LXP INDUSTRIAL TRUST TRADED: NYSE: LXP 515 N FLAGLER DR, SUITE 408 WEST PALM BEACH, FL 33401 FOR IMMEDIATE RELEASE LXP INDUSTRIAL TRUST REPORTS FIRST QUARTER 2024 RESULTS West Palm Beach, FL - May 2, 2024 - 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 quarter ended March 31, 2024. First Quarter 2024 Highlights Subsequent Events • Completed 1.6 million square feet of lease exten ...

PART I. — FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited Q1 2024 financial statements report a net loss of $0.56 million, a shift from prior-year net income, with total assets at $4.16 billion [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets slightly decreased to $4.16 billion, total liabilities marginally increased to $1.94 billion, and total equity decreased to $2.22 billion Condensed Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$4,156,368** | **$4,192,775** | | Real estate, net | $3,560,590 | $3,584,153 | | Cash and cash equivalents | $163,213 | $199,247 | | **Total Liabilities** | **$1,935,854** | **$1,927,318** | | Senior notes payable, net | $1,286,711 | $1,286,145 | | **Total Equity** | **$2,220,514** | **$2,265,457** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss attributable to common shareholders of $1.9 million for Q1 2024, a decline from prior-year net income due to the absence of property sale gains and higher interest expenses Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total gross revenues | $86,251 | $85,075 | | Gains on sales of properties | $0 | $7,879 | | Interest and amortization expense | $(16,984) | $(11,393) | | Net income (loss) | $(555) | $11,315 | | Net income (loss) attributable to common shareholders | $(1,931) | $9,522 | | Net income (loss) per common share - diluted | $(0.01) | $0.03 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company recorded a comprehensive loss of $1.6 million for Q1 2024, primarily due to the net loss and an other comprehensive loss from interest rate swaps Comprehensive Income (Loss) Summary (in thousands) | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income (loss) | $(555) | $11,315 | | Other comprehensive loss | $(1,060) | $(3,520) | | **Comprehensive income (loss)** | **$(1,615)** | **$7,795** | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased to $2.22 billion as of March 31, 2024, driven by a net loss of $0.6 million and $39.6 million in common share dividends - Key changes in equity for Q1 2024 included a net loss of **$0.56 million**, dividend payments of **$39.6 million**, and an other comprehensive loss of **$1.1 million**, contributing to the overall decrease in total equity[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw $38.9 million in operating cash flow, $27.7 million used in investing, and $47.2 million used in financing, resulting in a $36.0 million net decrease in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $38,916 | $37,546 | | Net cash used in investing activities | $(27,696) | $(5,529) | | Net cash used in financing activities | $(47,248) | $(43,480) | | **Change in cash, cash equivalents and restricted cash** | **$(36,028)** | **$(11,463)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's REIT focus on 118 industrial properties, real estate investments, debt structure, leasing activities, and compensation plans - As of March 31, 2024, the company owned interests in approximately **118 consolidated real estate properties**, primarily single-tenant industrial facilities, located in 18 states[23](index=23&type=chunk) - In Q1 2024, the company placed three warehouse/distribution facilities in service, totaling approximately **2.6 million square feet**; ongoing development projects have an aggregate estimated cost of **$215.0 million**[39](index=39&type=chunk)[41](index=41&type=chunk) - The company has an unsecured credit agreement consisting of a **$600 million revolving credit facility** (undrawn as of March 31, 2024) and a **$300 million term loan**; the term loan's variable rate is swapped to a fixed rate of **2.722%** until January 2025[61](index=61&type=chunk)[62](index=62&type=chunk) - Future fixed rental receipts for operating and sales-type leases as of March 31, 2024, total approximately **$1.67 billion** and **$760 million**, respectively[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 95.3% leased portfolio, noting a $11.5 million net income decrease due to property sale gains and higher interest, while same-store NOI grew 6.4% and FFO per share slightly declined - As of March 31, 2024, the company's portfolio of **118 properties**, totaling **57.3 million square feet**, was **95.3% leased**[123](index=123&type=chunk) - The decrease in net income was primarily due to a **$7.9 million decrease in gains on property sales**, a **$5.6 million increase in interest and amortization expense**, and a **$4.9 million decrease in equity earnings** from non-consolidated entities compared to the prior year[145](index=145&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Same-store Net Operating Income (NOI) increased by **6.4%** for Q1 2024 compared to Q1 2023, driven primarily by an increase in cash base rents[152](index=152&type=chunk) FFO and Adjusted Company FFO per Share | Metric (per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | FFO - Diluted | $0.16 | $0.17 | | Adjusted Company FFO - Diluted | $0.16 | $0.17 | [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its $129.1 million unhedged variable-rate debt, mitigated by fixed-rate debt and interest rate swaps - At March 31, 2024, consolidated variable-rate indebtedness not subject to interest rate swaps was **$129.1 million**, representing **7.2% of total consolidated debt**[167](index=167&type=chunk) - A **100 basis point increase** in the weighted-average interest rate would have increased interest expense by approximately **$0.3 million** for the three months ended March 31, 2024[167](index=167&type=chunk) - The company utilizes interest rate swaps to manage risk on its variable-rate debt, with **four such agreements** in place as of the quarter's end[169](index=169&type=chunk) [Controls and Procedures](index=36&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2024[171](index=171&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[172](index=172&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management does not expect to materially affect financial condition or operations - The company is involved in legal proceedings arising in the ordinary course of business, but management does not expect them to have a material adverse effect[174](index=174&type=chunk) [Risk Factors](index=37&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported - No material changes in risk factors were reported compared to those disclosed in the Annual Report[175](index=175&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common shares in Q1 2024, with 6,874,241 shares remaining available under the existing plan Share Repurchase Activity - Q1 2024 | Period | Total Number of Shares Purchased | Maximum Number of Shares That May Yet Be Purchased | | :--- | :--- | :--- | | January 2024 | 0 | 6,874,241 | | February 2024 | 0 | 6,874,241 | | March 2024 | 0 | 6,874,241 | [Defaults Upon Senior Securities](index=37&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[178](index=178&type=chunk) [Other Information](index=37&type=section&id=ITEM%205.%20Other%20Information) No trustee or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2024 - No officer or trustee adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[179](index=179&type=chunk) [Exhibits](index=38&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, debt agreements, and required CEO and CFO certifications - The report includes certifications from the CEO and CFO pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002[182](index=182&type=chunk)

PART I [Business Overview](index=4&type=section&id=ITEM%201.%20Business) LXP Industrial Trust is a Maryland REIT focused on single-tenant warehouse/distribution properties, primarily net-leased, with a portfolio of approximately 115 consolidated properties totaling 54.6 million square feet and 99.8% occupancy as of December 31, 2023 - The company focuses on investing in single-tenant warehouse/distribution properties, primarily utilizing a net-lease model where tenants bear most operating costs[21](index=21&type=chunk) - The company's strategy emphasizes acquiring and developing warehouse/distribution properties in target markets like the Sunbelt and Midwest to balance income and capital appreciation, while mitigating development risks and costs through developer partnerships[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) - The company invests through institutional joint ventures, such as NNN Office JV L.P. and NNN MFG Cold JV L.P., to diversify risk and generate related fees[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The company is committed to ESG+R (Environmental, Social, Governance, and Resilience) initiatives, enhancing company and shareholder value by tracking utility data, implementing green building certifications, providing employee training, and supporting community activities[56](index=56&type=chunk)[60](index=60&type=chunk)[63](index=63&type=chunk)[69](index=69&type=chunk)[73](index=73&type=chunk) Consolidated Real Estate Portfolio Metrics (As of December 31, 2023) | Metric | Data | | :--- | :--- | | Number of Consolidated Properties | Approximately 115 | | Number of States | 18 | | Total Area | Approximately 54.6 million square feet | | Occupancy Rate | Approximately 99.8% | | Portfolio Composition (2015 vs 2023) | 2015: Approximately 16% warehouse/distribution assets; 2023: Approximately 99.7% warehouse/distribution assets | | Average Age of Warehouse/Distribution Properties | Approximately 9.5 years | | Largest Tenant as % of ABR | 6.9% | | Investment-Grade Credit Rated Tenants as % of ABR | 49.9% | | Full-Time Employees | 64 people | | Female Employees | 57.8% | | Non-White Employees | 46.9% | | Female Executives | 25.0% | | Non-White Executives | 12.5% | [Risk Factors](index=12&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces significant risks related to leases, real estate development, macroeconomic conditions, debt, equity investments, and maintaining REIT qualification - The company's focus on single-tenant net-leased properties exposes it to significant risks of tenant default, lease termination, or inability to renew on favorable terms, especially when properties become vacant, incurring all operating costs[80](index=80&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - Real estate development activities involve additional risks, including government approvals, construction cost overruns, delays in completion or leasing, supply chain disruptions, and inflation[87](index=87&type=chunk)[88](index=88&type=chunk) - The company faces industry and economic risks, including public health emergencies, financial market instability, high interest rates, bank failures, geopolitical issues, labor shortages, inflation, and physical and transitional risks from natural disasters and climate change[113](index=113&type=chunk)[115](index=115&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - Equity investment risks include potential changes in dividend policy, dilution from future stock issuances, and restrictions in company bylaws on third-party acquisitions or changes in control, such as executive severance, the board's power to issue additional shares, Maryland acquisition statutes, and ownership limitations[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Maintaining REIT qualification involves complex tax regulations, with no guarantee of future compliance, and the company also faces legal and general risks such as environmental liabilities, changes in government regulations, and credit rating downgrades[149](index=149&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk) Debt Risk Overview (As of December 31, 2023) | Metric | Data | | :--- | :--- | | Total Consolidated Debt | Approximately $1.8 billion | | Variable-Rate Debt | $129.1 million (7.2% of total debt) | | Fixed-Rate Debt | $1.7 billion (92.8% of total debt) | | Variable-Rate Debt Weighted Average Interest Rate (2023) | 6.8% | | Variable-Rate Debt Weighted Average Interest Rate (2022) | 3.5% | | Impact of 100 Basis Points Interest Rate Increase on 2023 Interest Expense | Increase of $1.7 million | | Impact of 100 Basis Points Interest Rate Increase on 2022 Interest Expense | Increase of $2.3 million | | Fair Value of Fixed-Rate Debt (December 31, 2023) | $1.5 billion | [Unresolved Staff Comments](index=24&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) As of the end of the reporting period, the company has not received any unresolved written comments from the SEC staff regarding its periodic or current reports - As of December 31, 2023, the company had no unresolved written comments from SEC staff regarding its periodic or current reports[166](index=166&type=chunk) [Cybersecurity](index=25&type=section&id=ITEM%201C.%20Cyber%20Security) The company maintains an appropriate cybersecurity program overseen by management and the board, with comprehensive processes and insurance, and no significant incidents in the past three years - The company has an appropriate cybersecurity program overseen by management and the board, specifically the Audit and Cyber Risk Committee, which includes a recognized cybersecurity expert[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[174](index=174&type=chunk) - The company has an internal Director of Information Technology and Director of ESG & Corporate Operations for IT matters, and outsources CTO/CISO services (provided by BDO USA, LLC) and IT management services to enhance cybersecurity capabilities[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - The cybersecurity program covers prevention, preparation, detection, analysis, containment, eradication, recovery, and reporting, including annual penetration testing, multi-factor authentication, geo-blocking, employee training, business continuity/disaster recovery plans, and vendor due diligence[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - The company maintains cybersecurity insurance to cover costs related to network failures and specific cybersecurity incidents, and as of December 31, 2023, has not experienced any material cybersecurity incidents in the past three years[180](index=180&type=chunk)[186](index=186&type=chunk) [Property Information](index=28&type=section&id=ITEM%202.%20Properties) As of December 31, 2023, the company's portfolio comprised approximately 115 consolidated properties, primarily stable warehouse/distribution assets, with diversified tenants and a weighted average lease term of 6.0 years Consolidated Real Estate Portfolio Overview (As of December 31, 2023) | Metric | Data | | :--- | :--- | | Number of Properties | Approximately 115 | | Total Area | Approximately 54.6 million square feet | | Occupancy Rate | Approximately 99.8% | | Warehouse/Distribution Portfolio Annualized Cash Basic Rent (ABR) | $4.66/square foot (excluding ground leases) | | Warehouse/Distribution Portfolio Weighted Average Remaining Lease Term | 6.0 years | | Other Portfolio Annualized Cash Basic Rent (ABR) | $12.50/square foot (excluding Baltimore property) | | Other Portfolio Weighted Average Remaining Lease Term | 2.1 years | | Consolidated Portfolio Annualized Cash Basic Rent (ABR) | $4.71/square foot (excluding ground leases) | | Consolidated Portfolio Weighted Average Remaining Lease Term | 6.0 years | | Property-Level Mortgages and Notes Payable | Approximately $60.9 million | | Weighted Average Interest Rate | Approximately 4.0% | | Weighted Average Maturity | 6.4 years | Unconsolidated Portfolio Overview (As of December 31, 2023) | Metric | Data | | :--- | :--- | | Office/Other Properties Total Area | 951,995 square feet | | Office/Other Properties Occupancy Rate | 77.5% | | Special-Purpose Industrial Properties Total Area | 6,719,210 square feet | | Special-Purpose Industrial Properties Occupancy Rate | 100% | | Unconsolidated Portfolio Annualized Cash Basic Rent (ABR) | $7.58/square foot | | Unconsolidated Portfolio Weighted Average Remaining Lease Term | 6.8 years | Development Projects Under Construction (As of December 31, 2023) | Project Type | Number of Buildings | Market | Estimated Area (Square Feet) | Estimated Project Cost ($000) | GAAP Investment Balance ($000) | LXP Funds Invested ($000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Leased Development Projects | 1 | Phoenix, AZ | 488,400 | $55,300 | $50,716 | $44,523 | | Speculative Development Projects | 6 | Multiple | 3,693,743 | $291,800 | $268,639 | $244,284 | | **Total** | **7** | | **4,182,143** | **$347,100** | **$319,355** | **$288,807** | Industrial Development Land (As of December 31, 2023) | Project Type | Market | Approximate Acres | GAAP Investment Balance ($000) | LXP Funds Invested ($000) | | :--- | :--- | :--- | :--- | :--- | | Consolidated | Phoenix, AZ | 320 | $73,683 | $74,308 | | Consolidated | Indianapolis, IN | 116 | $5,328 | $4,283 | | Consolidated | Atlanta, GA | 14 | $1,732 | $1,751 | | **Consolidated Total** | | **450** | **$80,743** | **$80,342** | | Unconsolidated | Columbus, OH | 52 | $10,320 | $13,778 | | Unconsolidated | Columbus, OH | 21 | $2,245 | $2,674 | | **Unconsolidated Total** | | **73** | **$12,565** | **$16,452** | Tenant Credit Rating Distribution (As of December 31, 2023) | Credit Rating | ABR ($000) | Percentage of ABR | | :--- | :--- | :--- | | Investment Grade | $135,165 | 49.9% | | Non-Investment Grade | $48,086 | 17.8% | | Unrated | $87,429 | 32.3% | | **Total** | **$270,680** | **100.0%** | Lease Expirations Over Next Ten Years (As of December 31, 2023) | Year | Number of Leases Expiring | Area (Square Feet) | ABR ($000) | Percentage of ABR | | :--- | :--- | :--- | :--- | :--- | | 2024 | 13 | 3,224,253 | $16,030 | 5.9% | | 2025 | 13 | 3,137,998 | $18,313 | 6.8% | | 2026 | 25 | 7,052,764 | $32,861 | 12.1% | | 2027 | 16 | 8,765,734 | $37,114 | 13.7% | | 2028 | 8 | 3,074,237 | $18,139 | 6.7% | | 2029 | 18 | 8,864,350 | $35,840 | 13.2% | | 2030 | 10 | 6,950,840 | $30,147 | 11.1% | | 2031 | 12 | 5,060,431 | $22,237 | 8.2% | | 2032 | 3 | 687,984 | $5,348 | 2.0% | | 2033 | 3 | 1,668,902 | $12,335 | 4.6% | [Legal Proceedings](index=39&type=section&id=ITEM%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management does not expect to have a material adverse effect on its business, financial condition, or operating results - The company is involved in legal proceedings in the ordinary course of business, but these are not expected to have a material adverse effect on its business, financial condition, or results of operations[224](index=224&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=ITEM%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock is listed on the NYSE, with 2,229 stockholders as of February 13, 2024, and it maintains a consistent dividend policy and an ATM program, with no common stock repurchases in 2023 - The company's common stock is listed on the New York Stock Exchange under the ticker symbol "LXP"[228](index=228&type=chunk) Equity Securities Information | Metric | Data | | :--- | :--- | | Number of Common Stockholders as of February 13, 2024 | 2,229 | | Dividend Policy | Quarterly dividends consistently paid since 1993, with plans to continue | | Number of Securities Available for Future Issuance Under 2022 Equity Incentive Plan (As of December 31, 2023) | 2,994,544 shares | | Unregistered Sales of Equity Securities in 2023 | None | | Common Stock Repurchases in 2023 | None | | Shares Remaining for Repurchase Under Authorization as of December 31, 2023 | 6,874,241 shares | | Insider Trading in 2023 | No executive officers or directors adopted or terminated 10b5-1 trading arrangements | [Reserved](index=41&type=section&id=ITEM%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, the company focused on industrial real estate, with strong leasing and rent growth, optimizing its balance sheet through capital recycling and new debt issuance, while net income and FFO decreased, but Adjusted Company FFO increased Summary of Key 2023 Transactions | Category | Details | | :--- | :--- | | **Leasing Activity** | | | New and Renewal Leases Area | 6.8 million square feet | | Second-Generation New and Renewal Leases Average Fixed Rent | $5.40/square foot (from original average $3.85/square foot) | | New Generation Leases Weighted Average Tenant Improvements and Leasing Commissions Cost | $12.31/square foot | | Second-Generation New and Renewal Leases Weighted Average Tenant Improvements and Leasing Commissions Cost | $1.82/square foot | | Industrial Basic Rent and Cash Basic Rent Growth (2023) | 40.1% and 27.0% respectively (52.3% and 37.3% excluding fixed-rate renewals) | | **Investments** | | | Warehouse/Distribution Facility Acquisition | 1 property, cost $15 million | | Land and Partially Completed Facility Acquisition | 13.8 acres of land and 250,000 square feet facility, cost $15.9 million | | Completed Core and Shell Warehouse/Distribution Facilities | 7 properties, total area 4.2 million square feet | | Placed-in-Service Warehouse/Distribution Facilities | Total area 1.8 million square feet | | Total Investment in Development Activities | $122.1 million (of which $85.8 million for consolidated development projects) | | **Capital Recycling** | | | Total Property and Land Dispositions | $100.2 million | | Proceeds from Unconsolidated Joint Venture Property Dispositions | $8.1 million (after repaying $48.9 million non-recourse debt) | | **Debt** | | | Senior Notes Issued | $300 million, 6.75% interest rate, due 2028 | | $300 Million Term Loan Amendment | Maturity extended from January 31, 2025, to January 31, 2027 | - Total investment activity in 2023 was **$146.4 million**, a **$48.8 million decrease** from **$195.2 million** in 2022, primarily due to the completion of portfolio transformation, increased cost of capital, and buyer-seller divergence in the real estate market[246](index=246&type=chunk) - The company continues to prioritize development projects, especially build-to-suit, over acquiring existing leased properties for potentially higher yields, and expects to limit speculative development in 2024, focusing on markets with sufficient demand[249](index=249&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) - The company's liquidity primarily stems from operating cash flow, asset sales, and public/private equity and debt markets; operating cash flow increased to **$209.4 million** in 2023, with reduced cash outflow from investing activities and a positive shift in financing cash flow, mainly due to new debt issuance[275](index=275&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) - The company expects to repay the **4.40% Senior Notes due 2024** from cash and short-term investments, and plans to retain cash through a conservative dividend policy for property maintenance, expansion, debt reduction, and new property acquisitions[302](index=302&type=chunk)[304](index=304&type=chunk) Overview of Operating Results (2023 vs 2022) | Metric | 2023 ($000) | 2022 ($000) | Change ($000) | Change % | | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Common Stockholders | $23,863 | $107,307 | $(83,444) | -77.8% | | Total Revenue | $340,503 | $321,245 | $19,258 | 6.0% | | Basic Rental Revenue | - | - | Increase $12,800 | - | | Tenant Reimbursement Revenue | - | - | Increase $7,400 | - | | Depreciation and Amortization Expense | $(183,524) | $(180,567) | $(2,957) | 1.6% | | Property Operating Expenses | $(58,394) | $(54,870) | $(3,524) | 6.4% | | General and Administrative Expenses | $(36,334) | $(38,714) | $2,380 | -6.1% | | Transaction Costs | $(4) | $(4,177) | $4,173 | -99.9% | | Non-Operating Income | $2,982 | $935 | $2,047 | 218.9% | | Interest and Amortization Expense | $(46,389) | $(45,417) | $(972) | 2.1% | | Impairment Charges | $(16,490) | $(3,037) | $(13,453) | 443.0% | | Gain on Sale of Properties | $33,010 | $59,094 | $(26,084) | -44.1% | | Sales-Type Lease Profit | $0 | $47,059 | $(47,059) | -100.0% | | Equity in Earnings (Loss) of Unconsolidated Entities | $1,366 | $16,006 | $(14,640) | -91.5% | | Net Income Attributable to Noncontrolling Interests | $(5,540) | $(2,460) | $(3,080) | 125.2% | Non-GAAP Financial Metrics (2023 vs 2022) | Metric | 2023 ($000) | 2022 ($000) | Change ($000) | Change % | | :--- | :--- | :--- | :--- | :--- | | Same-Store Net Operating Income (NOI) | $225,287 | $216,563 | $8,724 | 4.0% | | Same-Store Occupancy Rate (2023 vs 2022) | 100% vs 99.8% | - | - | - | | Basic FFO Attributable to Common Stockholders and Unit Holders | $199,560 | $223,717 | $(24,157) | -10.8% | | Diluted FFO Attributable to All Equity Holders and Unit Holders | $206,080 | $230,193 | $(24,113) | -10.5% | | Diluted Adjusted Company FFO Attributable to All Equity Holders and Unit Holders | $206,191 | $193,061 | $13,130 | 6.8% | | Basic FFO Per Common Share and Unit | $0.69 | $0.80 | $(0.11) | -13.8% | | Diluted FFO Per Common Share and Unit | $0.70 | $0.80 | $(0.10) | -12.5% | | Diluted Adjusted Company FFO Per Common Share and Unit | $0.70 | $0.67 | $0.03 | 4.5% | Summary of 2023 Transactions - In 2023, the company executed new and renewal leases totaling **6.8 million square feet**, with second-generation leases seeing average fixed rent increase from **$3.85 per square foot to $5.40 per square foot**[242](index=242&type=chunk) - The company acquired one warehouse/distribution facility for **$15 million** and one land parcel with a partially completed facility for **$15.9 million**, and completed core and shell construction on **seven development projects** totaling **4.2 million square feet**[243](index=243&type=chunk) - The company disposed of properties and land totaling **$100.2 million** and received **$8.1 million** from unconsolidated joint venture dispositions, used for debt repayment and investment[244](index=244&type=chunk) - The company issued **$300 million** of **6.75% Senior Notes due 2028** and extended the maturity of its **$300 million Term Loan** to January 2027[244](index=244&type=chunk) Investment Trends - The company's investment activities primarily focus on income-producing single-tenant warehouse and distribution assets and speculative development projects[245](index=245&type=chunk) - In 2023, investments in acquired or completed and placed-in-service warehouse and distribution assets totaled **$146.4 million**, a **$48.8 million decrease** from 2022, primarily due to the completion of portfolio transformation and increased cost of capital[246](index=246&type=chunk) - The company expects to continue selling non-core industrial assets and industrial assets in non-target markets, using proceeds to reduce debt and invest in target markets, despite potential short-term earnings dilution[247](index=247&type=chunk) - The industrial real estate market remains resilient due to e-commerce and reshoring, with the company prioritizing development projects (especially build-to-suit) for potentially higher yields than acquiring existing properties[248](index=248&type=chunk)[249](index=249&type=chunk)[252](index=252&type=chunk) Leasing - The company's asset management focuses on re-leasing vacant or expiring properties, with target market rents expected to grow due to strong demand and low vacancy rates[254](index=254&type=chunk)[256](index=256&type=chunk) - As of December 31, 2023, **98.1%** of the company's industrial leases had scheduled rent increases, with an average increase of **2.6%**[258](index=258&type=chunk) - The company continuously monitors tenant creditworthiness by subscribing to rating agency information, reviewing financial statements, monitoring news reports, and rent collections[259](index=259&type=chunk) Impairment charges - Impairment charges in 2023 and 2022 primarily occurred on non-core assets due to anticipated shorter holding periods[261](index=261&type=chunk) Impairment Charges (2023 vs 2022) | Year | Impairment Charges ($000) | | :--- | :--- | | 2023 | $16,500 | | 2022 | $3,000 | Critical Accounting Estimates - Critical accounting estimates include real estate acquisitions and development (fair value allocation, cash flow projections, discount and capitalization rates), revenue recognition (lease classification, implicit interest rates, unguaranteed residual values, straight-line rent recognition), real estate impairment (triggering events, undiscounted future cash flows, fair value), and allowance for credit losses (ASC 326, discounted cash flow models, probability of default)[263](index=263&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk)[270](index=270&type=chunk) Liquidity and Capital Resources - The company's primary liquidity sources include undistributed cash flow from operations, proceeds from asset sales, public and private equity and debt markets, corporate-level borrowings, property-specific debt, and commitments from co-investment partners[275](index=275&type=chunk) - The company expects operating cash flow to be sufficient to cover operating and administrative expenses, scheduled debt payments, and all dividend payments, and will continue to use debt and equity markets for growth funding, though capital market volatility may impact financing ability[277](index=277&type=chunk)[283](index=283&type=chunk) - In 2023, the company disposed of **$100.2 million** in properties, primarily using capital recycling proceeds to fund development projects and real estate investments, optimizing the balance sheet and supporting investment activities[298](index=298&type=chunk) - The company expects to incur approximately **$53.2 million** in consolidated development project commitments, and paid approximately **$151.9 million** in cash dividends to common and preferred stockholders in 2023[304](index=304&type=chunk)[306](index=306&type=chunk) Cash Flow Overview ($000) | Cash Flow Category | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $209,446 | $194,269 | Increase $15,177 | | Net Cash Used in Investing Activities | $(183,451) | $(236,919) | Decrease $53,468 | | Net Cash Provided by (Used in) Financing Activities | $118,962 | $(93,871) | Increase $212,833 | Debt Structure (As of December 31, 2023) | Debt Type | Amount ($000) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | 2028 Senior Notes | $300,000 | 6.750% | November 2028 | | 2031 Senior Notes | $400,000 | 2.375% | October 2031 | | 2030 Senior Notes | $400,000 | 2.70% | September 2030 | | 2024 Senior Notes | $198,932 | 4.40% | June 2024 | | Trust Preferred Securities | $129,120 | SOFR + 170bps (7.352% as of Dec 31, 2023) | 2037 | | Revolving Credit Facility | $600,000 (available capacity) | SOFR + 0.85% | July 2026 | | Term Loan | $300,000 | Term SOFR + 1.00% (swapped to 2.722% fixed until Jan 2025) | January 2027 | | Property-Specific Mortgages and Notes Payable | $60,888 | Approximately 4.0% (weighted average) | 2028-2031 | | **Total Debt** | **Approximately $1,800,000** | **Approximately 3.9% (weighted average)** | | Non-Development Capital Expenditures - Due to the net-lease structure of most investments, the company's property-owning subsidiaries typically do not incur significant routine maintenance expenses, but costs for renewals, re-leasing, or conversion to multi-tenant use are anticipated upon lease expiration[307](index=307&type=chunk) - Vacant properties incur all operating expenses and significant capital expenditures and re-leasing costs; the company believes focusing on industrial assets will yield significant savings due to lower operating and re-leasing costs compared to office assets[310](index=310&type=chunk) - In certain leases, tenants have the right to expand facilities, and the company's property-owning subsidiaries may fund these expansions through additional secured borrowings or capital contributions[311](index=311&type=chunk) Results of Operations - Net income attributable to common stockholders in 2023 decreased by **$83.4 million** compared to 2022, primarily due to lower gains on property sales and reduced sales-type lease profit[314](index=314&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk) - Total revenue increased by **$19.3 million** in 2023, mainly driven by a **$12.8 million increase** in basic rental revenue and a **$7.4 million increase** in tenant reimbursement revenue, partially offset by property sales[315](index=315&type=chunk) - Interest and amortization expense increased by **$1.0 million** in 2023, primarily due to a **$4.4 million increase** in variable interest expense on trust preferred securities and a **$2.7 million increase** from the 2028 Senior Notes issuance, partially offset by a **$3.8 million increase** in capitalized interest and a **$2.1 million decrease** in credit facility borrowing interest expense[319](index=319&type=chunk) - Impairment charges increased by **$13.5 million** in 2023, primarily related to impairments recognized on office assets due to potential sales[320](index=320&type=chunk) Same-Store Results - Same-store NOI increased by **4.0%** in 2023 compared to 2022, primarily due to increased occupancy and cash basic rent; historical same-store occupancy was **100%** as of December 31, 2023, compared to **99.8%** in 2022[327](index=327&type=chunk) Same-Store Net Operating Income (NOI) ($000) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Total Cash Basic Rent | $227,323 | $218,772 | | Tenant Reimbursements | $43,928 | $37,148 | | Property Operating Expenses | $(45,964) | $(39,357) | | **Same-Store NOI** | **$225,287** | **$216,563** | | Same-Store NOI Growth Rate | 4.0% | - | Funds From Operations (FFO) - FFO is a non-GAAP metric for equity REIT performance, reflecting operating trends by excluding items like real estate depreciation, gains/losses on asset sales, and impairments[330](index=330&type=chunk) FFO and Adjusted Company FFO Overview ($000, except per share amounts) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Basic FFO Attributable to Common Stockholders and Unit Holders | $199,560 | $223,717 | | Diluted FFO Attributable to All Equity Holders and Unit Holders | $206,080 | $230,193 | | Diluted Adjusted Company FFO Attributable to All Equity Holders and Unit Holders | $206,191 | $193,061 | | Basic FFO Per Common Share and Unit | $0.69 | $0.80 | | Diluted FFO Per Common Share and Unit | $0.70 | $0.80 | | Diluted Adjusted Company FFO Per Common Share and Unit | $0.70 | $0.67 | [Quantitative and Qualitative Disclosures about Market Risk](index=56&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks associated with its variable and fixed-rate debt through fixed-rate instruments and interest rate swaps to stabilize interest expense and reduce borrowing costs - The company manages interest rate risk through fixed-rate debt instruments and derivative financial instruments like interest rate swaps to limit the impact of rate fluctuations on earnings and cash flows, and to reduce overall borrowing costs; as of December 31, 2023, the company had four interest rate swap agreements, all maturing in January 2025[341](index=341&type=chunk) Market Risk Exposure (As of December 31, 2023) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Total Variable-Rate Debt | $129.1 million | $129.1 million | | Percentage of Total Consolidated Debt | 7.2% | 8.6% | | Variable-Rate Debt Weighted Average Interest Rate | 6.8% | 3.5% | | Total Fixed-Rate Debt | $1.7 billion | $1.4 billion | | Percentage of Total Consolidated Debt | 92.8% | 91.4% | | Fair Value of Fixed-Rate Debt | $1.5 billion | - | | Impact of 100 Basis Points Interest Rate Increase on Interest Expense (2023) | Increase $1.7 million | | | Impact of 100 Basis Points Interest Rate Increase on Interest Expense (2022) | | Increase $2.3 million | [Financial Statements and Supplementary Data](index=57&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's consolidated financial statements for 2023, 2022, and 2021, along with related notes and schedules, all receiving unqualified opinions from the independent registered public accounting firm - The independent registered public accounting firm issued unqualified opinions on the company's consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2023[346](index=346&type=chunk)[347](index=347&type=chunk)[359](index=359&type=chunk)[360](index=360&type=chunk) - Key audit matters include real estate, net – indicators of impairment and determination of impairment, which involves highly subjective assessments of assumptions such as estimated holding periods, rental rates, capitalization rates, and discount rates[351](index=351&type=chunk)[352](index=352&type=chunk)[354](index=354&type=chunk) Consolidated Balance Sheet Key Data ($000) | Metric | December 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Real Estate, Net | $3,584,153 | $3,665,539 | | Assets Held for Sale | $9,168 | $66,434 | | Cash and Cash Equivalents | $199,247 | $54,390 | | Short-Term Investments | $130,140 | $0 | | Investments in Unconsolidated Entities | $48,495 | $58,206 | | Total Assets | $4,192,775 | $4,053,847 | | Mortgages and Notes Payable, Net | $60,124 | $72,103 | | Term Loan, Net | $296,764 | $298,959 | | Senior Notes, Net | $1,286,145 | $989,295 | | Trust Preferred Securities, Net | $127,794 | $127,694 | | Total Liabilities | $1,927,318 | $1,662,844 | | Total Stockholders' Equity | $2,232,087 | $2,352,734 | Consolidated Statements of Operations Key Data ($000, except per share data) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Revenue | $340,503 | $321,245 | $343,997 | | Depreciation and Amortization | $(183,524) | $(180,567) | $(176,714) | | Property Operating | $(58,394) | $(54,870) | $(47,314) | | General and Administrative | $(36,334) | $(38,714) | $(35,458) | | Interest and Amortization Expense | $(46,389) | $(45,417) | $(46,708) | | Impairment Charges | $(16,490) | $(3,037) | $(5,541) | | Gain on Sale of Properties | $33,010 | $59,094 | $367,274 | | Sales-Type Lease Profit | $0 | $47,059 | $0 | | Net Income Attributable to Common Stockholders | $23,863 | $107,307 | $375,848 | | Basic Net Income Per Share | $0.08 | $0.38 | $1.35 | | Diluted Net Income Per Share | $0.08 | $0.38 | $1.34 | Consolidated Statements of Cash Flows Key Data ($000) | Cash Flow Category | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $209,446 | $194,269 | $220,346 | | Net Cash Used in Investing Activities | $(183,451) | $(236,919) | $(337,762) | | Net Cash Provided by (Used in) Financing Activities | $118,962 | $(93,871) | $129,102 | | Cash, Cash Equivalents, and Restricted Cash at End of Period | $199,463 | $54,506 | $191,027 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=98&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable [Controls and Procedures](index=98&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management assessed and determined the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with an unqualified opinion from the independent registered public accounting firm and no material changes during the quarter - As of December 31, 2023, the company's management determined its disclosure controls and procedures were effective[564](index=564&type=chunk) - Management assessed and determined that the company's internal control over financial reporting was effective as of December 31, 2023[567](index=567&type=chunk) - Deloitte & Touche LLP, the independent registered public accounting firm, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[568](index=568&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended December 31, 2023[569](index=569&type=chunk) [Other Information](index=98&type=section&id=ITEM%209B.%20Other%20Information) During the three months ended December 31, 2023, no directors or executive officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - During the three months ended December 31, 2023, no directors or executive officers adopted or terminated any "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements"[570](index=570&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=98&type=section&id=ITEM%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable PART III [Directors, Executive Officers and Corporate Governance](index=99&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference into the company's definitive proxy statement for the 2024 Annual Meeting of Stockholders - Information regarding the company's directors, executive officers, and corporate governance is incorporated by reference into the definitive proxy statement for the 2024 Annual Meeting of Stockholders[574](index=574&type=chunk) [Executive Compensation](index=99&type=section&id=ITEM%2011.%20Executive%20Compensation) Information for this item is incorporated by reference into the company's definitive proxy statement for the 2024 Annual Meeting of Stockholders - Information regarding executive compensation is incorporated by reference into the definitive proxy statement for the 2024 Annual Meeting of Stockholders[575](index=575&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=99&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference into the company's definitive proxy statement for the 2024 Annual Meeting of Stockholders - Information regarding security ownership of certain beneficial owners and management and related stockholder matters is incorporated by reference into the definitive proxy statement for the 2024 Annual Meeting of Stockholders[576](index=576&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=99&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference into the company's definitive proxy statement for the 2024 Annual Meeting of Stockholders, supplemented by related party transaction disclosures in Note 16 to the financial statements - Information regarding certain relationships and related transactions and director independence is incorporated by reference into the definitive proxy statement for the 2024 Annual Meeting of Stockholders, with additional reference to related party transaction disclosures in Note 16 to the financial statements[577](index=577&type=chunk) [Principal Accounting Fees and Services](index=99&type=section&id=ITEM%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information for this item is incorporated by reference into the company's definitive proxy statement for the 2024 Annual Meeting of Stockholders - Information regarding principal accounting fees and services is incorporated by reference into the definitive proxy statement for the 2024 Annual Meeting of Stockholders[578](index=578&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=100&type=section&id=ITEM%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules included in the company's annual report, encompassing financial statements, independent registered public accounting firm reports, and various corporate and legal documents - This section provides a detailed list of financial statements, financial statement schedules, and various exhibits included in the company's annual report, such as articles of incorporation, credit agreements, equity sales agreements, and certification documents[581](index=581&type=chunk)

17505 LXPINDUSTRIAL TRUST For information on non-GAAP measures, please see the definitions at the end of the presentation. See LXP's corresponding supplemental disclosure package for a reconciliation of all non-GAAP financial measures to the most directly comparable GAAP measure. 2 77% Top 25 Markets3 LXP INDUSTRIAL TRUST Fourth Quarter 2023 Industry and market estimates, data and other statistical information included in this presentation are generally based on independent industry publications, reports by ...

LXP Industrial Trust (NYSE:LXP) Q4 2023 Earnings Conference Call February 15, 2024 8:30 AM ET Company Participants Heather Gentry - Investor Relations Will Eglin - Chairman and CEO Beth Boulerice - Chief Financial Officer Brendan Mullinix - Chief Investment Officer James Dudley - Executive Vice President Conference Call Participants Todd Thomas - KeyBanc Capital Markets Camille Bonnel - Bank of America Jim Kammert - Evercore Mitch Germain - JMP Securities Jessica Zheng - Green Street Operator Thank you for ...

INVESTOR PRESENTATION THIRD QUARTER 2023 LXPINDUSTRIAL TRUST Disclosure Industry and market estimates, data and other statistical information included in this presentation are generally based on independent industry publications, reports by market research firms or other published independent sources. Projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions were determined through discussion with local real estate professionals, expe ...

Financial Data and Key Metrics Changes - Third quarter revenue was approximately $85 million, with property operating expenses of $15 million, primarily tenant reimbursement [6] - Adjusted company FFO for the quarter was $0.18 per diluted common share, totaling approximately $52 million [6] - Net debt to adjusted EBITDA at quarter end was 6.2 times, down from 7.1 times in the third quarter of 2022 [54] Business Line Data and Key Metrics Changes - The company leased 5.8 million square feet through the end of October, with a total of 1.9 million square feet leased in spec development at an average stabilized cash yield of 7.5% [56] - Same-store industrial NOI growth was 5% in the third quarter, with year-to-date same-store NOI growth at 4.5% [57][107] - Average annual escalations for industrial leases signed in 2023 were 3.5% [57] Market Data and Key Metrics Changes - Rents in target markets grew approximately 15% in the third quarter compared to the same period in 2022 [77] - The stabilized industrial portfolio was 99.2% leased at quarter end, slightly down due to a move-out in Houston [63] - The company anticipates cash-based rental increases of 20% to 30% from 3.7 million square feet of lease expirations in 2024 [63] Company Strategy and Development Direction - The company is focusing on build-to-suit opportunities, leveraging its strong developer relationships and land bank [61][118] - The company plans to utilize proceeds from office sales to reduce leverage and capitalize on new investment opportunities [55] - The company is reviewing refinancing options for upcoming debt maturities, anticipating increased interest expenses [108] Management's Comments on Operating Environment and Future Outlook - Management noted a moderate softening in tenant leasing demand across U.S. logistics markets, with decisions taking longer due to oversupply in certain areas [62] - The company remains optimistic about its leasing pipeline, with strong activity in smaller spaces despite challenges in the big box sector [102] - Management expects to continue executing strategic initiatives and is well-positioned for future growth [38] Other Important Information - The Board of Trustees authorized an annualized dividend increase of $0.02 per share, representing a 4% increase over the prior dividend [58] - The company completed the forward purchase of a newly constructed facility in Dallas for $15 million, with strong leasing interest [3] - The company has nearly completed its office sales, with remaining assets in Fort Mill, South Carolina, currently being marketed for sale [70] Q&A Session Summary Question: What is the outlook for leasing demand in the big box space? - Management acknowledged a slowdown in demand for larger box spaces but noted ongoing activity in their portfolio [10] Question: Can you provide an update on the leasing pipeline and tenant demand? - Management indicated that while there is activity, it is difficult to predict exact timelines for leasing due to varying tenant interest [15] Question: What are the expectations for rental increases on upcoming lease expirations? - Management expects strong mark-to-market renewals and cash-based rental increases of 20% to 30% based on current negotiations [63] Question: How is the company addressing the oversupply in the big box sector? - Management believes the oversupply will dissipate over time as fewer new starts put pressure on supply [103] Question: What is the company's strategy regarding build-to-suit opportunities? - Management is actively pursuing build-to-suit projects and sees increased activity in this area [118]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State o ...

▪ JV has an option to acquire the adjacent 35-acre site that will provide flexibility to respond to more RFP's in the market and can accommodate the development of another building. LXPINDUSTRIAL TRUST ▪ Site provides immediate access to I-70, approximately 5 miles east of the convergence of I-70 and I-465, Indianapolis' loop road. ▪ Estimated total project cost of $63.8M. 270,885 SF Class A Warehouse/Distribution Portfolio ▪ Completed core and shell building construction of one facility in 2Q 2023, and sub ...

LXP Industrial Trust (NYSE:LXP) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET Company Participants Heather Gentry - Senior Vice President, Investor Relations Will Eglin - Chairman & Chief Executive Officer Brendan Mullinix - Chief Investment Officer James Dudley - Executive Vice President Beth Boulerice - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Todd Thomas - KeyBanc Capital Markets Camille Bonnel - Bank of America Mitch Germain - JMP Securities James Kamm ...