EX-99.2 3 n2525-x13exh99_2.htm QUARTERLY SUPPLEMENTAL INFORMATION, FOURTH QUARTER 2021

 

Exhibit 99.2

 

(GRAPHIC)

 

 

 

 

 

TABLE OF CONTENTS

December 31, 2021

 (GRAPHIC) 

 

PAGE       PAGE
             
SUMMARY / HIGHLIGHTS 3   TENANT DATA  
          TOP 15 TENANTS 20
FINANCIAL DATA       QUARTERLY LEASING SUMMARY 21
  CONSOLIDATED BALANCE SHEETS 4     LEASE ROLLOVER SCHEDULES 23
  CONSOLIDATED STATEMENTS OF OPERATIONS 5     PROPERTY LEASES AND VACANCIES 25
  NON-GAAP FINANCIAL DATA 6        
  SELECT CREDIT METRICS SUMMARY 10   DEBT  
  OTHER FINANCIAL DATA 11     MORTGAGES AND NOTES PAYABLE 35
          DEBT MATURITY SCHEDULE 37
CAPITAL DEPLOYMENT / RECYCLING       DEBT COVENANTS 38
  QUARTERLY INVESTMENTS / CAPITAL RECYCLING 12        
  DEVELOPMENT SUMMARY 13   COMPONENTS OF NET ASSET VALUE 39
  CAPITAL EXPENDITURES AND LEASING COSTS 14        
        NON-GAAP MEASURES DEFINITIONS 40
PORTFOLIO DATA          
  PORTFOLIO DATA 15   INVESTOR INFORMATION 45
  SAME STORE DATA 16        
  PORTFOLIO DETAIL BY ASSET CLASS 17        
  PORTFOLIO COMPOSITION 18        
  INDUSTRIAL PORTFOLIO INFORMATION 19        

 

This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of LXP Industrial Trust (“LXP”), which may cause actual results, performance or achievements of LXP and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, risks related to: (1) the potential adverse impact on LXP or its tenants from the novel coronavirus (COVID-19), (2) the authorization of LXP’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 LXP files with the Securities and Exchange Commission are available on LXP’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, LXP undertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP’s expectations will be realized.

 

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. All information is on a consolidated basis unless noted.

 

 

 

 

  SUMMARY / HIGHLIGHTS  (GRAPHIC)

December 31, 2021

 

LXP is a real estate investment trust (“REIT”) focused on single-tenant industrial real estate investments. LXP has been a publicly traded REIT since 1993 (NYSE: LXP). LXP’s investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities.

 

Quarterly Highlights   Portfolio Statistics
         
- Net Income - $0.90 per diluted common share   # of Properties:   121
         
- Adjusted Company FFO - $0.18 per diluted common share   # of States:   23
         
- Recapitalized 22 special purpose industrial assets with a gross valution of $550 million to a newly-formed joint venture and acquired a 20% interest in the joint venture for $30.8 million   Square Footage:   54.8 million
         
- Fully leased an aggregate of 1.7 million square feet of speculative development warehouse/distribution product in the Atlanta, GA and Greenville-Spartanburg, SC markets. Completed additional 1.5 million square feet of new leases and lease extensions   Ongoing Development Projects:   5
         
- Acquired eight warehouse/distribution facilities for an aggregate cost of $365.9 million   Stabilized Portfolio % Leased:   99.4%
         
- Commenced development of a 1.1 million square foot warehouse/distribution facility in the Columbus, OH market   # of Leases:   145
         
- Acquired an aggregate of 490 acres of developable land in the Phoenix, AZ and Indianapolis, IN markets for an aggregate investment of $98.9 million   % Industrial:   98.1%
         
- Invested an aggregate of $46.7 million in five ongoing development projects   Weighted-Average Lease Term (Cash Basis):   6.6 years
       
- Completed the 468,000 square foot built-to-suit warehouse/distribution facility in the Phoenix, AZ market   Weighted-Average Age:   9.3 years
         
- Disposed of an additional five properties for an aggregate gross disposition price of $57.9 million   Developable Land(1)   577 acres
         
- Net Debt to Adjusted EBITDA ratio was 5.5x at quarter end        

 

Footnote

(1)       Includes consolidated and non-consolidated developable land.

 

3 

 

 

  CONSOLIDATED BALANCE SHEETS
 (Unaudited and in thousands, except share and per share data)		  (GRAPHIC)

 

   December 31, 2021   December 31, 2020 
Assets:          
Real estate, at cost  $3,583,978   $3,514,564 
Real estate - intangible assets   341,403    409,293 
Land held for development   104,160    - 
Investments in real estate under construction   161,165    75,906 
Real estate, gross   4,190,706    3,999,763 
Less: accumulated depreciation and amortization   655,740    884,465 
Real estate, net   3,534,966    3,115,298 
Assets held for sale   82,586    16,530 
Right-of-use assets, net   27,966    31,423 
Cash and cash equivalents   190,926    178,795 
Restricted cash   101    626 
Investments in non-consolidated entities   74,559    56,464 
Deferred expenses, net   18,861    15,901 
Rent receivable - current   3,526    2,899 
Rent receivable - deferred   63,283    66,959 
Other assets   8,784    8,331 
Total assets  $4,005,558   $3,493,226 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable, net  $83,092   $136,529 
Term loan payable, net   298,446    297,943 
Senior notes payable, net   987,931    779,275 
Trust preferred securities, net   127,595    127,495 
Dividends payable   37,425    35,401 
Liabilities held for sale   3,468    790 
Operating lease liabilities   29,094    32,515 
Accounts payable and other liabilities   77,607    55,208 
Accrued interest payable   8,481    6,334 
Deferred revenue - including below market leases, net   14,474    17,264 
Prepaid rent   14,717    13,335 
Total liabilities   1,682,330    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, 283,752,726 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively   28    28 
Additional paid-in-capital   3,252,506    3,196,315 
Accumulated distributions in excess of net income   (1,049,434)   (1,301,726)
Accumulated other comprehensive loss   (6,258)   (17,963)
Total shareholders’ equity   2,290,858    1,970,670 
Noncontrolling interests   32,370    20,467 
Total equity   2,323,228    1,991,137 
Total liabilities and equity  $4,005,558   $3,493,226 

 

4 

 

 

  CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)		  (GRAPHIC)

 

   Three months ending December 31,   Twelve months ending December 31, 
   2021   2020   2021   2020 
Gross revenues:                    
Rental revenue  $85,374   $82,390   $339,944   $325,811 
Other revenue   1,108    925    4,053    4,637 
Total gross revenues   86,482    83,315    343,997    330,448 
Expenses applicable to revenues:                    
Depreciation and amortization   (46,135)   (40,723)   (176,714)   (161,592)
Property operating   (13,780)   (10,019)   (47,746)   (41,914)
General and administrative   (10,763)   (7,759)   (35,458)   (30,371)
Non-operating income   411    429    1,364    743 
Interest and amortization expense   (11,538)   (12,591)   (46,708)   (55,201)
Debt satisfaction gains (losses), net   (672)   2,502    (13,894)   21,452 
Impairment charges   (3,493)   (6,668)   (5,541)   (14,460)
Gains on sales of properties   262,507    97,163    367,274    139,039 
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities   263,019    105,649    386,574    188,144 
Provision for income taxes   (307)   (223)   (1,293)   (1,584)
Equity in earnings (losses) of non-consolidated entities   59    (204)   (190)   (169)
Net income   262,771    105,222    385,091    186,391 
Less net income attributable to noncontrolling interests   (481)   (844)   (2,443)   (3,089)
Net income attributable to LXP Industrial Trust shareholders   262,290    104,378    382,648    183,302 
Dividends attributable to preferred shares - Series C   (1,572)   (1,572)   (6,290)   (6,290)
Allocation to participating securities   (258)   (94)   (510)   (224)
Net income attributable to common shareholders  $260,460   $102,712   $375,848   $176,788 
                     
Net income attributable to common shareholders - per common share basic  $0.93   $0.37   $1.35   $0.66 
Weighted-average common shares outstanding - basic   281,383,061    274,965,603    277,640,835    266,914,843 
                     
Net income attributable to common shareholders - per common share diluted  $0.90   $0.37   $1.34   $0.66 
Weighted-average common shares outstanding - diluted   292,782,489    284,076,532    287,369,742    268,182,552 

 

5 

 

 

  NON-GAAP FINANCIAL DATA
(Unaudited and in thousands, except share and per share data)		  (GRAPHIC)

 

   Three months ending December 31,   Twelve months ending December 31, 
   2021   2020   2021   2020 
FUNDS FROM OPERATIONS:                    
Basic and Diluted:                    
Net income attributable to common shareholders  $260,460   $102,712   $375,848   $176,788 
Adjustments:                    
Depreciation and amortization   45,391    40,050    173,833    158,655 
Impairment charges - real estate   3,493    6,668    5,541    14,460 
Noncontrolling interest - OP units   281    645    1,672    2,347 
Amortization of leasing commissions   744    673    2,881    2,937 
Joint venture and noncontrolling interest adjustment   2,026    2,115    8,370    8,578 
Gain on sales of properties, including non-consolidated entities   (262,507)   (97,163)   (367,274)   (139,596)
FFO available to common shareholders and unitholders - basic   49,888    55,700    200,871    224,169 
Preferred dividends   1,572    1,572    6,290    6,290 
Amount allocated to participating securities   258    94    510    224 
FFO available to common equityholders and unitholders - diluted   51,718    57,366    207,671    230,683 
Debt satisfaction gains (losses), net, including non-consolidated entities   672    (2,502)   13,894    (21,396)
Activist costs   1,199    -    1,199    - 
Transaction costs   227    174    432    255 
Adjusted Company FFO available to all equityholders and unitholders - diluted  $53,816   $55,038   $223,196   $209,542 
                     
Per Common Share and Unit Amounts:                    
Basic:                    
FFO  $0.18   $0.20   $0.72   $0.83 
                     
Diluted:                    
FFO  $0.18   $0.20   $0.72   $0.84 
Adjusted Company FFO  $0.18   $0.19   $0.78   $0.76 
                     
Weighted-Average Common Shares:                    
Basic:                    
Weighted-average common shares outstanding - basic EPS   281,383,061    274,965,603    277,640,835    266,914,843 
Operating partnership units (1)   897,290    3,032,725    1,918,845    3,083,320 
Weighted-average common shares outstanding - basic FFO   282,280,351    277,998,328    279,559,680    269,998,163 
                     
Diluted:                    
Weighted-average common shares outstanding - diluted. EPS   292,782,489    284,076,532    287,369,742    268,182,552 
Unvested share-based payments awards   70,114    9,384    44,261    17,180 
Operating partnership units (1)   -    -    -    3,083,320 
Preferred shares - Series C   -    -    -    4,710,570 
Weighted-average common shares outstanding - diluted FFO   292,852,603    284,085,916    287,414,003    275,993,622 

 

(1) Includes OP units other than OP units held by LXP.

 

6 

 

 

  NON-GAAP FINANCIAL DATA (CONTINUED)
(Unaudited and in thousands)		  (GRAPHIC)

 

   Three months ending December 31,   Twelve months ending December 31, 
   2021   2020   2021   2020 
Adjusted Company FFO available to all equityholders and unitholders - diluted  $53,816   $55,038   $223,196   $209,542 
                     
FUNDS AVAILABLE FOR DISTRIBUTION                    
Adjustments:                    
Straight-line adjustments   (4,178)   (3,430)   (12,324)   (13,654)
Lease incentives   175    189    780    921 
Amortization of above/below market leases   (340)   (470)   (1,551)   (1,580)
Lease termination payments, net   (330)   (70)   551    - 
Non-cash interest, net   (25)   195    326    1,276 
Non-cash charges, net   1,796    1,690    7,137    6,674 
Second generation tenant improvements   (4,214)   (291)   (8,392)   (9,744)
Second generation lease costs   (1,810)   (50)   (7,151)   (5,019)
Joint venture and non-controlling interest adjustment   (194)   11    (375)   (319)
Company Funds Available for Distribution  $44,696   $52,812   $202,197   $188,097 

 

7 

 

 

  NON-GAAP FINANCIAL DATA (CONTINUED)
($000)		  (GRAPHIC)

 

Net Operating Income (“NOI”):

 

   Twelve months ending December 31, 
   2021   2020 
Net income  $385,091   $186,391 
           
Interest and amortization expense   46,708    55,201 
Provision for income taxes   1,293    1,584 
Depreciation and amortization   176,714    161,592 
General and administrative   35,458    30,371 
Transaction costs   432    255 
Non-operating/advisory fee income   (4,402)   (4,569)
Gains on sales of properties   (367,274)   (139,039)
Impairment charges   5,541    14,460 
Debt satisfaction (gains) losses, net   13,894    (21,452)
Equity in losses of non-consolidated entities   190    169 
Lease termination income, net   (14,972)   (857)
Straight-line adjustments   (12,324)   (13,654)
Lease incentives   780    921 
Amortization of above/below market leases   (1,551)   (1,580)
NOI   265,578    269,793 
           
Less NOI:          
Acquisitions and dispositions   (88,171)   (93,460)
Same-Store NOI  $177,407   $176,333 

 

8 

 

 

  NON-GAAP FINANCIAL DATA (CONTINUED)
($000)		  (GRAPHIC)

 

Adjusted EBITDA:

 

   Twelve months ended 
   12/31/2021 
Net income attributable to LXP Industrial Trust shareholders  $382,648 
Interest and amortization expense   46,708 
Provision for income taxes   1,293 
Depreciation and amortization   176,714 
Straight-line adjustments   (12,324)
Lease incentives   780 
Amortization of above/below market leases   (1,551)
Gains on sales of properties   (367,274)
Impairment charges   5,541 
Debt satisfaction losses, net   13,894 
Non-cash charges, net   7,137 
      
Pro-rata share adjustments:     
Non-consolidated entities adjustment   11,280 
Noncontrolling interests adjustment   1,670 
      
Adjusted EBITDA  $266,516 

 

9 

 

 

  SELECT CREDIT METRICS SUMMARY (1)  (GRAPHIC)

  

   12/31/2018  12/31/2019  12/31/2020  12/31/2021
Adjusted Company FFO Payout Ratio  74.0%  51.6%  55.6%  56.7%
             
Unencumbered Assets  $2.8 billion  $3.3 billion  $3.8 billion  $4.2 billion
             
Unencumbered NOI  71.5%  84.1%  89.3%  92.6%
             
(Debt + Preferred) / Gross Assets  40.3%  34.5%  32.5%  33.4%
             
Debt/Gross Assets  37.8%  32.1%  30.4%  31.4%
             
Secured Debt / Gross Assets  14.5%  9.6%  3.1%  1.7%
             
Unsecured Debt / Unencumbered Assets  32.9%  28.2%  32.1%  33.5%
             
Net Debt / Adjusted EBITDA (2)  4.7x  4.9x  4.8x  5.5x
             
(Net Debt + Preferred) / Adjusted EBITDA (2)  5.0x  5.3x  5.1x  5.9x
             
Credit Facilities Availability (3)  $505.0 million  $600.0 million  $600.0 million  $600.0 million

 

Footnotes

(1)LXP believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2)Includes prorata share of non-consolidated assets. Adjusted EBITDA is for the last 12 months.

(3)Subject to covenant compliance.

 

10 

 

  OTHER FINANCIAL DATA

12/31/2021

($000)

  

Rent Estimates for Current Assets

 

 

Year   Base Rent  (1)   Cash Base Rent (1)   Difference 
2022   $261,744   $252,043   $(9,701)
2023    257,939    255,806    (2,133)

 

Balance Sheet    
Other assets  $8,784 
      
The components of other assets are:     
      
Deposits  $433 
Equipment   416 
Prepaids   2,115 
Note receivable   1,497 
Other receivables   1,405 
Deferred lease incentives   2,918 
      
Accounts payable and other liabilities  $77,607 
      
The components of accounts payable and other liabilities are:     
      
Accounts payable and accrued expenses  $24,914 
CIP accruals and other   41,100 
Taxes   312 
Deferred lease costs   391 
Deposits   4,305 
Transaction costs   327 
Derivative liability   6,258 

 

Footnote
(1) Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2021, and (iii) no properties are sold or acquired after 12/31/2021.

 

11 

 

 

  QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY

12/31/2021

 

PROPERTY ACQUISITIONS AND COMPLETED DEVELOPMENTS

 

   Property Type  Market  Square Feet  

Initial Basis

($000)

   Month Closed   Primary Lease
Expiration		   Percent Leased
at Acquisition		 
1  Warehouse/distribution  Indianapolis  IN   179,530   $16,315   October   12/2026   100%
2  Warehouse/distribution  Indianapolis  IN   530,400    44,479   October   03/2031   100%
3  Warehouse/distribution  Indianapolis  IN   168,480    15,644   October   12/2026   100%
4  Warehouse/distribution (1)(2)  Atlanta  GA   907,675    47,568   November   10/2028   100%
5  Warehouse/distribution (1)  Phoenix  AZ   468,182    61,490   November   11/2036   100%
6  Warehouse/distribution  Phoenix  AZ   487,500    83,517   December   12/2031   33%
7  Warehouse/distribution  Indianapolis  IN   1,016,244    93,899   December   11/2031   100%
8  Warehouse/distribution  Atlanta  GA   328,000    37,625   December   07/2031   100%
9  Warehouse/distribution  Atlanta  GA   396,000    47,618   December   09/2031   100%
10  Warehouse/distribution  Atlanta  GA   225,211    26,838   December   09/2025   45%
10  TOTAL PROPERTY INVESTMENTS         4,707,222   $474,993              

 

Footnote
(1) Completed development project. (2) Initial basis excludes certain remaining costs including developer partner promote.

  

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  Durham      NH  Industrial  $21,024   $(431)  $(336)  October    9%  $42.01 
2  Baton Rouge      LA  Office   4,471    103    304   October    36%   67.39 
3  Arlington (2 properties)      TX  Office/Industrial   29,250    2,992    3,056   November    96%   123.65 
4  Florence      SC  Office   3,200    408    611   December    100%   100.00 
5  Various(2)         Industrial   547,226    20,894    39,515   December    100%   81.44 
                                           
27  TOTAL PROPERTY DISPOSITIONS            $605,171   $23,966   $43,150               

 

Footnotes
(1) Generally, quarterly period prior to sale annualized.
(2) Recapitalized 22 special purpose industrial assets in to a newly-formed joint venture. Joint venture received $2.8 million in credits. LXP acquired a 20% interest in the joint venture for $30.8 million.

 

12 

 

 

  DEVELOPMENT SUMMARY

12/31/2021

 

ONGOING:

  

   Project (% owned)  # of
Buildings		   Market  Estimated Sq. Ft.   Estimated
Project
Project
Cost ($000)		  GAAP
Investment Balance as of 12/31/2021
($000) (1)		   LXP
Amount Funded as of 12/31/2021
($000)(2)		  Estimated
Building
Completion
Date		   % Leased
as of
12/31/2021		 
Consolidated                                     
1  The Cubes at Etna East (95%)(3)(4)  1   Columbus, OH   1,074,840   $72,100   $33,002   $22,471    2Q 2022    0%
2  Mt. Comfort (80%)(3)  1   Indianapolis, IN   1,053,360    60,300    30,012    21,977    3Q 2022    0%
3  Cotton 303 (93%)(3)  2   Phoenix, AZ   880,678    84,200    30,263    24,475    3Q 2022    0%
4  Ocala (80%)(3)  1   Central Florida   1,085,280    80,900    32,186    21,186    3Q 2022    0%
5  Smith Farms (90%)(3)(5)  3   Greenville/Spartanburg, SC   2,194,820    162,100    35,702    21,433    4Q 2022-2Q 2023    36%
5  Total Consolidated Development Projects           $459,600   $161,165   $111,542           

 

LAND HELD FOR DEVELOPMENT:

 

   Project (% owned)  Market   Approx.
Developable
Acres		    GAAP
Investment Balance
as of 12/31/2021
($000) (1)		   LXP
Amount Funded as of
12/31/2021 ($000)(2)
Consolidated                  
1  Reems & Olive (95.5%)  Phoenix, AZ   420   $100,875   $96,336 
2  Mt. Comfort Phase II (80%)  Indianapolis, IN   70    3,285    2,610 
                      
2  Total Consolidated Land Projects      490   $104,160   $98,946 

 

   Project (% owned)  # of
Buildings		  Market   Approx.
Developable
Acres		    GAAP
Investment Balance
as of 12/31/2021
($000) (1)		   LXP
Amount Funded
as of 12/31/2021
($000)(2)
Non - Consolidated                     
1  ETNA Park 70 (90%)  TBD  Columbus, OH   66   $12,875   $13,362 
2  ETNA Park 70 East (90%)  TBD  Columbus, OH   21    2,797    2,064 
                         
2  Total Non-Consolidated Land Projects         87   $15,672   $15,426 

 

Footnote
(1) GAAP investment balance is in real estate under construction for consolidated projects and in investments in non-consolidated entities for non-consolidated projects.
(2) Excludes noncontrolling interests’ share.
(3) Estimated project cost includes estimated tenant improvements and lease costs and excludes potential developer partner promote.
(4) Land parcel distributed from ETNA Park 70 East during the fourth quarter of 2021.
(5) Preleased one 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility.

 

13 

 

 

  CAPITAL EXPENDITURES AND LEASING COSTS (1)

12/31/2021

($000)

 

   Twelve months ending December 31, 
   2021   2020 
First Generation Costs          
Leasing Costs  $1,022   $- 
Total First Generation Costs  $1,022   $- 
           
Second Generation Costs          
Tenant Improvements          
Industrial  $7,109   $8,764 
Other   1,283    980 
Total Second Generation Tenant Improvements  $8,392   $9,744 
Leasing Costs          
Industrial  $6,414   $1,043 
Other   737    3,976 
Total Second Generation Leasing Costs  $7,151   $5,019 
Total Second Generation Costs  $15,543   $14,763 
           
Building Improvements          
Industrial  $5,811   $5,655 
Other   1,004    1,851 
Total Building Improvements  $6,815   $7,506 
           
Total Capital Expenditures and Leasing Costs  $23,380   $22,269 

 

Footnote
(1) Consolidated costs on a cash basis. Amounts exclude capitalized interest, if any. Leasing costs includes payments for lease incentives, if any.

 

14 

 

 

  PORTFOLIO DATA

12/31/2021
($000)

 

   Base Rent 
Asset Class  Twelve months ended 
    12/31/2021(1)   12/31/2021
Percentage		    12/31/2020
Percentage (2)		 
Industrial  $208,772    88.5%   86.3%
Other   27,092    11.5%   13.7%
   $235,864    100.0%   100.0%

 

   Base Rent 
Credit Ratings  (3)  Twelve months ended 
    12/31/2021(1)   12/31/2021
Percentage		    12/31/2020
Percentage (2)		 
Investment Grade  $130,378    55.3%   49.6%
Non-Investment Grade   35,777    15.2%   21.4%
Unrated   69,709    29.5%   29.0%
   $235,864    100.0%   100.0%

  

Weighted-Average Lease Term - Cash Basis    As of 12/31/2021   As of 12/31/2020
    6.6 years   7.4 years

 

Lease Escalation Data (4)

 

 

Footnotes
(1)

Twelve months ended 12/31/2021 Base Rent recognized for consolidated properties owned as of 12/31/2021. 

(2)

Three special purpose industrial properties were reclassified to Other in 2021. 12/31/2020 not restated. 

(3)

Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. 

(4)

Based on twelve months consolidated Cash Base Rents for single-tenant leases (properties 50% leased to a single tenant) owned as of 12/31/2021. Excludes parking operations and rents from prior tenants. 

 

15 

 

 

  SAME STORE DATA

12/31/2021

($000)

                         
Same-Store NOI (1)(2)      Same-Store NOI by Components (1)(2)         
                         
   Consolidated   Industrial   Other 
   Twelve months ended December 31,   Twelve months ended December 31,   Twelve months ended December 31, 
   2021   2020   2021   2020   2021   2020 
Total Cash Base Rent  $182,389   $180,638   $154,644   $152,867   $27,745   $27,771 
Tenant Reimbursements   26,447    25,729    20,649    20,066    5,798    5,663 
Property Operating Expenses   (31,429)   (30,034)   (23,212)   (22,162)   (8,217)   (7,872)
Same-Store NOI  $177,407   $176,333   $152,081   $150,771   $25,326   $25,562 
                               
Change in Same-Store NOI(3)   0.6%        0.9%        -0.9%     

 

Same-Store Statistics (2)(4)          Same-Store Statistics by Components (2)(4)           
                         
   Consolidated   Industrial   Other 
   As of 12/31/2021   As of 12/31/2020   As of 12/31/2021   As of 12/31/2020   As of 12/31/2021   As of 12/31/2020 
Same-Store # of Properties   79    79    67    67    12    12 
                               
Same-Store Percent Leased   99.1%   98.1%   99.7%   98.1%   89.4%   97.7%

 

Footnotes
(1)

NOI is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020. 

(2)

2020 Other updated to reflect three special purpose industrial properties that were reclassified to Other in 2021. 

(3)

Excluding single-tenant full building vacancies, same-store NOI growth was 1.9% consolidated and 2.1% industrial. 

(4) At December 31, 2021, excludes properties acquired or sold in 2021 and 2020.

 

16 

 

 

  PORTFOLIO DETAIL BY ASSET CLASS

12/31/2021
($000, except square footage)

 

Asset Class  YE 2018(1)(2)   YE 2019(2)   YE 2020(2)   YE 2021 
Industrial                
% of Cost (3)   71.2%   81.5%   90.8%   98.1%
% of ABR (4)   65.4%   75.5%   86.3%   88.5%
% Leased (5)   96.3%   97.9%   98.7%   99.8%
Wtd. Avg. Lease Term (6)   9.7    8.3    7.4    6.9 
Mortgage Debt  $206,006   $109,939   $105,419   $70,626 
% Investment Grade (4)   31.6%   45.9%   50.8%   58.9%
Square Feet   41,447,962    48,742,014    53,938,155    52,738,438 
                     
Other                    
% of Cost (3)   28.8%   18.5%   9.2%   1.9%
% of ABR (4)(7)   34.6%   24.5%   13.7%   11.5%
% Leased   87.1%   85.8%   89.3%   89.4%
Wtd. Avg. Lease Term (6)   7.2    8.5    7.2    3.8 
Mortgage Debt  $369,508   $283,933   $32,993   $13,803 
% Investment Grade (4)   53.2%   57.3%   42.0%   27.3%
Square Feet   6,111,588    3,876,294    2,171,633    2,089,118 
                     
Construction in progress (8)  $1,840   $15,208   $79,022   $166,647 

 

Footnotes
(1) Certain amounts reclassified to reflect the current presentation.
(2) Three special purpose industrial properties were reclassified to Other in 2021. Prior periods not restated.
(3) Based on gross book value of real estate assets; excludes held for sale assets.
(4) Percentage of Base Rent, for consolidated properties owned as of each respective period.
(5) 2021 is for Stabilized Portfolio.
(6) Cash basis.
(7) YE 2018 excludes the acceleration of below-market lease intangible accretion on one asset subsequently sold.
(8) Includes development classified as real estate under construction on a consolidated basis and capital expenditures for our operating properties.

 

17 

 

 

  PORTFOLIO COMPOSITION

 12/31/2021

 

As a Percent of Gross Book Value (1)

 

 

Portfolio Composition(2)

 

  

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

 

18 

 

 

  INDUSTRIAL PORTFOLIO INFORMATION

12/31/2021

  

Markets (1) 

Percent of

Base Rent as

of 12/31/2021  (2)

 
Memphis, TN   9.2%
Greenville/Spartanburg, SC   7.4%
Dallas/Ft. Worth, TX   6.7%
Phoenix, AZ   6.6%
Houston, TX   6.5%
Atlanta, GA   6.1%
Cincinnati/Dayton, OH   5.1%
Nashville, TN   4.3%
Chicago, IL   4.3%
Indianapolis, IN   3.3%
Savannah, GA   3.2%
Jackson, MS   3.0%
St. Louis, MO   2.9%
DC/Baltimore, MD   2.8%
Central Florida   2.7%
Columbus, OH   2.7%
New York/New Jersey   2.5%
Cleveland, OH   2.4%
Detroit, MI   2.3%
Champaign-Urbana, IL   2.0%
Total Industrial Portfolio Concentration (3)   86.0%
Industries 

Percent of

Base Rent as

of 12/31/2021  (2)

 
Consumer Products   26.0%
E-Commerce   17.8%
Automotive   15.8%
Transportation/Logistics   14.8%
Food   11.7%
Construction/Materials   8.0%
Apparel   2.7%
Specialty   1.9%
Other   1.3%
      
Total Industrial Portfolio Concentration (3)   100.0%

 

Additional Information
# of Properties   109 
Square Feet   52,738,438 
Weighted-Average Age (Years)(4)   8.6 
Weighted-Average Cash Base Rent per SF(5)  $4.35 
Weighted-Average Lease Term (Cash Basis - Years)   6.9 
% with Fixed Escalation(6)   95.4%
Average Annual Rent Escalation(6)   2.8%
Average Building Size (SF)   483,839 
Average Clear Height (Feet)(7)   32.7 
% Top 25 Markets(8)   70.6%
% Top 50 Markets(8)   88.8%


Footnote
(1) Based on CoStar.com inventory data.
(2) Twelve months ended 12/31/2021 Base Rent recognized for consolidated industrial properties owned as of 12/31/2021.
(3) Total shown may differ from detailed amounts due to rounding.
(4) Weighting based on square footage.
(5) Excludes non-stabilized vacant square footage.
(6) Based on Cash Base Rents for single-tenant leases (properties 50% leased to a single tenant) owned as of 12/31/2021. Excludes rents from prior tenants. Average Annual Rent Escalation based on next rent step percentages.
(7) Based on internal and external sources.
(8) Percent of Base Rent based upon CoStar.com inventory data.

 

19 

 

 

  TOP 15 TENANTS

12/31/2021

 

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
12/31/2021
($000)		   Percent of Base Rent
as of 12/31/2021
($000) (2)(4)		 
Amazon  Industrial  2026-2033   6    3,864,731    7.2%  $17,434    7.6%
Nissan  Industrial  2027   2    2,971,000    5.6%   12,760    5.5%
Kellogg  Industrial  2027-2029   3    2,801,916    5.2%   9,732    4.2%
Undisclosed (5)  Industrial  2031-2035   3    1,090,383    2.0%   7,139    3.1%
Watco  Industrial  2038   1    132,449    0.2%   6,773    2.9%
Xerox  Office  2023   1    202,000    0.4%   6,642    2.9%
FedEx  Industrial  2023 & 2028   2    292,021    0.5%   5,719    2.5%
Wal-Mart  Industrial  2024-2031   3    2,351,917    4.4%   5,659    2.5%
Undisclosed (5)  Industrial  2034   1    1,318,680    2.5%   5,544    2.4%
Morgan Lewis (6)  Office  2024   1    289,432    0.5%   5,276    2.3%
Mars Wrigley  Industrial  2025   1    604,852    1.1%   4,734    2.1%
Unis  Industrial  2023-2027   3    1,005,575    1.9%   4,548    2.0%
Asics  Industrial  2030   1    855,878    1.6%   4,388    1.9%
Black and Decker  Industrial  2029   1    1,214,526    2.3%   4,278    1.9%
Vista Outdoor  Industrial  2034   1    813,126    1.5%   4,195    1.8%
                                
          30    19,808,486    37.1%  $104,821    45.6%

 

Footnotes
(1) Tenant, guarantor or parent.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Excludes vacant square feet.
(4) Twelve months ended 12/31/2021 Base Rent recognized for consolidated properties owned as of 12/31/2021, excluding rent from prior tenants.
(5) Lease restricts certain disclosures.
(6) Includes parking operations.

 

20 

 

 

 

  QUARTERLY LEASING SUMMARY
12/31/2021		  

 

NEW LEASES - FIRST GENERATION(1) 
  
   Location  Lease Expiration
Date		  Sq. Ft.   New Base Rent
Per Annum
($000)(2)		       New Cash Base
Rent Per Annum
($000)(2)		     
   Industrial                              
1  Fairburn  GA  10/2028 907,675   $4,223      $3,877      
2  Greer(3)  SC  03/2035 797,936    4,331       3,738      
2  TOTAL NEW LEASES - FIRST GENERATION  1,705,611   $8,554      $7,615      
                                     
LEASE EXTENSIONS - SECOND GENERATION
   Location  Prior
Term		  Lease Expiration
Date		   Sq. Ft.    New Base Rent
Per Annum
($000)(2)		   Prior Base Rent
Per Annum
($000)		   New Cash Base
Rent Per Annum
($000)(2)		   Prior Cash Base
Rent Per Annum
($000)		 
   Industrial                                 
1  Rockford  IL  12/2021  12/2024 93,000   $395   $330   $395   $330 
2  Olive Branch  MS  08/2024  06/2029 1,170,218    4,101    3,710    3,872    3,696 
3  Duncan  SC  08/2022  08/2027 221,833    1,153    967    1,111    1,079 
                                     
3  TOTAL EXTENDED LEASES - INDUSTRIAL  1,485,051   $5,649   $5,007   $5,378   $5,105 
                                     
   Other                                 
1  Tucson  AZ  07/2022  09/2027 28,591   $465   $574   $485   $574 
                                     
1  TOTAL EXTENDED LEASES - OTHER  28,591   $465   $574   $485   $574 
                                     
4  TOTAL EXTENDED LEASES - SECOND GENERATION  1,513,642   $6,114   $5,581   $5,863   $5,679 
                                     
NEW LEASES - SECOND GENERATION
   Location  Lease Expiration
Date		   Sq. Ft.    New Base Rent
Per Annum
($000)(2)		   Prior Base Rent
Per Annum
($000)(4)		   New Cash Base
Rent Per Annum
($000)(2)		   Prior Cash Base
Rent Per Annum
($000)(4)		 
   Other                                 
1  Kalamazoo  MI  MTM  3,880   $37   $49   $37   $52 
2  Kalamazoo  MI  10/2024 29,686    264    371    264    399 
                                     
2  TOTAL NEW LEASES - SECOND GENERATION  33,566   $301   $420   $301   $451 
                                     
6  TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION  1,547,208   $6,415   $6,001   $6,164   $6,130 

 

21

 

 

  QUARTERLY LEASING SUMMARY (CONTINUED)
12/31/2021		  

 

NEW VACANCY (5)
 
Location  Type   Prior Lease
Expiration
Date		  Sq. Ft.   2021
Base Rent
($000)		   2021
Cash Rent
($000)		 
Industrial                      
Kalamazoo  MI  Other   10/2021  97,967   $1,000   $1,074 
Antioch  TN  Industrial   12/2021  73,500    189    189 
Chillicothe  OH  Industrial   12/2021  42,264    213    213 
                         
             213,731   $1,402   $1,476 

 

Footnotes 

(1)Leased first generation space that was developed or acquired vacant.
(2)Assumes twelve months rent from the later of 1/1/2022 or lease commencement/extension, excluding free rent periods as applicable.
(3)Part of Smith Farms development project. Lease expiration date is estimated.
(4)Rent from prior tenants for square feet leased.
(5)Excludes multi-tenant properties and disposed properties.

 

22

 

 

 

LEASE ROLLOVER SCHEDULE - INDUSTRIAL 

12/31/2021 

($000)

  

 

Year  Number of
Leases
Expiring		   Base Rent as of
12/31/2021		   Percent of
Base Rent as of
12/31/2021		   Percent of
Base Rent as of
12/31/2020(2)		 
2022   3   $1,645    0.8%   1.7%
2023   7    8,968    4.3%   4.5%
2024   21    24,553    11.8%   10.0%
2025   12    14,925    7.2%   9.9%
2026   23    23,016    11.0%   9.4%
2027   11    30,776    14.8%   13.3%
2028   6    10,911    5.2%   4.3%
2029   9    20,462    9.8%   7.1%
2030   9    26,694    12.8%   10.1%
2031   10    7,518    3.6%   3.3%
Thereafter   14    38,902    18.7%   20.8%
                     
Total (1)   125   $208,370    100.0%     

 

 

Footnotes 

(1)Total shown may differ from detailed amounts due to rounding.
(2)Updated for the reclassification of three special purpose industrial properties to Other.

 

23

 

 

 

LEASE ROLLOVER SCHEDULE - OTHER PROPERTIES 

12/31/2021 

($000)

  

 

Year  Number of
Leases
Expiring		  

Base Rent as of

12/31/2021

   Percent of
Base Rent as of
12/31/2021		   Percent of
Base Rent as of
12/31/2020(2)		 
2022   2   $51    0.2%   1.3%
2023   3    6,667    28.0%   17.3%
2024   5    8,816    37.1%   22.1%
2025   3    2,697    11.3%   13.0%
2026   1    225    0.9%   0.6%
2027   2    781    3.3%   7.7%
2028   2    2,197    9.2%   5.2%
2029   0    -    0.0%   0.0%
2030   0    -    0.0%   0.0%
2031   1    2,041    8.6%   4.9%
Thereafter   1    311    1.3%   14.5%
                     
Total (1)   20   $23,786    100.0%     

 

 

Footnotes 

(1)Total shown may differ from detailed amounts due to rounding.
(2)Updated for the reclassification of three special purpose industrial properties to Other.

 

24

 

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased
or Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
SINGLE TENANT
   WAREHOUSE/DISTRIBUTION                   
2022  2/28/2022  Columbus, OH  351 Chamber Dr.  Chillicothe  OH  20   23,270    127    127 
   3/31/2022  Columbus, OH  191 Arrowhead Dr.  Hebron  OH  18   250,410    584    584 
      Columbus, OH  200 Arrowhead Dr.  Hebron  OH  --   400,522    934    934 
2023  2/28/2023  Central Florida  3102 Queen Palm Dr.  Tampa  FL  --   229,605    1,152    1,194 
   5/31/2023  Memphis, TN  6495 Polk Ln.  Olive Branch  MS  --   151,691    584    584 
   6/30/2023  Cincinnati/Dayton, OH  575-599 Gateway Blvd.  Monroe  OH  --   194,936    540    532 
   8/31/2023  Houston, TX  10535 Red Bluff Rd.  Pasadena  TX  --   257,835    1,231    1,220 
      Dallas/Ft. Worth, TX  3737 Duncanville Rd.  Dallas  TX  --   510,400    1,713    1,713 
   10/31/2023  Atlanta, GA  493 Westridge Pkwy.  McDonough  GA  --   676,000    2,031    2,032 
   12/31/2023  Shreveport/Bossier City, LA  5001 Greenwood Rd.  Shreveport  LA  --   646,000    1,717    1,717 
2024  1/31/2024  Greenville/Spartanburg, SC  70 Tyger River Dr.  Duncan  SC  --   408,000    2,001    1,993 
      Indianapolis, IN  1285 W. State Road 32  Lebanon  IN  --   741,880    2,281    2,474 
      Memphis, TN  6495 Polk Ln.  Olive Branch  MS  --   118,211    495    492 
   3/31/2024  Cleveland, TN  1520 Lauderdale Memorial Hwy.  Cleveland  TN  --   851,370    2,658    2,716 
      Indianapolis, IN  4600 Albert S White Dr.  Whitestown  IN  --   53,240    251    275 
      Columbus, OH  2155 Rohr Rd.  Lockbourne  OH  --   320,190    1,260    1,222 
   4/30/2024  Memphis, TN  11555 Silo Dr.  Olive Branch  MS  --   927,742    2,855    2,915 
      Nashville, TN  6050 Dana Way  Antioch  TN  --   11,238    140    140 
   5/31/2024  Atlanta, GA  7225 Goodson Rd.  Union City  GA  --   370,000    1,443    1,422 
   7/31/2024  Greenville/Spartanburg, SC  5795 North Blackstock Rd.  Spartanburg  SC  --   341,660    1,672    1,688 
      Greenville/Spartanburg, SC  231 Apple Valley Rd.  Duncan  SC  --   75,320    368    368 
   8/31/2024  Houston, TX  9701 New Decade Dr.  Pasadena  TX  --   102,863    336    277 
      Atlanta, GA  41 Busch Dr.  Cartersville  GA  --   119,295    6    6 
9/30/2024  Indianapolis, IN  1621 Veterans Memorial Pkwy. E .  Lafayette  IN  --   309,400    1,215    1,204 

25

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased
or Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
    WAREHOUSE/DISTRIBUTION
2024  9/30/2024  Memphis, TN  3820 Micro Dr.  Millington  TN  --   701,819    1,945    1,897 
   10/31/2024  Dallas/Ft. Worth, TX  2115 East Belt Line Rd.  Carrollton  TX  --   58,202    230    242 
      Dallas/Ft. Worth, TX  17505 Interstate Hwy. 35W  Northlake  TX  --   500,556    2,269    2,192 
   11/30/2024  DC/Baltimore, MD  150 Mercury Way  Winchester  VA  --   324,535    1,716    1,650 
   12/31/2024  Indianapolis, IN  4600 Albert S White Dr.  Whitestown  IN  --   95,832    444    407 
      Chicago, IL  3686 S. Central Ave.  Rockford  IL  --   93,000    330    330 
      Chicago, IL  749 Southrock Dr.  Rockford  IL  --   150,000    638    630 
2025  4/30/2025  Houston, TX  10565 Red Bluff Rd.  Pasadena  TX  --   248,240    1,237    1,199 
   5/31/2025  Atlanta, GA  7875 White Rd. SW  Austell  GA  --   604,852    4,734    4,278 
   6/30/2025  Savannah, GA  1319 Dean Forest Rd.  Savannah  GA  --   355,527    1,812    1,725 
   7/31/2025  Indianapolis, IN  5352 Performance Way  Whitestown  IN  --   380,000    1,278    1,273 
      Cleveland, OH  7005 Cochran Rd.  Glenwillow  OH  --   458,000    2,061    2,164 
   8/31/2025  Indianapolis, IN  4900 Albert S White Dr.  Whitestown  IN  --   85,232    409    391 
      Savannah, GA  1315 Dean Forest Rd.  Savannah  GA  --   88,503    525    514 
   9/30/2025  Greenville/Spartanburg, SC  7870 Reidville Rd.  Greer  SC  --   396,073    842    673 
      Nashville, TN  6050 Dana Way  Antioch  TN  --   117,600    410    417 
   12/31/2025  Phoenix, AZ  4445 N. 169th Ave.  Goodyear  AZ  --   160,140    1,007    984 
      Minneapolis/St Paul, MN  1700 47th Ave. North  Minneapolis  MN  --   18,620    605    605 
2026  1/31/2026  Greenville/Spartanburg, SC  231 Apple Valley Rd.  Duncan  SC  --   120,680    598    597 
   3/31/2026  Central Florida  2455 Premier Row  Orlando  FL  --   205,016    786    508 
      Lewisburg, TN  633 Garrett Pkwy.  Lewisburg  TN  --   310,000    1,287    1,314 
   4/30/2026  Phoenix, AZ  16811 W. Commerce Dr.  Goodyear  AZ  --   540,349    2,444    2,292 
   6/30/2026  Greenville/Spartanburg, SC  425 Apple Valley Rd.  Duncan  SC  --   163,680    376    290 
      Columbus, OH  351 Chamber Dr.  Chillicothe  OH  --   136,495    596    596 

26

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased or
Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
    WAREHOUSE/DISTRIBUTION
2026  6/30/2026  Columbus, OH  351 Chamber Dr.  Chillicothe  OH  20   276,112    1,281    1,267 
   7/31/2026  Savannah, GA  1004 Trade Center Pkwy.  Savannah  GA  --   270,252    1,433    1,345 
      Columbus, OH  1860 Walcutt Rd.  Columbus  OH  --   97,934    177    166 
   8/31/2026  Savannah, GA  1004 Trade Center Pkwy.  Savannah  GA  --   149,415    821    781 
   9/30/2026  Greenville/Spartanburg, SC  425 Apple Valley Rd.  Duncan  SC  --   163,680    335    172 
      St. Louis, MO  3931 Lakeview Corporate Dr.  Edwardsville  IL  --   769,500    2,696    2,666 
      Nashville, TN  6050 Dana Way  Antioch  TN  --   67,200    297    247 
      Phoenix, AZ  9494 W. Buckeye Rd.  Tolleson  AZ  --   186,336    1,109    1,061 
   10/31/2026  Greenville/Spartanburg, SC  235 Apple Valley Rd.  Duncan  SC  --   177,320    950    913 
      Charlotte, NC  2203 Sherrill Dr.  Statesville  NC  --   639,800    823    448 
      Cleveland, OH  10345 Philipp Pkwy.  Streetsboro  OH  --   649,250    2,883    2,770 
   11/30/2026  Erwin, NY  736 Addison Rd.  Erwin  NY  --   408,000    1,483    1,491 
      Philadelphia, PA  250 Rittenhouse Cir.  Bristol  PA  --   241,977    1,146    1,230 
   12/31/2026  Houston, TX  4600 Underwood Rd.  Deer Park  TX  --   402,648    952    - 
      Indianapolis, IN  180 Bob Glidden Blvd.  Whiteland  IN  --   179,530    169    - 
      Indianapolis, IN  76 Bob Glidden Blvd.  Whiteland  IN  --   168,480    169    158 
2027  1/31/2027  Greenville/Spartanburg, SC  417 Apple Valley Rd.  Duncan  SC  --   195,000    -    - 
      Kansas City, MO  27200 West 157th St.  New Century  KS  --   446,500    1,240    1,134 
   2/28/2027  Jackson, MS  554 Nissan Pkwy.  Canton  MS  --   1,466,000    6,200    6,219 
   4/30/2027  Nashville, TN  200 Sam Griffin Rd.  Smyrna  TN  --   1,505,000    6,560    6,476 
      San Antonio, TX  16407 Applewhite Rd.  San Antonio  TX  --   849,275    2,994    2,936 
   7/31/2027  Savannah, GA  335 Morgan Lakes Industrial Blvd.  Pooler  GA  --   499,500    2,080    2,048 
   8/31/2027  Cincinnati/Dayton, OH  600 Gateway Blvd.  Monroe  OH  --   994,013    3,945    3,362 
      Shreveport/Bossier City, LA  5417 Campus Dr.  Shreveport  LA  --   257,849    1,309    1,403 

27

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased or
Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
    WAREHOUSE/DISTRIBUTION
2027  9/30/2027  Memphis, TN  1550 Hwy. 302  Byhalia  MS  --   615,600    2,439    2,470 
   10/31/2027  Jackson, TN  201 James Lawrence Rd.  Jackson  TN  --   1,062,055    3,944    3,866 
2028  1/31/2028  Atlanta, GA  490 Westridge Pkwy.  McDonough  GA  --   1,121,120    3,737    3,633 
   3/31/2028  New York/New Jersey  29-01 Borden Ave./29-10 Hunters Point Ave.  Long Island City  NY  --   140,330    5,135    5,128 
   5/31/2028  Nashville, TN  6050 Dana Way  Antioch  TN  --   50,400    242    203 
   8/31/2028  Houston, TX  4100 Malone Dr.  Pasadena  TX  --   233,190    862    793 
      Indianapolis, IN  4900 Albert S White Dr.  Whitestown  IN  --   63,840    231    100 
   10/31/2028  Atlanta, GA  1625 Oakley Industrial Blvd.  Fairburn  GA  --   907,675    704    643 
2029  4/30/2029  Greenville/Spartanburg, SC  230 Apple Valley Rd.  Duncan  SC  --   275,400    710    661 
   6/30/2029  Memphis, TN  11624 S. Distribution Cv.  Olive Branch  MS  9   1,170,218    3,796    3,627 
   7/31/2029  Memphis, TN  8500 Nail Rd.  Olive Branch  MS  --   716,080    2,751    2,682 
   8/31/2029  Dallas/Ft. Worth, TX  8601 E. Sam Lee Ln.  Northlake  TX  --   1,214,526    4,278    3,988 
   9/30/2029  Chicago, IL   6225 E. Minooka Rd.  Minooka  IL  --   1,034,200    2,931    2,740 
   11/21/2029  Columbus, OH  1860 Walcutt Rd.  Columbus  OH  --   194,796    370    343 
   11/30/2029  Chicago, IL  1460 Cargo Court  Minooka  IL  --   705,661    2,857    2,696 
   12/31/2029  Greenville/Spartanburg, SC  402 Apple Valley Rd.  Duncan  SC  --   235,600    631    571 
      Chicago, IL  200 International Pkwy. S.  Minooka  IL  --   473,280    2,138    1,955 
2030  1/31/2030  Dallas/Ft. Worth, TX  3201 N. Houston School Rd.  Lancaster  TX  --   468,300    1,669    1,332 
   3/31/2030  Memphis, TN  549 Wingo Rd.  Byhalia  MS  --   855,878    4,388    4,345 
   5/31/2030  St. Louis, MO  4015 Lakeview Corporate Dr.  Edwardsville  IL  --   1,017,780    3,460    2,877 
   6/30/2030  Dallas/Ft. Worth, TX  1704 S. I-45  Hutchins  TX  --   120,960    617    569 
      Richmond, VA  2601 Bermuda Hundred Rd.  Chester  VA  4   1,034,470    3,851    3,922 
      Cincinnati/Dayton, OH  700 Gateway  Blvd.  Monroe  OH  --   1,299,492    5,515    5,127 
   8/31/2030  Central Florida  3400 NW 35th St.  Ocala  FL  --   617,055    3,014    2,773 

28

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased or
Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
    WAREHOUSE/DISTRIBUTION
2030  9/30/2030  Phoenix, AZ  255 143rd Ave.  Goodyear  AZ  --   801,424    4,000    3,701 
2031  2/28/2031  Greenville/Spartanburg, SC  1021 Tyger Lake Rd.  Spartanburg  SC  --   213,200    1,043    844 
   3/31/2031  Indianapolis, IN  19 Bob Glidden Blvd.  Whiteland  IN  --   530,400    471    430 
   5/31/2031  DC/Baltimore, MD  291 Park Center Dr.  Winchester  VA  --   344,700    1,724    1,550 
   6/30/2031  Nashville, TN  6050 Dana Way  Antioch  TN  9   352,275    1,222    937 
   7/31/2031  Atlanta, GA  51 Busch Dr.  Cartersville  GA  --   328,000    18    16 
   9/30/2031  Atlanta, GA  41 Busch Dr.  Cartersville  GA  --   276,705    15    12 
   11/30/2031  Indianapolis, IN  3751 S. CR 500 E.  Whitestown  IN  --   1,016,244    42    38 
   12/18/2031  DC/Baltimore, MD  80 Tyson Dr.  Winchester  VA  --   400,400    2,368    2,199 
2032  2/28/2032  Cincinnati/Dayton, OH  675 Gateway Blvd.  Monroe  OH  9   143,664    671    468 
   4/30/2032  Houston, TX  13930 Pike Rd.  Missouri City  TX  --   -    2,123    2,075 
   8/24/2032  Detroit, MI  16950 Pine Dr.  Romulus  MI  --   500,023    2,567    2,474 
   10/31/2032  Portland, OR  27255 SW 95th Ave.  Wilsonville  OR  --   508,277    3,120    2,801 
2033  3/31/2033  Phoenix, AZ  3405 S. McQueen Rd.  Chandler  AZ  --   201,784    4,498    4,019 
2034  4/30/2034  Raleigh, NC  1133 Poplar Creek Rd.  Henderson  NC  --   147,448    548    324 
   10/31/2034  Champaign-Urbana, IL  1001 Innovation Rd.  Rantoul  IL  --   813,126    4,195    3,927 
   12/31/2034  Greenville/Spartanburg, SC  27 Inland Pkwy.  Greer  SC  --   1,318,680    5,544    3,165 
2035  6/30/2035  Dallas/Ft. Worth, TX  2115 East Belt Line Rd.  Carrollton  TX  --   298,653    1,332    1,105 
   10/22/2035  Detroit, MI  2860 Clark St.  Detroit  MI  --   189,960    2,204    2,204 
2036  5/31/2036  Charlotte, NC  671 Washburn Switch Rd.  Shelby  NC  --   673,425    2,786    2,587 
   11/30/2036  Phoenix, AZ  17510 W. Thomas Rd.  Goodyear  AZ  --   468,182    669    - 
2037  3/31/2037  Dallas/Ft. Worth, TX  4005 E. I-30  Grand Prairie  TX  --   215,000    1,872    1,656 
2038  3/31/2038  Houston, TX  13901/14035 Industrial Rd.  Houston  TX  --   132,449    6,773    6,164 
N/A  Vacancy  Nashville, TN  6050 Dana Way  Antioch  TN  9   73,500    189    189 

29

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease Expiration  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft. Leased or
Available (2)		     Base Rent
as of
12/31/2021
($000) (3)		     Cash Base Rent
as of
12/31/2021
($000) (3)		  
INDUSTRIAL PROPERTIES
    WAREHOUSE/DISTRIBUTION
N/A  Vacancy  Columbus, OH  351 Chamber Dr.  Chillicothe  OH  9, 20   42,264    213    213 
    WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT         51,082,289   $207,702   $193,432 
                                  
WAREHOUSE/DISTRIBUTION - NOT STABILIZED (5)                          
2027  2/28/2027  Central Florida  5275 Drane Field Rd.  Lakeland  FL  --   68,420    65    - 
2031  5/31/2031  Central Florida  5275 Drane Field Rd.  Lakeland  FL  22   117,440    615    383 
N/A  Various  Greenville/Spartanburg, SC  7820 Reidville Rd.  Greer  SC  6
(62%)		   210,820    385    355 
      Atlanta, GA  95 International Pkwy.  Adairsville  GA  6, 21
'(45%)		   225,211    5    5 
      Phoenix, AZ  1515 South 91st Ave.  Phoenix  AZ  6
'(33%)		   487,500    -    - 
N/A  Vacancy  Central Florida  5275 Drane Field Rd.  Lakeland  FL  --   36,274    -    - 
      Central Florida  3775 Fancy Farms Rd.  Plant City  FL  --   510,484    -    - 
    WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED            1,656,149   $1,070   $743 
                                  
INDUSTRIAL TOTAL/WEIGHTED AVERAGE          99.8% Leased (11)   52,738,438   $208,772   $194,175 

30

 

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease
Expiration		  Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State  Note  Property Type  Sq. Ft. Leased or
Available (2)		   Base Rent as of
12/31/2021
($000) (3)		   Cash Base Rent as of 12/31/2021
($000) (3)		 
OTHER PROPERTIES                    
SINGLE TENANT                        
2022  3/31/2022  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   1,220    44    44 
2023  9/30/2023  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   8,070    -    - 
   12/14/2023  South Bay/San Jose, CA  3333 Coyote Hill Rd.  Palo Alto  CA  --  Office   202,000    6,642    7,070 
2024  1/31/2024  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   289,432    4,269    4,235 
   5/31/2024  Charlotte, NC  3476 Stateview Blvd.  Fort Mill  SC  16  Office   169,083    2,014    2,032 
      Charlotte, NC  3480 Stateview Blvd.  Fort Mill  SC  16  Office   169,218    2,088    2,033 
2025  5/31/2025  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   2,641    273    273 
   12/19/2025  Owensboro, KY  1901 Ragu Dr.  Owensboro  KY  10, 17  Heavy Manufacturing   443,380    1,882    1,933 
2027  1/31/2027  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   1,975    236    201 
   9/30/2027  Tucson, AZ  1440 E. 15th St.  Tucson  AZ  16  Office   28,591    545    553 
2028  8/31/2028  Atlanta, GA  1420 Greenwood Rd.  McDonough  GA  17  Cold Storage   296,972    2,170    2,203 
2031  11/30/2031  New York/New Jersey  4 Apollo Dr.  Whippany  NJ  16  Office   123,734    2,041    2,009 
2048  12/31/2048  DC/Baltimore, MD  30 Light St.  Baltimore  MD  --  Other   -    311    311 
N/A  Vacancy  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   699    -    - 
   N/A  Philadelphia, PA  1701 Market St.  Philadelphia  PA  16  Office   -    1,007    1,007 
   SINGLE TENANT OTHER TOTAL         1,737,015   $23,522   $23,904 
                                     
MULTI-TENANT / VACANCY (7)(8)                        
N/A  Vacancy  Atlanta, GA  3500 N. Loop Rd.  McDonough  GA  9, 16  Office   62,218    594    594 
N/A  Various  West Michigan  6938 Elm Valley Dr.  Kalamazoo  MI  6, 9, 16, 17
(35%)		  Warehouse/Office   150,945    1,648    1,763 
      Phoenix, AZ  13430 North Black Canyon Fwy.  Phoenix  AZ  6, 16
(56%)		  Office   138,940    1,328    1,485 
   MULTI-TENANT/VACANCY OTHER TOTAL         352,103   $3,570   $3,842 
                                     
TOTAL OTHER/WEIGHTED AVERAGE        89.4% Leased   2,089,118   $27,092   $27,746 
                                     
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE        99.4% Leased (11)   54,827,556   $235,864   $221,921 

31

 

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease Expiration  Date of Lease  Expiration  CoStar Market (1)  Property Location  City  State  Note  Sq. Ft. Leased
or Available
(2)		   LXP %
Ownership		   Estimated Base
Rent as of
12/31/2022
($000)		   Estimated Cash
Base Rent as of
12/31/2022
($000)		   12/31/2021
Debt Balance
($000)		   Debt
Maturity
(12)		 
NON-CONSOLIDATED PROPERTIES                          
NNN MFG COLD JV PROPERTIES                                   
2023  12/31/2023  Nashville, TN  120 Southeast Pkwy. Dr.  Franklin  TN  13   289,330    20%   735    735    381,000   01/2024
2024  4/30/2024  Portland/South Portland, ME  113 Wells St.  North Berwick  ME  13   993,685    20%   1,336    1,627    -   -- 
   5/31/2024  Bingen, WA  901 East Bingen Point Way  Bingen  WA  13   124,539    20%   2,756    2,734    -   -- 
   10/31/2024  Detroit, MI  43955 Plymouth Oaks Blvd.  Plymouth  MI  13   311,612    20%   1,635    1,613    -   -- 
2025  6/30/2025  Nashville, TN  301 Bill Bryan Blvd.  Hopkinsville  KY  13   424,904    20%   1,687    1,687    -   -- 
      Elizabethtown-Fort Knox, KY  730 North Black Branch Rd.  Elizabethtown  KY  13   167,770    20%   537    537    -   -- 
      Elizabethtown-Fort Knox, KY  750 North Black Branch Rd.  Elizabethtown  KY  13   539,592    20%   2,838    2,838    -   -- 
      Owensboro, KY  4010 Airpark Dr.  Owensboro  KY  13   211,598    20%   1,208    1,208    -   -- 
   7/14/2025  Charlotte, NC  590 Ecology Ln.  Chester  SC  13   420,597    20%   2,563    2,512    -   -- 
2026  11/30/2026  Lumberton, NC  2880 Kenny Biggs Rd.  Lumberton  NC  13   423,280    20%   1,714    1,633    -   -- 
2027  8/31/2027  Greenville/Spartanburg, SC  50 Tyger River Dr.  Duncan  SC  13   221,833    20%   1,168    1,090    -   -- 
   12/31/2027  Cincinnati/Dayton, OH  10590 Hamilton Ave.  Cincinnati  OH  13   264,598    20%   839    813    -   -- 
2028  9/30/2028  West Michigan  904 Industrial Rd.  Marshall  MI  13   246,508    20%   835    789    -   -- 
2029  11/24/2029  Anniston-Oxford, AL  318 Pappy Dunn Blvd.  Anniston  AL  13   276,782    20%   1,822    1,747    -   -- 
2031  6/30/2031  Cincinnati/Dayton, OH  10000 Business Blvd.  Dry Ridge  KY  13   336,350    20%   1,562    1,435    -   -- 
   10/31/2031  Chicago, IL  1020 W. Airport Rd.  Romeoville  IL  13   188,166    20%   3,838    3,672    -   -- 
2032  10/31/2032  Detroit, MI  26700 Bunert Rd.  Warren  MI  --   260,243    20%   4,019    3,686    25,850   11/2032
2033  9/30/2033  Crossville, TN  900 Industrial Blvd.  Crossville  TN  13   222,200    20%   674    600    -   -- 
2034  9/30/2034  Las Vegas, NV  5670 Nicco Way  North Las Vegas  NV  13   180,235    20%   2,782    2,470    -   -- 
2035  3/31/2035  Houston, TX  13863 Industrial Rd.  Houston  TX  13   187,800    20%   2,593    2,291    -   -- 
      Houston, TX  7007 F.M. 362 Rd.  Brookshire  TX  13   262,095    20%   2,035    1,798    -   -- 
2042  5/31/2042  Columbus, GA  4801 North Park Dr.  Opelika  AL  13   165,493    20%   3,352    2,748    -   -- 
NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE     100% Leased   6,719,210        $42,528   $40,263   $406,850     

32

 

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease
Expiration		  Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State  Note  Sq. Ft. Leased
or Available (2)		   LXP %
Ownership		   Base Rent
as of
12/31/2021
($000) (3)		   Cash Base Rent
as of
12/31/2021
($000) (3)		   12/31/2021
Debt Balance
($000)		   Debt Maturity (12) 
NON-CONSOLIDATED PROPERTIES                          
NNN OFFICE JV PROPERTIES                                   
2022  12/31/2022  Chicago, IL  231 N. Martingale Rd.  Schaumburg  IL  14   317,198    20%   4,598    4,853    240,480   09/2022
2023  3/31/2023  Dallas/Ft. Worth, TX  8900 Freeport Pkwy.  Irving  TX  14   268,445    20%   4,926    4,699    -   -- 
2025  3/14/2025  Dallas/Ft. Worth, TX  601 & 701 Experian Pkwy.  Allen  TX  14   292,700    20%   3,240    3,073    -   -- 
   6/30/2025  Atlanta, GA  2500 Patrick Henry Pkwy.  McDonough  GA  14   111,911    20%   1,628    1,470    -   -- 
   12/31/2025  Dallas/Ft. Worth, TX  4001 International Pkwy.  Carrollton  TX  14   138,443    20%   2,534    2,469    -   -- 
2026  3/31/2026  Columbus, OH  500 Olde Worthington Rd.  Westerville  OH  14   97,000    20%   1,345    1,242    -   -- 
2027  2/28/2027  Richmond, VA  800 East Canal St.  Richmond  VA  15   8,503    20%   214    157    -   -- 
   6/30/2027  Kansas City, MO  3902 Gene Field Rd.  St. Joseph  MO  14   98,849    20%   2,116    2,045    -   -- 
   7/6/2027  Columbus, OH  2221 Schrock Rd.  Columbus  OH  14   42,290    20%   684    662    -   -- 
   8/7/2027  Philadelphia, PA  25 Lakeview Dr.  Jessup  PA  14   150,000    20%   2,330    2,254    -   -- 
2029  4/30/2029  Richmond, VA  800 East Canal St.  Richmond  VA  15   2,568    20%   64    64    -   -- 
2030  8/31/2030  Richmond, VA  800 East Canal St.  Richmond  VA  15   224,537    20%   7,180    7,374    57,500   02/2031
   9/30/2030  Richmond, VA  800 East Canal St.  Richmond  VA  15   25,707    20%   770    670    -   -- 
   10/31/2030  Richmond, VA  800 East Canal St.  Richmond  VA  15   4,235    20%   125    125    -   -- 
2031  1/10/2031  Houston, TX  810 Gears Rd.  Houston  TX  14   68,985    20%   1,201    1,425    -   -- 
   3/1/2031  Richmond, VA  800 East Canal St.  Richmond  VA  15   26,047    20%   844    746    -   -- 
   9/30/2031  Richmond, VA  800 East Canal St.  Richmond  VA  15   7,105    20%   55    55    -   -- 
2032  4/30/2032  Charlotte, NC  1210 AvidXchange Ln.  Charlotte  NC  --   201,450    20%   6,025    5,551    46,900    12/2022
01/2033		 
   5/31/2032  Richmond, VA  800 East Canal St.  Richmond  VA  15   14,330    20%   -    -    -   -- 
   8/31/2032  Richmond, VA  800 East Canal St.  Richmond  VA  15   4,333    20%   -    -    -   -- 
   9/30/2032  Houston, TX  10001 Richmond Ave.  Houston  TX  14, 16, 19   554,385    20%   5,922    6,151    -   -- 
2035  2/28/2035  Dallas/Ft. Worth, TX  6555 Sierra Dr.  Irving  TX  14   247,254    20%   4,962    3,932    -   -- 
   4/30/2035  Parachute, CO  143 Diamond Ave.  Parachute  CO  14   49,024    20%   1,157    1,193    -   -- 
2088  8/8/2088  Richmond, VA  800 East Canal St.  Richmond  VA  15   -    20%   356    420    -   -- 
N/A  Vacancy  Houston, TX  810 Gears Rd.  Houston  TX  14   9,910    20%   -    -    -   -- 

33

 

 

  PROPERTY LEASES AND VACANCIES - 12/31/2021

 

Year of Lease
Expiration		  Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State  Note  Sq. Ft. Leased
or Available (2)		   LXP %
Ownership		   Base Rent
as of
12/31/2021
($000) (3)		   Cash Base Rent
as of
12/31/2021
($000) (3)		   12/31/2021
Debt Balance
($000)		   Debt Maturity (12) 
NNN OFFICE JV PROPERTIES
N/A  Vacancy  Richmond, VA  800 East Canal St.  Richmond  VA  15   12,944    20%   -    -    -   -- 
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE       99.2% Leased   2,978,153        $52,276   $50,630   $344,880     
                                                
OTHER NON-CONSOLIDATED PROPERTIES                                     
2036  8/31/2036  Houston, TX  2203 North Westgreen Blvd.  Katy  TX  --   274,000    25%   6,880    6,880    50,072   12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE       100% Leased   274,000        $6,880   $6,880   $50,072     
                                                
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE       99.8% Leased   9,971,363        $101,684   $97,773   $801,802     
 
Footnotes
1 Based on CoStar.com inventory data.
2 Square footage leased or available.
3 Twelve months ended 12/31/2021 Base Rent and Cash Base Rent.
4 Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).
5 Property not in Stabilized Portfolio at 12/31/2021.
6 Represents percent leased as of 12/31/2021.
7 Multi-tenant properties are properties less than 50% leased to a single tenant.
8 The multi-tenanted / vacant Stabilized Portfolio properties incurred approximately $1.2 million in operating expenses, net for the twelve months ended 12/31/2021.
9 Base Rent and Cash Base Rent amounts represent/include prior tenant.
10 LXP has a 71.1% interest in this property.
11 Percent leased is for Stabilized Portfolio at 12/31/2021.
12 Interest rates range from 0.25% to 5.4% at 12/31/2021.
13 All debt is cross-collateralized and cross-defaulted.
14 All debt is cross-collateralized and cross-defaulted.  Subsequent to 12/31/2021, $65 million satisfied, $175.4 million remaining.
15 Part of Richmond, Virginia property debt
16 Property held for sale at 12/31/2021.
17 Special purpose industrial property reclassified to Other in 4Q 2021.
18 Subsequent to 12/31/2021, entire building leased for a 125 month term to a new tenant.
19 Subsequent to 12/31/2021, property was sold.
20 Subsequent to 12/31/2021, space leased to 12/31/2031.
21 Subsequent to 12/31/2021, remaining space leased for a 37 month term.
22 Subsequent to 12/31/2021, lease extended to 5/31/2036.

34

 

 

  MORTGAGES AND NOTES PAYABLE
12/31/2021		  

 

Property  Footnotes   Debt
Balance
($000)		   Interest
Rate (%)		   Maturity (a)   Current Estimated
Annual Debt Service
($000)  (b)		   Balloon Payment
($000)		 
INDUSTRIAL (f)                              
Long Island City, NY       $28,980    3.500%   03/2028  $4,879   $- 
Goodyear, AZ        41,646    4.290%   08/2031   2,484    33,399 
Industrial Subtotal/Wtd. Avg./Years Remaining (c)       $70,626    3.966%   8.2   $7,363   $33,399 
                               
OFFICE (f)                              
Palo Alto, CA       $13,803    3.970%   12/2023  $7,059   $- 
Office Subtotal/Wtd. Avg./Years Remaining (c)       $13,803    3.970%   1.9   $7,059   $- 
                               
Subtotal/Wtd. Avg./Years Remaining (c)       $84,429    3.967%   7.2   $14,422   $33,399 
                               
CORPORATE (e)                              
Revolving Credit Facility   (g)   $-    -    02/2023  $-   $- 
Senior Notes        198,932    4.400%   06/2024   8,753    198,932 
Senior Notes        400,000    2.700%   09/2030   10,800    400,000 
Senior Notes        400,000    2.375%   10/2031   9,500    400,000 
Term Loan   (h)    300,000    2.732%   01/2025   8,310    300,000 
Trust Preferred Notes   (i)    129,120    1.832%   04/2037   2,398    129,120 
Subtotal/Wtd. Avg./Years Remaining (c)       $1,428,052    2.774%   7.5   $39,761   $1,428,052 
                               
Total/Wtd. Avg./Years Remaining (c)   (d)   $1,512,481    2.841%   7.5   $54,183   $1,461,451 

 

35

 

 

 

MORTGAGES AND NOTES PAYABLE (CONTINUED)

12/31/2021

($000)

  

 

   GAAP Balance   Deferred Loan
Costs, net		   Discounts   Gross Balance 
Mortgages and notes payable (f)  $83,092   $1,337   $-   $84,429 
Term loans payable (e)   298,446    1,554    -    300,000 
Senior notes payable(e)   987,931    7,346    3,655    998,932 
Trust preferred securities (e)   127,595    1,525    -    129,120 
Consolidated debt  $1,497,064   $11,762   $3,655   $1,512,481 

  

Footnotes
(a) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.
(b) Remaining payments for debt with less than twelve months to maturity, all others are debt service for next twelve months.
(c) Total shown may differ from detailed amounts due to rounding.
(d) See reconciliations of non-GAAP measures in this document.
(e) Unsecured.
(f) Secured.
(g) Rate ranges from LIBOR plus 0.775% to 1.45%.
(h) Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements.
(i) Rate is three month LIBOR plus 170 bps.

 

36

 

 

 

DEBT MATURITY SCHEDULE 

12/31/2021 

($000)

  

 

Consolidated Properties 
Year   Mortgage
Scheduled
Amortization		   Mortgage
Balloon Payments		   Corporate Debt 
2022   $11,275   $-   $- 
2023    12,265    -    - 
2024    5,373    -    198,932 
2025    5,570    -    300,000 
2026    5,773    -    - 
    $40,256   $-   $498,932 

 

Debt Maturity Profile (1)

 

 

  

Footnotes
(1) Percentage denotes weighted-average interest rate.

 

37

 

 

 

DEBT COVENANTS (1)

  

  

CORPORATE LEVEL DEBT              
               
  MUST BE:     12/31/2021  
Bank Loans:              
                   
    Maximum Leverage   < 60 %     40.1 %
    Fixed Charge Coverage   > 1.5 x     3.6 x
    Recourse Secured Indebtedness Ratio   < 10% cap value       0.0 %
    Secured Indebtedness Ratio   < 40 %     6.6 %
    Unsecured Debt Service Coverage   > 2.0 x     5.7 x
    Unencumbered Leverage   < 60 %     37.2 %
                   
Bonds:              
                   
    Debt to Total Assets   < 60 %     32.1 %
    Secured Debt to Total Assets   < 40 %     1.8 %
    Debt Service Coverage   > 1.5 x     5.0 x
    Unencumbered Assets to Unsecured Debt   > 150 %     313.8 %

 

Footnotes
(1) The above is a summary of the key financial covenants for LXP’s credit facility and term loan and senior notes, as of December 31, 2021 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable.  These calculations are presented to show LXP’s compliance with such covenants only and are not measures of LXP’s liquidity or performance.

 

38

 

 

 

COMPONENTS OF NET ASSET VALUE

12/31/2021

($000)

  

 

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.

 

Consolidated properties twelve-month net operating income (NOI) (1)
Industrial  $182,900 
Other   11,379 
Total Net Operating Income  $194,279 
      
LXP’s share of non-consolidated twelve-month NOI (1)
NNN OFFICE JV     
Office  $8,753 
OTHER JV     
Other  $1,557 
Other income     
Advisory fees  $3,038 
      
NOI for NAV Reconciliation:  Twelve months ended
12/31/2021		 
NOI as reported  $265,578 
Less NOI:     
Disposed of properties   (49,462)
Held for sale assets   (14,217)
Assets acquired in 2021   (8,014)
Assets less than 70% leased / Other   394 
NOI for NAV  $194,279 

 

In service assets not fairly valued by capitalized NOI method (1)    
Wholly-owned assets acquired/completed in 2021  $872,988 
Wholly-owned assets less than 70% leased  $12,449 
NNN MFG Cold JV - LXP Share (2)  $110,000 
      
Add other assets:     
Assets held for sale - consolidated  $82,586 
Assets held for sale - non-consolidated - LXP’s share   12,715 
Construction in progress   5,482 
Developable land - nonconsolidated(3)   15,426 
Developable land - consolidated(3)   98,946 
Development investment(3)   111,542 
Cash and cash equivalents   190,926 
Restricted cash   101 
Accounts receivable   3,526 
Other assets   8,784 
Total other assets  $530,034 
      
Liabilities:     
Corporate level debt (face amount)  $1,428,052 
Mortgages and notes payable (face amount)   84,429 
Dividends payable   37,425 
Liabilities held for sale - consolidated   3,468 
Liabilities held for sale - non-consolidated - LXP’s share   120 
Accounts payable, accrued expenses and other liabilities   100,805 
Preferred stock, at liquidation value   96,770 
LXP’s share of non-consolidated mortgages (face amount)   162,864 
Total deductions  $1,913,933 
      
Common shares & OP units at 12/31/2021   284,625,105 

 

Footnotes
(1) NOI for the existing property portfolio at December 31, 2021, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% during the period, assets placed into service and assets acquired in 2021. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP’s net book value has been used.
(2) Based on 20% of initial valuation of $550.0 million.
(3) At cost incurred.

 

39

 

 

 

NON-GAAP MEASURES
DEFINITIONS

  

 

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

 

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

 

Definitions:

 

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, 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. LXP’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. LXP believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

 

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

 

   Twelve months ended
12/31/2021 ($000)		 
Rental revenue as reported  $339,944 
      
Base Rent from sold properties   (49,443)
Lease termination income   (15,371)
Ancillary revenue   1,015 
Reimbursements   (40,281)
      
Base Rent per supplement  $235,864 

 

40

 

 

 

NON-GAAP MEASURES
DEFINITIONS

  

 

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. LXP 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.

 

   Twelve months ended
12/31/2021 ($000)		 
Base Rent per supplement  $235,864 
      
Straight-line adjustments   (12,382)
Lease incentive   494 
Amortization of above/below market leases   (2,055)
      
Cash Base Rent per supplement  $221,921 

 

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”), LXP 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, LXP’s presentation may not be comparable to similarly titled measures of other companies.

 

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

 

41

 

 

 

NON-GAAP MEASURES
DEFINITIONS

  

 

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

 

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

 

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

 

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

 

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NON-GAAP MEASURES
DEFINITIONS

  

 

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.

 

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion.

 

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  SELECT CREDIT METRICS DEFINITIONS
($000)		  (GRAPHIC)

 

Adjusted Company FFO Payout:  Twelve months ended
December 31, 2021		   (Debt + Preferred) / Gross Assets:  Twelve months ended
December 31, 2021		 
Common share dividends per share  $0.4425   Consolidated debt  $1,497,064 
Adjusted Company FFO per diluted share   0.78   Preferred shares liquidation preference   96,770 
Adjusted Company FFO payout ratio   56.7%  Debt and preferred  $1,593,834 
              
Unencumbered Assets:       Total assets  $4,005,558 
Real estate, at cost  $4,190,706   Plus depreciation and amortization:     
Held for sale real estate, at cost   179,571   Real estate   655,740 
Other asset - note receivable   1,497   Deferred lease costs   7,828 
less encumbered real estate, at cost   (151,973)  Held for sale assets   101,629 
Unencumbered assets  $4,219,801         
        Gross assets  $4,770,755 
Unencumbered NOI:             
NOI  $265,578   (Debt + Preferred) / Gross Assets   33.4%
Disposed of properties NOI   (49,462)        
Adjusted NOI   216,116   Debt  / Gross Assets:     
less encumbered adjusted NOI   (15,963)  Consolidated debt  $1,497,064 
Unencumbered adjusted NOI  $200,153         
        Gross assets  $4,770,755 
Unencumbered NOI %   92.6%        
        Debt / Gross assets   31.4%
Net Debt  / Adjusted EBITDA:             
Adjusted EBITDA  $266,516   Secured Debt  / Gross Assets:     
        Total Secure Debt  $83,092 
Consolidated debt  $1,497,064         
less consolidated cash and cash equivalents   (190,926)  Gross assets  $4,770,755 
Non-consolidated debt, net   158,316         
Net debt  $1,464,454   Secured Debt / Gross Assets   1.7%
              
Net debt / Adjusted EBITDA   5.5x  Unsecured Debt / Unencumbered Asset:     
        Consolidated debt  $1,497,064 
(Net Debt + Preferred)  / Adjusted EBITDA:       less mortgages and notes payable   (83,092)
Adjusted EBITDA  $266,516   Unsecured Debt  $1,413,972 
              
Net debt  $1,464,454   Unencumbered assets  $4,219,801 
Preferred shares liquidation preference   96,770         
Net debt + preferred  $1,561,224   Unsecured Debt / Unencumbered NOI   33.5%
              
(Net Debt + Preferred) / Adjusted EBITDA   5.9x        

 

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

 

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Investor Information

 

Transfer Agent

 

Computershare Overnight Correspondence:
PO Box 505000 462 South 4th Street, Suite 1600
Louisville, KY 40233 Louisville, KY 40202
(800) 850-3948  
www-us.computershare.com/investor  

 

Investor Relations

 

Heather Gentry  
Senior Vice President, Investor Relations  
Telephone (direct) (212) 692-7219
E-mail hgentry@lxp.com

 

Research Coverage

 

Evercore Partners     Jefferies & Company, Inc.  
Sheila K. McGrath (212) 497-0882   Jon Peterson (212) 284-1705
         
J.P. Morgan Chase     KeyBanc Capital Markets Inc.  
Anthony Paolone (212) 622-6682   Craig Mailman (917) 368-2316
         
Ladenburg Thalmann & Co., Inc.        
John Massocca (212) 409-2543      

 

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LXP INDUSTRIAL TRUST ■ ONE PENN PLAZA ■ SUITE 4015 ■ NEW YORK, NY 10119 ■ WWW.LXP.COM