8-K

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 16, 2023

LXP INDUSTRIAL TRUST

(Exact name of registrant as specified in its charter)

Maryland	1-12386	13-3717318
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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

(212) 692-7200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On February 16, 2023, LXP Industrial Trust, or the Trust, issued a press release announcing its financial results for the quarter ended December 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished pursuant to this “Item 2.02 - Results of Operations and Financial Condition”, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Trust under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On February 16, 2023, the Trust made available supplemental information, which we refer to as the “Quarterly Supplemental Information, Fourth Quarter 2022,” a copy of which is furnished herewith as Exhibit 99.2.

On February 16, 2023, the Trust’s management discussed the Trust’s financial results and certain aspects of the Trust’s business plan on a conference call with analysts and investors. Instructions to access a replay of the conference call are as follows:

Replay Conference Call: (800) 770-2030 or (647) 362-9199

Replay Conference ID: 1576583

Webcast: https://events.q4inc.com/attendee/544557045 or visit
https://ir.lxp.com/events-and-presentations/events/default.aspx to access webcast link
A telephone replay of the call will be available through May 17, 2023 and via webcast for one. This replay information replaces the replay information in Exhibit 99.1.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Trust under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on the Trust’s web site is not incorporated by reference into this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d)       Exhibits

99.1	Press Release dated February 16, 2023
99.2	Quarterly Supplemental Information, Fourth Quarter 2022
104	Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURES

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

	LXP Industrial Trust
Date: February 17, 2023	By:	/s/ Beth Boulerice
		Beth Boulerice
		Chief Financial Officer

EX-99.1

Exhibit 99.1

LXP INDUSTRIAL TRUST

TRADED: NYSE: LXP

One Penn Plaza, Suite 4015

New York, NY 10119-4015

FOR IMMEDIATE RELEASE

 

LXP INDUSTRIAL TRUST REPORTS FOURTH QUARTER 2022 RESULTS

New York - February 16, 2023 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the fourth quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Recorded Net Income attributable to common shareholders of $36.9 million, or $0.13 per diluted common share.

• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $47.9 million, or $0.17 per diluted common share.

• Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively.

• Industrial Same-Store NOI increased 6.7% quarter to date 2022 compared to 2021.

• Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.

• Completed construction of a warehouse/distribution facility containing 0.8 million square feet in the Greenville-Spartanburg, South Carolina market.

• Invested an aggregate of $67.6 million in development activities, including $53.3 million in six ongoing development projects.

• Disposed of four properties for an aggregate gross sales price of $49.6 million.

 

Full Year 2022 Highlights

• Recorded Net Income attributable to common shareholders of $107.3 million, or $0.38 per diluted common share.

• Generated Adjusted Company FFO of $193.1 million, or $0.67 per diluted common share.

• Completed 4.1 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 30.7% and 25.6%, respectively.

• Industrial Same-Store NOI increased 5.3% in 2022 compared to 2021.

• Acquired three warehouse/distribution facilities for an aggregate cost of $131.2 million.

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• Completed construction of two warehouse/distribution facilities containing 1.1 million and 0.8 million square feet in the Columbus, Ohio and Greenville-Spartanburg, South Carolina markets, respectively.

• Invested an aggregate of $298.2 million in development activities, including $204.4 million in six ongoing development projects and 60 acres of developable land.

• Amended unsecured credit facility extending the maturity of the revolving credit portion to July 2026.

• Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.

• Repurchased and retired 12.1 million common shares at an average price of $10.78 per share.

• Disposed of 10 properties and one land parcel for an aggregate gross sales price of $197.0 million.

 

T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented “Our strong operating performance in the fourth quarter was driven by notable accomplishments in leasing, dispositions and leverage reduction. Additionally, we delivered 6.7% Same-Store NOI growth in the fourth quarter, demonstrating the value of our industrial portfolio, which has modern specs, average age of 8.8 years, attractive locational attributes and a diversified and strong credit tenant base. We expect 2023 Adjusted Company FFO to be in the range of $0.66 to $0.70 per diluted common share and Same-Store NOI growth of approximately 4-5%, reflecting the strong demand we are seeing for our high-quality assets and our progress optimizing our portfolio.”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2022, total gross revenues were $81.1 million, compared with total gross revenues of $86.5 million for the quarter ended December 31, 2021. The decrease is primarily attributable to property sales, including the recapitalization of our special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture, which was partially offset by acquisitions.

Net Income Attributable to Common Shareholders

For the quarter ended December 31, 2022, net income attributable to common shareholders was $36.9 million, or $0.13 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2021 of $260.5 million, or $0.90 per diluted share.

Adjusted Company FFO

For the quarter ended December 31, 2022, LXP generated Adjusted Company FFO of $47.9 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2021 of $53.8 million, or $0.18 per diluted share.

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Dividends/Distributions

As previously announced, during the fourth quarter of 2022, LXP declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2022 of $0.125 per common share/unit, which was paid on January 17, 2023 to common shareholders/unitholders of record as of December 30, 2022. LXP previously declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended December 31, 2022, which was paid February 15, 2023 to Series C Preferred shareholders of record as of January 31, 2023.

 

 

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TRANSACTION ACTIVITY

PROPERTY DISPOSITIONS

 

Location		Property Type			Gross Disposition Price ($000)				Annualized Net Income(1) ($000)				Annualized NOI(1) ($000)				Month of Disposition			% Leased
Kalamazoo, MI		Other		$	1,175			$	(968	)		$	(948	)			October			35%
Henderson, NC (2)		Industrial			6,841				279				497				December			100%
Phoenix, AZ		Other			5,250				507				629				December			56%
Romulus, MI		Industrial			36,378				594				2,484				December			100%
				$	49,644			$	412			$	2,662

1. Generally, quarterly period prior to sale, annualized.

2. Tenant exercised fixed-rate purchase option in the lease.

 

The above properties were sold at aggregate weighted-average GAAP and Cash capitalization rates of 5.4%, respectively. As of December 31, 2022, total consolidated 2022 property disposition volume was $197.0 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.6%, respectively.

 

STABILIZED DEVELOPMENT
Property Type		Market		Sq. Ft.		Initial Cost Basis ($000)			Approximate Lease Term (Yrs)		% Leased at Completion
Warehouse/distribution(1)		Greenville-Spartanburg, SC		797,936		$	64,067		12.3		100%

1. Substantially completed and placed into service development project. LXP owns 90%. Initial cost basis excludes $3.0 million of lease commissions and certain remaining costs, including developer partner promote, if any. LXP funded an aggregate of $60.1 million as of December 31, 2022 for this project, of which, $12.8 million was funded in the fourth quarter of 2022.

 

ONGOING DEVELOPMENT PROJECTS        

 

Project (% owned)		# of Buildings		Market		Estimated Sq. Ft.		Estimated Project Cost(1) ($000)			GAAP Investment Balance as of 12/31/22 ($000)			LXP Amount Funded as of 12/31/22 ($000)(2)			Actual/Estimated Building  Completion Date		% Leased as of 12/31/22
Consolidated:
The Cubes at Etna East (95%)(3)		1		Columbus, OH		1,074,840		$	72,850		$	61,171		$	58,455		3Q 2022		—   %
Ocala (80%)		1		Central Florida		1,085,280			83,100			73,737			63,388		1Q 2023		—   %
Mt. Comfort (80%)		1		Indianapolis, IN		1,053,360			65,500			59,379			49,848		1Q 2023		—   %
South Shore (100%)		2		Central Florida		270,885			40,500			25,782			13,553		2Q 2023		—   %
Cotton 303 (93%)(4)		2		Phoenix, AZ		880,678			84,200			64,682			56,570		1Q 2023 - 2Q 2023		45   %
Smith Farms (90%)(5)		2		Greenville-Spartanburg, SC		1,396,884			101,550			77,173			67,780		1Q 2023 - 2Q 2023		—   %
								$	447,700		$	361,924		$	309,594

1. Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any.

2. Excludes noncontrolling interests' share.

3. Base building achieved substantial completion. Property is not in service as of December 31, 2022.

4. Pre-leased 392,278 square foot facility subject to a 10-year lease commencing upon substantial completion of the facility and notice to the tenant.

5. In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing.

 

 

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LAND HELD FOR INDUSTRIAL DEVELOPMENT

Project (% owned)		Market		Approx. Developable Acres		GAAP Investment Balance as of 12/31/22 ($000)			LXP Amount Funded as of 12/31/22 ($000)(1)
Consolidated:
Reems & Olive (95.5%)(2)		Phoenix, AZ		320		$	77,379		$	73,957
Mt. Comfort Phase II (80%)		Indianapolis, IN		116			5,301			4,213
ATL Fairburn (100%)		Atlanta, GA		14			1,732			1,736
				450		$	84,412		$	79,906

 

Project (% owned)		Market		Approx. Developable Acres		GAAP Investment Balance as of 12/31/22 ($000)			LXP Amount Funded as of 12/31/22 ($000)(1)
Non-consolidated:
ETNA Park 70 (90%)		Columbus, OH		66		$	12,975		$	13,599
ETNA Park 70 East (90%)		Columbus, OH		21			2,126			2,363
				87		$	15,101		$	15,962

1. Excludes noncontrolling interests' share.

2. Ground leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market.

 

LEASING

During the fourth quarter of 2022, LXP executed the following new leases and extensions:

NEW LEASES - FIRST GENERATION(1)

Location

Lease Expiration Date

Sq. Ft.

Industrial

1

Greer

SC

12/2027

81,058

1

TOTAL NEW LEASES - FIRST GENERATION

81,058

 

LEASE EXTENSIONS - SECOND GENERATION

Location

Prior Term

Lease Expiration Date

Sq. Ft.

Industrial

1

Dallas

TX

08/2023

09/2026

510,400

1

TOTAL LEASE EXTENSIONS - SECOND GENERATION

510,400

INDUSTRIAL DEVELOPMENT LEASED LAND

Location

Lease Expiration Date

Approx. Acres

1

Glendale(2)

AZ

11/2042

100

1

TOTAL INDUSTRIAL DEVELOPMENT LEASED LAND

100

1. No prior leases, acquisition vacancy.

2. Leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market, subject to a 20-year ground lease (with three, 10-year extension options) commenced in November 2022. The initial annual rental payments are $5.2 million and escalate by 4% annually.

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As of December 31, 2022, LXP's stabilized industrial portfolio was 99.5% leased. A total of 4.0 million square feet of new and extended industrial leases were entered into in 2022, with Base and Cash Base Rents increasing by 30.7% and 25.6%, respectively.

BALANCE SHEET/CAPITAL MARKETS

During the fourth quarter of 2022, LXP repurchased and retired 0.4 million common shares for an average price of $9.10 per share, which brought total 2022 repurchases to 12.1 million common shares for an average price of $10.78 per share.

In the fourth quarter of 2022, LXP issued 16.0 million common shares previously sold on a forward basis as part of an underwritten offering for net proceeds of $183.4 million. Thus, LXP issued 3.9 million common shares, net of repurchases in 2022, at $13.53 per common share in this transaction.

As of December 31, 2022, LXP ended the quarter with net debt to Adjusted EBITDA at 6.4x. LXP's total consolidated debt was $1.5 billion at quarter end with 91.4% at fixed rates. The total consolidated debt had a weighted-average term to maturity of 6.5 years and a weighted-average interest rate of 3.2% as of December 31, 2022.

2023 EARNINGS GUIDANCE

LXP estimates that its net income attributable to common shareholders for the year ended December 31, 2023 will be within an expected range of $0.35 to $0.39 per diluted common share. LXP estimates its Adjusted Company FFO for the year ended December 31, 2023, will be within an expected range of $0.66 to $0.70 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FOURTH QUARTER 2022 CONFERENCE CALL

LXP will host a conference call today February 16, 2023, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2022. Interested parties may participate in this conference call by dialing 1-888-660-6144 (U.S.) or 1-929-203-0865 (All other locations). Access code is 5974526. A replay of the call will be available through May 17, 2023, at 1-800-770-2030 (U.S.) or 1-647-362-9199 (All other locations); pin code for all replay numbers is 5974526. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. LXP seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions. For more information, including LXP's Quarterly Supplemental Information package, or to follow LXP on social media, visit www.lxp.com.

 

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Contact:

Investor or Media Inquiries for LXP Industrial Trust:

Heather Gentry, Senior Vice President of Investor Relations

LXP Industrial Trust

Phone: (212) 692-7200 E-mail: hgentry@lxp.com

 

  

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under LXP's control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates, (2) the outbreak of highly infectious or contagious diseases, (3) the authorization by LXP's Board of Trustees of future dividend declarations, (4) LXP's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2023, (5) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (6) the failure to continue to qualify as a real estate investment trust, (7) changes in general business and economic conditions, including the impact of any legislation, (8) competition, (9) inflation, increases in real estate construction costs and construction schedule delays, (10) changes in financial markets and interest rates, (11) changes in accessibility of debt and equity capital markets, (12) future impairment charges, and (13) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP's expectations will be realized.

References to LXP refer to LXP Industrial Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

 

Non-GAAP Financial Measures - Definitions

LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release 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 measures under generally accepted accounting principles (“GAAP”), 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 cash needs. 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.

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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, the non-cash impact of sales-type leases 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.

 

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

 

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), LXP believes it provides a meaningful indication of its ability to fund 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 and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies.

 

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

 

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

 

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

 

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of LXP's historical or future financial performance, financial position or cash flows.

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The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate, (or has generated) divided by the acquisition/completion cost, (or sale price). Stabilized yields assume 100% occupancy and the payment of estimated costs to achieve 100% occupancy including partner promotes, if any.

 

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

 

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

 

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second generation building improvements represent an investment in existing stabilized properties.

 

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

# # #

 

Page 10 of 13

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended December 31,						Twelve months ended December 31,
	2022			2021			2022				2021
Gross revenues:
Rental revenue	$	79,243		$	85,374		$	313,992			$	339,944
Other revenue		1,861			1,108			7,253				4,053
Total gross revenues		81,104			86,482			321,245				343,997
Expense applicable to revenues:
Depreciation and amortization		(45,922	)		(46,135	)		(180,567	)			(176,714	)
Property operating		(12,647	)		(13,553	)		(54,870	)			(47,314	)
General and administrative		(9,621	)		(10,763	)		(38,714	)			(35,458	)
Transaction costs		(4,121	)		(227	)		(4,177	)			(432	)
Non-operating income		582			411			935				1,364
Interest and amortization expense		(12,659	)		(11,538	)		(45,417	)	-		(46,708	)
Debt satisfaction losses, net		—			(672	)		(119	)			(13,894	)
Impairment charges		(580	)		(3,493	)		(3,037	)	-		(5,541	)
Change in allowance for credit loss		(93	)		—			(93	)			—
Gains on sales of properties		6,143			262,507			59,094				367,274
Selling profit from sales-type leases		37,745			—			47,059				—
Income before provision for income taxes and  equity in earnings (losses) of non-consolidated entities		39,931			263,019			101,339				386,574
Provision for income taxes		(151	)		(307	)		(1,102	)			(1,293	)
Equity in earnings (losses) of non-consolidated entities		426			59			16,006				(190	)
Net income		40,206			262,771			116,243				385,091
Less net income attributable to noncontrolling interests		(1,733	)		(481	)		(2,460	)			(2,443	)
Net income attributable to LXP Industrial Trust shareholders		38,473			262,290			113,783				382,648
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)		(6,290	)			(6,290	)
Allocation to participating securities		(35	)		(258	)		(186	)			(510	)
Net income attributable to common shareholders	$	36,866		$	260,460		$	107,307			$	375,848
Net income attributable to common shareholders – per common share basic	$	0.13		$	0.93		$	0.38			$	1.35
Weighted-average common shares outstanding – basic		274,928,363			281,383,061			279,887,760				277,640,835
Net income attributable to common shareholders – per common share diluted	$	0.13		$	0.90		$	0.38			$	1.34
Weighted-average common shares outstanding – diluted		276,118,668			292,782,489			282,473,458				287,369,742

 

Page 11 of 13

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

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

 

		2022				2021
Assets:
Real estate, at cost		$	3,691,066			$	3,583,978
Real estate - intangible assets			328,607				341,403
Land held for development			84,412				104,160
Investments in real estate under construction			361,924				161,165
Real estate, gross			4,466,009				4,190,706
Less: accumulated depreciation and amortization			800,470				655,740
Real estate, net			3,665,539				3,534,966
Assets held for sale			66,434				82,586
Right-of-use assets, net			23,986				27,966
Cash and cash equivalents			54,390				190,926
Restricted cash			116				101
Investment in non-consolidated entities			58,206				74,559
Deferred expenses, net			25,207				18,861
Investment in a sales-type lease, net			61,233				—
Rent receivable - current			3,030				3,526
Rent receivable - deferred			71,392				63,283
Other assets			24,314				8,784
Total assets		$	4,053,847			$	4,005,558
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net		$	72,103			$	83,092
Term loan payable, net			298,959				298,446
Senior notes payable, net			989,295				987,931
Trust preferred securities, net			127,694				127,595
Dividends payable			38,416				37,425
Liabilities held for sale			1,150				3,468
Operating lease liabilities			25,118				29,094
Accounts payable and other liabilities			74,261				77,607
Accrued interest payable			9,181				8,481
Deferred revenue - including below market leases, net			11,452				14,474
Prepaid rent			15,215				14,717
Total liabilities			1,662,844				1,682,330
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 and 1,935,400 shares issued and outstanding			94,016				94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 291,719,310 and 283,752,726  shares issued and outstanding in 2022 and 2021, respectively			29				28
Additional paid-in-capital			3,320,087				3,252,506
Accumulated distributions in excess of net income			(1,079,087	)			(1,049,434	)
Accumulated other comprehensive income (loss)			17,689				(6,258	)
Total shareholders’ equity			2,352,734				2,290,858
Noncontrolling interests			38,269				32,370
Total equity			2,391,003				2,323,228
Total liabilities and equity		$	4,053,847			$	4,005,558

Page 12 of 13

 

 

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

EARNINGS PER SHARE

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

 

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2022				2021				2022				2021
EARNINGS PER SHARE:
Basic:
Net income attributable to common shareholders		$	36,866			$	260,460			$	107,307			$	375,848
Weighted-average common shares outstanding - basic			274,928,363				281,383,061				279,887,760				277,640,835
Net income attributable to common shareholders - per common share basic		$	0.13			$	0.93			$	0.38			$	1.35
Diluted:
Net income attributable to common shareholders - basic		$	36,866			$	260,460			$	107,307			$	375,848
Impact of assumed conversions			9				1,853				156				7,962
Net income attributable to common shareholders		$	36,875			$	262,313			$	107,463			$	383,810
Weighted-average common shares outstanding - basic			274,928,363				281,383,061				279,887,760				277,640,835
Effect of dilutive securities:
Unvested share-based payment awards			354,750				1,223,218				457,597				989,177
Shares issuable under forward sales agreements			—				4,568,350				1,274,842				2,110,315
Operating Partnership Units			835,555				897,290				853,259				1,918,845
Preferred shares - Series C			—				4,710,570				—				4,710,570
Weighted-average common shares outstanding - diluted			276,118,668				292,782,489				282,473,458				287,369,742
Net income attributable to common shareholders - per common share diluted		$	0.13			$	0.90			$	0.38			$	1.34

 

Page 13 of 13

 

 

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

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

 

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2022				2021				2022				2021
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders		$	36,866			$	260,460			$	107,307			$	375,848
Adjustments:
Depreciation and amortization			45,125				45,391				177,725				173,833
Impairment charges - real estate, including our share of non-consolidated entities			838				3,493				8,137				5,541
Noncontrolling interests - OP units			9				281				156				1,672
Amortization of leasing commissions			797				744				2,842				2,881
Joint venture and noncontrolling interest adjustment			2,527				2,026				11,112				8,370
Gains on sales of properties, including our share of non-consolidated entities			(7,759	)			(262,507	)			(83,562	)			(367,274	)
FFO available to common shareholders and unitholders - basic			78,403				49,888				223,717				200,871
Preferred dividends			1,572				1,572				6,290				6,290
Amount allocated to participating securities			35				258				186				510
FFO available to all equityholders and unitholders - diluted			80,010				51,718				230,193				207,671
Selling profit from sales-type leases (1)			(37,745	)			—				(47,059	)			—
Allowance for credit loss			93				—				93				—
Transaction costs (2)			4,121				227				4,177				432
Debt satisfaction losses, net, including our share of non-consolidated entities			1				672				1,615				13,894
Other non-recurring costs (3)			—				1,199				2,573				1,199
Noncontrolling interest adjustments			1,469				—				1,469				—
Adjusted Company FFO available to all equityholders and unitholders - diluted			47,949				53,816				193,061				223,196
FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments			(2,519	)			(4,178	)			(11,412	)			(12,324	)
Lease incentives			127				175				518				780
Amortization of above/below market leases			(449	)			(340	)			(1,865	)			(1,551	)
Lease termination payments, net			—				(330	)			—				551
Sales-type lease non-cash income			(342	)			—				(342	)			—
Non-cash interest			819				825				3,278				3,300
Non-cash charges, net			1,846				1,796				7,483				7,137
Capitalized interest and internal costs			(2,549	)			(850	)			(8,014	)			(2,974	)
Second generation tenant improvements			(78	)			(4,214	)			(5,094	)			(8,392	)
Second generation lease costs			(475	)			(1,810	)			(2,613	)			(7,151	)
Joint venture and non-controlling interests adjustment			(103	)			(194	)			(211	)			(375	)
Company Funds Available for Distribution		$	44,226			$	44,696			$	174,789			$	202,197
Per Common Share and Unit Amounts
Basic:
FFO		$	0.28			$	0.18			$	0.80			$	0.72
Diluted:
FFO		$	0.28			$	0.18			$	0.80			$	0.72
Adjusted Company FFO		$	0.17			$	0.18			$	0.67			$	0.78
Weighted-Average Common Shares
Basic:
Weighted-average common shares outstanding - basic EPS			274,928,363				281,383,061				279,887,760				277,640,835
Operating partnership units(4)			835,555				897,290				853,259				1,918,845
Weighted-average common shares outstanding - basic FFO			275,763,918				282,280,351				280,741,019				279,559,680
Diluted:
Weighted-average common shares outstanding - diluted EPS			276,118,668				292,782,489				282,473,458				287,369,742
Unvested share-based payment awards			—				70,114				17,381				44,261
Preferred shares - Series C			4,710,570				—				4,710,570				—
Weighted-average common shares outstanding - diluted FFO			280,829,238				292,852,603				287,201,409				287,414,003

(1) Aggregate gains recognized upon entering into a sales-type lease and exercises of tenant's purchase options in leases.

(2) Includes initial direct costs incurred in connection with entering into investments classified as sales-type leases and other acquisition related costs.

(3) Includes strategic alternatives and costs related to shareholder activism.

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

Page 14 of 13

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
2023 EARNINGS GUIDANCE
		Twelve Months Ended December 31, 2023
		Range
Estimated:
Net income attributable to common shareholders per diluted common share(1)		$	0.35			$	0.39
Depreciation and amortization			0.65				0.65
Impact of capital transactions			(0.34	)			(0.34	)
Estimated Adjusted Company FFO per diluted common share		$	0.66			$	0.70

(1) Assumes all convertible securities are dilutive.

EX-99.2

Exhibit 99.2

TABLE OF CONTENTS
December 31, 2022

		PAGE			PAGE
SUMMARY / HIGHLIGHTS		3	TENANT DATA
				TOP 15 TENANTS	17
FINANCIAL DATA				QUARTERLY LEASING SUMMARY	18
	CONSOLIDATED BALANCE SHEETS	4		LEASE ROLLOVER SCHEDULE	19
	CONSOLIDATED STATEMENTS OF OPERATIONS	5		PROPERTY LEASES AND VACANCIES	20
	NON-GAAP FINANCIAL DATA	6
	SELECT CREDIT METRICS SUMMARY	10	DEBT
	OTHER FINANCIAL DATA	11		MORTGAGES AND NOTES PAYABLE	30
				DEBT MATURITY SCHEDULE	32
CAPITAL DEPLOYMENT / RECYCLING				DEBT COVENANTS	33
	QUARTERLY INVESTMENTS / CAPITAL RECYCLING	12
	DEVELOPMENT SUMMARY	13	COMPONENTS OF NET ASSET VALUE		34
	CAPITAL EXPENDITURES AND LEASING COSTS	14
			NON-GAAP MEASURES DEFINITIONS		35
PORTFOLIO DATA
	SAME STORE DATA	15	APPENDIX - OTHER PORTFOLIO		39
	INDUSTRIAL PORTFOLIO INFORMATION	16
			INVESTOR INFORMATION		40

This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of LXP Industrial Trust (“LXP”), which may cause actual results, performance or achievements of LXP and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates, (2) the outbreak of highly infectious or contagious diseases, (3) the authorization by LXP's Board of Trustees of future dividend declarations, (4) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (5) the failure to continue to qualify as a real estate investment trust, (6) changes in general business and economic conditions, including the impact of any legislation, (7) competition, (8) inflation, increases in real estate construction costs and construction schedule delays, (9) changes in financial markets and interest rates, (10) changes in accessibility of debt and equity capital markets, (11) future impairment charges, and (12) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP's expectations will be realized.

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

SUMMARY / HIGHLIGHTS December 31, 2022

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 - $0.13 per diluted common share	# of Properties:	116
- Adjusted Company FFO - $0.17 per diluted common share	# of States:	21
- Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively	Square Footage:	54.0 million
- Industrial Same-Store NOI increased 6.7% quarter to date 2022 compared to 2021	Ongoing Development Projects:	6
- Leased approximately 100 acres of industrial development land in the Phoenix, AZ market for 20-years	Portfolio % Leased:	99.5%
- Completed construction of a warehouse/distribution facility containing 0.8 million square feet in the Greenville/Spartanburg, South Carolina market	# of Leases:	139
- Invested an aggregate of $67.6 million in development activities, including $53.3 million in six ongoing development projects	Weighted-Average Lease Term (ABR):	6.2 years
- Disposed of four properties for an aggregate gross sales price of $49.6 million	Weighted-Average Age:	9.4 years
- Net Debt to Adjusted EBITDA ratio was 6.4x at quarter end	Developable Land:(1)	537 acres

Footnote

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

3 

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

	December 31, 2022			December 31, 2021
Assets:
Real estate, at cost	$	3,691,066		$	3,583,978
Real estate - intangible assets		328,607			341,403
Land held for development		84,412			104,160
Investments in real estate under construction		361,924			161,165
Real estate, gross		4,466,009			4,190,706
Less: accumulated depreciation and amortization		800,470			655,740
Real estate, net		3,665,539			3,534,966
Assets held for sale		66,434			82,586
Right-of-use assets, net		23,986			27,966
Cash and cash equivalents		54,390			190,926
Restricted cash		116			101
Investments in non-consolidated entities		58,206			74,559
Deferred expenses, net		25,207			18,861
Investment in a sales-type lease, net		61,233			—
Rent receivable - current		3,030			3,526
Rent receivable - deferred		71,392			63,283
Other assets		24,314			8,784
Total assets	$	4,053,847		$	4,005,558
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	72,103		$	83,092
Term loan payable, net		298,959			298,446
Senior notes payable, net		989,295			987,931
Trust preferred securities, net		127,694			127,595
Dividends payable		38,416			37,425
Liabilities held for sale		1,150			3,468
Operating lease liabilities		25,118			29,094
Accounts payable and other liabilities		74,261			77,607
Accrued interest payable		9,181			8,481
Deferred revenue - including below market leases, net		11,452			14,474
Prepaid rent		15,215			14,717
Total liabilities		1,662,844			1,682,330
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 600,000,000 shares, 291,719,310 and 283,752,726 shares issued and outstanding in 2022 and 2021, respectively		29			28
Additional paid-in-capital		3,320,087			3,252,506
Accumulated distributions in excess of net income		(1,079,087	)		(1,049,434	)
Accumulated other comprehensive income (loss)		17,689			(6,258	)
Total shareholders' equity		2,352,734			2,290,858
Noncontrolling interests		38,269			32,370
Total equity		2,391,003			2,323,228
Total liabilities and equity	$	4,053,847		$	4,005,558

4 

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

	Three months ending December 31,						Twelve months ending December 31,
	2022			2021			2022			2021
Gross revenues:
Rental revenue	$	79,243		$	85,374		$	313,992		$	339,944
Other revenue		1,861			1,108			7,253			4,053
Total gross revenues		81,104			86,482			321,245			343,997
Expenses applicable to revenues:
Depreciation and amortization		(45,922	)		(46,135	)		(180,567	)		(176,714	)
Property operating		(12,647	)		(13,553	)		(54,870	)		(47,314	)
General and administrative		(9,621	)		(10,763	)		(38,714	)		(35,458	)
Transaction costs		(4,121	)		(227	)		(4,177	)		(432	)
Non-operating income		582			411			935			1,364
Interest and amortization expense		(12,659	)		(11,538	)		(45,417	)		(46,708	)
Debt satisfaction losses, net		—			(672	)		(119	)		(13,894	)
Impairment charges		(580	)		(3,493	)		(3,037	)		(5,541	)
Change in allowance for credit loss		(93	)		—			(93	)		—
Gains on sales of properties		6,143			262,507			59,094			367,274
Selling profit from sales-type leases		37,745			—			47,059			—
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		39,931			263,019			101,339			386,574
Provision for income taxes		(151	)		(307	)		(1,102	)		(1,293	)
Equity in earnings (losses) of non-consolidated entities		426			59			16,006			(190	)
Net income		40,206			262,771			116,243			385,091
Less net income attributable to noncontrolling interests		(1,733	)		(481	)		(2,460	)		(2,443	)
Net income attributable to LXP Industrial Trust shareholders		38,473			262,290			113,783			382,648
Dividends attributable to preferred shares - Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(35	)		(258	)		(186	)		(510	)
Net income attributable to common shareholders	$	36,866		$	260,460		$	107,307		$	375,848
Net income attributable to common shareholders - per common share basic	$	0.13		$	0.93		$	0.38		$	1.35
Weighted-average common shares outstanding - basic		274,928,363			281,383,061			279,887,760			277,640,835
Net income attributable to common shareholders - per common share diluted	$	0.13		$	0.90		$	0.38		$	1.34
Weighted-average common shares outstanding - diluted		276,118,668			292,782,489			282,473,458			287,369,742

5 

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

	Three months ending December 31,						Twelve months ending December 31,
	2022			2021			2022			2021
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	36,866		$	260,460		$	107,307		$	375,848
Adjustments:
Depreciation and amortization		45,125			45,391			177,725			173,833
Impairment charges - real estate, including our share of non-consolidated entities		838			3,493			8,137			5,541
Noncontrolling interest - OP units		9			281			156			1,672
Amortization of leasing commissions		797			744			2,842			2,881
Joint venture and noncontrolling interest adjustment		2,527			2,026			11,112			8,370
Gain on sales of properties, including our share of non-consolidated entities		(7,759	)		(262,507	)		(83,562	)		(367,274	)
FFO available to common shareholders and unitholders - basic		78,403			49,888			223,717			200,871
Preferred dividends		1,572			1,572			6,290			6,290
Amount allocated to participating securities		35			258			186			510
FFO available to common equityholders and unitholders - diluted		80,010			51,718			230,193			207,671
Selling profit from sales-type leases(1)		(37,745	)		—			(47,059	)		—
Allowance for credit losses		93			—			93			—
Transaction costs(2)		4,121			227			4,177			432
Debt satisfaction losses, net, including our share of non-consolidated entities		1			672			1,615			13,894
Other non-recurring costs(3)		—			1,199			2,573			1,199
Noncontrolling interest adjustments		1,469			—			1,469			—
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	47,949		$	53,816		$	193,061		$	223,196
Per Common Share and Unit Amounts:
Basic:
FFO	$	0.28		$	0.18		$	0.80		$	0.72
Diluted:
FFO	$	0.28		$	0.18		$	0.80		$	0.72
Adjusted Company FFO	$	0.17		$	0.18		$	0.67		$	0.78
Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS		274,928,363			281,383,061			279,887,760			277,640,835
Operating partnership units (4)		835,555			897,290			853,259			1,918,845
Weighted-average common shares outstanding - basic FFO		275,763,918			282,280,351			280,741,019			279,559,680
Diluted:
Weighted-average common shares outstanding - diluted EPS		276,118,668			292,782,489			282,473,458			287,369,742
Unvested share-based payments awards		—			70,114			17,381			44,261
Preferred shares - Series C		4,710,570			—			4,710,570			—
Weighted-average common shares outstanding - diluted FFO		280,829,238			292,852,603			287,201,409			287,414,003

(1) Aggregate gains recognized upon entering into a sales-type lease and exercises of tenant's purchase options in leases.

(2) Includes initial direct costs incurred in connection with entering into investments classified as sales-type leases and other acquisition related costs.

(3) Includes strategic alternatives and costs related to shareholder activism.

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

6 

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

	Three months ending December 31,						Twelve months ending December 31,
	2022			2021			2022			2021
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	47,949		$	53,816		$	193,061		$	223,196
FUNDS AVAILABLE FOR DISTRIBUTION
Adjustments:
Straight-line adjustments		(2,519	)		(4,178	)		(11,412	)		(12,324	)
Lease incentives		127			175			518			780
Amortization of above/below market leases		(449	)		(340	)		(1,865	)		(1,551	)
Lease termination payments, net		—			(330	)		—			551
Sales-type lease non-cash income		(342	)		—			(342	)		—
Non-cash interest		819			825			3,278			3,300
Non-cash charges, net		1,846			1,796			7,483			7,137
Capitalized interest and internal costs		(2,549	)		(850	)		(8,014	)		(2,974	)
Second generation tenant improvements		(78	)		(4,214	)		(5,094	)		(8,392	)
Second generation lease costs		(475	)		(1,810	)		(2,613	)		(7,151	)
Joint venture and non-controlling interests adjustment		(103	)		(194	)		(211	)		(375	)
Company Funds Available for Distribution	$	44,226		$	44,696		$	174,789		$	202,197

7 

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

Net Operating Income ("NOI"):	Three months ending December 31,						Twelve months ending December 31,
	2022			2021			2022			2021
Net income	$	40,206		$	262,771		$	116,243		$	385,091
Interest and amortization expense		12,659			11,538			45,417			46,708
Provision for income taxes		151			307			1,102			1,293
Depreciation and amortization		45,922			46,135			180,567			176,714
General and administrative		9,621			10,763			38,714			35,458
Transaction costs		4,121			227			4,177			432
Non-operating/advisory fee income		(1,934	)		(1,163	)		(6,550	)		(4,402	)
Gains on sales of properties		(6,143	)		(262,507	)		(59,094	)		(367,274	)
Impairment charges		580			3,493			3,037			5,541
Selling profit from sales-type leases		(37,745	)		—			(47,059	)		—
Equity in (earnings) losses of non-consolidated entities		(426	)		(59	)		(16,006	)		190
Debt satisfaction losses, net		—			672			119			13,894
Lease termination income, net		—			(1,185	)		(238	)		(14,972	)
Straight-line adjustments		(2,519	)		(4,178	)		(11,412	)		(12,324	)
Lease incentives		127			175			518			780
Amortization of above/below market leases		(449	)		(340	)		(1,865	)		(1,551	)
Sales-type lease adjustments		(249	)		—			(249	)		—
NOI		63,922			66,649			247,421			265,578
Less NOI:
Acquisitions, development and dispositions		(8,406	)		(14,120	)		(44,162	)		(71,618	)
Same-Store NOI	$	55,516		$	52,529		$	203,259		$	193,960

8 

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

Adjusted EBITDA:	Twelve months ended
	12/31/2022
Net income attributable to
LXP Industrial Trust shareholders	$	113,783
Interest and amortization expense		45,417
Provision for income taxes		1,102
Depreciation and amortization		180,567
Straight-line adjustments		(11,412	)
Sales-type lease non-cash income		(342	)
Lease incentives		518
Amortization of above/below market leases		(1,865	)
Gains on sales of properties		(59,094	)
Impairment charges		3,037
Debt satisfaction losses, net		119
Selling profit from sales-type leases		(47,059	)
Sales-type lease adjustments		4,212
Non-cash charges, net		7,483
Non-recurring strategic alternatives and activism costs		2,573
Pro-rata share adjustments:
Non-consolidated entities adjustment		(325	)
Noncontrolling interests adjustment		1,591
Adjusted EBITDA	$	240,305

9 

SELECT CREDIT METRICS SUMMARY ⁽¹⁾

	12/31/2019	12/31/2020	12/31/2021	12/31/2022
Adjusted Company FFO Payout Ratio	51.6%	55.6%	56.7%	72.4%
Unencumbered Assets	$3.3 billion	$3.8 billion	$4.2 billion	$4.5 billion
Unencumbered NOI	84.1%	89.3%	92.6%	93.4%
(Debt + Preferred) / Gross Assets	34.5%	32.5%	33.4%	32.1%
Debt/Gross Assets	32.1%	30.4%	31.4%	30.1%
Secured Debt / Gross Assets	9.6%	3.1%	1.7%	1.5%
Unsecured Debt / Unencumbered Assets	28.2%	32.1%	33.5%	31.3%
Net Debt / Adjusted EBITDA (2)	4.9x	4.8x	5.5x	6.4x
(Net Debt + Preferred) / Adjusted EBITDA (2)	5.3x	5.1x	5.8x	6.9x
Credit Facilities Availability (3)	$600.0 million	$600.0 million	$600.0 million	$600.0 million

Footnotes

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

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

(3) Subject to covenant compliance.

10 

OTHER FINANCIAL DATA
12/31/2022 ($000)

Rent Estimates for Current Assets

Year	Base Rent  (1)		Cash Base Rent (1)		Difference
2023	$	275,360	$	267,047	$	(8,313	)
2024		246,889		243,797		(3,092	)

Balance Sheet
Other assets	$	24,314
The components of other assets are:
Deposits	$	2,329
Equipment		301
Prepaids		918
Note receivable		1,470
Other receivables		425
Deferred lease incentives		2,535
Derivative asset		16,318
Deferred asset		18
Accounts payable and other liabilities	$	74,261
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	25,078
Development, CIP and other accruals		42,962
Taxes		421
Deferred lease costs		1,989
Deposits		3,784
Transaction costs		27

Footnote

(1) Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2022, and (iii) no properties are sold or acquired after 12/31/2022.

11 

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY
12/31/2022

	STABILIZED DEVELOPMENT
	Property Type	Market			Square Feet		Initial Cost Basis ($000)		Month Stabilized		Primary Lease Expiration			Percent Leased at Completion
Consolidated
1	Industrial (1)		Greenville/Spartanburg	SC		797,936	$	64,067		December		04	/2035		100	%
1	TOTAL STABILIZED DEVELOPMENT					797,936	$	64,067

CAPITAL RECYCLING
	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) (2)			Annualized NOI ($000)(2)			Month of Disposition	% Leased		Gross Disposition Price PSF
Consolidated
1	Kalamazoo	MI	Other	$	1,175	$	(968	)	$	(948	)	October	35	%	$	7.78
2	Henderson(3)	NC	Industrial		6,841		279			497		December	100	%		46.40
3	Phoenix	AZ	Other		5,250		507			629		December	56	%		37.79
4	Romulus	MI	Industrial		36,378		594			2,484		December	100	%		72.75
4	TOTAL CONSOLIDATED PROPERTY DISPOSITIONS			$	49,644	$	412		$	2,662
Non - Consolidated (4)
1	Parachute	CO	Office	$	16,718	$	839		$	1,265		October	100	%	$	341.03
2	Houston	TX	Office		13,368		483			1,064		December	87	%		169.44
3	Schaumburg	IL	Office		7,200		3,126			4,947		December	0	%		22.70
3	TOTAL NON-CONSOLIDATED PROPERTY DISPOSITIONS			$	37,286	$	4,448		$	7,276

Footnotes

(1)	Substantially completed and placed into service development project. LXP owns 90%. Initial cost basis excludes $3.0 million of lease commissions and certain remaining costs, including developer partner promote, if any. LXP funded an aggregate of $60.1 million as of December 31, 2022 for this project.
(2)	Generally, quarterly period prior to sale annualized.
(3)	Tenant exercised fixed-rate purchase option in the lease.
(4)	LXP owns 20%. The joint venture satisfied $36.3 million of non-recourse debt in connection with the sales.

12 

 

  DEVELOPMENT SUMMARY 12/31/2022

ONGOING:

		Project (% owned)		# of Buildings			Market		Estimated Sq. Ft.				Estimated Project Project Cost ($000)(1)				GAAP Investment Balance as of 12/31/22 ($000)				LXP Amount Funded as of 12/31/22 ($000)(2)				Actual/Estimated Building Completion Date		% Leased as of 12/31/22
Consolidated
1		The Cubes at Etna East (95%)(3)		1			Columbus, OH			1,074,840			$	72,850			$	61,171			$	58,455			3Q 2022		0%
2		Ocala (80%)		1			Central Florida			1,085,280				83,100				73,737				63,388			1Q 2023		0%
3		Mt. Comfort (80%)		1			Indianapolis, IN			1,053,360				65,500				59,379				49,848			1Q 2023		0%
4		South Shore (100%)		2			Central Florida			270,885				40,500				25,782				13,553			2Q 2023		0%
5		Cotton 303 (93%)(4)		2			Phoenix, AZ			880,678				84,200				64,682				56,570			1Q 2023 - 2Q 2023		45%
6		Smith Farms (90%)(5)		2			Greenville/Spartanburg, SC			1,396,884				101,550				77,173				67,780			1Q 2023 - 2Q 2023		0%
6		Total Consolidated Development Projects											$	447,700			$	361,924			$	309,594

 

LAND HELD FOR DEVELOPMENT:

 

		Project (% owned)		Market		Approx. Developable Acres				GAAP Investment Balance as of 12/31/2022 ($000)				LXP Amount Funded as of 12/31/2022 ($000)(2)
Consolidated
1		Reems & Olive (95.5%)(6)		Phoenix, AZ			320			$	77,379			$	73,957
2		Mt. Comfort Phase II (80%)		Indianapolis, IN			116				5,301				4,213
3		ATL Fairburn (100%)		Atlanta, GA			14				1,732				1,736
3		Total Consolidated Land Projects					450			$	84,412			$	79,906

 

		Project (% owned)		# of Buildings		Market		Approx. Developable Acres				GAAP Investment Balance as of 12/31/2022 ($000)				LXP Amount Funded as of 12/31/2022 ($000)(2)
Non - Consolidated
1		ETNA Park 70 (90%)		TBD		Columbus, OH			66			$	12,975			$	13,599
2		ETNA Park 70 East (90%)		TBD		Columbus, OH			21				2,126				2,363
2		Total Non-Consolidated Land Projects							87			$	15,101			$	15,962

 

Footnotes

(1)	Estimated project cost includes estimated tenant improvements and lease costs and excludes potential developer partner promote, if any.
(2)	Excludes noncontrolling interests' share.
(3)	Base building achieved substantial completion. Property not in service as of December 31, 2022.
(4)	Pre-leased 392,278 square foot facility subject to a 10-year lease commencing upon substantial completion of the facility and notice to the tenant.
(5)	In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing.
(6)	Ground leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market.

 

13 

 

  CAPITAL EXPENDITURES AND LEASING COSTS ⁽¹⁾ 12/31/2022 ($000) 

 

 

		Twelve months ending December 31,
		2022				2021
First Generation Costs
Tenant Improvements		$	5,756			$	—
Leasing Costs			2,543				1,022
Base Building			2,558				738
Total First Generation Costs		$	10,857			$	1,760
Second Generation Costs
Tenant Improvements
Industrial		$	5,094			$	7,109
Other			—				1,283
Total Second Generation Tenant Improvements		$	5,094			$	8,392
Leasing Costs
Industrial		$	2,490			$	6,414
Other			123				737
Total Second Generation Leasing Costs		$	2,613			$	7,151
Building Improvements
Industrial		$	18,631			$	5,073
Other			—				1,004
Total Second Generation Building Improvements		$	18,631			$	6,077
Total Second Generation Costs		$	26,338			$	21,620
Total Capital Expenditures and Leasing Costs		$	37,195			$	23,380

 

Footnote

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

 

14 

 

  SAME STORE DATA 12/31/2022 ($000) 

 

Same-Store NOI										Same-Store NOI by Components
		Consolidated								Industrial								Other
		Three months ended December 31,								Three months ended December 31,								Three months ended December 31,
QUARTER		2022				2021				2022				2021				2022				2021
Total Cash Base Rent		$	56,179			$	53,483			$	50,747			$	47,993			$	5,432			$	5490
Tenant Reimbursements			9,873				10,445				8,142				8,958				1,731				1,487
Property Operating Expenses			(10,536	)			(11,399	)			(8,469	)			(9,695	)			(2,067	)			(1,704	)
Same-Store NOI		$	55,516			$	52,529			$	50,420			$	47,256			$	5,096			$	5,273
Change in Same-Store NOI			5.7	%							6.7	%							-3.4	%
Same-Store # of Properties			97				97				90				90				7				7
Same-Store Percent Leased(1)			99.8	%			99.8	%			99.8	%			99.7	%			99.4	%			100.0	%

 

		Consolidated								Industrial								Other
		Twelve months ended December 31,								Twelve months ended December 31,								Twelve months ended December 31,
YEAR TO DATE		2022				2021				2022				2021				2022				2021
Total Cash Base Rent		$	207,087			$	197,684			$	185,688			$	176,537			$	21,399			$	21,147
Tenant Reimbursements			35,221				33,186				29,095				27,901				6,126				5,285
Property Operating Expenses			(39,049	)			(36,910	)			(31,519	)			(30,472	)			(7,530	)			(6,438	)
Same-Store NOI		$	203,259			$	193,960			$	183,264			$	173,966			$	19,995			$	19,994
Change in Same-Store NOI			4.8	%							5.3	%							0.0	%
Same-Store # of Properties			85				85				78				78				7				7
Same-Store Percent Leased(1)			99.8	%			99.7	%			99.8	%			99.7	%			99.4	%			100.0	%

 

Footnotes

(1) At 12/31/2022.

 

15 

   

  INDUSTRIAL PORTFOLIO INFORMATION 12/31/2022

 

Markets (1)		ABR % as of 12/31/2022
Phoenix, AZ			11.1	%
Greenville/Spartanburg, SC			9.5	%
Atlanta, GA			8.7	%
Memphis, TN			8.0	%
Houston, TX			5.9	%
Cincinnati/Dayton, OH			5.7	%
Indianapolis, IN			5.6	%
Dallas/Ft. Worth, TX			5.5	%
Nashville, TN			3.8	%
Chicago, IL			3.5	%
Central Florida			3.2	%
Columbus, OH			3.1	%
Savannah, GA			2.7	%
Jackson, MS			2.6	%
St. Louis, MO			2.3	%
DC/Baltimore, MD			2.3	%
Charlotte, NC			2.2	%
New York/New Jersey			2.1	%
Cleveland, OH			2.0	%
Champaign-Urbana, IL			1.6	%
Total Industrial Portfolio Concentration (2)			91.2	%

Industries		ABR % as of 12/31/2022
Consumer Products			23.3	%
Transportation/Logistics			20.0	%
E-Commerce			14.9	%
Automotive			12.9	%
Food			9.7	%
Construction/Materials			9.3	%
Apparel			2.3	%
Technology			2.2	%
Retail Department			2.2	%
Specialty			1.8	%
Total Industrial Portfolio Concentration (2)			98.6	%

 

Additional Information
# of Properties			109
Square Feet			52,544,497
% Investment Grade (3)			56.5	%
% of ABR(4)			92.0	%
% Leased			99.5	%
Weighted-Average Age (Years)(5)			8.8
Weighted-Average ABR per SF(6)		$	4.47
Weighted-Average Lease Term (Years)(7)			6.5
% with Fixed Escalation(8)			95.7	%
Average Annual Rent Escalation(8)			2.5	%
Average Building Size (SF)			491,070
Average Clear Height (Feet)(9)			32.8
% Top 25 Markets(10)			76.9	%
% Top 50 Markets(10)			91.9	%
Mortgage Debt ($000)		$	65,981

Footnotes

(1) Based on CoStar.com inventory data.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Percent of ABR. Credit ratings based upon either tenant, guarantor or parent/ultimate parent.

(4) Based on ABR for consolidated properties owned.

(5) Weighting based on square footage, excluding land parcels.

(6) Excludes land assets and all vacant square footage.

(7) Weighting based on ABR.

(8) Based on ABR for single-tenant leases owned (properties 50% leased to a single tenant). Average Annual Rent Escalation based on next rent step percentages.

(9) Based on internal and external sources.

(10) Percent of ABR based upon CoStar.com inventory data.

16 

  TOP 15 TENANTS 12/31/2022

Tenants (1)	Property Type	Lease Expirations		Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)(3)			ABR as of 12/31/2022 ($000)		ABR % as of 12/31/2022 ($000) (2)(4)
Amazon	Industrial		2026-2033		6		3,864,731		7.2	%	$	18,241		6.8	%
Nissan	Industrial		2027		2		2,971,000		5.5	%		12,908		4.8	%
Kellogg	Industrial		2027-2029		3		2,801,916		5.2	%		9,575		3.6	%
Wal-Mart	Industrial		2024-2031		3		2,351,917		4.4	%		8,773		3.3	%
GXO Logistics	Industrial		2024-2028		3		1,697,475		3.2	%		7,386		2.7	%
Xerox	Office		2023		1		202,000		0.4	%		7,070		2.6	%
Watco	Industrial		2038		1		132,449		0.2	%		6,318		2.4	%
Morgan Lewis (5)	Office		2024		1		289,432		0.5	%		5,860		2.2	%
Fedex	Industrial		2028		2		292,021		0.5	%		5,728		2.1	%
Mars Wrigley	Industrial		2025		1		604,852		1.1	%		5,396		2.0	%
Aligned Data Centers (6)	Industrial		2042		1		—		0.0	%		5,228		1.9	%
Undisclosed (7)	Industrial		2034		1		1,318,680		2.5	%		5,198		1.9	%
Olam	Industrial		2024 & 2037		2		1,196,614		2.2	%		4,993		1.9	%
Georgia-Pacific	Industrial		2028 & 2031		2		1,283,102		2.4	%		4,868		1.8	%
Owens Corning	Industrial		2025-2027		3		863,242		1.6	%		4,860		1.8	%
					32		19,869,431		37.0	%	$	112,402		41.8	%

Footnotes 

(1) Tenant, guarantor or parent.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Excludes vacant square feet.

(4) Based on ABR for consolidated properties owned.

(5) Includes parking operations.

(6) Industrial development leased land, which is included in industrial portfolio.

(7) Lease restricts certain disclosures.

17 

QUARTERLY LEASING SUMMARY  12/31/2022 

	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	Greer	SC	12 /2027		81,058	$	531	$	507
1	TOTAL NEW LEASES - FIRST GENERATION				81,058	$	531	$	507

	SECOND GENERATION
	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New Base Rent Per Annum ($000)(2)		Prior Base Rent Per Annum ($000)(3)		New Cash Base Rent Per Annum ($000)(2)		Prior Cash Base Rent Per Annum ($000)(3)
	LEASE EXTENSIONS
	Industrial
1	Dallas	TX	08 /2023	09 /2026		510,400	$	2,365	$	1,713	$	2,526	$	1,771
1	TOTAL EXTENDED LEASES - INDUSTRIAL - SECOND GENERATION					510,400	$	2,365	$	1,713	$	2,526	$	1,771
	INDUSTRIAL DEVELOPMENT LEASED LAND
	Location			Lease Expiration Date		Approx. Acres		New Base Rent Per Annum ($000)(2)				New Cash Base Rent Per Annum ($000)(2)
1	Glendale(4)	AZ		11 /2042		100	$	7,427			$	5,228
1	TOTAL INDUSTRIAL DEVELOPMENT LEASED LAND					100	$	7,427			$	5,228

Footnotes 

(1) No prior lease, acquisition vacancy.

(2) Assumes 12 months rent from the later of 1/1/2023 or lease commencement/extension, excluding free rent periods as applicable.

(3) Rent from prior tenants for square feet leased.

(4) Leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market, subject to a 20-year ground lease (with three, 10-year extension options) commenced November 2022. The initial annual rent payments are $5.2 million and escalate by 4% annually.

18 

LEASE ROLLOVER SCHEDULE - INDUSTRIAL  12/31/2022 ($000)

Year		Number of Leases Expiring		ABR as of 12/31/2022		Percent of ABR as of 12/31/2022			Percent of ABR as of 12/31/2021(2)
	2023		2	$	3,419		1.4	%		4.2	%
	2024		21		26,533		10.7	%		11.5	%
	2025		13		17,784		7.2	%		7.0	%
	2026		24		29,917		12.1	%		12.2	%
	2027		15		37,026		15.0	%		13.9	%
	2028		7		15,335		6.2	%		6.4	%
	2029		10		23,063		9.3	%		9.3	%
	2030		9		26,104		10.6	%		11.2	%
	2031		11		18,958		7.7	%		7.1	%
	2032		3		5,232		2.1	%		3.6	%
	Thereafter		14		43,799		17.7	%		12.9	%
	Total (1)		129	$	247,170		100.0	%

Footnotes 

(1) Total shown may differ from detailed amounts due to rounding.

(2) 12/31/2021 is restated based on ABR.

19 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)	Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
SINGLE TENANT
		WAREHOUSE/DISTRIBUTION
	2023	8/31/2023	Houston, TX	10535 Red Bluff Rd.	Pasadena	TX	—	257,835	1,231	1,294
		10/31/2023	Atlanta, GA	493 Westridge Pkwy.	McDonough	GA	—	676,000	2,031	2,125
	2024	1/31/2024	Greenville/Spartanburg, SC	70 Tyger River Dr.	Duncan	SC	—	408,000	2,001	2,035
			Indianapolis, IN	1285 W. State Road 32	Lebanon	IN	15	741,880	2,281	2,530
			Memphis, TN	6495 Polk Ln.	Olive Branch	MS	—	118,211	495	515
		3/31/2024	Cleveland, TN	1520 Lauderdale Memorial Hwy.	Cleveland	TN	—	851,370	2,658	2,758
			Indianapolis, IN	4600 Albert S White Dr.	Whitestown	IN	—	53,240	264	298
			Columbus, OH	2155 Rohr Rd.	Lockbourne	OH	—	320,190	1,800	1,801
		4/30/2024	Memphis, TN	11555 Silo Dr.	Olive Branch	MS	—	927,742	2,855	2,993
			Nashville, TN	6050 Dana Way	Antioch	TN	—	11,238	146	146
		5/31/2024	Atlanta, GA	7225 Goodson Rd.	Union City	GA	—	370,000	1,442	1,476
		6/30/2024	Cincinnati/Dayton, OH	575-599 Gateway Blvd.	Monroe	OH	—	194,936	1,024	1,003
		7/31/2024	Greenville/Spartanburg, SC	5795 North Blackstock Rd.	Spartanburg	SC	—	341,660	1,672	1,688
			Greenville/Spartanburg, SC	231 Apple Valley Rd.	Duncan	SC	—	75,320	360	360
		8/31/2024	Houston, TX	9701 New Decade Dr.	Pasadena	TX	—	102,863	530	551
			Atlanta, GA	41 Busch Dr.	Cartersville	GA	—	119,295	596	596
		9/30/2024	Memphis, TN	3820 Micro Dr.	Millington	TN	—	701,819	1,985	2,014
		10/31/2024	Dallas/Ft. Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	—	58,202	228	254
			Dallas/Ft. Worth, TX	17505 Interstate Hwy. 35W	Northlake	TX	—	500,556	2,269	2,293
		11/30/2024	DC/Baltimore, MD	150 Mercury Way	Winchester	VA	—	324,535	1,716	1,738
		12/31/2024	Indianapolis, IN	4600 Albert S White Dr.	Whitestown	IN	—	95,832	469	444
			Chicago, IL	3686 South Central Ave.	Rockford	IL	—	93,000	395	395
			Chicago, IL	749 Southrock Dr.	Rockford	IL	—	150,000	638	645
	2025	3/31/2025	Atlanta, GA	95 International Pkwy.	Adairsville	GA	—	124,251	653	652

20 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)	Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
	2025	4/30/2025	Houston, TX	10565 Red Bluff Rd.	Pasadena	TX	—	248,240	1,237	1,234
		5/31/2025	Atlanta, GA	7875 White Rd. SW	Austell	GA	—	604,852	5,323	5,396
		6/30/2025	Savannah, GA	1319 Dean Forest Rd.	Savannah	GA	—	355,527	1,818	1,819
		7/31/2025	Indianapolis, IN	5352 Performance Way	Whitestown	IN	—	380,000	1,278	1,315
			Cleveland, OH	7005 Cochran Rd.	Glenwillow	OH	—	458,000	2,061	2,164
		8/31/2025	Indianapolis, IN	4900 Albert S White Dr.	Whitestown	IN	—	85,232	436	434
			Savannah, GA	1315 Dean Forest Rd.	Savannah	GA	—	88,503	525	540
		9/30/2025	Greenville/Spartanburg, SC	7870 Reidville Rd.	Greer	SC	—	396,073	1,666	1,691
			Atlanta, GA	95 International Pkwy.	Adairsville	GA	—	100,960	515	515
			Nashville, TN	6050 Dana Way	Antioch	TN	—	117,600	410	435
		12/31/2025	Phoenix, AZ	4445 N. 169th Ave.	Goodyear	AZ	—	160,140	1,007	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	615
		2/28/2026	Central Florida	3102 Queen Palm Dr.	Tampa	FL	—	229,605	1,693	1,230
		3/31/2026	Central Florida	2455 Premier Row	Orlando	FL	—	205,016	786	508
			Lewisburg, TN	633 Garrett Pkwy.	Lewisburg	TN	—	310,000	1,287	1,314
		4/30/2026	Phoenix, AZ	16811 W. Commerce Dr.	Goodyear	AZ	—	540,349	2,444	2,398
		6/30/2026	Greenville/Spartanburg, SC	425 Apple Valley Rd.	Duncan	SC	—	163,680	752	748
			Columbus, OH	351 Chamber Dr.	Chillicothe	OH	—	136,495	607	607
		7/31/2026	Columbus, OH	1860 Walcutt Rd.	Columbus	OH	—	97,934	501	480
			Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	—	270,252	1,433	1,403
		8/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	—	149,415	821	816
		9/30/2026	Greenville/Spartanburg, SC	425 Apple Valley Rd.	Duncan	SC	—	163,680	669	705
			St. Louis, MO	3931 Lakeview Corporate Dr.	Edwardsville	IL	—	769,500	2,696	2,735
			Nashville, TN	6050 Dana Way	Antioch	TN	—	67,200	394	393

21 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)	Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
	2026	9/30/2026	Phoenix, AZ	9494 W. Buckeye Rd.	Tolleson	AZ	—	186,336	1,109	1,108
			Dallas/Ft. Worth, TX	3737 Duncanville Rd.	Dallas	TX	—	510,400	2,365	1,768
		10/31/2026	Greenville/Spartanburg, SC	235 Apple Valley Rd.	Duncan	SC	—	177,320	962	943
			Charlotte, NC	2203 Sherrill Dr.	Statesville	NC	—	639,800	2,796	2,768
			Cleveland, OH	10345 Philipp Pkwy.	Streetsboro	OH	—	649,250	2,883	2,890
		11/30/2026	Erwin, NY	736 Addison Rd.	Erwin	NY	—	408,000	1,549	1,556
			Philadelphia, PA	250 Rittenhouse Cir.	Bristol	PA	—	241,977	1,146	1,277
		12/31/2026	Houston, TX	4600 Underwood Rd.	Deer Park	TX	—	402,648	1,507	1,727
			Indianapolis, IN	180 Bob Glidden Blvd.	Whiteland	IN	—	179,530	787	781
			Indianapolis, IN	76 Bob Glidden Blvd.	Whiteland	IN	—	168,480	787	751
	2027	1/31/2027	Kansas City, MO	27200 West 157th St.	New Century	KS	—	446,500	1,240	1,158
		2/28/2027	Central Florida	5275 Drane Field Rd.	Lakeland	FL	—	68,420	388	390
			Jackson, MS	554 Nissan Pkwy.	Canton	MS	—	1,466,000	6,200	6,328
		3/31/2027	Greenville/Spartanburg, SC	417 Apple Valley Rd.	Duncan	SC	—	195,000	1,052	1,024
		4/30/2027	Nashville, TN	200 Sam Griffin Rd.	Smyrna	TN	—	1,505,000	6,560	6,580
			San Antonio, TX	16407 Applewhite Rd.	San Antonio	TX	—	849,275	2,994	3,015
		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	3,457
			Columbus, OH	200 Arrowhead Dr.	Hebron	OH	—	400,522	1,449	1,422
		9/30/2027	Central Florida	3775 Fancy Farms Rd.	Plant City	FL	16	330,176	2,068	1,865
			Memphis, TN	1550 Hwy 302	Byhalia	MS	—	615,600	2,439	2,518
		10/31/2027	Central Florida	5275 Drane Field Rd.	Lakeland	FL	—	36,274	266	254
			Jackson, TN	201 James Lawrence Rd.	Jackson	TN	—	1,062,055	3,944	3,973
		12/31/2027	Phoenix, AZ	1515 South 91st Ave.	Phoenix	AZ	—	334,222	2,572	2,487
	2028	1/31/2028	Atlanta, GA	490 Westridge Pkwy.	McDonough	GA	—	1,121,120	3,737	3,731

22 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)	Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
	2028	3/31/2028	New York/New Jersey	29-01 Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	—	140,330	5,135	5,128
		5/31/2028	Memphis, TN	6495 Polk Ln.	Olive Branch	MS	—	151,691	759	600
			Nashville, TN	6050 Dana Way	Antioch	TN	—	50,400	309	297
		8/31/2028	Houston, TX	4100 Malone Dr.	Pasadena	TX	—	233,190	1,359	1,298
			Indianapolis, IN	4900 Albert S White Dr.	Whitestown	IN	—	63,840	309	308
		10/31/2028	Atlanta, GA	1625 Oakley Industrial Blvd.	Fairburn	GA	—	907,675	4,223	3,973
	2029	4/30/2029	Greenville/Spartanburg, SC	230 Apple Valley Rd.	Duncan	SC	—	275,400	1,420	1,349
		6/30/2029	Memphis, TN	11624 S. Distribution Cv.	Olive Branch	MS	—	1,170,218	4,101	3,872
		7/31/2029	Memphis, TN	8500 Nail Rd.	Olive Branch	MS	—	716,080	2,751	2,750
		8/31/2029	Dallas/Ft. Worth, TX	8601 E. Sam Lee Ln.	Northlake	TX	—	1,214,526	4,278	4,129
		9/30/2029	Indianapolis, IN	1621 Veterans Memorial Pkwy. E.	Lafayette	IN	—	309,400	1,427	1,241
			Chicago, IL	6225 E. Minooka Rd.	Minooka	IL	—	1,034,200	2,931	2,835
		11/21/2029	Columbus, OH	1860 Walcutt Rd.	Columbus	OH	—	194,796	983	931
		11/30/2029	Chicago, IL	1460 Cargo Court	Minooka	IL	—	705,661	2,857	2,767
		12/31/2029	Greenville/Spartanburg, SC	402 Apple Valley Rd.	Duncan	SC	—	235,600	1,263	1,185
			Chicago, IL	200 International Pkwy. S.	Minooka	IL	—	473,280	2,138	2,004
	2030	1/31/2030	Dallas/Ft. Worth, TX	3201 N. Houston School Rd.	Lancaster	TX	—	468,300	1,669	1,588
		3/31/2030	Memphis, TN	549 Wingo Rd.	Byhalia	MS	—	855,878	4,388	4,454
		5/31/2030	St. Louis, MO	4015 Lakeview Corporate Dr.	Edwardsville	IL	—	1,017,780	3,460	2,979
		6/30/2030	Richmond, VA	2601 Bermuda Hundred Rd.	Chester	VA	3	1,034,470	3,851	4,010
			Cincinnati/Dayton, OH	700 Gateway  Blvd.	Monroe	OH	—	1,299,492	5,515	5,282
			Dallas/Ft. Worth, TX	1704 S. I-45	Hutchins	TX	—	120,960	617	588
		8/31/2030	Central Florida	3400 NW 35th St.	Ocala	FL	—	617,055	3,014	2,857
		9/30/2030	Phoenix, AZ	255 143rd Ave.	Goodyear	AZ	—	801,424	4,193	4,017
	2031	2/28/2031	Greenville/Spartanburg, SC	1021 Tyger Lake Rd.	Spartanburg	SC	—	213,200	1,043	987

23 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)	Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
	2031	3/31/2031	Indianapolis, IN	19 Bob Glidden Blvd.	Whiteland	IN	—	530,400	2,190	2,042
		5/31/2031	DC/Baltimore, MD	291 Park Center Dr.	Winchester	VA	—	344,700	1,726	1,625
		6/30/2031	Nashville, TN	6050 Dana Way	Antioch	TN	—	352,275	1,543	1,435
		7/31/2031	Atlanta, GA	51 Busch Dr.	Cartersville	GA	—	328,000	1,646	1,479
		9/30/2031	Atlanta, GA	41 Busch Dr.	Cartersville	GA	—	276,705	1,590	1,494
		11/30/2031	Indianapolis, IN	3751 S. CR 500 E.	Whitestown	IN	—	1,016,244	3,897	3,628
		12/18/2031	DC/Baltimore, MD	80 Tyson Dr.	Winchester	VA	—	400,400	2,368	2,261
		12/31/2031	Phoenix, AZ	1515 South 91st Ave.	Phoenix	AZ	—	161,982	1,274	1,137
			Cincinnati/Dayton, OH	200 Richard Knock Way	Walton	KY	—	232,500	1,271	1,160
			Columbus, OH	351 Chamber Dr.	Chillicothe	OH	—	352,655	1,903	1,710
	2032	2/28/2032	Cincinnati/Dayton, OH	675 Gateway Blvd.	Monroe	OH	—	143,664	938	897
		4/30/2032	Houston, TX	13930 Pike Rd.	Missouri City	TX	—	—	2,123	2,131
			Cincinnati/Dayton, OH	300 Richard Knock Way	Walton	KY	—	544,320	2,411	2,204
	2033	3/31/2033	Phoenix, AZ	3405 S. McQueen Rd.	Chandler	AZ	—	201,784	4,498	4,167
		9/30/2033	Columbus, OH	191 Arrowhead Dr.	Hebron	OH	—	250,410	1,057	798
	2034	10/31/2034	Champaign-Urbana, IL	1001 Innovation Rd.	Rantoul	IL	—	813,126	4,196	4,072
		12/31/2034	Greenville/Spartanburg, SC	21 Inland Pkwy.	Greer	SC	—	1,318,680	5,544	5,198
	2035	4/30/2035	Greenville/Spartanburg, SC	8201 Reidville Rd.	Greer	SC	14	797,936	4,320	3,710
		6/30/2035	Dallas/Ft. Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	—	298,653	1,361	1,173
		10/22/2035	Detroit, MI	2860 Clark St.	Detroit	MI	—	189,960	2,204	2,204
	2036	5/31/2036	Central Florida	5275 Drane Field Rd.	Lakeland	FL	—	117,440	787	692
			Charlotte, NC	671 Washburn Switch Rd.	Shelby	NC	—	673,425	2,786	2,661
		11/30/2036	Phoenix, AZ	17510 W. Thomas Rd.	Goodyear	AZ	—	468,182	4,304	3,880
	2037	3/31/2037	Dallas/Ft. Worth, TX	4005 E. I-30	Grand Prairie	TX	—	215,000	1,872	1,698
		5/31/2037	Phoenix, AZ	8989 W Buckeye Rd.	Phoenix	AZ	—	268,872	2,368	2,000

24 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	Annualized Base Rent as of 12/31/2022 ($000)		Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
	2038	3/31/2038	Houston, TX	13901/14035 Industrial Rd.	Houston	TX	—	132,449	6,773		6,318
	N/A	Vacancy	Central Florida	3775 Fancy Farms Rd.	Plant City	FL	—	180,308	—		—
			Nashville, TN	6050 Dana Way	Antioch	TN	—	75,815	—		—
		WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT						52,333,677	$	249,069	$		240,710
		MULTI-TENANT / VACANCY (5)(6)
	N/A	Various	Greenville/Spartanburg, SC	7820 Reidville Rd	Greer	SC	4 (100%)	210,820	1,292		1,232
		MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL						210,820	$	1,292			1,232
INDUSTRIAL DEVELOPMENT LEASED LAND
	2042	11/5/2042	Phoenix, AZ	501-42-015 B (Parcel Number)	Phoenix	AZ	13	—	7,384		5,228
		INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL						—	7,384		$	5,228
	INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.5% Leased (8)	52,544,497	$	257,745	$		247,170

25 

PROPERTY LEASES AND VACANCIES - 12/31/2022 

Year of Lease Expiration		Date of Lease Expiration	CoStar Market (1)	Property Location	City	State		Note		Property Type	Sq. Ft. Leased or Available (2)		Annualized Base Rent as of  12/31/2022 ($000)		Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)
OTHER PROPERTIES
SINGLE TENANT
	2023	9/30/2023	Philadelphia, PA	1701 Market St.	Philadelphia		PA		12	Office		1,220		37		37
		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		12	Office		289,432		4,280		4,197
		5/31/2024	Charlotte, NC	3476 Stateview Blvd.	Fort Mill		SC		—	Office		169,083		2,014		2,072
			Charlotte, NC	3480 Stateview Blvd.	Fort Mill		SC		—	Office		169,218		2,088		2,074
	2025	5/31/2025	Philadelphia, PA	1701 Market St.	Philadelphia		PA		12	Office		2,641		283		283
		12/19/2025	Owensboro, KY	1901 Ragu Dr.	Owensboro		KY		7	Heavy Manufacturing		443,380		1,882		1,933
	2027	1/31/2027	Philadelphia, PA	1701 Market St.	Philadelphia		PA		12	Office		1,975		158		123
	2031	11/30/2031	New York/New Jersey	4 Apollo Dr.	Whippany		NJ		12	Office		123,734		2,041		1,833
	2048	12/31/2048	DC/Baltimore, MD	30 Light St.	Baltimore		MD		—	Other		—		311		311
	N/A	Vacancy	Philadelphia, PA	1701 Market St.	Philadelphia		PA		12	Office		8,769				—
		N/A	Philadelphia, PA	1701 Market St.	Philadelphia		PA		12	Office		—		1,663		1,663
		SINGLE TENANT OTHER TOTAL										1,411,452	$	21,399	$	21,596
TOTAL OTHER/WEIGHTED AVERAGE										99.4% Leased		1,411,452	$	21,399	$	21,596
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE										99.5% Leased (8)		53,955,949	$	279,144	$	268,766

26 

PROPERTY LEASES AND VACANCIES - 12/31/2022 

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)	LXP % Ownership		Annualized Base Rent as of  12/31/2022 ($000)		Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)		12/31/2022 Debt Balance ($000)		Debt Maturity (9)
NON-CONSOLIDATED PROPERTIES
NNN MFG COLD JV PROPERTIES
2024	4/30/2024	Portland/South Portland, ME	113 Wells St.	North Berwick	ME	10	993,685	20	%	1,672		1,627		381,000		01/2024
	5/31/2024	Bingen, WA	901 East Bingen Point Way	Bingen	WA	10	124,539	20	%	1,703		2,748		—		—
2025	6/30/2025	Nashville, TN	301 Bill Bryan Blvd.	Hopkinsville	KY	10	424,904	20	%	1,698		1,687		—		—
		Elizabethtown-Fort Knox, KY	730 North Black Branch Rd.	Elizabethtown	KY	10	167,770	20	%	709		537		—		—
		Elizabethtown-Fort Knox, KY	750 North Black Branch Rd.	Elizabethtown	KY	10	539,592	20	%	2,630		2,838		—		—
		Owensboro, KY	4010 Airpark Dr.	Owensboro	KY	10	211,598	20	%	990		1,208		—		—
	7/14/2025	Charlotte, NC	590 Ecology Ln.	Chester	SC	10	420,597	20	%	2,190		2,532		—		—
2026	11/30/2026	Lumberton, NC	2880 Kenny Biggs Rd.	Lumberton	NC	10	423,280	20	%	1,714		1,670		—		—
2027	8/31/2027	Greenville/Spartanburg, SC	50 Tyger River Dr.	Duncan	SC	10	221,833	20	%	1,062		1,103		—		—
	12/31/2027	Cincinnati/Dayton, OH	10590 Hamilton Ave.	Cincinnati	OH	10	264,598	20	%	861		813		—		—
2028	9/30/2028	West Michigan	904 Industrial Rd.	Marshall	MI	10	246,508	20	%	835		800		—		—
	12/31/2028	Nashville, TN	120 Southeast Pkwy. Dr.	Franklin	TN	10	289,330	20	%	833		735		—		—
2029	11/24/2029	Anniston-Oxford, AL	318 Pappy Dunn Blvd.	Anniston	AL	10	276,782	20	%	1,842		1,771		—		—
2030	10/31/2030	Detroit, MI	43955 Plymouth Oaks Blvd.	Plymouth	MI	10	311,612	20	%	1,872		1,633		—		—
2031	6/30/2031	Cincinnati/Dayton, OH	10000 Business Blvd.	Dry Ridge	KY	10	336,350	20	%	1,607		1,459		—		—
	10/31/2031	Chicago, IL	1020 W. Airport Rd.	Romeoville	IL	10	188,166	20	%	3,964		3,775		—		—
2032	10/31/2032	Detroit, MI	26700 Bunert Rd.	Warren	MI	—	260,243	20	%	4,194		3,740		25,850		11 /2032
2033	9/30/2033	Crossville, TN	900 Industrial Blvd.	Crossville	TN	10	222,200	20	%	704		613		—		—
2034	9/30/2034	Las Vegas, NV	5670 Nicco Way	North Las Vegas	NV	10	180,235	20	%	2,825		2,507		—		—
2035	3/31/2035	Houston, TX	13863 Industrial Rd.	Houston	TX	10	187,800	20	%	2,604		2,302		—		—
		Houston, TX	7007 F.M. 362 Rd.	Brookshire	TX	10	262,095	20	%	2,041		1,806
2042	5/31/2042	Columbus, GA	4801 North Park Dr.	Opelika	AL	10	165,493	20	%	3,465		2,766		—		—
NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE						100% Leased	6,719,210			$	42,015	$	40,670	$	406,850

27 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State		Note		Sq. Ft. Leased or Available (2)		LXP % Ownership			Annualized Base Rent as of  12/31/2022 ($000)		Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)		12/31/2022 Debt Balance ($000)		Debt Maturity (9)
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
	2023	3/31/2023	Dallas/Ft. Worth, TX	8900 Freeport Pkwy.	Irving		TX		11		200,569		20	%		3,808		3,705		75,960	09/2023
	2025	3/14/2025	Dallas/Ft. Worth, TX	601 & 701 Experian Pkwy.	Allen		TX		11		292,700		20	%		3,240		3,073		—		—
		6/30/2025	Atlanta, GA	2500 Patrick Henry Pkwy.	McDonough		GA		11		111,911		20	%		1,628		1,525		—		—
		12/31/2025	Dallas/Ft. Worth, TX	4001 International Pkwy.	Carrollton		TX		11		138,443		20	%		2,534		2,543		—		—
	2026	3/31/2026	Columbus, OH	500 Olde Worthington Rd.	Westerville		OH		11		97,000		20	%		1,345		1,285		—		—
	2027	6/30/2027	Kansas City, MO	3902 Gene Field Rd.	St. Joseph		MO		11		98,849		20	%		2,116		2,110		—		—
		7/6/2027	Columbus, OH	2221 Schrock Rd.	Columbus		OH		11		42,290		20	%		684		683		—		—
		8/7/2027	Philadelphia, PA	25 Lakeview Dr.	Jessup		PA		11		150,000		20	%		2,330		2,326		—		—
	2032	4/30/2032	Charlotte, NC	1210 AvidXchange Ln.	Charlotte		NC		—		201,450		20	%		6,025		5,699		46,900		12/2023 01/2033
	2033	5/31/2033	Dallas/Ft. Worth, TX	8900 Freeport Pkwy.	Irving		TX		11		60,736		20	%		1,302		1,084		—		—
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE							100% Leased				1,393,948				$	25,012	$	24,033	$	122,860

28 

PROPERTY LEASES AND VACANCIES - 12/31/2022

Year of Lease Expiration		Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State		Note		Sq. Ft. Leased or Available (2)		LXP % Ownership			Annualized Base Rent as of  12/31/2022 ($000)		Annualized Cash Base Rent ("ABR")  as of 12/31/2022 ($000)		12/31/2022 Debt Balance ($000)		Debt Maturity (9)
OTHER NON-CONSOLIDATED PROPERTIES
	2036	8/31/2036	Houston, TX	2203 North Westgreen Blvd.	Katy		TX		17		274,000		25	%		7,111		7,111		48,979		02/2023
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE							100% Leased				274,000				$	7,111	$	7,111	$	48,979
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE							100% Leased				8,387,158				$	74,138	$	71,814	$	578,689

Footnotes

1 Based on CoStar.com inventory data.

2 Square footage leased or available.

3 Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).

4 Represents percent leased.

5 Multi-tenant properties are properties less than 50% leased to a single tenant.

6 The multi-tenanted properties incurred approximately $0.4 million in operating expenses, net in 2022.

7 LXP has a 71.1% interest in this property.

8 Percent leased is for Stabilized Portfolio.

9 Interest rates range from 0.25% to 6.424%.

10 All debt is cross-collateralized and cross-defaulted.

11 All debt is cross-collateralized and cross-defaulted.

12 Property held for sale at 12/31/2022.

13 Industrial development land ground lease. LXP has a 95.5% interest in this property.

14 LXP has a 90% interest in this property.

15 Subsequent to 12/31/2022, lease extended to 1/31/2029.

16 Subsequent to 12/31/2022, lease extended to 3/31/2028.

17 Subsequent to 12/31/2022, property sold and related debt satisfied.

29 

  MORTGAGES AND NOTES PAYABLE 12/31/2022

  

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						$	25,046				3.500	%		03/2028		$	5,153			$	—
Goodyear, AZ							40,935				4.290	%		08/2031			2,484				33,399
Industrial Subtotal/Wtd. Avg./Years Remaining (c)						$	65,981				3.990	%		7.3		$	7,637			$	33,399
OFFICE (f)
Palo Alto, CA						$	7,173				3.970	%		12/2023		$	7,333			$	—
Office Subtotal/Wtd. Avg./Years Remaining (c)						$	7,173				3.970	%		0.9		$	7,333			$	—
Subtotal/Wtd. Avg./Years Remaining (c)						$	73,154				3.988	%		6.7		$	14,970			$	33,399
CORPORATE (e)
Senior Notes						$	198,932				4.400	%		06/2024		$	8,753			$	198,932
Term Loan			(h)				300,000				2.722	%		01/2025			8,279				300,000
Revolving Credit Facility			(g)				—				—			07/2026			—				—
Senior Notes							400,000				2.700	%		09/2030			10,800				400,000
Senior Notes							400,000				2.375	%		10/2031			9,500				400,000
Trust Preferred Notes			(i)				129,120				6.115	%		04/2037			8,005				129,120
Subtotal/Wtd. Avg./Years Remaining (c)						$	1,428,052				3.159	%		6.5		$	45,337			$	1,428,052
Total/Wtd. Avg./Years Remaining (c)			(d)			$	1,501,206				3.200	%		6.5		$	60,307			$	1,461,451

 

30 

  MORTGAGES AND NOTES PAYABLE (CONTINUED) 12/31/2022 ($000)

 

 

 

		GAAP Balance				Deferred Loan Costs, net				Discounts				Gross Balance
Mortgages and notes payable (f)		$	72,103			$	1,051			$	—			$	73,154
Revolving credit facility borrowings (e)			—				—				—				—
Term loans payable (e)			298,959				1,041				—				300,000
Senior notes payable(e)			989,295				6,409				3,228				998,932
Trust preferred securities (e)			127,694				1,426				—				129,120
Consolidated debt		$	1,488,051			$	9,927			$	3,228			$	1,501,206

 

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 12 months to maturity, all others are debt service for next 12 months.

(c) Total shown may differ from detailed amounts due to rounding.

(d) See reconciliations of non-GAAP measures in this document.

(e) Unsecured.

(f) Secured.

(g) Rate ranges from Adjusted Daily Simple SOFR or Adjusted Term SOFR plus 0.725% to 1.40%. Availability of $600 million, subject to covenant compliance.

(h) Rate ranges from Adjusted Term SOFR plus 0.85% to 1.65%. The Adjusted Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722%.

(i) Rate is three month LIBOR plus 170 bps.

31 

  DEBT MATURITY SCHEDULE 12/31/2022 ($000)

 

 

	Consolidated Properties
	Year				Mortgage Scheduled  Amortization				Mortgage Balloon Payments				Corporate Debt
	2023			$	12,265			$	—			$	—
	2024				5,373				—				198,932
	2025				5,570				—				300,000
	2026				5,773				—				—
	2027				5,984				—				—
				$	34,965			$	—			$	498,932

Debt Maturity Profile ⁽¹⁾

 

 

 

Footnotes

(1) Percentage denotes weighted-average interest rate.

 

32 

  DEBT COVENANTS ⁽¹⁾

 

CORPORATE LEVEL DEBT
			MUST BE:		12/31/2022
Bank Loans:
		Maximum Leverage	< 60%		35.5%
		Fixed Charge Coverage	> 1.5x		3.1x
		Recourse Secured Indebtedness Ratio	< 10% cap value		0.0%
		Secured Indebtedness Ratio	< 40%		4.3%
		Unsecured Debt Service Coverage	> 2.0x		4.9x
		Unencumbered Leverage	< 60%		35.8%
Bonds:
		Debt to Total Assets	< 60%		30.8%
		Secured Debt to Total Assets	< 40%		1.5%
		Debt Service Coverage	> 1.5x		5.4x
		Unencumbered Assets to Unsecured Debt	> 150%		326.9%

 

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, 2022 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.

 

33 

  COMPONENTS OF NET ASSET VALUE 12/31/2022 ($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		$	223,585
Other			13,298
Total Net Operating Income		$	236,883

 

LXP's share of non-consolidated twelve-month NOI (1)
NNN OFFICE JV
Office		$	4,754
NNN MFG Cold JV
Industrial		$	7,930
OTHER JV
Other		$	1,590

 

Other income
Advisory fees		$	5,615

 

NOI for NAV Reconciliation:		Twelve months ended 12/31/2022
NOI as reported		$	247,421
Adjustments to NOI:
Disposed of properties			(6,659	)
Leases with free rent period			5,772
Leases not commenced			1,739
Held for sale assets			(9,068	)
Assets acquired/completed in 2022			(2,410	)
Investment in a sales-type lease			(871	)
Assets less than 70% leased / Other			959
NOI for NAV		$	236,883

 

In service assets not fairly valued by capitalized NOI method (1)
Consolidated assets acquired/completed (our share) in 2022		$	184,698
Consolidated assets less than 70% leased		$	45,433

 

Add other assets:
Assets held for sale - consolidated		$	66,434
Investment in a sales-type lease(3)			58,565
Construction in progress			9,221
Developable land - non-consolidated(2)			15,962
Developable land - consolidated(2)			79,906
Development investment(2)			309,594
Cash and cash equivalents			54,390
Restricted cash			116
Accounts receivable			3,030
Other assets			24,314
Total other assets		$	621,532

 

Liabilities:
Corporate level debt (face amount)		$	1,428,052
Mortgages and notes payable (face amount)			73,154
Dividends payable			38,416
Liabilities held for sale - consolidated			1,150
Accounts payable, accrued expenses and other liabilities			98,657
Preferred stock, at liquidation value			96,770
LXP's share of non-consolidated mortgages (face amount)			118,187
Total deductions		$	1,854,386
Common shares & OP units at 12/31/2022			292,551,938

 

Footnotes

(1) NOI for the existing property portfolio at December 31, 2022, includes four quarters of annualized NOI for non-commenced leases and leases with free rent periods (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 under 70% leased during the period, assets placed into service and assets acquired in 2022. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP's net book value has been used.

(2) At cost incurred.

(3) Our share at carrying value excluding allowance for credit loss.

 

34 

  NON-GAAP MEASURES DEFINITIONS

 

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

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

Definitions:

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

Annualized Cash Base Rent ("ABR"): Annualized Cash Base Rent is calculated by multiplying the current monthly Cash Base Rent by 12. For leases in free rent periods or that were signed prior to the end of the quarter but have not commenced, the first Cash Base Rent payment is multiplied by 12. LXP believes ABR provides a meaningful indication of an investment's ability to fund cash needs.

Annualized Base Rent: Annualized Base rent is calculated by multiplying the current monthly Base Rent by 12. For leases signed prior to the end of the quarter but have not commenced, the first Base Rent is multiplied by 12. LXP believes Annualized Base Rent provides a meaningful measure to the net lease structure of the portfolio.

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

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

35 

  NON-GAAP MEASURES DEFINITIONS

 

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), LXP believes it provides a meaningful indication of its ability to fund 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 and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies.

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

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

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

36 

  NON-GAAP MEASURES DEFINITIONS

 

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

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

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second generation building improvements represent an investment in existing stabilized properties.

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

 

 

37 

  SELECT CREDIT METRICS DEFINITIONS ($000)

 

            

Adjusted Company FFO Payout:		Twelve months ended December 31, 2022				(Debt + Preferred) / Gross Assets:		Twelve months ended December 31, 2022
Common share dividends per share		$	0.49			Consolidated debt		$	1,488,051
Adjusted Company FFO per diluted share			0.67			Preferred shares liquidation preference			96,770
Adjusted Company FFO payout ratio			72.4	%		Debt and preferred		$	1,584,821
Unencumbered Assets:						Total assets		$	4,053,847
Real estate, at cost		$	4,466,009			Plus depreciation and amortization:
Held for sale real estate and intangible assets, at cost			141,499			Real estate			800,470
Investment in a sales-type lease(1)			61,325			Deferred lease costs			9,989
Other asset - note receivable			1,470			Held for sale assets			77,632
less encumbered real estate, at cost			(144,386	)
Unencumbered assets		$	4,525,917			Gross assets		$	4,941,938
Unencumbered NOI:						(Debt + Preferred) / Gross Assets			32.1	%
NOI		$	247,421
Disposed of properties NOI			(6,659	)		Debt  / Gross Assets:
Adjusted NOI			240,762			Consolidated debt		$	1,488,051
less encumbered adjusted NOI			(15,777	)
Unencumbered adjusted NOI		$	224,985			Gross assets		$	4,941,938
Unencumbered NOI %			93.4	%		Debt / Gross assets			30.1	%
Net Debt  / Adjusted EBITDA:						Secured Debt  / Gross Assets:
Adjusted EBITDA		$	240,305			Total Secure Debt		$	72,103
Consolidated debt		$	1,488,051			Gross assets		$	4,941,938
less consolidated cash and cash equivalents			(54,390	)
Non-consolidated debt, net			115,963			Secured Debt / Gross Assets			1.5	%
Net debt		$	1,549,624
						Unsecured Debt / Unencumbered Assets:
Net debt / Adjusted EBITDA			6.4	x		Consolidated debt		$	1,488,051
						less mortgages and notes payable			(72,103	)
(Net Debt + Preferred)  / Adjusted EBITDA:						Unsecured Debt		$	1,415,948
Adjusted EBITDA		$	240,305
						Unencumbered assets		$	4,525,917
Net debt		$	1,549,624
Preferred shares liquidation preference			96,770			Unsecured Debt / Unencumbered Assets			31.3	%
Net debt + preferred		$	1,646,394
(Net Debt + Preferred) / Adjusted EBITDA			6.9	x

 

For the 12/31/2021, 12/31/2020 and 12/31/2019 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information. (1) At carrying value excluding allowance for credit loss.

38 

  APPENDIX - OTHER PORTFOLIO 12/31/2022

 

 

Additional Information
# of Properties	7
Square Feet	1,411,452
% Investment Grade (1)	28.2%
% of ABR(2)	8.0%
% Leased	99.4%
Weighted-Average Age (Years)(3)	31.0
Weighted-Average ABR per SF(4)	$13.99
Weighted-Average Lease Term (Years)(5)	2.4
% with Fixed Escalation(6)	69.2%
Average Annual Rent Escalation(6)	2.2%
Mortgage Debt ($000)	$7,173

 

 

LEASE ROLLOVER SCHEDULE
	Year				Number of Leases Expiring				ABR as of 12/31/2022 ($000)				ABR as of 12/31/2022				ABR as of 12/31/2021(8)
	2023				2			$	7,107				35.7	%			30.1	%
	2024				3				8,343				41.9	%			36.2	%
	2025				2				2,216				11.1	%			11.3	%
	2026				0				—				0.0	%			1.1	%
	2027				1				123				0.6	%			2.8	%
	2028				0				—				0.0	%			9.6	%
	2029				0				—				0.0	%			0.0	%
	2030				0				—				0.0	%			0.0	%
	2031				1				1,833				9.2	%			7.3	%
	2032				0				—				0.0	%			0.0	%
	Thereafter				1				311				1.6	%			1.3	%
	Total (7)				10			$	19,933				100.0	%

 

 

Footnotes

  (1) Percent of ABR. Credit ratings based upon either tenant, guarantor or parent/ultimate parent.

  (2) Based on ABR for consolidated properties owned.

  (3) Weighting based on square footage, excluding land parcels.

  (4) Excludes land assets and all vacant square footage.

  (5) Weighting based on ABR.

  (6) Based on ABR for single-tenant leases owned (properties 50% leased to a single tenant). Average Annual Rent Escalation based on next rent step percentages.

  (7) Total shown may differ from detailed amounts due to rounding.

  (8) 12/31/2021 is restated based on ABR.

 

39 

Investor Information

 

 Transfer Agent

 

Computershare	Overnight Correspondence:
PO Box 43006	150 Royall Street, Suite 101
Providence, RI 02940	Canton, MA  02021
(800) 850-3948
www-us.computershare.com/investor

 

 Investor Relations

 

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

 

 Research Coverage

 

Bank of America			Evercore Partners
Camille Bonnel	(416) 369-2140		Wendy Ma	(212) 497-0870
Jefferies & Company, Inc.			J.P. Morgan Chase
Jon Petersen	(212) 284-1705		Anthony Paolone	(212) 622-6682
KeyBanc Capital Markets Inc.			Ladenburg Thalmann & Co., Inc.
Todd Thomas	(917) 368-2286		John Massocca	(212) 409-2543

 

40 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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Document Type	8-K
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Document Period End Date	Feb. 16, 2023
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Entity Central Index Key	0000910108
Entity Tax Identification Number	13-3717318
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Entity Address, Address Line One	One Penn Plaza, Suite 4015
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Security Exchange Name	NYSE