Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 2,391,003	$ 94,016	$ 29	$ 3,320,087	$ (1,079,087)	$ 17,689	$ 38,269
Beginning balance (in shares) at Dec. 31, 2022		1,935,400	291,719,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	106						106
Issuance of common shares and deferred compensation amortization, net	2,156			2,156
Issuance of common shares and deferred compensation amortization, net (in shares)			1,216,166
Repurchase of common shares to settle tax obligations	(2,076)			(2,076)
Repurchase of common shares to settle tax obligations (in shares)			(204,780)
Redemption of noncontrolling OP units for common shares	0			18			(18)
Redemption of noncontrolling OP units for common shares (in shares)			3,572
Forfeiture of employee common shares (in shares)			(176,547)
Dividends/distributions	(38,222)				(37,954)		(268)
Net income (loss)	11,315				11,166		149
Other comprehensive income (loss)	(3,190)					(3,190)
Company's share of other comprehensive income (loss) of non-consolidated entities	(330)					(330)
Ending balance at Mar. 31, 2023	2,360,762	$ 94,016	$ 29	3,320,185	(1,105,875)	14,169	38,238
Ending balance (in shares) at Mar. 31, 2023		1,935,400	292,557,721
Beginning balance at Dec. 31, 2023	2,265,457	$ 94,016	$ 29	3,330,383	(1,201,824)	9,483	33,370
Beginning balance (in shares) at Dec. 31, 2023		1,935,400	293,449,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	464						464
Issuance of common shares and deferred compensation amortization, net	2,283			2,283
Issuance of common shares and deferred compensation amortization, net (in shares)			1,446,693
Repurchase of common shares to settle tax obligations	(1,588)			(1,588)
Repurchase of common shares to settle tax obligations (in shares)			(160,079)
Purchase of noncontrolling interest in consolidated joint venture	(4,910)			(3,396)			(1,514)
Forfeiture of employee common shares (in shares)			(446,133)
Dividends/distributions	(39,577)				(39,502)		(75)
Net income (loss)	(555)				(269)		(286)
Other comprehensive income (loss)	(1,101)					(1,101)
Company's share of other comprehensive income (loss) of non-consolidated entities	41					41
Ending balance at Mar. 31, 2024	$ 2,220,514	$ 94,016	$ 29	$ 3,327,682	$ (1,241,595)	$ 8,423	$ 31,959
Ending balance (in shares) at Mar. 31, 2024		1,935,400	294,289,569

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends/distributions (in dollars per share)	$ 0.13	$ 0.125

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net cash provided by operating activities:	$ 38,916	$ 37,546
Cash flows from investing activities:
Investment in real estate under construction	(24,195)	(34,256)
Capital expenditures	(2,610)	(3,703)
Net proceeds from sale of properties	0	27,338
Principal payments on loans receivable	0	1,462
Investments in non-consolidated entities	(609)	(451)
Distributions from non-consolidated entities in excess of accumulated earnings	855	4,736
Deferred leasing costs	(1,094)	(410)
Change in real estate deposits, net	(43)	(245)
Net cash used in investing activities	(27,696)	(5,529)
Cash flows from financing activities:
Dividends to common and preferred shareholders	(39,540)	(38,207)
Principal amortization payments	(1,325)	(2,887)
Revolving credit facility borrowings	0	25,000
Revolving credit facility payments	0	(25,000)
Cash contributions from noncontrolling interests	464	106
Cash distributions to noncontrolling interests	(75)	(268)
Purchase of noncontrolling interest	(4,910)	0
Issuance of common shares, net of costs and repurchases to settle tax obligations	(1,862)	(2,224)
Net cash used in financing activities	(47,248)	(43,480)
Change in cash, cash equivalents and restricted cash	(36,028)	(11,463)
Cash, cash equivalents and restricted cash, at beginning of period	199,463	54,506
Cash, cash equivalents and restricted cash, at end of period	163,435	43,043
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	199,247	54,390
Restricted cash at beginning of period	216	116
Cash and cash equivalents at end of period	163,213	42,923
Restricted cash at end of period	$ 222	$ 120

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The Company and Financial Statement Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and Financial Statement Presentation

The Company and Financial Statement Presentation

LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties.

As of March 31, 2024, the Company had ownership interests in approximately 118 consolidated real estate properties, located in 18 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries.

The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities.

The Company conducts its operations indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc., and (3) joint ventures. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) for the three months ended March 31, 2024 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 15, 2024 (“Annual Report”).

Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP.

As of March 31, 2024, the Company had interests in six consolidated joint ventures with developers, consisting of four development projects and two land joint ventures with ownership interests ranging from 80% to 95.5%. Each joint venture acquired land parcels for industrial development. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company’s unaudited condensed consolidated financial statements.

In addition, the Company is the primary beneficiary of certain other VIEs as it has a controlling financial interest in these entities.

The assets of each VIE are only available to satisfy such VIE's respective liabilities. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Real estate, net	$	473,092	$	535,118
Total assets	$	561,066	$	626,442
Total liabilities	$	11,659	$	19,549

Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimated credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates.

Reclassifications. Certain amounts included in the 2023 unaudited condensed consolidated financial statements have been reclassified to conform to the 2024 presentation.

Recently Issued Accounting Guidance. In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company will continue to evaluate the impact of the guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures that requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the guidance until it becomes effective.

In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require

registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the effectiveness of the new rules pending related litigation. If the stay is lifted and the effective times are unchanged, certain of the disclosure requirements will begin to apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
BASIC
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Weighted-average number of common shares outstanding - basic	291,288,383		290,080,508
Net income (loss) attributable to common shareholders - per common share basic	$	(0.01)	$	0.03
DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,931)	$	9,522
Impact of assumed conversions	—		3
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,525
Weighted-average common shares outstanding - basic	291,288,383		290,080,508
Effect of dilutive securities:
Unvested share-based payment awards	—		127,871
Operating partnership units	—		832,087
Weighted-average common shares outstanding - diluted	291,288,383		291,040,466
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.01)	$	0.03

For per common share amounts, generally all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Preferred shares - Series C	4,710,570	4,710,570

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Investments in Real Estate

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Investments in Real Estate

Investments in Real Estate

The Company placed in service the following warehouse/distribution facilities during the three months ended March 31, 2024:

Market (% owned)	Placed in Service Date	Initial Cost Basis(1)		Lease Expiration Date	Land		Building and Improvements
Phoenix, AZ (93%)	February 2024	$	52,767	01/2031	$	9,449	$	43,318
Central Florida (80%) (2)	February 2024	80,825		N/A	10,618		70,207
Indianapolis, IN (80%)(2)	February 2024	64,285		N/A	5,126		59,159
		$	197,877		$	25,193	$	172,684

(1)    Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer fee or developer partner promote, if any.

(2)    The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy.

As of March 31, 2024, the details of the development arrangements outstanding are as follows (in $000's, except square feet):

Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost(1)		GAAP Investment Balance as of 3/31/2024(2)		LXP Amount Funded as of 3/31/2024(3)		Actual/Estimated Base Building Completion Date	% Leased as of 3/31/2024
Build-to-Suit Development Projects Leased
Piedmont (100%)(4)	1	Greenville-Spartanburg, SC	625,200	$	74,400	$	26,069	$	5,354	4Q 2024	100	%
Development Projects Available for Lease(5)
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	$	76,900	$	73,242	$	70,266	2Q 2023	—	%
South Shore (100%) (6)	2	Central Florida	213,195	33,500		30,439		30,295		2Q 2023 - 3Q 2023	—	%
Etna Building D (100%)	1	Columbus, OH	250,000	30,200		23,431		22,964		1Q 2024	—	%
	4		1,555,083	$	140,600	$	127,112	$	123,525
	5		2,180,283	$	215,000	$	153,181	$	128,879

(1)    Estimated project cost includes estimated tenant improvements and leasing costs.

(2)    Excludes leasing costs and incomplete costs.

(3)    Excludes noncontrolling interests' share.

(4)    During the three months ended March 31, 2024, the Company acquired a 59.1 acre land parcel for a purchase price of $3,416 and commenced construction of a build-to-suit warehouse/distribution facility subject to a 12-year lease, which is estimated to commence in January 2025.

(5)    Estimated project cost excludes potential developer fee or partner promote, if any.

(6)    During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 21% of the total project, was occupied by the tenant and placed in service.

As of March 31, 2024, the Company's aggregate investment in the ongoing development arrangements was $153,181. This amount included capitalized interest of $1,211 for the three months ended March 31, 2024 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the three months ended March 31, 2023, capitalized interest for development arrangements was $1,794.

As of March 31, 2024, the details of the land held for industrial development are as follows (in $000's, except acres):

Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance as of  3/31/2024		LXP Amount Funded as of 3/31/2024 (1)
Reems & Olive (95.5%)	Phoenix, AZ	320	$	73,973	$	74,610
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,329		4,284
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,755
		450	$	81,034	$	80,649

(1)    Excludes noncontrolling interests' share.

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Dispositions and Impairment

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Impairment

Dispositions and Impairment

During the three months ended March 31, 2024, there were no dispositions. During the three months ended March 31, 2023, the Company disposed of its interest in an industrial property for a gross disposition price of $27,910, and recognized a gain on sale of property of $7,879.

The Company had three and two properties classified as held for sale at March 31, 2024 and December 31, 2023, respectively. Assets and liabilities of the held for sale properties at March 31, 2024 and December 31, 2023 consisted of the following:

	March 31, 2024		December 31, 2023
Assets:
Real estate, at cost	$	35,777	$	9,018
Real estate, intangible assets	3,536		—
Accumulated depreciation and amortization	(14,452)		—
Other	262		150
	$	25,123	$	9,168
Liabilities:
Accounts payable and other liabilities	$	43	$	5
Deferred revenue	21		53
Prepaid rent	558		359
	$	622	$	417

The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered.

The Company incurred no impairment charges on real estate during the three-month period ended March 31, 2024. The Company recognized an impairment charge on real estate of $3,523 during the three months ended March 31, 2023 due to a potential sale of the property.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:

	Balance		Fair Value Measurements Using
Description	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	8,370	$	—	$	8,370	$	—
	Balance		Fair Value Measurements Using
Description	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	9,471	$	—	$	9,471	$	—
Impaired assets held for sale (1)	$	9,170	$	—	$	—	$	9,170

(1) The Company estimated the fair value of certain real estate assets throughout the year based on a discounted cash flow analysis using a discount rate of 10.0% and a residual capitalization rate of 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy.

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Investment in a sales-type lease, net	$	64,061	$	67,540	$	63,464	$	62,500
Liabilities
Debt	$	1,770,400	$	1,635,962	$	1,770,827	$	1,630,066

The fair value of the Company's investment in a sales-type lease, net is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis and an estimate of the unguaranteed residual value.

The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low.

Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts.

Cash Equivalents, Restricted Cash, Short-Term Investments, Accounts Receivable and Accounts Payable. The Company estimates that the fair value of cash equivalents, restricted cash, short-term investments, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments.

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Investments in Non-Consolidated Entities

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Investments in Non-Consolidated Entities

Investments in Non-Consolidated Entities

Below is a schedule of the Company's investments in non-consolidated entities:

	Percentage Ownership at	Investment Balance as of				Equity in earnings (losses) of non-consolidated entities
Investment	March 31, 2024	March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	18,745	$	19,693	$	(990)	$	(802)
NNN Office JV L.P. ("NNN JV")(2)	20%	16,264		16,237		(173)		(132)
Etna Park 70, LLC(3)	90%	9,750		10,320		(70)		(37)
Etna Park East LLC(4)	90%	2,251		2,245		(48)		(33)
BSH Lessee L.P.(5)	25%	—		—		—		4,608
		$	47,010	$	48,495	$	(1,281)	$	3,604

(1)    MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company.

(2)    NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company.

(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

(4)    Joint venture formed in 2019 with a developer entity to acquire a parcel of land.

(5)    A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statements of operations.

The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments for the three months ended March 31, 2024 and 2023 were $1,044 and $1,208, respectively.

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

The Company had the following mortgages and notes payable outstanding as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Mortgages and notes payable	$	59,562	$	60,888
Unamortized debt issuance costs	(719)		(764)
Mortgage notes payable, net	$	58,843	$	60,124

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at March 31, 2024 and December 31, 2023 and all mortgages and notes payable mature between 2028 and 2031 as of March 31, 2024. The weighted-average interest rate at March 31, 2024 and December 31, 2023 was approximately 4.0%, respectively.

The Company had the following senior notes outstanding as of March 31, 2024 and December 31, 2023:

Issue Date	March 31, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
November 2023 (1)	$	300,000	$	300,000	6.750	%	November 2028	99.423	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
	1,298,932		1,298,932
Unamortized debt discount	(4,297)		(4,489)
Unamortized debt issuance costs	(7,924)		(8,298)
Senior notes payable, net	$	1,286,711	$	1,286,145

(1) A portion of the net proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2024 Senior Notes at or near maturity.

Each series of the senior notes is unsecured and require payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of March 31, 2024, are as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)    Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,973 and $3,236 as of March 31, 2024 and December 31, 2023, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at March 31, 2024.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The interest rate at March 31, 2024 was 7.279%. As of March 31, 2024 and December 31, 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,301 and $1,326, respectively, of unamortized debt issuance costs.

The Company capitalized $1,853 and $1,996 of interest expense for the three months ended March 31, 2024 and 2023, respectively.

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Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

Cash Flow Hedges of Interest Rate Risk. The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not incur any ineffectiveness during the three months ended March 31, 2024 and 2023.

During July 2022, the Company transitioned its four interest rate swap agreements with its counterparties to a benchmark rate of Term SOFR. The swaps were designated as cash flow hedges of the risk in variability attributable to changes in the Term SOFR swap rates on its $300,000 SOFR-indexed variable rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire in January 2025. During the next 12 months, the Company estimates that an additional $8,126 will be reclassified as a decrease in interest expense if the swaps remain outstanding.

As of March 31, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Swaps	4	$300,000

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets:

	As of March 31, 2024			As of December 31, 2023
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest Rate Swaps	Other Assets	$	8,370	Other Assets	$	9,471

The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivatives March 31,				Amount of (Income) Loss Reclassified from Accumulated OCI into Income(1) March 31,
Hedging Relationships	2024		2023		2024		2023
Interest Rate Swaps	$	1,715	$	(1,019)	$	(2,816)	$	(2,171)
The Company's share of non-consolidated entity's interest rate cap	147		(45)		(106)		(285)
Total	$	1,862	$	(1,064)	$	(2,922)	$	(2,456)

(1)    Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations.

Total interest expense presented in the unaudited condensed consolidated statements of operations, in which the effects of cash flow hedges are recorded was $16,984 and $11,393 for the three months ended March 31, 2024 and 2023, respectively.

The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of March 31, 2024, the Company had not posted any collateral related to the agreements.

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Lease Accounting

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Accounting

Lease Accounting

Lessor

Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred.

Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before.

Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions.

The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2024 and 2023, the Company did not incur any costs that were not incremental to the execution of leases.

The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties.

Sales-Type Leases. As of March 31, 2024, the Company had one lease that qualified as a sales-type lease.

The Company has one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease (November 2024) and ending on the third anniversary date (November 2025). The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date.

For the three months ended March 31, 2024 and 2023, the interest income earned from sales-type leases of $1,899 and $1,833, respectively, is included in rental revenue in the unaudited condensed consolidated statements of operations.

Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
Classification	2024		2023
Fixed	$	70,012	$	68,087
Sales-type lease income	1,899		1,833
Variable(1)	13,296		13,497
Total	$	85,207	$	83,417

(1)    Primarily comprised of tenant reimbursements.

Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2024 were as follows:

	Operating		Sales-Type
2024 - remainder	$	201,908	$	3,956
2025	259,993		5,473
2026	243,164		5,692
2027	206,865		5,920
2028	176,381		6,156
2029	152,138		6,403
Thereafter	432,562		726,604
Total	$	1,673,011	$	760,204
Difference between undiscounted cash flow and present value			(696,087)
Investment in a sales-type lease			$	64,117

The minimum lease payments above do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, unless such payments are reasonably certain to be received.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.

Lessee

The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2024. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred.

The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate.

The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease.

The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases (years)	8.5		9.2
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:

Income Statement Classification	Fixed		Variable		Total
2024:
Property operating	$	878	$	15	$	893
General and administrative(1)	381		67		448
Total	$	1,259	$	82	$	1,341
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309

(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.

The Company recognized sublease income related to its ground leases in rental revenue of $830 for each of the three months ended March 31, 2024 and 2023.

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:

	Operating Leases
2024 - remainder	$	3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	$	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	$	18,993

Lease Accounting

Lease Accounting

Lessor

Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred.

Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before.

Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions.

The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2024 and 2023, the Company did not incur any costs that were not incremental to the execution of leases.

The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties.

Sales-Type Leases. As of March 31, 2024, the Company had one lease that qualified as a sales-type lease.

The Company has one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease (November 2024) and ending on the third anniversary date (November 2025). The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date.

For the three months ended March 31, 2024 and 2023, the interest income earned from sales-type leases of $1,899 and $1,833, respectively, is included in rental revenue in the unaudited condensed consolidated statements of operations.

Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
Classification	2024		2023
Fixed	$	70,012	$	68,087
Sales-type lease income	1,899		1,833
Variable(1)	13,296		13,497
Total	$	85,207	$	83,417

(1)    Primarily comprised of tenant reimbursements.

Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2024 were as follows:

	Operating		Sales-Type
2024 - remainder	$	201,908	$	3,956
2025	259,993		5,473
2026	243,164		5,692
2027	206,865		5,920
2028	176,381		6,156
2029	152,138		6,403
Thereafter	432,562		726,604
Total	$	1,673,011	$	760,204
Difference between undiscounted cash flow and present value			(696,087)
Investment in a sales-type lease			$	64,117

The minimum lease payments above do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, unless such payments are reasonably certain to be received.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.

Lessee

The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2024. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred.

The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate.

The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease.

The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases (years)	8.5		9.2
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:

Income Statement Classification	Fixed		Variable		Total
2024:
Property operating	$	878	$	15	$	893
General and administrative(1)	381		67		448
Total	$	1,259	$	82	$	1,341
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309

(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.

The Company recognized sublease income related to its ground leases in rental revenue of $830 for each of the three months ended March 31, 2024 and 2023.

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:

	Operating Leases
2024 - remainder	$	3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	$	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	$	18,993

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Allowance for Credit Loss

3 Months Ended

Mar. 31, 2024

Credit Loss [Abstract]

Allowance for Credit Loss

Allowance for Credit Loss

As of March 31, 2024 and December 31, 2023, the Company had a $56 and $61, respectively, credit loss allowance resulting from an investment in a sales-type lease.

The following table details the investment in a sales-type lease as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024
	Amortized cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investment in a sales-type lease	$	64,117	$	(56)	$	64,061	0.09	%
	As of December 31, 2023
Investment in a sales-type lease	$	63,525	$	(61)	$	63,464	0.10	%

	For the Three Months Ended March 31, 2024
	Balance at Beginning of Period		Write-Offs		General Allowance		Balance at End of Period
Allowance for credit loss	$	61	$	—	$	(5)	$	56
	For the Twelve Months Ended December 31, 2023
Allowance for credit loss	$	93	$	—	$	(32)	$	61

As of March 31, 2024, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status.

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Concentration of Risk

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

Concentration of Risk

Concentration of Risk

The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the three months ended March 31, 2024 and 2023, no single tenant represented greater than 10% of rental revenues.

Cash and cash equivalent balances and certain short-term investments at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions.

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Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

Equity

Shareholders' Equity:

During the three months ended March 31, 2024 and 2023, the Company granted common shares to certain employees as follows:

	Three Months Ended March 31,
	2024		2023
Performance Shares:(1)
Shares granted:
Index - 1Q	489,182		407,611
Peer - 1Q	489,177		407,606
Grant date fair value per share:(2)
Index - 1Q	$	6.01	$	6.96
Peer - 1Q	$	5.68	$	6.50
Non-Vested Common Shares:(3)
Shares issued	442,100		376,480
Grant date fair value	$	4,249	$	4,010

(1)    The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a

group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual

number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2024, 119,519

performance shares of the remaining 565,652 issued in 2021 vested.

(2)    The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.

(3)    The shares vest ratably over a three-year service period.

At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts.

During the three months ended March 31, 2024, the Company amended the terms of its ATM program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. During the three months ended March 31, 2024 and 2023, the Company did not sell shares under the ATM program.

Stock Based Compensation. During the three months ended March 31, 2024 and 2023, the Company issued 25,755 and 24,008, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $225 and $240, respectively.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. There were no common shares repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of March 31, 2024.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2024. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of March 31, 2024, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.

If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.

The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.

Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:

	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	9,483	$	17,689
Other comprehensive income (loss) before reclassifications	1,862		(1,064)
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense	(2,922)		(2,456)
Balance at end of period	$	8,423	$	14,169

Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in an operating partnership (“OP units”) as a form of consideration. All OP units, other than OP units owned by the Company, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company has determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 1.13 common shares.

During the three months ended March 31, 2023, 3,572 common shares, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $18. On December 31, 2023, the operating partnership was merged with and into the Company and all outstanding OP units were converted into 822,627 common shares for a total value of $7,800 on a one to 1.13 basis.

The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:

	Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests
	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to LXP Industrial Trust shareholders	$	(269)	$	11,166
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	—		18
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$	(269)	$	11,184

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Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThere were no related party transactions other than those disclosed elsewhere in these unaudited condensed consolidated financial statements.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies.

The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries.

As of March 31, 2024, the Company expects to incur approximately $99,700 excluding noncontrolling interests' share and potential developer fees or partner buyouts, to substantially fund the consolidated development project commitments. As of March 31, 2024, the Company has interests in various industrial land parcels held for development. The Company is unable to estimate the timing of any required funding for the potential development projects on these parcels.

From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations.

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Supplemental Disclosure of Statement of Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Disclosure of Statement of Cash Flow Information

Supplemental Disclosure of Statement of Cash Flow Information

In addition to disclosures discussed elsewhere, during the three months ended March 31, 2024 and 2023, the Company paid $10,799 and $11,320, respectively, for interest and $128 and $126, respectively, for income taxes.

During the three months ended March 31, 2024 and 2023, the Company accrued additions for capital projects of $35,631 and $34,924, respectively.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to LXP Industrial Trust shareholders	$ (269)	$ 11,166

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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The Company and Financial Statement Presentation (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries.

Variable Interest Entity

The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP.

Use of Estimates

Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimated credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates.

Reclassifications

Reclassifications. Certain amounts included in the 2023 unaudited condensed consolidated financial statements have been reclassified to conform to the 2024 presentation.

Recently Issued Accounting Guidance

Recently Issued Accounting Guidance. In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company will continue to evaluate the impact of the guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures that requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the guidance until it becomes effective.

In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require

registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the effectiveness of the new rules pending related litigation. If the stay is lifted and the effective times are unchanged, certain of the disclosure requirements will begin to apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

Lessor

Lessor

Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred.

Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before.

Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions.

The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2024 and 2023, the Company did not incur any costs that were not incremental to the execution of leases.

The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties.

Lessee

Lessee

The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2024. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred.

The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate.

The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease.

The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

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The Company and Financial Statement Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Real estate, net	$	473,092	$	535,118
Total assets	$	561,066	$	626,442
Total liabilities	$	11,659	$	19,549

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
BASIC
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Weighted-average number of common shares outstanding - basic	291,288,383		290,080,508
Net income (loss) attributable to common shareholders - per common share basic	$	(0.01)	$	0.03
DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,931)	$	9,522
Impact of assumed conversions	—		3
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,525
Weighted-average common shares outstanding - basic	291,288,383		290,080,508
Effect of dilutive securities:
Unvested share-based payment awards	—		127,871
Operating partnership units	—		832,087
Weighted-average common shares outstanding - diluted	291,288,383		291,040,466
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.01)	$	0.03

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Preferred shares - Series C	4,710,570	4,710,570

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Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Schedule of Acquired Properties

The Company placed in service the following warehouse/distribution facilities during the three months ended March 31, 2024:

Market (% owned)	Placed in Service Date	Initial Cost Basis(1)		Lease Expiration Date	Land		Building and Improvements
Phoenix, AZ (93%)	February 2024	$	52,767	01/2031	$	9,449	$	43,318
Central Florida (80%) (2)	February 2024	80,825		N/A	10,618		70,207
Indianapolis, IN (80%)(2)	February 2024	64,285		N/A	5,126		59,159
		$	197,877		$	25,193	$	172,684

(1)    Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer fee or developer partner promote, if any.

(2)    The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy.

Schedule of Real Estate Properties

As of March 31, 2024, the details of the development arrangements outstanding are as follows (in $000's, except square feet):

Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost(1)		GAAP Investment Balance as of 3/31/2024(2)		LXP Amount Funded as of 3/31/2024(3)		Actual/Estimated Base Building Completion Date	% Leased as of 3/31/2024
Build-to-Suit Development Projects Leased
Piedmont (100%)(4)	1	Greenville-Spartanburg, SC	625,200	$	74,400	$	26,069	$	5,354	4Q 2024	100	%
Development Projects Available for Lease(5)
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	$	76,900	$	73,242	$	70,266	2Q 2023	—	%
South Shore (100%) (6)	2	Central Florida	213,195	33,500		30,439		30,295		2Q 2023 - 3Q 2023	—	%
Etna Building D (100%)	1	Columbus, OH	250,000	30,200		23,431		22,964		1Q 2024	—	%
	4		1,555,083	$	140,600	$	127,112	$	123,525
	5		2,180,283	$	215,000	$	153,181	$	128,879

(1)    Estimated project cost includes estimated tenant improvements and leasing costs.

(2)    Excludes leasing costs and incomplete costs.

(3)    Excludes noncontrolling interests' share.

(4)    During the three months ended March 31, 2024, the Company acquired a 59.1 acre land parcel for a purchase price of $3,416 and commenced construction of a build-to-suit warehouse/distribution facility subject to a 12-year lease, which is estimated to commence in January 2025.

(5)    Estimated project cost excludes potential developer fee or partner promote, if any.

(6)    During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 21% of the total project, was occupied by the tenant and placed in service.

As of March 31, 2024, the details of the land held for industrial development are as follows (in $000's, except acres):

Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance as of  3/31/2024		LXP Amount Funded as of 3/31/2024 (1)
Reems & Olive (95.5%)	Phoenix, AZ	320	$	73,973	$	74,610
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,329		4,284
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,755
		450	$	81,034	$	80,649

(1)    Excludes noncontrolling interests' share.

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Dispositions and Impairment (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Assets and liabilities of the held for sale properties at March 31, 2024 and December 31, 2023 consisted of the following:

	March 31, 2024		December 31, 2023
Assets:
Real estate, at cost	$	35,777	$	9,018
Real estate, intangible assets	3,536		—
Accumulated depreciation and amortization	(14,452)		—
Other	262		150
	$	25,123	$	9,168
Liabilities:
Accounts payable and other liabilities	$	43	$	5
Deferred revenue	21		53
Prepaid rent	558		359
	$	622	$	417

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Fair Value Measurement Inputs

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:

	Balance		Fair Value Measurements Using
Description	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	8,370	$	—	$	8,370	$	—
	Balance		Fair Value Measurements Using
Description	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	9,471	$	—	$	9,471	$	—
Impaired assets held for sale (1)	$	9,170	$	—	$	—	$	9,170

(1) The Company estimated the fair value of certain real estate assets throughout the year based on a discounted cash flow analysis using a discount rate of 10.0% and a residual capitalization rate of 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

Schedule of Carrying Amounts and Fair Value of Financial Instruments

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Investment in a sales-type lease, net	$	64,061	$	67,540	$	63,464	$	62,500
Liabilities
Debt	$	1,770,400	$	1,635,962	$	1,770,827	$	1,630,066

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Investments in Non-Consolidated Entities (Tables)

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Investments in Non-Consolidated Entities

Below is a schedule of the Company's investments in non-consolidated entities:

	Percentage Ownership at	Investment Balance as of				Equity in earnings (losses) of non-consolidated entities
Investment	March 31, 2024	March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	18,745	$	19,693	$	(990)	$	(802)
NNN Office JV L.P. ("NNN JV")(2)	20%	16,264		16,237		(173)		(132)
Etna Park 70, LLC(3)	90%	9,750		10,320		(70)		(37)
Etna Park East LLC(4)	90%	2,251		2,245		(48)		(33)
BSH Lessee L.P.(5)	25%	—		—		—		4,608
		$	47,010	$	48,495	$	(1,281)	$	3,604

(1)    MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company.

(2)    NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company.

(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

(4)    Joint venture formed in 2019 with a developer entity to acquire a parcel of land.

(5)    A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings (losses) of non-consolidated entities within its unaudited condensed consolidated statements of operations.

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company had the following mortgages and notes payable outstanding as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Mortgages and notes payable	$	59,562	$	60,888
Unamortized debt issuance costs	(719)		(764)
Mortgage notes payable, net	$	58,843	$	60,124

Debt Instrument Redemption

The Company had the following senior notes outstanding as of March 31, 2024 and December 31, 2023:

Issue Date	March 31, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
November 2023 (1)	$	300,000	$	300,000	6.750	%	November 2028	99.423	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
	1,298,932		1,298,932
Unamortized debt discount	(4,297)		(4,489)
Unamortized debt issuance costs	(7,924)		(8,298)
Senior notes payable, net	$	1,286,711	$	1,286,145

(1) A portion of the net proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2024 Senior Notes at or near maturity.

Schedule of Line of Credit Facilities

The maturity dates and interest rates as of March 31, 2024, are as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)    Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,973 and $3,236 as of March 31, 2024 and December 31, 2023, respectively.

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of March 31, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Swaps	4	$300,000

Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets:

	As of March 31, 2024			As of December 31, 2023
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest Rate Swaps	Other Assets	$	8,370	Other Assets	$	9,471

Effect of the Company's Derivative Financial Instruments on the Statements of Operation

The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivatives March 31,				Amount of (Income) Loss Reclassified from Accumulated OCI into Income(1) March 31,
Hedging Relationships	2024		2023		2024		2023
Interest Rate Swaps	$	1,715	$	(1,019)	$	(2,816)	$	(2,171)
The Company's share of non-consolidated entity's interest rate cap	147		(45)		(106)		(285)
Total	$	1,862	$	(1,064)	$	(2,922)	$	(2,456)

(1)    Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations.

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Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
Classification	2024		2023
Fixed	$	70,012	$	68,087
Sales-type lease income	1,899		1,833
Variable(1)	13,296		13,497
Total	$	85,207	$	83,417

(1)    Primarily comprised of tenant reimbursements.

Lessor, Operating Lease, Payments to be Received, Maturity

Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2024 were as follows:

	Operating		Sales-Type
2024 - remainder	$	201,908	$	3,956
2025	259,993		5,473
2026	243,164		5,692
2027	206,865		5,920
2028	176,381		6,156
2029	152,138		6,403
Thereafter	432,562		726,604
Total	$	1,673,011	$	760,204
Difference between undiscounted cash flow and present value			(696,087)
Investment in a sales-type lease			$	64,117

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases (years)	8.5		9.2
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:

Income Statement Classification	Fixed		Variable		Total
2024:
Property operating	$	878	$	15	$	893
General and administrative(1)	381		67		448
Total	$	1,259	$	82	$	1,341
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309

(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:

	Operating Leases
2024 - remainder	$	3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	$	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	$	18,993

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Allowance for Credit Loss (Tables)

3 Months Ended

Mar. 31, 2024

Credit Loss [Abstract]

Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss

The following table details the investment in a sales-type lease as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024
	Amortized cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investment in a sales-type lease	$	64,117	$	(56)	$	64,061	0.09	%
	As of December 31, 2023
Investment in a sales-type lease	$	63,525	$	(61)	$	63,464	0.10	%

	For the Three Months Ended March 31, 2024
	Balance at Beginning of Period		Write-Offs		General Allowance		Balance at End of Period
Allowance for credit loss	$	61	$	—	$	(5)	$	56
	For the Twelve Months Ended December 31, 2023
Allowance for credit loss	$	93	$	—	$	(32)	$	61

As of March 31, 2024, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status.

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Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Common Shares Granted

During the three months ended March 31, 2024 and 2023, the Company granted common shares to certain employees as follows:

	Three Months Ended March 31,
	2024		2023
Performance Shares:(1)
Shares granted:
Index - 1Q	489,182		407,611
Peer - 1Q	489,177		407,606
Grant date fair value per share:(2)
Index - 1Q	$	6.01	$	6.96
Peer - 1Q	$	5.68	$	6.50
Non-Vested Common Shares:(3)
Shares issued	442,100		376,480
Grant date fair value	$	4,249	$	4,010

(1)    The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a

group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual

number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2024, 119,519

performance shares of the remaining 565,652 issued in 2021 vested.

(2)    The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.

(3)    The shares vest ratably over a three-year service period.

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:

	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	9,483	$	17,689
Other comprehensive income (loss) before reclassifications	1,862		(1,064)
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense	(2,922)		(2,456)
Balance at end of period	$	8,423	$	14,169

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net

The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:

	Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests
	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to LXP Industrial Trust shareholders	$	(269)	$	11,166
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	—		18
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$	(269)	$	11,184

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The Company and Financial Statement Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 jointVenture state property
Variable Interest Entity [Line Items]
Number of properties | property	118
Number of states in which entity has interests | state	18
Joint Ventures with Developers
Variable Interest Entity [Line Items]
Number of joint ventures acquired	6
Joint Ventures with Developers | On-Going Development Projects
Variable Interest Entity [Line Items]
Number of joint ventures acquired	4
Joint Ventures with Developers | Land Joint Ventures
Variable Interest Entity [Line Items]
Number of joint ventures acquired	2
Joint Ventures with Developers | Minimum
Variable Interest Entity [Line Items]
Joint venture, ownership percentage	80.00%
Joint Ventures with Developers | Maximum
Variable Interest Entity [Line Items]
Joint venture, ownership percentage	95.50%

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The Company and Financial Statement Presentation - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Real estate, net	$ 3,560,590	$ 3,584,153
Total assets	4,156,368	4,192,775
Total liabilities	1,935,854	1,927,318
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate, net	473,092	535,118
Total assets	561,066	626,442
Total liabilities	$ 11,659	$ 19,549

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Earnings Per Share - Reconciliation of Numerators and Denominators (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BASIC
Net income (loss) attributable to common shareholders	$ (1,931)	$ 9,522
Weighted-average number of common shares outstanding – basic (in shares)	291,288,383	290,080,508
Net income (loss) attributable to common shareholders – per common share basic (in dollars per share)	$ (0.01)	$ 0.03
DILUTED
Impact of assumed conversions	$ 0	$ 3
Net income (loss) attributable to common shareholders, diluted	$ (1,931)	$ 9,525
Effect of dilutive securities:
Unvested share-based payment awards (in shares)	0	127,871
Operating partnership units (in shares)	0	832,087
Weighted-average common shares outstanding - diluted (in shares)	291,288,383	291,040,466
Net income (loss) attributable to common shareholders – per common share diluted (in dollars per share)	$ (0.01)	$ 0.03

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Earnings Per Share - Potentially Dilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Preferred shares - Series C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from the computation of EPS (in shares)	4,710,570	4,710,570

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Investments in Real Estate - Schedule of Real Estate Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Real estate, at cost	$ 3,951,860	$ 3,774,239
Industrial Property
Real Estate [Line Items]
Real estate, at cost	197,877
Land	25,193
Building and Improvements	$ 172,684
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property, Lease Expiring January 2031
Real Estate [Line Items]
Market (% owned)	93.00%
Real estate, at cost	$ 52,767
Land	9,449
Building and Improvements	$ 43,318
Central Florida | Industrial Property | Central Florida Industrial Property, Lease Expiration Date Not Available
Real Estate [Line Items]
Market (% owned)	80.00%
Real estate, at cost	$ 80,825
Land	10,618
Building and Improvements	$ 70,207
Investment Building And Building Improvements, Placed In Service Vacant, Term After Completion	1 year
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property, Lease Expiration Date Not Available
Real Estate [Line Items]
Market (% owned)	80.00%
Real estate, at cost	$ 64,285
Land	5,126
Building and Improvements	$ 59,159

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Investments in Real Estate - Schedule of Real Estate Properties Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) ft² a building	Dec. 31, 2023 USD ($) a
Real Estate [Line Items]
# of Buildings | building	5
Estimated Sq. Ft. | ft²	2,180,283
Estimated Project Cost	$ 215,000
GAAP Investment Balance as of period end	153,181	$ 319,355
Amount Funded as of period end	$ 128,879
Development Projects Available for Lease
Real Estate [Line Items]
# of Buildings | building	4
Estimated Sq. Ft. | ft²	1,555,083
Estimated Project Cost	$ 140,600
GAAP Investment Balance as of period end	127,112
Amount Funded as of period end	$ 123,525
Columbus, Ohio | Etna Building D | Development Projects Available for Lease
Real Estate [Line Items]
Project (% owned)	100.00%
# of Buildings | building	1
Estimated Sq. Ft. | ft²	250,000
Estimated Project Cost	$ 30,200
GAAP Investment Balance as of period end	23,431
Amount Funded as of period end	$ 22,964
% Leased as of period end	0.00%
Central Florida | South Shore | Development Projects Leased
Real Estate [Line Items]
Estimated Sq. Ft. | a		57,690
% Leased as of period end		21.00%
Central Florida | South Shore | Development Projects Available for Lease
Real Estate [Line Items]
Project (% owned)	100.00%
# of Buildings | building	2
Estimated Sq. Ft. | ft²	213,195
Estimated Project Cost	$ 33,500
GAAP Investment Balance as of period end	30,439
Amount Funded as of period end	$ 30,295
% Leased as of period end	0.00%
Greenville-Spartanburg, SC | Smith Farms | Development Projects Available for Lease
Real Estate [Line Items]
Project (% owned)	90.00%
# of Buildings | building	1
Estimated Sq. Ft. | ft²	1,091,888
Estimated Project Cost	$ 76,900
GAAP Investment Balance as of period end	73,242
Amount Funded as of period end	$ 70,266
% Leased as of period end	0.00%
Greenville-Spartanburg, SC | Piedmont | Development Projects Leased
Real Estate [Line Items]
Project (% owned)	100.00%
# of Buildings | building	1
Estimated Sq. Ft. | ft²	625,200
Estimated Project Cost	$ 74,400
GAAP Investment Balance as of period end	26,069
Amount Funded as of period end	$ 5,354
% Leased as of period end	100.00%
Greenville-Spartanburg, SC | Piedmont | Industrial Property | Development Projects Leased
Real Estate [Line Items]
Number of acres purchased | a	59.1
Payments to acquire real estate	$ 3,416
Term of lease	12 years

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Investments in Real Estate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate [Line Items]
Investments in real estate under construction	$ 153,181		$ 319,355
Capitalized interest	1,853	$ 1,996
Development Arrangements Not Placed Into Service
Real Estate [Line Items]
Capitalized interest	$ 1,211	$ 1,794

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Investments in Real Estate - Schedule of Land Held for Development (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) a	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Approx. Developable Acres | a	450
GAAP Investment Balance as of period end	$ 81,034	$ 80,743
LXP Amount Funded as of period end	$ 80,649
Reems & Olive | Phoenix, AZ
Real Estate [Line Items]
Project (% owned)	95.50%
Approx. Developable Acres | a	320
GAAP Investment Balance as of period end	$ 73,973
LXP Amount Funded as of period end	$ 74,610
Mt. Comfort Phase II | Indianapolis, IN
Real Estate [Line Items]
Project (% owned)	80.00%
Approx. Developable Acres | a	116
GAAP Investment Balance as of period end	$ 5,329
LXP Amount Funded as of period end	$ 4,284
ATL Fairburn JV | Atlanta, GA
Real Estate [Line Items]
Project (% owned)	100.00%
Approx. Developable Acres | a	14
GAAP Investment Balance as of period end	$ 1,732
LXP Amount Funded as of period end	$ 1,755

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Dispositions and Impairment - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties held for sale | property	3		2
Impairment charges	$ 0	$ 3,523,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross disposition price		27,910,000
Gain on sale of properties		$ 7,879,000

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Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Real estate, at cost	$ 35,777	$ 9,018
Real estate, intangible assets	3,536	0
Accumulated depreciation and amortization	(14,452)	0
Other	262	150
Assets held for sale	25,123	9,168
Liabilities:
Accounts payable and other liabilities	43	5
Deferred revenue	21	53
Prepaid rent	558	359
Liabilities held for sale	$ 622	$ 417

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Fair Value Measurements - Schedule Fair Value Measurements Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		10.00%
Residual capitalization rate		8.00%
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	$ 8,370	$ 9,471
Fair Value, Recurring | (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	0	0
Fair Value, Recurring | (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	8,370	9,471
Fair Value, Recurring | (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	$ 0	0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired assets held for sale		9,170
Fair Value, Nonrecurring | (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired assets held for sale		0
Fair Value, Nonrecurring | (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired assets held for sale		0
Fair Value, Nonrecurring | (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired assets held for sale		$ 9,170

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Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - (Level 3) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Assets:
Investment in a sales-type lease, net	$ 64,061	$ 63,464
Liabilities
Carrying value of debt	1,770,400	1,770,827
Fair Value
Assets:
Investment in a sales-type lease, net	67,540	62,500
Liabilities
Fair value of debt	$ 1,635,962	$ 1,630,066

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Investments in Non-Consolidated Entities - Schedule of Investment in Non-Consolidated Entities (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) a	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investments in and Advances to Affiliates [Line Items]
Investment Balance as of		$ 47,010		$ 48,495
Equity in earnings (losses) of non-consolidated entities		$ (1,281)	$ 3,604
Approx. Developable Acres | a		450
NNN MFG Cold JV L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		20.00%
Investment Balance as of		$ 18,745		19,693
Equity in earnings (losses) of non-consolidated entities		$ (990)	(802)
NNN Office JV L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		20.00%
Investment Balance as of		$ 16,264		16,237
Equity in earnings (losses) of non-consolidated entities		$ (173)	(132)
Etna Park 70 LLC
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		90.00%
Investment Balance as of		$ 9,750		10,320
Equity in earnings (losses) of non-consolidated entities		$ (70)	(37)
Etna Park East LLC
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		90.00%
Investment Balance as of		$ 2,251		2,245
Equity in earnings (losses) of non-consolidated entities		$ (48)	(33)
BSH Lessee L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		25.00%
Investment Balance as of		$ 0		$ 0
Equity in earnings (losses) of non-consolidated entities		$ 0	$ 4,608
BSH Lessee L.P. | BSH Lessee Joint Venture Properties
Investments in and Advances to Affiliates [Line Items]
Aggregate gain on sale of properties	$ 4,791

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Investments in Non-Consolidated Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Other revenue	$ 1,044	$ 1,658
Investment Advice | Lexington Reality Advisors Inc
Schedule of Investments [Line Items]
Other revenue	$ 1,044	$ 1,208

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Debt - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgages and notes payable	$ 59,562	$ 60,888
Unamortized debt issuance costs	(719)	(764)
Mortgage notes payable, net	$ 58,843	$ 60,124

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Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2007
Debt Instrument [Line Items]
Capitalized interest	$ 1,853,000	$ 1,996,000
Mortgages and Notes Payable
Debt Instrument [Line Items]
Weighted average interest rate	4.00%		4.00%
Trust Preferred Securities | Trust Preferred Securities Due in 2037
Debt Instrument [Line Items]
Face amount of debt instrument				$ 200,000,000
Interest rate, effective percentage	7.279%
Principal amount outstanding	$ 129,120,000		$ 129,120,000
Unamortized debt issuance costs	$ 1,301,000		$ 1,326,000
Trust Preferred Securities | Trust Preferred Securities Due in 2037 | SOFR
Debt Instrument [Line Items]
Adjustment to interest rate	0.26%
Basis spread on variable rate	1.70%
Minimum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Interest rate	3.50%		3.50%
Maximum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Interest rate	4.30%		4.30%

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Debt - Schedule of Debt Instrument Redemption (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgages and notes payable	$ 1,298,932	$ 1,298,932
Unamortized debt discount	(4,297)	(4,489)
Unamortized debt issuance costs	(7,924)	(8,298)
Notes payable, net	1,286,711	1,286,145
November 2023 (1)
Debt Instrument [Line Items]
Mortgages and notes payable	$ 300,000	300,000
Interest rate	6.75%
Percentage of issuance price	99.423%
August 2021
Debt Instrument [Line Items]
Mortgages and notes payable	$ 400,000	400,000
Interest rate	2.375%
Percentage of issuance price	99.758%
August 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 400,000	400,000
Interest rate	2.70%
Percentage of issuance price	99.233%
May 2014
Debt Instrument [Line Items]
Mortgages and notes payable	$ 198,932	$ 198,932
Interest rate	4.40%
Percentage of issuance price	99.883%

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Debt - Schedule of Credit Agreement Terms (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Face amount of debt instrument	$ 300,000,000
Interest rate	2.722%
Unamortized debt issuance costs	$ 2,973,000	$ 3,236,000
Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowings	0
Remaining borrowing capacity	$ 600,000,000
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Adjustment to interest rate	0.10%
Basis spread on variable rate	0.85%
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
SOFR | Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

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Derivatives and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) instrument	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Gain (loss) to be reclassified during next 12 months	$ 8,126
Interest expense	$ 16,984	$ 11,393
Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional amount	$ 300,000

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Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) - Interest Rate Swaps - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	Mar. 31, 2024 USD ($) instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional amount | $	$ 300,000

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Derivatives and Hedging Activities - Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest Rate Swaps | Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	$ 8,370	$ 9,471

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Derivatives and Hedging Activities - Effect of the Company's Derivative Financial Instruments on the Statements of Operation (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ 1,862	$ (1,064)
Amount of (income) loss reclassified from accumulated OCI into income	(2,922)	(2,456)
Interest Rate Swaps
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	1,715	(1,019)
Amount of (income) loss reclassified from accumulated OCI into income	(2,816)	(2,171)
Interest Rate Cap
Derivative [Line Items]
OCI, equity method investment, before reclassification, after tax	147	(45)
OCI, equity method investment, reclassification, after tax	$ (106)	$ (285)

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Lease Accounting - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) a groundLease sales-typeLease $ / ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of sales-type leases | sales-typeLease	1
Sublease income	$ 830
Sales-type lease, interest income	1,899	$ 1,833
Net Investment	$ 64,061		$ 63,464
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (up to)	33 years
Phoenix, AZ
Lessee, Lease, Description [Line Items]
Number of ground leases | groundLease	1
Number of acres, industrial development land parcel | a	100
Purchase option, land, per square foot | $ / ft²	20.00

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Lease Accounting - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed	$ 70,012	$ 68,087
Sales-type lease income	1,899	1,833
Variable	13,296	13,497
Total	$ 85,207	$ 83,417

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Lease Accounting - Future Fixed Rental Receipts (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating
2024 - remainder	$ 201,908
2025	259,993
2026	243,164
2027	206,865
2028	176,381
2029	152,138
Thereafter	432,562
Total	1,673,011
Sales-Type
2024 - remainder	3,956
2025	5,473
2026	5,692
2027	5,920
2028	6,156
2029	6,403
Thereafter	726,604
Total	760,204
Difference between undiscounted cash flow and present value	(696,087)
Investment in a sales-type lease	$ 64,117

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Lease Accounting - Supplemental Balance Sheet Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	8 years 6 months	9 years 2 months 12 days
Weighted-average discount rate, operating leases	4.00%	4.00%

XML

Lease Accounting - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Fixed	$ 1,259	$ 1,263
Variable	82	46
Total	1,341	1,309
Sublease income	830
New York, New York
Lessee, Lease, Description [Line Items]
Sublease income	42
Property operating
Lessee, Lease, Description [Line Items]
Fixed	878	886
Variable	15	7
Total	893	893
General and administrative(1)
Lessee, Lease, Description [Line Items]
Fixed	381	377
Variable	67	39
Total	$ 448	$ 416

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Lease Accounting - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 - remainder	$ 3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	18,993
Present value of lease liabilities, excluding held for sale	$ 18,993	$ 20,233

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Allowance for Credit Loss - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Allowance	$ (56)	$ (61)	$ (61)	$ (93)

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Allowance for Credit Loss - Detail of Investment in Sales-Type Lease (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Credit Loss [Abstract]
Amortized cost	$ 64,117	$ 63,525
Allowance	(56)	(61)	$ (61)	$ (93)
Net Investment	$ 64,061	$ 63,464
Allowance as a % of Amortized Cost	0.0009	0.0010

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Allowance for Credit Loss - Allowance for Sales-type Lease (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 61	$ 93	$ 93
Write-Offs	0	0	0
General Allowance	(5)	(32)	(32)
Balance at End of Period	$ 56	$ 61	$ 61

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Equity - Schedule of Common Shares Granted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares vested measurement period	3 years
Vested in period (in shares)	119,519
Shares issued			565,652
Index - 1Q
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	489,182	407,611
Grant date fair value per share (in dollars per share)	$ 6.01	$ 6.96
Peer - 1Q
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	489,177	407,606
Grant date fair value per share (in dollars per share)	$ 5.68	$ 6.50
Non-vested Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	442,100	376,480
Grant date fair value	$ 4,249	$ 4,010
Vesting period (in years)	3 years

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Equity - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Aug. 31, 2022 shares	Dec. 31, 2021 USD ($)
Equity [Line Items]
Authorized amount (in shares)				10,000,000
Common shares repurchased (in shares)	0
Shares remaining available for repurchase (in shares)	6,874,241
Unsettled repurchases | $	$ 0
Series C cumulative convertible preferred, shares outstanding (in shares)	1,935,400		1,935,400
Series C cumulative convertible preferred, liquidation preference | $	$ 96,770,000		$ 96,770,000
OP unit equivalent in common shares	1.13
Partners capital account, shares issued for units redeemed		3,572	822,627
Partners' capital account, exchanges and conversions | $		$ 18,000	$ 7,800,000
Exchange ratio of partner units (in shares)	1.13
Series C Cumulative Convertible Preferred Stock
Equity [Line Items]
Series C cumulative convertible preferred, shares outstanding (in shares)	1,935,400
Preferred stock, dividend per annum (in dollars per share) | $ / shares	$ 3.25
Series C cumulative convertible preferred, liquidation preference | $	$ 96,770,000
Convertible preferred stock, conversion ratio (in shares)	2.4339
Preferred stock conversion, threshold conversion price percentage (at least)	1.25
Unvested share-based payment awards
Equity [Line Items]
Shares granted (in shares)	25,755	24,008
Grant date fair value | $	$ 225,000	$ 240,000
At-The-Market Program
Equity [Line Items]
Sale of stock, authorized amount (up to) | $					$ 350,000,000

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Equity - Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,265,457	$ 2,391,003
Ending balance	2,220,514	2,360,762
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	9,483	17,689
Ending balance	8,423	14,169
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	1,862	(1,064)
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense	$ (2,922)	$ (2,456)

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Equity - Effects of Changes in Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Net income (loss) attributable to LXP Industrial Trust shareholders	$ (269)	$ 11,166
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	0	18
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$ (269)	$ 11,184

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Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Etna Park 70 LLC
Real Estate Properties [Line Items]
Real estate investment property, estimated cost in 2024	$ 99,700

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Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 10,799	$ 11,320
Income taxes paid, net	128	126
Noncash increase to real estate investments under construction	$ 35,631	$ 34,924