Exhibit 99.2

TABLE OF CONTENTS
March 31, 2022

		PAGE				PAGE
SUMMARY / HIGHLIGHTS		3		TENANT DATA
					TOP 15 TENANTS	19
FINANCIAL DATA					QUARTERLY LEASING SUMMARY	20
	CONSOLIDATED BALANCE SHEETS	4			LEASE ROLLOVER SCHEDULES	21
	CONSOLIDATED STATEMENTS OF OPERATIONS	5			PROPERTY LEASES AND VACANCIES	23
	NON-GAAP FINANCIAL DATA	6
	SELECT CREDIT METRICS SUMMARY	10		DEBT
	OTHER FINANCIAL DATA	11			MORTGAGES AND NOTES PAYABLE	33
					DEBT MATURITY SCHEDULE	35
CAPITAL DEPLOYMENT / RECYCLING					DEBT COVENANTS	36
	QUARTERLY INVESTMENTS / CAPITAL RECYCLING	12
	DEVELOPMENT SUMMARY	13		COMPONENTS OF NET ASSET VALUE		37
	CAPITAL EXPENDITURES AND LEASING COSTS	14
				NON-GAAP MEASURES DEFINITIONS		38
PORTFOLIO DATA
	PORTFOLIO DATA	15		INVESTOR INFORMATION		42
	SAME STORE DATA	16
	PORTFOLIO DETAIL BY ASSET CLASS	17
	INDUSTRIAL PORTFOLIO INFORMATION	18

This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of LXP Industrial Trust (“LXP”), which may cause actual results, performance or achievements of LXP and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in LXP’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, risks related to: (1) the potential adverse impact on LXP or its tenants from the novel coronavirus (COVID-19), (2) the authorization of LXP’s Board of Trustees of future dividend declarations, (3) the successful consummation of any lease, acquisition, build-to-suit, development project, disposition, financing or other transaction on the terms described herein or at all, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, LXP undertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP’s expectations will be realized.

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

SUMMARY / HIGHLIGHTS
March 31, 2022

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

Quarterly Highlights		Portfolio Statistics
- Net Income - $0.03 per diluted common share		# of Properties:		123
- Adjusted Company FFO - $0.16 per diluted common share		# of States:		23
- Completed 2.3 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 27.7% and 18.1%		Square Footage:		55.6 million
- Acquired two warehouse/distribution facilities for an aggregate cost of $72.0 million		Ongoing Development Projects:		5
- Invested an aggregate of $68.8 million in five ongoing development projects		Stabilized Portfolio % Leased:		99.4%
- Net Debt to Adjusted EBITDA ratio was 6.3x at quarter end		# of Leases:		149
		% Industrial:		98.1%
		Weighted-Average Lease Term (ABR):		6.5 years
		Weighted-Average Age:		9.4 years
		Developable Land:(1)		577 acres

Footnote

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

3 

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

		March 31, 2022				December 31, 2021
Assets:
Real estate, at cost		$	3,629,494			$	3,583,978
Real estate - intangible assets			339,216				341,403
Land held for development			104,347				104,160
Investments in real estate under construction			231,258				161,165
Real estate, gross			4,304,315				4,190,706
Less: accumulated depreciation and amortization			683,013				655,740
Real estate, net			3,621,302				3,534,966
Assets held for sale			106,653				82,586
Right-of-use assets, net			26,985				27,966
Cash and cash equivalents			49,063				190,926
Restricted cash			105				101
Investments in non-consolidated entities			73,575				74,559
Deferred expenses, net			21,839				18,861
Rent receivable - current			3,993				3,526
Rent receivable - deferred			66,807				63,283
Other assets			17,224				8,784
Total assets		$	3,987,546			$	4,005,558
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net		$	80,385			$	83,092
Term loan payable, net			298,572				298,446
Senior notes payable, net			988,272				987,931
Trust preferred securities, net			127,620				127,595
Dividends payable			36,784				37,425
Liabilities held for sale			3,879				3,468
Operating lease liabilities			28,036				29,094
Accounts payable and other liabilities			65,534				77,607
Accrued interest payable			10,249				8,481
Deferred revenue - including below market leases, net			13,982				14,474
Prepaid rent			13,751				14,717
Total liabilities			1,667,064				1,682,330
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issues and outstanding			94,016				94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 287,871,649 and 283,752,726 shares issued and outstanding in 2022 and 2021, respectively			29				28
Additional paid-in-capital			3,261,770				3,252,506
Accumulated distributions in excess of net income			(1,074,998	)			(1,049,434	)
Accumulated other comprehensive income (loss)			6,008				(6,258	)
Total shareholders’ equity			2,286,825				2,290,858
Noncontrolling interests			33,657				32,370
Total equity			2,320,482				2,323,228
Total liabilities and equity		$	3,987,546			$	4,005,558

4

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

		Three months ending March 31,
		2022				2021
Gross revenues:
Rental revenue		$	78,536			$	91,645
Other revenue			1,742				912
Total gross revenues			80,278				92,557
Expenses applicable to revenues:
Depreciation and amortization			(44,506	)			(42,176	)
Property operating			(14,616	)			(10,934	)
General and administrative			(10,737	)			(8,420	)
Non-operating income			32				477
Interest and amortization expense			(10,682	)			(11,486	)
Gains on sales of properties			255				21,919
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities			24				41,937
Provision for income taxes			(417	)			(372	)
Equity in earnings (losses) of non-consolidated entities			11,301				(90	)
Net income			10,908				41,475
Less net income attributable to noncontrolling interests			(286	)			(433	)
Net income attributable to LXP Industrial Trust shareholders			10,622				41,042
Dividends attributable to preferred shares - Series C			(1,572	)			(1,572	)
Allocation to participating securities			(61	)			(69	)
Net income attributable to common shareholders		$	8,989			$	39,401
Net income attributable to common shareholders - per common share basic		$	0.03			$	0.14
Weighted-average common shares outstanding - basic			283,640,465				275,416,327
Net income attributable to common shareholders - per common share diluted		$	0.03			$	0.14
Weighted-average common shares outstanding - diluted			289,067,778				279,053,697

5

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

		Three months ending March 31,
		2022				2021
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders		$	8,989			$	39,401
Adjustments:
Depreciation and amortization			43,850				41,478
Noncontrolling interest - OP units			89				239
Amortization of leasing commissions			656				698
Joint venture and noncontrolling interest adjustment			3,150				2,115
Gain on sales of properties, including non-consolidated entities, net of tax			(11,526	)			(21,919	)
FFO available to common shareholders and unitholders - basic			45,208				62,012
Preferred dividends			1,572				1,572
Amount allocated to participating securities			61				69
FFO available to common equityholders and unitholders - diluted			46,841				63,653
Transaction costs			89				11
Strategic alternatives and activism costs			1,181				-
Adjusted Company FFO available to all equityholders and unitholders - diluted		$	48,111			$	63,664
Per Common Share and Unit Amounts:
Basic:
FFO		$	0.16			$	0.22
Diluted:
FFO		$	0.16			$	0.22
Adjusted Company FFO		$	0.16			$	0.22
Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS			283,640,465				275,416,327
Operating partnership units (1)			871,037				2,852,419
Weighted-average common shares outstanding - basic FFO			284,511,502				278,268,746
Diluted:
Weighted-average common shares outstanding - diluted EPS			289,067,778				279,053,697
Operating partnership units (1)			871,037				-
Unvested share-based payments awards			59,384				9,125
Preferred shares - Series C			4,710,570				4,710,570
Weighted-average common shares outstanding - diluted FFO			294,708,769				283,773,392

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

6

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

		Three months ending March 31,
		2022				2021
Adjusted Company FFO available to all equityholders and unitholders - diluted		$	48,111			$	63,664
FUNDS AVAILABLE FOR DISTRIBUTION
Adjustments:
Straight-line adjustments			(3,502	)			(2,020	)
Lease incentives			134				219
Amortization of above/below market leases			(480	)			(460	)
Lease termination payments, net			-				2,204
Non-cash interest, net			(347	)			127
Non-cash charges, net			2,098				1,764
Second generation tenant improvements			(4,232	)			(19	)
Second generation lease costs			(141	)			(2,232	)
Joint venture and non-controlling interest adjustment			(349	)			(173	)
Company Funds Available for Distribution		$	41,292			$	63,074

7 

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

Net Operating Income (“NOI”):		Three months ending March 31,
		2022				2021
Net income		$	10,908			$	41,475
Interest and amortization expense			10,682				11,486
Provision for income taxes			417				372
Depreciation and amortization			44,506				42,176
General and administrative			10,737				8,420
Transaction costs			89				11
Non-operating/advisory fee income			(1,483	)			(1,230	)
Gains on sales of properties			(255	)			(21,919	)
Equity in (earnings) losses of non-consolidated entities			(11,301	)			90
Lease termination income, net			-				(10,941	)
Straight-line adjustments			(3,502	)			(2,020	)
Lease incentives			134				219
Amortization of above/below market leases			(480	)			(460	)
NOI			60,452				67,679
Less NOI:
Acquisitions and dispositions			(7,455	)			(15,962	)
Same-Store NOI		$	52,997			$	51,717

8 

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

Adjusted EBITDA:
		3/31/2022				12/31/2021				9/30/2021				6/30/2021				Trailing 12 Months
Net income attributable to LXP Industrial Trust shareholders		$	10,622			$	262,290			$	6,638			$	72,678			$	352,228
Interest and amortization expense			10,682				11,538				12,210				11,474				45,904
Provision for income taxes			417				307				270				344				1,338
Depreciation and amortization			44,506				46,135				45,359				43,044				179,044
Straight-line adjustments			(3,502	)			(4,178	)			(3,196	)			(2,930	)			(13,806	)
Lease incentives			134				175				192				194				695
Amortization of above/below market leases			(480	)			(340	)			(314	)			(437	)			(1,571	)
Gains on sales of properties			(255	)			(262,507	)			(16,122	)			(66,726	)			(345,610	)
Impairment charges			-				3,493				2,048				-				5,541
Debt satisfaction losses, net			-				672				13,222				-				13,894
Non-cash charges, net			2,098				1,796				1,766				1,811				7,471
Non-recurring strategic alternatives and activism costs			1,181				1,199				-				-				2,380
Pro-rata share adjustments:
Non-consolidated entities adjustment			(6,833	)			2,750				2,837				2,854				1,608
Noncontrolling interests adjustment			77				267				228				923				1,495
Adjusted EBITDA		$	58,647			$	63,597			$	65,138			$	63,229			$	250,611

9 

SELECT CREDIT METRICS SUMMARY ⁽¹⁾

		12/31/2019		12/31/2020		12/31/2021		3/31/2022
Adjusted Company FFO Payout Ratio		51.6%		55.6%		56.7%		75.0%
Unencumbered Assets		$3.3 billion		$3.8 billion		$4.2 billion		$4.4 billion
Unencumbered NOI		84.1%		89.3%		92.6%		93.3%
(Debt + Preferred) / Gross Assets		34.5%		32.5%		33.4%		33.2%
Debt/Gross Assets		32.1%		30.4%		31.4%		31.2%
Secured Debt / Gross Assets		9.6%		3.1%		1.7%		1.7%
Unsecured Debt / Unencumbered Assets		28.2%		32.1%		33.5%		32.3%
Net Debt / Adjusted EBITDA (2)		4.9x		4.8x		5.5x		6.3x
(Net Debt + Preferred) / Adjusted EBITDA (2)		5.3x		5.1x		5.8x		6.7x
Credit Facilities Availability (3)		$600.0 million		$600.0 million		$600.0 million		$600.0 million

Footnotes

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

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

(3) Subject to covenant compliance.

10 

OTHER FINANCIAL DATA
3/31/2022 ($000)

Rent Estimates for Current Assets

Year			Base Rent  (1)				Cash Base Rent (1)				Difference
2022			$	202,917			$	194,573			$	(8,344	)
2023				270,621				267,431				(3,190	)

Balance Sheet
Other assets		$	17,224
The components of other assets are:
Deposits		$	603
Equipment			388
Prepaids			5,538
Note receivable			1,489
Other receivables			376
Deferred lease incentives			2,822
Derivative asset			6,008
Accounts payable and other liabilities		$	65,534
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses		$	15,427
Development, CIP and other accruals			40,985
Taxes			732
Deferred lease costs			3,911
Deposits			4,341
Transaction costs			138

Footnote
(1)	Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 3/31/2022, and (iii) no properties are sold or acquired after 3/31/2022.

11

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY
3/31/2022

PROPERTY ACQUISITIONS

		Property Type		Market				Square Feet				Initial Basis ($000)				Month Closed			Primary Lease Expiration			Percent Leased at Acquisition
Consolidated
1		Warehouse/distribution(1)		Cincinnati/Dayton		OH			232,500			$	23,382			February			N/A				0	%
2		Warehouse/distribution		Cincinnati/Dayton		OH			544,320				48,660			February			04/2032				100	%
2		TOTAL PROPERTY INVESTMENTS							776,820			$	72,042

Footnotes
(1)	Subsequent to acquisition, property fully leased for approximately nine years.

CAPITAL RECYCLING⁽¹⁾

		Location						Property Type		Gross Disposition Price ($000)				Annualized Net Income ($000) (2)				Annualized NOI ($000)(2)				Month of Disposition			% Leased				Gross Disposition Price PSF
Non - Consolidated
1		Houston(3)				TX		Office		$	105,500			$	2,179			$	6,287			February				100	%		$	190.30
2		Irving(3)				TX		Office			63,008				970				3,992			March				100	%			254.83
2		TOTAL PROPERTY DISPOSITIONS								$	168,508			$	3,149			$	10,279

Footnotes
(1)	LXP also sold a consolidated vacant parcel of land for $289 thousand not included in this table.
(2)	Generally, quarterly period prior to sale annualized.
(3)	LXP owns 20% and received an aggregate of $11.5 million after the joint venture satisfied an aggregate of $109.0 million of non-recourse variable-rate debt.

12

DEVELOPMENT SUMMARY
3/31/2022

ONGOING:

		Project (% owned)		# of Buildings			Market		Estimated Sq. Ft.				Estimated Project Project Cost ($000)				GAAP Investment Balance as of 3/31/2022 ($000) (1)				LXP Amount Funded as of 3/31/2022 ($000)(2)				Estimated Building Completion Date				% Leased as of 3/31/2022
Consolidated
1		The Cubes at Etna East (95%)(3)		1			Columbus, OH			1,074,840			$	72,100			$	44,205			$	37,446				3Q 2022				0	%
2		Ocala (80%)(3)		1			Central Florida			1,085,280				81,200				51,808				36,151				3Q 2022				0	%
3		Cotton 303 (93%)(3)		2			Phoenix, AZ			880,678				84,200				40,176				35,306				4Q 2022				0	%
4		Mt. Comfort (80%)(3)		1			Indianapolis, IN			1,053,360				66,400				32,388				24,462				4Q 2022				0	%
5		Smith Farms (90%)(3)(4)		3			Greenville/Spartanburg, SC			2,194,820				162,500				62,681				46,968				4Q 2022-2Q 2023				36	%
5		Total Consolidated Development Projects											$	466,400			$	231,258			$	180,333

LAND HELD FOR DEVELOPMENT:

		Project (% owned)		Market			Approx. Developable Acres				GAAP Investment Balance as of 3/31/2022 ($000) (1)				LXP Amount Funded as of 3/31/2022 ($000)(2)
Consolidated
1		Reems & Olive (95.5%)		Phoenix, AZ			420			$	101,047			$	96,544
2		Mt. Comfort Phase II (80%)		Indianapolis, IN			70				3,300				2,612
2		Total Consolidated Land Projects					490			$	104,347			$	99,156

		Project (% owned)		# of Buildings		Market			Approx. Developable Acres				GAAP Investment Balance as of 3/31/2022 ($000) (1)				LXP Amount Funded as of 3/31/2022 ($000)(2)
Non - Consolidated
1		ETNA Park 70 (90%)		TBD		Columbus, OH			66			$	12,927			$	13,440
2		ETNA Park 70 East (90%)		TBD		Columbus, OH			21				2,112				2,199
2		Total Non-Consolidated Land Projects							87			$	15,039			$	15,639

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

13

CAPITAL EXPENDITURES AND LEASING COSTS ⁽¹⁾
3/31/2022 ($000)

		Three months ending March 31,
		2022				2021
First Generation Costs
Tenant Improvements		$	1			$	-
Leasing Costs			395				-
Total First Generation Costs		$	396			$	-
Second Generation Costs
Tenant Improvements
Industrial		$	4,226			$	-
Other			6				19
Total Second Generation Tenant Improvements		$	4,232			$	19
Leasing Costs
Industrial		$	18			$	1,893
Other			123				339
Total Second Generation Leasing Costs		$	141			$	2,232
Total Second Generation Costs		$	4,373			$	2,251
Building Improvements
Industrial		$	1,737			$	983
Other			-				296
Total Building Improvements		$	1,737			$	1,279
Total Capital Expenditures and Leasing Costs		$	6,506			$	3,530

Footnote

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

14 

PORTFOLIO DATA 3/31/2022 ($000)

Asset Class		3/31/2022 ABR (1)				3/31/2022 ABR %			3/31/2021 ABR % (2)(3)
Industrial		$	239,836			90.2	%		84.8	%
Other			26,038			9.8	%		15.2	%
		$	265,874			100.0	%		100.0	%
Credit Ratings  (4)		3/31/2022 ABR (1)				3/31/2022 ABR %			3/31/2021 ABR % (2)(3)
Investment Grade		$	148,670			55.9	%		50.6	%
Non-Investment Grade			35,798			13.5	%		18.8	%
Unrated			81,406			30.6	%		30.6	%
		$	265,874			100.0	%		100.0	%
Weighted-Average Lease Term - ABR						As of 3/31/2022(1)			As of 3/31/2021(2)(3)
						6.5 years			7.2 years

Lease Escalation Data ⁽⁵⁾

 

Footnotes

(1) Based on Annualized Cash Base Rent (“ABR”) for consolidated properties owned as of 3/31/2022.

(2) 3/31/2021 updated to reflect three special purpose industrial properties that were reclassified to Other in 4Q 2021.

(3) 3/31/2021 is restated based on ABR.

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

(5) Based on consolidated ABR for single-tenant leases (properties 50% leased to a single tenant) owned as of 3/31/2022. Excludes parking operations.

15 

SAME STORE DATA 3/31/2022 ($000)

Same-Store NOI (1)(2)										Same-Store NOI by Components (1)(2)
		Consolidated								Industrial								Other
		Three months ended March 31,								Three months ended March 31,								Three months ended March 31,
		2022				2021				2022				2021				2022				2021
Total Cash Base Rent		$	54,756			$	52,736			$	48,326			$	45,742			$	6,430			$	6,994
Tenant Reimbursements			9,417				8,818				7,938				7,404				1,479				1,414
Property Operating Expenses			(11,176	)			(9,837	)			(8,625	)			(7,817	)			(2,551	)			(2,020	)
Same-Store NOI		$	52,997			$	51,717			$	47,639			$	45,329			$	5,358			$	6,388
Change in Same-Store NOI(3)			2.5	%							5.1	%							-16.1	%

Same-Store Statistics (2)(3)										Same-Store Statistics by Components (2)(3)
		Consolidated								Industrial								Other
		As of 3/31/2022				As of 3/31/2021				As of 3/31/2022				As of 3/31/2021				As of 3/31/2022				As of 3/31/2021
Same-Store # of Properties			95				95				83				83				12				12
Same-Store Percent Leased			99.4	%			98.4	%			99.8	%			98.5	%			89.4	%			97.4	%

Footnotes

(1) NOI is on a consolidated cash basis excluding properties acquired and sold in 2022 and 2021.

(2) 2021 Industrial/Other updated to reflect three special purpose industrial properties that were reclassified to Other in 4Q 2021.

(3) At March 31, 2022, excludes properties acquired or sold in 2022 and 2021.

16 

PORTFOLIO DETAIL BY ASSET CLASS 3/31/2022 ($000, except square footage)

Asset Class		YE 2019(1)				YE 2020(1)				YE 2021				3/31/2022
Industrial
% of Cost (2)			81.5	%			90.8	%			98.1	%			98.1	%
% of ABR (3)			75.5	%			86.3	%			88.5	%			90.2	%
% Leased (4)			97.9	%			98.7	%			99.8	%			99.8	%
Wtd. Avg. Lease Term (5)			8.3				7.4				6.9				6.8
Mortgage Debt		$	109,939			$	105,419			$	70,626			$	69,480
% Investment Grade (3)			45.9	%			50.8	%			58.9	%			59.0	%
Square Feet			48,742,014				53,938,155				52,738,438				53,537,286
Other
% of Cost (2)			18.5	%			9.2	%			1.9	%			1.9	%
% of ABR (3)			24.5	%			13.7	%			11.5	%			9.8	%
% Leased			85.8	%			89.3	%			89.4	%			89.4	%
Wtd. Avg. Lease Term (5)			8.5				7.2				3.8				3.3
Mortgage Debt		$	283,933			$	32,993			$	13,803			$	12,170
% Investment Grade (3)			57.3	%			42.0	%			27.3	%			27.6	%
Square Feet			3,876,294				2,171,633				2,089,118				2,089,118
Construction in progress (6)		$	15,208			$	79,022			$	166,647			$	242,827

Footnotes

(1) Three special purpose industrial properties were reclassified to Other in 2021. Prior periods not restated.

(2) Based on gross book value of real estate assets; excludes held for sale assets.

(3) For 2019, 2020, and 2021 percentage of Base Rent, for consolidated properties owned as of each respective period.

(4) For 2021 and 2022 percentage is for Stabilized Portfolio.

(5) For 2019, 2020 and 2021 based on Cash Base Rent for respective year. 2022 based on ABR.

(6) Includes development classified as real estate under construction on a consolidated basis and capital expenditures for our operating properties.

17 

INDUSTRIAL PORTFOLIO INFORMATION 3/31/2022

Markets (1)		ABR % as of 3/31/2022  (2)
Atlanta, GA			8.6	%
Phoenix, AZ			8.2	%
Memphis, TN			8.0	%
Greenville/Spartanburg, SC			8.0	%
Houston, TX			6.0	%
Cincinnati/Dayton, OH			5.7	%
Indianapolis, IN			5.7	%
Dallas/Ft. Worth, TX			5.5	%
Nashville, TN			3.8	%
Chicago, IL			3.6	%
Columbus, OH			3.1	%
Central Florida			3.1	%
Savannah, GA			2.7	%
Jackson, MS			2.6	%
St. Louis, MO			2.3	%
DC/Baltimore, MD			2.3	%
Charlotte, NC			2.2	%
New York/New Jersey			2.1	%
Cleveland, OH			2.1	%
Detroit, MI			2.0	%
Total Industrial Portfolio Concentration (3)			87.6	%

Industries		ABR % as of 3/31/2022  (2)
Consumer Products			23.1	%
Transportation/Logistics			19.9	%
E-Commerce			15.5	%
Automotive			14.2	%
Food			10.1	%
Construction/Materials			9.3	%
Apparel			2.4	%
Retail Department			2.2	%
Specialty			1.9	%
Other			1.4	%
Total Industrial Portfolio Concentration (3)			100.0	%

Additional Information
# of Properties			111
Square Feet			53,537,286
Weighted-Average Age (Years)(4)			8.8
Weighted-Average ABR per SF(5)		$	4.36
Weighted-Average Lease Term (Years)(6)			6.8
% with Fixed Escalation(7)			96.4	%
Average Annual Rent Escalation(7)			2.5	%
Average Building Size (SF)			482,318
Average Clear Height (Feet)(8)			32.7
% Top 25 Markets(9)			75.5	%
% Top 50 Markets(9)			90.2	%

Footnotes

(1) Based on CoStar.com inventory data.

(2) Based on ABR for consolidated properties owned as of 3/31/2022.

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

(4) Weighting based on square footage.

(5) Excludes land distribution assets and all vacant square footage.

(6) Weighting based on ABR.

(7) Based on ABR for single-tenant leases (properties 50% leased to a single tenant) owned as of 3/31/2022. Excludes rents from prior tenants.

Average Annual Rent Escalation based on next rent step percentages.

(8) Based on internal and external sources.

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

18 

TOP 15 TENANTS 3/31/2022 

Tenants (1)		Property Type		Lease Expirations				Number of Leases				Sq. Ft. Leased				Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)(3)				ABR as of 3/31/2022 ($000)				ABR % as of 3/31/2022 ($000) (2)(4)
Amazon		Industrial			2026-2033				6				3,864,731				7.0	%		$	17,919				6.7	%
Nissan		Industrial			2027				2				2,971,000				5.4	%			12,830				4.8	%
Kellogg		Industrial			2027-2029				3				2,801,916				5.1	%			9,416				3.5	%
Wal-Mart		Industrial			2024-2031				3				2,351,917				4.3	%			8,634				3.3	%
GXO Logistics		Industrial			2024-2028				3				1,697,475				3.1	%			7,190				2.7	%
Xerox		Office			2023				1				202,000				0.4	%			7,070				2.7	%
Undisclosed (5)		Industrial			2031-2035				3				1,090,383				2.0	%			6,936				2.6	%
Watco		Industrial			2038				1				132,449				0.2	%			6,194				2.3	%
FedEx		Industrial			2023 & 2028				2				292,021				0.5	%			5,728				2.2	%
Morgan Lewis (6)		Office			2024				1				289,432				0.5	%			5,673				2.1	%
Mars Wrigley		Industrial			2025				1				604,852				1.1	%			5,321				2.0	%
Undisclosed (5)		Industrial			2034				1				1,318,680				2.4	%			5,198				2.0	%
Georgia-Pacific		Industrial			2028 & 2031				2				1,283,102				2.3	%			4,868				1.8	%
Owens Corning		Industrial			2023-2027				3				863,242				1.6	%			4,825				1.8	%
Unis		Industrial			2023-2027				3				1,005,575				1.8	%			4,517				1.7	%
									35				20,768,775				37.7	%		$	112,319				42.3	%

Footnotes

(1) Tenant, guarantor or parent.

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

(3) Excludes vacant square feet.

(4) Based on ABR for consolidated properties owned as of 3/31/2022.

(5) Lease restricts certain disclosures.

(6) Includes parking operations.

19

QUARTERLY LEASING SUMMARY 3/31/2022  

NEW LEASES - FIRST GENERATION⁽¹⁾

		Location						Lease Expiration Date			Sq. Ft.				New Base Rent Per Annum ($000)(2)								New Cash Base Rent Per Annum ($000)(2)
		Industrial
1		Phoenix(3)		AZ					07/2027			334,222			$	2,596							$	2,501
2		Plant City(3)		FL					09/2027			330,176				1,936								1,865
3		Walton(3)		KY					12/2031			232,500				1,271								1,172
4		Adairsville		GA					03/2025			124,251				653								652
4		TOTAL NEW LEASES - FIRST GENERATION										1,021,149			$	6,456							$	6,190

SECOND GENERATION

		Location				Prior Term			Lease Expiration Date		Sq. Ft.				New Base Rent Per Annum ($000)(2)				Prior Base Rent Per Annum ($000)(4)				New Cash Base Rent Per Annum ($000)(2)				Prior Cash Base Rent Per Annum ($000)(4)
		NEW LEASES
		Industrial
1		Hebron		OH					08/2027			400,522			$	1,449			$	957			$	1,433			$	957
2		Hebron(3)		OH					12/2032			250,410				1,057				598				798				598
		Chillicothe(5)		OH					12/2031			76,543				400				342				373				342
2		TOTAL NEW LEASES - SECOND GENERATION										727,475			$	2,906			$	1,897			$	2,604			$	1,897
		LEASE EXTENSIONS
		Industrial
1		Chillicothe(5)		OH			06/2026		12/2031			276,112			$	1,504			$	1,281			$	1,348			$	1,274
2		Monroe		OH			06/2023		06/2024			194,936				1,024				987				1,062				1,003
3		Lakeland		FL			05/2031		05/2036			117,440				787				664				692				611
3		TOTAL EXTENDED LEASES - INDUSTRIAL										588,488			$	3,315			$	2,932			$	3,102			$	2,888
		Other
1		Philadelphia		PA			03/2022		09/2023			1,220			$	37			$	38			$	37			$	38
1		TOTAL EXTENDED LEASES - OTHER										1,220			$	37			$	38			$	37			$	38
4		TOTAL EXTENDED LEASES - SECOND GENERATION										589,708			$	3,352			$	2,970			$	3,139			$	2,926
6		TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION										1,317,183			$	6,258			$	4,867			$	5,743			$	4,823

Footnotes

(1) Leased first generation space that was developed or acquired vacant.

(2) Assumes 12 months rent from the later of 4/1/2022 or lease commencement/extension, excluding free rent periods as applicable.

(3) Lease expiration date is estimated.

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

(5) Chillicothe signed an amendment extending its original lease of 276,112 square feet and added 11,009 square feet of space originally designated as common areas, and expanded into an additional 65,534 vacant square feet. There is no prior rent for the 11,009 square feet.

20

LEASE ROLLOVER SCHEDULE - INDUSTRIAL
3/31/2022
($000)

Year			Number of Leases Expiring				ABR as of 3/31/2022				Percent of ABR as of 3/31/2022				Percent of ABR as of 3/31/2021(2)
2022 - remaining				0			$	-				0.0	%			0.4	%
2023				6				8,630				3.6	%			4.3	%
2024				22				27,060				11.3	%			13.0	%
2025				13				17,516				7.3	%			10.0	%
2026				22				26,448				11.0	%			8.1	%
2027				14				37,369				15.6	%			12.8	%
2028				6				14,572				6.1	%			4.4	%
2029				9				21,276				8.9	%			6.8	%
2030				9				25,401				10.6	%			10.5	%
2031				11				18,358				7.7	%			5.0	%
Thereafter				17				43,206				17.9	%			19.4	%
Total (1)				129			$	239,836				100.0	%

 

Footnotes

(1)	Total shown may differ from detailed amounts due to rounding.
(2)	3/31/2021 updated to reflect three special purpose industrial properties that were reclassified to Other in 4Q 2021.

21 

LEASE ROLLOVER SCHEDULE - OTHER PROPERTIES
3/31/2022
 ($000)

Year			Number of Leases Expiring				ABR as of 3/31/2022				Percent of ABR as of 3/31/2022				Percent of ABR as of 3/31/2021(2)
2022 - remaining				1			$	37				0.2	%			1.4	%
2023				4				7,245				29.5	%			18.9	%
2024				5				9,040				36.8	%			23.5	%
2025				3				2,800				11.4	%			9.9	%
2026				1				279				1.1	%			0.8	%
2027				2				693				2.8	%			7.3	%
2028				2				2,362				9.6	%			5.4	%
2029				0				-				0.0	%			0.0	%
2030				0				-				0.0	%			0.0	%
2031				1				1,795				7.3	%			5.0	%
Thereafter				1				311				1.3	%			15.3	%
Total (1)				20			$	24,562				100.0	%

 

Footnotes 

(1)	Total shown may differ from detailed amounts due to rounding.
(2)	3/31/2021 updated to reflect three special purpose industrial properties that were reclassified to Other in 4Q 2021.

22 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease  Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			Annualized Base Rent as of  3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”)  as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
SINGLE TENANT
		WAREHOUSE/DISTRIBUTION
2023		2/28/2023		Central Florida		3102 Queen Palm Dr.		Tampa		FL		--			229,605				1,152				1,230
		5/31/2023		Memphis, TN		6495 Polk Ln.		Olive Branch		MS		--			151,691				584				600
		8/31/2023		Houston, TX		10535 Red Bluff Rd.		Pasadena		TX		--			257,835				1,231				1,262
				Dallas/Ft. Worth, TX		3737 Duncanville Rd.		Dallas		TX		--			510,400				1,713				1,733
		10/31/2023		Atlanta, GA		493 Westridge Pkwy.		McDonough		GA		--			676,000				2,031				2,074
		12/31/2023		Shreveport/Bossier City, LA		5001 Greenwood Rd.		Shreveport		LA		14, 15			646,000				1,731				1,731
2024		1/31/2024		Greenville/Spartanburg, SC		70 Tyger River Dr.		Duncan		SC		--			408,000				2,001				2,035
				Indianapolis, IN		1285 W. State Road 32		Lebanon		IN		--			741,880				2,281				2,530
				Memphis, TN		6495 Polk Ln.		Olive Branch		MS		--			118,211				495				503
		3/31/2024		Cleveland, TN		1520 Lauderdale Memorial Hwy.		Cleveland		TN		--			851,370				2,658				2,724
				Indianapolis, IN		4600 Albert S White Dr.		Whitestown		IN		--			53,240				264				291
				Columbus, OH		2155 Rohr Rd.		Lockbourne		OH		--			320,190				1,566				1,521
		4/30/2024		Memphis, TN		11555 Silo Dr.		Olive Branch		MS		--			927,742				2,855				2,934
				Nashville, TN		6050 Dana Way		Antioch		TN		--			11,238				142				142
		5/31/2024		Atlanta, GA		7225 Goodson Rd.		Union City		GA		--			370,000				1,442				1,432
		6/30/2024		Cincinnati/Dayton, OH		575-599 Gateway Blvd.		Monroe		OH		--			194,936				1,024				974
		7/31/2024		Greenville/Spartanburg, SC		5795 North Blackstock Rd.		Spartanburg		SC		--			341,660				1,672				1,688
				Greenville/Spartanburg, SC		231 Apple Valley Rd.		Duncan		SC		--			75,320				360				360
		8/31/2024		Houston, TX		9701 New Decade Dr.		Pasadena		TX		--			102,863				530				534
				Atlanta, GA		41 Busch Dr.		Cartersville		GA		--			119,295				579				579
		9/30/2024		Indianapolis, IN		1621 Veterans Memorial Pkwy. E.		Lafayette		IN		--			309,400				1,215				1,204
				Memphis, TN		3820 Micro Dr.		Millington		TN		--			701,819				1,985				1,965
		10/31/2024		Dallas/Ft. Worth, TX		2115 East Belt Line Rd.		Carrollton		TX		--			58,202				230				247
				Dallas/Ft. Worth, TX		17505 Interstate Hwy. 35W		Northlake		TX		--			500,556				2,269				2,237

23 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease  Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			Annualized Base Rent as of  3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”)  as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
2024		11/30/2024		DC/Baltimore, MD		150 Mercury Way		Winchester		VA		--			324,535				1,716				1,687
		12/31/2024		Indianapolis, IN		4600 Albert S White Dr.		Whitestown		IN		--			95,832				469				433
				Chicago, IL		3686 South Central Ave.		Rockford		IL		--			93,000				395				395
				Chicago, IL		749 Southrock Dr.		Rockford		IL		--			150,000				638				645
2025		3/31/2025		Atlanta, GA		95 International Pkwy.		Adairsville		GA		--			124,251				653				652
		4/30/2025		Houston, TX		10565 Red Bluff Rd.		Pasadena		TX		--			248,240				1,237				1,207
		5/31/2025		Atlanta, GA		7875 White Rd. SW		Austell		GA		--			604,852				5,323				5,321
		6/30/2025		Savannah, GA		1319 Dean Forest Rd.		Savannah		GA		--			355,527				1,818				1,767
		7/31/2025		Indianapolis, IN		5352 Performance Way		Whitestown		IN		--			380,000				1,278				1,288
				Cleveland, OH		7005 Cochran Rd.		Glenwillow		OH		--			458,000				2,061				2,164
		8/31/2025		Indianapolis, IN		4900 Albert S White Dr.		Whitestown		IN		--			85,232				436				424
				Savannah, GA		1315 Dean Forest Rd.		Savannah		GA		--			88,503				525				524
		9/30/2025		Greenville/Spartanburg, SC		7870 Reidville Rd.		Greer		SC		--			396,073				1,666				1,656
				Atlanta, GA		95 International Pkwy.		Adairsville		GA		--			100,960				500				500
				Nashville, TN		6050 Dana Way		Antioch		TN		--			117,600				410				424
		12/31/2025		Phoenix, AZ		4445 N. 169th Ave.		Goodyear		AZ		--			160,140				1,007				984
				Minneapolis/St Paul, MN		1700 47th Ave. North		Minneapolis		MN		--			18,620				605				605
2026		1/31/2026		Greenville/Spartanburg, SC		231 Apple Valley Rd.		Duncan		SC		--			120,680				598				615
		3/31/2026		Central Florida		2455 Premier Row		Orlando		FL		--			205,016				786				508
				Lewisburg, TN		633 Garrett Pkwy.		Lewisburg		TN		--			310,000				1,287				1,314
		4/30/2026		Phoenix, AZ		16811 W. Commerce Dr.		Goodyear		AZ		--			540,349				2,444				2,339
		6/30/2026		Greenville/Spartanburg, SC		425 Apple Valley Rd.		Duncan		SC		--			163,680				752				748
				Columbus, OH		351 Chamber Dr.		Chillicothe		OH		--			136,495				607				607
		7/31/2026		Savannah, GA		1004 Trade Center Pkwy.		Savannah		GA		--			270,252				1,433				1,362

24 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease  Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			Annualized Base Rent as of  3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”)  as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
2026		7/31/2026		Columbus, OH		1860 Walcutt Rd.		Columbus		OH		--			97,934				501				467
		8/31/2026		Savannah, GA		1004 Trade Center Pkwy.		Savannah		GA		--			149,415				821				793
		9/30/2026		Greenville/Spartanburg, SC		425 Apple Valley Rd.		Duncan		SC		--			163,680				669				687
				St. Louis, MO		3931 Lakeview Corporate Dr.		Edwardsville		IL		--			769,500				2,696				2,694
				Nashville, TN		6050 Dana Way		Antioch		TN		--			67,200				394				382
				Phoenix, AZ		9494 W. Buckeye Rd.		Tolleson		AZ		--			186,336				1,109				1,081
		10/31/2026		Greenville/Spartanburg, SC		235 Apple Valley Rd.		Duncan		SC		--			177,320				962				920
				Charlotte, NC		2203 Sherrill Dr.		Statesville		NC		--			639,800				2,796				2,687
				Cleveland, OH		10345 Philipp Pkwy.		Streetsboro		OH		--			649,250				2,883				2,824
		11/30/2026		Erwin, NY		736 Addison Rd.		Erwin		NY		--			408,000				1,514				1,522
				Philadelphia, PA		250 Rittenhouse Cir.		Bristol		PA		--			241,977				1,146				1,252
		12/31/2026		Houston, TX		4600 Underwood Rd.		Deer Park		TX		--			402,648				1,507				1,727
				Indianapolis, IN		180 Bob Glidden Blvd.		Whiteland		IN		--			179,530				787				781
				Indianapolis, IN		76 Bob Glidden Blvd.		Whiteland		IN		--			168,480				787				751
2027		1/31/2027		Greenville/Spartanburg, SC		417 Apple Valley Rd.		Duncan		SC		--			195,000				1,052				1,024
				Kansas City, MO		27200 West 157th St.		New Century		KS		--			446,500				1,240				1,158
		2/28/2027		Central Florida		5275 Drane Field Rd.		Lakeland		FL		--			68,420				388				390
				Jackson, MS		554 Nissan Pkwy.		Canton		MS		--			1,466,000				6,200				6,328
		4/30/2027		Nashville, TN		200 Sam Griffin Rd.		Smyrna		TN		--			1,505,000				6,560				6,502
				San Antonio, TX		16407 Applewhite Rd.		San Antonio		TX		--			849,275				2,994				2,955
		7/31/2027		Phoenix, AZ		1515 South 91st Ave.		Phoenix		AZ		--			334,222				2,596				2,487
				Savannah, GA		335 Morgan Lakes Industrial Blvd.		Pooler		GA		--			499,500				2,080				2,048
		8/31/2027		Cincinnati/Dayton, OH		600 Gateway Blvd.		Monroe		OH		--			994,013				3,945				3,389
				Shreveport/Bossier City, LA		5417 Campus Dr.		Shreveport		LA		14, 15			257,849				1,253				1,403

25 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease  Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			Annualized Base Rent as of  3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”)  as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
2027		8/31/2027		Columbus, OH		200 Arrowhead Dr.		Hebron		OH		--			400,522				1,449				1,422
		9/30/2027		Memphis, TN		1550 Hwy 302		Byhalia		MS		--			615,600				2,439				2,484
		10/31/2027		Jackson, TN		201 James Lawrence Rd.		Jackson		TN		--			1,062,055				3,944				3,914
2028		1/31/2028		Atlanta, GA		490 Westridge Pkwy.		McDonough		GA		--			1,121,120				3,737				3,731
		3/31/2028		New York/New Jersey		29-01 Borden Ave./29-10 Hunters Point Ave.		Long Island City		NY		--			140,330				5,135				5,128
		5/31/2028		Nashville, TN		6050 Dana Way		Antioch		TN		--			50,400				309				290
		8/31/2028		Houston, TX		4100 Malone Dr.		Pasadena		TX		--			233,190				1,359				1,265
				Indianapolis, IN		4900 Albert S White Dr.		Whitestown		IN		--			63,840				309				300
		10/31/2028		Atlanta, GA		1625 Oakley Industrial Blvd.		Fairburn		GA		--			907,675				4,223				3,858
2029		4/30/2029		Greenville/Spartanburg, SC		230 Apple Valley Rd.		Duncan		SC		--			275,400				1,420				1,322
		6/30/2029		Memphis, TN		11624 S. Distribution Cv.		Olive Branch		MS		--			1,170,218				4,101				3,628
		7/31/2029		Memphis, TN		8500 Nail Rd.		Olive Branch		MS		--			716,080				2,751				2,707
		8/31/2029		Dallas/Ft. Worth, TX		8601 E. Sam Lee Ln.		Northlake		TX		--			1,214,526				4,278				4,044
		9/30/2029		Chicago, IL		6225 E. Minooka Rd.		Minooka		IL		--			1,034,200				2,931				2,780
		11/21/2029		Columbus, OH		1860 Walcutt Rd.		Columbus		OH		--			194,796				983				912
		11/30/2029		Chicago, IL		1460 Cargo Court		Minooka		IL		--			705,661				2,857				2,722
		12/31/2029		Greenville/Spartanburg, SC		402 Apple Valley Rd.		Duncan		SC		--			235,600				1,263				1,157
				Chicago, IL		200 International Pkwy. S.		Minooka		IL		--			473,280				2,138				2,004
2030		1/31/2030		Dallas/Ft. Worth, TX		3201 N. Houston School Rd.		Lancaster		TX		--			468,300				1,669				1,550
		3/31/2030		Memphis, TN		549 Wingo Rd.		Byhalia		MS		--			855,878				4,388				4,367
		5/31/2030		St. Louis, MO		4015 Lakeview Corporate Dr.		Edwardsville		IL		--			1,017,780				3,460				2,907
		6/30/2030		Dallas/Ft. Worth, TX		1704 S. I-45		Hutchins		TX		--			120,960				617				575
				Richmond, VA		2601 Bermuda Hundred Rd.		Chester		VA		3			1,034,470				3,851				3,951
				Cincinnati/Dayton, OH		700 Gateway  Blvd.		Monroe		OH		--			1,299,492				5,515				5,178

26 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note		Sq. Ft. Leased or Available (2)				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
2030		8/31/2030		Central Florida		3400 NW 35th St.		Ocala		FL		--			617,055				3,014				2,801
		9/30/2030		Phoenix, AZ		255 143rd Ave.		Goodyear		AZ		--			801,424				4,000				3,751
2031		2/28/2031		Greenville/Spartanburg, SC		1021 Tyger Lake Rd.		Spartanburg		SC		--			213,200				1,043				987
		3/31/2031		Indianapolis, IN		19 Bob Glidden Blvd.		Whiteland		IN		--			530,400				2,190				2,002
		5/31/2031		DC/Baltimore, MD		291 Park Center Dr.		Winchester		VA		--			344,700				1,726				1,586
		6/30/2031		Nashville, TN		6050 Dana Way		Antioch		TN		--			352,275				1,543				1,405
		7/31/2031		Atlanta, GA		51 Busch Dr.		Cartersville		GA		--			328,000				1,646				1,479
		9/30/2031		Atlanta, GA		41 Busch Dr.		Cartersville		GA		--			276,705				1,378				1,093
		11/30/2031		Indianapolis, IN		3751 S. CR 500 E.		Whitestown		IN		--			1,016,244				3,897				3,557
		12/18/2031		DC/Baltimore, MD		80 Tyson Dr.		Winchester		VA		--			400,400				2,368				2,242
		12/31/2031		Phoenix, AZ		1515 South 91st Ave.		Phoenix		AZ		--			161,982				1,274				1,137
				Cincinnati/Dayton, OH		200 Richard Knock Way		Walton		KY		--			232,500				1,271				1,160
				Columbus, OH		351 Chamber Dr.		Chillicothe		OH		--			352,655				1,903				1,710
2032		2/28/2032		Cincinnati/Dayton, OH		675 Gateway Blvd.		Monroe		OH		--			143,664				938				878
		4/30/2032		Houston, TX		13930 Pike Rd.		Missouri City		TX		--			-				2,123				2,089
				Cincinnati/Dayton, OH		300 Richard Knock Way		Walton		KY		--			544,320				2,411				2,150
		8/24/2032		Detroit, MI		16950 Pine Dr.		Romulus		MI		--			500,023				2,567				2,490
		10/31/2032		Portland, OR		27255 SW 95th Ave.		Wilsonville		OR		--			508,277				3,120				2,801
		12/31/2032		Columbus, OH		191 Arrowhead Dr.		Hebron		OH		--			250,410				1,057				798
2033		3/31/2033		Phoenix, AZ		3405 S. McQueen Rd.		Chandler		AZ		--			201,784				4,498				4,086
2034		4/30/2034		Raleigh, NC		1133 Poplar Creek Rd.		Henderson		NC		--			147,448				548				498
		10/31/2034		Champaign-Urbana, IL		1001 Innovation Rd.		Rantoul		IL		--			813,126				4,195				3,992
		12/31/2034		Greenville/Spartanburg, SC		27 Inland Pkwy.		Greer		SC		--			1,318,680				5,544				5,198
2035		6/30/2035		Dallas/Ft. Worth, TX		2115 East Belt Line Rd.		Carrollton		TX		--			298,653				1,361				1,150

27 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note		Sq. Ft. Leased or Available (2)				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)
INDUSTRIAL PROPERTIES
		WAREHOUSE/DISTRIBUTION
2035		10/22/2035		Detroit, MI		2860 Clark St.		Detroit		MI		--			189,960				2,204				2,204
2036		5/31/2036		Central Florida		5275 Drane Field Rd.		Lakeland		FL		--			117,440				736				611
				Charlotte, NC		671 Washburn Switch Rd.		Shelby		NC		--			673,425				2,786				2,608
		11/30/2036		Phoenix, AZ		17510 W. Thomas Rd.		Goodyear		AZ		--			468,182				4,304				3,794
2037		3/31/2037		Dallas/Ft. Worth, TX		4005 E. I-30		Grand Prairie		TX		--			215,000				1,872				1,665
2038		3/31/2038		Houston, TX		13901/14035 Industrial Rd.		Houston		TX		--			132,449				6,773				6,194
N/A		Vacancy		Central Florida		5275 Drane Field Rd.		Lakeland		FL		--			36,274				-				-
				Nashville, TN		6050 Dana Way		Antioch		TN		--			75,815				-				-
		WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT													52,815,982			$	246,950			$	237,263
WAREHOUSE/DISTRIBUTION - NOT STABILIZED (4)
2027		9/30/2027		Central Florida		3775 Fancy Farms Rd.		Plant City		FL		--			330,176				1,936				1,865
N/A		Various		Greenville/Spartanburg, SC		7820 Reidville Rd.		Greer		SC		5 (62%)			210,820				761				708
				Central Florida		3775 Fancy Farms Rd.		Plant City		FL		--			180,308				-				-
		WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED													721,304			$	2,697			$	2,573
INDUSTRIAL TOTAL/WEIGHTED AVERAGE												99.8% Leased (9)			53,537,286			$	249,647			$	239,836

28 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note		Property Type		Sq. Ft. Leased or Available (2)				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)
OTHER PROPERTIES
SINGLE TENANT
2023		9/30/2023		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			8,070				-				-
				Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			1,220				38				38
		12/14/2023		South Bay/San Jose, CA		3333 Coyote Hill Rd.		Palo Alto		CA		--		Office			202,000				6,642				7,070
2024		1/31/2024		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			289,432				4,280				4,197
		5/31/2024		Charlotte, NC		3476 Stateview Blvd.		Fort Mill		SC		14		Office			169,083				2,014				2,072
				Charlotte, NC		3480 Stateview Blvd.		Fort Mill		SC		14		Office			169,218				2,088				2,074
2025		5/31/2025		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			2,641				276				276
		12/19/2025		Owensboro, KY		1901 Ragu Dr.		Owensboro		KY		8		Heavy Manufacturing			443,380				1,882				1,933
2027		1/31/2027		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			1,975				154				119
		9/30/2027		Tucson, AZ		1440 E 15th St.		Tucson		AZ		14, 15		Office			28,591				465				574
2028		8/31/2028		Atlanta, GA		1420 Greenwood Rd.		McDonough		GA		--		Cold Storage			296,972				2,170				2,216
2031		11/30/2031		New York/New Jersey		4 Apollo Dr.		Whippany		NJ		14		Office			123,734				2,041				1,795
2048		12/31/2048		DC/Baltimore, MD		30 Light St.		Baltimore		MD		--		Other			-				311				311
N/A		Vacancy		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			699				-				-
		N/A		Philadelphia, PA		1701 Market St.		Philadelphia		PA		14		Office			-				1,476				1,476
		SINGLE TENANT OTHER TOTAL															1,737,015			$	23,837			$	24,151
MULTI-TENANT / VACANCY (6)(7)
N/A		Vacancy		Atlanta, GA		3500 N. Loop Rd.		McDonough		GA		14		Office			62,218				-				-
N/A		Various		West Michigan		6938 Elm Valley Dr.		Kalamazoo		MI		5, 14 (35%)		Warehouse/Office			150,945				583				583
				Phoenix, AZ		13430 North Black Canyon Fwy.		Phoenix		AZ		5, 14 (56%)		Office			138,940				1,191				1,304
		MULTI-TENANT/VACANCY OTHER TOTAL															352,103			$	1,774			$	1,887
TOTAL OTHER/WEIGHTED AVERAGE														89.4% Leased			2,089,118			$	25,611			$	26,038
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE														99.4% Leased (9)			55,626,404			$	275,258			$	265,874

29 

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note		Sq. Ft. Leased or Available (2)				LXP % Ownership				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)				3/31/2022 Debt Balance ($000)				Debt Maturity (10)
NON-CONSOLIDATED PROPERTIES
NNN MFG COLD JV PROPERTIES
2023		12/31/2023		Nashville, TN		120 Southeast Pkwy. Dr.		Franklin		TN		11			289,330				20	%			833				735				381,000			01/2024
2024		4/30/2024		Portland/South Portland, ME		113 Wells St.		North Berwick		ME		11			993,685				20	%			1,672				1,627				-			--
		5/31/2024		Bingen, WA		901 East Bingen Point Way		Bingen		WA		11			124,539				20	%			1,703				2,715				-			--
		10/31/2024		Detroit, MI		43955 Plymouth Oaks Blvd.		Plymouth		MI		11			311,612				20	%			1,635				1,609				-			--
2025		6/30/2025		Nashville, TN		301 Bill Bryan Blvd.		Hopkinsville		KY		11			424,904				20	%			1,698				1,687				-			--
				Elizabethtown-Fort Knox, KY		730 North Black Branch Rd.		Elizabethtown		KY		11			167,770				20	%			709				537				-			--
				Elizabethtown-Fort Knox, KY		750 North Black Branch Rd.		Elizabethtown		KY		11			539,592				20	%			2,630				2,838				-			--
				Owensboro, KY		4010 Airpark Dr.		Owensboro		KY		11			211,598				20	%			990				1,208				-			--
		7/14/2025		Charlotte, NC		590 Ecology Ln.		Chester		SC		11			420,597				20	%			2,190				2,491				-			--
2026		11/30/2026		Lumberton, NC		2880 Kenny Biggs Rd.		Lumberton		NC		11			423,280				20	%			1,714				1,630				-			--
2027		8/31/2027		Greenville/Spartanburg, SC		50 Tyger River Dr.		Duncan		SC		11			221,833				20	%			1,062				1,071				-			--
		12/31/2027		Cincinnati/Dayton, OH		10590 Hamilton Ave.		Cincinnati		OH		11			264,598				20	%			861				813				-			--
2028		9/30/2028		West Michigan		904 Industrial Rd.		Marshall		MI		11			246,508				20	%			835				785				-			--
2029		11/24/2029		Anniston-Oxford, AL		318 Pappy Dunn Blvd.		Anniston		AL		11			276,782				20	%			1,842				1,744				-			--
2031		6/30/2031		Cincinnati/Dayton, OH		10000 Business Blvd.		Dry Ridge		KY		11			336,350				20	%			1,607				1,431				-			--
		10/31/2031		Chicago, IL		1020 W. Airport Rd.		Romeoville		IL		11			188,166				20	%			3,891				3,665				-			--
2032		10/31/2032		Detroit, MI		26700 Bunert Rd.		Warren		MI		--			260,243				20	%			4,194				3,675				25,850			11/2032
2033		9/30/2033		Crossville, TN		900 Industrial Blvd.		Crossville		TN		11			222,200				20	%			704				595				-			--
2034		9/30/2034		Las Vegas, NV		5670 Nicco Way		North Las Vegas		NV		11			180,235				20	%			2,825				2,458				-			--
2035		3/31/2035		Houston, TX		13863 Industrial Rd.		Houston		TX		11			187,800				20	%			2,604				2,257				-			--
				Houston, TX		7007 F.M. 362 Rd.		Brookshire		TX		11			262,095				20	%			2,041				1,771				-			--
2042		5/31/2042		Columbus, GA		4801 North Park Dr.		Opelika		AL		11			165,493				20	%			3,465				2,712				-			--
NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE												100% Leased			6,719,210							$	41,705			$	40,054			$	406,850

30

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			LXP % Ownership				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)				3/31/2022 Debt Balance ($000)				Debt Maturity (10)
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
2022		12/31/2022		Chicago, IL		231 N. Martingale Rd.		Schaumburg		IL		12			317,198				20	%			4,598				4,950				131,520			09/2022
2023		3/31/2023		Dallas/Ft. Worth, TX		8900 Freeport Pkwy.		Irving		TX		12			268,445				20	%			4,926				4,717				-			--
2025		3/14/2025		Dallas/Ft. Worth, TX		601 & 701 Experian Pkwy.		Allen		TX		12			292,700				20	%			3,240				3,073				-			--
		6/30/2025		Atlanta, GA		2500 Patrick Henry Pkwy.		McDonough		GA		12			111,911				20	%			1,628				1,495				-			--
		12/31/2025		Dallas/Ft. Worth, TX		4001 International Pkwy.		Carrollton		TX		12			138,443				20	%			2,534				2,543				-			--
2026		3/31/2026		Columbus, OH		500 Olde Worthington Rd.		Westerville		OH		12			97,000				20	%			1,341				1,260				-			--
2027		2/28/2027		Richmond, VA		800 East Canal St.		Richmond		VA		13			8,503				20	%			216				160				-			--
		6/30/2027		Kansas City, MO		3902 Gene Field Rd.		St. Joseph		MO		12			98,849				20	%			2,116				2,066				-			--
		7/6/2027		Columbus, OH		2221 Schrock Rd.		Columbus		OH		12			42,290				20	%			684				670				-			--
		8/7/2027		Philadelphia, PA		25 Lakeview Dr.		Jessup		PA		12			150,000				20	%			2,330				2,281				-			--
2029		4/30/2029		Richmond, VA		800 East Canal St.		Richmond		VA		13			2,568				20	%			86				86				-			--
2030		8/31/2030		Richmond, VA		800 East Canal St.		Richmond		VA		13			224,537				20	%			7,542				7,491				57,500			02/2031
		9/30/2030		Richmond, VA		800 East Canal St.		Richmond		VA		13			25,707				20	%			770				677				-			--
		10/31/2030		Richmond, VA		800 East Canal St.		Richmond		VA		13			6,137				20	%			204				204				-			--
2031		1/10/2031		Houston, TX		810 Gears Rd.		Houston		TX		12			68,985				20	%			1,198				1,425				-			--
		3/1/2031		Richmond, VA		800 East Canal St.		Richmond		VA		13			26,047				20	%			844				751				-			--
		9/30/2031		Richmond, VA		800 East Canal St.		Richmond		VA		13			7,105				20	%			213				213				-			--
2032		4/30/2032		Charlotte, NC		1210 AvidXchange Ln.		Charlotte		NC		--			201,450				20	%			6,025				5,587				46,900			12/2022 01/2033
		5/31/2032		Richmond, VA		800 East Canal St.		Richmond		VA		13			14,330				20	%			402				402				-			--
		8/31/2032		Richmond, VA		800 East Canal St.		Richmond		VA		13			4,333				20	%			126				126				-			--
2035		4/30/2035		Parachute, CO		143 Diamond Ave.		Parachute		CO		12			49,024				20	%			1,157				1,269				-			--
2088		8/8/2088		Richmond, VA		800 East Canal St.		Richmond		VA		13			-				20	%			356				419				-			--
N/A		Vacancy		Houston, TX		810 Gears Rd.		Houston		TX		12			9,910				20	%			-				-				-			--
				Richmond, VA		800 East Canal St.		Richmond		VA		13			11,042				20	%			-				-				-			--
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE												99.0% Leased			2,176,514							$	42,536			$	41,865			$	235,920

31

PROPERTY LEASES AND VACANCIES - 3/31/2022

Year of Lease Expiration		Date of Lease Expiration		CoStar Market (1)		Property Location		City		State		Note			Sq. Ft. Leased or Available (2)			LXP % Ownership				Annualized Base Rent as of 3/31/2022 ($000)				Annualized Cash Base Rent (“ABR”) as of 3/31/2022 ($000)				3/31/2022 Debt Balance ($000)				Debt Maturity (10)
OTHER NON-CONSOLIDATED PROPERTIES
2036		8/31/2036		Houston, TX		2203 North Westgreen Blvd.		Katy		TX		--			274,000				25	%			6,971				6,971				49,796			12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE												100% Leased			274,000							$	6,971			$	6,971			$	49,796
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE												99.8% Leased			9,169,724							$	91,212			$	88,890			$	692,566

Footnotes
1	Based on CoStar.com inventory data.
2	Square footage leased or available.
3	Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).
4	Property not in Stabilized Portfolio at 3/31/2022.
5	Represents percent leased as of 3/31/2022.
6	Multi-tenant properties are properties less than 50% leased to a single tenant.
7	The multi-tenanted / vacant Stabilized Portfolio properties incurred approximately $0.7 million in operating expenses, net for the three months ended 3/31/2022.
8	LXP has a 71.1% interest in this property.
9	Percent leased is for Stabilized Portfolio at 3/31/2022.
10	Interest rates range from 0.25% to 5.4% at 3/31/2022.
11	All debt is cross-collateralized and cross-defaulted.
12	All debt is cross-collateralized and cross-defaulted.
13	Part of Richmond, Virginia property debt.
14	Property held for sale at 3/31/2022.
15	Subsequent to 3/31/2022, property was sold.

32

MORTGAGES AND NOTES PAYABLE  3/31/2022 

Property		Footnotes				Debt Balance ($000)				Interest Rate (%)				Maturity (a)				Current Estimated Annual Debt Service ($000)  (b)				Balloon Payment ($000)
INDUSTRIAL (f)
Long Island City, NY						$	28,009				3.500	%			03/2028			$	4,879			$	-
Goodyear, AZ							41,471				4.290	%			08/2031				2,484				33,399
Industrial Subtotal/Wtd. Avg./Years Remaining (c)						$	69,480				3.972	%			8.0			$	7,363			$	33,399
OFFICE (f)
Palo Alto, CA						$	12,170				3.970	%			12/2023			$	7,059			$	-
Office Subtotal/Wtd. Avg./Years Remaining (c)						$	12,170				3.970	%			1.7			$	7,059			$	-
Subtotal/Wtd. Avg./Years Remaining (c)						$	81,650				3.971	%			7.0			$	14,422			$	33,399
CORPORATE (e)
Revolving Credit Facility			(g)			$	-				-				02/2023			$	-			$	-
Senior Notes							198,932				4.400	%			06/2024				8,753				198,932
Senior Notes							400,000				2.700	%			09/2030				10,800				400,000
Senior Notes							400,000				2.375	%			10/2031				9,500				400,000
Term Loan			(h)				300,000				2.732	%			01/2025				8,310				300,000
Trust Preferred Notes			(i)				129,120				1.999	%			04/2037				2,617				129,120
Subtotal/Wtd. Avg./Years Remaining (c)						$	1,428,052				2.789	%			7.3			$	39,980			$	1,428,052
Total/Wtd. Avg./Years Remaining (c)			(d)			$	1,509,702				2.853	%			7.3			$	54,402			$	1,461,451

33

MORTGAGES AND NOTES PAYABLE (CONTINUED)  3/31/2022  ($000) 

		GAAP Balance				Deferred Loan Costs, net				Discounts				Gross Balance
Mortgages and notes payable (f)		$	80,385			$	1,265			$	-			$	81,650
Term loans payable (e)			298,572				1,428				-				300,000
Senior notes payable(e)			988,272				7,113				3,547				998,932
Trust preferred securities (e)			127,620				1,500				-				129,120
Consolidated debt		$	1,494,849			$	11,306			$	3,547			$	1,509,702

Footnotes

(a) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.

(b) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

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

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

(e) Unsecured.

(f) Secured.

(g) Rate ranges from LIBOR plus 0.775% to 1.45%.

(h) Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements.

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

34

DEBT MATURITY SCHEDULE  3/31/2022  ($000) 

Consolidated Properties
Year			Mortgage Scheduled  Amortization				Mortgage Balloon Payments				Corporate Debt
2022 - remaining			$	8,497			$	-			$	-
2023				12,265				-				-
2024				5,373				-				198,932
2025				5,570				-				300,000
2026				5,773				-				-
			$	37,478			$	-			$	498,932

Debt Maturity Profile ⁽¹⁾ 

 

Footnotes 

(1) Percentage denotes weighted-average interest rate.

35

DEBT COVENANTS ⁽¹⁾  

CORPORATE LEVEL DEBT
		MUST BE:				3/31/2022
Bank Loans:
Maximum Leverage			< 60	%			42.2	%
Fixed Charge Coverage			> 1.5	x			3.5	x
Recourse Secured Indebtedness Ratio			< 10% cap value				0.0	%
Secured Indebtedness Ratio			< 40	%			5.8	%
Unsecured Debt Service Coverage			> 2.0	x			5.6	x
Unencumbered Leverage			< 60	%			41.0	%
Bonds:
Debt to Total Assets			< 60	%			31.9	%
Secured Debt to Total Assets			< 40	%			1.7	%
Debt Service Coverage			> 1.5	x			5.5	x
Unencumbered Assets to Unsecured Debt			> 150	%			315.3	%

Footnotes 

(1) The above is a summary of the key financial covenants for LXP’s credit facility and term loan and senior notes, as of March 31, 2022 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable. These calculations are presented to show LXP’s compliance with such covenants only and are not measures of LXP’s liquidity or performance.

36

COMPONENTS OF NET ASSET VALUE 3/31/2022 ($000)

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

Consolidated properties three-month net operating income (NOI) (1)
Industrial		$	55,864
Other			2,822
Total Net Operating Income		$	58,686
LXP’s share of non-consolidated three-month NOI (1)
NNN OFFICE JV
Office		$	1,987
NNN MFG Cold JV
Industrial		$	1,971
OTHER JV
Other		$	394
Other income
Advisory fees		$	1,451
NOI for NAV Reconciliation:		Three months ended 3/31/2022
NOI as reported		$	60,452
Adjustments to NOI:
Disposed of properties			5
Leases with free rent period			1,446
Held for sale assets			(3,366	)
Assets acquired in 2022			27
Assets less than 70% leased / Other			122
NOI for NAV		$	58,686
In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets acquired in 2022		$	71,785
Wholly-owned assets less than 70% leased		$	69,968
Add other assets:
Assets held for sale - consolidated		$	106,653
Construction in progress			11,569
Developable land - non-consolidated(2)			15,639
Developable land - consolidated(2)			99,156
Development investment(2)			180,333
Cash and cash equivalents			49,063
Restricted cash			105
Accounts receivable			3,993
Other assets			17,224
Total other assets		$	483,735
Liabilities:
Corporate level debt (face amount)		$	1,428,052
Mortgages and notes payable (face amount)			81,650
Dividends payable			36,784
Liabilities held for sale - consolidated			3,879
Accounts payable, accrued expenses and other liabilities			89,534
Preferred stock, at liquidation value			96,770
LXP’s share of non-consolidated mortgages (face amount)			141,003
Total deductions		$	1,877,672
Common shares & OP units at 3/31/2022			288,737,319

Footnotes
(1)	NOI for the existing property portfolio at March 31, 2022, includes one quarter of annualized NOI for commenced leases with free rent periods and excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% during the period, assets placed into service and assets acquired in 2022. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP’s net book value has been used.
(2)	At cost incurred.

37

NON-GAAP MEASURES
DEFINITIONS

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

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

Definitions:

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

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

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

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

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements 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.

38

NON-GAAP MEASURES
DEFINITIONS

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for second generation tenant improvements, and (8) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), LXP believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

First Generation Costs: Represents cash spend for tenant improvements and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP’s presentation may not be comparable to similarly titled measures of other companies.

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

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

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

39

NON-GAAP MEASURES
DEFINITIONS

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

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

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation.

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

40

SELECT CREDIT METRICS DEFINITIONS ($000)  

Adjusted Company FFO Payout:		Three months ended March 31, 2022				(Debt + Preferred) / Gross Assets:		Three months ended March 31, 2022
Common share dividends per share		$	0.12			Consolidated debt		$	1,494,849
Adjusted Company FFO per diluted share			0.16			Preferred shares liquidation preference			96,770
Adjusted Company FFO payout ratio			75.0	%		Debt and preferred		$	1,591,619
Unencumbered Assets:						Total assets		$	3,987,546
Real estate, at cost		$	4,304,315			Plus depreciation and amortization:
Held for sale real estate and intangible assets, at cost			219,190			Real estate			683,013
Other asset - note receivable			1,489			Deferred lease costs			8,469
less encumbered real estate, at cost			(152,116	)		Held for sale assets			118,218
Unencumbered assets		$	4,372,878
						Gross assets		$	4,797,246
Unencumbered NOI:
NOI		$	60,452			(Debt + Preferred) / Gross Assets			33.2	%
Disposed of properties NOI			5
Adjusted NOI			60,457			Debt  / Gross Assets:
less encumbered adjusted NOI			(4,026	)		Consolidated debt		$	1,494,849
Unencumbered adjusted NOI		$	56,431
						Gross assets		$	4,797,246
Unencumbered NOI %			93.3	%
						Debt / Gross assets			31.2	%
Net Debt  / Adjusted EBITDA:
Adjusted EBITDA		$	250,611			Secured Debt  / Gross Assets:
						Total Secure Debt		$	80,385
Consolidated debt		$	1,494,849
less consolidated cash and cash equivalents			(49,063	)		Gross assets		$	4,797,246
Non-consolidated debt, net			135,055
Net debt		$	1,580,841			Secured Debt / Gross Assets			1.7	%
Net debt / Adjusted EBITDA			6.3	x		Unsecured Debt / Unencumbered Assets:
						Consolidated debt		$	1,494,849
(Net Debt + Preferred)  / Adjusted EBITDA:						less mortgages and notes payable			(80,385	)
Adjusted EBITDA		$	250,611			Unsecured Debt		$	1,414,464
Net debt		$	1,580,841			Unencumbered assets		$	4,372,878
Preferred shares liquidation preference			96,770
Net debt + preferred		$	1,677,611			Unsecured Debt / Unencumbered Assets			32.3	%
(Net Debt + Preferred) / Adjusted EBITDA			6.7	x

For the 12/31/2021, 12/31/2020 and 12/31/2019 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information.

41 

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 505000	462 South 4th Street, Suite 1600
Louisville, KY 40233	Louisville, KY 40202
(800) 850-3948

www-us.computershare.com/investor

Investor Relations

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

Research Coverage

Bank of America			Evercore Partners
Jamie Feldman	(646) 855-5808		Sheila K. McGrath	(212) 497-0882
Jefferies & Company, Inc.			J.P. Morgan Chase
Jon Petersen	(212) 284-1705		Anthony Paolone	(212) 622-6682
KeyBanc Capital Markets Inc.			Ladenburg Thalmann & Co., Inc.
Todd Thomas	(917) 368-2286		John Massocca	(212) 409-2543

42 

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