<SEC-DOCUMENT>0001539497-22-000800.txt : 20220411
<SEC-HEADER>0001539497-22-000800.hdr.sgml : 20220411
<ACCEPTANCE-DATETIME>20220411155213
ACCESSION NUMBER:		0001539497-22-000800
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220411
DATE AS OF CHANGE:		20220411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LXP Industrial 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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12386
		FILM NUMBER:		22819625

	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 REALTY TRUST
		DATE OF NAME CHANGE:	20070104

	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
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&#160;UNITED
STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 OR  15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Securities Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported): <B><FONT ID="xdx_908_edei--DocumentPeriodEndDate_c20220408__20220408_zxZOlG9Yec9c">April 8, 2022</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&#8217;s telephone number, including area
code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="text-decoration: underline">N/A</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since last
report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities registered pursuant to Section 12(b) of
the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&#167;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company <FONT ID="xdx_905_edei--EntityEmergingGrowthCompany_c20220408__20220408_zPI3DgHZSAC5">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>Item 2.02. Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">On April 8, 2022, LXP Industrial Trust, or the Trust, issued a press
release announcing a leasing activity update for the first quarter of 2022. A copy of the press release is furnished herewith as Exhibit
99.1 and such updated leasing disclosure therein is incorporated into this Item 2.02 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">The information furnished pursuant to this &#8220;Item 2.02 - Results
of Operations and Financial Condition&#8221;, including Exhibit 99.1, shall not be deemed to be &#8220;filed&#8221; for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the&#160;Exchange Act, or otherwise subject to the
liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the&#160;Exchange
Act&#160;or&#160;Securities Act of 1933, as amended, which we refer to as the&#160;Securities Act, regardless of any general incorporation
language in any such filing, except as shall be expressly set forth by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 7.01. Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8201;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the press release furnished herewith as Exhibit
99.1, the Trust announced that its Board of Trustees has suspended its review of the Trust&#8217;s strategic alternatives and made available
certain earnings guidance for the year ending December 31, 2022. The press release is incorporated into this Item 7.01 by reference (other
than to the extent incorporated by reference into Item 2.02 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information furnished pursuant to this &#8220;Item
7.01 - Regulation FD Disclosure&#8221;, including Exhibit 99.1, shall not be deemed to be &#8220;filed&#8221; for the purposes of Section
18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference
into any filing made by us under the Exchange Act or the Securities Act regardless of any general incorporation language in any such filing,
except as shall be expressly set forth by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#8201;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&#8201;&#8201;&#8201;&#8201;Exhibits&#8201;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8201;&#8201;</P>

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    <TD STYLE="width: 8%; padding-right: 5.65pt; padding-left: 0pt"><A HREF="n3045-x5exh99_1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="width: 92%; padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="n3045-x5exh99_1.htm" STYLE="-sec-extract: exhibit">Press Release issued April 8, 2022</A></TD></TR>
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    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8201;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#8201;&#8201;</P>

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    <TD>&#160;</TD>
    <TD COLSPAN="2">Lexington Realty Trust</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8201;</TD>
    <TD>&#8201;</TD>
    <TD>&#8201;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8201;</TD>
    <TD>&#8201;</TD>
    <TD>&#8201;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: April 8, 2022</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Beth Boulerice</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8201;</TD>
    <TD>&#8201;</TD>
    <TD>Beth Boulerice</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8201;</TD>
    <TD>&#8201;</TD>
    <TD>Chief Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8201;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE ISSUED APRIL 8, 2022
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>LXP Industrial Trust Suspends Strategic Alternatives
Process</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Remains Open to Opportunities to Maximize Shareholder
Value </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>New York &ndash; April 8, 2022 &ndash; </B>LXP Industrial Trust (NYSE:
LXP) (&ldquo;LXP&rdquo; or the &ldquo;Company&rdquo;), a real estate investment trust (REIT) focused on single-tenant warehouse/distribution
real estate investments, today announced that its Board of Trustees has unanimously determined to suspend the Company&rsquo;s previously
announced evaluation of strategic alternatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The LXP Board of Trustees (the &ldquo;Board&rdquo;), with the support of
its independent financial and legal advisors, conducted a robust and thorough review process and held discussions with a wide array of
strategic and financial investors regarding potential alternatives, including a sale or merger of the Company and other transactions.
The feedback from multiple potential counterparties reaffirmed the attractiveness of the Company&rsquo;s portfolio and validated LXP&rsquo;s
transformation strategy. The feedback also cited the significant changes to macroeconomic, geopolitical and financing conditions since
the commencement of the review process on February 8, 2022, which have meaningfully impacted the M&amp;A environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Accordingly, the Board has unanimously determined that the best path forward
for shareholders at this time is for LXP to continue to operate as an independent company and execute its growth strategy while completing
the final stages of its portfolio transformation and capitalizing on the mark-to-market opportunity embedded in its portfolio. As such,
the Board has suspended the review process. The LXP Board and management team are committed to maximizing shareholder value and remain
open to all opportunities to achieve this objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Richard S. Frary, Lead Independent Trustee of the Board, commented, &quot;Following
a thorough evaluation of alternatives the LXP Board determined that, the continued execution of LXP&rsquo;s strategy remains the best
path to enhance shareholder value at this time. As we continue to execute our disciplined growth strategy to build on our strong momentum,
we will remain open to all alternatives to maximize shareholder value.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">T. Wilson Eglin, Chairman, Chief Executive Officer and President of LXP,
commented further, &ldquo;Over the last five years, we have successfully transformed LXP into a leading, predominantly single-tenant industrial
REIT with a much stronger portfolio and driven relative outperformance and substantial shareholder value. Throughout the strategic review
process, we received clear feedback reaffirming the merits of LXP&rsquo;s strategy and transformation, which has created a robust platform
for continued growth.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First Quarter Leasing Activity Update and 2022 Guidance</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Additionally, LXP announced a leasing activity update for the first quarter
of 2022, with new and renewal leases totaling 2.3 million square feet executed in its warehouse/distribution portfolio.&nbsp;This leasing
activity resulted in Base and Cash Base rental increases of 27.7% and 18.1%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Further, LXP announced its net income attributable to common shareholders
per diluted common share for the year ended December 31, 2022 is expected to be within a range of $0.31 to $0.35, and its Adjusted Company
Funds From Operations available to all equity holders and unitholders - diluted (&ldquo;Adjusted Company FFO&rdquo;) - for the year ended
December 31, 2022 is expected to be within a range of $0.64 to $0.68 per diluted common share. This guidance is forward looking, excludes
the impact of certain items and is based on current expectations. Adjusted Company FFO
is a non-GAAP financial measure, which is defined and reconciled later in this press release.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP expects to announce its first quarter 2022 earnings results on May 5,
2022 and host a conference call the same day. Conference call and webcast details will be released in the coming weeks. &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ABOUT LXP INDUSTRIAL TRUST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment
trust (REIT) focused on single-tenant warehouse and distribution investments across the United States. LXP seeks to expand its portfolio
through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information or to follow LXP
on social media, visit <FONT STYLE="color: Blue"><U>www.lxp.com</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><I>This release contains certain forward-looking statements which
involve known and unknown risks, uncertainties or other factors not under LXP's control which may cause actual results, performance or
achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements.
Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings &ldquo;Management's
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and &ldquo;Risk Factors&rdquo; in LXP's periodic reports
filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Copies of the periodic reports LXP files with the SEC are available
on LXP's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans,
strategies and expectations, are generally identifiable by use of the words &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; &ldquo;is optimistic,&rdquo; &ldquo;goal,&rdquo; &ldquo;objective&rdquo; or similar
expressions. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking
statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no
assurance that LXP's expectations will be realized.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">LXP has filed a preliminary proxy statement (the &quot;Preliminary
Proxy Statement&quot;) and form of associated WHITE proxy card with the SEC in connection with the solicitation of proxies (the &quot;Solicitation&quot;)
for LXP's 2022 annual meeting of shareholders (the &quot;2022 Annual Meeting&quot;). SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS
FILED WITH OR FURNISHED TO THE SEC BY LXP, INCLUDING LXP'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able
to obtain, free of charge, copies of LXP's definitive proxy statement, any amendments or supplements thereto and any other documents (including
the WHITE proxy card) when filed by LXP with the SEC at the SEC&rsquo;s website (http://www.sec.gov) or at LXP&rsquo;s website at www.lxp.com
within the investors section.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Certain Information and Where to Find It</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP, its trustees and certain of its executive officers and other employees
may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Solicitation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Additional information regarding the identity of these potential participants,
none of whom owns in excess of one percent (1%) of LXP&rsquo;s shares, and their direct or indirect interests, by security holdings or
otherwise, are set forth in the Preliminary Proxy Statement and other materials to be filed with the SEC in connection with the Solicitation.
To the extent holdings of LXP&rsquo;s securities by such potential participants (or the identity of such participants) have changed since
the information printed in the Preliminary Proxy Statement, such information has been or will be reflected on Statements of Change in
Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-GAAP Financial Measures </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP has used non-GAAP financial measures as defined by SEC Regulation G
in this press release and in other public disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP believes that the measures defined below are helpful to investors in
measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their
respective most comparable measures under generally accepted accounting principles (&ldquo;GAAP&rdquo;), reliance on the measures has
limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance
with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally,
they should not be used as an alternative to the respective most comparable GAAP measures when evaluating LXP's financial performance
or cash flow from operating, investing or financing activities or liquidity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Funds from Operations (&ldquo;FFO&rdquo;) and Adjusted Company FFO: LXP
believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance
of an equity REIT. LXP believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation
of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization
of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real
estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over
year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest
costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent
from net income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The National Association of Real Estate Investment Trusts, or NAREIT, defines
FFO as &ldquo;net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and
losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real
estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate
held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in
earnings of unconsolidated affiliates to FFO.&rdquo; FFO does not represent cash generated from operating activities in accordance with
GAAP and is not indicative of cash available to fund cash needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP presents FFO available to common shareholders and unitholders - basic
and also presents FFO available to all equity holders and unitholders - diluted on a company-wide basis as if all securities that are
convertible, at the holder's option, into Lexington&rsquo;s common shares, are converted at the beginning of the period. LXP also presents Adjusted Company FFO available to all equity
holders and unitholders - diluted which adjusts FFO available to all equity holders and unitholders - diluted for certain items which
we believe are not indicative of the operating results of LXP&rsquo;s real estate portfolio. LXP believes this is an appropriate presentation
as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures
in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not
be considered as an alternative to net income as an indicator of LXP&rsquo;s operating performance or as an alternative to cash flow as
a measure of liquidity.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Base Rent: Base Rent is calculated by making adjustments to GAAP rental
revenue to exclude billed tenant reimbursements and lease termination income and to include ancillary income. Base Rent excludes reserves/write-offs
of deferred rent receivable, as applicable. LXP believes Base Rent provides a meaningful measure due to the net lease structure of leases
in the portfolio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP
rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related
to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income
and includes ancillary income. LXP believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LXP INDUSTRIAL TRUST AND SUBSIDIARIES&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2022 EARNINGS GUIDANCE</B></P></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Twelve Months Ended<BR> <U>December 31, 2022</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Range</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Estimated:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; text-align: left">Net income attributable to common shareholders per diluted common share<SUP>(1)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">0.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">0.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11.25pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">Impact of capital transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Estimated Adjusted Company FFO per diluted common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.64</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.68</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1) Assumes all convertible securities are dilutive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investor or Media Inquiries for LXP Industrial Trust:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Heather Gentry, Senior Vice President, Investor Relations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">LXP Industrial Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Phone: (212) 692-7200</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">E-mail: hgentry@lxp.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Andrew Siegel / Lucas Pers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Phone: (212) 355-4449</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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