	PAGE

SUMMARY / HIGHLIGHTS	3

FINANCIAL DATA
CONSOLIDATED BALANCE SHEETS	4
CONSOLIDATED STATEMENTS OF OPERATIONS	5
NON-GAAP FINANCIAL DATA	6
SELECT CREDIT METRICS SUMMARY	10
OTHER FINANCIAL DATA	11

CAPITAL DEPLOYMENT / RECYCLING
QUARTERLY INVESTMENTS / CAPITAL RECYCLING	12
DEVELOPMENT SUMMARY	13
CAPITAL EXPENDITURES AND LEASING COSTS	14

PORTFOLIO DATA
PORTFOLIO DATA	15
SAME STORE DATA	16
PORTFOLIO DETAIL BY ASSET CLASS	17
PORTFOLIO COMPOSITION	18
INDUSTRIAL MARKETS AND INDUSTRIES	19
INDUSTRIAL PORTFOLIO DETAIL	20

	PAGE

TENANT DATA
TOP 15 TENANTS	21
QUARTERLY LEASING SUMMARY	22
LEASE ROLLOVER SCHEDULES	24
PROPERTY LEASES AND VACANCIES	26

DEBT
MORTGAGES AND NOTES PAYABLE	37
DEBT MATURITY SCHEDULE	39
DEBT COVENANTS	40

COMPONENTS OF NET ASSET VALUE	41

NON-GAAP MEASURES DEFINITIONS	42

INVESTOR INFORMATION	46

This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”), which may cause actual results, performance or achievements of Lexington and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, risks related to: (1) the potential adverse impact on Lexington or its tenants from the novel coronavirus (COVID-19), (2) the authorization of Lexington’s Board of Trustees of future dividend declarations, (3) the successful consummation of any lease, acquisition, build-to-suit, development project, disposition, financing or other transaction on the terms described herein or at all, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

Lexington is a real estate investment trust (“REIT”) focused on single-tenant industrial real estate investments. Lexington has been a publicly traded REIT since 1993 (NYSE: LXP). Lexington’s investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities. Lexington announced an increase in the annualized dividend to $0.48 per common share.

Markets ⁽¹⁾	Percent of Base Rent as of 9/30/2021 ⁽²⁾
Memphis, TN	7.7	%
Houston, TX	6.9	%
Greenville/Spartanburg, SC	6.1	%
Dallas/Ft Worth, TX	5.7	%
Atlanta, GA	5.5	%
Phoenix, AZ	5.2	%
Cincinnati/Dayton, OH	5.1	%
Chicago, IL	5.0	%
Nashville, TN	4.5	%
Detroit, MI	4.1	%
Savannah, GA	2.7	%
Jackson, MS	2.5	%
St. Louis, MO	2.5	%
Indianapolis, IN	2.4	%
DC/Baltimore, MD	2.3	%
Central Florida	2.2	%
New York/New Jersey	2.0	%
Columbus, OH	2.0	%
Cleveland, OH	2.0	%
Charlotte, NC	1.9	%
Total Industrial Portfolio Concentration ⁽³⁾	78.3	%

Industries	Percent of Base Rent as of 9/30/2021 ⁽²⁾
Consumer Products	23.1	%
Automotive	19.2	%
Food	15.7	%
E-Commerce	14.5	%
Transportation/Logistics	11.1	%
Construction/Materials	9.0	%
Apparel	2.3	%
Specialty	1.6	%
Technology	1.2	%
Aerospace/Defense	1.1	%
Retail Department	0.7	%
Printing/Production	0.3	%
Other	0.2	%

Total Industrial Portfolio Concentration ⁽³⁾	100.0	%

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Supplemental Information and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund operations. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington’s financial performance or cash flow from operating, investing, or financing activities or liquidity.

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (losses), net, non-cash charges, net, straight-line adjustments, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements and lease termination income and to include ancillary income. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. Lexington believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio. The following is a reconciliation of rental revenue to Base Rent.

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. Lexington believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs. The following is a reconciliation of Base Rent to Cash Base Rent.

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for second generation tenant improvements, and (8) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

First Generation Costs: Represents cash spend for tenant improvements, leasing costs and base building work for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, Lexington’s presentation may not be comparable to similarly titled measures of other companies.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“REIT”). Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

Lexington presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington’s real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington’s historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income, net) and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington’s NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington’s Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington’s operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington’s financial performance since it does not reflect the operations of Lexington’s entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington’s results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation.

For the 12/31/2020, 12/31/2019 and 12/31/2018 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information.

One Penn Plaza, Suite 4015 | New York, NY 10119-4015 | (212) 692-7200 | www.lxp.com

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One Penn Plaza, Suite 4015, New York, New York	10119-4015
(Address of principal executive offices)	(Zip Code)

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

99.1	Press Release dated November 4, 2021
99.2	Quarterly Supplemental Information, Third Quarter 2021
99.3	November 4, 2021 Conference Call Transcript
104	Cover Page Interactive Data File (embedded within the XBRL document)

Date: November 5, 2021	Lexington Realty Trust

	By:	/s/ Beth Boulerice
		Beth Boulerice
		Chief Financial Officer

ACQUISITION TRANSACTIONS
Property Type	Market	Sq. Ft.	Initial Basis ($000)		Approximate Lease Term (Yrs)⁽¹⁾	% Leased at Acquisition
Warehouse/distribution	Greenville-Spartanburg, SC	275,400	$	29,421	8	100%
Warehouse/distribution	Greenville-Spartanburg, SC	235,600	26,106		9	100%
Warehouse/distribution⁽²⁾	Greenville-Spartanburg, SC	195,000	18,394		N/A	—%
Warehouse/distribution	Greenville-Spartanburg, SC	327,360	31,646		5	100%
Warehouse/distribution	Columbus, OH	292,730	29,265		8	100%

		1,326,090	$	134,832

DEVELOPMENT PROJECTS
Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost ($000)		GAAP Investment Balance as of 9/30/2021 ($000)		LXP Amount Funded as of 9/30/2021 ($000)		Estimated Building Completion Date	Approx. Lease Term	% Leased as of 9/30/2021
Consolidated:
Fairburn (87%)⁽¹⁾⁽²⁾	1	Atlanta, GA	907,675	$	53,800	$	47,551	$	43,900	2Q 2021	TBD	—	%
KeHE Distributors, BTS (100%)	1	Phoenix, AZ	468,182	72,000		60,044		52,329		4Q 2021	15	100	%
Mt. Comfort (80%)⁽¹⁾	1	Indianapolis, IN	1,053,360	60,300		15,808		9,912		2Q 2022	TBD	—	%
Smith Farms (90%)⁽¹⁾	3	Greenville-Spartanburg, SC	1,939,524	132,800		17,609		13,396		2Q 2022	TBD	—	%
Cotton 303 (93%)⁽¹⁾	2	Phoenix, AZ	880,678	84,200		23,636		20,339		2Q 2022	TBD	—	%
Ocala (80%)⁽¹⁾	1	Central Florida	1,085,280	80,900		21,056		15,093		3Q 2022	TBD	—	%
				$	484,000	$	185,704	$	154,969

Non-consolidated:
ETNA Park 70 (90%)⁽³⁾	TBD	Columbus, OH	TBD	TBD		$	12,857	$	13,321	TBD	TBD	—	%
ETNA Park 70 East (90%)⁽³⁾	TBD	Columbus, OH	TBD	TBD		7,979		8,176		TBD	TBD	—	%
						$	20,836	$	21,497

PROPERTY DISPOSITIONS
Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income⁽¹⁾ ($000)		Annualized NOI⁽¹⁾ ($000)		Month of Disposition	% Leased
Mission, TX⁽²⁾	Office	$	10,426	$	963	$	1,033	July	100	%
Venice, FL⁽²⁾	Other	19,261		1,744		1,423		July	100	%
Baltimore, MD⁽²⁾	Other	5,682		305		309		July	100	%

		$	35,369	$	3,012	$	2,765

LEASING

	LEASE EXTENSIONS

	Location		Prior Term	Lease Expiration Date	Sq. Ft.
	Industrial
1	Antioch	TN	08/2021	09/2026	67,200
2	Shreveport	LA	03/2022	08/2027	257,849

2	Total industrial lease extensions				325,049

	NEW LEASES

	Location		Lease Expiration Date	Sq. Ft.
	Industrial
1	Monroe	OH	02/2032	143,664
2	Statesville	NC	10/2026	639,800
3	Lakeland⁽¹⁾	FL	01/2027	68,420
4	Olive Branch	MS	08/2024	1,170,218
5	Kalamazoo	MI	10/2028	9,431
6	Kalamazoo	MI	10/2023	9,981
7	Duncan⁽¹⁾	SC	01/2027	195,000

7	Total new industrial leases			2,236,514

9	TOTAL NEW AND EXTENDED INDUSTRIAL LEASES			2,561,563

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Gross revenues:
Rental revenue	$	82,353	$	83,592	$	254,570	$	243,421
Other revenue	1,064		922		2,945		3,712
Total gross revenues	83,417		84,514		257,515		247,133
Expense applicable to revenues:
Depreciation and amortization	(45,359)		(40,555)		(130,579)		(120,869)
Property operating	(11,406)		(11,343)		(33,966)		(31,895)
General and administrative	(8,363)		(7,232)		(24,695)		(22,612)
Non-operating income	472		40		953		314
Interest and amortization expense	(12,210)		(13,649)		(35,170)		(42,610)
Debt satisfaction gains (losses), net	(13,222)		17,557		(13,222)		18,950
Impairment charges	(2,048)		(6,175)		(2,048)		(7,792)
Gains on sales of properties	16,122		20,878		104,767		41,876
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities	7,403		44,035		123,555		82,495
Provision for income taxes	(270)		(286)		(986)		(1,361)
Equity in earnings (losses) of non-consolidated entities	(75)		(131)		(249)		35
Net income	7,058		43,618		122,320		81,169
Less net income attributable to noncontrolling interests	(420)		(1,714)		(1,962)		(2,245)
Net income attributable to Lexington Realty Trust shareholders	6,638		41,904		120,358		78,924
Dividends attributable to preferred shares – Series C	(1,573)		(1,573)		(4,718)		(4,718)
Allocation to participating securities	(37)		(46)		(170)		(118)
Net income attributable to common shareholders	$	5,028	$	40,285	$	115,470	$	74,088

Net income attributable to common shareholders - per common share basic	$	0.02	$	0.15	$	0.42	$	0.28
Weighted-average common shares outstanding – basic	278,124,204		274,696,046		276,379,718		264,211,668

Net income attributable to common shareholders - per common share diluted	$	0.02	$	0.15	$	0.41	$	0.28
Weighted-average common shares outstanding – diluted	282,048,458		276,022,762		278,581,849		265,446,221

	September 30, 2021		December 31, 2020

Assets:
Real estate, at cost	$	3,721,870	$	3,514,564
Real estate - intangible assets	402,365		409,293
Investments in real estate under construction	185,704		75,906
Real estate, gross	4,309,939		3,999,763
Less: accumulated depreciation and amortization	911,410		884,465
Real estate, net	3,398,529		3,115,298
Assets held for sale	30,145		16,530
Right-of-use assets, net	29,067		31,423
Cash and cash equivalents	150,077		178,795
Restricted cash	373		626
Investments in non-consolidated entities	51,021		56,464
Deferred expenses, net	13,289		15,901
Rent receivable – current	1,998		2,899
Rent receivable – deferred	71,317		66,959
Other assets	12,661		8,331
Total assets	$	3,758,477	$	3,493,226

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	115,633	$	136,529
Term loan payable, net	298,320		297,943
Senior notes payable, net	987,590		779,275
Trust preferred securities, net	127,570		127,495
Dividends payable	34,283		35,401
Liabilities held for sale	1,122		790
Operating lease liabilities	30,109		32,515
Accounts payable and other liabilities	59,681		55,208
Accrued interest payable	5,638		6,334
Deferred revenue - including below market leases, net	15,490		17,264
Prepaid rent	14,679		13,335
Total liabilities	1,690,115		1,502,089

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 400,000,000 shares,
282,638,707 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively	28		28
Additional paid-in-capital	3,239,850		3,196,315
Accumulated distributions in excess of net income	(1,276,134)		(1,301,726)
Accumulated other comprehensive loss	(10,891)		(17,963)
Total shareholders’ equity	2,046,869		1,970,670
Noncontrolling interests	21,493		20,467
Total equity	2,068,362		1,991,137
Total liabilities and equity	$	3,758,477	$	3,493,226

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
EARNINGS PER SHARE:

Basic:
Net income attributable to common shareholders	$	5,028	$	40,285	$	115,470	$	74,088

Weighted-average number of common shares outstanding - basic	278,124,204		274,696,046		276,379,718		264,211,668

Net income attributable to common shareholders - per common share basic	$	0.02	$	0.15	$	0.42	$	0.28

Diluted:
Net income attributable to common shareholders	$	5,028	$	40,285	$	115,470	$	74,088

Weighted-average common shares outstanding - basic	278,124,204		274,696,046		276,379,718		264,211,668
Effect of dilutive securities:
Shares issuable under forward sales agreements	2,765,030		—		1,290,968		—
Unvested share-based payment awards and options	1,159,224		1,326,716		911,163		1,234,553
Weighted-average common shares outstanding - diluted	282,048,458		276,022,762		278,581,849		265,446,221

Net income attributable to common shareholders - per common share diluted	$	0.02	$	0.15	$	0.41	$	0.28

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2021		2020		2021		2020
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders		$	5,028	$	40,285	$	115,470	$	74,088
Adjustments:
	Depreciation and amortization	44,652		39,858		128,442		118,605
	Impairment charges - real estate	2,048		6,175		2,048		7,792
	Noncontrolling interests - OP units	240		1,518		1,391		1,702
	Amortization of leasing commissions	707		697		2,137		2,264
	Joint venture and noncontrolling interest adjustment	2,115		2,094		6,344		6,463
	Gains on sales of properties, including non-consolidated entities	(16,122)		(20,886)		(104,767)		(42,433)
FFO available to common shareholders and unitholders - basic		38,668		69,741		151,065		168,481
	Preferred dividends	1,573		1,573		4,718		4,718
	Amount allocated to participating securities	37		46		170		118
FFO available to all equityholders and unitholders - diluted		40,278		71,360		155,953		173,317
	Transaction costs	64		1		205		81
	Debt satisfaction gains (losses), net, including non-consolidated entities	13,222		(17,522)		13,222		(18,894)
Adjusted Company FFO available to all equityholders and unitholders - diluted		53,564		53,839		169,380		154,504

FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
	Straight-line adjustments	(3,196)		(3,995)		(8,146)		(10,224)
	Lease incentives	192		214		605		732
	Amortization of above/below market leases	(314)		(435)		(1,211)		(1,110)
	Lease termination payments, net	(662)		(211)		881		70
	Non-cash interest, net	110		293		351		1,081
	Non-cash charges, net	1,766		1,663		5,341		4,984
	Second generation tenant improvements	(3,443)		(2,332)		(4,178)		(9,453)
	Second generation lease costs	(2,287)		(550)		(5,341)		(4,969)
	Joint venture and noncontrolling interest adjustment	(54)		(146)		(181)		(330)
Company Funds Available for Distribution		$	45,676	$	48,340	$	157,501	$	135,285

Per Common Share and Unit Amounts
Basic:
	FFO	$	0.14	$	0.25	$	0.54	$	0.63

Diluted:
	FFO	$	0.14	$	0.25	$	0.55	$	0.63
	Adjusted Company FFO	$	0.19	$	0.19	$	0.59	$	0.57

Basic:
	Weighted-average common shares outstanding - basic EPS	278,124,204		274,696,046		276,379,718		264,211,668
	Operating partnership units⁽¹⁾	1,161,757		3,060,436		2,263,105		3,100,309
	Weighted-average common shares outstanding - basic FFO	279,285,961		277,756,482		278,642,823		267,311,977

Diluted:
	Weighted-average common shares outstanding - diluted EPS	282,048,458		276,022,762		278,581,849		265,446,221
	Operating partnership units⁽¹⁾	1,161,757		3,060,436		2,263,105		3,100,309
	Unvested share-based payment awards	53,320		19,261		35,645		19,813
	Preferred shares - Series C	4,710,570		4,710,570		4,710,570		4,710,570
	Weighted-average common shares outstanding - diluted FFO	287,974,105		283,813,029		285,591,169		273,276,913

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES

2021 EARNINGS GUIDANCE
	Twelve Months Ended December 31, 2021
	Range
Estimated:
Net income attributable to common shareholders per diluted common share⁽¹⁾	$	0.52	$	0.55
Depreciation and amortization	0.65		0.65
Impact of capital transactions	(0.42)		(0.42)
Estimated Adjusted Company FFO per diluted common share	$	0.75	$	0.78


Quarterly Highlights	Portfolio Statistics

- Net Income - $0.02 per diluted common share	# of Properties:	138

- Adjusted Company FFO - $0.19 per diluted common share	# of States:	28

- Completed 2.6 million square feet of new leases and lease extensions	Square Footage:	57.7 million

- Acquired five warehouse/distribution properties for an aggregate cost of $134.8 million	Ongoing Development Projects:	8

- Commenced development of five warehouse/distribution properties comprising an aggregate of 2.8 million square feet in the Greenville-Spartanburg, South Carolina and Phoenix, Arizona markets	Stabilized Portfolio% Leased:	98.9%

- Invested an aggregate of $57.3 million in eight ongoing development projects	# of Leases:	164

- Disposed of three properties for an aggregate gross disposition price of $35.4 million	% Industrial:	94.9%

-Issued $400.0 million aggregate principal amount of 2.375% Senior Notes due 2031 and redeemed all$188.8 million aggregate principal amount of 4.25% Senior Notes due 2023	Weighted-Average Lease Term (Cash Basis):	6.6 years

- Net Debt to Adjusted EBITDA ratio was 5.4x at quarter end	Weighted-Average Age:	11.5 years

	September 30, 2021			December 31, 2020
Assets:
Real estate, at cost	$	3,721,870		$	3,514,564
Real estate - intangible assets		402,365			409,293
Investments in real estate under construction		185,704			75,906
Real estate, gross		4,309,939			3,999,763
Less: accumulated depreciation and amortization		911,410			884,465
Real estate, net		3,398,529			3,115,298
Assets held for sale		30,145			16,530
Right-of-use assets, net		29,067			31,423
Cash and cash equivalents		150,077			178,795
Restricted cash		373			626
Investments in non-consolidated entities		51,021			56,464
Deferred expenses, net		13,289			15,901
Rent receivable - current		1,998			2,899
Rent receivable - deferred		71,317			66,959
Other assets		12,661			8,331
Total assets	$	3,758,477		$	3,493,226

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	115,633		$	136,529
Term loan payable, net		298,320			297,943
Senior notes payable, net		987,590			779,275
Trust preferred securities, net		127,570			127,495
Dividends payable		34,283			35,401
Liabilities held for sale		1,122			790
Operating lease liabilities		30,109			32,515
Accounts payable and other liabilities		59,681			55,208
Accrued interest payable		5,638			6,334
Deferred revenue - including below market leases, net		15,490			17,264
Prepaid rent		14,679			13,335
Total liabilities		1,690,115			1,502,089

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 issues and outstanding		94,016			94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 282,638,707 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively		28			28
Additional paid-in-capital		3,239,850			3,196,315
Accumulated distributions in excess of net income		(1,276,134	)		(1,301,726	)
Accumulated other comprehensive loss		(10,891	)		(17,963	)
Total shareholders’ equity		2,046,869			1,970,670
Noncontrolling interests		21,493			20,467
Total equity		2,068,362			1,991,137
Total liabilities and equity	$	3,758,477		$	3,493,226

	Three months ending September 30,						Nine months ending September 30,
	2021			2020			2021			2020
Gross revenues:
Rental revenue	$	82,353		$	83,592		$	254,570		$	243,421
Other revenue		1,064			922			2,945			3,712
Total gross revenues		83,417			84,514			257,515			247,133
Expenses applicable to revenues:
Depreciation and amortization		(45,359	)		(40,555	)		(130,579	)		(120,869	)
Property operating		(11,406	)		(11,343	)		(33,966	)		(31,895	)
General and administrative		(8,363	)		(7,232	)		(24,695	)		(22,612	)
Non-operating income		472			40			953			314
Interest and amortization expense		(12,210	)		(13,649	)		(35,170	)		(42,610	)
Debt satisfaction gains (losses), net		(13,222	)		17,557			(13,222	)		18,950
Impairment charges		(2,048	)		(6,175	)		(2,048	)		(7,792	)
Gains on sales of properties		16,122			20,878			104,767			41,876
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		7,403			44,035			123,555			82,495
Provision for income taxes		(270	)		(286	)		(986	)		(1,361	)
Equity in earnings (losses) of non-consolidated entities		(75	)		(131	)		(249	)		35
Net income		7,058			43,618			122,320			81,169
Less net income attributable to noncontrolling interests		(420	)		(1,714	)		(1,962	)		(2,245	)
Net income attributable to Lexington Realty Trust shareholders		6,638			41,904			120,358			78,924
Dividends attributable to preferred shares - Series C		(1,573	)		(1,573	)		(4,718	)		(4,718	)
Allocation to participating securities		(37	)		(46	)		(170	)		(118	)
Net income attributable to common shareholders	$	5,028		$	40,285		$	115,470		$	74,088

Net income attributable to common shareholders - per common share basic	$	0.02		$	0.15		$	0.42		$	0.28
Weighted-average common shares outstanding - basic		278,124,204			274,696,046			276,379,718			264,211,668

Net income attributable to common shareholders - per common share diluted	$	0.02		$	0.15		$	0.41		$	0.28
Weighted-average common shares outstanding - diluted		282,048,458			276,022,762			278,581,849			265,446,221

	9/30/2021			6/30/2021			3/31/2021			12/31/2020			Trailing 12 Months
Net income attributable to
Lexington Realty Trust shareholders	$	6,638		$	72,678		$	41,042		$	104,378		$	224,736
Interest and amortization expense		12,210			11,474			11,486			12,591			47,761
Provision for income taxes		270			344			372			223			1,209
Depreciation and amortization		45,359			43,044			42,176			40,723			171,302
Straight-line adjustments		(3,196	)		(2,930	)		(2,020	)		(3,430	)		(11,576	)
Lease incentives		192			194			219			189			794
Amortization of above/below market leases		(314	)		(437	)		(460	)		(470	)		(1,681	)
Gains on sales of properties		(16,122	)		(66,726	)		(21,919	)		(97,163	)		(201,930	)
Impairment charges		2,048			-			-			6,668			8,716
Debt satisfaction (gains) losses, net		13,222			-			-			(2,502	)		10,720
Non-cash charges, net		1,766			1,811			1,764			1,690			7,031

Pro-rata share adjustments:
Non-consolidated entities adjustment		2,837			2,854			2,839			2,925			11,455
Noncontrolling interests adjustment		228			923			252			617			2,020

Adjusted EBITDA	$	65,138		$	63,229		$	75,751		$	66,439		$	270,557

	12/31/2018	12/31/2019	12/31/2020	9/30/2021
Adjusted Company FFO Payout Ratio	74.0%	51.6%	55.6%	54.7%

Unencumbered Assets	$2.8 billion	$3.3 billion	$3.8 billion	$4.1 billion

Unencumbered NOI	71.5%	84.1%	89.3%	91.5%

(Debt + Preferred) / Gross Assets	40.3%	34.5%	32.5%	34.6%

Debt/Gross Assets	37.8%	32.1%	30.4%	32.6%

Secured Debt / Gross Assets	14.5%	9.6%	3.1%	2.5%

Net Debt / Adjusted EBITDA	4.7x	4.9x	4.8x	5.4x

(Net Debt + Preferred) / Adjusted EBITDA	5.0x	5.3x	5.1x	5.7x

Credit Facilities Availability ⁽²⁾	$505.0 million	$600.0 million	$600.0 million	$600.0 million

Unsecured Debt / Unencumbered NOI	4.9x	4.6x	5.3x	6.1x

Year	Base Rent ⁽¹⁾		Cash Base Rent ⁽¹⁾		Difference
2021 - remaining	$	71,964	$	67,842	$	(4,122	)
2022		281,974		275,855		(6,119	)


Balance Sheet
Other assets	$	12,661

The components of other assets are:

Deposits	$	3,054
Equipment		425
Prepaids		2,529
Note receivable		1,495
Other receivables		842
Deferred lease incentives		4,316

Accounts payable and other liabilities

The components of accounts payable and other liabilities are:	$	59,681

Accounts payable and accrued expenses	$	21,226
CIP accruals and other		20,540
Taxes		240
Deferred lease costs		2,181
Deposits		4,555
Transaction costs		48
Derivative liability		10,891

Footnote
(1)	Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 9/30/2021, and (iii) no properties are sold or acquired after 9/30/2021.


PROPERTY ACQUISITIONS

	Property Type	Market		Square Feet		Initial Basis ($000)		Month Closed	Primary Lease Expiration		Percent Leased at Acquisition
1	Warehouse/distribution	Greenville-Spartanburg	SC		275,400	$	29,421	July		04/2029		100	%
2	Warehouse/distribution	Greenville-Spartanburg	SC		235,600		26,106	July		12/2029		100	%
3	Warehouse/distribution ⁽¹⁾	Greenville-Spartanburg	SC		195,000		18,394	July		N/A		-	%
4	Warehouse/distribution	Greenville-Spartanburg	SC		327,360		31,646	July		09/2026		100	%
5	Warehouse/distribution	Columbus	OH		292,730		29,265	August		11/2029		100	%

5	TOTAL PROPERTY INVESTMENTS				1,326,090	$	134,832


CAPITAL RECYCLING

	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) ⁽¹⁾		Annualized NOI ($000)⁽¹⁾		Month of Disposition	% Leased			Gross Disposition Price PSF
1	Mission⁽²⁾	TX	Office	$	10,426	$	963	$	1,033	July		100	%	$	138.99
2	Venice⁽²⁾⁽³⁾	FL	Other		19,261		1,744		1,423	July		100	%		617.72
3	Baltimore⁽²⁾⁽³⁾	MD	Other		5,682		305		309	July		100	%		-

3	TOTAL PROPERTY DISPOSITIONS			$	35,369	$	3,012	$	2,765

	Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost ($000)		GAAP Investment Balance as of 9/30/2021 ($000) ⁽¹⁾		Lexington Amount Funded as of 9/30/2021 ($000)		Estimated Building Completion Date	Approximate Lease Term (Yrs)	% Leased as of 9/30/2021

Consolidated

1	Fairburn (87%) ⁽²⁾⁽³⁾	1	Atlanta, GA	907,675	$	53,800	$	47,551	$	43,900	2Q 2021	TBD	0%
2	KeHE Distributors BTS (100%)	1	Phoenix, AZ	468,182		72,000		60,044		52,329	4Q 2021	15	100%
3	Mt. Comfort (80%)⁽²⁾	1	Indianapolis, IN	1,053,360		60,300		15,808		9,912	2Q 2022	TBD	0%
4	Smith Farms (90%)⁽²⁾	3	Greenville-Spartanburg, SC	1,939,524		132,800		17,609		13,396	2Q 2022	TBD	0%
5	Cotton 303 (93%)⁽²⁾	2	Phoenix, AZ	880,678		84,200		23,636		20,339	2Q 2022	TBD	0%
6	Ocala (80%)⁽²⁾	1	Central Florida	1,085,280		80,900		21,056		15,093	3Q 2022	TBD	0%

6	Total Consolidated Development Projects				$	484,000	$	185,704	$	154,969


Non - Consolidated

1	ETNA Park 70 (90%) ⁽⁴⁾	TBD	Columbus, OH	TBD		TBD	$	12,857	$	13,321	TBD	TBD	0%
2	ETNA Park 70 East (90%) ⁽⁴⁾	TBD	Columbus, OH	TBD		TBD		7,979		8,176	TBD	TBD	0%

2	Total Non-Consolidated Development Projects						$	20,836	$	21,497

8	Total Development Projects						$	206,540	$	176,466

	Base Rent
Asset Class	Nine months ended
	9/30/2021⁽¹⁾		9/30/2021 Percentage			9/30/2020 Percentage
Industrial	$	188,373		91.4	%		80.9	%
Office/Other		17,723		8.6	%		19.1	%
	$	206,096		100.0	%		100.0	%

	Base Rent
Credit Ratings ⁽²⁾	Nine months ended
	9/30/2021⁽¹⁾		9/30/2021 Percentage			9/30/2020 Percentage
Investment Grade	$	100,281		48.7	%		52.2	%
Non-Investment Grade		37,841		18.3	%		20.7	%
Unrated		67,974		33.0	%		27.1	%
	$	206,096		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis			As of 9/30/2021			As of 9/30/2020
			6.6 years			7.8 years

Same-Store NOI ⁽¹⁾							Same-Store NOI by Components ⁽¹⁾

	Consolidated						Industrial						Office/Other
	Nine months ended September 30,						Nine months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020			2021			2020
Total Cash Base Rent	$	170,269		$	169,229		$	151,257		$	149,574		$	19,012		$	19,655
Tenant Reimbursements		21,071			20,086			15,579			14,965			5,492			5,121
Property Operating Expenses		(25,400	)		(24,518	)		(18,221	)		(17,732	)		(7,179	)		(6,786	)
Same-Store NOI	$	165,940		$	164,797		$	148,615		$	146,807		$	17,325		$	17,990

Change in Same-Store NOI⁽²⁾		0.7	%					1.2	%					-3.7	%

Same-Store Statistics ⁽³⁾							Same-Store Statistics by Components ⁽³⁾

	Consolidated						Industrial						Office/Other
	As of 9/30/2021			As of 9/30/2020			As of 9/30/2021			As of 9/30/2020			As of 9/30/2021			As of 9/30/2020

Same-Store # of Properties		106			106			94			94			12		12

Same-Store Percent Leased		98.7	%		99.8	%		99.0	%		99.8	%		88.5	%	96.8	%

Asset Class	YE 2018 ⁽¹⁾			YE 2019			YE 2020			9/30/2021
Industrial
% of Cost ⁽²⁾		71.2	%		81.5	%		90.8	%		94.9	%
% of ABR ⁽³⁾		65.4	%		75.5	%		86.3	%		91.4	%
% Leased ⁽⁴⁾		96.3	%		97.9	%		98.7	%		99.2	%
Wtd. Avg. Lease Term ⁽⁵⁾		9.7			8.3			7.4			6.9
Mortgage Debt	$	206,006		$	109,939		$	105,419		$	101,855
% Investment Grade ⁽³⁾		31.6	%		45.9	%		50.8	%		50.6	%
Square Feet		41,447,962			48,742,014			53,938,155			56,216,962

Office/Other
% of Cost ⁽²⁾		28.8	%		18.5	%		9.2	%		5.1	%
% of ABR ⁽³⁾⁽⁶⁾		34.6	%		24.5	%		13.7	%		8.6	%
% Leased		87.1	%		85.8	%		89.3	%		88.5	%
Wtd. Avg. Lease Term ⁽⁵⁾		7.2			8.5			7.2			3.2
Mortgage Debt	$	369,508		$	283,933		$	32,993		$	15,420
% Investment Grade ⁽³⁾		53.2	%		57.3	%		42.0	%		27.6	%
Square Feet		6,111,588			3,876,294			2,171,633			1,457,981

Construction in progress ⁽⁷⁾	$	1,840		$	15,208		$	79,022		$	188,692

(1)	Based on gross book value of real estate assets as of 9/30/2021, excludes held for sale assets.
(2)	Based on gross book value of real estate assets as of 9/30/2021, 12/31/2020, 12/31/2019, 12/31/2018 and 12/31/2017, as applicable and excludes held for sale assets.

Footnotes
(1)	Based on CoStar.com inventory data.
(2)	Nine months ended 9/30/2021 Base Rent recognized for consolidated industrial properties owned as of 9/30/2021.
(3)	Total shown may differ from detailed amounts due to rounding.


	Warehouse/ Distribution	Cold Storage	Heavy Manufacturing	Light Manufacturing
# of Properties	100	4	13	9

Square Feet	48,243,747	925,616	4,751,345	2,296,254

% of Industrial Base Rent⁽²⁾	81%	5%	8%	6%

Weighted-Average Age (Years)⁽³⁾	9.2	9.2	26.6	21.5

Weighted-Average Cash Base Rent per SF⁽⁴⁾	$3.97	$12.73	$4.40	$5.95

Weighted-Average Lease Term (Cash Basis - Years)	6.6	10.4	6.1	10.0

Average Annual Rent Escalation⁽⁵⁾	2.6%	1.4%	1.9%	2.6%

Average Building Size (SF)	482,437	231,404	365,488	255,139

Average Clear Height (Feet)⁽⁶⁾	32.5	36.9	35.4	28.1

% Top 25 Markets⁽⁷⁾	69.0%	79.2%	37.5%	37.5%

% Top 50 Markets⁽⁷⁾	88.5%	100.0%	49.1%	49.6%

Tenants ⁽¹⁾	Property Type	Lease Expirations	Number of Leases	Sq. Ft. Leased	Sq. Ft. Leased as a Percent of Consolidated Portfolio ⁽²⁾⁽³⁾		Base Rent as of 9/30/2021 ($000)		Percent of Base Rent as of 9/30/2021 ($000) ⁽²⁾⁽⁴⁾
Amazon	Industrial	2026-2033	5	3,334,331	5.9	%	$	12,724	6.3	%
Nissan	Industrial	2027	2	2,971,000	5.3	%		9,570	4.7	%
Dana	Industrial	2021-2033	7	2,053,359	3.6	%		7,725	3.8	%
Kellogg	Industrial	2027-2029	3	2,801,916	5.0	%		7,299	3.6	%
Undisclosed ⁽⁵⁾	Industrial	2031-2035	3	1,090,383	1.9	%		5,355	2.7	%
Watco	Industrial	2038	1	132,449	0.2	%		5,080	2.5	%
Xerox	Office	2023	1	202,000	0.4	%		4,981	2.5	%
FedEx	Industrial	2023 & 2028	2	292,021	0.5	%		4,289	2.1	%
Wal-Mart	Industrial	2024 & 2027	2	1,335,673	2.4	%		4,213	2.1	%
Undisclosed ⁽⁵⁾	Industrial	2034	1	1,318,680	2.3	%		4,158	2.1	%
Morgan Lewis ⁽⁶⁾	Office	2024	1	289,432	0.5	%		3,857	1.9	%
Unis	Industrial	2023-2027	3	1,005,575	1.8	%		3,411	1.7	%
Mars Wrigley	Industrial	2025	1	604,852	1.1	%		3,404	1.7	%
Asics	Industrial	2030	1	855,878	1.5	%		3,291	1.6	%
Spitzer	Industrial	2035	2	449,895	0.8	%		3,259	1.6	%

			35	18,737,444	33.2	%	$	82,616	41.0	%

Footnotes
(1)	Tenant, guarantor or parent.
(2)	Total shown may differ from detailed amounts due to rounding.
(3)	Excludes vacant square feet.
(4)	Nine months ended 9/30/2021 Base Rent recognized for consolidated properties owned as of 9/30/2021, excluding rent from prior tenants.
(5)	Lease restricts certain disclosures.
(6)	Includes parking operations.

NEW LEASES - FIRST GENERATION⁽¹⁾
	Location ⁽²⁾			Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)⁽³⁾				New Cash Base Rent Per Annum ($000)⁽³⁾
	Industrial
1	Lakeland	FL		01/2027	68,420	$	388			$	390
2	Duncan	SC		01/2027	195,000		1,052				1,028
2	TOTAL NEW LEASES - FIRST GENERATION				263,420	$	1,440			$	1,418

LEASE EXTENSIONS - SECOND GENERATION
	Location ⁽²⁾		Prior Term	Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)⁽³⁾		Prior Base Rent Per Annum ($000)		New Cash Base Rent Per Annum ($000)⁽³⁾		Prior Cash Base Rent Per Annum ($000)
	Industrial
1	Antioch	TN	08/2021	09/2026	67,200	$	394	$	211	$	382	$	228
2	Shreveport	LA	03/2022	08/2027	257,849		1,253		1,343		1,321		1,403

2	TOTAL EXTENDED LEASES - SECOND GENERATION				325,049	$	1,647	$	1,554	$	1,703	$	1,631

NEW LEASES - SECOND GENERATION
	Location ⁽²⁾			Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)⁽³⁾		Prior Base Rent Per Annum ($000)⁽⁴⁾		New Cash Base Rent Per Annum ($000)⁽³⁾		Prior Cash Base Rent Per Annum ($000)⁽⁴⁾
	Industrial
1	Monroe	OH		02/2032	143,664	$	938	$	711	$	886	$	699
2	Statesville	NC		10/2026	639,800		2,796		2,493		2,701		2,613
3	Olive Branch	MS		08/2024	1,170,218		3,710		3,789		3,628		3,569
4	Kalamazoo	MI		10/2028	9,431		132		118		132		127
5	Kalamazoo	MI		10/2023	9,981		137		125		137		134

5	TOTAL NEW LEASES - SECOND GENERATION				1,973,094	$	7,713	$	7,236	$	7,484	$	7,142

7	TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION				2,298,143	$	9,360	$	8,790	$	9,187	$	8,773