<SEC-DOCUMENT>0001539497-21-000687.txt : 20210512
<SEC-HEADER>0001539497-21-000687.hdr.sgml : 20210512
<ACCEPTANCE-DATETIME>20210512162709
ACCESSION NUMBER:		0001539497-21-000687
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210512
DATE AS OF CHANGE:		20210512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXINGTON REALTY TRUST
		CENTRAL INDEX KEY:			0000910108
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133717318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-223257
		FILM NUMBER:		21915501

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		(212) 692-7200

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES TRUST
		DATE OF NAME CHANGE:	19980625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES INC
		DATE OF NAME CHANGE:	19930816
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>n2525-x3_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Filed Pursuant to Rule 424(b)(5)<FONT STYLE="font-weight: normal"><BR>
</FONT>Registration No. 333-253297</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>CALCULATION OF REGISTRATION
FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of Each Class&nbsp;of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Securities to be Registered</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>to be<BR>
    Registered<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering Price<BR>
Per Unit<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed<BR>
    Maximum<BR>
    Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Offering&nbsp;Price</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount&nbsp;of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Registration&nbsp;Fee<SUP>(3)</SUP></B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Shares of beneficial interest classified as common stock, par value $0.0001 per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">18,400,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$12.645</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$232,668,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$25,384.08</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 90%; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Assumes exercise in full of <FONT STYLE="background-color: white">the
underwriters&rsquo; option to purchase up to 2,400,000 additional shares of beneficial interest classified as common stock, par value
$0.0001 per share.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 90%; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Estimated solely for the purpose of calculating the registration
fee. Pursuant to Rule 457(c) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the proposed maximum offering
price per share and the proposed maximum aggregate offering price have been determined on the basis of the average of the high and low
prices reported on the New York Stock Exchange on May 10, 2021.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 90%; margin-left: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Calculated pursuant to Rule 457(r) under the Securities Act.
The fee payable in connection with the offering pursuant to this prospectus supplement has been paid in accordance with Rule 456(b) under
the Securities Act.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.1pt; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 15.1pt"><U>PROSPECTUS SUPPLEMENT</U><B><BR>
</B>(To prospectus dated February 19, 2021)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 10pt; text-align: center"><IMG SRC="lxplogogrn.jpg" ALT="" STYLE="height: 108pt; width: 98.3pt"></P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 18pt">16,000,000 Shares</FONT><B><BR>
<FONT STYLE="font-size: 12pt">of Beneficial Interest Classified as Common Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-bottom: 6pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 15.1pt; text-indent: 0.25in">We expect to enter into a
forward sale agreement with each Wells Fargo Bank, National Association and JPMorgan Chase Bank, National Association or their
respective affiliates, which we refer to in this capacity as the forward purchasers. In connection with the forward sale agreements,
the forward purchasers or their affiliates are borrowing from third parties and selling to the underwriters an aggregate of
16,000,000 of common shares of beneficial interest classified as common stock, par value $0.0001 per share, which we refer to as
common shares (or an aggregate of 18,400,000 common shares if the underwriters&rsquo; option to purchase additional shares is
exercised in full) that will be delivered in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 15.1pt; text-indent: 0.25in">We will not initially
receive any proceeds from the sale of common shares by the forward purchasers or their affiliates in this offering. We expect
to physically settle the forward sale agreements, which would involve the issuance and delivery by us of common shares
against payment by the forward purchasers for those shares on one or more forward settlement dates, which we expect to occur
no later than May 11, 2022. We may also elect to cash settle or net share settle all or a portion of our obligations under a
forward sale agreement if we conclude it is in our best interest to do so. If we elect to cash settle a forward sale
agreement, we may not receive any proceeds, and we may owe cash to the relevant forward purchaser in certain circumstances.
If we elect to net share settle a forward sale agreement, we will not receive any proceeds, and we may owe common shares to
the relevant forward purchaser in certain circumstances. See &ldquo;Underwriting&ndash;Forward Sale Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 15.1pt; text-indent: 0.25in">If any forward purchaser or its affiliate
does not sell on the anticipated closing date of this offering all of common shares to be sold by it to the underwriters, we will issue
and sell to the underwriters a number of common shares equal to the number of common shares that the forward purchaser or its affiliate
did not sell and the number of shares underlying the relevant forward sale agreement will be decreased in respect of the number of shares
that we issue and sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 15.1pt; text-indent: 0.25in">Our common shares trade on the New
York Stock Exchange, which we refer to as the NYSE, under the symbol &ldquo;LXP.&rdquo; The last reported trading price of our common
shares on May&nbsp;7, 2021 was $12.63.</P>


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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 10pt 15.1pt; text-indent: 0.25in"><B>Investing in our common shares involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement and as set forth in our Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 as filed with the
Securities and Exchange Commission.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 15.1pt; text-indent: 0.25in">The underwriters have
agreed to purchase the common shares at a price of $ 12.108 per share. We expect to receive net proceeds from the sale of our
common shares, before estimated expenses, of $193,728,000 million assuming full physical settlement of the forward sale agreements,
which we expect to occur no later than May 11, 2022 . The forward sale price is subject to adjustment
pursuant to the terms of each of the forward sale agreements, and the actual proceeds, if any, to us will be calculated as
described in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 15.1pt; text-indent: 0.25in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus supplement. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 13.5pt; text-indent: 22.5pt">The forward purchasers
have advised us that they or their respective affiliates intend to acquire common shares to be sold under this prospectus
supplement through borrowings from third-party stock lenders. Subject to the occurrence of certain events, we will not be
obligated to deliver common shares, if any, under the forward sale agreements until final physical or net share settlement of
the forward sale agreements, which we expect to occur no later than May 11, 2022 Although we expect to settle the forward sale
agreements entirely by the full physical delivery of our common shares in exchange for cash proceeds, we may elect cash
settlement or net share settlement for all or a portion of our obligations under any forward sale agreement. See
&ldquo;Underwriting&ndash;Forward Sale Agreements&rdquo; for a description of the forward sale agreements..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 13.5pt; text-indent: 22.5pt">We have granted the
underwriters a 30-day option from the date of this prospectus supplement, exercisable in whole or in part, from time to time, to
purchase up to an additional 2,400,000 common shares. Unless the context requires otherwise, the term &ldquo;forward sale agreement&rdquo; as used in this
prospectus supplement includes any additional forward sale agreements that we enter into in connection with the exercise, by the
underwriters, of their option to purchase additional common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 15.1pt; text-indent: 0.25in">The common shares will be ready for
delivery on or about May 13, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%; padding-top: 8pt; padding-bottom: 8pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>Wells Fargo Securities</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; padding-top: 8pt; padding-bottom: 8pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-top: 8pt; padding-bottom: 8pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>KeyBanc Capital Markets</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Prospectus Supplement dated May 10,
2021.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="toc"></A>TABLE OF CONTENTS<BR>
Prospectus Supplement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><U>Page</U></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037523">About this Prospectus Supplement</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037523">S-ii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037524">Cautionary Statements Concerning Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037524">S-iii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037525">Prospectus Supplement Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037525">S-1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037526">The Offering</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037526">S-4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037527">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037527">S-6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037528">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037528">S-10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037530">Underwriting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037530">S-11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037531">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037531">S-17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037532">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037532">S-17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_Toc71037533">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_Toc71037533">S-17</A></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n001">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n002">CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n002">2</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n003">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n003">3</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n004">4</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n005">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n005">5</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n006">DESCRIPTION OF OUR COMMON SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n006">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n007">DESCRIPTION OF OUR PREFERRED SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n007">8</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n008">DESCRIPTION OF OUR DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n008">12</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n009">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n009">17</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n010">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n010">20</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n011">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n011">21</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n012">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n012">22</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n013">RESTRICTIONS ON TRANSFERS OF CAPITAL STOCK AND ANTI-TAKEOVER PROVISIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n013">23</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n014">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n014">27</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n015">SELLING SECURITYHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n015">41</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n016">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n016">42</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n017">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n017">46</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n018">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n018">46</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n019">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n019">46</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037523"></A><A NAME="a_Toc18051179"></A>
About this Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">You should rely only on the information contained
or incorporated by reference into this prospectus supplement and the accompanying prospectus and any free writing prospectus prepared
by or on behalf of us that relates to this offering of common shares. We have not, and the underwriters and the forward purchasers (and
their affiliates) have not, authorized anyone to provide you with different or additional information. If anyone provides you with different
or additional information, you should not rely on it. We are not, and the underwriters and the forward purchasers (and their affiliates)
are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume
that the information contained or incorporated by reference in this prospectus supplement or the accompanying prospectus is accurate as
of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed
since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">This document consists of two parts. The first
part is this prospectus supplement, which describes specific terms of this offering of our common shares and adds to, updates and changes
information contained in the accompanying prospectus and the documents incorporated by reference into the accompanying prospectus and
this prospectus supplement. The second part is the accompanying prospectus, which gives more general information, some of which may not
apply to this offering of common shares. To the extent that the information contained in this prospectus supplement differs or varies
from the information contained in the accompanying prospectus or any prior document incorporated herein by reference, the information
in this prospectus supplement shall control. You should read both this prospectus supplement and the accompanying prospectus, as well
as the additional materials described under the caption &ldquo;Where You Can Find More Information&rdquo; in this prospectus supplement
and the accompanying prospectus, before investing in our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">All references to the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; in this prospectus supplement means Lexington Realty Trust and all entities owned
or controlled by us, except where it is made clear that the term means only the parent company. All references to &ldquo;the operating
partnership&rdquo; in this prospectus supplement mean Lepercq Corporate Income Fund L.P., which is our operating partnership subsidiary.
The terms &ldquo;you&rdquo; or &ldquo;your&rdquo; refer to a prospective investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The Recent Developments section provides information
regarding consolidated operations unless otherwise stated.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Toc18051180"></A><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037524"></A>
Cautionary Statements Concerning Forward-Looking statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">This prospectus supplement, the accompanying
prospectus and the information incorporated by reference in this prospectus supplement and the accompanying prospectus contain certain
&ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act of&nbsp;1933, as amended (the &ldquo;Securities
Act&rdquo;), and Section&nbsp;21E of the Securities Exchange Act of&nbsp;1934, as amended (the &ldquo;Exchange Act&rdquo;), and as such
may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to
be materially different from expected future results, performance or achievements expressed or implied by these forward-looking statements.
Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally
identifiable by use of the words &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;projects,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;predicts,&rdquo; &ldquo;will,&rdquo; &ldquo;will likely result,&rdquo;
or the negative of these words or other similar words or terms. Factors which could have a material adverse effect on our operations and
future prospects include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>changes in our industry and changes in the real estate markets particularly, either nationally or regionally, and the potential impact
on us or our tenants from the novel coronavirus (COVID-19) including related stay-at-home orders, quarantine requirements, work-place
protocols and restrictions on business operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>changes in economic conditions generally and the real estate market specifically;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>adverse developments with respect to our tenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>impairments in the value of our real estate investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>legislative/regulatory/accounting changes, including changes to laws governing policies and guidelines applicable to the taxation
of real estate investment trusts, or REITs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>any material legal proceedings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>availability of debt and equity capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>increases in real estate construction costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>competition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>changes in interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>supply and demand for properties in our current and proposed market areas;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a downgrade in our credit ratings; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>the other risk factors set forth in (i) our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) on February 18, 2021, and our Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2021, filed with the Commission on May 7, 2021, (ii) the section entitled &ldquo;Risk Factors&rdquo; beginning on page
S-6 of this prospectus supplement and in the accompanying prospectus, and (iii) the other documents incorporated by reference herein,
including documents that we file with the Commission in the future that are incorporated by reference herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">These risks and uncertainties should be considered
in evaluating any forward-looking statements contained or incorporated by reference in this prospectus supplement and the accompanying
prospectus. We caution you that any forward-looking statement reflects only our belief at the time the statement is made. Although we
believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, levels
of activity, performance or achievements. Except as required by law, we undertake no obligation to update any of the forward-looking statements
to reflect events or developments after the date of this prospectus supplement.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037525"></A><A NAME="a_Toc18051181"></A>
Prospectus Supplement Summary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><I>This summary highlights selected information
contained elsewhere or incorporated by reference in this prospectus supplement and the accompanying prospectus. Because this is a summary,
it does not contain all of the information that is important to you. Before making a decision to invest in our common shares, you should
read carefully this entire prospectus supplement, the accompanying prospectus, any free writing prospectus relating to this offering and
the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, as provided in &ldquo;Where You
Can Find More Information&rdquo; beginning on page S-17 of this prospectus supplement, especially the risk factors set forth in (i)&nbsp;our
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020, filed with the Commission on February 18, 2021, which we refer
to as our Annual Report, (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed with the Commission, on May
7, 2021, which we refer to as our First Quarterly Report, (iii) &nbsp;the information under the caption &ldquo;Risk Factors&rdquo; on
page S-6 of this prospectus supplement and (iv)&nbsp;the information in any documents subsequently filed with the Commission that are
incorporated by reference herein as provided in &ldquo;Where You Can Find More Information,&rdquo;. </I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We are a Maryland real estate investment trust,
qualified as a real estate investment trust (&ldquo;REIT&rdquo;) for federal income tax purposes, focused on single-tenant industrial
properties. A majority of these properties are subject to net or similar leases, where the tenant bears all or substantially all of the
costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide that
the landlord is responsible for certain operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">As of March 31, 2021, we had ownership interests
in approximately 130&nbsp;consolidated real estate properties, located in 28&nbsp;states and containing an aggregate of approximately
55.9&nbsp;million square feet of space, and approximately 97.8% of our stabilized portfolio was leased. In 2020, 2019 and 2018 and for
the quarter ending March 31, 2021, no tenant/guarantor represented greater than 10% of our annual base rental revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In addition to our shares of beneficial interest,
par value $0.0001 per share, classified as common stock, which we refer to as common shares, as of March 31, 2021, we have one outstanding
class of beneficial interest classified as preferred stock, or preferred shares, our&nbsp;6.50% Series C Cumulative Convertible Preferred
Stock, par value $0.0001&nbsp;per share, or our Series C Preferred Shares. Our common shares and Series C Preferred Shares are traded
on the New York Stock Exchange, or NYSE, under the symbols &ldquo;LXP&rdquo; and &ldquo;LXPPRC,&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We elected to be taxed as a REIT under Sections&nbsp;856
through&nbsp;860 of the Internal Revenue Code of&nbsp;1986, as amended, which we refer to as the Code, commencing with our taxable year
ended December&nbsp;31, 1993. We intend to continue to qualify as a REIT. If we qualify for taxation as a REIT, we generally will not
be subject to federal corporate income taxes on our net taxable income that is currently distributed to our shareholders. We conduct certain
taxable activities through our taxable REIT subsidiary, Lexington Realty Advisors, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Our principal executive offices are located
at One Penn Plaza, Suite&nbsp;4015, New York, New York&nbsp;10119-4015 and our telephone number is (212) 692-7200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We maintain a web site at <I>www.lxp.com</I>,
which contains information about us and our subsidiaries. We have not incorporated by reference into this prospectus supplement or the
accompanying prospectus the information included or referred to in, or that can be accessed through, our web site, and you should not
consider it to be a part of this prospectus supplement or the accompanying prospectus.</P></div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 2PX;padding:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Recent Developments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The following summarizes our significant transactions during the
three months ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><U>Leasing Activity</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We entered into new leases and lease extensions encompassing 1.5
million square feet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><U>Investments</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We acquired/completed the following warehouse/distribution assets:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Market</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Square Feet</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Initial Capitalized Cost (millions)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Date Acquired/Completed</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Approximate Lease Term (years)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEDFF">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Indianapolis, IN</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">149,072</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">14.3</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2021</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Indianapolis, IN</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">149,072</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2021</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEDFF">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Central Florida</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">222,134</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">22.4</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">January 2021</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Columbus, OH</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">320,190</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">18.4</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2021</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEDFF">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4.5pt double; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">840,468</FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">69.2</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.95pt"><A NAME="Critical_Accounting_Policies"></A><A NAME="Liquidity_and_Capital_Resources"></A>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We also invested an aggregate of $24.0 million in five on-going development
projects and commenced development of a 1.1 million square foot warehouse/distribution property in the Central Florida market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, the details of the on-going real estate under construction
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt"><B>Project (% owned) </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Market</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0; text-align: center"><B>Estimated</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.5pt; text-align: center"><B>Sq. Ft.</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0; text-align: center"><B>Estimated Project Cost</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.5pt; text-align: center"><B>($000)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>GAAP Investment Balance as of 3/31/2021 ($000)<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Lexington Amount Funded as of 3/31/2021 ($000)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Estimated Completion Date</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Consolidated: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Fairburn (87%)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Atlanta, GA</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">910,000&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 7%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">53,812&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">45,322&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 6%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">40,376&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">2Q 2021</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">KeHE Distributors, BTS (100%)</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Phoenix, AZ</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">468,182&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">72,000&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31,165&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">26,301&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">3Q 2021</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Ocala (80%)<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Central Florida</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,085,280&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">80,900&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11,887&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7,682&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">1Q 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">206,712&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">88,374&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">74,359&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Non-consolidated:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">ETNA Park 70 (90%)<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Columbus, OH</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12,791&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">13,208&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">ETNA Park 70 East (90%)<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Columbus, OH</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7,716&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7,868&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">TBD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">20,507&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">21,076&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">GAAP investment balance is in real estate under construction for consolidated projects and investments
in non-consolidated entities for non-consolidated projects.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Estimated project cost excludes potential developer partner promote.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Plans and specifications have not been completed and the estimated square footage, project cost and completion
date cannot be determined.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.95pt">&nbsp;</P></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.95pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 2PX;padding:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0 2pt"><U>Capital Recycling:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0 2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We disposed of our interests in four consolidated properties for an aggregate
gross disposition price of $58.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pt"><U>Equity:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We entered into forward sales contracts to sell 3.6 million common shares
under our &ldquo;at-the-market&rdquo; offering program and, at March 31, 2021, we had an aggregate of $94.5 million under unsettled forward
common share sales contracts, which are subject to adjustment in accordance with the forward sales contracts.</P></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 2PX;padding:2%;width:96%">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037526"></A><A NAME="a_Toc18051182"></A>
The Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following is a brief summary of certain terms
of this offering. For a more complete description of the terms of our common shares, see &ldquo;Description of our Common Shares&rdquo;
beginning on page 6 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Issuer&#9; </TD>
    <TD STYLE="vertical-align: bottom; padding: 12pt 5.75pt">Lexington Realty Trust, a Maryland REIT</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 46%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Common shares offered by the forward purchasers or their affiliates</TD>
    <TD STYLE="vertical-align: bottom; width: 54%; padding: 12pt 5.75pt">16,000,000 common shares (or 18,400,000 common shares if the underwriters&rsquo; option to purchase additional shares is exercised in full)<SUP>(2)(5)</SUP></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Common shares to be outstanding after the settlement of the forward sale agreements assuming full physical settlement</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">293,628,373 common shares (or 296,028,373 common shares if the underwriters&rsquo; option to purchase additional shares is exercised in full)<SUP>(1)(3)(5)</SUP></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accounting treatment of the transaction</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Before any issuance of our common shares upon
    physical settlement of any forward sale agreements, such forward sale agreements will be reflected in our diluted earnings
    per share calculations using the treasury stock method. Under this method, the number of common shares used in calculating
    diluted earnings per share is deemed to be increased by the excess, if any, of the number of common shares that would be
    issued upon full physical settlement of such forward sale agreement over the number of common shares that could be purchased
    by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical
    settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to physical
    settlement or net share settlement of the forward sale agreements and subject to the occurrence of certain events, we
    anticipate there will be no dilutive effect on our earnings per share except during periods when the average market price of
    our common shares is above the per share forward sale price, which is initially $12.108 (which is the price at which the
    underwriters agree to buy the common shares offered hereby), subject to adjustment based on a floating interest rate factor
    equal to a specified daily rate less a spread, and subject to decrease by an amount per share specified in the forward sale
    agreements on each of certain dates specified in the forward sale agreements. However, if we decide to physically settle or
    net share settle any forward sale agreement, delivery of our shares on any physical settlement or net share settlement of
    such forward sale agreement will result in dilution to our earnings per share and return on equity.</TD></TR>

<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Use of proceeds</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We will not initially receive any proceeds from the sale of common
    shares by the forward purchasers or their affiliates.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Assuming full physical settlement of the forward sale agreements
    at an initial forward sale price of $12.108 per share, we expect to receive net proceeds of approximately $193.4 million (or $222.5 million if the underwriters&rsquo;
    option to</P>

</TD></TR>
</TABLE>
</div>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 2PX;padding:2%;width:96%">
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; width: 46%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 54%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">purchase additional shares is exercised in full) (in each case after deducting estimated expenses related to the forward sale
    agreements and this offering). The initial forward sale price will be subject to certain adjustments pursuant to the forward sale agreements.
    We expect to settle the forward sale agreements no later than May 11, 2022. <SUP>(2)(4)</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We intend to use the net proceeds from this offering for working
    capital and general corporate purposes, including, without limitation, to fund our ongoing and future development projects.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Risk factors</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt">Investing in our common shares involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement and in the section entitled &ldquo;Risk Factors&rdquo; in our Annual Report, our First Quarterly Report and in our periodic reports and other information that we file from time to time with the Commission, which are incorporated by reference into this prospectus supplement and the accompanying prospectus.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">NYSE symbol</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Transfer agent and registrar</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">LXP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Computershare Shareowner Services</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt">_________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD>Does not include, as of May 5, 2021, (i) 2,795,985 common shares issuable upon&nbsp;the exchange of outstanding units of limited partnership
interest in our operating partnership subsidiary; (ii)&nbsp;4,710,570 common shares issuable upon the conversion of our outstanding Series
C Preferred Shares; or (iii) 8,639,740 common shares subject to existing forward sales agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD>The forward purchasers have advised us that they or their affiliates intend to acquire common shares to be sold under
                                                                                                      this prospectus supplement through borrowings from third-party stock lenders. Subject to the occurrence of certain events, we
                                                                                                      will not be obligated to deliver common shares, if any, under the forward sale agreements until we elect final physical or
                                                                                                      net share settlement of the forward sale agreements, which we expect to occur no later than May 11, 2022. Except in certain
                                                                                                      circumstances, and subject to certain conditions, we have the right to elect cash settlement or net share settlement under
                                                                                                      the forward sale agreements. See &ldquo;Underwriting&ndash;Forward Sale Agreements&rdquo; for a description of the forward
                                                                                                      sale agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD>The number of common shares to be outstanding after the physical settlement of the forward sale agreements is based on 277,628,373
common shares outstanding as of May 5, 2021.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD>The forward sale price is subject to adjustment pursuant to the terms of the forward sale agreements, and any net proceeds to us are
subject to settlement of the forward sale agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD>We have granted the underwriters an option, exercisable in whole or in part from time to time, to purchase up to an additional 2,400,000
common shares.</TD></TR></TABLE></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 20.25pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037527"></A><A NAME="a_Toc18051183"></A>
Risk Factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><I>Investing in our common shares involves
risks. You should consider carefully the risks described and discussed under the caption &ldquo;Risk Factors&rdquo; included in our Annual
Report, our First Quarterly Report and in any other documents incorporated by reference in this prospectus supplement and the accompanying
prospectus before making a decision to purchase our common shares. These risk factors may be amended, supplemented or superseded from
time to time by risk factors contained in any prospectus supplement or post-effective amendment we may file or in other reports we file
with the Commission in the future. In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent
to which they may affect our financial performance</I>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Risks Related to the Offering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>This offering may be dilutive, and there may be future dilution
of our common shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">This offering may have a dilutive effect on
our expected earnings per share and funds from operations per share for the year ending December&nbsp;31, 2021. The actual amount of such
dilution, if any, cannot be determined at this time and will be based on numerous factors, including, without limitation, the amount of
shares issued in this offering and the ultimate application of the proceeds thereof. Except as set forth in the lock-up provision described
under &ldquo;Underwriting&ndash;No Sales of Similar Securities,&rdquo; we are not restricted from issuing in the future additional common
shares or preferred shares in the future, including any securities that are convertible into or exchangeable for, or that represent the
right to receive, common shares or preferred shares or any substantially similar securities. The market price of our common shares could
decline as a result of sales of a large number of our common shares in the market after this offering or the perception that such sales
could occur.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>We may allocate the net proceeds from this offering in ways
that you and other shareholders may not approve.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We intend to use the net proceeds of this offering
as described under &ldquo;The Offering&ndash;Use of proceeds&rdquo;. Our management has broad discretion in the application of certain
of the net proceeds from this offering and could spend the proceeds in ways that do not necessarily improve our operating results or enhance
the value of our common shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Securities eligible for future sale may have adverse effects
on our share price.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><FONT STYLE="font-weight: normal">We maintain
a direct share purchase plan, pursuant to which we may issue additional common shares. In addition, as of May 5, 2021, an aggregate
of 2,795,985 of our common shares were issuable upon the exchange of units in our operating partnership subsidiary. We have also filed
a universal shelf registration statement with the Commission pursuant to which we may sell additional securities in the future and have
an &ldquo;at-the-market&rdquo; offering program. Depending upon the number of such securities issued, exercised or exchanged at one time,
an issuance, exercise or exchange of such securities could be dilutive to or otherwise adversely affect the interests of holders of our
common shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>We may change the dividend policy for our common shares
in the future.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">As of the date of this prospectus supplement,
the annualized dividend rate on our common shares is $0.43&nbsp;per common share, based on our most recently announced quarterly dividend
for the quarter ending March 31, 2021. However, the decision to declare and pay dividends on our common shares in the future, as well
as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of trustees in light of
conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt
and equity capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors. The actual dividend
payable will be determined by our board of trustees based upon the circumstances at the time of declaration and the actual dividend payable
may vary from such expected amount. Any change in our dividend policy could have a material adverse effect on the market price of our
common shares.</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>We may in the future choose to pay dividends in shares,
in which case you may be required to pay income taxes in excess of the cash dividends you receive.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><FONT STYLE="font-weight: normal">We may in
the future distribute taxable dividends that are payable in shares. Taxable shareholders receiving such dividends will be required to
include the full amount of the dividend as ordinary income to the extent of our current and accumulated earnings and profits for United
States federal income tax purposes. As a result, a U.S. shareholder may be required to pay income taxes with respect to such dividends
even though no cash dividends were received. If a U.S. shareholder sells the shares it receives as a dividend in order to pay this tax,
the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of the shares
at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. tax with respect to such
dividends. In addition, if a significant number of our shareholders determine to sell such shares received in a dividend in order to pay
taxes owed on such dividend, it may put downward pressure on the trading price of our common shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>The trading price of our common shares has been, and may
continue to be, subject to significant fluctuations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The market price of our common shares may fluctuate
in response to company-specific and general market events and developments, including those described in our Annual Report. In addition,
our leverage may impact investor demand for our common shares, which could have a material effect on the market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Furthermore, the public valuation of our common shares
is related primarily to the earnings that we derive from rental income with respect to the properties in which we have an interest and
not from the underlying appraised value of the properties themselves. As a result, interest rate fluctuations and capital market conditions
can affect the market value of our common shares. For instance, if interest rates rise, the market price of our common shares may decrease
because potential investors seeking a higher yield than they would receive from our common shares may sell our common shares in favor
of higher yielding securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>A downgrade in our credit ratings could materially adversely
affect our business and financial condition.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The credit ratings assigned to our debt could
change based upon, among other things, our results of operations and financial condition or the real estate industry generally. These
ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn
by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, these credit ratings do not apply to our common
shares and are not recommendations to buy, sell or hold any other securities, but any downgrade of our debt could also materially adversely
affect the market price of our common shares. If any of the credit rating agencies that have rated our debt downgrades or lowers its credit
rating, or if any credit rating agency indicates that it has placed any such rating on a so-called &ldquo;watch list&rdquo; for a possible
downgrading or lowering or otherwise indicates that its outlook for that rating is negative, it could have a material adverse effect on
our costs and availability of capital, which could in turn have a material adverse effect on our financial condition, results of operations,
cash flows and our ability to satisfy our debt service obligations and to make dividends and distributions on our common shares and preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Risks Related to the Forward Sale Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Provisions contained in the forward sale
agreements could result in substantial dilution to our earnings per share and return on equity or result in substantial cash payment obligations.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">If any forward purchaser or its affiliate does
not sell all of the common shares to be sold by it pursuant to the terms of the underwriting agreement (including because insufficient
common shares were made available by securities lenders for borrowing at a stock loan cost below a specified threshold), we will issue
and sell directly to the underwriters the number of common shares not sold by the relevant forward purchaser or its affiliate and, under
such circumstances, the number of common shares underlying the relevant forward sale agreement will be decreased by the number of common
shares that we issue and sell. The stock loan market is volatile, and it is uncertain whether sufficient common shares will be made available
prior to closing.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Each forward purchaser will have the right to accelerate
its forward sale agreement (with respect to all or, in certain cases, any portion of the transaction under such forward sale agreement
that the forward purchaser determines is affected by an event described below) and require us to settle on a date specified by such forward
purchaser if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in such forward purchaser&rsquo;s commercially reasonable
judgment, it or its affiliate (x) is unable, after using commercially reasonable efforts, to hedge its exposure under such forward sale
agreement because insufficient common shares have been made available for borrowing by securities lenders or (y) would incur a stock borrow
cost in excess of a specified threshold to hedge in a commercially reasonable manner its exposure under such forward sale agreement&#894;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we declare any dividend, issue or distribution on our common
shares that  is payable in (a) cash in excess of specified amounts, (b) securities of another
company as a result of a spin-off or similar transaction, or (c) of any other type of securities (other than our common shares), rights,
warrants or other assets for payment at less than the prevailing market price; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain ownership thresholds applicable to such forward
purchaser and its affiliates are exceeded&#894;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an event is publicly announced that if consummated would
result in a specified extraordinary event (including certain mergers or tender offers, as well as certain events involving our nationalization,
or insolvency, or a delisting of our common shares) or the occurrence of a change in law&#894; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain other events of default or termination
                                                                                                          events occur, including, among others, any material misrepresentation made in connection with such forward sale agreement or
                                                                                                          our insolvency (each as more fully described in the forward sale agreement) and such forward purchaser notifies us it has
                                                                                                          designated an early termination date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A forward purchaser&rsquo;s decision to exercise its
right to accelerate the settlement of the applicable forward sale agreement will be made irrespective of our interests, including our
need for capital. In such cases, we could be required to issue and deliver common shares under the physical settlement provisions of the
applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings per share and return
on equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We expect that the forward sale
agreements will settle not later than May 11, 2022. However, the forward sale agreements may be settled earlier in whole or in
part at our option. Subject to certain conditions, we have the right to elect physical, cash or net share settlement under
each forward sale agreement. A forward sale agreement will be physically settled by delivery of our common shares, unless we
elect to cash settle or net share settle such forward sale agreement. Delivery of common shares upon physical settlement (or,
if we elect net share settlement, upon such settlement to the extent we are obligated to deliver common shares) will result
in dilution to our earnings per share and return on equity. If we elect cash settlement or net share settlement with respect
to all or a portion of the common shares underlying a forward sale agreement, we expect the applicable forward purchaser (or
an affiliate thereof) to purchase a number of common shares in secondary market transactions over an unwind period to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">return common shares to securities lenders to unwind such forward purchaser&rsquo;s
hedge (after taking into consideration any common shares to be delivered by us to such forward purchaser, in the case of net share settlement)&#894;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">if applicable, in the case of net share settlement, deliver common shares
to us to the extent required in settlement of such forward sale agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In addition, the purchase of common shares
of in connection with a forward purchaser or its affiliate unwinding the forward purchaser&rsquo;s hedge positions could cause the price
of common shares to increase over such time (or prevent a decrease over such time), thereby increasing the amount of cash we would owe
to such forward purchaser (or decreasing the amount of cash that the forward purchaser would owe us) upon a cash settlement of the relevant
forward sale agreement or increasing the number of common shares we would deliver to such forward purchaser (or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">decreasing the number of common shares that such forward purchaser
would deliver to us) upon net share settlement of the relevant forward sale agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The forward sale price that we expect to receive
upon physical settlement of a forward sale agreement will be subject to adjustment on a daily basis based on a floating interest rate
factor equal to a specified daily rate less a spread and will be decreased based on certain specified amounts during the term of the applicable
forward sale agreement. If the specified daily rate is less than the spread on any day a forward agreement is outstanding, the interest
rate factor will result in a daily reduction of the forward sale price. As of the filing of this prospectus supplement, the specified
daily rate was less than the spread. If the weighted average price at which a forward purchaser (or its affiliate) is able to purchase
shares during the applicable unwind period under a forward sale agreement is above the relevant forward sale price, in the case of cash
settlement, we would pay the applicable forward purchaser under such forward sale agreement an amount in cash equal to the difference
or, in the case of net share settlement, we would deliver to such forward purchaser a number of common shares having a value equal to
the difference. Thus, we could be responsible for a potentially substantial cash payment in the case of cash settlement. If the weighted
average price at which a forward purchaser (or its affiliate) is able to purchase shares during the applicable unwind period under such
forward sale agreement is below the relevant forward sale price, in the case of cash settlement, we would be paid the difference in cash
by the applicable forward purchaser under such forward sale agreement or, in the case of net share settlement, we would receive from the
applicable forward purchaser a number of common shares having a value equal to the difference. See &ldquo;Underwriting&ndash;Forward Sale
Agreements&rdquo; for information on the forward sale agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>In case of our bankruptcy or insolvency,
the forward sale agreements would automatically terminate, and we would not receive the expected proceeds from the sale of our common
shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">If we or a regulatory authority with jurisdiction
over us institutes, or we consent to, a proceeding seeking a judgment in bankruptcy or insolvency or any other relief under any bankruptcy
or insolvency law or other similar law affecting creditors&rsquo; rights, or we or a regulatory authority with jurisdiction over us presents
a petition for our winding-up or liquidation, or we consent to such a petition, the forward sale agreements will automatically terminate.
If a forward sale agreement so terminates, we would not be obligated to deliver to the applicable forward purchaser any common shares
not previously delivered, and such forward purchaser would be discharged from its obligation to pay the relevant forward sale price per
share in respect of any common shares not previously settled. Therefore, to the extent that there are any common shares with respect to
which such forward sale agreement has not been settled at the time of the commencement of any such bankruptcy or insolvency proceedings,
we would not receive the relevant forward sale price per share in respect of those common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>The U.S. federal income tax treatment regarding
cash settlement of a forward sale agreement is unclear and could jeopardize our ability to meet the REIT qualification requirements. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In the event that we elect to settle any forward
sale agreement for cash and the settlement price is different than the applicable forward sale price, we will either receive a cash payment
from or make a cash payment to the relevant forward purchaser. Under Section 1032 of the Code, generally, no gain or loss is recognized
by a corporation in dealing in its own stock, including pursuant to a &ldquo;securities futures contract.&rdquo; Although we believe that
any amount received by us in exchange for our common shares would qualify for the exemption under Section 1032 of the Code, it is unclear
whether a cash settlement of the forward sale agreement would also qualify for such exemption. In the event that we recognize a significant
gain from the cash settlement of a forward sale agreement, we might not be able to satisfy the gross income requirements applicable to
REITs under the Code. In the event that we are required to make a significant payment in cash to settle a forward agreement, we might
not be able to satisfy the distribution requirements applicable to REITs under the Code, absent additional debt or equity financing. While
we would not anticipate electing the cash settlement option under any forward sale agreement, such a cash settlement election could result
in our failure to satisfy the REIT income tests or distribution requirements. In that case, we may be able to rely upon the relief provisions
under the Code in order to avoid the loss of our REIT status. In the event that these relief provisions were not available, we could lose
our REIT status under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B><I>We have in the past entered, and may
in the future enter, into forward sale transactions that subject us to risks similar to those described above</I>. </B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We have previously entered into one or more
forward sale agreements, and may in the future enter into additional forward sale agreements that are not a part of this offering. As
of May 5, 2021, we remained obligated to issue (subject to our right to elect cash settlement or net share settlement) a total of
8,639,740 common shares pursuant to one or more existing forward sale agreements under our &ldquo;at-the-market&rdquo; offering program
which subjects us to risks that are substantially similar to the risks described above in this section.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc18051184"></A><A NAME="a_Toc71037528"></A>Use
of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will not initially receive any proceeds from the
sale of common shares by the forward purchasers or their affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Assuming full physical settlement of the
forward sale agreements at an initial forward sale price of $12.108 per share and that the underwriters have not exercised
their option to purchase additional common shares, we expect to receive net proceeds of approximately $193.4 million (after
deducting estimated expenses related to the forward sale agreements and this offering). The initial forward sale price will
be subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a
spread and will be decreased based on amounts related to expected dividends on our common shares during the term of the
applicable forward sale agreement. If the specified daily rate is less than the spread on any day a forward agreement is
outstanding, the interest rate factor will result in a daily reduction of the forward sale price. As of the filing of this
prospectus supplement, the specified daily rate was less than the spread. We expect to settle the forward sale agreements no
later than May 11, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If we elect to cash settle the forward sale agreements,
we would expect to receive an amount of net proceeds that is significantly lower than the estimate included under this caption, and we
may not receive any net proceeds (or may owe cash to the forward purchasers). If we elect to net share settle the forward sale agreements
in full, we would not receive any proceeds from the forward purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We intend to use the net proceeds from this offering
for working capital to fund our ongoing and future development projects. Pending the use of these proceeds, we may repay future amounts
outstanding under our unsecured credit facility, which amounts may be re-borrowed from time to time. As of the date of this prospectus
supplement, any amounts outstanding on our unsecured credit facility bear interest at LIBOR plus 0.90% and our unsecured credit facility
matures in February 2023, but can be extended until February 2024 at our option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Before any issuance of common shares upon physical
settlement of any forward sale agreements, such forward sale agreements will be reflected in our diluted earnings per share calculations
using the treasury stock method. Under this method, the number of common shares used in calculating diluted earnings per share is deemed
to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement of such forward
sale agreement over the number of common shares that could be purchased by us in the market (based on the average market price during
the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting
period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will have significant discretion in the use of
the net proceeds of this offering. The net proceeds may be invested temporarily in interest-bearing accounts and short-term interest-bearing
securities that are consistent with our qualification as a REIT until other uses can be identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037530"></A><A NAME="a_Toc18051186"></A>
Underwriting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Subject to the terms and conditions set forth
in an underwriting agreement among us, the forward purchasers, their affiliates and the underwriters, the forward purchasers or their
affiliates have agreed to sell to the underwriters, and the underwriters have agreed to purchase the number of common shares set forth
opposite their names below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 86%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Underwriters</B></P></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Number<BR>
    of Shares</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Wells Fargo Securities, LLC&#9;</TD>
    <TD STYLE="text-align: center; padding-right: 5.75pt; padding-left: 5.75pt">5,333,334</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">J.P. Morgan Securities LLC&#9;</P></TD>
    <TD STYLE="text-align: center; padding-right: 5.75pt; padding-left: 5.75pt">5,333,333</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">KeyBanc Capital Markets Inc.&#9;</P></TD>
    <TD STYLE="text-align: center; padding-right: 5.75pt; padding-left: 5.75pt">
<DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt;">&nbsp;</DIV></DIV>5,333,333</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 19.45pt; text-indent: -7.65pt">Total&#9;</TD>
    <TD STYLE="text-align: center; padding-right: 5.75pt; padding-left: 5.75pt">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->16,000,000</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Subject to the terms and conditions set forth
in the underwriting agreement, the underwriters have agreed to purchase all of the common shares sold under the underwriting agreement
if any of our common shares are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments
of the non-defaulting underwriter may be increased or the underwriting agreement may be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">We have agreed to indemnify the underwriters
and their affiliates against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters
may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The underwriters are offering the common shares,
subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including
the validity of the common shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters
of officer&rsquo;s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public
and to reject orders in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Commissions and Discounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The underwriters are purchasing the
common shares from us at $12.108 per share (representing approximately $193,728,000 aggregate proceeds to us,
before we deduct our out-of-pocket expenses of $300,000). The underwriters may offer the common shares from
time to time for sale in one or more transactions on the NYSE, in the over-the-counter market through negotiated transactions
or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated
prices. In connection with the sale of common shares offered hereby, the underwriters may be deemed to have received
compensation in the form of underwriting discounts. The underwriters may effect such transactions by selling common shares to
or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or purchasers of common shares for whom they may act as agents or to whom they may sell as principal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Option to Purchase Additional Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in">We have granted an option to the underwriters,
exercisable for 30&nbsp;days after the date of this prospectus supplement, to purchase up to 2,400,000 additional common shares. If the
underwriters exercise this option, the underwriters will be obligated, subject to conditions contained in the underwriting agreement,
to purchase a number of additional common shares proportionate to that underwriters&rsquo; initial amount reflected in the above table.
Upon any exercise of such option, we may elect, in our sole discretion, to enter into additional forward sale agreements with the forward
purchasers in respect of the number of common shares that are subject to the exercise of such option. In the event that we enter into
any additional forward sale agreements, if the applicable forward purchaser or its affiliate does not deliver and sell all of the common
shares to be sold by it in connection with the exercise of such option, we will issue and sell to the underwriters a number of common
shares equal to the number of common shares that such forward purchaser or its affiliate does not deliver and sell and the number of shares
underlying such forward sale agreement will not be increased in respect of the number of shares that we issue and sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-indent: 0.25in">The additional forward sale agreements that
we may enter into in the event the underwriters exercise their option to purchase additional common shares will be on substantially the
same terms as the initial forward sale agreements described above, except that it will cover only the number of common shares that are
subject to such option exercise and the initial forward sale price under the additional forward sale agreements will be the initial forward
sale price under the initial forward sale agreements, subject to certain adjustments.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">No Sales of Similar Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">We, our executive officers and our trustees
have agreed not to sell or transfer any common shares or any securities convertible into or exchangeable or convertible for common shares,
for 60 days after the date of this prospectus supplement without first obtaining the written consent of the underwriters. Specifically,
we and these other persons have agreed, with certain limited exceptions, not to directly or indirectly:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>offer, pledge, sell or contract to sell any common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>sell any option or contract to purchase any common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>purchase any option or contract to sell any common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>grant any option, right or warrant for the sale of any common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>otherwise dispose, directly or indirectly, of or transfer any common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>file or cause to be filed a registration statement with the Commission related to the common shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>enter into any swap or other agreement that transfers, in whole or in part, the economic consequence of ownership of any common shares
whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">This lock-up provision applies to common shares
and to securities convertible into or exchangeable or exercisable for or repayable with common shares. It also applies to common shares
owned now or acquired later by the person executing the agreement or for which the person executing the agreement later acquires the power
of disposition.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">New York Stock Exchange Listing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Our common shares are listed on the NYSE under
the symbol &ldquo;LXP.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Forward Sale Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We expect to enter into a forward sale agreement
with each of the forward purchasers. In connection with the forward sale agreements, the forward purchasers or their affiliates are borrowing
from third parties and selling to the underwriters an aggregate of 16,000,000 common shares (subject to increase if the underwriters exercise
their option to purchase additional common shares and assuming we enter into additional forward sale agreements) that will be delivered
in this offering. If any forward purchaser or its affiliate does not sell on the anticipated closing date of this offering all of the
common shares to be sold by it to the underwriters, we will issue and sell to the underwriters a number of common shares equal to the
number of common shares that the forward purchaser or its affiliate did not sell, and the number of shares underlying the relevant forward
sale agreement will be decreased in respect of the number of shares that we issue and sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We will not initially receive any
proceeds from the sale of common shares by the forward purchasers or their affiliates. We expect to physically settle the
forward sale agreements, which would involve the issuance and delivery by us of common shares against payment by the forward
purchasers for those shares on one or more forward settlement dates, which we expect to occur no later than May 11, 2022. We
may also elect to cash settle or net share settle all or a portion of our obligations under a forward sale agreement if we
conclude it is in our best interest to do so. If we elect to cash settle a forward sale agreement, we may not receive any
proceeds, and we may owe cash to the relevant forward purchaser in certain circumstances. If we elect to net share settle a
forward sale agreement, we will not receive any proceeds, and we may owe common shares to the relevant forward purchaser in
certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">On a settlement date, if we decide to physically
settle the forward sale agreement, we will issue common shares to the forward purchaser under the forward sale agreement at the applicable
forward sale price. The forward sale</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">price will be subject to adjustment on a daily basis based on a
floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on certain specified amounts during
the term of the forward sale agreement. If the specified daily rate is less than the spread on any day a forward agreement is outstanding,
the interest rate factor will result in a daily reduction of the forward sale price. As of the filing of this prospectus supplement,
the specified daily rate was less than the spread. If the weighted average price at which a forward purchaser (or its affiliate) is able
to purchase shares during the applicable unwind period under a forward sale agreement is above the relevant forward sale price, in the
case of cash settlement, we would pay the applicable forward purchaser under such forward sale agreement an amount in cash equal to the
difference or, in the case of net share settlement, we would deliver to such forward purchaser a number of common shares having a value
equal to the difference. Thus, we could be responsible for a potentially substantial cash payment in the case of cash settlement. If the
weighted average price at which a forward purchaser (or its affiliate) is able to purchase shares during the applicable unwind period
under a forward sale agreement is below the relevant forward sale price, in the case of cash settlement, we would be paid the difference
in cash by the relevant forward purchaser under such forward sale agreement or, in the case of net share settlement, we would receive
from such forward purchaser a number of common shares having a value equal to the difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Before any issuance of common shares upon physical
settlement of any forward sale agreements, such forward sale agreement will be reflected in our diluted earnings per share calculations
using the treasury stock method. Under this method, the number of shares of our common shares used in calculating diluted earnings per
share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement
of such forward sale agreement over the number of common shares that could be purchased by us in the market (based on the average market
price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the
end of the reporting period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Consequently, prior to physical settlement
or net share settlement of the forward sale agreements and subject to the occurrence of certain events, we anticipate there will be no
dilutive effect on our earnings per share except during periods when the average market price of our common shares is above the per share
forward sale price, as adjusted, which is initially $12.108 (which is the price at which the underwrites agree to buy the common shares offered
hereby), subject to adjustment based on a floating interest rate factor equal to a specified daily rate less a spread, and subject to
decrease by an amount per share specified in the forward sale agreements on each of certain dates specified in the forward sale agreements.
However, if we decide to physically settle or net share settle any forward sale agreement, delivery of our shares on any physical settlement
or net share settlement of such forward sale agreement will result in dilution to our earnings per share and return on equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Subject to certain conditions, we have the right to
elect physical, cash or net share settlement under each forward sale agreement. A forward sale agreement will be physically settled by
delivery of common shares, unless we elect to cash settle or net share settle such forward sale agreement. Delivery of common shares upon
physical settlement (or, if we elect net share settlement, upon such settlement to the extent we are obligated to deliver common shares)
will result in dilution to our earnings per share and return on equity. If we elect cash settlement or net share settlement with respect
to all or a portion of the common shares underlying a forward sale agreement, we expect the applicable forward purchaser (or an affiliate
thereof) to purchase a number of common shares in secondary market transactions over an unwind period to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">return common shares to securities lenders to unwind such
forward purchaser&rsquo;s hedge (after taking into consideration any common shares to be delivered by us to such forward purchaser, in
the case of net share settlement)&#894; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, in the case of net share settlement, deliver
common shares to us to the extent required in settlement of such forward sale agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 12pt; text-indent: 0.25in">In addition, the purchase of common shares
in connection with a forward purchaser or its affiliate unwinding the forward purchaser&rsquo;s hedge positions could cause the price
of common shares to increase over such time (or prevent a decrease over such time), thereby increasing the amount of cash we would owe
to such forward purchaser (or decreasing the amount of cash that the forward purchaser would owe us) upon a cash settlement of the relevant</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 12pt">forward sale agreement or increasing the number of common shares
we would deliver to such forward purchaser (or decreasing the number of common shares that such forward purchaser would deliver to us)
upon net share settlement of the relevant forward sale agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Each forward purchaser will have the right
to accelerate its forward sale agreement (with respect to all or, in certain cases, any portion of the transaction under such forward
sale agreement that the forward purchaser determines is affected by an event described below) and require us to settle on a date specified
by such forward purchaser if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in such forward purchaser&rsquo;s commercially reasonable
judgment, it or its affiliate (x) is unable, after using commercially reasonable efforts, to hedge its exposure under such forward sale
agreement because insufficient common shares have been made available for borrowing by securities lenders or (y) would incur a stock borrow
cost in excess of a specified threshold to hedge in a commercially reasonable manner its exposure under such forward sale agreement&#894;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we declare any dividend, issue or distribution on common
shares that is payable in (a) cash in excess of specified amounts, (b) securities of another
company as a result of a spin-off or similar transaction, or (c) any other type of securities (other than our common shares), rights,
warrants or other assets for payment at less than the prevailing market price;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain ownership thresholds applicable to such forward
purchaser and its affiliate are exceeded&#894;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an event is publicly announced that if consummated would
result in a specified extraordinary event (including certain mergers or tender offers, as well as certain events involving our nationalization,
or insolvency, or a delisting of our common shares) or the occurrence of a change in law&#894; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>certain other events of default or termination events occur, including, among others, any material misrepresentation made in connection
with such forward sale agreement or our insolvency (each as more fully described in each forward sale agreement) and such forward purchaser notifies us it has
                                                                                                          designated an early termination date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">A forward purchaser&rsquo;s decision to exercise
its right to accelerate the settlement of the applicable forward sale agreement will be made irrespective of our interests, including
our need for capital. In such cases, we could be required to issue and deliver common shares under the physical settlement provisions
of the applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings per share and
return on equity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Price Stabilization, Short Positions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Until the distribution of the common shares
is completed, Commission rules may limit the underwriters from bidding for and purchasing our common shares. However, the underwriters
may engage in transactions that stabilize the price of our common shares, such as bids or purchases to peg, fix or maintain that price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In connection with the offering, the underwriters
may purchase and sell our common shares in the open market. These transactions may include short sales, purchases on the open market to
cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriters of a greater number
of shares than they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made in an amount not greater
than the underwriters&rsquo; option described above. The underwriters may close out any covered short position by either exercising their
option to purchase additional common shares or purchasing common shares in the open market. In determining the source of common shares
to close out the covered short position, the underwriters will consider, among other things, the price of common shares available for
purchase in the open market as compared to the price at which they may purchase common shares through the underwriters&rsquo; option to
purchase additional common shares. &ldquo;Naked&rdquo; short sales are sales in excess of the option. The underwriters must close out
any naked short position by purchasing common shares in the open market. A naked short position is more likely to be created if the underwriters
are concerned that there may be downward pressure on the price of our common shares in the open market after pricing that could adversely
affect investors who purchase in the offering. Stabilizing transactions</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">consist of various bids for or purchases of common shares made by
the underwriters in the open market prior to the completion of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Similar to other purchase transactions, the
underwriters&rsquo; purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our
common shares or preventing or retarding a decline in the market price of our common shares. As a result, the price of our common shares
may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the NYSE,
in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Neither we nor the underwriters make any representation
or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common
shares. In addition, neither we nor the underwriters make any representation that the underwriters will engage in these transactions or
that these transactions, once commenced, will not be discontinued without notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Electronic Offer, Sale and Distribution of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In connection with the offering, the underwriters
or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, the underwriters may facilitate Internet
distribution for this offering to certain of their Internet subscription customers. The underwriters may allocate a limited number of
common shares for sale to their online brokerage customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Other than the prospectus supplement and accompanying
prospectus in electronic format, the information on any underwriters&rsquo; web site and any information contained in any other website
maintained by any underwriters are not part of this prospectus supplement, the accompanying prospectus or the registration statement of
which this prospectus supplement and the accompanying prospectus form a part, has not been approved and/or endorsed by us or the underwriters
in their capacity as underwriters and should not be relied upon by investors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Stamp Taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">If you purchase common shares offered by this
prospectus supplement and accompanying prospectus, you may be required to pay stamp taxes and other charges under the laws and practices
of the country of purchase, in addition to the offering price listed on the cover page of this prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The transfer agent and registrar for our common
shares is Computershare Shareowner Services.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Each of the underwriters, the forward sellers
and their respective affiliates are full service financial institutions that have provided, and may in the future provide, securities
trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging,
financing and brokerage activities, and various other services to us and our affiliates for which services they have received, and may
in the future receive, customary fees. The underwriters, the forward sellers and their respective affiliates may, from time to time in
the future, engage in transactions with and perform services for us and our affiliates in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Affiliates of Wells Fargo Securities, LLC, J.P. Morgan Securities, LLC and KeyBanc Capital Markets Inc. are lenders under our revolving
credit facility and accordingly may receive a portion of the net proceeds from this offering pursuant to repayment of borrowings under
such facility.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Other Relationships</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In addition to the disclosure set forth above,
in the course of its business, each of the underwriters, the forward sellers and <FONT STYLE="font-family: Times New Roman, Times, Serif">their
respective affiliates </FONT>may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative
securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment
and securities activities may involve securities and/or instruments of ours. Of the underwriters (or their affiliates) and the forward
purchasers (or their affiliates) that have lending relationships with us, certain of them routinely hedge and others may hedge their credit
exposure</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">to us consistent with their customary risk management policies.
Typically, these underwriters, the forward purchasers, and/or their respective affiliates would hedge such exposure by entering into transactions
which consist of either the purchase of credit default swaps or the creation of short positions in our securities. Any such credit default
swaps or short positions could adversely affect future trading prices of the common shares offered hereby. Each of the underwriters, the
forward sellers and <FONT STYLE="font-family: Times New Roman, Times, Serif">their respective affiliates </FONT>may also make investment
recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time
hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Sales Outside the United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">No action has been taken in any jurisdiction
(except in the United States) that would permit a public offering of the securities, or the possession, circulation or distribution of
this prospectus supplement, the accompanying prospectus or any other material relating to us or the securities in any jurisdiction where
action for that purpose is required. Accordingly, the securities may not be offered or sold, directly or indirectly, and none of this
prospectus supplement, the accompanying prospectus or any other offering material or advertisements in connection with the securities
may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations
of any such country or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The underwriters may arrange to sell securities
offered hereby in certain jurisdictions outside the United States, either directly or through affiliates, where they are permitted to
do so.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in the European Economic Area</B></FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Segoe UI,sans-serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares are not intended to be offered, sold or otherwise made available to and should not be offered to the public in the
European Economic Area (the &ldquo;EEA&rdquo;) except to any legal entity which is a qualified investor as defined in Article
2 of Regulation (EU) 2017/1129, or the EEA Prospectus Regulation, provided that no such offer of common shares shall require the
Company, any underwriter or any forward purchaser to publish a prospectus pursuant to Article 3 of the EEA Prospectus Regulation
or supplement a prospectus pursuant to Article 23 of the EEA Prospectus Regulation.</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Segoe UI,sans-serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of this provision, the expression &ldquo;an offer of common shares to the public&rdquo; in relation to any common
shares means the communication in any form and by any means of sufficient information on the terms of the offer and the common
shares to be offered so as to enable an investor to decide to purchase or subscribe for the common shares.</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt/107% Segoe UI,sans-serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this statement should be construed as an offer or solicitation or as marketing of any alternative investment fund (&ldquo;AIF&rdquo;)
in the EEA. We believe that the Company does not fulfill the criteria for constituting an AIF (within the meaning of Directive
2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund managers together with
Commission delegated Regulation (EU) No 231/2013 Supplementing Directive 2011/61/EU, as well as any similar or supplementary law,
rule or regulation including any equivalent or similar law, rule or regulation implemented and applicable in the United Kingdom
following its withdrawal from the European Union or subordinate legislation or guidance thereto, as implemented in any relevant
jurisdiction, in all cases as amended from time to time, or AIFMD) and therefore the company will not be subject to the provisions
of the AIFMD and investors shall not benefit from the protections that they would have been afforded had the Company constituted
an AIF (within the meaning of the AIFMD).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
to Prospective Investors in Hong Kong</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The common shares may not be offered or sold
in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning
of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii)&nbsp;to &ldquo;professional investors&rdquo; within the meaning of the Securities
and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii)&nbsp;in other circumstances which do not result
in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance
(Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the common shares may be issued or may be in the
possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents
of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other
than with respect to common shares which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional
investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The contents of this prospectus supplement
have not been reviewed or approved by any regulatory authority in Hong Kong. If you are in any doubt about any of the contents of this
prospectus supplement, you should obtain individual professional advice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Notice to Prospective Investors in Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">No placement document, prospectus, product
disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (&ldquo;ASIC&rdquo;),
in relation to this offering. This prospectus supplement and the accompanying prospectus do not constitute a prospectus, product disclosure
statement or other disclosure document under the Corporations Act 2001 (the &ldquo;Corporations Act&rdquo;), and do not purport to include
the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">Any offer in Australia of the shares may only
be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo; (within the meaning of section 708(8)
of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11) of the Corporations Act) or otherwise
pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the common shares without
disclosure to investors under Chapter 6D of the Corporations Act.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The common shares applied for by Exempt Investors
in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except
in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption
under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter
6D of the Corporations Act. Any person acquiring common shares must observe such Australian on-sale restrictions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Notice to Prospective Investors in Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The common shares may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the common shares must be made in accordance with
an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any
amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to
any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights
or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to section 3A.3 (or, in the case of
securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting
Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter
conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">This prospectus supplement and the accompanying
prospectus contain general information only and do not take account of the investment objectives, financial situation or particular needs
of any particular person. They do not contain any securities recommendations or financial product advice. Before making an investment
decision, investors need to consider whether the information in this prospectus supplement and the accompanying prospectus is appropriate
to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037531"></A><A NAME="a_Toc18051187"></A>Legal
Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The validity of the common shares offered hereby
and certain other matters relating to Maryland law will be passed upon for us by Venable LLP, Baltimore, Maryland. Certain other matters
in connection with this offering will be passed upon for us by Paul Hastings LLP, New York, New York. Certain legal matters related to
this offering will be passed upon for the underwriters and the forward purchasers by Goodwin Procter LLP, New York, New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037532"></A><A NAME="a_Toc18051188"></A>Experts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The financial statements incorporated in this
prospectus supplement by reference from Lexington Realty Trust&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2020,
and the effectiveness of Lexington Realty Trust&rsquo;s internal control over financial reporting have been audited by Deloitte &amp;
Touche LLP, an independent registered public accounting firm, as stated in their reports, which are incorporated herein by reference.
Such financial statements have been so incorporated in reliance upon the reports of such firm and upon their authority as experts in accounting
and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc71037533"></A><A NAME="a_Toc18051189"></A>Where
You Can Find More Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the Commission. Our filings with the Commission are available to the public on the Internet
at the Commission&rsquo;s web site at <I>www.sec.gov</I>.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">The Commission allows us to &ldquo;incorporate
by reference&rdquo; the information we file with the Commission, which means we can disclose important information to you by referring
you to those documents. The information incorporated by reference herein is an important part of this prospectus supplement and the accompanying
prospectus. Any statement contained in this prospectus supplement or in the accompanying prospectus hereto or in any document incorporated
by reference herein or therein shall be deemed to be amended, modified or superseded for the purpose of this prospectus supplement and
the accompanying prospectus to the extent that a statement contained in this prospectus supplement, the accompanying prospectus or a later
document that is or is considered to be incorporated by reference herein and therein amends, modifies or supersedes such statement. Any
statements so amended, modified or superseded shall not be deemed to constitute a part of this prospectus supplement or the accompanying
prospectus, except as so amended, modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We incorporate by reference in this prospectus
supplement and the accompanying prospectus the documents listed below and any future filings that we may make with the Commission under
Sections&nbsp;13(a), 13(c), 14, or&nbsp;15(d) of the Exchange Act after the date of the initial registration statement and prior to the
termination of the offering under this prospectus supplement; provided, however, that we are not incorporating, in each case, any documents
or information deemed to have been furnished and not filed in accordance with Commission rules:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020, filed with the Commission on February 18, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the Commission on May 7, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>our Current Report on Form&nbsp;8-K, filed with the Commission on February 22, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="color: #231F20">the description of our common shares contained in Exhibit 4.10 to our Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2020, filed with the Commission on February&nbsp;18, 2021;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="color: #231F20">our Definitive Proxy Statement on Schedule 14A, filed with the Commission on April 8, 2021; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="color: #231F20">our Registration Statement on Form S-3 ASR, filed with the Commission on February 19, 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">To receive a free copy of any of the documents
incorporated by reference in this prospectus supplement and the accompanying prospectus (other than exhibits, unless they are specifically
incorporated by reference in the documents), write us at the following address or call us at the telephone number listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Lexington Realty Trust<BR>
One Penn Plaza<BR>
Suite&nbsp;4015<BR>
New York, New York&nbsp;10119-4015<BR>
Attention: Investor Relations<BR>
(212) 692-7200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">We maintain a web site at <I>www.lxp.com</I>,
which contains information about us and our subsidiaries. <B>We have not incorporated by reference into this prospectus supplement or
the accompanying prospectus the information included or referred to in, or that can be accessed through, our web site, and you should
not consider it to be a part of this prospectus supplement or the accompanying prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>Lexington Realty
Trust<BR>
Common Shares of Beneficial Interest Classified as Common Stock<BR>
Preferred Shares of Beneficial Interest Classified as Preferred Stock<BR>
Debt Securities, Depositary Shares Warrants<BR>
Subscription Rights Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">We are Lexington Realty Trust, a self-managed
and self-administered real estate investment trust, or REIT, that owns a portfolio of equity investments focused on single-tenant
industrial properties. Our executive offices are located at One Penn Plaza, Suite&nbsp;4015, New York, New York&nbsp;10119-4015,
and our telephone number is (212) 692-7200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">This prospectus contains a general description
of the equity and debt securities that we may offer for sale. We may from time to time offer, in one or more series or classes,
separately or together, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 19.9pt">&#8226;</TD><TD>common shares of beneficial interest classified as common stock (&#8220;common shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>preferred shares of beneficial interest classified as preferred stock (&#8220;preferred shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>debt securities which may be either senior debt securities or subordinated debt securities (&#8220;debt securities&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>depositary shares representing preferred shares (&#8220;depositary shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>subscription rights; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 20.15pt">&#8226;</TD><TD>units consisting of combinations of any of the foregoing (&#8220;units&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">We will offer our securities in amounts,
at prices and on terms to be determined at the time we offer those securities. We will provide the specific terms of the securities
in supplements to this prospectus. We are organized and conduct our operations so as to qualify as a real estate investment trust,
or REIT, for federal income tax purposes. The specific terms of the securities may include limitations on actual, beneficial or
constructive ownership and restrictions on transfer of the securities that may be appropriate to preserve our status as a REIT.
To ensure that we maintain our qualification as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as
amended, or the &#8220;Code,&#8221; among other purposes, ownership of our equity securities by any person is subject to certain
limitations. See &#8220;Restrictions on Transfers of Capital Stock and Anti-Takeover Provisions&#8221; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">The securities may be offered on a delayed
or continuous basis directly by us, through agents, underwriters or dealers as designated from time to time, through a combination
of these methods or any other method as provided in the applicable prospectus supplement. You should read this prospectus and any
applicable prospectus supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">In addition, certain selling shareholders
to be identified from time to time in a prospectus supplement may sell our securities that they own. We will not receive any of
the proceeds from the sale of our securities by selling shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common
shares and our 6.50% Series C Cumulative Convertible Preferred Stock, or Series C Preferred Shares, are traded on The New York
Stock Exchange under the symbols &#8220;LXP&#8221; and &#8220;LXPPRC&#8221;, respectively. On February 18, 2021, the last reported
sale price of our common shares, as reported on The New York Stock Exchange, was $10.81 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>INVESTING IN OUR SECURITIES INVOLVES
RISKS. IN OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH ARE INCORPORATED BY REFERENCE IN THIS PROSPECTUS, WE
IDENTIFY AND DISCUSS RISK FACTORS THAT YOU SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES. SEE &#8220;RISK FACTORS&#8221;
BEGINNING ON PAGE 11 OF OUR FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2020 AND THE &#8220;RISK FACTORS&#8221; SECTION BEGINNING
ON PAGE 4 OF THIS PROSPECTUS. BEFORE BUYING OUR SECURITIES, YOU SHOULD READ AND CONSIDER THE RISK FACTORS INCLUDED IN OUR PERIODIC
REPORTS, IN THE PROSPECTUS SUPPLEMENTS OR ANY OFFERING MATERIAL RELATING TO ANY SPECIFIC OFFERING, AND IN OTHER INFORMATION THAT
WE FILE WITH THE SECURITIES AND EXCHANGE COMMISSION WHICH IS INCORPORATED BY REFERENCE IN THIS PROSPECTUS. SEE &#8220;WHERE YOU
CAN FIND MORE INFORMATION.&#8221;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font-size: 10pt"><B>The date of this prospectus is February 19,
2021</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 6pt; text-align: center; text-indent: 0.5in">TABLE OF CONTENTS</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n001">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n002">CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n002">2</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n003">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n003">3</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n004">4</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n005">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n005">5</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n006">DESCRIPTION OF OUR COMMON SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n006">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n007">DESCRIPTION OF OUR PREFERRED SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n007">8</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n008">DESCRIPTION OF OUR DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n008">12</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n009">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n009">17</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n010">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n010">20</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n011">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n011">21</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n012">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n012">22</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n013">RESTRICTIONS ON TRANSFERS OF CAPITAL STOCK AND ANTI-TAKEOVER PROVISIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n013">23</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n014">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n014">27</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n015">SELLING SECURITYHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n015">41</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n016">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n016">42</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n017">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n017">46</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n018">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n018">46</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n019">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n019">46</A></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 6.45pt 6pt 0; text-indent: 19.95pt">This prospectus is part of
a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the SEC or the Commission,
using a &#8220;shelf&#8221; registration process or continuous offering process. Under this shelf registration process, we may,
from time to time, sell any combination of the securities described in this prospectus in one or more offerings and selling securityholders
may from time to time offer such securities owned by them. This prospectus provides you with a general description of the securities
that may be offered by us and/or selling securityholders. We may also file, from time to time, a prospectus supplement or an amendment
to the registration statement of which this prospectus forms a part containing additional information about us and/or selling securityholders
and the terms of the offering of the securities. That prospectus supplement or amendment may include additional risk factors or
other special considerations applicable to the securities. Any prospectus supplement or amendment may also add, update or change
information in this prospectus. If there is any supplement or amendment, you should rely on the information in that prospectus
supplement or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 14.15pt 6pt 0; text-indent: 19.95pt">This prospectus and any
accompanying prospectus supplement do not contain all of the information included in the registration statement. For further information,
we refer you to the registration statement and any amendments to such registration statement, including its exhibits and schedules.
Statements contained in this prospectus and any accompanying prospectus supplement about the provisions or contents of any agreement
or other document are not necessarily complete. If the SEC&#8217;s rules and regulations require that an agreement or document
be filed as an exhibit to the registration statement, please refer to the actual exhibit for a complete description of these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 12.15pt 6pt 0; text-indent: 19.95pt">You should read both this
prospectus and any prospectus supplement together with additional information described below under the heading &#8220;Where You
Can Find More Information.&#8221; Federal securities laws and the SEC&#8217;s rules and regulations require us to file reports
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (including annual, quarterly and current
reports) for Lexington Realty Trust, as further described under the heading &#8220;Where You Can Find More Information.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.15pt 6pt 0; text-indent: 19.95pt">Information incorporated
by reference from filings with the SEC after the date of this prospectus or after the date of any prospectus supplement, or information
included in any prospectus supplement or an amendment to the registration statement of which this prospectus forms a part, may
add, update or change information included or incorporated by reference in this prospectus or any prospectus supplement. Any statement
contained in this prospectus, any prospectus supplement or in any document incorporated by reference will be deemed to be amended,
modified or superseded for the purposes of this prospectus to the extent that a statement contained in this prospectus, any prospectus
supplement or a later document that is or is considered to be incorporated by reference herein amends, modifies or supersedes such
statement. Any statements so amended, modified or superseded will not be deemed to constitute a part of this prospectus, except
as so amended, modified or superseded. You should not assume that the information in this prospectus or any prospectus supplement
is accurate as of any date other than the date on the respective covers of this prospectus and any such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0.1in 6pt 0; text-indent: 19.95pt">We have not authorized anyone
else to give any information or to make any representation other than those contained or incorporated by reference in this prospectus
or any prospectus supplement. You must not rely upon any information or representation not contained or incorporated by reference
in this prospectus or any prospectus supplement as if we had authorized it. This prospectus and any prospectus supplement do not
constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which
they relate. Nor does this prospectus or any prospectus supplement constitute an offer to sell or the solicitation of an offer
to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 6pt 0; text-indent: 19.95pt">All references to the &#8220;Company,&#8221;
&#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; in this prospectus mean Lexington Realty Trust and its consolidated subsidiaries,
except as otherwise provided or where it is made clear that the term means only Lexington Realty Trust. When we use the term &#8220;LXP&#8221;
in this prospectus, we are referring to Lexington Realty Trust by itself and not including any of its subsidiaries. References
to &#8220;common shares&#8221; or similar references refer to the shares of beneficial interest classified as common stock, par
value $0.0001 per share, of LXP. The term &#8220;you&#8221; refers to a prospective investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 6pt 0; text-indent: 19.95pt">When we use the term &#8220;REIT,&#8221;
we mean real estate investment trust.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n002"></A>CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.4pt; margin-bottom: 6pt; margin-left: 0; text-indent: 19.95pt">This prospectus and the information
incorporated by reference in this prospectus include &#8220;forward-looking statements&#8221; within the meaning of Section 27A
of the Securities Act of 1933, as amended, or the &#8220;Securities Act,&#8221; and Section 21E of the Exchange Act. We intend
such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations,
are generally identifiable by use of the words &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;anticipates,&#8221;
&#8220;estimates,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;plans,&#8221; &#8220;predicts,&#8221; &#8220;will,&#8221;
&#8220;will likely result&#8221; or similar expressions. Readers should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially
affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances
or achievements to differ materially from current expectations, strategies or plans include, among others:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in our industry and changes in the real estate market particularly, either nationally or regionally, and the potential
adverse impact on us or our tenants from the novel coronavirus (COVID-19);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in economic conditions generally and the real estate market specifically;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>adverse developments with respect to our tenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>impairments in the value of our real estate investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 49.5pt">failure to consummate the transactions described in this prospectus or the failure of any transactions
to perform to our expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.1pt">legislative/regulatory/accounting changes, including changes to laws governing and policies and
guidelines applicable to the taxation of REITs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any material legal proceedings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>availability of debt and equity capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>increases in real estate construction costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>competition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>supply and demand for properties in our current and proposed market areas;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a downgrade in our credit ratings; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.6pt">the other risk factors set forth in our Annual Report on Form 10-K filed with the SEC on February&nbsp;18,
2021, the section entitled &#8220;Risk Factors&#8221; beginning on page 4 of this prospectus and the other documents incorporated
by reference herein, including documents that we file with the SEC in the future that are incorporated by reference herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 4.95pt 6pt 0; text-indent: 19.95pt">These risks and uncertainties
should be considered in evaluating any forward-looking statements contained or incorporated by reference in this prospectus. We
caution you that any forward-looking statement reflects only our belief at the time the statement is made. Although we believe
that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, levels
of activity, performance or achievements. Except as required by law, we undertake no obligation to publicly release the results
of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n003"></A>OUR COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">We are a Maryland real estate investment
trust, qualified as a REIT for federal income tax purposes, focused on single-tenant industrial real estate investments. A majority
of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including
cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide the landlord
is responsible for certain operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">We became a Maryland REIT
in December 1997. Prior to that, our predecessor was organized in the state of Delaware in October 1993 upon the rollup of two
partnerships. Primarily all of our business is conducted through wholly-owned subsidiaries, but we conduct a portion of our business
through an operating partnership subsidiary, Lepercq Corporate Income Fund L.P., which we refer to as LCIF, and certain non-consolidated
joint ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">Our principal executive
offices are located at One Penn Plaza, Suite 4015, New York, New York 10119-4015; our telephone number is (212) 692-7200.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n004"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">Investing in our securities
involves risks and uncertainties that could affect us and our business as well as the real estate industry generally. You should
carefully consider the risks described and discussed under the caption &#8220;Risk Factors&#8221; included in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020, filed on February 18, 2021, which is incorporated by reference in this
prospectus, and in any other documents incorporated by reference in this prospectus, including without limitation any updated risks
included in our subsequent periodic reports incorporated by reference herein. These risks could materially affect our business,
results of operations or financial condition and cause the value of our securities to decline. You could lose all or part of your
investment. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any prospectus
supplement or post-effective amendment we may file or in other reports we file with the Commission in the future. In addition,
new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial
performance.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n005"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 2.8pt 6pt 0; text-indent: 19.95pt">Unless otherwise described
in any applicable prospectus supplement, we intend to use the net proceeds from our sale of the securities for general corporate
purposes, which may include the repayment of outstanding indebtedness, the improvement of certain properties already in our portfolio
or the acquisition of additional assets. Unless otherwise described in any applicable prospectus supplement, we will not receive
the proceeds of sales by selling securityholders, if any. Further details relating to the use of net proceeds from any specific
offering will be described in the applicable prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n006"></A>DESCRIPTION OF OUR COMMON
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt"><I>The following summary of
the material terms and provisions of our common shares does not purport to be complete and is subject to the detailed provisions
of our Declaration of Trust and our By-Laws, each as supplemented, amended or restated, and each of which is incorporated by reference
into this prospectus. You should carefully read each of these documents in order to fully understand the terms and provisions of
our common shares. For information on incorporation by reference, and how to obtain copies of these documents, see the section
entitled &#8220;Where You Can Find More Information&#8221; in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">This summary is also subject
to and qualified by reference to the descriptions of the particular terms of our securities described in the applicable prospectus
supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt">Under our Declaration of Trust,
we have the authority to issue up to 1,000,000,000 shares of beneficial interest, par value $0.0001 per share, of which 400,000,000
shares are classified as common shares, 500,000,000 are classified as excess stock, or excess shares, and 100,000,000 shares are
classified as preferred shares. As of February&nbsp;18, 2021, we had issued and outstanding 277,554,740 common shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 11.05pt 6pt 0; text-indent: 19.95pt">Subject to the preferential
rights of any other shares or class or series of our equity securities and to the provisions of our Declaration of Trust regarding
excess shares, holders of common shares are entitled to receive dividends on such common shares if, as and when authorized by our
board of trustees and declared by us out of assets legally available therefor and to share ratably in those of our assets legally
available for distribution to our shareholders in the event that we liquidate, dissolve or wind up, after payment of, or adequate
provision for, all of our known debts and liabilities and the amount to which holders of any class of shares having a preference
on distributions in liquidation, dissolution or winding up of us will be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 9.1pt 6pt 0; text-indent: 19.95pt">Subject to the provisions of
our Declaration of Trust regarding excess shares, each outstanding common share entitles the holder to one vote on all matters
submitted to a vote of shareholders, including the election of trustees and, except as otherwise required by law or except as otherwise
provided in our Declaration of Trust with respect to any other class or series of shares, the holders of common shares will possess
exclusive voting power. In uncontested elections of trustees at a meeting duly called at which a quorum is present, the affirmative
vote of a majority of the total votes cast by shareholders entitled to vote is sufficient to elect a trustee. In contested elections
at a meeting duly called at which a quorum is present, a plurality of votes cast by shareholders entitled to vote is required for
the election of a trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">A majority of the votes cast means that
the number of shares voted &#8220;for&#8221; a trustee nominee must exceed the number of votes cast &#8220;against&#8221; or &#8220;withheld&#8221;
with respect to such trustee nominee. Votes &#8220;against&#8221; or &#8220;withheld&#8221; with respect to a nominee will count
as votes cast with respect to that nominee, but &#8220;abstentions&#8221; and broker non-votes with respect to that nominee will
not count as votes cast with respect to that nominee. There is no cumulative voting in the election of trustees, which means that
the holders of a majority of our outstanding common shares can elect all of the trustees then standing for election, and the holders
of the remaining common shares will not be able to elect any trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 17.45pt 6pt 0; text-indent: 19.95pt">Subject to the provisions
of our Declaration of Trust regarding excess shares, holders of common shares have no conversion, sinking fund or redemption rights
or preemptive rights to subscribe for any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 4.95pt 6pt 0; text-indent: 19.95pt">We furnish our shareholders
with annual reports containing audited consolidated financial statements and an opinion thereon expressed by an independent registered
public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 5.2pt 6pt 0; text-indent: 19.95pt">Subject to the provisions of
our Declaration of Trust regarding excess shares, all of the common shares have equal dividend, distribution, liquidation and other
rights and generally have no preference, appraisal or exchange rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions on Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt">For us to qualify as a REIT under
the Code, among other things, not more than 50% in value of its outstanding shares of capital stock may be owned, directly or indirectly,
by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist
us in meeting this requirement, among other purposes, our Declaration of Trust contains restrictions on the ownership and transfer
of our shares. See &#8220;Restrictions on Transfers of Shares of Capital Stock and Anti-Takeover Provisions.&#8221;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 2.8pt 6pt 0; text-indent: 19.95pt">As of the date of this prospectus,
the transfer agent and registrar for the common shares is Computershare Shareowner Services, or Computershare.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n007"></A>DESCRIPTION OF OUR PREFERRED
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt"><I>The following summary of the
material terms and provisions of our preferred shares does not purport to be complete and is subject to the detailed provisions
of our Declaration of Trust (including any applicable articles supplementary, amendment or annex to our Declaration of Trust designating
the terms of a series of preferred shares) and our By-Laws, each as supplemented, amended or restated, and each of which is incorporated
by reference into this prospectus. You should carefully read each of these documents in order to fully understand the terms and
provisions of our preferred shares. For information on incorporation by reference, and how to obtain copies of these documents,
see the section entitled &#8220;Where You Can Find More Information&#8221; in this prospectus.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 5.4pt 6pt 0; text-indent: 19.95pt">Under our Declaration of Trust,
we have the authority to issue up to 100,000,000 preferred shares, of which 3,100,000 shares are classified as Series C Preferred
Shares. As of the date of this prospectus, we have issued and outstanding 1,935,400 Series C Preferred Shares and have no other
outstanding series of preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.35pt 5.05pt 6pt 0; text-indent: 19.95pt">Subject to limitations prescribed
by Maryland law and our Declaration of Trust, our board of trustees is authorized to classify and reclassify any unissued shares
and to set the number of shares constituting each class or series of preferred shares and the terms, preferences, conversion or
other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions
of redemption. The preferred shares will, when issued against payment therefor, be fully paid and nonassessable and will not be
subject to preemptive rights, unless determined by our board of trustees. Our board of trustees could authorize the issuance of
preferred shares with terms and conditions that could have the effect of discouraging a takeover or other transaction that holders
of common shares might believe to be in their best interests or in which holders of common shares might receive a premium for their
common shares over the then-current market price of their shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 5.1pt 6pt 0; text-indent: 19.95pt">Reference is made to the applicable
prospectus supplement relating to the preferred shares offered thereby for specific terms, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(1)</TD><TD>the title and stated value of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(2)</TD><TD STYLE="padding-right: 8.5pt">the number of preferred shares offered, the liquidation preference per share and the offering
price of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(3)</TD><TD>the voting rights, if any, of the holders of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(4)</TD><TD STYLE="padding-right: 43.4pt">the dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation thereof applicable
to the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(5)</TD><TD>the date from which dividends on the preferred shares will accumulate, if applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(6)</TD><TD>the provisions for a sinking fund, if any, for the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(7)</TD><TD>the provisions for redemption, if applicable, of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(8)</TD><TD>any listing of the preferred shares on any securities exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(9)</TD><TD STYLE="padding-right: 18.75pt">the terms and conditions, if applicable, upon which the preferred shares will be convertible
into common shares, including the conversion price (or manner of calculation thereof);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(10)</TD><TD>a discussion of material federal income tax considerations applicable to the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(11)</TD><TD STYLE="padding-right: 12.9pt">the relative ranking and preferences of the preferred shares as to dividend rights and rights
upon our liquidation, dissolution or winding-up of our affairs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="padding-right: 10.7pt"><FONT STYLE="font-size: 10pt">any limitations on issuance of any series of preferred shares ranking
senior to or on a parity with the preferred shares as to dividend rights and rights upon our liquidation, dissolution or </FONT>winding-up
of our affairs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(13)</TD><TD STYLE="padding-right: 17.15pt">any limitations on direct or beneficial ownership of our securities and restrictions on transfer
of our securities, in each case as may be appropriate to preserve our status as a REIT; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.95pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 20.15pt">(14)</TD><TD>any other specific terms, preferences, rights, limitations or restrictions of the preferred shares.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Rank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.45pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in the applicable prospectus supplement, the preferred shares rank, with respect to dividend rights and rights upon our liquidation,
dissolution or winding-up: (i) senior to all classes or series of common shares, and to all equity securities ranking junior to
the preferred shares; (ii) on a parity with all equity securities the terms of which specifically provide that such equity securities
rank on a parity with the preferred shares; and (iii) junior to all equity securities the terms of which specifically provide that
such equity securities rank senior to the preferred shares. As used in this prospectus, the term &#8220;equity securities&#8221;
does not include convertible debt securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.1pt 6pt 0; text-indent: 19.95pt">Subject to any preferential
rights of any outstanding securities or series of securities, the holders of preferred shares will be entitled to receive dividends,
when, as and if authorized by our board of trustees and declared by us, out of assets legally available for payment. Dividends
will be paid at such rates and on such dates as will be set forth in the applicable prospectus supplement. Dividends will be payable
to the holders of record of preferred shares as they appear on our share transfer books at the close of business on the applicable
record dates fixed by our board of trustees. Dividends on any series of our preferred shares may be cumulative or non-cumulative,
as provided in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 0 6pt; text-indent: 19.95pt">If so provided in the applicable
prospectus supplement, the preferred shares offered thereby will be subject to mandatory redemption or redemption at our option,
as a whole or in part, in each case upon the terms and conditions, at the times and at the redemption prices set forth in such
prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Liquidation Preference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.4pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in the applicable prospectus supplement, upon any voluntary or involuntary liquidation, dissolution or winding-up of our affairs,
and before any distribution or payment will be made to the holders of any common shares or any other class or series of shares
ranking junior to our preferred shares as to rights upon our liquidation, dissolution or winding up, the holders of our preferred
shares will be entitled to receive, after payment or provision for payment of our debts and other liabilities, out of our assets
legally available for distribution to shareholders, liquidating distributions in the amount of the liquidation preference per share,
if any, set forth in the applicable prospectus supplement, plus an amount equal to all dividends accrued and unpaid thereon, which
will not include any accumulation in respect of unpaid noncumulative dividends for prior dividend periods. After payment of the
full amount of the liquidating distributions to which they are entitled, the holders of preferred shares will have no right or
claim to any of our remaining assets. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding-up
of our affairs, the legally available assets are insufficient to pay the amount of the liquidating distributions on all of our
outstanding preferred shares and the corresponding amounts payable on all of our other outstanding equity securities ranking on
a parity with the preferred shares in the distribution of assets upon our liquidation, dissolution or winding-up of our affairs,
then the holders of our preferred shares and the holders of such other outstanding equity securities will share ratably in any
such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">If liquidating distributions are
made in full to all holders of our preferred shares, our remaining assets will be distributed among the holders of any other classes
or series of equity securities ranking junior to the preferred shares in the distribution of assets upon our liquidation, dissolution
or winding-up of our affairs, according to their respective rights and preferences and in each case according to their respective
number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 12.15pt 6pt 0; text-indent: 19.95pt">If we consolidate, convert
or merge with or into, or sell, lease or convey all or substantially all of our property or business to, any corporation, trust
or other entity, such transaction will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 38.35pt 6pt 0; text-indent: 19.95pt">Unless otherwise from time
to time required by law, or as otherwise indicated in the applicable prospectus supplement, holders of our preferred shares will
not have any voting rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Conversion Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.15pt 6pt 0; text-indent: 19.95pt">The terms and conditions, if
any, upon which our preferred shares are convertible into common shares will be set</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.15pt 6pt 0">forth in the applicable prospectus supplement. Such
terms will include the number of common shares into which the preferred shares are convertible, the conversion price (or manner
of calculation thereof), the conversion period, provisions as to whether conversion will be at the option of the holders of the
preferred shares or at our option, the events requiring an adjustment of the conversion price and provisions affecting conversion
in the event of the redemption of such preferred shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions on Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 0.1in 6pt 0; text-indent: 19.95pt">For us to qualify as a REIT
under the Code, among other things, not more than 50% in value of our outstanding shares of capital stock may be owned, directly
or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable
year. To assist us in meeting this requirement, among other purposes, our Declaration of Trust contains restrictions on the ownership
and transfer of our shares, including our preferred shares, and the prospectus supplement relating to a class or series of preferred
shares may contain additional provisions restricting the ownership and transfer of such class or series of preferred shares. See
&#8220;Restrictions on Transfers of Capital Stock and Anti-Takeover Provisions.&#8221;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 5.15pt 6pt 0; text-indent: 19.95pt">As of the date of this prospectus,
the transfer agent and registrar for our Series C Preferred Shares is Computershare. The transfer agent and registrar for our other
series of preferred shares will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms of Our 6.50% Series C Cumulative Convertible Preferred
Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 5.15pt 6pt 0; text-indent: 19.95pt"><B><I>General. </I></B>In
December 2004 and January 2005, we sold an aggregate 3,100,000 Series C Preferred Shares. The Series C Preferred Shares are convertible
into common shares and are listed on the New York Stock Exchange under the symbol &#8220;LXPPRC.&#8221; As of the date of this
prospectus, 1,935,400 Series C Preferred Shares remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 11.95pt 6pt 0; text-indent: 19.95pt"><B><I>Dividends. </I></B>Subject
to the preferential rights of the holders of any class or series of shares ranking senior to the Series C Preferred Shares as to
dividends, the holders of the Series C Preferred Shares are entitled to receive, when, as and if authorized by the board of trustees
and declared by us, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate of 6.50% per
annum of the $50.00 liquidation preference per share (equivalent to $3.25 per year per share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 6.2pt 6pt 0; text-indent: 19.95pt"><B><I>Liquidation Preference.
</I></B>Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of us, holders of the Series C
Preferred Shares (and of the excess shares converted from Series C Preferred Shares, if any) will have the right to be paid out
of our assets legally available for distribution to our shareholders $50.00 per share, plus accrued and unpaid dividends (whether
or not declared) to and including the date of payment, before any payments are made to the holders of common shares and any other
shares ranking junior to the Series C Preferred Shares as to liquidation rights. The rights of the holders of the Series C Preferred
Shares to receive their liquidation preference will be subject to the proportionate rights of each other series or class of our
capital shares ranking, as to liquidation rights, on a parity with the Series C Preferred Shares. The consolidation or merger of
LXP with or into any other trust, corporation or entity, or the sale, lease, transfer or conveyance of all or substantially all
of our property or business, will not be deemed to constitute a liquidation, dissolution or winding up of the affairs of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Redemption. </I></B>We
may not redeem the Series C Preferred Shares unless necessary to preserve our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 0 6pt; text-indent: 19.95pt"><B><I>Conversion Rights. </I></B>The
Series C Preferred Shares may be converted by the holder, at its option (the &#8220;Optional Conversion&#8221;), into common shares,
at a conversion rate of 2.4339 common shares per $50.00 liquidation preference, as of the date of this prospectus, which is equivalent
to a conversion price of approximately $20.54 per common share (subject to adjustment in certain events).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.8pt 6pt 0; text-indent: 19.95pt"><B><I>Company Conversion
Option. </I></B>We may, at our option, cause the Series C Preferred Shares to be automatically converted into that number of common
shares that are issuable at the then prevailing conversion rate (the &#8220;Company Conversion Option&#8221;) in the following
circumstances. We may exercise our conversion right only if, for at least twenty (20) trading days within any period of thirty
(30) consecutive trading days (including the last trading day of such period), the closing price of the common shares equals or
exceeds 125% of the then prevailing conversion price of the Series C Preferred Shares. In addition, if there are fewer than 25,000
Series C Preferred Shares outstanding, we may, at our option, cause all of the outstanding Series C Preferred Shares to be automatically
converted into that number of common shares equal to $50.00 divided by the lesser of the then prevailing conversion price and the
current market price for the five trading day period ending on the second trading day immediately prior to the conversion date.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 10.65pt 6pt 0; text-indent: 19.95pt"><B><I>Settlement. </I></B>Upon
conversion (whether pursuant to an Optional Conversion or the Company Conversion Option), we may choose to deliver the conversion
value to investors in cash, common shares or a combination of cash and common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 4.95pt 6pt 0; text-indent: 19.95pt">We can elect at any time
to obligate ourselves to satisfy solely in cash, the portion of the conversion value that is equal to 100% of the liquidation preference
amount of the Series C Preferred Shares, with any remaining amount of the conversion value to be satisfied in cash, common shares
or a combination of cash and common shares. If we elect to do so, we will notify holders at any time that we intend to settle in
cash the portion of the conversion value that is equal to the liquidation preference amount of the Series C Preferred Shares. This
notification, once provided to holders, will be irrevocable and will apply to future conversions of the Series C Preferred Shares
even if the shares cease to be convertible but subsequently become convertible again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.35pt 6pt 0; text-indent: 19.95pt"><B><I>Payment of Dividends
Upon Conversion.</I></B> With respect to an Optional Conversion, upon delivery of the Series C Preferred Shares for conversion,
those Series C Preferred Shares will cease to accumulate dividends as of the end of the day immediately preceding the conversion
date and a holder of such converted Series C Preferred Shares will not receive any cash payment representing accrued and unpaid
dividends on the Series C Preferred Shares, whether or not in arrears, except in certain limited circumstances. With respect to
the Company Conversion Option, a holder of such converted Series C Preferred Shares will receive a cash payment for all unpaid
dividends in arrears. If we exercise the Company Conversion Option and the conversion date is on or after the record date for payment
of dividends and before the corresponding dividend payment date, such holder will also receive a cash payment for the dividend
payable for such period. If we exercise the Company Conversion Option and the conversion date is prior to the record date for payment
of dividends, such holder will not receive payment for any portion of the dividend payable for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt"><B><I>Conversion Rate Adjustments.
</I></B>The conversion rate is subject to adjustment upon the occurrence of certain events, including if we distribute in any quarter
to all or substantially all holders of common shares, any cash, including quarterly cash dividends, in excess of an amount per
common share (subject to adjustment), which is currently approximately $0.38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt"><B><I>Fundamental Change. </I></B>Upon
the occurrence of certain fundamental changes in LXP, a holder may require us to purchase for cash all or part of its Series C
Preferred Shares at a price equal to 100% of their liquidation preference plus accrued and unpaid dividends, if any, up to, but
not including, the fundamental change purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 7.3pt 6pt 0; text-indent: 19.95pt"><B><I>Rank. </I></B>With
respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series C Preferred Shares rank
(i) senior to all classes or series of common shares and to all equity securities ranking junior to the Series C Preferred Shares,
(ii) on a parity with all equity securities the terms of which specifically provide that such equity securities rank on a parity
with the Series C Preferred Shares, and (iii) junior to all equity securities the terms of which specifically provide that such
equity securities rank senior to the Series C Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Voting Rights. </I></B>Holders
of the Series C Preferred Shares generally have no voting rights. However, if we do not pay dividends on the Series C Preferred
Shares for six or more quarterly periods (whether or not consecutive), the holders of the Series C Preferred Shares voting together
as a class with all other classes or series of our equity securities ranking on parity with the Series C Preferred Shares which
are entitled to similar voting rights, will be entitled to vote at the next annual meeting of our shareholders and at each subsequent
annual meeting for the election of two additional trustees to serve on our board of trustees until all unpaid cumulative dividends
have been paid or declared and set apart for payment. The holders of Series C Preferred Shares and all other classes or series
of our equity securities ranking on parity with the Series C Preferred Shares which are entitled to similar voting rights will
be entitled to one vote per $25.00 of liquidation preference (i.e., two votes for each Series C Preferred Share). In addition,
the affirmative vote of at least two-thirds of the Series C Preferred Shares, and all other classes or series of our equity securities
ranking on parity with the Series C Preferred Shares which are entitled to similar voting rights, voting together as a class, is
required for us (i) to authorize, create or increase the authorized or issued amount of any class or series of shares ranking senior
to the Series C Preferred Shares with respect to payment of dividends or the distribution of assets upon liquidation, dissolutions
or winding up of our affairs or (ii) to amend our Declaration of Trust (whether by merger, consolidation, transfer or conveyance
of all or substantially all of its assets or otherwise) in a manner that materially and adversely affects the rights of the Series
C Preferred Shares; provided, however, with respect to the occurrence of any event described in clause (ii) above, so long as the
Series C Preferred Shares remain outstanding with the terms thereof materially unchanged (taking into account that, upon the occurrence
of such an event, we may not be the surviving entity), the occurrence of such an event will not be deemed to materially and adversely
affect the rights of the Series C Preferred Shares and holders of Series C Preferred Shares will not have any voting rights with
respect to the occurrence of the event or the holders thereof.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n008"></A>DESCRIPTION OF OUR DEBT
SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>The following description
contains general terms and provisions of the debt securities to which any prospectus supplement may relate. The particular terms
of the debt securities offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply
to the debt securities so offered will be described in the prospectus supplement relating to such debt securities. For more information,
please refer to the senior indentures we have entered into with U.S. Bank National Association, as trustee, relating to the issuance
of the senior notes, and the subordinated indenture we will enter into with a trustee to be selected, relating to issuance of the
subordinated notes. These documents or forms thereof are filed as exhibits to, or are incorporated by reference in, the registration
statement, which includes this prospectus. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>As used in this prospectus,
the term indentures refers to both the senior indentures and the subordinated indenture. The senior indentures are and the subordinated
indenture will be qualified under and governed by the Trust Indenture Act. As used in this prospectus, the term trustee refers
to either the senior trustee or the subordinated trustee, as applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>The following are summaries
of material provisions of the senior indentures and provisions that are anticipated to be included in the senior indentures and
the subordinated indenture. As summaries, they do not purport to be complete or restate the indentures in their entirety and are
subject to, and qualified in their entirety by reference to, all provisions of the indentures and the debt securities. We urge
you to read the indentures applicable to a particular series of debt securities because they, and not this description, define
your rights as the holders of the debt securities. Except as otherwise indicated, the terms of the senior indentures and the subordinated
indenture are identical.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.45pt 20.3pt 6pt 0; text-indent: 19.95pt">Reference is made to the
applicable prospectus supplement for the following terms of the debt securities (if applicable):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>title and aggregate principal amount;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 26.1pt">whether the securities are subject to subordination and applicable subordination provisions,
if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>conversion or exchange into any securities or property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>percentage or percentages of principal amount at which such securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>issuance date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>maturity date(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>interest rate(s) or the method for determining the interest rate(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 28.25pt">dates on which interest will accrue or the method for determining dates on which interest will
accrue and dates on which interest will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 16.6pt">whether interest will be payable in cash or in additional debt securities of the same series,
or will accrue and increase the aggregate principal amount outstanding of such series (including if the debt securities were originally
issued at a discount);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>redemption or early repayment provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>authorized denominations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>amount of discount or premium, if any, with which such securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 39.4pt">whether such securities will be issued in whole or in part in the form of one or more global
securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>identity of the depositary(ies) for global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.8pt">whether a temporary security is to be issued with respect to such series and whether any interest
payable prior to the issuance of definitive securities of the series will be credited to the account of the persons entitled thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19pt">the terms upon which beneficial interests in a temporary global security may be exchanged in whole
or in</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.95pt 19pt 0 45.75pt">part for beneficial interests in a definitive
global security or for individual definitive securities;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any covenants applicable to the particular debt securities being issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any defaults and events of default applicable to the particular debt securities being issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 23.1pt">currency, currencies or currency units in which the purchase price for, the principal of and
any premium and any interest on such securities will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>securities exchange(s) on which the securities will be listed, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.6pt">our obligation or right to redeem, purchase or repay securities under a sinking fund, amortization
or analogous provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions relating to covenant defeasance and legal defeasance of securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions relating to satisfaction and discharge of the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.2pt">provisions relating to the modification of the indenture both with and without the consent of
holders of debt securities issued under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions, if any, granting special rights upon the occurrence of specified events;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any restriction of transferability of the series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>additional terms not inconsistent with the provisions of the indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 9.45pt 6pt 0; text-indent: 19.95pt">In addition, the applicable
prospectus supplement will describe whether any underwriter will act as a market maker for the securities, and the extent to which
a secondary market for the securities is or is not expected to develop.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 9.45pt 6pt 0; text-indent: 19.95pt">The debt securities may consist
of debentures, notes, bonds or other types of indebtedness. One or more series of debt securities may be sold at a substantial
discount below its stated principal amount, bearing no interest or interest at a rate which at the time of issuance is below market
rates. One or more series of debt securities may be variable rate debt securities that may be exchanged for fixed rate debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">United States federal income
tax consequences and special considerations, if any, applicable to any such series will be described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 4.55pt 6pt 0; text-indent: 19.95pt">Debt securities may be issued
where the amount of principal and/or interest payable is determined by reference to one or more currency or other indices or other
formulas. Holders of such securities may receive a principal amount or a payment of interest that is greater than or less than
the amount of principal or interest otherwise payable on such dates, depending upon the value of the applicable currency or other
reference factor. Information as to the methods for determining the amount of principal or interest, if any, payable on any date,
and the currency or other reference factor to which the amount payable on such date is linked will be set forth in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 5.1pt 6pt 0; text-indent: 19.95pt">The term &#8220;debt securities&#8221;
includes debt securities denominated in U.S. dollars or, if specified in the applicable prospectus supplement, in any other freely
transferable currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 9.1pt 6pt 0; text-indent: 19.95pt">We expect most debt securities
to be issued in fully registered form without coupons and in denominations of $1,000 and any integral multiples thereof. Subject
to the limitations provided in the indenture and in the applicable prospectus supplement, debt securities that are issued in registered
form may be transferred or exchanged at the corporate office of the trustee or the principal corporate trust office of the trustee,
without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 8.15pt 6pt 0; text-indent: 19.95pt">The debt securities of a
series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf
of, a depositary identified in the applicable prospectus supplement. Global securities will be issued in registered form and in
either temporary or definitive form. Unless and until it is exchanged in whole or in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 8.15pt 6pt 0">part for the individual debt securities, a global
security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or
by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee
to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with respect
to any debt securities of a series and the rights of and limitations upon owners of beneficial interests in a global security will
be described in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Governing Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.1pt 6pt 0; text-indent: 19.95pt">The indentures and the debt
securities will be construed in accordance with and governed by the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">4.25% Senior Notes due 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 8.1pt 6pt 0; text-align: justify; text-indent: 19.95pt">On June
10, 2013, we issued $250.0 million aggregate principal amount of our 4.25% Senior Notes due 2023, which we refer to as the &#8220;2023
Notes.&#8221; The 2023 Notes were issued by us at an initial offering price of 99.026% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 8.1pt 6pt 0; text-align: justify; text-indent: 19.95pt">On September
15, 2020, we purchased $61.2 million aggregate principal amount of the 2023 Notes pursuant to a tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">The terms of the 2023 Notes are
governed by an indenture, dated as of June 10, 2013, as supplemented by the first supplemental indenture, dated September 30, 2013,
which we collectively refer to as the 2023 Indenture, by and among us, as issuer, Lepercq Corporate Income Fund L.P., or LCIF (formerly
a guarantor), and U.S. Bank National Association, as trustee. The 2023 Notes mature on June 15, 2023, and accrue interest at a
rate of 4.25% per annum, payable semi-annually on June 15 and December 15 of each year. Interest payments commenced on December
15, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to March 15, 2023, we
may redeem the 2023 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to the
greater of (1) 100% of the aggregate principal amount of the 2023 Notes being redeemed and (2) the sum of the present values of
the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to its present value, on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but
not including, the date of redemption. At any time on or after March 15, 2023, the 2023 Notes will be redeemable, in whole at any
time or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 2023 Notes
to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt">The 2023 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.75pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2023 Indenture and the 2023 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2023 Notes or the 2023 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2023 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2023 Notes may declare the principal and accrued and unpaid interest on all of the 2023 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2023
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 17.45pt 6pt 0; text-indent: 19.95pt">Certain of our payment
obligations with respect to the 2023 Notes were required to be guaranteed by LCIF upon issuance. LCIF was released from its guarantee
effective December 21, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 18.75pt 6pt 0; text-indent: 19.95pt">In addition, the 2023 Notes
are cross-defaulted with certain of our indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 18.75pt 6pt 0; text-indent: 19.95pt">In connection with the issuance
and sale of the 2023 Notes, we also entered into a registration rights agreement with Wells Fargo Securities, LLC and J.P. Morgan
Securities LLC, in their capacity as representatives of the initial purchasers, dated as of June 10, 2013, which we refer to as
the Registration Rights Agreement. Pursuant to the Registration Rights Agreement, on March 4, 2014, we completed the offer to exchange
notes for an issue of registered notes with terms identical to the 2023 Notes.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">4.40% Senior Notes due 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On May
20, 2014, we issued $250.0 million aggregate principal amount of our 4.40% Senior Notes due 2024, which we refer to as the &#8220;2024
Notes.&#8221; The 2024 Notes were issued by us at an initial offering price of 99.883% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On September
15, 2020, we repurchased $51.1 million aggregate principal amount of the 2024 Notes pursuant to a tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 13.25pt 6pt 0; text-indent: 19.95pt">The terms of the 2024 Notes
are governed by an indenture, dated as of May 9, 2014, as supplemented by the first supplemental indenture, dated May 20, 2014,
which we collectively refer to as the 2024 Indenture, by and among us, as issuer, LCIF (formerly a guarantor), and U.S. Bank National
Association, as trustee. The 2024 Notes mature on June 15, 2024, and accrue interest at a rate of 4.40% per annum, payable semi-annually
on June 15 and December 15 of each year. Interest payments commenced on December 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to March 15, 2024,
we may redeem the 2024 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to
the greater of (1) 100% of the aggregate principal amount of the 2024 Notes being redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to its present value, on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but
not including, the date of redemption. At any time on or after March 15, 2024, the 2024 Notes will be redeemable, in whole at any
time or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 2024 Notes
to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 21.5pt 6pt 0; text-indent: 19.95pt">The 2024 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2024 Indenture and the 2024 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2024 Notes or the 2024 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2024 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2024 Notes may declare the principal and accrued and unpaid interest on all of the 2024 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2024
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 15.15pt 6pt 0; text-indent: 19.95pt">Certain of our payment
obligations with respect to the 2024 Notes were required to be guaranteed by LCIF upon issuance. LCIF was released from its guarantee
effective December 21, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 15.15pt 6pt 0; text-indent: 19.95pt">In addition, the 2024 Notes
are cross-defaulted with certain of our indebtedness.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">2.700% Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On August&nbsp;20,
2020, we issued $400.0 million aggregate principal amount of our 2.700% Senior Notes due 2030, which we refer to as the &#8220;2030
Notes.&#8221; The 2030 Notes were issued by us at an initial offering price of 99.233% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 13.25pt 6pt 0; text-indent: 19.95pt">The terms of the 2030 Notes
are governed by the 2024 Indenture as supplemented by the second supplemental indenture dated August&nbsp;28, 2020, which as supplemented
we collectively refer to as the 2030&nbsp;Indenture. The 2030 Notes mature on September&nbsp;15, 2030, and accrue interest at a
rate of 2.700% per annum, payable semi-annually on March&nbsp;15 and September&nbsp;15 of each year. Interest payments will commence
on March&nbsp;15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to June&nbsp;15, 2030,
we may redeem the 2030 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to
the greater of (1) 100% of the aggregate principal amount of the 2030 Notes being redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) that would be due if such notes matured 90&nbsp;days prior to their maturity date but for the redemption
thereof, discounted to the redemption date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including,
the date of redemption. At any time on</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0">or after June&nbsp;15, 2030, the 2030 Notes will
be redeemable, in whole at any time or in part from time to time, at our option, at a redemption price equal to 100% of the principal
amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the
date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 21.5pt 6pt 0; text-indent: 19.95pt">The 2030 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2030 Indenture and the 2030 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2030 Notes or the 2030 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2030 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2030 Notes may declare the principal and accrued and unpaid interest on all of the 2030 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2030
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">The 2030 Notes are cross-defaulted
with certain of our indebtedness.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n009"></A>DESCRIPTION OF DEPOSITARY
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt"><I>The following description
summarizes general terms and provisions of the depositary shares to which any prospectus supplement may relate. The particular
terms of the depositary shares offered by any prospectus supplement and the extent, if any, to which such general provisions may
not apply to the depositary shares so offered will be described in the prospectus supplement relating to such securities. For more
information, please refer to the provisions of the deposit agreement and depositary receipts we will enter into with a depositary
to be selected, our Declaration of Trust, including the form of articles supplementary for the applicable series of preferred shares.
For information on incorporation by reference, and how to obtain copies of these documents, see the section entitled &#8220;Where
You Can Find More Information&#8221; in this prospectus. This summary also is subject to and qualified by reference to the descriptions
of the particular terms of the securities described in the applicable prospectus supplement and by the terms of the applicable
deposit agreement and depositary receipts.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 7.55pt 6pt 0; text-indent: 19.95pt">We may, at our option, elect
to offer depositary shares rather than full preferred shares. In the event such option is exercised, each of the depositary shares
will represent ownership of and entitlement to all rights and preferences of a fraction of a preferred share of a specified series
(including dividend, voting, redemption and liquidation rights). The applicable fraction will be specified in a prospectus supplement.
The preferred shares represented by the depositary shares will be deposited with a depositary named in the applicable prospectus
supplement, under a deposit agreement, among us, the depositary and the holders of the certificates evidencing depositary shares,
or depositary receipts. Depositary receipts will be delivered to those persons purchasing depositary shares in the offering. The
depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares. Holders of depositary
receipts agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence
and paying certain charges.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 9.1pt 6pt 0; text-indent: 19.95pt">The depositary will distribute
all cash dividends or other cash distributions received in respect of the series of preferred shares represented by the depositary
shares to the record holders of depositary receipts in proportion to the number of depositary shares owned by such holders on the
relevant record date, which will be the same date as the record date fixed by us for the applicable series of preferred shares.
The depositary, however, will distribute only such amount as can be distributed without attributing to any depositary share a fraction
of one cent, and any balance not so distributed will be added to and treated as part of the next sum received by the depositary
for distribution to record holders of depositary receipts then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.6pt 0 6pt; text-indent: 19.95pt">In the event of a distribution other
than in cash, the depositary will distribute property received by it to the record holders of depositary receipts entitled thereto,
in proportion, as nearly as may be practicable, to the number of depositary shares owned by such holders on the relevant record
date, unless the depositary determines (after consultation with us) that it is not feasible to make such distribution, in which
case the depositary may (with our approval) adopt any other method for such distribution as it deems equitable and appropriate,
including the sale of such property (at such place or places and upon such terms as it may deem equitable and appropriate) and
distribution of the net proceeds from such sale to such holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Liquidation Preference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 4.95pt 6pt 0; text-indent: 19.95pt">In the event of the liquidation,
dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of each depositary share
will be entitled to the fraction of the liquidation preference accorded each share of the applicable series of preferred shares
as set forth in the prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 0 6pt; text-indent: 19.95pt">If the series of preferred shares
represented by the applicable series of depositary shares is redeemable, such depositary shares will be redeemed from the proceeds
received by the depositary resulting from the redemption, in whole or in part, of preferred shares held by the depositary. Whenever
we redeem any preferred shares held by the depositary, the depositary will redeem as of the same redemption date the number of
depositary shares representing the preferred shares so redeemed. The depositary will mail the notice of redemption promptly upon
receipt of such notice from us and not less than 30 nor more than 60 days prior to the date fixed for redemption of the preferred
shares and the depositary shares to the record holders of the depositary receipts.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Voting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 10.2pt 6pt 0; text-indent: 19.95pt">Promptly upon receipt of
notice of any meeting at which the holders of the series of preferred shares represented by the applicable series of depositary
shares are entitled to vote, the depositary will mail the information contained in such notice of meeting to the record holders
of the depositary receipts as of the record date for such meeting. Each such record holder of depositary receipts will be entitled
to instruct the depositary as to the exercise of the voting rights pertaining to the number of preferred shares represented by
such record holder&#8217;s depositary shares. The depositary will endeavor, insofar as practicable, to vote such preferred shares
represented by such depositary shares in accordance with such instructions, and we will agree to take all action which may be deemed
necessary by the depositary in order to enable the depositary to do so. The depositary will abstain from voting any of the preferred
shares to the extent that it does not receive specific instructions from the holders of depositary receipts.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Withdrawal of Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 10.4pt 6pt 0; text-indent: 19.95pt">Upon surrender of depositary
receipts at the principal office of the depositary, upon payment of any unpaid amount due the depositary, and subject to the terms
of the deposit agreement, the owner of the depositary shares evidenced thereby is entitled to delivery of the number of whole preferred
shares and all money and other property, if any, represented by such depositary shares. Fractional preferred shares will not be
issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number of depositary
shares representing the number of whole preferred shares to be withdrawn, the depositary will deliver to such holder at the same
time a new depositary receipt evidencing such excess number of depositary shares. Holders of preferred shares thus withdrawn will
not thereafter be entitled to deposit such shares under the deposit agreement or to receive depositary receipts evidencing depositary
shares therefor.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Amendment and Termination of Deposit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.45pt 5.95pt 6pt 0; text-indent: 19.95pt">The form of depositary receipt
evidencing the depositary shares and any provision of the deposit agreement may at any time and from time to time be amended by
agreement between us and the depositary. However, any amendment which materially and adversely alters the rights of the holders
(other than any change in fees) of depositary shares will not be effective unless such amendment has been approved by the holders
of at least a majority of the depositary shares then outstanding. No such amendment may impair the right, subject to the terms
of the deposit agreement, of any owner of any depositary shares to surrender the depositary receipt evidencing such depositary
shares with instructions to the depositary to deliver to the holder of preferred shares and all money and other property, if any,
represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 5.2pt 6pt 0; text-indent: 19.95pt">The deposit agreement will be
permitted to be terminated by us upon not less than 30 days&#8217; prior written notice to the applicable depositary if (i) such
termination is necessary to preserve our qualification as a REIT or (ii) a majority of each series of preferred shares affected
by such termination consents to such termination, whereupon such depositary will be required to deliver or make available to each
holder of depositary receipts, upon surrender of the depositary receipts held by such holder, such number of whole or fractional
preferred shares as are represented by the depositary shares evidenced by such depositary receipts together with any other property
held by such depositary with respect to such depositary receipts. In addition, the deposit agreement will automatically terminate
if (i) all outstanding depositary shares thereunder will have been redeemed, (ii) there will have been a final distribution in
respect of the related preferred shares in connection with any liquidation, dissolution or winding up of Lexington Realty Trust
and such distribution will have been distributed to the holders of depositary receipts evidencing the depositary shares representing
such preferred shares or (iii) each preferred share will have been converted into shares of Lexington Realty Trust not so represented
by depositary shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Charges of Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.5pt 6pt 0; text-indent: 19.95pt">We will pay all transfer and
other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the
depositary in connection with the initial deposit of the preferred shares and initial issuance of the depositary shares, and redemption
of the preferred shares and all withdrawals of preferred shares by owners of depositary shares. Holders of depositary receipts
will pay transfer, income and other taxes and governmental charges and certain other charges as are provided in the deposit agreement
to be for their accounts. In certain circumstances, the depositary may refuse to transfer depositary shares, may withhold dividends
and distributions and sell the depositary shares evidenced by such depositary receipt if such charges are not paid.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.75pt 6pt 0; text-indent: 19.95pt">The depositary will forward
to the holders of depositary receipts all reports and communications from us which are delivered to the depositary and which we
are required to furnish to the holders of the preferred shares. In addition, the depositary will make available for inspection
by holders of depositary receipts at the principal office of the depositary, and at such other places as it may from time to time
deem advisable, any reports and communications received from us which are received by the depositary as the holder of preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 6.05pt 6pt 0; text-indent: 19.95pt">Neither we nor the depositary
assumes any obligation or will be subject to any liability under the deposit agreement to holders of depositary receipts other
than for the depositary&#8217;s negligence or willful misconduct. Neither we nor the depositary will be liable if the depositary
is prevented or delayed by law or any circumstance beyond its control in performing its obligations under the deposit agreement.
The obligations of the Company and the depositary under the deposit agreement will be limited to performance in good faith of their
duties thereunder, and they will not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares
or preferred shares unless satisfactory indemnity is furnished. We and the depositary may rely on written advice of counsel or
accountants, on information provided by holders of the depositary receipts or other persons believed in good faith to be competent
to give such information and on documents believed to be genuine and to have been signed or presented by the proper party or parties.
In the event the depositary will receive conflicting claims, requests or instructions from any holders of depositary receipts,
on the one hand, and us, on the other hand, the depositary will be entitled to act on such claims, requests or instructions received
from us.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Resignation and Removal of Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">The depositary may resign
at any time by delivering to us notice of its election to do so, and we may at any time remove the depositary, any such resignation
or removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment. Such successor
depositary must be appointed within 60 days after delivery of the notice for resignation or removal and must be a bank or trust
company having its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n010"></A>DESCRIPTION OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt"><I>The following description,
together with the additional information we include in any applicable prospectus supplement, summarizes the general terms and provisions
of the warrants that we may offer under this prospectus. Because it is a summary, it does not contain all of the information that
may be important to you. While the terms we have summarized below will apply generally to any warrants we may offer, you should
also read the applicable prospectus supplement which will describe the particular terms of any warrants that we may offer in more
detail. For information on incorporation by reference, and how to obtain copies of these documents, see the section entitled &#8220;Where
You Can Find More Information&#8221; in this prospectus. This summary also is subject to and qualified by reference to the descriptions
of the particular terms of the securities described in the applicable prospectus supplement and the terms of the applicable final
warrants and warrant agreement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">We may issue warrants for
the purchase of debt or equity securities described in this prospectus. Warrants may be issued independently or together with any
offered securities and may be attached to or separate from such securities. Each series of warrants will be issued under a separate
warrant agreement we will enter into with a warrant agent specified in the agreement. The warrant agent will act solely as our
agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for
or with any holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">A prospectus supplement relating
to any series of warrants being offered will include specific terms relating to the offering. They will include, where applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the title of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the aggregate number of warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the currencies in which the price or prices of the warrants may be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 30.7pt">the designation, amount and terms of the offered securities purchasable upon exercise of the
warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.2pt">the designation and terms of the other offered securities, if any, with which the warrants are
issued and the number of warrants issued with the security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.1pt">if applicable, the date on and after which the warrants and the offered securities purchasable
upon exercise of the warrants will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6pt">the price or prices at which, and currency or currencies in which, the offered securities purchasable
upon exercise of the warrants may be purchased;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.8pt">the date on which the right to exercise the warrants will commence and the date on which the right
will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the minimum or maximum amount of the warrants which may be exercised at any one time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>information with respect to book-entry procedures, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any listing of warrants on any securities exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>if appropriate, a discussion of federal income tax consequences; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.65pt">any other material term of the warrants, including terms, procedures and limitations relating
to the exchange and exercise of the warrants.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n011"></A>DESCRIPTION OF SUBSCRIPTION
RIGHTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt"><I>The following is a general
description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription rights
we offer will be described in the prospectus supplement relating to such subscription rights. The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety
by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC
if we offer subscription rights. This summary also is subject to and qualified by reference to the descriptions of the particular
terms of the securities described in the applicable prospectus supplement and the terms of the applicable final subscription rights
agreement and subscription rights certificate.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">We may issue subscription
rights to purchase our common shares. These subscription rights may be issued independently or together with any other security
offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such offering. In connection
with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers
pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after
such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">The applicable prospectus
supplement will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered,
including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the price, if any, for the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the exercise price payable for each common share upon the exercise of the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number of subscription rights issued to each shareholder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number and terms of the common shares which may be purchased per each subscription right;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the extent to which the subscription rights are transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.7pt">any other terms of the subscription rights, including the terms, procedures and limitations relating
to the exchange and exercise of the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.05pt">the date on which the right to exercise the subscription rights will commence, and the date
on which the subscription rights will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.5pt">the extent to which the subscription rights may include an over-subscription privilege with respect
to unsubscribed securities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 20.55pt">if applicable, the material terms of any standby underwriting or purchase arrangement entered
into by us in connection with the offering of subscription rights.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n012"></A>DESCRIPTION OF UNITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.65pt 23.15pt 6pt 0; text-align: justify; text-indent: 19.95pt">As
specified in the applicable prospectus supplement, we may issue units consisting of one or more common shares, preferred shares,
debt securities, subscription rights, depositary shares, warrants or any combination of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 5.8pt 6pt 0; text-indent: 19.95pt">The applicable prospectus
supplement will specify the following terms of any units in respect of which this prospectus is being delivered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 22.8pt">the terms of the units and of any of the common shares, preferred shares, debt securities, warrants,
subscription rights or depositary shares comprising the units, including whether and under what circumstances the securities comprising
the units may be traded separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a description of the terms of any unit agreement governing the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a description of the provisions for the payment, settlement, transfer or exchange of the units.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n013"></A>RESTRICTIONS ON TRANSFERS OF CAPITAL
STOCK AND ANTI-TAKEOVER PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions Relating To REIT Status</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">For us to qualify as a REIT
under the Code, among other things, not more than 50% in value of the outstanding shares of our capital stock may be owned, directly
or indirectly, by five or fewer individuals (defined in the Code to include certain entities) during the last half of a taxable
year, and such shares of our capital stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable
year of 12 months or during a proportionate part of a shorter taxable year (in each case, other than the first such year). To assist
us in continuing to remain a qualified REIT, among other purposes, our Declaration of Trust, subject to certain exceptions, provides
that no holder may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value of our
equity shares, defined as common shares or preferred shares. We refer to this restriction as the Ownership Limit. Our board of
trustees may exempt a person from the Ownership Limit if upon receipt of a ruling from the Internal Revenue Service or an opinion
of counsel or other evidence satisfactory to our board of trustees is presented that the exemption will not result in us having
fewer than 100 beneficial owners or in us being &#8220;closely held.&#8221; Any transfer of equity shares or any security convertible
into equity shares that would create a direct or indirect ownership of equity shares in excess of the Ownership Limit or that would
result in the equity shares being owned by fewer than 100 persons or result in us being &#8220;closely held&#8221; within the meaning
of Section 856(h) of the Code, will be null and void, and the intended transferee will acquire no rights to such equity shares.
The foregoing restrictions on transferability and ownership will not apply if our board of trustees determines that it is no longer
in our best interests to attempt to qualify, or to continue to qualify, as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 6.95pt 6pt 0; text-indent: 19.95pt">In addition, equity shares
owned, or deemed to be owned, or transferred to a shareholder in excess of the Ownership Limit or that would cause us to become
&#8220;closely held&#8221; within the meaning of the Code, will automatically be converted into an equal number of excess shares
that will be transferred, by operation of law, to us as trustee of a trust for the exclusive benefit of the transferees to whom
such shares of beneficial interest in us may be ultimately transferred without violating the Ownership Limit. While the excess
shares are held in trust, they will not be entitled to vote (except as required by Maryland law), they will not be considered for
purposes of any shareholder vote or the determination of a quorum for such vote and, except upon liquidation, they will not be
entitled to participate in dividends or other distributions. Any dividend or distribution paid on excess shares prior to our discovery
that equity shares have converted for excess shares will be repaid to us upon demand. The excess shares are not treasury shares,
but rather constitute a separate class of our issued and outstanding shares. The original transferee-shareholder may, at any time
the excess shares are held by us in trust, transfer the interest in the trust representing the excess shares to any individual
whose ownership of the equity shares exchanged into such excess shares would be permitted under our Declaration of Trust, at a
price not in excess of the price paid by the original transferee-shareholder for the equity shares that were exchanged into excess
shares, or, if the transferee-shareholder did not give value for such shares, a price not in excess of the market price (as determined
in the manner set forth in our Declaration of Trust) on the date of the purported transfer. Immediately upon the transfer to the
permitted transferee, the excess shares will automatically be converted into equity shares of the class from which they were converted.
If the foregoing transfer restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation,
then the intended transferee of any excess shares may be deemed, at our option, to have acted as an agent on our behalf in acquiring
the excess shares and to hold the excess shares on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 5.45pt 6pt 0; text-indent: 19.95pt">In addition to the foregoing
transfer restrictions, we will have the right, for a period of 90 days during the time any excess shares are held by us in trust,
to purchase all or any portion of the excess shares from the original transferee-shareholder for the lesser of the price paid for
the equity shares by the original transferee-shareholder or the market price (as determined in the manner set forth in our Declaration
of Trust) on the date we exercise our option to purchase. The 90-day period begins on the later of the date of the transfer that
resulted in excess stock or the date on which our board of trustees determines in good faith that a transfer resulting in excess
shares has occurred, if we do not receive written notice of the transfer or other event resulting in the exchange of equity shares
for excess shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.75pt 6pt 0; text-indent: 19.95pt">Any person who acquires or
attempts to acquire equity shares in violation of the foregoing restrictions, or any person who is a transferee such that excess
shares resulted from such transfer, will be required to give written notice immediately to us of such event and provide us with
such other information as we may request in order to determine the effect, if any, of such transfer, or attempted transfer, on
our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">All persons who own, directly
or indirectly, (i) more than 5% of the outstanding equity shares, (ii) more than 1% of the outstanding equity shares during any
period in which the number of beneficial or constructive owners is fewer than 2,000 or (iii) such lower percentages as required
pursuant to regulations under the Code must, within 30 days after January</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0">1 of each year, provide to us a written statement
or affidavit stating the name and address of such direct or indirect owner, the number of equity shares owned directly or indirectly,
and a description of how such shares are held. In addition, each direct or indirect shareholder shall provide to us such additional
information as we may request in order to determine the effect, if any, of such ownership on our status as a REIT and to ensure
compliance with the ownership limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">This Ownership Limit may have the
effect of precluding an acquisition of control unless our board of trustees determines that maintenance of REIT status is no longer
in our best interests.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Authorized Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.15pt 6pt 0; text-indent: 19.95pt">Under our Declaration of
Trust, we have authority to issue up to 1,000,000,000 shares of beneficial interest, par value $0.0001 per share, of which 400,000,000
shares are classified as common shares, 500,000,000 shares are classified as excess stock and 100,000,000 shares are classified
as preferred shares. We may issue such shares from time to time in the discretion of our board of trustees to raise additional
capital, acquire assets, including additional real properties, redeem or retire debt or for any other business purpose. In addition,
the undesignated preferred shares may be issued in one or more additional classes or series with such designations, preferences
and relative, participating, optional or other special rights including, without limitation, preferential dividend or voting rights,
and rights upon liquidation, as will be fixed by our board of trustees. Our board of trustees is authorized to classify and reclassify
any of our unissued shares of beneficial interest by setting or changing, in any one or more respects, the preferences, conversion
or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption
of such shares. This authority includes, without limitation, subject to the provisions of our Declaration of Trust, authority to
classify or reclassify any unissued shares into a class or classes of preferred shares, preference shares, special shares or other
shares, and to divide and reclassify shares of any class into one or more series of that class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">In some circumstances, the issuance
of preferred shares, or the exercise by our board of trustees of its right to classify or reclassify shares, could have the effect
of deterring individuals or entities from making tender offers for our common shares or seeking to change incumbent management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Maryland Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 20.3pt 6pt 0; text-indent: 19.95pt"><B><I>Our Board of Trustees.
</I></B>Our Declaration of Trust and By-laws provide that the number of our trustees may be established, increased or decreased
only by a majority of the entire board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 10.45pt 6pt 0; text-indent: 19.95pt"><B><I>Removal of Trustees.</I></B>
Our Declaration of Trust provides that, subject to the rights of the holders of any class separately entitled to elect one or more
trustees, a trustee may be removed, but only for cause and then only by the affirmative vote of at least 80% of the votes entitled
to be cast in the election of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Extraordinary Actions,
Amendment of Declaration of Trust. </I></B>Under the Maryland REIT Law, a Maryland real estate investment trust generally cannot
amend its declaration of trust or merge with, or convert into, another entity unless advised by its board of trustees and approved
by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless
a different percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in its
declaration of trust. Our Declaration of Trust provides that those actions, with the exception of certain amendments to our Declaration
of Trust for which a higher vote requirement has been set, will be valid and effective if authorized by holders of a majority of
the total number of shares of all classes outstanding and entitled to vote thereon. Under our Declaration of Trust, our dissolution
and termination requires the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be
cast on the matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 12.9pt 6pt 0; text-indent: 19.95pt"><B><I>Amendment to Our By-laws.
</I></B>Our By-laws may be repealed, altered, amended or rescinded (a) by our shareholders only by the affirmative vote of at least
80% of the votes entitled to be cast in the election of trustees or (b) by vote of two-thirds of our board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Meetings of Shareholders.
</I></B>Under our By-laws, annual meetings of shareholders are held on the date and at the time and place, or by means of remote
communication, set by our board of trustees. Special meetings of shareholders may be called only by the chairman of our board of
trustees, our president or a majority of our board of trustees. Subject to the provisions of our By-laws, a special meeting of
our shareholders to act on any matter that may properly be considered by our shareholders will also be called by our secretary
upon the written request of the shareholders entitled to cast not less than 25% of all the votes entitled to be cast at such meeting.
Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 6.25pt 6pt 0; text-indent: 19.95pt"><B><I>Advance Notice of
Trustee Nominations and New Business.</I></B> Our By-laws provide that in order to make nominations of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 6.25pt 6pt 0">individuals for election as trustees or proposals
of business to be considered by shareholders at any annual meeting, shareholders generally must provide notice to our secretary
not less than 120 days in advance of the release date of our proxy statement to shareholders in connection with the preceding year&#8217;s
annual meeting. A shareholder&#8217;s notice must contain certain information specified by our By-laws about the shareholder and
any proposed business or nominee for election as a trustee, including information about the economic interest of the shareholder
and any proposed nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.75pt 0 6pt; text-indent: 19.95pt"><B><I>Business Combinations. </I></B>Under
Maryland law, certain &#8220;business combinations&#8221; between a Maryland real estate investment trust and an &#8220;interested
shareholder&#8221; or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which
the interested shareholder became an interested shareholder. These business combinations include a merger, consolidation, share
exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">An interested shareholder is defined as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any person who beneficially owns ten percent or more of the voting power of the trust&#8217;s shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 14.85pt">an affiliate or associate of the trust who, at any time within the two-year period prior to
the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting shares
of the trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 20.3pt 6pt 0; text-indent: 19.95pt">A person is not an interested
shareholder under the statute if the board of trustees approved in advance the transaction by which the person otherwise would
have become an interested shareholder. However, in approving a transaction, the board of trustees may provide that its approval
is subject to compliance, at or after the time of approval, with any terms or conditions determined by the board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 4.95pt 6pt 0; text-indent: 19.95pt">After the five-year prohibition,
any such business combination between the Maryland real estate investment trust and an interested shareholder generally must be
recommended by the board of trustees of the trust and approved by the affirmative vote of at least:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.35pt">eighty percent of the votes entitled to be cast by holders of outstanding voting shares of the
trust; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.35pt">two-thirds of the votes entitled to be cast by holders of voting shares of the trust other than
shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held
by an affiliate or associate of the interested shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 9.45pt 6pt 0; text-indent: 19.95pt">These super-majority vote
requirements do not apply if the trust&#8217;s common shareholders receive a minimum price, as defined under Maryland law, for
their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.35pt 6pt 0; text-align: justify; text-indent: 19.95pt">The
statute permits various exemptions from its provisions, including business combinations that are exempted by the board of trustees
prior to the time that the interested shareholder becomes an interested shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.1pt 6pt 0; text-indent: 19.95pt">Our board of trustees has
exempted Vornado Realty Trust and its affiliates, to a limited extent, from these restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.1pt 6pt 0; text-indent: 19.95pt">The business combination
statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 9.45pt 6pt 0; text-indent: 19.95pt"><B><I>Control Share Acquisitions.
</I></B>Maryland law provides that holders of &#8220;control shares&#8221; of a Maryland real estate investment trust acquired
in a &#8220;control share acquisition&#8221; have no voting rights with respect to the control shares except to the extent approved
by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by employees
who are trustees of the trust are excluded from shares entitled to vote on the matter. Control shares are voting shares which,
if aggregated with all other shares owned by the acquiror or in respect of which the acquiror is able to exercise or direct the
exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in
electing trustees within one of the following ranges of voting power:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>one-tenth or more but less than one-third;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>one-third or more but less than a majority; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a majority or more of all voting power.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.45pt 11.2pt 6pt 0; text-align: justify; text-indent: 19.95pt">Control
shares do not include shares the acquiring person is then entitled to vote as a result of having previously</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.45pt 11.2pt 6pt 0; text-align: justify">obtained shareholder approval.
A control share acquisition means the acquisition of issued and outstanding control shares, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 6.55pt 6pt 0; text-indent: 19.95pt">A person who has made or proposes
to make a control share acquisition may compel the board of trustees of the trust to call a special meeting of shareholders to
be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting
is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request
for a meeting is made, the trust may itself present the question at any shareholders meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.1pt 6pt 0; text-indent: 19.95pt">If voting rights are not approved
at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the trust
may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved.
The right of the trust to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without
regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror
or of any meeting of shareholders at which the voting rights of the shares are considered and not approved. If voting rights for
control shares are approved at a shareholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled
to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal
rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 15.25pt 6pt 0; text-align: justify; text-indent: 19.95pt">The control
share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the trust is a
party to the transaction or (b) to acquisitions approved or exempted by the declaration of trust or bylaws of the trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.1pt 6pt 0; text-indent: 19.95pt">Our By-Laws contain a provision
exempting from the control share acquisition statute any and all acquisitions by any person of our shares. There can be no assurance
that this provision will not be amended or eliminated at any time in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.75pt 6pt 0; text-indent: 19.95pt"><B><I>Certain Elective Provisions
of Maryland Law. </I></B>Maryland law provides that a Maryland real estate investment trust with a class of equity securities registered
under the Exchange Act, and that has at least three independent trustees, may elect by provision of its declaration or bylaws or
by resolution adopted by its board of trustees to be subject to all or any of the following provisions, notwithstanding any contrary
provisions contained in its existing declaration of trust or bylaws and without shareholder approval:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a classified board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a two-thirds vote of outstanding shares to remove a trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a requirement that the number of trustees be fixed only by vote of the board of trustees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.7pt">a requirement that a vacancy on the board of trustees be filled only by the affirmative vote of
a majority of the remaining trustees and that such trustee filling the vacancy serve for the remainder of the full term of the
class of trustees in which the vacancy occurred and until a successor is duly elected and qualifies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 31.85pt">a provision that a special meeting of shareholders must be called upon the written request of
shareholders entitled to cast a majority of all the votes entitled to be cast at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 20.3pt 6pt 0; text-indent: 19.95pt">We have not elected to be
governed by any of these specific provisions. However, our Declaration of Trust and/or By-Laws, as applicable, already provide
for an 80% shareholder vote to remove trustees and then only for cause, and that the number of trustees may be determined by a
resolution of our Board, subject to a minimum number. In addition, we can elect to be governed by any or all of the foregoing provisions
of Maryland law at any time in the future.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n014"></A>UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 20.3pt 6pt 0; text-indent: 19.95pt"><I>The following is a summary
of federal income tax considerations relating to our qualification and taxation as a REIT and the acquisition, ownership and disposition
of our common shares that may be relevant to prospective investors. Paul Hastings LLP has acted as our tax counsel and, subject
to the limitations expressed herein, is of the opinion that the statements in this summary, to the extent they constitute summaries
of legal matters, are accurate summaries in all material respects. You should be aware that an opinion of counsel is not binding
on the Internal Revenue Service, or IRS, or the courts. Prospective investors are urged to consult their own tax advisors regarding
the tax considerations relating to an investment in our shares and our qualification and taxation as a REIT in light of their particular
circumstances.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 9.5pt 6pt 0; text-indent: 19.95pt">The following discussion
summarizes the material United States federal income tax considerations to you as a prospective holder of our common shares and
assumes that you will hold such shares as capital assets (within the meaning of Section 1221 of the Code). This summary does not
give a detailed discussion of any state, local or foreign tax considerations. In addition, this discussion is intended to address
only those federal income tax considerations that are generally applicable to all of our shareholders. It does not discuss all
of the aspects of federal income taxation that may be relevant to you in light of your particular circumstances or to certain types
of shareholders who are subject to special treatment under the federal income tax laws including, without limitation, regulated
investment companies, insurance companies, tax-exempt entities, financial institutions or broker-dealers, expatriates, persons
subject to the alternative minimum tax and partnerships or other pass through entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 7.65pt 6pt 0; text-indent: 19.95pt">The information in this section
is based on the Code, existing, temporary and proposed regulations under the Code, the legislative history of the Code, current
administrative rulings and practices of the IRS and court decisions, all as of the date hereof. No assurance can be given that
future legislation, regulations, administrative interpretations and court decisions will not significantly change current law or
adversely affect existing interpretations of current law. Any such change could apply retroactively to transactions preceding the
date of the change. In addition, we have not received, and do not plan to request, any rulings from the IRS. Thus, no assurance
can be provided that the statements set forth herein (which do not bind the IRS or the courts) will not be challenged by the IRS
or that such statements will be sustained by a court if so challenged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 19pt 6pt 0; text-indent: 0.5in">PROSPECTIVE HOLDERS OF OUR COMMON
SHARES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF INVESTING
IN OUR COMMON SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 6.05pt 6pt 0; text-indent: 19.95pt"><B><I>General. </I></B>We
elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 1993.
We believe that we have been organized, and have operated, in such a manner so as to qualify for taxation as a REIT under the Code
and intend to conduct our operations so as to continue to qualify for taxation as a REIT. No assurance, however, can be given that
we have operated in a manner so as to qualify or will be able to operate in such a manner so as to remain qualified as a REIT.
Qualification and taxation as a REIT depend upon our ability to meet on a continuing basis, through actual annual operating results,
the required distribution levels, diversity of share ownership and the various qualification tests imposed under the Code discussed
below, the results of which will not be reviewed by counsel. Given the highly complex nature of the rules governing REITs, the
ongoing importance of factual determinations, and the possibility of future changes in our circumstances, no assurance can be given
that the actual results of our operations for any one taxable year have satisfied or will continue to satisfy such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 11.3pt 6pt 0; text-indent: 19.95pt">In the opinion of Paul Hastings
LLP, based on certain assumptions and our factual representations that are described in this section and in officer&#8217;s certificates
provided by us, commencing with our taxable year ended December 31, 1993, we have been organized and operated in conformity with
the requirements for qualification as a REIT and our current and proposed method of operation will enable us to continue to meet
the requirements for qualification and taxation as a REIT. It must be emphasized that this opinion is based on various assumptions
and is conditioned upon certain representations made by us as to factual matters including, but not limited to, those set forth
herein, and those concerning our business and properties as set forth in this prospectus. An opinion of counsel is not binding
on the IRS or the courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">The following is a general
summary of the Code provisions that govern the federal income tax treatment of a REIT and its shareholders. These provisions of
the Code are highly technical and complex. This summary is qualified in its</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0">entirety by the applicable Code provisions, Treasury
Regulations and administrative and judicial interpretations thereof, all of which are subject to change prospectively or retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">If we qualify for taxation
as a REIT, we generally will not be subject to federal corporate income taxes on our net income that is currently distributed to
shareholders. This treatment substantially eliminates the &#8220;double taxation&#8221; (at the corporate and shareholder levels)
that generally results from investment in a corporation. However, we will be subject to federal income tax as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 31.4pt">First, we will be taxed at regular corporate rates on any undistributed REIT taxable income,
including undistributed net capital gains.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 11.25pt">Second, if we have (a) net income from the sale or other disposition of &#8220;foreclosure property,&#8221;
which is, in general, property acquired on foreclosure or otherwise on default on a loan secured by such real property or a lease
of such property, which is held primarily for sale to customers in the ordinary course of business or (b) other nonqualifying income
from foreclosure property, we will be subject to tax at the highest corporate rate on such income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.55pt">Third, if we have net income from prohibited transactions such income will be subject to a
                                                                      100% tax. Prohibited transactions are, in general, certain sales or other dispositions of
                                                                      property held primarily for sale to customers in the ordinary course of business other than foreclosure property.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.55pt">Fourth, if we should fail to satisfy the 75% gross income test or the 95% gross income test (as
discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements have been met, we will
be subject to a 100% tax on an amount equal to (a) the gross income attributable to the greater of the amount by which we fail
the 75% gross income test or the amount by which 95% of our gross income exceeds the amount of income qualifying under the 95%
gross income test multiplied by (b) a fraction intended to reflect our profitability.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.95pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25.8pt">&nbsp;</TD>
    <TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-right: 17.55pt">Fifth, if we should fail to satisfy the asset tests (as discussed below) but nonetheless maintain our qualification as a
REIT because certain other requirements have been met and we do not qualify for a de minimis exception, we may be subject to a
tax that would be the greater of (a) $50,000; or (b) an amount determined by multiplying the highest rate of tax for corporations
by the net income generated by the assets for the period beginning on the first date of the failure and ending on the day we dispose
of the non-qualifying assets (or otherwise satisfy the requirements for maintaining REIT qualification).</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-right: 7.65pt"><FONT STYLE="font-size: 10pt">Sixth, if we should fail to satisfy one or more requirements for
REIT qualification, other than the 95% and 75% gross income tests and other than the asset tests, but nonetheless maintain our
qualification as a REIT because certain other requirements have been met, we may be subject to a </FONT>$50,000 penalty for each
failure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6.95pt">Seventh, if we should fail to distribute during each calendar year at least the sum of (a) 85%
of our REIT ordinary income for such year, (b) 95% of our REIT capital gain net income for such year, and (c) any undistributed
taxable income from prior periods, we would be subject to a nondeductible 4% excise tax on the excess of such required distribution
over the amounts actually distributed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6.5pt">Eighth, if we acquire any asset from a C corporation (i.e., a corporation generally subject to
full corporate level tax) in a transaction in which the basis of the asset in our hands is determined by reference to the basis
of the asset (or any other property) in the hands of the C corporation and we do not elect to be taxed at the time of the acquisition,
we would be subject to tax at the highest corporate rate if we dispose of such asset during the five-year period (or other statutorily
prescribed period) beginning on the date that we acquired that asset, to the extent of such property&#8217;s &#8220;built-in gain&#8221;
(the excess of the fair market value of such property at the time of our acquisition over the adjusted basis of such property at
such time) (we refer to this tax as the &#8220;Built-in Gains Tax&#8221;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.75pt">Ninth, we will incur a 100% excise tax on transactions with a taxable REIT subsidiary that are
not conducted on an arm&#8217;s-length basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.9pt">Finally, if we own a residual interest in a real estate mortgage investment conduit, or &#8220;REMIC,&#8221;
we will be taxable at the highest corporate rate on the portion of any excess inclusion income that we derive from the</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 5.9pt 0 45.75pt">REMIC residual interests equal to the percentage
of our shares that is held in record name by &#8220;disqualified organizations.&#8221; Similar rules apply if we own an equity
interest in a taxable mortgage pool. A &#8220;disqualified organization&#8221; includes the United States, any state or political
subdivision thereof, any foreign government or international organization, any agency or instrumentality of any of the foregoing,
any rural electrical or telephone cooperative and any tax-exempt organization (other than a farmer&#8217;s cooperative described
in Section 521 of the Code) that is exempt from income taxation and from the unrelated business taxable income provisions of the
Code. However, to the extent that we own a REMIC residual interest or a taxable mortgage pool through a taxable REIT subsidiary,
we will not be subject to this tax. See the heading &#8220;Requirements for Qualification&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 6.65pt 6pt 0; text-indent: 19.95pt"><B><I>Requirements for Qualification.
</I></B>A REIT is a corporation, trust or association (1) that is managed by one or more trustees or directors, (2) the beneficial
ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest, (3) that would
be taxable as a domestic corporation, but for Sections 856 through 860 of the Code, (4) that is neither a financial institution
nor an insurance company subject to certain provisions of the Code, (5) that has the calendar year as its taxable year, (6) the
beneficial ownership of which is held by 100 or more persons, (7) during the last half of each taxable year, not more than 50%
in value of the outstanding stock of which is owned, directly or indirectly, by five or fewer individuals (as defined in the Code
to include certain entities), and (8) that meets certain other tests, described below, regarding the nature of its income and assets.
The Code provides that conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 5.8pt; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>through (5), inclusive, must be met during the entire taxable year and that condition (6) must be met during at least 335
days of a taxable year of twelve (12) months, or during a proportionate part of a taxable year of less than twelve (12) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 10.2pt 6pt 0; text-indent: 19.95pt">We may redeem, at our option,
a sufficient number of shares or restrict the transfer thereof to bring or maintain the ownership of the shares in conformity with
the requirements of the Code. In addition, our Declaration of Trust includes restrictions regarding the transfer of our shares
that are intended to assist us in continuing to satisfy requirements (6) and (7). Moreover, if we comply with regulatory rules
pursuant to which we are required to send annual letters to our shareholders requesting information regarding the actual ownership
of our shares, and we do not know, or exercising reasonable diligence would not have known, whether we failed to meet requirement
(7) above, we will be treated as having met the requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 8.25pt 6pt 0; text-indent: 19.95pt">The Code allows a REIT to own
wholly-owned corporate subsidiaries which are &#8220;qualified REIT subsidiaries.&#8221; The Code provides that a qualified REIT
subsidiary is not treated as a separate corporation, and all of its assets, liabilities and items of income, deduction and credit
are treated as assets, liabilities and items of income, deduction and credit of the REIT. Thus, in applying the requirements described
herein, our qualified REIT subsidiaries will be ignored, and all assets, liabilities and items of income, deduction and credit
of such subsidiaries will be treated as our assets, liabilities and items of income, deduction and credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 19.95pt">A REIT may also hold any direct or indirect
interest in a corporation that qualifies as a &#8220;taxable REIT subsidiary,&#8221; as long as the REIT&#8217;s aggregate holdings
of taxable REIT subsidiary securities do not exceed 20% of the value of the REIT&#8217;s total assets at the close of each quarter.
A taxable REIT subsidiary is a fully taxable corporation that generally is permitted to engage in businesses (other than certain
activities relating to lodging and health care facilities), own assets, and earn income that, if engaged in, owned, or earned by
the REIT, might jeopardize REIT status or result in the imposition of penalty taxes on the REIT. To qualify as a taxable REIT subsidiary,
the subsidiary and the REIT must make a joint election to treat the subsidiary as a taxable REIT subsidiary. A taxable REIT subsidiary
also includes any corporation (other than a REIT or a qualified REIT subsidiary) in which a taxable REIT subsidiary directly or
indirectly owns more than 35% of the total voting power or value. See &#8220;Asset Tests&#8221; below. A taxable REIT subsidiary
will pay tax at regular corporate income tax rates on any taxable income it earns. Moreover, the Code contains rules, including
rules requiring the imposition of taxes on a REIT at the rate of 100% on certain reallocated income and expenses, to ensure that
contractual arrangements between a taxable REIT subsidiary and its parent REIT are at arm&#8217;s-length.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 10.45pt 6pt 0; text-indent: 19.95pt">In the case of a REIT which
is a partner in a partnership, Treasury Regulations provide that the REIT will be deemed to own its proportionate share of each
of the assets of the partnership and will be deemed to be entitled to the income of the partnership attributable to such share
for purposes of satisfying the gross income and assets tests (as discussed below). In addition, the character of the assets and
items of gross income of the partnership will retain the same character in the hands of the REIT. Thus, our proportionate share
(based on equity capital) of the assets, liabilities, and items of gross income of the partnerships in which we own an interest
are treated as our assets, liabilities and items of gross income for purposes of applying the requirements described herein. The
treatment described above also applies with</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 10.45pt 6pt 0">respect to the ownership of interests in limited
liability companies or other entities that are treated as partnerships for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 0 6pt; text-indent: 19.95pt">A significant number of our investments
are held through partnerships. If any such partnerships were treated as an association, the entity would be taxable as a corporation
and therefore would be subject to an entity level tax on its income. In such a situation, the character of our assets and items
of gross income would change and might preclude us from qualifying as a REIT. We believe that each partnership in which we hold
a material interest (either directly or indirectly) is properly treated as a partnership for tax purposes (and not as an association
taxable as a corporation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 24.8pt 6pt 0; text-indent: 19.95pt">Special rules apply to a
REIT, a portion of a REIT, or a qualified REIT subsidiary that is a taxable mortgage pool. An entity or portion thereof may be
classified as a taxable mortgage pool under the Code if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>substantially all of the assets consist of debt obligations or interests in debt obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 16.4pt">more than 50% of those debt obligations are real estate mortgage loans or interests in real estate
mortgage loans as of specified testing dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the entity has issued debt obligations that have two or more maturities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.9pt">the payments required to be made by the entity on its debt obligations &#8220;bear a relationship&#8221;
to the payments to be received by the entity on the debt obligations that it holds as assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 9.1pt 6pt 0; text-indent: 19.95pt">Under Treasury Regulations,
if less than 80% of the assets of an entity (or the portion thereof) consist of debt obligations, these debt obligations are considered
not to comprise &#8220;substantially all&#8221; of its assets, and therefore the entity would not be treated as a taxable mortgage
pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 10.65pt 6pt 0; text-indent: 19.95pt">An entity or portion thereof
that is classified as a taxable mortgage pool is generally treated as a taxable corporation for federal income tax purposes. However,
the portion of the REIT&#8217;s assets, held directly or through a qualified REIT subsidiary, that qualifies as a taxable mortgage
pool is treated as a qualified REIT subsidiary that is not subject to corporate income tax and therefore the taxable mortgage pool
classification does not change that treatment. The classification of a REIT, qualified REIT subsidiary or portion thereof as a
taxable mortgage pool could, however, result in taxation of a REIT and certain of its shareholders as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 20.25pt 6pt 0; text-indent: 19.95pt">IRS guidance indicates that
a portion of income from a taxable mortgage pool arrangement, if any, could be treated as &#8220;excess inclusion income.&#8221;
Excess inclusion income is an amount, with respect to any calendar quarter, equal to the excess, if any, of (i) income allocable
to the holder of a REMIC residual interest or taxable mortgage pool interest over (ii) the sum of an amount for each day in the
calendar quarter equal to the product of (a) the adjusted issue price at the beginning of the quarter multiplied by 120% of the
long-term federal rate (determined on the basis of compounding at the close of each calendar quarter and properly adjusted for
the length of such quarter). Under such guidance, such income would be allocated among our shareholders in proportion to dividends
paid and, generally, may not be offset by net operating losses of the shareholder, would be taxable to tax exempt shareholders
who are subject to the unrelated business income tax rules of the Code and would subject non-U.S. shareholders to a 30% withholding
tax (without exemption or reduction of the withholding rate). To the extent that excess inclusion income is allocated from a taxable
mortgage pool to any disqualified organizations that hold our shares, we may be taxable on this income at the highest applicable
corporate tax rate (currently 21%). Because this tax would be imposed on the REIT, all of the REIT&#8217;s shareholders, including
shareholders that are not disqualified organizations, would bear a portion of the tax cost associated with the classification of
any portion of our assets as a taxable mortgage pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 4.9pt 6pt 0; text-indent: 19.95pt">If we own less than 100% of
the ownership interests in a subsidiary that is a taxable mortgage pool, the foregoing rules would not apply. Rather, the subsidiary
would be treated as a corporation for federal income tax purposes and would potentially be subject to corporate income tax. In
addition, this characterization would affect our REIT income and asset test calculations and could adversely affect our ability
to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 5.2pt 6pt 0; text-indent: 19.95pt">In the past, we have held
certain investments which give rise to excess inclusion income. Currently, we do not hold and do not intend to make investments
or enter into financing and securitization transactions that are expected to give rise to our being considered to own an interest,
directly or indirectly, in one or more taxable mortgage pools. However, if we were to make such investments or enter into such
transactions, the foregoing consequences could apply. Prospective holders are urged to consult their own tax advisors regarding
the tax consequences of the taxable mortgage pool rules to them in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Income Tests. </I></B>In
order to maintain qualification as a REIT, we must satisfy annually certain gross income</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 9.1pt 6pt 0">requirements. First, at least 75% of our gross income
(excluding gross income from prohibited transactions) for each taxable year must be derived directly or indirectly from investments
relating to real property or mortgages on real property (including &#8220;rents from real property;&#8221; gain from the sale of
real property other than property held for sale to customers in the ordinary course of business; dividends from, and gain from
the sale of shares of, other qualifying REITs; certain interest described further below; and certain income derived from a REMIC)
or from certain types of qualified temporary investments. Second, at least 95% of our gross income (excluding gross income from
prohibited transactions) for each taxable year must be derived from income that qualifies under the foregoing 75% gross income
test, other types of dividends and interest, gain from the sale or disposition of stock or securities and certain other specified
sources. Any income from a hedging transaction that is clearly and timely identified and hedges indebtedness incurred or to be
incurred to acquire or carry real estate assets will not constitute gross income, rather than being treated as qualifying or nonqualifying
income, for purposes of the 75% or 95% gross income tests. A hedging transaction also includes a transaction entered into to manage
foreign currency risks with respect to items of income and gain (or any property which generates such income or gain) that would
be qualifying income under the 75% or 95% gross income tests, but only if such transaction is clearly identified before the close
of the day it was acquired, originated or entered into. In addition, certain foreign currency gains will be excluded from gross
income for purposes of one or both of the gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 5.75pt 6pt 0; text-indent: 19.95pt">Rents received by us will
qualify as &#8220;rents from real property&#8221; in satisfying the gross income requirements for a REIT described above only if
several conditions are met. First, the amount of rent must not be based in whole or in part on the income or profits of any person.
However, an amount received or accrued generally will not be excluded from the term &#8220;rents from real property&#8221; solely
by reason of being based on a fixed percentage or percentages of receipts or sales. Second, the Code provides that rents received
from a tenant will not qualify as &#8220;rents from real property&#8221; in satisfying the gross income tests if we, or an owner
of 10% or more of our shares, actually or constructively own 10% or more of such tenant. Third, if rent attributable to personal
property, leased in connection with a lease of real property, is greater than 15% of the total rent received under the lease, then
the portion of rent attributable to such personal property (based on the ratio of fair market value of personal and real property)
will not qualify as &#8220;rents from real property.&#8221; Finally, in order for rents received to qualify as &#8220;rents from
real property,&#8221; we generally must not operate or manage the property (subject to a de minimis exception as described below)
or furnish or render services to the tenants of such property, other than through an independent contractor from whom we derive
no revenue or through a taxable REIT subsidiary. We may, however, directly perform certain services that are &#8220;usually or
customarily rendered&#8221; in connection with the rental of space for occupancy only and are not otherwise considered &#8220;rendered
to the occupant&#8221; of the property (&#8220;Permissible Services&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 10.65pt 6pt 0; text-indent: 19.95pt">Rents received generally
will qualify as rents from real property notwithstanding the fact that we provide services that are not Permissible Services so
long as the amount received for such services meets a de minimis standard. The amount received for &#8220;impermissible services&#8221;
with respect to a property (or, if services are available only to certain tenants, possibly with respect to such tenants) cannot
exceed one percent of all amounts received, directly or indirectly, by us with respect to such property (or, if services are available
only to certain tenants, possibly with respect to such tenants). The amount that we will be deemed to have received for performing
&#8220;impermissible services&#8221; will be the greater of the actual amounts so received or 150% of the direct cost to us of
providing those services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 5.6pt 6pt 0; text-indent: 19.95pt">We believe that substantially
all of our rental income will be qualifying income under the gross income tests, and that our provision of services will not cause
the rental income to fail to be qualifying income under those tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 6.75pt 6pt 0; text-indent: 19.95pt">Generally, interest on debt
secured by a mortgage on real property or interests in real property qualifies for purposes of satisfying the 75% gross income
test described above. However, if the highest principal amount of a loan outstanding during a taxable year exceeds the fair market
value of the real property securing the loan as of the date the REIT agreed to originate or acquire the loan, a proportionate amount
of the interest income from such loan will not be qualifying income for purposes of the 75% gross income test, but will be qualifying
income for purposes of the 95% gross income test. In addition, any interest amount that is based in whole or in part on the income
or profits of any person does not qualify for purposes of the foregoing 75% and 95% income tests except (a) amounts that are based
on a fixed percentage or percentages of receipts or sales and (b) amounts that are based on the income or profits of a debtor,
as long as the debtor derives substantially all of its income from the real property securing the debt from leasing substantially
all of its interest in the property, and only to the extent that the amounts received by the debtor would be qualifying &#8220;rents
from real property&#8221; if received directly by the REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 4.95pt 6pt 0; text-indent: 19.95pt">If a loan contains a provision
that entitles a REIT to a percentage of the borrower&#8217;s gain upon the sale of the real property securing the loan or a percentage
of the appreciation in the property&#8217;s value as of a specific date, income attributable to that loan provision will be treated
as gain from the sale of the property securing the loan, which is generally</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 4.95pt 6pt 0">qualifying income for purposes of both gross income
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 3.7pt 6pt 0; text-indent: 19.95pt">If we fail to satisfy one
or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if such
failure was due to reasonable cause and not willful neglect and we file a schedule describing each item of our gross income for
such taxable year in accordance with Treasury Regulations, so long as any incorrect information on the schedule was not due to
fraud with intent to evade tax. It is not possible, however, to state whether in all circumstances we would be entitled to the
benefit of this relief provision. Even if this relief provision applied, a 100% penalty tax would be imposed on the amount by which
we failed the 75% gross income test or the amount by which 95% of our gross income exceeds the amount of income qualifying under
the 95% gross income test (whichever amount is greater), multiplied by a fraction intended to reflect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 4.95pt 6pt 0; text-indent: 19.95pt">Subject to certain safe
harbor exceptions, any gain realized by us on the sale of any property held as inventory or other property held primarily for sale
to customers in the ordinary course of business will be treated as income from a prohibited transaction that is subject to a 100%
penalty tax. Such prohibited transaction income may also have an adverse effect upon our ability to qualify as a REIT. We have
not sought and do not intend to seek a ruling from the IRS regarding any dispositions. Accordingly, there can be no assurance that
the IRS will not successfully assert a contrary position with respect to our dispositions. If all or a significant portion of our
dispositions were treated as prohibited transactions, we would incur a significant U.S. federal tax liability, which could have
a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5pt 6pt 0; text-indent: 19.95pt">We will be subject to tax at
the maximum corporate rate on any income from foreclosure property, other than income that otherwise would be qualifying income
for purposes of the 75% gross income test, less expenses directly connected with the production of that income. However, gross
income from foreclosure property will qualify under the 75% and 95% gross income tests. Foreclosure property is any real property,
including interests in real property, and any personal property incident to such real property (1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>that is acquired by a REIT as the result of the REIT having bid on such property at foreclosure, or having otherwise reduced
such property to ownership or possession by agreement or process of law, after there was a default or default was imminent on
a lease of such property or on indebtedness that such property secured; (2) for which the related loan was acquired by the REIT
at a time when the default was not imminent or anticipated; and (3) for which the REIT makes a proper election to treat the property
as foreclosure property. Any gain from the sale of property for which a foreclosure property election has been made will not be
subject to the 100% tax on gains from prohibited transactions described above, even if the property would otherwise constitute
inventory or dealer property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 7.4pt 6pt 0; text-indent: 19.95pt">A REIT will not be considered
to have foreclosed on a property where the REIT takes control of the property as a mortgagee-in-possession and cannot receive any
profit or sustain any loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property at the end
of the third taxable year following the taxable year in which the REIT acquired the property, unless a longer extension is granted
by the Secretary of the Treasury or the grace period terminates earlier due to certain nonqualifying income or activities generated
with respect to the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0; text-indent: 19.95pt"><B><I>Asset Tests. </I></B>At
the close of each quarter of our taxable year, we must also satisfy the following tests relating to the nature of our assets. At
least 75% of the value of our total assets, including our allocable share of assets held by partnerships in which we own an interest,
must be represented by real estate assets, stock or debt instruments held for not more than one year purchased with the proceeds
of an offering of equity securities or a long-term (at least five years) public debt offering by us, cash, cash items (including
certain receivables) and government securities. For this purpose, real estate assets include interests in real property, such as
land, buildings, leasehold interests in real property, stock of other corporations that qualify as REITs, and certain kinds of
mortgage-backed securities (including regular or residual interests in a REMIC to the extent provided in the Code) and mortgage
loans. In addition, not more than 25% of our total assets may be represented by securities other than those in the 75% asset class.
Not more than 20% of the value of our total assets may be represented by securities of one or more taxable REIT subsidiaries (as
defined above under &#8220;Requirements for Qualification&#8221;). Except for investments included in the 75% asset class, securities
in a taxable REIT subsidiary or qualified REIT subsidiary and certain partnership interests and debt obligations, (1) not more
than 5% of the value of our total assets may be represented by securities of any one issuer (the &#8220;5% asset test&#8221;),
(2) we may not hold securities that possess more than 10% of the total voting power of the outstanding securities of a single issuer
(the &#8220;10% voting securities test&#8221;) and (3) we may not hold securities that have a value of more than 10% of the total
value of the outstanding securities of any one issuer (the &#8220;10% value test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0; text-indent: 19.95pt">The following assets are not
treated as &#8220;securities&#8221; held by us for purposes of the 10% value test (i) &#8220;straight debt&#8221; meeting certain
requirements, unless we hold (either directly or through our &#8220;controlled&#8221; taxable REIT subsidiaries)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0">certain other securities of the same corporate or
partnership issuer that have an aggregate value greater than 1% of such issuer&#8217;s outstanding securities; (ii) loans to individuals
or estates; (iii) certain rental agreements calling for deferred rents or increasing rents that are subject to Section 467 of the
Code, other than with certain related persons; (iv) obligations to pay us amounts qualifying as &#8220;rents from real property&#8221;
under the 75% and 95% gross income tests; (v) securities issued by a state or any political subdivision of a state, the District
of Columbia, a foreign government, any political subdivision of a foreign government, or the Commonwealth of Puerto Rico, but only
if the determination of any payment received or accrued under the security does not depend in whole or in part on the profits of
any person not described in this category, or payments on any obligation issued by such an entity; (vi) securities issued by another
qualifying REIT; and (vii) other arrangements identified in Treasury Regulations (which have not yet been issued or proposed).
In addition, any debt instrument issued by a partnership will not be treated as a &#8220;security&#8221; under the 10% value test
if at least 75% of the partnership&#8217;s gross income (excluding gross income from prohibited transactions) is derived from sources
meeting the requirements of the 75% gross income test. If the partnership fails to meet the 75% gross income test, then the debt
instrument issued by the partnership nevertheless will not be treated as a &#8220;security&#8221; to the extent of our interest
as a partner in the partnership. Also, in looking through any partnership to determine our allocable share of any securities owned
by the partnership, our share of the assets of the partnership, solely for purposes of applying the 10% value test will correspond
not only to our interest as a partner in the partnership but also to our proportionate interest in certain debt securities issued
by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 5.05pt 6pt 0; text-indent: 19.95pt">We may hold mezzanine loans
that are secured by equity interests in a non-corporate entity that directly or indirectly owns real property. IRS Revenue Procedure
2003-65 provides a safe harbor pursuant to which a mezzanine loan to such a non-corporate entity, if it meets each of the requirements
contained in the Revenue Procedure, will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and
interest derived from it will be treated as qualifying mortgage interest for purposes of the 75% gross income test. Although the
Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law. Moreover,
not all of the mezzanine loans that we hold meet all of the requirements for reliance on this safe harbor. We have invested, and
intend to continue to invest, in mezzanine loans in a manner that will enable us to continue to satisfy the gross income and asset
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 9.1pt 6pt 0; text-indent: 19.95pt">We may also hold certain
participation interests, or &#8220;B-Notes,&#8221; in mortgage loans and mezzanine loans originated by other lenders. A B-Note
is an interest created in an underlying loan by virtue of a participation or similar agreement, to which the originator of the
loan is a party, along with one or more participants. The borrower on the underlying loan is typically not a party to the participation
agreement. The performance of a participant&#8217;s investment depends upon the performance of the underlying loan, and if the
underlying borrower defaults, the participant typically has no recourse against the originator of the loan. The originator often
retains a senior position in the underlying loan, and grants junior participations, which will be a first loss position in the
event of a default by the borrower. The appropriate treatment of participation interests for federal income tax purposes is not
entirely certain. We believe that we have invested, and intend to continue to invest, in participation interests that qualify as
real estate assets for purposes of the asset tests, and that generate interest that will be treated as qualifying mortgage interest
for purposes of the 75% gross income test, but no assurance can be given that the IRS will not challenge our treatment of these
participation interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 20.3pt 6pt 0; text-indent: 19.95pt">We believe that substantially
all of our assets consist of (1) real properties, (2) stock or debt investments that earn qualified temporary investment income,
(3) other qualified real estate assets and (4) cash, cash items and government securities. We also believe that the value of our
securities in our taxable REIT subsidiaries will not exceed 20% of the value of our total assets. We may also invest in securities
of other entities, provided that such investments will not prevent us from satisfying the asset and income tests for REIT qualification
set forth above. If any interest we hold in any REIT or other category of permissible investment described above does not qualify
as such, we would be subject to the 5% asset test and the 10% voting securities and value tests with respect to such investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 6.35pt 6pt 0; text-indent: 19.95pt">After initially meeting the
asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end
of a later quarter solely by reason of changes in asset values. If we inadvertently fail one or more of the asset tests at the
end of a calendar quarter because we acquire securities or other property during the quarter, we can cure this failure by disposing
of sufficient non qualifying assets within 30 days after the close of the calendar quarter in which it arose. If we were to fail
any of the asset tests at the end of any quarter without curing such failure within 30 days after the end of such quarter, we would
fail to qualify as a REIT, unless we were to qualify under certain relief provisions. Under one of these relief provisions, if
we were to fail the 5% asset test, the 10% voting securities test, or the 10% value test, we nevertheless would continue to qualify
as a REIT if the failure was due to the ownership of assets having a total value not exceeding the lesser of 1% of our assets at
the end of the relevant quarter or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 6.35pt 6pt 0">$10,000,000, and we were to dispose of such assets
(or otherwise meet such asset tests) within six months after the end of the quarter in which the failure was identified. If we
were to fail to meet any of the REIT asset tests for a particular quarter, but we did not qualify for the relief for de minimis
failures that is described in the preceding sentence, then we would be deemed to have satisfied the relevant asset test if: (i)
following our identification of the failure, we were to file a schedule with a description of each asset that caused the failure;
(ii) the failure was due to reasonable cause and not due to willful neglect; (iii) we were to dispose of the non-qualifying asset
(or otherwise meet the relevant asset test) within six months after the last day of the quarter in which the failure was identified,
and (iv) we were to pay a penalty tax equal to the greater of $50,000, or the highest corporate tax rate multiplied by the net
income generated by the non-qualifying asset during the period beginning on the first date of the failure and ending on the date
we dispose of the asset (or otherwise cure the asset test failure). It is not possible to predict whether in all circumstances
we would be entitled to the benefit of these relief provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 0 6pt; text-indent: 19.95pt"><B><I>Annual Distribution Requirement.
</I></B>With respect to each taxable year, we must distribute to our shareholders as dividends (other than capital gain dividends)
at least 90% of our taxable income. Specifically, we must distribute an amount equal to (1) 90% of the sum of our &#8220;REIT taxable
income&#8221; (determined without regard to the deduction for dividends paid and by excluding any net capital gain), and any after-tax
net income from foreclosure property, minus (2) the sum of certain items of &#8220;excess noncash income&#8221; such as income
attributable to leveled stepped rents, cancellation of indebtedness and original issue discount. REIT taxable income is generally
computed in the same manner as taxable income of ordinary corporations, with several adjustments, such as a deduction allowed for
dividends paid, but not for dividends received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 7.25pt 6pt 0; text-indent: 19.95pt">We will be subject to tax
on amounts not distributed at regular United States federal corporate income tax rates. In addition, a nondeductible 4% excise
tax is imposed on the excess of (1) 85% of our ordinary income for the year plus 95% of capital gain net income for the year and
the undistributed portion of the required distribution for the prior year over (2) the actual distribution to shareholders during
the year (if any). Net operating losses generated by us may be carried forward indefinitely but not carried back and used by us
to reduce REIT taxable income and the amount that we will be required to distribute in order to remain qualified as a REIT. As
a REIT, our net capital losses may be carried forward for five years (but not carried back) and used to reduce capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 6.75pt 6pt 0; text-indent: 19.95pt">In general, a distribution
must be made during the taxable year to which it relates to satisfy the distribution test and to be deducted in computing REIT
taxable income. However, we may elect to treat a dividend declared and paid after the end of the year (a &#8220;subsequent declared
dividend&#8221;) as paid during such year for purposes of complying with the distribution test and computing REIT taxable income,
if the dividend is (1) declared before the regular or extended due date of our tax return for such year and (2) paid not later
than the date of the first regular dividend payment made after the declaration, but in no case later than 12 months after the end
of the year. For purposes of computing the nondeductible 4% excise tax, a subsequent declared dividend is considered paid when
actually distributed. Furthermore, any dividend that is declared by us in October, November or December of a calendar year, and
payable to shareholders of record as of a specified date in such quarter of such year will be deemed to have been paid by us (and
received by shareholders) on December 31 of such calendar year, but only if such dividend is actually paid by us in January of
the following calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 5.55pt 6pt 0; text-indent: 19.95pt">For purposes of complying
with the distribution test for a taxable year as a result of an adjustment in certain of our items of income, gain or deduction
by the IRS or us, we may be permitted to remedy such failure by paying a &#8220;deficiency dividend&#8221; in a later year together
with interest. Such deficiency dividend may be included in our deduction of dividends paid for the earlier year for purposes of
satisfying the distribution test. For purposes of the nondeductible 4% excise tax, the deficiency dividend is taken into account
when paid, and any income giving rise to the deficiency adjustment is treated as arising when the deficiency dividend is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0; text-indent: 19.95pt">The IRS has published guidance
providing that a publicly-traded REIT may satisfy the annual distribution requirement with distributions consisting of its stock
and at least a minimum percentage of cash. Pursuant to this IRS guidance, a REIT may treat the entire amount of a distribution
consisting of both stock and cash as a qualifying distribution for purposes of the annual distribution requirement provided that
the following requirements are met: (1) the distribution is made by the REIT to its shareholders with respect to its stock; (2)
stock of the REIT is publicly traded on an established securities market in the United States; (3) the distribution is declared
on or after August 11, 2017; (4) pursuant to such declaration, each shareholder may elect to receive its proportionate share of
the declared distribution in either cash or stock of the REIT of equivalent value, subject to a limitation on the amount of cash
to be distributed in the aggregate to all shareholders (the &#8220;Cash Limitation&#8221;), provided that &#8212; (a) such Cash
Limitation is not less than 20% of the aggregate declared distribution, and (b) if too many shareholders elect to receive cash,
each shareholder electing to receive cash will receive a pro rata amount of cash corresponding to the shareholder&#8217;s respective
entitlement under the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0">declaration, but in no event will any shareholder
electing to receive cash receive less than 10% of the shareholder&#8217;s entire entitlement under the declaration in cash; (5)
the calculation of the number of shares to be received by any shareholder will be determined, as close as practicable to the payment
date, based upon a formula utilizing market prices that is designed to equate in value the number of shares to be received with
the amount of cash that could be received instead; and (6) with respect to any shareholder participating in a dividend reinvestment
plan (&#8220;DRIP&#8221;), the stock received by that shareholder pursuant to the DRIP is treated as received in exchange for cash
received in the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0; text-indent: 19.95pt">We believe that we have
distributed and intend to continue to distribute to our shareholders in a timely manner such amounts sufficient to satisfy the
annual distribution requirements. However, it is possible that timing differences between the accrual of income and its actual
collection, and the need to make nondeductible expenditures (such as capital improvements or principal payments on debt) may cause
us to recognize taxable income in excess of our net cash receipts, thus increasing the difficulty of compliance with the distribution
requirement. In addition, excess inclusion income, if any, might be non-cash accrued income, or &#8220;phantom&#8221; taxable income,
which could therefore adversely affect our ability to satisfy our distribution requirements. In order to meet the distribution
requirement, we might find it necessary to arrange for short-term, or possibly long-term, borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 6.3pt 6pt 0; text-indent: 19.95pt"><B><I>Failure to Qualify.</I></B>
Commencing with our taxable year beginning January 1, 2005, if we were to fail to satisfy one or more requirements for REIT qualification,
other than an asset or income test violation of a type for which relief is otherwise available as described above, we would retain
our REIT qualification if the failure was due to reasonable cause and not willful neglect, and if we were to pay a penalty of $50,000
for each such failure. It is not possible to predict whether in all circumstances we would be entitled to the benefit of this relief
provision. If we fail to qualify as a REIT for any taxable year, and if certain relief provisions of the Code do not apply, we
would be subject to federal income tax on our taxable income at regular corporate rates. Distributions to shareholders in any year
in which we fail to qualify will not be deductible from our taxable income nor will they be required to be made. As a result, our
failure to qualify as a REIT would reduce the cash available for distribution by us to our shareholders. In addition, if we fail
to qualify as a REIT, all distributions to shareholders will be taxable as ordinary income, to the extent of our current and accumulated
earnings and profits. Subject to certain limitations of the Code, corporate distributees may be eligible for the dividends-received
deduction and shareholders taxed as individuals may be eligible for a reduced tax rate on &#8220;qualified dividend income&#8221;
from regular C corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">If our failure to qualify as a
REIT is not due to reasonable cause but results from willful neglect, we would not be permitted to elect REIT status for the four
taxable years after the taxable year for which such disqualification is effective. In the event we were to fail to qualify as a
REIT in one year and subsequently requalify in a later year, we may elect to recognize taxable income based on the net appreciation
in value of our assets as a condition to requalification. In the alternative, we may be taxed on the net appreciation in value
of our assets if we sell properties within ten years of the date we requalify as a REIT under federal income tax laws.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">As used herein, the term &#8220;U.S.
shareholder&#8221; means a beneficial owner of our common shares who (for United States federal income tax purposes) (1) is a citizen
or resident of the United States, (2) is a corporation or other entity treated as a corporation for federal income tax purposes
created or organized in or under the laws of the United States or of any political subdivision thereof, (3) is an estate the income
of which is subject to United States federal income taxation regardless of its source or (4) is a trust whose administration is
subject to the primary supervision of a United States court and which has one or more United States persons who have the authority
to control all substantial decisions of the trust or a trust that has a valid election to be treated as a U.S. person pursuant
to applicable Treasury Regulations. As used herein, the term &#8220;non U.S. shareholder&#8221; means a beneficial owner of our
common shares who is not a U.S. shareholder or a partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">If a partnership (including any
entity treated as a partnership for U.S. federal income tax purposes) is a shareholder, the tax treatment of a partner in the partnership
generally will depend upon the status of the partner and the activities of the partnership. A shareholder that is a partnership
and the partners in such partnership should consult their own tax advisors concerning the U.S. federal income tax consequences
of acquiring, owning and disposing of our common shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Taxable U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">As long as we qualify as a REIT,
distributions made to our U.S. shareholders out of current or accumulated earnings and profits (and not designated as capital gain
dividends) will be taken into account by them as ordinary income and corporate shareholders will not be eligible for the dividends-received
deduction as to such amounts. For purposes of computing our earnings and profits, depreciation for depreciable real estate will
be computed on a straight-line basis over a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt">40-year period. For purposes of determining whether distributions
on the shares constitute dividends for tax purposes, our earnings and profits will be allocated first to distributions with respect
to the Series C Preferred Shares and all other series of preferred shares that are equal in rank as to distributions and upon liquidation
with the Series C Preferred Shares, and second to distributions with respect to our common shares. There can be no assurance that
we will have sufficient earnings and profits to cover distributions on any common shares. Certain &#8220;qualified dividend income&#8221;
received by domestic non-corporate shareholders may be eligible for preferential dividend rates. Dividends paid by a REIT generally
do not qualify as &#8220;qualified dividend income&#8221; because a REIT is not generally subject to federal income tax on the
portion of its REIT taxable income distributed to its shareholders. Therefore, our dividends will continue to be subject to tax
at ordinary income rates, subject to two narrow exceptions. Under the first exception, dividends received from a REIT may be treated
as &#8220;qualified dividend income&#8221; eligible for reduced tax rates to the extent that the REIT itself has received qualified
dividend income from other corporations (such as taxable REIT subsidiaries) in which the REIT has invested. Under the second exception,
dividends paid by a REIT in a taxable year may be treated as qualified dividend income in an amount equal to the sum of (i) the
excess of the REIT&#8217;s &#8220;REIT taxable income&#8221; for the preceding taxable year over the corporate-level federal income
tax payable by the REIT for such preceding taxable year and (ii) the excess of the REIT&#8217;s income that was subject to the
Built-in Gains Tax (as described above) in the preceding taxable year over the tax payable by the REIT on such income for such
preceding taxable year. We do not expect to distribute a material amount of qualified dividend income, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Tax reform legislation known as
the Tax Cuts and Jobs Act created a 20% deduction for certain amounts earned by non-corporate taxpayers through certain pass-through
entities as well as REIT ordinary dividends earned by non-corporate taxpayers. As corporations, regulated investment companies
are not eligible for the qualified business income deduction. The deduction for REIT ordinary dividends is not subject to limitations
applicable to pass-through income generally. Prospective investors should consult with their own tax advisors regarding the application
of these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Distributions that are properly
designated as capital gain dividends will be taxed as gains from the sale or exchange of a capital asset held for more than one
year (to the extent they do not exceed our actual net capital gain for the taxable year) without regard to the period for which
the shareholder has held its shares. However, corporate shareholders may be required to treat up to 20% of certain capital gain
dividends as ordinary income under the Code. Capital gain dividends, if any, will be allocated among different classes of shares
in proportion to the allocation of earnings and profits discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Distributions in excess of our
current and accumulated earnings and profits will constitute a non-taxable return of capital to a shareholder to the extent that
such distributions do not exceed the adjusted basis of the shareholder&#8217;s shares, and will result in a corresponding reduction
in the shareholder&#8217;s basis in the shares. Any reduction in a shareholder&#8217;s tax basis for its shares will increase the
amount of taxable gain or decrease the deductible loss that will be realized upon the eventual disposition of the shares. We will
notify shareholders at the end of each year as to the portions of the distributions which constitute ordinary income, capital gain
or a return of capital. Any portion of such distributions that exceeds the adjusted basis of a U.S. shareholder&#8217;s shares
will be taxed as capital gain from the disposition of shares, provided that the shares are held as capital assets in the hands
of the U.S. shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Aside from the different income
tax rates applicable to ordinary income and capital gain dividends for noncorporate taxpayers, regular and capital gain dividends
from us will be treated as dividend income for most other federal income tax purposes. In particular, such dividends will be treated
as &#8220;portfolio&#8221; income for purposes of the passive activity loss limitation and shareholders generally will not be able
to offset any &#8220;passive losses&#8221; against such dividends. Capital gain dividends and qualified dividend income may be
treated as investment income for purposes of the investment interest limitation contained in Section 163(d) of the Code, which
limits the deductibility of interest expense incurred by noncorporate taxpayers with respect to indebtedness attributable to certain
investment assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">In general, dividends paid by us
will be taxable to shareholders in the year in which they are received, except in the case of dividends declared at the end of
the year, but paid in the following January, as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">In general, a U.S. shareholder
will realize capital gain or loss on the disposition of shares equal to the difference between (1) the amount of cash and the fair
market value of any property received on such disposition and (2) the shareholder&#8217;s adjusted basis of such shares. Such gain
or loss will generally be short-term capital gain or loss if the shareholder has not held such shares for more than one year and
will be long-term capital gain or loss if such shares have been held for more than one year. Loss upon the sale or exchange of
shares by a shareholder who has held such shares for six months or less (after applying certain holding period rules) will be treated
as long-term capital loss to the extent of distributions from us required to be treated by such shareholder as long-term capital
gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">We may elect to retain and pay
income tax on net long-term capital gains. If we make such an election, you, as a holder</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt">of shares, will (1) include in your income as long-term
capital gains your proportionate share of such undistributed capital gains, (2) be deemed to have paid your proportionate share
of the tax paid by us on such undistributed capital gains and thereby receive a credit or refund for such amount and (3) in the
case of a U.S. shareholder that is a corporation, appropriately adjust its earnings and profits for the retained capital gains
in accordance with Treasury Regulations to be promulgated by the IRS. As a holder of shares you will increase the basis in your
shares by the difference between the amount of capital gain included in your income and the amount of tax you are deemed to have
paid. Our earnings and profits will be adjusted appropriately.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Net Investment Income Tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Certain U.S. shareholders that
are individuals, estates or certain trusts are generally subject to a 3.8% tax on &#8220;net investment income,&#8221; which includes,
among other things, interest, dividends on and gains from the sale or other disposition of stock, and rents from certain passive
activities. Prospective investors should consult their own tax advisors regarding the applicability of this tax to any income and
gain in respect to our shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Non-U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.65pt 32.9pt 6pt 0; text-indent: 19.95pt">The following discussion
is only a summary of the rules governing United States federal income taxation of non-U.S. shareholders such as nonresident alien
individuals and foreign corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.1pt 6pt 0; text-indent: 0.5in">Prospective non-U.S. shareholders
should consult with their own tax advisors to determine the impact of federal, state and local income tax laws with regard to an
investment in shares, including any reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 0.15in 6pt 0; text-indent: 19.95pt"><B><I>Distributions. </I></B>Distributions
that are not attributable to gain from sales or exchanges by us of &#8220;United States real property interests&#8221; or otherwise
effectively connected with the non-U.S. shareholder&#8217;s conduct of a U.S. trade or business and that are not designated by
us as capital gain dividends will be treated as dividends of ordinary income to the extent that they are made out of our current
or accumulated earnings and profits. Such distributions ordinarily will be subject to a withholding tax equal to 30% of the gross
amount of the distribution unless an applicable tax treaty reduces or eliminates that tax. Certain tax treaties limit the extent
to which dividends paid by a REIT can qualify for a reduction of the withholding tax on dividends. Our dividends that are attributable
to excess inclusion income, if any, will be subject to 30% U.S. withholding tax without reduction under any otherwise applicable
tax treaty. See &#8220;&#8212; Taxation of the Company-Requirements for Qualification&#8221; above. Distributions in excess of
our current and accumulated earnings and profits will not be taxable to a non-U.S. shareholder to the extent that they do not exceed
the adjusted basis of the shareholder&#8217;s shares, but rather will reduce the adjusted basis of such shares. To the extent that
such distributions exceed the adjusted basis of a non-U.S. shareholder&#8217;s shares, they will give rise to tax liability if
the non-U.S. shareholder would otherwise be subject to tax on any gain from the sale or disposition of its shares, as described
below. If a distribution is treated as effectively connected with the non-U.S. shareholder&#8217;s conduct of a U.S. trade or business,
the non-U.S. shareholder generally will be subject to federal income tax on the distribution at graduated rates, in the same manner
as U.S. shareholders are taxed with respect to such distribution, and a non-U.S. shareholder that is a corporation also may be
subject to the 30% branch profits tax (or lower rate under an applicable tax treaty if any) with respect to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0.1in 6pt 0; text-indent: 19.95pt">For withholding tax purposes,
we are generally required to treat all distributions as if made out of our current or accumulated earnings and profits and thus
intend to withhold at the rate of 30% (or a reduced treaty rate if applicable) on the amount of any distribution (other than distributions
designated as capital gain dividends) made to a non-U.S. shareholder. We would not be required to withhold at the 30% rate on distributions
we reasonably estimate to be in excess of our current and accumulated earnings and profits. If it cannot be determined at the time
a distribution is made whether such distribution will be in excess of current and accumulated earnings and profits, the distribution
will be subject to withholding at the rate applicable to ordinary dividends. However, the non-U.S. shareholder may seek a refund
of such amounts from the IRS if it is subsequently determined that such distribution was, in fact, in excess of our current or
accumulated earnings and profits, and the amount withheld exceeded the non-U.S. shareholder&#8217;s United States tax liability,
if any, with respect to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">For any year in which we
qualify as a REIT, distributions to non-U.S. shareholders (other than certain investors including &#8220;qualified foreign pension
funds&#8221;) who own more than 10% of our shares and that are attributable to gain from sales or exchanges by us of United States
real property interests will be taxed under the provisions of the Foreign Investment in Real Property Tax Act of 1980 (&#8220;FIRPTA&#8221;).
Under FIRPTA, a non-U.S. shareholder is taxed as if such gain were effectively connected with a United States business. Non-U.S.
shareholders who own more than 10% of our shares would thus be taxed at the normal capital gain rates applicable to U.S. shareholders
(subject to alternative minimum tax, if applicable,). Also, distributions made to non-U.S. shareholders who own more than 10% of
our shares may be subject to a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0">30% branch profits tax (or lower rate under an
applicable tax treaty if any) in the hands of a corporate non-U.S. shareholder. We are required by applicable regulations to withhold
the highest applicable corporate tax rate (currently 21%) of any distribution that could be designated by us as a capital gain
dividend regardless of the amount actually designated as a capital gain dividend. This amount is creditable against the non-U.S.
shareholder&#8217;s FIRPTA tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">A &#8220;qualified foreign
pension fund&#8221; is any trust, corporation, or other organization or arrangement (i)&nbsp;which is created or organized under
the laws of a country other than the United States; (ii) which is established to provide retirement or pension benefits to current
or former employees (or their designees) of one or more employers in consideration for services rendered; (iii) which does not
have a single participant or beneficiary entitled to more than 5% of its assets or income; (iv) which is subject to government
regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the country in
which it is established or operates; and (v) as to which, under the laws of the country in which it is established or operates:
(a) contributions to that trust, corporation, organization or arrangement which would otherwise be subject to tax under those laws
are deductible or excluded from the gross income of the entity or taxed at a reduced rate, or (b) taxation of any investment income
of the trust, corporation, organization or arrangement is deferred or that income is taxed at a reduced rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Distributions made to REIT
shareholders, that are attributable to gain from sales or exchanges of United States real property interests will retain their
character as gain subject to the rules of FIRPTA discussed above when distributed by such REIT shareholders to their respective
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">If a non-U.S. shareholder
does not own more than 10% of our shares during the one-year period prior to a distribution attributable to gain from sales or
exchanges by us of United States real property interests, such distribution will not be considered to be gain effectively connected
with a U.S. business as long as the class of shares continues to be regularly traded on an established securities market in the
United States. As such, a non-U.S. shareholder who does not own more than 10% of our shares would not be required to file a U.S.
federal income tax return by reason of receiving such a distribution. In this case, the distribution will be treated as a REIT
dividend to that non-U.S. shareholder and taxed as a REIT dividend that is not a capital gain distribution as described above.
In addition, the branch profits tax will not apply to such distributions. If our common shares cease to be regularly traded on
an established securities market in the United States, all non-U.S. shareholders of our common shares would be subject to taxation
under FIRPTA with respect to capital gain distributions attributable to gain from the sale or exchange of United States real property
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt"><B><I>Dispositions</I></B>.
Gain recognized by a non-U.S. shareholder upon a sale or disposition of our common shares generally will not be taxed under FIRPTA
if we are a &#8220;domestically controlled REIT,&#8221; defined generally as a REIT in which at all times during a specified testing
period less than 50% in value of our shares was held directly or indirectly by non-U.S. persons. We believe, but cannot guarantee,
that we have been a &#8220;domestically controlled REIT.&#8221; However, because our shares are publicly traded, no assurance can
be given that we will continue to be a &#8220;domestically controlled REIT.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Notwithstanding the general
FIRPTA exception for sales of domestically controlled REIT stock discussed above, a disposition of domestically controlled REIT
stock will be taxable if the disposition occurs in a wash sale transaction relating to a distribution on such stock. In addition,
FIRPTA taxation will apply to substitute dividend payments received in securities lending transactions or sale-repurchase transactions
of domestically controlled REIT stock to the extent such payments are made to shareholders in lieu of distributions that would
have otherwise been subject to FIRPTA taxation. The foregoing rules regarding wash sales and substitute dividend payments with
respect to domestically controlled REIT stock will not apply to stock that is regularly traded on an established securities market
within the United States and held by a non-U.S. shareholder that held 10% or less of such stock during the one-year period prior
to the related distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">In addition, a non-U.S. shareholder
that owns, actually or constructively, 10% or less of a class of our shares through a specified testing period, whether or not
our shares are domestically controlled, will not be subject to tax on the sale of its shares under FIRPTA if the shares are regularly
traded on an established securities market. If the gain on the sale of shares were to be subject to taxation under FIRPTA, the
non-U.S. shareholder would be subject to the same treatment as U.S. shareholders with respect to such gain (subject to alternative
minimum tax, if applicable and possible application of the 30% branch profits tax in the case of foreign corporations) and the
purchaser would be required to withhold and remit to the IRS 15% of the purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Gain not subject to FIRPTA
will be taxable to a non-U.S. shareholder if (1) investment in the shares is effectively connected with the non-U.S. shareholder&#8217;s
U.S. trade or business, in which case the non-U.S. shareholder will be subject to the same treatment as U.S. shareholders with
respect to such gain, or (2) the non-U.S. shareholder is a nonresident alien</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0">individual who was present in the United States
for 183 days or more during the taxable year and such nonresident alien individual has a &#8220;tax home&#8221; in the United States,
in which case the nonresident alien individual will be subject to a 30% tax on the individual&#8217;s capital gain.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Tax &#8212; Exempt Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.4pt 0 6pt; text-indent: 19.95pt">Tax-exempt entities, including qualified
employee pension and profit sharing trusts and individual retirement accounts (&#8220;Exempt Organizations&#8221;), generally are
exempt from federal income taxation. However, they are subject to taxation on their unrelated business taxable income (&#8220;UBTI&#8221;).
While investments in real estate may generate UBTI, the IRS has issued a published ruling to the effect that dividend distributions
by a REIT to an exempt employee pension trust do not constitute UBTI, provided that the shares of the REIT are not otherwise used
in an unrelated trade or business of the exempt employee pension trust. Based on that ruling, amounts distributed by us to Exempt
Organizations generally should not constitute UBTI. However, if an Exempt Organization finances its acquisition of our shares with
debt, a portion of its income from us, if any, will constitute UBTI pursuant to the &#8220;debt-financed property&#8221; rules
under the Code. In addition, our dividends that are attributable to excess inclusion income, if any, will constitute UBTI for most
Exempt Organizations. See &#8220;Taxation of the Company-Requirements for Qualification&#8221; above. Furthermore, social clubs,
voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans that
are exempt from taxation under specified provisions of the Code are subject to different UBTI rules, which generally will require
them to characterize distributions from us as UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition, a pension trust
that owns more than 10% of our shares is required to treat a percentage of the dividends from us as UBTI (the &#8220;UBTI Percentage&#8221;)
in certain circumstances. The UBTI Percentage is our gross income derived from an unrelated trade or business (determined as if
we were a pension trust) divided by our total gross income for the year in which the dividends are paid. The UBTI rule applies
only if (i) the UBTI Percentage is at least 5%, (ii) we qualify as a REIT by reason of the modification of the 5/50 Rule that allows
the beneficiaries of the pension trust to be treated as holding our shares in proportion to their actuarial interests in the pension
trust, and (iii) either (A) one pension trust owns more than 25% of the value of our shares or (B) a group of pension trusts individually
holding more than 10% of the value of our capital shares collectively owns more than 50% of the value of our capital shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We will report to U.S. shareholders
and the IRS the amount of dividends paid during each calendar year, and the amount of tax withheld, if any, with respect thereto.
Under the backup withholding rules, a shareholder may be subject to backup withholding, currently at a rate of 24%, with respect
to dividends paid unless such holder (a) is a corporation or comes within certain other exempt categories and, when required, demonstrates
this fact, or (b) provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding and otherwise
complies with the applicable requirements of the backup withholding rules. A U.S. shareholder who does not provide us with its
correct taxpayer identification number also may be subject to penalties imposed by the IRS. Amounts withheld as backup withholding
will be creditable against the shareholder&#8217;s income tax liability if proper documentation is supplied. In addition, we may
be required to withhold a portion of capital gain distributions made to any shareholders who fail to certify their non-foreign
status to us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Non-U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Generally, we must report
annually to the IRS the amount of dividends paid to a non-U.S. shareholder, such holder&#8217;s name and address, and the amount
of tax withheld, if any. A similar report is sent to the non-U.S. shareholder. Pursuant to tax treaties or other agreements, the
IRS may make its reports available to tax authorities in the non-U.S. shareholder&#8217;s country of residence. Payments of dividends
or of proceeds from the disposition of stock made to a non-U.S. shareholder may be subject to information reporting and backup
withholding unless such holder establishes an exemption, for example, by properly certifying its non-United States status on an
IRS Form W-8BEN-E, W-8BEN or another appropriate version of IRS FormW-8. Notwithstanding the foregoing, backup withholding and
information reporting may apply if either we have or our paying agent has actual knowledge, or reason to know, that a non-U.S.
shareholder is a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Backup withholding is not
an additional tax. Rather, the United States income tax liability of persons subject to backup withholding will be reduced by the
amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may be obtained, provided that the
required information is furnished to the IRS.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Foreign Account Tax Compliance Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Sections 1471 to 1474 of
the Code and the U.S. Treasury Regulations promulgated thereunder (&#8220;FATCA&#8221;) impose certain increased certification
requirements and information reporting for Non-U.S. Shareholders. In the event of noncompliance with FATCA, a 30% withholding tax
could be imposed on payments of interest or other fixed or determinable annual or periodic income. In the future, gross proceeds
from the sale or other disposition of the Interests may also become subject to a withholding tax of 30% under FATCA. Until final
Treasury Regulations are issued, however, we and any withholding agent may rely on proposed Treasury Regulations that eliminate
FATCA withholding on such gross proceeds. FATCA should not apply to Non-U.S. Shareholders who are individuals and provide a properly
completed Form W-8. However, payments in respect of Interests to Non-U.S. Shareholders who are individuals could be affected by
this withholding if such Non-U.S. Shareholders hold shares through a non-US person (e.g., a foreign bank or broker) that fails
to comply with these requirements (even if payments to the Non-U.S. Shareholders would not otherwise have been subject to FATCA
withholding). We will not pay any additional amounts to Non-U.S. Shareholders in respect of any amounts withheld. Non-U.S. Shareholders
are encouraged to consult their tax advisors regarding the possible implications of FATCA on their investment in shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n015"></A>SELLING SECURITYHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 0 6pt; text-indent: 19.95pt">Information about any selling securityholders
will be added to this prospectus pursuant to a prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n016"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>General</I></B>. We
and/or the selling securityholders may sell the securities being offered by this prospectus in one or more of the following ways
from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>to/or through underwriters or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>to/or through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.75pt">in &#8220;at the market offerings&#8221; to or through a market maker or into an existing trading
market, or a securities exchange or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>directly to one or more purchasers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>through a combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">A distribution of the securities
offered by this prospectus may also be effected through the issuance of derivative securities, including without limitation, warrants,
subscriptions, exchangeable securities, forward delivery contracts and the writing of options. In addition, the manner in which
we and/or the selling securityholders may sell some or all of the securities covered by this prospectus includes, without limitation,
through:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 21.85pt">a block trade in which a broker-dealer will attempt to sell as agent, but may position or resell
a portion of the block, as principal, in order to facilitate the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>privately negotiated transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We may also enter into hedging
transactions. For example, we may:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.7pt">enter into transactions with a broker-dealer or affiliate thereof in connection with which such
broker-dealer or affiliate will engage in short sales of the common shares pursuant to this prospectus, in which case such broker-dealer
or affiliate may use common shares received from us to close out its short positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>sell securities short and redeliver such shares to close out our short positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.1pt">enter into option or other types of transactions that require us to deliver common shares to a
broker-dealer or an affiliate thereof, who will then resell or transfer the common shares under this prospectus; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.15pt">loan or pledge the common shares to a broker-dealer or an affiliate thereof who may sell the
loaned shares or, in an event of default in the case of a pledge, sell the pledged shares pursuant to this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition, we may enter
into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties
in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered by and
pursuant to this prospectus and an applicable prospectus supplement or pricing supplement, as the case may be. If so, the third
party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any
related short positions. We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement
to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities
pursuant to this prospectus and the applicable prospectus supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">A prospectus supplement
with respect to each series of securities will state the terms of the offering of the securities, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the terms of the offering;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 15.25pt">the name or names of any underwriters or agents and the amounts of securities underwritten or
purchased by each of them, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 12pt">the public offering price or purchase price of the securities and the net proceeds to be received
by us from the sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any delayed delivery arrangements;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the terms of any subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any initial public offering price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.2pt">any underwriting discounts or agency fees and other items constituting underwriters&#8217; or
agents&#8217; compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any securities exchange on which the securities may be listed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">The offer and sale of the
securities described in this prospectus by us, the selling securityholders, the underwriters or the third parties described above
may be effected from time to time in one or more transactions, including privately negotiated transactions, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at a fixed price or prices, which may be changed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at market prices prevailing at the time of sale, including in &#8220;at the market offerings&#8221;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at prices related to the prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Selling Shareholders</I></B>.
The selling securityholders may offer our securities in one or more offerings, and if required by applicable law or in connection
with an underwritten offering, pursuant to one or more prospectus supplements, and any such prospectus supplement will set forth
the terms of the relevant offering as described above. To the extent our securities offered pursuant to a prospectus supplement
or otherwise remain unsold, the selling securityholders may offer those securities on different terms pursuant to another prospectus
supplement or in a private transaction. Sales by the selling securityholders may not require the provision of a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition to the foregoing,
each of the selling securityholders may offer our securities at various times in one or more of the following transactions: through
short sales, derivative and hedging transactions; by pledge to secure debts and other obligations; through offerings of securities
exchangeable, convertible or exercisable for our securities; under forward purchase contracts with trusts, investment companies
or other entities (which may, in turn, distribute their own securities); through distribution to its members, partners or shareholders;
in exchange or over-the-counter market transactions; and/or in private transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Each of the selling securityholders
also may resell all or a portion of our securities that it owns in open market transactions in reliance upon Rule 144 under the
Securities Act, or any other available exemption from required registration under the Securities Act, provided it meets the criteria
and conforms to the requirements of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Underwriting Compensation</I></B>.
Any public offering price and any fees, discounts, commissions, concessions or other items constituting compensation allowed or
reallowed or paid to underwriters, dealers, agents or remarketing firms may be changed from time to time. Underwriters, dealers,
agents and remarketing firms that participate in the distribution of the offered securities may be &#8220;underwriters&#8221; as
defined in the Securities Act. Any discounts or commissions they receive from us and/or the selling securityholders and any profits
they receive on the resale of the offered securities may be treated as underwriting discounts and commissions under the Securities
Act. We will identify any underwriters, agents or dealers and describe their fees, commissions or discounts in the applicable prospectus
supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Underwriters and Agents</I></B>.
If underwriters are used in a sale, they will acquire the offered securities for their own account. The underwriters may resell
the offered securities in one or more transactions, including negotiated transactions. We and/or the selling securityholders may
offer the securities to the public either through an underwriting syndicate represented by one or more managing underwriters or
through one or more underwriter(s). The underwriters in any particular offering will be identified in the applicable prospectus
supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in connection with any particular offering of securities, the obligations of the underwriters to purchase the offered securities
will be subject to certain conditions contained in an underwriting agreement that we and/or the selling securityholders will enter
into with the underwriters at the time of the sale to them. The underwriters will be obligated to purchase all of the securities
of the series offered if any of the securities are purchased, unless otherwise</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0">specified in connection with any particular offering
of securities. Any initial offering price and any discounts or concessions allowed, re allowed or paid to dealers may be changed
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We and/or selling securityholders
may designate agents to sell the offered securities. Unless otherwise specified in connection with any particular offering of securities,
the agents will agree to use their best efforts to solicit purchases for the period of their appointment. We and/or selling securityholders
may also sell the offered securities to one or more remarketing firms, acting as principals for their own accounts or as agents
for us and/or selling securityholders. These firms will remarket the offered securities upon purchasing them in accordance with
a redemption or repayment pursuant to the terms of the offered securities. A prospectus supplement or pricing supplement, as the
case may be, will identify any remarketing firm and will describe the terms of its agreement, if any, with us and/or selling securityholders
and its compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In connection with offerings
made through underwriters or agents, we and/or selling securityholders may enter into agreements with such underwriters or agents
pursuant to which we and/or selling securityholders receive our outstanding securities in consideration for the securities being
offered to the public for cash. In connection with these arrangements, the underwriters or agents may also sell securities covered
by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions. If so, the underwriters
or agents may use the securities received from us and/or selling securityholders under these arrangements to close out any related
open borrowings of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Dealers</I></B>. We
and/or selling securityholders may sell the offered securities to dealers as principals. We and/or selling securityholders may
negotiate and pay dealers&#8217; commissions, discounts or concessions for their services. The dealer may then resell such securities
to the public either at varying prices to be determined by the dealer or at a fixed offering price agreed to with us and/or selling
securityholders at the time of resale. Dealers engaged by us and/or selling securityholders may allow other dealers to participate
in resales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Direct Sales</I></B>.
We and/or selling securityholders may choose to sell the offered securities directly to multiple purchasers or a single purchaser.
In this case, no underwriters or agents would be involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 6.2pt 6pt 0; text-indent: 19.95pt"><B><I>Institutional Purchasers.
</I></B>We and/or selling securityholders may authorize agents, dealers or underwriters to solicit certain institutional investors
to purchase offered securities on a delayed delivery basis pursuant to delayed delivery contracts providing for payment and delivery
on a specified future date. The applicable prospectus supplement or pricing supplement, as the case may be, will provide the details
of any such arrangement, including the offering price and commissions payable on the solicitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 5.1pt 6pt 0; text-indent: 19.95pt">We and/or selling securityholders
may enter into such delayed contracts only with institutional purchasers that we and/or selling securityholders approve. These
institutions may include commercial and savings banks, insurance companies, pension funds, investment companies and educational
and charitable institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 9.55pt 6pt 0; text-indent: 19.95pt"><B><I>Subscription Offerings.
</I></B>Direct sales to investors or our shareholders may be accomplished through subscription offerings or through shareholder
subscription rights distributed to shareholders. In connection with subscription offerings or the distribution of shareholder subscription
rights to shareholders, if all of the underlying securities are not subscribed for, we may sell any unsubscribed securities to
third parties directly or through underwriters or agents. In addition, whether or not all of the underlying securities are subscribed
for, we may concurrently offer additional securities to third parties directly or through underwriters or agents. If securities
are to be sold through shareholder subscription rights, the shareholder subscription rights will be distributed as a dividend to
the shareholders for which they will pay no separate consideration. The prospectus supplement with respect to the offer of securities
under shareholder subscription rights will set forth the relevant terms of the shareholder subscription rights, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.1pt">whether common shares, preferred shares, or warrants for those securities will be offered under
the shareholder subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.95pt">the number of those securities or warrants that will be offered under the shareholder subscription
rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 43.9pt">the period during which and the price at which the shareholder subscription rights will be exercisable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number of shareholder subscription rights then outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 12.15pt">any provisions for changes to or adjustments in the exercise price of the shareholder subscription
rights; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any other material terms of the shareholder subscription rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 12.15pt 6pt 0; text-indent: 19.95pt"><B><I>Indemnification; Other
Relationships. </I></B>We and/or selling securityholders may agree to indemnify underwriters, dealers, agents and remarketing firms
against civil liabilities, including liabilities under the Securities Act and to make contribution to them in connection with those
liabilities. Underwriters, dealers, agents and remarketing firms, and their affiliates, may engage in transactions with, or perform
services for us and our affiliates, in the ordinary course of business, including commercial banking transactions and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Market Making, Stabilization
and Other Transactions.</I></B> Each series of securities offered by us will be a new issue of securities and may have no established
trading market other than our common shares and outstanding preferred shares which are currently listed on the NYSE. Any underwriters
to whom we and/or selling securityholders sell securities for public offering and sale may make a market in the securities, but
such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The securities
may or may not be listed on a national securities exchange, and any such listing if pursued will be described in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 6pt; text-indent: 19.95pt">To facilitate the offering of the
securities, certain persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect
the price of the securities. This may include over-allotments or short sales of the securities, which involves the sale by persons
participating in the offering of more securities than we sold to them. In these circumstances, these persons would cover the over-allotments
or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons
may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing
penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold
by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or
maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions
may be discontinued at any time.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n017"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 9.75pt 6pt 0; text-indent: 19.95pt">Certain legal matters, including
the legality of certain of the securities covered by this prospectus, will be passed upon for us by Paul Hastings LLP. Certain
legal matters under Maryland law, including the legality of certain of the securities covered by this prospectus, will be passed
on for us by Venable LLP, Baltimore, Maryland.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n018"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 9.75pt 6pt 0; text-indent: 19.95pt">The financial statements
incorporated in this Registration Statement by reference from Lexington Realty Trust's Annual Report on Form 10-K, and the effectiveness
of Lexington Realty Trust's internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent
registered public accounting firm, as stated in their reports, which are incorporated herein by reference. Such financial statements
have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n019"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.85pt 5.4pt 6pt 0; text-indent: 19.95pt">LXP files annual, quarterly
and current reports, proxy statements (as applicable) and other information with the SEC. Our filings with the SEC are available
to the public on the Internet at the SEC&#8217;s website at <I>http://www.sec.gov</I>. We also maintain a website at <I>http://www.lxp.com</I>
through which you can obtain copies of documents that we file with the SEC. <B>The contents of that website are not incorporated
by reference in or otherwise a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 4.95pt 6pt 0; text-indent: 19.95pt">The SEC allows LXP to &#8220;incorporate
by reference&#8221; the information we file with the SEC, which means we can disclose important information to you by referring
you to those documents. The information incorporated by reference herein is an important part of this prospectus. Any statement
contained herein or in a prospectus supplement hereto or in any document incorporated by reference will be deemed to be amended,
modified or superseded for the purpose of this prospectus to the extent that a statement contained in this prospectus, any prospectus
supplement or a later document that is or is considered to be incorporated by reference herein amends, modifies or supersedes such
statement. Any statements so amended, modified or superseded will not be deemed to constitute a part of this prospectus, except
as so amended, modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">LXP incorporates by reference in
this prospectus the documents listed below and any future filings that LXP may make with the SEC under Sections 13(a), 13(c), 14,
or 15(d) of the Exchange Act after the date of the initial registration statement and prior to the termination of the offering
under this prospectus; provided, however, that we are not incorporating, in each case, any documents or information deemed to have
been furnished and not filed in accordance with SEC rules:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.35pt">our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February
18, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 34.75pt">the description of our common shares contained in Exhibit 4.10 to our Annual Report on Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2020 filed with the Commission on February&nbsp;18, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 34.75pt">our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 6, 2020; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>our Registration Statement on Form 8-A, filed with the SEC on December 8, 2004.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 0 6pt; text-indent: 19.95pt">To receive a free copy of any of
the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated by reference
in the documents), write us at the following address or call us at the telephone number listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 0 6pt; text-align: center; text-indent: 20.15pt">Lexington Realty
Trust<BR>
One Penn Plaza<BR>
Suite 4015<BR>
Attention: Investor Relations<BR>
New York, New York 10119-4015<BR>
(212) 692-7200</P>


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<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 120pt 0 6pt; text-align: center"><B>16,000,000 Shares<BR>
of Beneficial Interest Classified as Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="lxplogogrn.jpg" ALT="" STYLE="height: 108pt; width: 98.3pt"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.25in; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 100%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><B>P R O S P E C T U S&nbsp;&nbsp;&nbsp;S U P P L E M E N T</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Wells Fargo Securities</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>J.P. Morgan</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>KeyBanc Capital Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 48pt; text-align: center"><B>May 10,
2021</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 3.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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