UNITEDSTATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February24, 2022

LXP INDUSTRIAL TRUST
(Exact name of registrant as specified in its charter)
Maryland	1-12386	13-3717318
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(State or other jurisdiction<br><br> <br>of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
One Penn Plaza, Suite 4015, New York, New York	10119-4015
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(Address of principal executive offices)	(Zip Code)

(212) 692-7200

(Registrant’s telephone number, including area code)

N/A

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company ☐

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

Item 2.02. Resultsof Operations and Financial Condition.

On February 24, 2022, we issued a press release announcing our financial results for the quarter ended December 31, 2021. A copy of the press release is furnished herewith as Exhibit 99.1.

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

Item 7.01. RegulationFD Disclosure.

On February 24, 2022, we made available supplemental information, which we refer to as the “Quarterly Supplemental Information, Fourth Quarter 2021,” a copy of which is furnished herewith as Exhibit 99.2.

On February 24, 2022, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.3.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.2 and Exhibit 99.3, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by 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. Information contained on our web site is not incorporated by reference into this Current Report on Form 8-K.

Item 9.01. FinancialStatements and Exhibits.

	(d) Exhibits
99.1	Press Release dated February 24, 2022
99.2	Quarterly Supplemental Information, Fourth Quarter 2021
99.3	February 24, 2022 Conference Call Transcript
104	Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURES

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

	LXP Industrial Trust
Date: February 25, 2022	By:	/s/ Beth Boulerice
		Beth Boulerice
		Chief Financial Officer

Exhibit 99.1

LXP INDUSTRIAL TRUST

TRADED: NYSE: LXP

ONEPENN PLAZA, SUITE4015

NEWYORK, NY 10119-4015

FOR IMMEDIATE RELEASE

LXP INDUSTRIAL TRUST REPORTS FOURTH QUARTER2021 RESULTS

New York - February 24, 2022 - LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the fourth quarter and year ended December 31, 2021.

Fourth Quarter 2021 Highlights

•	Recorded Net Income attributable to common shareholders of $260.5 million, or $0.90 per diluted commonshare.
•	Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted(“Adjusted Company FFO”) of $53.8 million, or $0.18 per diluted common share.
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•	Recapitalized 22 special purpose industrial assets with a gross valuation of $550 million to a newly-formedjoint venture and acquired a 20% interest in the joint venture for $30.8 million.
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•	Fully leased an aggregate of 1.7 million square feet of speculative development warehouse/distributionproduct in the Atlanta, Georgia and Greenville-Spartanburg, South Carolina markets.
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•	Completed additional 1.5 million square feet of new leases and lease extensions, raising industrialBase and Cash Base Rents by 12.8% and 5.3%, respectively.
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•	Acquired eight warehouse/distribution facilities for an aggregate cost of approximately $365.9 million.
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•	Acquired an aggregate of 490 acres of developable land in the Phoenix, Arizona and Indianapolis, Indianamarkets for an aggregate investment of $98.9 million.
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•	Completed the 468,000 square foot build-to-suit warehouse/distribution facility in the Phoenix, Arizonamarket.
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•	Commenced development of a 1.1 million square foot warehouse/distribution facility in the Columbus,Ohio market.
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•	Invested an aggregate of approximately $46.7 million in five ongoing development projects.
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•	Disposed of five additional properties for an aggregate gross disposition price of $57.9 million.
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•	Increased warehouse/distribution portfolio to 98.1% of gross real estate assets, excluding held forsale assets.
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Full Year 2021 Highlights

•	Recorded Net Income attributable to common shareholders of $375.8 million, or $1.34 per diluted commonshare.
•	Generated Adjusted Company FFO of $223.2 million, or $0.78 per diluted common share.
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•	Completed 8.5 million square feet of new leases and lease extensions, raising industrial Base and CashBase Rents by 10.9% and 6.7%, respectively.
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•	Acquired/completed 26 warehouse/distribution facilities for an aggregate cost of $885.6 million.
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•	Invested an aggregate of $111.5 million in five ongoing development projects.
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•	Disposed of 37 properties for an aggregate gross disposition price of $824.0 million.
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•	Issued $400.0 million aggregate principal amount of 2.375% Senior Notes due 2031 and redeemed all $188.8million aggregate principal amount of 4.25% Senior Notes due 2023.
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•	Satisfied $42.3 million of secured debt with a weighted-average interest rate of 5.6%.
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Subsequent Events

•	Acquired two warehouse/distribution facilities for an aggregate cost of approximately $71.8 million.

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chairman, Chief Executive Officer and President of LXP, commented “Several years ago we began executing on a long-term strategic plan to reposition LXP as a leading, pure-play industrial REIT, and in 2021 we substantially completed our transformation and delivered outstanding financial and operational results. Our warehouse and distribution portfolio was 99.8% leased at year-end, demonstrating strong tenant demand and positioning us to continue benefiting from strong underlying market rent growth. We continued to build on our momentum in the fourth quarter, executing 1.7 million square feet of full building leases on two development projects and advancing five development projects totaling 6.3 million square feet. With a significantly more valuable portfolio, a strong tenant base, attractive lease escalations and a deep pipeline of development projects, we entered 2022 in a strong position. We are pleased with LXP’s tremendous progress and strong results, and look forward to pursuing the best path to unlock the full value of our company following our ongoing review of strategic alternatives.”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2021, total gross revenues were $86.5 million, compared with total gross revenues of $83.3 million for the quarter ended December 31, 2020. The increase was primarily attributable to an increase in rental revenue due to property acquisitions and an increase in tenant reimbursements, partially offset by a decrease in rental revenue due to property sales.

Net Income Attributable to Common Shareholders

For the quarter ended December 31, 2021, net income attributable to common shareholders was $260.5 million, or $0.90 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2020 of $102.7 million, or $0.37 per diluted share.

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Adjusted Company FFO

For the quarter ended December 31, 2021, LXP generated Adjusted Company FFO of $53.8 million, or $0.18 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2020 of $55.0 million, or $0.19 per diluted share.

Dividends/Distributions

As previously announced, during the fourth quarter of 2021, LXP declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2021 of $0.12 per common share/unit, which was paid on January 18, 2022 to common shareholders/unitholders of record as of December 31, 2021. LXP previously declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended December 31, 2021, which was paid February 15, 2022 to Series C Preferred shareholders of record as of January 31, 2022.

TRANSACTION ACTIVITY

ACQUISITIONS AND COMPLETED DEVELOPMENT TRANSACTIONS
Property Type	Market	Sq. Ft.	Initial Basis <br> (000)	% Leased<br><br> <br>as of<br><br> <br>12/31/2021
Warehouse/distribution	Indianapolis, IN	179,530	16,315	100%
Warehouse/distribution	Indianapolis, IN	530,400	44,479	100%
Warehouse/distribution	Indianapolis, IN	168,480	15,644	100%
Warehouse/distribution^(1)(2)^	Atlanta, GA	907,675	47,568	100%
Warehouse/distribution^(1)^	Phoenix, AZ	468,182	61,490	100%
Warehouse/distribution	Phoenix, AZ	487,500	83,517	33%
Warehouse/distribution	Indianapolis, IN	1,016,244	93,899	100%
Warehouse/distribution	Atlanta, GA	328,000	37,625	100%
Warehouse/distribution	Atlanta, GA	396,000	47,618	100%
Warehouse/distribution	Atlanta, GA	225,211	26,838	45%
		4,707,222	474,993

All values are in US Dollars.

1.	Completed development project.
2.	Initial basis excludes certain remaining costs, including developer partner promote.
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The above properties were acquired/completed at aggregate weighted-average GAAP and Cash stabilized capitalization rates of 4.8% and 4.4%, respectively. Total 2021 acquisition activity, including development projects placed into service, was approximately $885.6 million at aggregate weighted-average GAAP and Cash estimated stabilized capitalization rates of 4.9% and 4.6%, respectively.

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DEVELOPMENT PROJECTS
Project (% owned)	# of Buildings	Market	Estimated<br><br> <br>Sq. Ft.	Estimated Project<br><br> <br>Cost<br><br> <br>($000)	GAAP Investment Balance<br><br> <br>as of<br><br> <br>12/31/21<br><br> <br>($000)	LXP Amount Funded<br> as of<br> 12/31/21 <br> (000)(4)	% Leased as of 12/31/21
Consolidated:
The Cubes at Etna East (95%)^(1)(2)^	1	Columbus, OH	1,074,840	$ 72,100	$ 33,002	22,471	— %
Mt. Comfort (80%)^(1)^	1	Indianapolis, IN	1,053,360	60,300	30,012	21,977	— %
Cotton 303 (93%)^(1)^	2	Phoenix, AZ	880,678	84,200	30,263	24,475	— %
Ocala (80%)^(1)^	1	Central Florida	1,085,280	80,900	32,186	21,186	— %
Smith Farms(90%)^(1)(3)^	3	Greenville-Spartanburg, SC	2,194,820	162,100	35,702	21,433	36 %
				$ 459,600	$ 161,165	111,542

All values are in US Dollars.

LAND HELD FOR DEVELOPMENT
Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance<br><br> <br>as of<br><br> <br>12/31/21<br><br> <br>($000)	LXP Amount Funded<br><br> <br>as of<br><br> <br>12/31/21<br><br> <br>($000)^(4)^
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Consolidated:
Reems & Olive (95.5%)	Phoenix, AZ	420	$ 100,875	$ 96,336
Mt. Comfort Phase II (80%)	Indianapolis, IN	70	3,285	2,610
		490	$ 104,160	$ 98,946
Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance<br><br> <br>as of<br><br> <br>12/31/21<br><br> <br>($000)	LXP Amount Funded<br><br> <br>as of<br><br> <br>12/31/21<br><br> <br>($000)^(4)^
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Non-consolidated:
ETNA Park 70 (90%)	Columbus, OH	66	$ 12,875	$ 13,362
ETNA Park 70 East (90%)	Columbus, OH	21	2,797	2,064
		87	$ 15,672	$ 15,426
1.	Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential<br>developer partner promote.
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2.	Land parcel distributed from ETNA Park 70 East during the fourth quarter of 2021.
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3.	Preleased one 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion<br>of the facility.
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4.	Excludes noncontrolling interests' share.
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PROPERTY DISPOSITIONS
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	Location	Property Type	Gross Disposition<br><br> <br>Price<br><br> <br>($000)	Annualized Net Income^(1)^ ($000)	Annualized <br> NOI(1)<br> (000)	% Leased
	Durham, NH	Industrial	$ 21,024	$ (431)	(336)	9%
	Baton Rouge, LA	Office	4,471	103	304	36%
	Arlington, TX (2 properties)	Office/Industrial	29,250	2,992	3,056	96%
	Florence, SC	Office	3,200	408	611	100%
	Various^(2)^	Industrial	547,226	20,894	39,515	100%
			$ 605,171	$ 23,966	43,150

All values are in US Dollars.

1.	Generally, quarterly period prior to sale, annualized.
2.	Recapitalized 22 special purpose industrial assets into a newly-formed joint venture. Joint venture received<br>$2.8 million in credits. LXP acquired a 20% interest in the joint venture for $30.8 million.
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As of December 31, 2021, total consolidated 2021 property disposition volume was $824.0 million at aggregate weighted-average GAAP and Cash capitalization rates of 7.5% and 7.3%, respectively.

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LEASING

During the fourth quarter of 2021, LXP executed the following extensions and new leases:

	NEW LEASES - FIRST GENERATION^(1)^
	Location		Lease<br><br> <br>Expiration Date	Sq. Ft.
	Industrial
1	Fairburn	GA	10/2028	907,675
2	Greer^(2)^	SC	03/2035	797,936
2	TOTAL NEW LEASES - FIRST GENERATION			1,705,611
	LEASE EXTENSIONS - SECOND GENERATION
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	Location		Prior<br><br> <br>Term	Lease<br><br> <br>Expiration Date	Sq. Ft.
	Industrial
1	Rockford	IL	12/2021	12/2024	93,000
2	Olive Branch	MS	08/2024	06/2029	1,170,218
3	Duncan	SC	08/2022	08/2027	221,833
3	Total industrial lease extensions				1,485,051
	Other
1	Tucson	AZ	07/2022	09/2027	28,591
1	Total other lease extensions				28,591
4	Total lease extensions - second generation				1,513,642
	NEW LEASES - SECOND GENERATION
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	Location		Lease Expiration Date	Sq. Ft.
	Other
1	Kalamazoo	MI	MTM	3,880
2	Kalamazoo	MI	10/2024	29,686
2	Total other new leases - second generation			33,566
6	TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION			1,547,208
1.	Leased first generation space that was developed or acquired vacant.
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Property included in the Smith Farms development. The lease expiration date is estimated.

As of December 31, 2021, LXP's Stabilized Portfolio was 99.4% leased. A total of 8.4 million square feet of new and extended industrial leases were entered into during 2021. Base and Cash Base Rents increased by 12.4% and 5.8%, respectively, for extended industrial leases and by 8.3% each for new industrial leases (as compared to the prior tenants' rent, if any).

BALANCE SHEET/CAPITAL MARKETS

In the fourth quarter of 2021, LXP satisfied an aggregate of $29.9 million of non-recourse debt with a weighted-average interest rate of 5.4%. LXP's total debt was $1.5 billion at quarter end with a weighted-average term to maturity of 7.5 years and a fixed rate of 2.8%.

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In the fourth quarter of 2021, LXP issued 1.1 million shares previously sold on a forward basis under its At-the-Market offering program for net proceeds of $11.6 million. As of December 31, 2021, LXP had an aggregate of $226.1 million under unsettled forward common share contracts, which are subject to adjustment in accordance with the forward sales contracts.

LXP ended 2021 at 5.5x Net Debt to Adjusted EBITDA. LXP's $600.0 million unsecured revolving credit facility remains fully available.

REVIEW STRATEGIC ALTERNATIVES TO MAXIMIZE SHAREHOLDER VALUE

As previously announced on February 8, 2022, the LXP Board of Trustees has initiated a review of strategic alternatives. With the support of its independent financial advisors, the Board is considering a wide range of options including, among other things, a sale, merger and other business combinations.

LXP has not set a timetable for the review process, nor has it made any decisions related to any potential strategic alternatives at this time. There can be no assurance that the review process will result in a transaction or other strategic change or outcome. LXP does not intend to disclose or comment on developments related to this review unless or until it determines that further disclosure is appropriate or required by law.

BofA Securities, Evercore and Wells Fargo Securities are serving as LXP’s financial advisors and Paul Hastings LLP is serving as legal counsel.

2022 EARNINGS GUIDANCE

LXP is delaying the issuance of its estimates of net income attributable to common shareholders per diluted common share for the year ending December 31, 2022 and its estimate of Adjusted Company FFO for the year ending December 31, 2022 pending the completion of the previously announced review of strategic alternatives being conducted by its Board of Trustees.

FOURTH QUARTER 2021 CONFERENCE CALL

LXP will host a conference call today February 24, 2022, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2021. Interested parties may participate in this conference call by dialing 1-844-200-6205 (U.S.) or 1-929-526-1599 (All other locations). Access code is 323564. A replay of the call will be available through March 24, 2022, at 1-866-813-9403 (U.S.) or +44-204-525-0658 (All other locations); pin code for all replay numbers is 075603. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

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

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Contact:

Investor or Media Inquiries for LXP Industrial Trust:

Heather Gentry, Senior Vice President of Investor Relations

LXP Industrial Trust

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

This release contains certain forward-lookingstatements 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-lookingstatements. 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” inLXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the potential adverse impacton LXP or its tenants from the novel coronavirus (COVID-19), (2) the authorization by 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,(4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, includingthe impact of any legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changesin accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports LXP files withthe Securities and Exchange Commission are available on LXP's web site at www.lxp.com. Forward-lookingstatements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiableby 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 undertakesno obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect eventsor circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP's expectations will be realized.

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

Non-GAAP Financial Measures - Definitions

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

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

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.

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.

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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, leasing costs and base building work for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies.

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

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

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

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of LXP's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate, (or has generated) divided by the acquisition/completion cost, (or sale price). Stabilized yields assume 100% occupancy and the payment of estimated costs to achieve 100% occupancy including partner promotes, if any.

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

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.

#

Page 9 of 12

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended December 31,						Twelve months ended December 31,
	2021			2020			2021			2020
Gross revenues:
Rental revenue	$	85,374		$	82,390		$	339,944		$	325,811
Other revenue		1,108			925			4,053			4,637
Total gross revenues		86,482			83,315			343,997			330,448
Expense applicable to revenues:
Depreciation and amortization		(46,135	)		(40,723	)		(176,714	)		(161,592	)
Property operating		(13,780	)		(10,019	)		(47,746	)		(41,914	)
General and administrative		(10,763	)		(7,759	)		(35,458	)		(30,371	)
Non-operating income		411			429			1,364			743
Interest and amortization expense		(11,538	)		(12,591	)		(46,708	)		(55,201	)
Debt satisfaction gains (losses), net		(672	)		2,502			(13,894	)		21,452
Impairment charges		(3,493	)		(6,668	)		(5,541	)		(14,460	)
Gains on sales of properties		262,507			97,163			367,274			139,039
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		263,019			105,649			386,574			188,144
Provision for income taxes		(307	)		(223	)		(1,293	)		(1,584	)
Equity in earnings (losses) of non-consolidated entities		59			(204	)		(190	)		(169	)
Net income		262,771			105,222			385,091			186,391
Less net income attributable to noncontrolling interests		(481	)		(844	)		(2,443	)		(3,089	)
Net income attributable to LXP Industrial Trust shareholders		262,290			104,378			382,648			183,302
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(258	)		(94	)		(510	)		(224	)
Net income attributable to common shareholders	$	260,460		$	102,712		$	375,848		$	176,788
Net income attributable to common shareholders – per common share basic	$	0.93		$	0.37		$	1.35		$	0.66
Weighted-average common shares outstanding – basic		281,383,061			274,965,603			277,640,835			266,914,843
Net income attributable to common shareholders – per common share diluted	$	0.90		$	0.37		$	1.34		$	0.66
Weighted-average common shares outstanding – diluted		292,782,489			284,076,532			287,369,742			268,182,552

Page 10 of 12

LXP INDUSTRIAL TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

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

			2020
Assets:
Real estate, at cost	3,583,978		$	3,514,564
Real estate - intangible assets	341,403			409,293
Land held for development	104,160			—
Investments in real estate under construction	161,165			75,906
Real estate, gross	4,190,706			3,999,763
Less: accumulated depreciation and amortization	655,740			884,465
Real estate, net	3,534,966			3,115,298
Assets held for sale	82,586			16,530
Right-of-use assets, net	27,966			31,423
Cash and cash equivalents	190,926			178,795
Restricted cash	101			626
Investments in non-consolidated entities	74,559			56,464
Deferred expenses, net	18,861			15,901
Rent receivable - current	3,526			2,899
Rent receivable - deferred	63,283			66,959
Other assets	8,784			8,331
Total assets	4,005,558		$	3,493,226
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	83,092		$	136,529
Term loan payable, net	298,446			297,943
Senior notes payable, net	987,931			779,275
Trust preferred securities, net	127,595			127,495
Dividends payable	37,425			35,401
Liabilities held for sale	3,468			790
Operating lease liabilities	29,094			32,515
Accounts payable and other liabilities	77,607			55,208
Accrued interest payable	8,481			6,334
Deferred revenue - including below market leases, net	14,474			17,264
Prepaid rent	14,717			13,335
Total liabilities	1,682,330			1,502,089
Commitments and contingencies
Equity:
Preferred shares, par value 0.0001 per share; authorized 100,000,000 shares,
Series C Cumulative Convertible Preferred, liquidation preference 96,770 and 1,935,400 shares issued and outstanding	94,016			94,016
Common shares, par value 0.0001 per share; authorized 400,000,000 shares, 283,752,726 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively	28			28
Additional paid-in-capital	3,252,506			3,196,315
Accumulated distributions in excess of net income	(1,049,434	)		(1,301,726	)
Accumulated other comprehensive loss	(6,258	)		(17,963	)
Total shareholders’ equity	2,290,858			1,970,670
Noncontrolling interests	32,370			20,467
Total equity	2,323,228			1,991,137
Total liabilities and equity	4,005,558		$	3,493,226

All values are in US Dollars.

Page 11 of 12

LXP INDUSTRIAL TRUST AND SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
	Three Months Ended <br>December 31,				Twelve Months Ended <br>December 31,
---	---	---	---	---	---	---	---	---
	2021		2020		2021		2020
EARNINGS PER SHARE:
Basic:
Net income attributable to common shareholders	$	260,460	$	102,712	$	375,848	$	176,788
Weighted-average common shares outstanding - basic		281,383,061		274,965,603		277,640,835		266,914,843
Net income attributable to common shareholders - per common share basic	$	0.93	$	0.37	$	1.35	$	0.66
Diluted:
Net income attributable to common shareholders - basic	$	260,460	$	102,712	$	375,848	$	176,788
Impact of assumed conversions		1,853		2,218		7,962		—
Net income attributable to common shareholders	$	262,313	$	104,930	$	383,810	$	176,788
Weighted-average common shares outstanding - basic		281,383,061		274,965,603		277,640,835		266,914,843
Effect of dilutive securities:
Unvested share-based payment awards and options		1,223,218		1,367,634		989,177		1,267,709
Shares issuable under forward sales agreements		4,568,350		—		2,110,315		—
Operating Partnership Units		897,290		3,032,725		1,918,845		—
Preferred shares - Series C		4,710,570		4,710,570		4,710,570		—
Weighted-average common shares outstanding - diluted		292,782,489		284,076,532		287,369,742		268,182,552
Net income attributable to common shareholders - per common share diluted	$	0.90	$	0.37	$	1.34	$	0.66

Page 12 of 12

LXP INDUSTRIAL TRUST AND SUBSIDIARIES
ADJUSTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
		Three Months Ended <br>December 31,						Twelve Months Ended <br>December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
		2021			2020			2021			2020
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	260,460		$	102,712		$	375,848		$	176,788
Adjustments:
Depreciation and amortization		45,391			40,050			173,833			158,655
Impairment charges - real estate		3,493			6,668			5,541			14,460
Noncontrolling interests - OP units		281			645			1,672			2,347
Amortization of leasing commissions		744			673			2,881			2,937
Joint venture and noncontrolling interest adjustment		2,026			2,115			8,370			8,578
Gains on sales of properties, including non-consolidated entities		(262,507	)		(97,163	)		(367,274	)		(139,596	)
FFO available to common shareholders and unitholders - basic		49,888			55,700			200,871			224,169
Preferred dividends		1,572			1,572			6,290			6,290
Amount allocated to participating securities		258			94			510			224
FFO available to all equityholders and unitholders - diluted		51,718			57,366			207,671			230,683
Debt satisfaction (gains) losses, net, including non-consolidated entities		672			(2,502	)		13,894			(21,396	)
Activist costs		1,199			—			1,199			—
Transaction costs		227			174			432			255
Adjusted Company FFO available to all equityholders and unitholders - diluted		53,816			55,038			223,196			209,542
FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments		(4,178	)		(3,430	)		(12,324	)		(13,654	)
Lease incentives		175			189			780			921
Amortization of above/below market leases		(340	)		(470	)		(1,551	)		(1,580	)
Lease termination payments, net		(330	)		(70	)		551			—
Non-cash interest, net		(25	)		195			326			1,276
Non-cash charges, net		1,796			1,690			7,137			6,674
Second generation tenant improvements		(4,214	)		(291	)		(8,392	)		(9,744	)
Second generation lease costs		(1,810	)		(50	)		(7,151	)		(5,019	)
Joint venture and non-controlling interest adjustment		(194	)		11			(375	)		(319	)
Company Funds Available for Distribution	$	44,696		$	52,812		$	202,197		$	188,097
Per Common Share and Unit Amounts
Basic:
FFO	$	0.18		$	0.20		$	0.72		$	0.83
Diluted:
FFO	$	0.18		$	0.20		$	0.72		$	0.84
Adjusted Company FFO	$	0.18		$	0.19		$	0.78		$	0.76
Weighted-Average Common Shares
Basic:
Weighted-average common shares outstanding - basic EPS		281,383,061			274,965,603			277,640,835			266,914,843
Operating partnership units^(1)^		897,290			3,032,725			1,918,845			3,083,320
Weighted-average common shares outstanding - basic FFO		282,280,351			277,998,328			279,559,680			269,998,163
Diluted:
Weighted-average common shares outstanding - diluted EPS		292,782,489			284,076,532			287,369,742			268,182,552
Unvested share-based payment awards		70,114			9,384			44,261			17,180
Operating partnership units^(1)^		—			—			—			3,083,320
Preferred shares - Series C		—			—			—			4,710,570
Weighted-average common shares outstanding - diluted FFO		292,852,603			284,085,916			287,414,003			275,993,622

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

Exhibit 99.2

(GRAPHIC)

TABLE OF CONTENTS<br><br> <br>December 31, 2021
		PAGE			PAGE
---	---	---	---	---	---
SUMMARY / HIGHLIGHTS		3	TENANT DATA
				TOP 15 TENANTS	20
FINANCIAL DATA				QUARTERLY LEASING SUMMARY	21
	CONSOLIDATED BALANCE SHEETS	4		LEASE ROLLOVER SCHEDULES	23
	CONSOLIDATED STATEMENTS OF OPERATIONS	5		PROPERTY LEASES AND VACANCIES	25
	NON-GAAP FINANCIAL DATA	6
	SELECT CREDIT METRICS SUMMARY	10	DEBT
	OTHER FINANCIAL DATA	11		MORTGAGES AND NOTES PAYABLE	35
				DEBT MATURITY SCHEDULE	37
CAPITAL DEPLOYMENT / RECYCLING				DEBT COVENANTS	38
	QUARTERLY INVESTMENTS / CAPITAL RECYCLING	12
	DEVELOPMENT SUMMARY	13	COMPONENTS OF NET ASSET VALUE		39
	CAPITAL EXPENDITURES AND LEASING COSTS	14
			NON-GAAP MEASURES DEFINITIONS		40
PORTFOLIO DATA
	PORTFOLIO DATA	15	INVESTOR INFORMATION		45
	SAME STORE DATA	16
	PORTFOLIO DETAIL BY ASSET CLASS	17
	PORTFOLIO COMPOSITION	18
	INDUSTRIAL PORTFOLIO INFORMATION	19

This Quarterly Supplemental Informationcontains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under thecontrol of LXP Industrial Trust (“LXP”), which may cause actual results, performance or achievements of LXP and itssubsidiaries to be materially different from the results, performance, or other expectations implied by these forward-lookingstatements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed underthe headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “RiskFactors” 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 authorizationof 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 continueto qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact ofany new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changesin accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports LXP fileswith 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 identifiableby 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, LXPundertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence ofunanticipated events. Accordingly, there is no assurance that LXP’s expectations will be realized.

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

SUMMARY / HIGHLIGHTS

December 31, 2021

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 - $0.90 per diluted common share	# of Properties:	121
- Adjusted Company FFO - $0.18 per diluted common share	# of States:	23
- Recapitalized 22 special purpose industrial assets with a gross valution of $550 million to a newly-formed joint venture and acquired a 20% interest in the joint venture for $30.8 million	Square Footage:	54.8 million
- Fully leased an aggregate of 1.7 million square feet of speculative development warehouse/distribution product in the Atlanta, GA and Greenville-Spartanburg, SC markets. Completed additional 1.5 million square feet of new leases and lease extensions	Ongoing Development Projects:	5
- Acquired eight warehouse/distribution facilities for an aggregate cost of $365.9 million	Stabilized Portfolio % Leased:	99.4%
- Commenced development of a 1.1 million square foot warehouse/distribution facility in the Columbus, OH market	# of Leases:	145
- Acquired an aggregate of 490 acres of developable land in the Phoenix, AZ and Indianapolis, IN markets for an aggregate investment of $98.9 million	% Industrial:	98.1%
- Invested an aggregate of $46.7 million in five ongoing development projects	Weighted-Average Lease Term (Cash Basis):	6.6 years
- Completed the 468,000 square foot built-to-suit warehouse/distribution facility in the Phoenix, AZ market	Weighted-Average Age:	9.3 years
- Disposed of an additional five properties for an aggregate gross disposition price of $57.9 million	Developable Land^(1)^	577 acres
- Net Debt to Adjusted EBITDA ratio was 5.5x at quarter end

Footnote

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

CONSOLIDATED BALANCE SHEETS<br><br> (Unaudited and in thousands, except share and per share data)
			December 31, 2020
---	---	---	---	---	---
Assets:
Real estate, at cost	3,583,978		$	3,514,564
Real estate - intangible assets	341,403			409,293
Land held for development	104,160			-
Investments in real estate under construction	161,165			75,906
Real estate, gross	4,190,706			3,999,763
Less: accumulated depreciation and amortization	655,740			884,465
Real estate, net	3,534,966			3,115,298
Assets held for sale	82,586			16,530
Right-of-use assets, net	27,966			31,423
Cash and cash equivalents	190,926			178,795
Restricted cash	101			626
Investments in non-consolidated entities	74,559			56,464
Deferred expenses, net	18,861			15,901
Rent receivable - current	3,526			2,899
Rent receivable - deferred	63,283			66,959
Other assets	8,784			8,331
Total assets	4,005,558		$	3,493,226
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	83,092		$	136,529
Term loan payable, net	298,446			297,943
Senior notes payable, net	987,931			779,275
Trust preferred securities, net	127,595			127,495
Dividends payable	37,425			35,401
Liabilities held for sale	3,468			790
Operating lease liabilities	29,094			32,515
Accounts payable and other liabilities	77,607			55,208
Accrued interest payable	8,481			6,334
Deferred revenue - including below market leases, net	14,474			17,264
Prepaid rent	14,717			13,335
Total liabilities	1,682,330			1,502,089
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, 283,752,726 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively	28			28
Additional paid-in-capital	3,252,506			3,196,315
Accumulated distributions in excess of net income	(1,049,434	)		(1,301,726	)
Accumulated other comprehensive loss	(6,258	)		(17,963	)
Total shareholders’ equity	2,290,858			1,970,670
Noncontrolling interests	32,370			20,467
Total equity	2,323,228			1,991,137
Total liabilities and equity	4,005,558		$	3,493,226

All values are in US Dollars.

CONSOLIDATED STATEMENTS OF OPERATIONS<br><br> (Unaudited and in thousands, except share and per share data)
	Three months ending December 31,						Twelve months ending December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2021			2020			2021			2020
Gross revenues:
Rental revenue	$	85,374		$	82,390		$	339,944		$	325,811
Other revenue		1,108			925			4,053			4,637
Total gross revenues		86,482			83,315			343,997			330,448
Expenses applicable to revenues:
Depreciation and amortization		(46,135	)		(40,723	)		(176,714	)		(161,592	)
Property operating		(13,780	)		(10,019	)		(47,746	)		(41,914	)
General and administrative		(10,763	)		(7,759	)		(35,458	)		(30,371	)
Non-operating income		411			429			1,364			743
Interest and amortization expense		(11,538	)		(12,591	)		(46,708	)		(55,201	)
Debt satisfaction gains (losses), net		(672	)		2,502			(13,894	)		21,452
Impairment charges		(3,493	)		(6,668	)		(5,541	)		(14,460	)
Gains on sales of properties		262,507			97,163			367,274			139,039
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		263,019			105,649			386,574			188,144
Provision for income taxes		(307	)		(223	)		(1,293	)		(1,584	)
Equity in earnings (losses) of non-consolidated entities		59			(204	)		(190	)		(169	)
Net income		262,771			105,222			385,091			186,391
Less net income attributable to noncontrolling interests		(481	)		(844	)		(2,443	)		(3,089	)
Net income attributable to LXP Industrial Trust shareholders		262,290			104,378			382,648			183,302
Dividends attributable to preferred shares - Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(258	)		(94	)		(510	)		(224	)
Net income attributable to common shareholders	$	260,460		$	102,712		$	375,848		$	176,788
Net income attributable to common shareholders - per common share basic	$	0.93		$	0.37		$	1.35		$	0.66
Weighted-average common shares outstanding - basic		281,383,061			274,965,603			277,640,835			266,914,843
Net income attributable to common shareholders - per common share diluted	$	0.90		$	0.37		$	1.34		$	0.66
Weighted-average common shares outstanding - diluted		292,782,489			284,076,532			287,369,742			268,182,552

NON-GAAP FINANCIAL DATA<br><br> (Unaudited and in thousands, except share and per share data)
	Three months ending December 31,						Twelve months ending December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2021			2020			2021			2020
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	260,460		$	102,712		$	375,848		$	176,788
Adjustments:
Depreciation and amortization		45,391			40,050			173,833			158,655
Impairment charges - real estate		3,493			6,668			5,541			14,460
Noncontrolling interest - OP units		281			645			1,672			2,347
Amortization of leasing commissions		744			673			2,881			2,937
Joint venture and noncontrolling interest adjustment		2,026			2,115			8,370			8,578
Gain on sales of properties, including non-consolidated entities		(262,507	)		(97,163	)		(367,274	)		(139,596	)
FFO available to common shareholders and unitholders - basic		49,888			55,700			200,871			224,169
Preferred dividends		1,572			1,572			6,290			6,290
Amount allocated to participating securities		258			94			510			224
FFO available to common equityholders and unitholders - diluted		51,718			57,366			207,671			230,683
Debt satisfaction gains (losses), net, including non-consolidated entities		672			(2,502	)		13,894			(21,396	)
Activist costs		1,199			-			1,199			-
Transaction costs		227			174			432			255
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	53,816		$	55,038		$	223,196		$	209,542
Per Common Share and Unit Amounts:
Basic:
FFO	$	0.18		$	0.20		$	0.72		$	0.83
Diluted:
FFO	$	0.18		$	0.20		$	0.72		$	0.84
Adjusted Company FFO	$	0.18		$	0.19		$	0.78		$	0.76
Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS		281,383,061			274,965,603			277,640,835			266,914,843
Operating partnership units ^(1)^		897,290			3,032,725			1,918,845			3,083,320
Weighted-average common shares outstanding - basic FFO		282,280,351			277,998,328			279,559,680			269,998,163
Diluted:
Weighted-average common shares outstanding - diluted. EPS		292,782,489			284,076,532			287,369,742			268,182,552
Unvested share-based payments awards		70,114			9,384			44,261			17,180
Operating partnership units ^(1)^		-			-			-			3,083,320
Preferred shares - Series C		-			-			-			4,710,570
Weighted-average common shares outstanding - diluted FFO		292,852,603			284,085,916			287,414,003			275,993,622

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

NON-GAAP FINANCIAL DATA (CONTINUED)<br><br> (Unaudited and in thousands)
	Three months ending December 31,						Twelve months ending December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2021			2020			2021			2020
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	53,816		$	55,038		$	223,196		$	209,542
FUNDS AVAILABLE FOR DISTRIBUTION
Adjustments:
Straight-line adjustments		(4,178	)		(3,430	)		(12,324	)		(13,654	)
Lease incentives		175			189			780			921
Amortization of above/below market leases		(340	)		(470	)		(1,551	)		(1,580	)
Lease termination payments, net		(330	)		(70	)		551			-
Non-cash interest, net		(25	)		195			326			1,276
Non-cash charges, net		1,796			1,690			7,137			6,674
Second generation tenant improvements		(4,214	)		(291	)		(8,392	)		(9,744	)
Second generation lease costs		(1,810	)		(50	)		(7,151	)		(5,019	)
Joint venture and non-controlling interest adjustment		(194	)		11			(375	)		(319	)
Company Funds Available for Distribution	$	44,696		$	52,812		$	202,197		$	188,097

NON-GAAPFINANCIAL DATA (CONTINUED)<br><br>($000)

NetOperating Income (“NOI”):

	Twelve months ending December 31,
	2021			2020
Net income	$	385,091		$	186,391
Interest and amortization expense		46,708			55,201
Provision for income taxes		1,293			1,584
Depreciation and amortization		176,714			161,592
General and administrative		35,458			30,371
Transaction costs		432			255
Non-operating/advisory fee income		(4,402	)		(4,569	)
Gains on sales of properties		(367,274	)		(139,039	)
Impairment charges		5,541			14,460
Debt satisfaction (gains) losses, net		13,894			(21,452	)
Equity in losses of non-consolidated entities		190			169
Lease termination income, net		(14,972	)		(857	)
Straight-line adjustments		(12,324	)		(13,654	)
Lease incentives		780			921
Amortization of above/below market leases		(1,551	)		(1,580	)
NOI		265,578			269,793
Less NOI:
Acquisitions and dispositions		(88,171	)		(93,460	)
Same-Store NOI	$	177,407		$	176,333

NON-GAAPFINANCIAL DATA (CONTINUED)<br><br>($000)

AdjustedEBITDA:

	Twelve months ended
	12/31/2021
Net income attributable to LXP<br> Industrial Trust shareholders	$	382,648
Interest and amortization expense		46,708
Provision for income taxes		1,293
Depreciation and amortization		176,714
Straight-line adjustments		(12,324	)
Lease incentives		780
Amortization of above/below market leases		(1,551	)
Gains on sales of properties		(367,274	)
Impairment charges		5,541
Debt satisfaction losses, net		13,894
Non-cash charges, net		7,137
Pro-rata share adjustments:
Non-consolidated entities adjustment		11,280
Noncontrolling interests adjustment		1,670
Adjusted EBITDA	$	266,516

SELECT CREDIT METRICS SUMMARY ^(1)^
	12/31/2018	12/31/2019	12/31/2020	12/31/2021
---	---	---	---	---
Adjusted Company FFO Payout Ratio	74.0%	51.6%	55.6%	56.7%
Unencumbered Assets	$2.8 billion	$3.3 billion	$3.8 billion	$4.2 billion
Unencumbered NOI	71.5%	84.1%	89.3%	92.6%
(Debt + Preferred) / Gross Assets	40.3%	34.5%	32.5%	33.4%
Debt/Gross Assets	37.8%	32.1%	30.4%	31.4%
Secured Debt / Gross Assets	14.5%	9.6%	3.1%	1.7%
Unsecured Debt / Unencumbered Assets	32.9%	28.2%	32.1%	33.5%
Net Debt / Adjusted EBITDA ^(2)^	4.7x	4.9x	4.8x	5.5x
(Net Debt + Preferred) / Adjusted EBITDA ^(2)^	5.0x	5.3x	5.1x	5.9x
Credit Facilities Availability ^(3)^	$505.0 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.
---	---

OTHER FINANCIAL DATA<br><br><br>12/31/2021<br><br><br><br>($000)
Rent Estimates for Current Assets
---
Year	Base Rent ^(1)^		Cash Base Rent ^(1)^		Difference
---	---	---	---	---	---	---	---
2022	$	261,744	$	252,043	$	(9,701	)
2023		257,939		255,806		(2,133	)
Balance<br> Sheet
---	---	---
Other<br> assets	$	8,784
The<br> components of other assets are:
Deposits	$	433
Equipment		416
Prepaids		2,115
Note<br> receivable		1,497
Other<br> receivables		1,405
Deferred<br> lease incentives		2,918
Accounts<br> payable and other liabilities	$	77,607
The<br> components of accounts payable and other liabilities are:
Accounts<br> payable and accrued expenses	$	24,914
CIP<br> accruals and other		41,100
Taxes		312
Deferred<br> lease costs		391
Deposits		4,305
Transaction<br> costs		327
Derivative<br> liability		6,258
Footnote
---	---
(1)	Amounts<br> assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2021,<br> and (iii) no properties are sold or acquired after 12/31/2021.

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY<br>12/31/2021

PROPERTYACQUISITIONS AND COMPLETED DEVELOPMENTS

	Property<br> Type	Market			Month<br> Closed	Primary<br> Lease <br><br>Expiration
1	Warehouse/distribution	Indianapolis	IN	179,530	October	12/2026	100	%
2	Warehouse/distribution	Indianapolis	IN	530,400	October	03/2031	100	%
3	Warehouse/distribution	Indianapolis	IN	168,480	October	12/2026	100	%
4	Warehouse/distribution<br> ^(1)(2)^	Atlanta	GA	907,675	November	10/2028	100	%
5	Warehouse/distribution<br> ^(1)^	Phoenix	AZ	468,182	November	11/2036	100	%
6	Warehouse/distribution	Phoenix	AZ	487,500	December	12/2031	33	%
7	Warehouse/distribution	Indianapolis	IN	1,016,244	December	11/2031	100	%
8	Warehouse/distribution	Atlanta	GA	328,000	December	07/2031	100	%
9	Warehouse/distribution	Atlanta	GA	396,000	December	09/2031	100	%
10	Warehouse/distribution	Atlanta	GA	225,211	December	09/2025	45	%
10	TOTAL<br> PROPERTY INVESTMENTS			4,707,222

All values are in US Dollars.

Footnote
(1)	Completed<br> development project. (2) Initial basis excludes certain remaining costs including developer partner promote.

CAPITALRECYCLING

	Location		Property<br> Type			Month<br> of <br><br>Disposition			Gross<br> <br><br>Disposition <br><br>Price PSF
1	Durham	NH	Industrial	)	)	October	9	%	$	42.01
2	Baton<br> Rouge	LA	Office			October	36	%		67.39
3	Arlington<br> (2 properties)	TX	Office/Industrial			November	96	%		123.65
4	Florence	SC	Office			December	100	%		100.00
5	Various^(2)^		Industrial			December	100	%		81.44
27	TOTAL<br> PROPERTY DISPOSITIONS

All values are in US Dollars.

Footnotes
(1)	Generally,<br> quarterly period prior to sale annualized.
(2)	Recapitalized<br> 22 special purpose industrial assets in to a newly-formed joint venture. Joint venture received $2.8 million in credits. LXP<br> acquired a 20% interest in the joint venture for $30.8 million.

DEVELOPMENT SUMMARY<br> <br>12/31/2021

ONGOING:

	Project<br> (% owned)	# of Buildings	Market
Consolidated
1	The<br> Cubes at Etna East (95%)^(3)(4)^	1	Columbus,<br> OH	1,074,840	2Q<br> 2022	0	%
2	Mt.<br> Comfort (80%)^(3)^	1	Indianapolis,<br> IN	1,053,360	3Q<br> 2022	0	%
3	Cotton<br> 303 (93%)^(3)^	2	Phoenix,<br> AZ	880,678	3Q<br> 2022	0	%
4	Ocala<br> (80%)^(3)^	1	Central<br> Florida	1,085,280	3Q<br> 2022	0	%
5	Smith<br> Farms (90%)^(3)(5)^	3	Greenville/Spartanburg,<br> SC	2,194,820	4Q<br> 2022-2Q 2023	36	%
5	Total<br> Consolidated Development Projects

All values are in US Dollars.

LANDHELD FOR DEVELOPMENT:

	Project<br> (% owned)	Market	Approx. Developable Acres		GAAP<br> <br>Investment Balance<br> as of 12/31/2021 <br>(000) (1)	LXP<br> <br><br>Amount Funded as of <br><br>12/31/2021 ($000)^(2)^
Consolidated
1	Reems<br> & Olive (95.5%)	Phoenix,<br> AZ	420	$	100,875	96,336
2	Mt.<br> Comfort Phase II (80%)	Indianapolis,<br> IN	70		3,285	2,610
2	Total<br> Consolidated Land Projects		490	$	104,160	98,946

All values are in US Dollars.

	Project<br> (% owned)	#<br> of <br><br>Buildings	Market	Approx.<br> <br><br>Developable <br><br>Acres		GAAP<br> <br>Investment Balance <br>as of 12/31/2021 <br>(000) (1)	LXP<br> <br><br>Amount Funded <br><br>as of 12/31/2021 <br><br>($000)^(2)^
Non - Consolidated
1	ETNA<br> Park 70 (90%)	TBD	Columbus,<br> OH	66	$	12,875	13,362
2	ETNA<br> Park 70 East (90%)	TBD	Columbus,<br> OH	21		2,797	2,064
2	Total<br> Non-Consolidated Land Projects			87	$	15,672	15,426

All values are in US Dollars.

Footnote
(1)	GAAP<br> investment balance is in real estate under construction for consolidated projects and in investments in non-consolidated entities<br> for non-consolidated projects.
(2)	Excludes<br> noncontrolling interests’ share.
(3)	Estimated<br> project cost includes estimated tenant improvements and lease costs and excludes potential developer partner promote.
(4)	Land<br> parcel distributed from ETNA Park 70 East during the fourth quarter of 2021.
(5)	Preleased<br> one 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility.

CAPITAL EXPENDITURES AND LEASING COSTS ^(1)^<br><br><br>12/31/2021<br><br><br><br>($000)
	Twelve<br> months ending December 31,
---	---	---	---	---
	2021		2020
First<br> Generation Costs
Leasing<br> Costs	$	1,022	$	-
Total<br> First Generation Costs	$	1,022	$	-
Second<br> Generation Costs
Tenant<br> Improvements
Industrial	$	7,109	$	8,764
Other		1,283		980
Total<br> Second Generation Tenant Improvements	$	8,392	$	9,744
Leasing<br> Costs
Industrial	$	6,414	$	1,043
Other		737		3,976
Total<br> Second Generation Leasing Costs	$	7,151	$	5,019
Total<br> Second Generation Costs	$	15,543	$	14,763
Building<br> Improvements
Industrial	$	5,811	$	5,655
Other		1,004		1,851
Total<br> Building Improvements	$	6,815	$	7,506
Total<br> Capital Expenditures and Leasing Costs	$	23,380	$	22,269
Footnote
---	---
(1)	Consolidated<br> costs on a cash basis. Amounts exclude capitalized interest, if any. Leasing costs includes payments for lease incentives,<br> if any.

PORTFOLIO DATA<br><br><br>12/31/2021<br><br>($000)
	Base<br> Rent
---	---	---	---	---	---	---
Asset<br> Class	Twelve<br> months ended
		12/31/2021^(1)^	12/31/2021<br><br> Percentage		12/31/2020<br><br> Percentage ^(2)^
Industrial	$	208,772	88.5	%	86.3	%
Other		27,092	11.5	%	13.7	%
	$	235,864	100.0	%	100.0	%
	Base<br> Rent
---	---	---	---	---	---	---
Credit<br> Ratings ^(3)^	Twelve<br> months ended
		12/31/2021^(1)^	12/31/2021<br><br> Percentage		12/31/2020<br><br> Percentage ^(2)^
Investment<br> Grade	$	130,378	55.3	%	49.6	%
Non-Investment<br> Grade		35,777	15.2	%	21.4	%
Unrated		69,709	29.5	%	29.0	%
	$	235,864	100.0	%	100.0	%
Weighted-Average<br> Lease Term - Cash Basis	As<br> of 12/31/2021	As<br> of 12/31/2020
---	---	---
	6.6<br> years	7.4<br> years

LeaseEscalation Data ^(4)^

Footnotes
(1)	Twelve<br> months ended 12/31/2021 Base Rent recognized for consolidated properties owned as of<br> 12/31/2021.
(2)	Three<br> special purpose industrial properties were reclassified to Other in 2021. 12/31/2020<br> not restated.
(3)	Credit<br> ratings are based upon either tenant, guarantor or parent/ultimate parent.
(4)	Based<br> on twelve months consolidated Cash Base Rents for single-tenant leases (properties 50%<br> leased to a single tenant) owned as of 12/31/2021. Excludes parking operations and rents<br> from prior tenants.

SAME STORE DATA<br><br><br>12/31/2021<br><br><br><br>($000)
Same-Store<br> NOI ^(1)(2)^							Same-Store<br> NOI by Components ^(1)(2)^
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consolidated						Industrial						Other
	Twelve<br> months ended December 31,						Twelve<br> months ended December 31,						Twelve<br> months ended December 31,
	2021			2020			2021			2020			2021			2020
Total<br> Cash Base Rent	$	182,389		$	180,638		$	154,644		$	152,867		$	27,745		$	27,771
Tenant<br> Reimbursements		26,447			25,729			20,649			20,066			5,798			5,663
Property<br> Operating Expenses		(31,429	)		(30,034	)		(23,212	)		(22,162	)		(8,217	)		(7,872	)
Same-Store<br> NOI	$	177,407		$	176,333		$	152,081		$	150,771		$	25,326		$	25,562
Change<br> in Same-Store NOI^(3)^		0.6	%					0.9	%					-0.9	%
Same-Store<br> Statistics ^(2)(4)^							Same-Store<br> Statistics by Components ^(2)(4)^
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Consolidated						Industrial						Other
	As<br> of 12/31/2021			As<br> of 12/31/2020			As<br> of 12/31/2021			As<br> of 12/31/2020			As<br> of 12/31/2021			As<br> of 12/31/2020
Same-Store<br> # of Properties		79			79			67			67			12			12
Same-Store<br> Percent Leased		99.1	%		98.1	%		99.7	%		98.1	%		89.4	%		97.7	%
Footnotes
---	---
(1)	NOI<br> is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020.
(2)	2020<br> Other updated to reflect three special purpose industrial properties that were reclassified<br> to Other in 2021.
(3)	Excluding<br> single-tenant full building vacancies, same-store NOI growth was 1.9% consolidated and<br> 2.1% industrial.
(4)	At<br> December 31, 2021, excludes properties acquired or sold in 2021 and 2020.

PORTFOLIO DETAIL BY ASSET CLASS<br> <br><br><br><br><br>12/31/2021<br><br>($000, except square footage)
Asset<br> Class	YE<br>2018^(1)(2)^			YE<br> 2019^(2)^			YE<br> 2020^(2)^			YE<br> 2021
---	---	---	---	---	---	---	---	---	---	---	---	---
Industrial
%<br> of Cost ^(3)^		71.2	%		81.5	%		90.8	%		98.1	%
%<br> of ABR ^(4)^		65.4	%		75.5	%		86.3	%		88.5	%
%<br> Leased ^(5)^		96.3	%		97.9	%		98.7	%		99.8	%
Wtd.<br> Avg. Lease Term ^(6)^		9.7			8.3			7.4			6.9
Mortgage<br> Debt	$	206,006		$	109,939		$	105,419		$	70,626
%<br> Investment Grade ^(4)^		31.6	%		45.9	%		50.8	%		58.9	%
Square<br> Feet		41,447,962			48,742,014			53,938,155			52,738,438
Other
%<br> of Cost ^(3)^		28.8	%		18.5	%		9.2	%		1.9	%
%<br> of ABR ^(4)(7)^		34.6	%		24.5	%		13.7	%		11.5	%
%<br> Leased		87.1	%		85.8	%		89.3	%		89.4	%
Wtd.<br> Avg. Lease Term ^(6)^		7.2			8.5			7.2			3.8
Mortgage<br> Debt	$	369,508		$	283,933		$	32,993		$	13,803
%<br> Investment Grade ^(4)^		53.2	%		57.3	%		42.0	%		27.3	%
Square<br> Feet		6,111,588			3,876,294			2,171,633			2,089,118
Construction in progress ^(8)^	$	1,840		$	15,208		$	79,022		$	166,647
Footnotes
---	---
(1)	Certain<br> amounts reclassified to reflect the current presentation.
(2)	Three<br> special purpose industrial properties were reclassified to Other in 2021. Prior periods not restated.
(3)	Based<br> on gross book value of real estate assets; excludes held for sale assets.
(4)	Percentage<br> of Base Rent, for consolidated properties owned as of each respective period.
(5)	2021<br> is for Stabilized Portfolio.
(6)	Cash<br> basis.
(7)	YE<br> 2018 excludes the acceleration of below-market lease intangible accretion on one asset subsequently sold.
(8)	Includes<br> development classified as real estate under construction on a consolidated basis and capital expenditures for our operating<br> properties.

PORTFOLIO COMPOSITION<br> <br>12/31/2021

Asa Percent of Gross Book Value ^(1)^

PortfolioComposition^(2)^

Footnote
(1)	Based<br> on gross book value of real estate assets as of 12/31/2021, excludes held for sale assets.
(2)	Based<br> on gross book value of real estate assets as of 12/31/2021, 12/31/2020, 12/31/2019, 12/31/2018 and 12/31/2017, as applicable<br> and excludes held for sale assets.

INDUSTRIALPORTFOLIO INFORMATION<br><br>12/31/2021
Markets ^(1)^	Percent of<br><br> <br>Base Rent as<br><br> <br>of 12/31/2021 ^(2)^
---	---	---	---
Memphis, TN		9.2	%
Greenville/Spartanburg, SC		7.4	%
Dallas/Ft. Worth, TX		6.7	%
Phoenix, AZ		6.6	%
Houston, TX		6.5	%
Atlanta, GA		6.1	%
Cincinnati/Dayton, OH		5.1	%
Nashville, TN		4.3	%
Chicago, IL		4.3	%
Indianapolis, IN		3.3	%
Savannah, GA		3.2	%
Jackson, MS		3.0	%
St. Louis, MO		2.9	%
DC/Baltimore, MD		2.8	%
Central Florida		2.7	%
Columbus, OH		2.7	%
New York/New Jersey		2.5	%
Cleveland, OH		2.4	%
Detroit, MI		2.3	%
Champaign-Urbana, IL		2.0	%
Total Industrial Portfolio Concentration ^(3)^		86.0	%
Industries	Percent of<br><br> <br>Base Rent as<br><br> <br>of 12/31/2021 ^(2)^
---	---	---	---
Consumer Products		26.0	%
E-Commerce		17.8	%
Automotive		15.8	%
Transportation/Logistics		14.8	%
Food		11.7	%
Construction/Materials		8.0	%
Apparel		2.7	%
Specialty		1.9	%
Other		1.3	%
Total Industrial Portfolio Concentration ^(3)^		100.0	%
Additional Information
---	---	---	---
# of Properties		109
Square Feet		52,738,438
Weighted-Average Age (Years)^(4)^		8.6
Weighted-Average Cash Base Rent per SF^(5)^	$	4.35
Weighted-Average Lease Term (Cash Basis - Years)		6.9
% with Fixed Escalation^(6)^		95.4	%
Average Annual Rent Escalation^(6)^		2.8	%
Average Building Size (SF)		483,839
Average Clear Height (Feet)^(7)^		32.7
% Top 25 Markets^(8)^		70.6	%
% Top 50 Markets^(8)^		88.8	%
Footnote
---	---
(1)	Based on CoStar.com inventory data.
(2)	Twelve months ended 12/31/2021 Base Rent recognized<br> for consolidated industrial properties owned as of 12/31/2021.
(3)	Total shown may differ from detailed amounts due to rounding.
(4)	Weighting based on square footage.
(5)	Excludes non-stabilized vacant square footage.
(6)	Based on Cash Base Rents for single-tenant leases (properties 50% leased<br> to a single tenant) owned as of 12/31/2021. Excludes rents from prior tenants. Average Annual Rent Escalation based on next rent step<br> percentages.
(7)	Based on internal and external sources.
(8)	Percent of Base Rent based upon CoStar.com inventory data.

TOP15 TENANTS<br><br>12/31/2021
Tenants ^(1)^	Property Type	Lease Expirations	Number <br><br>of Leases	Sq. Ft. Leased		Sq. Ft.<br> Leased as <br><br>a Percent of <br><br>Consolidated <br><br>Portfolio ^(2)(3)^			Base Rent as of <br>12/31/2021<br> (000)	Percent<br> of Base Rent as of 12/31/2021 (000) (2)(4)
---	---	---	---	---	---	---	---	---	---	---	---
Amazon	Industrial	2026-2033	6		3,864,731		7.2	%			%
Nissan	Industrial	2027	2		2,971,000		5.6	%			%
Kellogg	Industrial	2027-2029	3		2,801,916		5.2	%			%
Undisclosed ^(5)^	Industrial	2031-2035	3		1,090,383		2.0	%			%
Watco	Industrial	2038	1		132,449		0.2	%			%
Xerox	Office	2023	1		202,000		0.4	%			%
FedEx	Industrial	2023 & 2028	2		292,021		0.5	%			%
Wal-Mart	Industrial	2024-2031	3		2,351,917		4.4	%			%
Undisclosed ^(5)^	Industrial	2034	1		1,318,680		2.5	%			%
Morgan Lewis ^(6)^	Office	2024	1		289,432		0.5	%			%
Mars Wrigley	Industrial	2025	1		604,852		1.1	%			%
Unis	Industrial	2023-2027	3		1,005,575		1.9	%			%
Asics	Industrial	2030	1		855,878		1.6	%			%
Black and Decker	Industrial	2029	1		1,214,526		2.3	%			%
Vista Outdoor	Industrial	2034	1		813,126		1.5	%			%
			30		19,808,486		37.1	%			%

All values are in US Dollars.

Footnotes
(1)	Tenant, guarantor or parent.
(2)	Total shown may differ from<br>detailed amounts due to rounding.
(3)	Excludes vacant square feet.
(4)	Twelve<br>months ended 12/31/2021 Base Rent recognized for consolidated properties owned as of 12/31/2021, excluding rent from prior tenants.
(5)	Lease restricts certain disclosures.
(6)	Includes parking operations.

QUARTERLYLEASING SUMMARY12/31/2021
NEW LEASES - FIRST GENERATION^(1)^
---	---	---	---	---	---	---	---	---	---
	Location			Lease Expiration <br><br>Date	Sq. Ft.	New<br> Base Rent <br>Per Annum <br>(000)(2)		New<br> Cash Base <br>Rent Per Annum <br>(000)(2)
	Industrial
1	Fairburn	GA		10/2028	907,675
2	Greer^(3)^	SC		03/2035	797,936
2	TOTAL NEW LEASES - FIRST GENERATION				1,705,611
LEASE EXTENSIONS - SECOND GENERATION
	Location		Prior <br> Term	Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum (000)(2)	Prior Base Rent Per Annum (000)	New Cash Base Rent Per Annum (000)(2)	Prior Cash Base Rent Per Annum (000)
	Industrial
1	Rockford	IL	12/2021	12/2024	93,000
2	Olive Branch	MS	08/2024	06/2029	1,170,218
3	Duncan	SC	08/2022	08/2027	221,833
3	TOTAL EXTENDED LEASES - INDUSTRIAL				1,485,051
	Other
1	Tucson	AZ	07/2022	09/2027	28,591
1	TOTAL EXTENDED LEASES - OTHER				28,591
4	TOTAL EXTENDED LEASES - SECOND GENERATION				1,513,642
NEW LEASES - SECOND GENERATION
	Location			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)
	Other
1	Kalamazoo	MI		MTM	3,880
2	Kalamazoo	MI		10/2024	29,686
2	TOTAL NEW LEASES - SECOND GENERATION				33,566
6	TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION				1,547,208

All values are in US Dollars.

QUARTERLYLEASING SUMMARY (CONTINUED)<br><br>12/31/2021
NEW VACANCY ^(5)^
---	---	---	---	---	---	---
Location		Type	Prior Lease<br> Expiration<br> Date	Sq. Ft.	2021 Base Rent (000)	2021 Cash Rent (000)
Industrial
Kalamazoo	MI	Other	10/2021	97,967
Antioch	TN	Industrial	12/2021	73,500
Chillicothe	OH	Industrial	12/2021	42,264
				213,731

All values are in US Dollars.

Footnotes

(1)	Leased<br>first generation space that was developed or acquired vacant.
(2)	Assumes<br>twelve months rent from the later of 1/1/2022 or lease commencement/extension, excluding free rent periods as applicable.
---	---
(3)	Part<br>of Smith Farms development project. Lease expiration date is estimated.
---	---
(4)	Rent<br>from prior tenants for square feet leased.
---	---
(5)	Excludes<br>multi-tenant properties and disposed properties.
---	---

LEASEROLLOVER SCHEDULE - INDUSTRIAL<br><br><br><br>12/31/2021<br><br><br><br>($000)
Year	Number of <br> Leases <br> Expiring		Base Rent as of <br><br>12/31/2021		Percent of<br> Base Rent as of <br> 12/31/2021			Percent of<br> Base Rent as of <br> 12/31/2020^(2)^
---	---	---	---	---	---	---	---	---	---	---
2022		3	$	1,645		0.8	%		1.7	%
2023		7		8,968		4.3	%		4.5	%
2024		21		24,553		11.8	%		10.0	%
2025		12		14,925		7.2	%		9.9	%
2026		23		23,016		11.0	%		9.4	%
2027		11		30,776		14.8	%		13.3	%
2028		6		10,911		5.2	%		4.3	%
2029		9		20,462		9.8	%		7.1	%
2030		9		26,694		12.8	%		10.1	%
2031		10		7,518		3.6	%		3.3	%
Thereafter		14		38,902		18.7	%		20.8	%
Total ^(1)^		125	$	208,370		100.0	%

Footnotes

(1)	Total<br>shown may differ from detailed amounts due to rounding.
(2)	Updated<br>for the reclassification of three special purpose industrial properties to Other.
---	---

LEASEROLLOVER SCHEDULE - OTHER PROPERTIES<br><br><br><br>12/31/2021<br><br><br><br>($000)
Year	Number of <br> Leases <br> Expiring		Base Rent as of<br><br> <br>12/31/2021		Percent of<br> Base Rent as of <br> 12/31/2021			Percent of<br> Base Rent as of <br> 12/31/2020^(2)^
---	---	---	---	---	---	---	---	---	---	---
2022		2	$	51		0.2	%		1.3	%
2023		3		6,667		28.0	%		17.3	%
2024		5		8,816		37.1	%		22.1	%
2025		3		2,697		11.3	%		13.0	%
2026		1		225		0.9	%		0.6	%
2027		2		781		3.3	%		7.7	%
2028		2		2,197		9.2	%		5.2	%
2029		0		-		0.0	%		0.0	%
2030		0		-		0.0	%		0.0	%
2031		1		2,041		8.6	%		4.9	%
Thereafter		1		311		1.3	%		14.5	%
Total ^(1)^		20	$	23,786		100.0	%

Footnotes

(1)	Total<br>shown may differ from detailed amounts due to rounding.
(2)	Updated<br>for the reclassification of three special purpose industrial properties to Other.
---	---

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased<br><br> or Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
SINGLE<br> TENANT
	WAREHOUSE/DISTRIBUTION
2022	2/28/2022	Columbus,<br> OH	351 Chamber<br> Dr.	Chillicothe	OH	20		23,270
	3/31/2022	Columbus, OH	191 Arrowhead Dr.	Hebron	OH	18		250,410
		Columbus, OH	200 Arrowhead Dr.	Hebron	OH	--		400,522
2023	2/28/2023	Central Florida	3102 Queen Palm Dr.	Tampa	FL	--		229,605
	5/31/2023	Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		151,691
	6/30/2023	Cincinnati/Dayton, OH	575-599 Gateway Blvd.	Monroe	OH	--		194,936
	8/31/2023	Houston, TX	10535 Red Bluff Rd.	Pasadena	TX	--		257,835
		Dallas/Ft. Worth, TX	3737 Duncanville Rd.	Dallas	TX	--		510,400
	10/31/2023	Atlanta, GA	493 Westridge Pkwy.	McDonough	GA	--		676,000
	12/31/2023	Shreveport/Bossier City,<br> LA	5001 Greenwood Rd.	Shreveport	LA	--		646,000
2024	1/31/2024	Greenville/Spartanburg,<br> SC	70 Tyger River Dr.	Duncan	SC	--		408,000
		Indianapolis, IN	1285 W. State Road 32	Lebanon	IN	--		741,880
		Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		118,211
	3/31/2024	Cleveland, TN	1520 Lauderdale Memorial<br> Hwy.	Cleveland	TN	--		851,370
		Indianapolis, IN	4600 Albert S White<br> Dr.	Whitestown	IN	--		53,240
		Columbus, OH	2155 Rohr Rd.	Lockbourne	OH	--		320,190
	4/30/2024	Memphis, TN	11555 Silo Dr.	Olive Branch	MS	--		927,742
		Nashville, TN	6050 Dana Way	Antioch	TN	--		11,238
	5/31/2024	Atlanta, GA	7225 Goodson Rd.	Union City	GA	--		370,000
	7/31/2024	Greenville/Spartanburg,<br> SC	5795 North Blackstock<br> Rd.	Spartanburg	SC	--		341,660
		Greenville/Spartanburg,<br> SC	231 Apple Valley Rd.	Duncan	SC	--		75,320
	8/31/2024	Houston, TX	9701 New Decade Dr.	Pasadena	TX	--		102,863
		Atlanta, GA	41 Busch Dr.	Cartersville	GA	--		119,295
	9/30/2024	Indianapolis,<br> IN	1621<br> Veterans Memorial Pkwy. E .	Lafayette	IN	--		309,400

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased<br><br> or Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
	WAREHOUSE/DISTRIBUTION
2024	9/30/2024	Memphis,<br> TN	3820 Micro<br> Dr.	Millington	TN	--		701,819
	10/31/2024	Dallas/Ft. Worth, TX	2115 East Belt Line<br> Rd.	Carrollton	TX	--		58,202
		Dallas/Ft. Worth, TX	17505 Interstate Hwy.<br> 35W	Northlake	TX	--		500,556
	11/30/2024	DC/Baltimore, MD	150 Mercury Way	Winchester	VA	--		324,535
	12/31/2024	Indianapolis, IN	4600 Albert S White<br> Dr.	Whitestown	IN	--		95,832
		Chicago, IL	3686 S. Central Ave.	Rockford	IL	--		93,000
		Chicago, IL	749 Southrock Dr.	Rockford	IL	--		150,000
2025	4/30/2025	Houston, TX	10565 Red Bluff Rd.	Pasadena	TX	--		248,240
	5/31/2025	Atlanta, GA	7875 White Rd. SW	Austell	GA	--		604,852
	6/30/2025	Savannah, GA	1319 Dean Forest Rd.	Savannah	GA	--		355,527
	7/31/2025	Indianapolis, IN	5352 Performance Way	Whitestown	IN	--		380,000
		Cleveland, OH	7005 Cochran Rd.	Glenwillow	OH	--		458,000
	8/31/2025	Indianapolis, IN	4900 Albert S White<br> Dr.	Whitestown	IN	--		85,232
		Savannah, GA	1315 Dean Forest Rd.	Savannah	GA	--		88,503
	9/30/2025	Greenville/Spartanburg,<br> SC	7870 Reidville Rd.	Greer	SC	--		396,073
		Nashville, TN	6050 Dana Way	Antioch	TN	--		117,600
	12/31/2025	Phoenix, AZ	4445 N. 169th Ave.	Goodyear	AZ	--		160,140
		Minneapolis/St Paul,<br> MN	1700 47th Ave. North	Minneapolis	MN	--		18,620
2026	1/31/2026	Greenville/Spartanburg,<br> SC	231 Apple Valley Rd.	Duncan	SC	--		120,680
	3/31/2026	Central Florida	2455 Premier Row	Orlando	FL	--		205,016
		Lewisburg, TN	633 Garrett Pkwy.	Lewisburg	TN	--		310,000
	4/30/2026	Phoenix, AZ	16811 W. Commerce Dr.	Goodyear	AZ	--		540,349
	6/30/2026	Greenville/Spartanburg,<br> SC	425 Apple Valley Rd.	Duncan	SC	--		163,680
		Columbus,<br> OH	351<br> Chamber Dr.	Chillicothe	OH	--		136,495

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased or <br><br>Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
	WAREHOUSE/DISTRIBUTION
2026	6/30/2026	Columbus,<br> OH	351 Chamber<br> Dr.	Chillicothe	OH	20		276,112
	7/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		270,252
		Columbus, OH	1860 Walcutt Rd.	Columbus	OH	--		97,934
	8/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		149,415
	9/30/2026	Greenville/Spartanburg,<br> SC	425 Apple Valley Rd.	Duncan	SC	--		163,680
		St. Louis, MO	3931 Lakeview Corporate<br> Dr.	Edwardsville	IL	--		769,500
		Nashville, TN	6050 Dana Way	Antioch	TN	--		67,200
		Phoenix, AZ	9494 W. Buckeye Rd.	Tolleson	AZ	--		186,336
	10/31/2026	Greenville/Spartanburg,<br> SC	235 Apple Valley Rd.	Duncan	SC	--		177,320
		Charlotte, NC	2203 Sherrill Dr.	Statesville	NC	--		639,800
		Cleveland, OH	10345 Philipp Pkwy.	Streetsboro	OH	--		649,250
	11/30/2026	Erwin, NY	736 Addison Rd.	Erwin	NY	--		408,000
		Philadelphia, PA	250 Rittenhouse Cir.	Bristol	PA	--		241,977
	12/31/2026	Houston, TX	4600 Underwood Rd.	Deer Park	TX	--		402,648
		Indianapolis, IN	180 Bob Glidden Blvd.	Whiteland	IN	--		179,530
		Indianapolis, IN	76 Bob Glidden Blvd.	Whiteland	IN	--		168,480
2027	1/31/2027	Greenville/Spartanburg,<br> SC	417 Apple Valley Rd.	Duncan	SC	--		195,000
		Kansas City, MO	27200 West 157th St.	New Century	KS	--		446,500
	2/28/2027	Jackson, MS	554 Nissan Pkwy.	Canton	MS	--		1,466,000
	4/30/2027	Nashville, TN	200 Sam Griffin Rd.	Smyrna	TN	--		1,505,000
		San Antonio, TX	16407 Applewhite Rd.	San Antonio	TX	--		849,275
	7/31/2027	Savannah, GA	335 Morgan Lakes Industrial<br> Blvd.	Pooler	GA	--		499,500
	8/31/2027	Cincinnati/Dayton, OH	600 Gateway Blvd.	Monroe	OH	--		994,013
		Shreveport/Bossier<br> City, LA	5417<br> Campus Dr.	Shreveport	LA	--		257,849

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased or <br><br>Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
	WAREHOUSE/DISTRIBUTION
2027	9/30/2027	Memphis,<br> TN	1550 Hwy. 302	Byhalia	MS	--		615,600
	10/31/2027	Jackson, TN	201 James Lawrence Rd.	Jackson	TN	--		1,062,055
2028	1/31/2028	Atlanta, GA	490 Westridge Pkwy.	McDonough	GA	--		1,121,120
	3/31/2028	New York/New Jersey	29-01 Borden Ave./29-10<br> Hunters Point Ave.	Long Island City	NY	--		140,330
	5/31/2028	Nashville, TN	6050 Dana Way	Antioch	TN	--		50,400
	8/31/2028	Houston, TX	4100 Malone Dr.	Pasadena	TX	--		233,190
		Indianapolis, IN	4900 Albert S White<br> Dr.	Whitestown	IN	--		63,840
	10/31/2028	Atlanta, GA	1625 Oakley Industrial<br> Blvd.	Fairburn	GA	--		907,675
2029	4/30/2029	Greenville/Spartanburg,<br> SC	230 Apple Valley Rd.	Duncan	SC	--		275,400
	6/30/2029	Memphis, TN	11624 S. Distribution<br> Cv.	Olive Branch	MS	9		1,170,218
	7/31/2029	Memphis, TN	8500 Nail Rd.	Olive Branch	MS	--		716,080
	8/31/2029	Dallas/Ft. Worth, TX	8601 E. Sam Lee Ln.	Northlake	TX	--		1,214,526
	9/30/2029	Chicago, IL	6225 E. Minooka<br> Rd.	Minooka	IL	--		1,034,200
	11/21/2029	Columbus, OH	1860 Walcutt Rd.	Columbus	OH	--		194,796
	11/30/2029	Chicago, IL	1460 Cargo Court	Minooka	IL	--		705,661
	12/31/2029	Greenville/Spartanburg,<br> SC	402 Apple Valley Rd.	Duncan	SC	--		235,600
		Chicago, IL	200 International Pkwy.<br> S.	Minooka	IL	--		473,280
2030	1/31/2030	Dallas/Ft. Worth, TX	3201 N. Houston School<br> Rd.	Lancaster	TX	--		468,300
	3/31/2030	Memphis, TN	549 Wingo Rd.	Byhalia	MS	--		855,878
	5/31/2030	St. Louis, MO	4015 Lakeview Corporate<br> Dr.	Edwardsville	IL	--		1,017,780
	6/30/2030	Dallas/Ft. Worth, TX	1704 S. I-45	Hutchins	TX	--		120,960
		Richmond, VA	2601 Bermuda Hundred<br> Rd.	Chester	VA	4		1,034,470
		Cincinnati/Dayton, OH	700 Gateway Blvd.	Monroe	OH	--		1,299,492
	8/31/2030	Central<br> Florida	3400<br> NW 35th St.	Ocala	FL	--		617,055

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased or <br><br>Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
	WAREHOUSE/DISTRIBUTION
2030	9/30/2030	Phoenix,<br> AZ	255 143rd Ave.	Goodyear	AZ	--		801,424
2031	2/28/2031	Greenville/Spartanburg,<br> SC	1021 Tyger Lake Rd.	Spartanburg	SC	--		213,200
	3/31/2031	Indianapolis, IN	19 Bob Glidden Blvd.	Whiteland	IN	--		530,400
	5/31/2031	DC/Baltimore, MD	291 Park Center Dr.	Winchester	VA	--		344,700
	6/30/2031	Nashville, TN	6050 Dana Way	Antioch	TN	9		352,275
	7/31/2031	Atlanta, GA	51 Busch Dr.	Cartersville	GA	--		328,000
	9/30/2031	Atlanta, GA	41 Busch Dr.	Cartersville	GA	--		276,705
	11/30/2031	Indianapolis, IN	3751 S. CR 500 E.	Whitestown	IN	--		1,016,244
	12/18/2031	DC/Baltimore, MD	80 Tyson Dr.	Winchester	VA	--		400,400
2032	2/28/2032	Cincinnati/Dayton, OH	675 Gateway Blvd.	Monroe	OH	9		143,664
	4/30/2032	Houston, TX	13930 Pike Rd.	Missouri City	TX	--		-
	8/24/2032	Detroit, MI	16950 Pine Dr.	Romulus	MI	--		500,023
	10/31/2032	Portland, OR	27255 SW 95th Ave.	Wilsonville	OR	--		508,277
2033	3/31/2033	Phoenix, AZ	3405 S. McQueen Rd.	Chandler	AZ	--		201,784
2034	4/30/2034	Raleigh, NC	1133 Poplar Creek Rd.	Henderson	NC	--		147,448
	10/31/2034	Champaign-Urbana, IL	1001 Innovation Rd.	Rantoul	IL	--		813,126
	12/31/2034	Greenville/Spartanburg,<br> SC	27 Inland Pkwy.	Greer	SC	--		1,318,680
2035	6/30/2035	Dallas/Ft. Worth, TX	2115 East Belt Line<br> Rd.	Carrollton	TX	--		298,653
	10/22/2035	Detroit, MI	2860 Clark St.	Detroit	MI	--		189,960
2036	5/31/2036	Charlotte, NC	671 Washburn Switch<br> Rd.	Shelby	NC	--		673,425
	11/30/2036	Phoenix, AZ	17510 W. Thomas Rd.	Goodyear	AZ	--		468,182
2037	3/31/2037	Dallas/Ft. Worth, TX	4005 E. I-30	Grand Prairie	TX	--		215,000
2038	3/31/2038	Houston, TX	13901/14035 Industrial<br> Rd.	Houston	TX	--		132,449
N/A	Vacancy	Nashville,<br> TN	6050<br> Dana Way	Antioch	TN	9		73,500

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year<br> of Lease Expiration	Date<br> of Lease Expiration	CoStar<br> Market (1)	Property<br> Location	City	State	Note	Sq.<br> Ft. Leased or <br><br>Available (2)		Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL<br> PROPERTIES
	WAREHOUSE/DISTRIBUTION
N/A	Vacancy	Columbus,<br> OH	351 Chamber<br> Dr.	Chillicothe	OH	9,<br> 20		42,264
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT							51,082,289
WAREHOUSE/DISTRIBUTION - NOT STABILIZED (5)
2027	2/28/2027	Central Florida	5275 Drane Field Rd.	Lakeland	FL	--		68,420
2031	5/31/2031	Central Florida	5275 Drane Field Rd.	Lakeland	FL	22		117,440
N/A	Various	Greenville/Spartanburg,<br> SC	7820 Reidville Rd.	Greer	SC	6<br><br> (62%)		210,820
		Atlanta, GA	95 International Pkwy.	Adairsville	GA	6,<br> 21<br> '(45%)		225,211
		Phoenix, AZ	1515 South 91st Ave.	Phoenix	AZ	6<br><br> '(33%)		487,500
N/A	Vacancy	Central Florida	5275 Drane Field Rd.	Lakeland	FL	--		36,274
		Central Florida	3775 Fancy Farms Rd.	Plant City	FL	--		510,484
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED							1,656,149
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.8% Leased ^(11)^		52,738,438

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year of Lease<br><br> Expiration	Date of Lease<br><br> Expiration	CoStar Market<br> (1)	Property Location	City	State	Note	Property Type	Sq.<br> Ft. Leased or <br><br>Available (2)		Base<br> Rent as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent as of 12/31/2021 (000) (3)
---	---	---	---	---	---	---	---	---	---	---	---
OTHER PROPERTIES
SINGLE TENANT
2022	3/31/2022	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		1,220
2023	9/30/2023	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		8,070
	12/14/2023	South Bay/San Jose, CA	3333 Coyote Hill Rd.	Palo Alto	CA	--	Office		202,000
2024	1/31/2024	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		289,432
	5/31/2024	Charlotte, NC	3476 Stateview Blvd.	Fort Mill	SC	16	Office		169,083
		Charlotte, NC	3480 Stateview Blvd.	Fort Mill	SC	16	Office		169,218
2025	5/31/2025	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		2,641
	12/19/2025	Owensboro, KY	1901 Ragu Dr.	Owensboro	KY	10, 17	Heavy Manufacturing		443,380
2027	1/31/2027	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		1,975
	9/30/2027	Tucson, AZ	1440 E. 15th St.	Tucson	AZ	16	Office		28,591
2028	8/31/2028	Atlanta, GA	1420 Greenwood Rd.	McDonough	GA	17	Cold Storage		296,972
2031	11/30/2031	New York/New Jersey	4 Apollo Dr.	Whippany	NJ	16	Office		123,734
2048	12/31/2048	DC/Baltimore, MD	30 Light St.	Baltimore	MD	--	Other		-
N/A	Vacancy	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		699
	N/A	Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		-
	SINGLE TENANT OTHER TOTAL								1,737,015
MULTI-TENANT / VACANCY (7)(8)
N/A	Vacancy	Atlanta, GA	3500 N. Loop Rd.	McDonough	GA	9, 16	Office		62,218
N/A	Various	West Michigan	6938 Elm Valley Dr.	Kalamazoo	MI	6, 9, 16, 17<br><br> (35%)	Warehouse/Office		150,945
		Phoenix, AZ	13430 North Black Canyon Fwy.	Phoenix	AZ	6, 16<br><br> (56%)	Office		138,940
	MULTI-TENANT/VACANCY OTHER TOTAL								352,103
TOTAL OTHER/WEIGHTED AVERAGE							89.4% Leased		2,089,118
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE							99.4% Leased ^(11)^		54,827,556

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year of Lease<br> Expiration	Date of Lease Expiration	CoStar Market<br> (1)	Property Location	City	State	Note	Sq.<br> Ft. Leased<br> or Available <br><br>(2)		LXP<br> %<br><br> Ownership			Estimated<br> Base<br> Rent as of<br> 12/31/2022 (000)	Estimated<br> Cash<br> Base Rent as of<br> 12/31/2022 (000)	12/31/2021<br> Debt Balance (000)	Debt<br> <br><br>Maturity <br><br>(12)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NON-CONSOLIDATED PROPERTIES
NNN MFG COLD JV PROPERTIES
2023	12/31/2023	Nashville, TN	120 Southeast Pkwy. Dr.	Franklin	TN	13		289,330		20	%				01/2024
2024	4/30/2024	Portland/South Portland, ME	113 Wells St.	North Berwick	ME	13		993,685		20	%				--
	5/31/2024	Bingen, WA	901 East Bingen Point Way	Bingen	WA	13		124,539		20	%				--
	10/31/2024	Detroit, MI	43955 Plymouth Oaks Blvd.	Plymouth	MI	13		311,612		20	%				--
2025	6/30/2025	Nashville, TN	301 Bill Bryan Blvd.	Hopkinsville	KY	13		424,904		20	%				--
		Elizabethtown-Fort Knox, KY	730 North Black Branch Rd.	Elizabethtown	KY	13		167,770		20	%				--
		Elizabethtown-Fort Knox, KY	750 North Black Branch Rd.	Elizabethtown	KY	13		539,592		20	%				--
		Owensboro, KY	4010 Airpark Dr.	Owensboro	KY	13		211,598		20	%				--
	7/14/2025	Charlotte, NC	590 Ecology Ln.	Chester	SC	13		420,597		20	%				--
2026	11/30/2026	Lumberton, NC	2880 Kenny Biggs Rd.	Lumberton	NC	13		423,280		20	%				--
2027	8/31/2027	Greenville/Spartanburg, SC	50 Tyger River Dr.	Duncan	SC	13		221,833		20	%				--
	12/31/2027	Cincinnati/Dayton, OH	10590 Hamilton Ave.	Cincinnati	OH	13		264,598		20	%				--
2028	9/30/2028	West Michigan	904 Industrial Rd.	Marshall	MI	13		246,508		20	%				--
2029	11/24/2029	Anniston-Oxford, AL	318 Pappy Dunn Blvd.	Anniston	AL	13		276,782		20	%				--
2031	6/30/2031	Cincinnati/Dayton, OH	10000 Business Blvd.	Dry Ridge	KY	13		336,350		20	%				--
	10/31/2031	Chicago, IL	1020 W. Airport Rd.	Romeoville	IL	13		188,166		20	%				--
2032	10/31/2032	Detroit, MI	26700 Bunert Rd.	Warren	MI	--		260,243		20	%				11/2032
2033	9/30/2033	Crossville, TN	900 Industrial Blvd.	Crossville	TN	13		222,200		20	%				--
2034	9/30/2034	Las Vegas, NV	5670 Nicco Way	North Las Vegas	NV	13		180,235		20	%				--
2035	3/31/2035	Houston, TX	13863 Industrial Rd.	Houston	TX	13		187,800		20	%				--
		Houston, TX	7007 F.M. 362 Rd.	Brookshire	TX	13		262,095		20	%				--
2042	5/31/2042	Columbus, GA	4801 North Park Dr.	Opelika	AL	13		165,493		20	%				--
NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE						100% Leased		6,719,210

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year of Lease<br><br> Expiration	Date of Lease<br><br> Expiration	CoStar Market<br> (1)	Property Location	City	State	Note	Sq.<br> Ft. Leased<br><br> or Available (2)		LXP<br> %<br><br> Ownership			Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)	12/31/2021<br> Debt Balance (000)	Debt<br> Maturity (12)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
2022	12/31/2022	Chicago, IL	231 N. Martingale Rd.	Schaumburg	IL	14		317,198		20	%				09/2022
2023	3/31/2023	Dallas/Ft. Worth, TX	8900 Freeport Pkwy.	Irving	TX	14		268,445		20	%				--
2025	3/14/2025	Dallas/Ft. Worth, TX	601 & 701 Experian Pkwy.	Allen	TX	14		292,700		20	%				--
	6/30/2025	Atlanta, GA	2500 Patrick Henry Pkwy.	McDonough	GA	14		111,911		20	%				--
	12/31/2025	Dallas/Ft. Worth, TX	4001 International Pkwy.	Carrollton	TX	14		138,443		20	%				--
2026	3/31/2026	Columbus, OH	500 Olde Worthington Rd.	Westerville	OH	14		97,000		20	%				--
2027	2/28/2027	Richmond, VA	800 East Canal St.	Richmond	VA	15		8,503		20	%				--
	6/30/2027	Kansas City, MO	3902 Gene Field Rd.	St. Joseph	MO	14		98,849		20	%				--
	7/6/2027	Columbus, OH	2221 Schrock Rd.	Columbus	OH	14		42,290		20	%				--
	8/7/2027	Philadelphia, PA	25 Lakeview Dr.	Jessup	PA	14		150,000		20	%				--
2029	4/30/2029	Richmond, VA	800 East Canal St.	Richmond	VA	15		2,568		20	%				--
2030	8/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		224,537		20	%				02/2031
	9/30/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		25,707		20	%				--
	10/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		4,235		20	%				--
2031	1/10/2031	Houston, TX	810 Gears Rd.	Houston	TX	14		68,985		20	%				--
	3/1/2031	Richmond, VA	800 East Canal St.	Richmond	VA	15		26,047		20	%				--
	9/30/2031	Richmond, VA	800 East Canal St.	Richmond	VA	15		7,105		20	%				--
2032	4/30/2032	Charlotte, NC	1210 AvidXchange Ln.	Charlotte	NC	--		201,450		20	%				12/2022<br><br> 01/2033
	5/31/2032	Richmond, VA	800 East Canal St.	Richmond	VA	15		14,330		20	%				--
	8/31/2032	Richmond, VA	800 East Canal St.	Richmond	VA	15		4,333		20	%				--
	9/30/2032	Houston, TX	10001 Richmond Ave.	Houston	TX	14, 16, 19		554,385		20	%				--
2035	2/28/2035	Dallas/Ft. Worth, TX	6555 Sierra Dr.	Irving	TX	14		247,254		20	%				--
	4/30/2035	Parachute, CO	143 Diamond Ave.	Parachute	CO	14		49,024		20	%				--
2088	8/8/2088	Richmond, VA	800 East Canal St.	Richmond	VA	15		-		20	%				--
N/A	Vacancy	Houston, TX	810 Gears Rd.	Houston	TX	14		9,910		20	%				--

All values are in US Dollars.

PROPERTY LEASES AND VACANCIES - 12/31/2021
Year of Lease<br><br> Expiration	Date of Lease<br><br> Expiration	CoStar Market<br> (1)	Property Location	City	State	Note	Sq.<br> Ft. Leased<br><br> or Available (2)		LXP<br> % <br><br>Ownership			Base<br> Rent<br> as of <br>12/31/2021 (000) (3)	Cash<br> Base Rent<br> as of <br>12/31/2021 (000) (3)	12/31/2021<br> Debt Balance (000)	Debt<br> Maturity (12)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NNN OFFICE JV PROPERTIES
N/A	Vacancy	Richmond, VA	800 East Canal St.	Richmond	VA	15		12,944		20	%				--
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE						99.2% Leased		2,978,153
OTHER NON-CONSOLIDATED PROPERTIES
2036	8/31/2036	Houston, TX	2203 North Westgreen Blvd.	Katy	TX	--		274,000		25	%				12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED<br> AVERAGE						100% Leased		274,000
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						99.8% Leased		9,971,363

All values are in US Dollars.

Footnotes
1	Based<br> on CoStar.com inventory data.
2	Square<br> footage leased or available.
3	Twelve<br> months ended 12/31/2021 Base Rent and Cash Base Rent.
4	Property<br> includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).
5	Property<br> not in Stabilized Portfolio at 12/31/2021.
6	Represents<br> percent leased as of 12/31/2021.
7	Multi-tenant<br> properties are properties less than 50% leased to a single tenant.
8	The<br> multi-tenanted / vacant Stabilized Portfolio properties incurred approximately $1.2 million in operating expenses, net for<br> the twelve months ended 12/31/2021.
9	Base<br> Rent and Cash Base Rent amounts represent/include prior tenant.
10	LXP<br> has a 71.1% interest in this property.
11	Percent<br> leased is for Stabilized Portfolio at 12/31/2021.
12	Interest<br> rates range from 0.25% to 5.4% at 12/31/2021.
13	All<br> debt is cross-collateralized and cross-defaulted.
14	All<br> debt is cross-collateralized and cross-defaulted. Subsequent to 12/31/2021, $65 million satisfied, $175.4 million<br> remaining.
15	Part<br> of Richmond, Virginia property debt
16	Property<br> held for sale at 12/31/2021.
17	Special<br> purpose industrial property reclassified to Other in 4Q 2021.
18	Subsequent<br> to 12/31/2021, entire building leased for a 125 month term to a new tenant.
19	Subsequent<br> to 12/31/2021, property was sold.
20	Subsequent<br> to 12/31/2021, space leased to 12/31/2031.
21	Subsequent<br> to 12/31/2021, remaining space leased for a 37 month term.
22	Subsequent<br> to 12/31/2021, lease extended to 5/31/2036.

MORTGAGESAND NOTES PAYABLE<br><br>12/31/2021
Property	Footnotes		Debt Balance (000)	Interest <br> Rate (%)			Maturity ^(a)^		Current Estimated<br>Annual Debt Service<br>(000) (b)	Balloon Payment (000)
---	---	---	---	---	---	---	---	---	---	---
INDUSTRIAL ^(f)^
Long Island City, NY					3.500	%		03/2028
Goodyear, AZ					4.290	%		08/2031
Industrial Subtotal/Wtd. Avg./Years Remaining ^(c)^					3.966	%		8.2
OFFICE ^(f)^
Palo Alto, CA					3.970	%		12/2023
Office Subtotal/Wtd. Avg./Years Remaining ^(c)^					3.970	%		1.9
Subtotal/Wtd. Avg./Years Remaining ^(c)^					3.967	%		7.2
CORPORATE ^(e)^
Revolving Credit Facility		(g)			-			02/2023
Senior Notes					4.400	%		06/2024
Senior Notes					2.700	%		09/2030
Senior Notes					2.375	%		10/2031
Term Loan		(h)			2.732	%		01/2025
Trust Preferred Notes		(i)			1.832	%		04/2037
Subtotal/Wtd. Avg./Years Remaining ^(c)^					2.774	%		7.5
Total/Wtd. Avg./Years Remaining ^(c)^		(d)			2.841	%		7.5

All values are in US Dollars.

MORTGAGESAND NOTES PAYABLE (CONTINUED)<br><br><br><br>12/31/2021<br><br><br><br>($000)
	GAAP Balance		Deferred Loan<br> Costs, net		Discounts		Gross Balance
---	---	---	---	---	---	---	---	---
Mortgages and notes payable ^(f)^	$	83,092	$	1,337	$	-	$	84,429
Term loans payable ^(e)^		298,446		1,554		-		300,000
Senior notes payable^(e)^		987,931		7,346		3,655		998,932
Trust preferred securities ^(e)^		127,595		1,525		-		129,120
Consolidated debt	$	1,497,064	$	11,762	$	3,655	$	1,512,481
Footnotes
---	---
(a)	Subtotal<br> and total based on weighted-average term to maturity shown in years based on debt balance.
(b)	Remaining<br> payments for debt with less than twelve months to maturity, all others are debt service for next twelve months.
(c)	Total<br> shown may differ from detailed amounts due to rounding.
(d)	See<br> reconciliations of non-GAAP measures in this document.
(e)	Unsecured.
(f)	Secured.
(g)	Rate<br> ranges from LIBOR plus 0.775% to 1.45%.
(h)	Rate<br> 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<br> is three month LIBOR plus 170 bps.

DEBTMATURITY SCHEDULE<br><br><br><br>12/31/2021<br><br><br><br>($000)
Consolidated Properties
---	---	---	---	---	---	---
Year	Mortgage<br> Scheduled<br> Amortization		Mortgage<br> Balloon Payments		Corporate Debt
2022	$	11,275	$	-	$	-
2023		12,265		-		-
2024		5,373		-		198,932
2025		5,570		-		300,000
2026		5,773		-		-
	$	40,256	$	-	$	498,932

DebtMaturity Profile ^(1)^

Footnotes
(1)	Percentage<br> denotes weighted-average interest rate.

DEBTCOVENANTS ^(1)^
CORPORATE LEVEL DEBT
---	---	---	---	---	---	---	---
		MUST BE:			12/31/2021
Bank Loans:
	Maximum<br> Leverage		<<br> 60	%		40.1	%
	Fixed<br> Charge Coverage		><br> 1.5	x		3.6	x
	Recourse<br> Secured Indebtedness Ratio		<<br> 10% cap value			0.0	%
	Secured<br> Indebtedness Ratio		<<br> 40	%		6.6	%
	Unsecured<br> Debt Service Coverage		><br> 2.0	x		5.7	x
	Unencumbered<br> Leverage		<<br> 60	%		37.2	%
Bonds:
	Debt<br> to Total Assets		<<br> 60	%		32.1	%
	Secured<br> Debt to Total Assets		<<br> 40	%		1.8	%
	Debt<br> Service Coverage		><br> 1.5	x		5.0	x
	Unencumbered<br> Assets to Unsecured Debt		><br> 150	%		313.8	%
Footnotes
---	---
(1)	The<br> above is a summary of the key financial covenants for LXP’s credit facility and term loan and senior notes, as of December<br> 31, 2021 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date<br> and applicable. These calculations are presented to show LXP’s compliance with such covenants only and are<br> not measures of LXP’s liquidity or performance.

COMPONENTSOF NET ASSET VALUE<br><br><br><br>12/31/2021<br><br><br><br>($000)

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

Consolidated properties twelve-month net operating income (NOI) ^(1)^
Industrial	$	182,900
Other		11,379
Total Net Operating Income	$	194,279
LXP’s share of non-consolidated twelve-month NOI ^(1)^
NNN OFFICE JV
Office	$	8,753
OTHER JV
Other	$	1,557
Other income
Advisory fees	$	3,038
NOI<br> for NAV Reconciliation:	Twelve months ended<br> 12/31/2021
NOI as reported	$	265,578
Less NOI:
Disposed of properties		(49,462	)
Held for sale assets		(14,217	)
Assets acquired in 2021		(8,014	)
Assets less than 70% leased / Other		394
NOI for NAV	$	194,279
In service assets not fairly valued by capitalized NOI method ^(1)^
---	---	---
Wholly-owned assets acquired/completed in 2021	$	872,988
Wholly-owned assets less than 70% leased	$	12,449
NNN MFG Cold JV - LXP Share ^(2)^	$	110,000
Add other assets:
Assets held for sale - consolidated	$	82,586
Assets held for sale - non-consolidated - LXP’s share		12,715
Construction in progress		5,482
Developable land - nonconsolidated^(3)^		15,426
Developable land - consolidated^(3)^		98,946
Development investment^(3)^		111,542
Cash and cash equivalents		190,926
Restricted cash		101
Accounts receivable		3,526
Other assets		8,784
Total other assets	$	530,034
Liabilities:
Corporate level debt (face amount)	$	1,428,052
Mortgages and notes payable (face amount)		84,429
Dividends payable		37,425
Liabilities held for sale - consolidated		3,468
Liabilities held for sale - non-consolidated - LXP’s share		120
Accounts payable, accrued expenses and other liabilities		100,805
Preferred stock, at liquidation value		96,770
LXP’s share of non-consolidated mortgages (face amount)		162,864
Total deductions	$	1,913,933
Common shares & OP units at 12/31/2021		284,625,105
Footnotes
---	---
(1)	NOI<br> for the existing property portfolio at December 31, 2021, excludes NOI related to assets undervalued by a capitalized NOI<br> method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under<br> 70% during the period, assets placed into service and assets acquired in 2021. For assets in this category an NOI capitalization<br> approach is not appropriate, and accordingly, LXP’s net book value has been used.
(2)	Based<br> on 20% of initial valuation of $550.0 million.
(3)	At<br> cost incurred.

NON-GAAPMEASURES<br><br>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.

	Twelve months ended 12/31/2021 (000)
Rental revenue as reported
Base Rent from sold properties		)
Lease termination income		)
Ancillary revenue
Reimbursements		)
Base Rent per supplement

All values are in US Dollars.

NON-GAAPMEASURES<br><br>DEFINITIONS

	Twelve months ended 12/31/2021 (000)
Base Rent per supplement
Straight-line adjustments		)
Lease incentive
Amortization of above/below market leases		)
Cash Base Rent per supplement

All values are in US Dollars.

First Generation Costs: Represents cash spend for tenant improvements, leasing costs and base building work 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.

NON-GAAPMEASURES<br><br>DEFINITIONS

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.

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.

NON-GAAPMEASURES<br><br>DEFINITIONS

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.

SELECT CREDIT METRICS DEFINITIONS ($000)
Adjusted Company<br> FFO Payout:	Twelve<br> months ended<br> December 31, 2021			(Debt + Preferred)<br> / Gross Assets:	Twelve<br> months ended<br> December 31, 2021
---	---	---	---	---	---	---	---
Common share dividends per share	$	0.4425		Consolidated debt	$	1,497,064
Adjusted Company FFO per diluted<br> share		0.78		Preferred shares liquidation<br> preference		96,770
Adjusted<br> Company FFO payout ratio		56.7	%	Debt and<br> preferred	$	1,593,834
Unencumbered Assets:				Total assets	$	4,005,558
Real estate, at cost	$	4,190,706		Plus depreciation and amortization:
Held for sale real estate, at cost		179,571		Real estate		655,740
Other asset - note receivable		1,497		Deferred lease costs		7,828
less encumbered<br> real estate, at cost		(151,973	)	Held for<br> sale assets		101,629
Unencumbered<br> assets	$	4,219,801
				Gross assets	$	4,770,755
Unencumbered NOI:
NOI	$	265,578		(Debt +<br> Preferred) / Gross Assets		33.4	%
Disposed of properties NOI		(49,462	)
Adjusted NOI		216,116		Debt / Gross Assets:
less encumbered<br> adjusted NOI		(15,963	)	Consolidated<br> debt	$	1,497,064
Unencumbered<br> adjusted NOI	$	200,153
				Gross assets	$	4,770,755
Unencumbered<br> NOI %		92.6	%
				Debt / Gross<br> assets		31.4	%
Net Debt / Adjusted<br> EBITDA:
Adjusted EBITDA	$	266,516		Secured Debt /<br> Gross Assets:
				Total Secure Debt	$	83,092
Consolidated debt	$	1,497,064
less consolidated<br> cash and cash equivalents		(190,926	)	Gross assets	$	4,770,755
Non-consolidated debt, net		158,316
Net debt	$	1,464,454		Secured<br> Debt / Gross Assets		1.7	%
Net debt<br> / Adjusted EBITDA		5.5	x	Unsecured<br> Debt / Unencumbered Asset:
				Consolidated debt	$	1,497,064
(Net Debt<br> + Preferred) / Adjusted EBITDA:				less mortgages<br> and notes payable		(83,092	)
Adjusted EBITDA	$	266,516		Unsecured<br> Debt	$	1,413,972
Net debt	$	1,464,454		Unencumbered<br> assets	$	4,219,801
Preferred shares liquidation<br> preference		96,770
Net debt<br> + preferred	$	1,561,224		Unsecured<br> Debt / Unencumbered NOI		33.5	%
(Net Debt<br> + Preferred) / Adjusted EBITDA		5.9	x

For the 12/31/2020, 12/31/2019 and 12/31/2018 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information.

Investor Information

Transfer Agent
Computershare	Overnight Correspondence:
---	---
PO Box 505000	462 South 4^th^ 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
---
Evercore Partners		Jefferies & Company, Inc.
---	---	---	---
Sheila K. McGrath	(212) 497-0882	Jon Peterson	(212) 284-1705
J.P. Morgan Chase		KeyBanc Capital Markets Inc.
Anthony Paolone	(212) 622-6682	Craig Mailman	(917) 368-2316
Ladenburg Thalmann & Co., Inc.
John Massocca	(212) 409-2543

(GRAPHIC)

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

EXHIBIT 99.3

LXP Industrial Trust –TRANSCRIPT

Q4 2021 Earnings Call

Company Participants:

T. Wilson Eglin, Chairman and Chief Executive Officer

Beth Boulerice, Executive Vice President, Chief Financial Officer and Treasurer

Brendan Mullinix, Executive Vice President and Chief Investment Officer

James Dudley, Executive Vice President and Director of Asset Management

Heather Gentry, Senior Vice President of Investor Relations

Operator:

Good day, and welcome to the LXP Industrial Trust Fourth Quarter 2021 Conference Call and Webcast. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Heather Gentry of Investor Relations. Please go ahead.

Heather Gentry:

Thank you, operator. Welcome to LXP Industrial Trust’s Fourth Quarter 2021 conference call and webcast. The earnings release was distributed this morning, and both the release and quarterly supplemental are available on our website at www.lxp.com in the Investors section and will be furnished to the SEC on a Form 8-K.

Certain statements made during this conference call regarding future events and expected results may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. LXP believes that these statements are based on reasonable assumptions; however, certain factors and risks, including those included in today’s earnings press release and those described in reports that LXP files with the SEC from time to time could cause LXP’s actual results to differ materially from those expressed or implied by such statements. Except as required by law, LXP does not undertake a duty to update any forward-looking statements.

In the earnings press release and quarterly supplemental disclosure package, LXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure. Any references in these documents to Adjusted Company FFO refer to Adjusted Company Funds from Operations available to all equityholders and unitholders on a fully diluted basis. Operating performance measures of an individual investment are not intended to be viewed as presenting a numerical measure of LXP's historical or future financial performance, financial position or cash flows.

On today’s call, Will Eglin, Chairman and CEO, Beth Boulerice, CFO, and Brendan Mullinix, CIO, will provide a recent business update and commentary on fourth quarter results. Executive

Vice Presidents Lara Johnson and James Dudley will be available during the question and answer portion of our call. I will now turn the call over to Will.

T. Wilson Eglin:

Thanks, Heather. Good morning everyone. We finished 2021 exceptionally strong, with excellent fourth quarter results across the board. We continue to realize the significant benefits of our portfolio repositioning and disciplined growth strategy. Transaction activity was robust, and we made notable progress with respect to investments, dispositions, and new leases. Adjusted Company FFO for the quarter of $0.18 per diluted common share brought our overall 2021 Adjusted Company FFO to the high end of our guidance at $0.78 per diluted common share.

At the end of December, we recapitalized a 22-property special purpose industrial portfolio composed of primarily manufacturing assets through a newly formed joint venture valued at $550 million dollars. This significant capital infusion has been used to fund new investments and fully satisfy credit line borrowings. Further, our 20% interest ownership in the joint venture builds on our institutional fund management capabilities, allows us to generate recurring fee income to enhance our return on equity, and provides an estimated $750 million dollars of dry powder to invest in industrial real estate that falls outside of our warehouse/distribution focus.

With the JV transaction, we also substantially completed our multi-year strategy to transform our company from a diversified net-lease REIT into an industrial pure-play, and our wholly owned portfolio now consists of nearly 100% warehouse/distribution assets. Through this transformation, we have built a significantly more valuable portfolio poised to benefit from strong tenant demand and underlying market rent growth in the industrial sector.

We are well positioned to continue building on our momentum by acquiring and developing high-quality warehouse/distribution assets in strong markets and capturing opportunities to increase rents through our strong leasing and re-leasing capabilities.

During the fourth quarter, we added to our development pipeline, commencing a project in Columbus for approximately 1.1 million square feet and acquiring an aggregate of 490 acres of developable land in the Phoenix and Indianapolis industrial markets. Exclusive of the land, we invested $47 million dollars in our on-going development projects during the quarter and completed our 468,000 square foot Phoenix build-to-suit. Brendan will discuss these transactions in more detail shortly.

On the acquisition side, during the fourth quarter, we acquired eight warehouse/distribution properties totaling 3.3 million square feet with overall occupancy of 86%. Our 2021 acquisition volume, including development projects placed in-service, totaled $886 million dollars. As discussed previously, acquisition volume has allowed us to complete 1031 Exchanges, and in 2021, we deferred gains of $330 million dollars on dispositions of $824 million dollars.

We achieved another healthy quarter of leasing activity with occupancy high at 99.4% for our stabilized portfolio at quarter-end. We leased a total of 3.2 million square feet in our industrial portfolio, increasing Base and Cash Base rents 12.8% and 5.3%, respectively. This included two terrific leasing outcomes totaling 1.7 million square feet in our recently completed development project in Atlanta and our on-going Smith Farms Greenville-Spartanburg development project. In

Atlanta, we executed a seven year lease with 3% annual escalations and in Greenville-Spartanburg, we pre-leased one of the three buildings under construction, totaling approximately 800,000 square feet, which was expanded 47% from the original plan to meet the tenant’s requirement. The lease is for 12 years with 3% annual escalations. The building is now expected to be substantially complete in the fourth quarter of 2022. We estimate the market value of these two properties to be about $203 million dollars, a gain of approximately $52 million dollars over our estimated cost after purchasing the interest of our development partner.

Our overall 2021 leasing volume in our industrial portfolio was nearly 8.4 million square feet and produced attractive industrial Base and Cash Base rental increases of 10.9% and 6.7%, respectively.

Since our last earnings call, we have worked with one of the leading national brokerage firms to provide us an estimate of the mark-to-market opportunity in our warehouse/distribution portfolio based on their forecasted rent growth estimates through 2027. At quarter end, this portfolio’s average rent per square foot was $4.35. Based on the brokerage’s projections, we believe rents on leases expiring over the next six years, which comprise 50% of our industrial Base rental revenue, would be on average approximately 30% below market at lease expiration. This analysis indicates that we have a significant opportunity to achieve strong leasing spreads going forward based on the market fundamentals associated with our properties, underscoring how valuable they are. With respect to near-term industrial expirations in 2022 and 2023, we expect expiring rents in 2022 to increase approximately 32% based on leases currently being negotiated and expiring rents in 2023 could increase up to approximately 45% based on third party broker estimates. Market rents in our target markets grew on average approximately 8% in 2021, and we expect another strong year in 2022.

Separate from our transaction activity, I want to highlight two important achievements we made in the fourth quarter that emphasize our team’s substantial progress on other aspects of our strategy.

First, we published our first Corporate Responsibility report, showcasing the significant steps we have made to build a best-in-class ESG program. This report can be found on our website, which I encourage you to review. We are extremely proud of our progress so far and look forward to continuing making strides with respect to our long-term ESG initiatives.

Second, in December, we announced a corporate rebranding and changed our name to LXP Industrial Trust. We believe this new corporate branding better aligns with the nature of our business, our forward growth strategy, and our focus on high-quality, primarily single-tenant warehouse/distribution properties. With over 98% of our overall gross book value in warehouse/distribution properties, excluding our held-for-sale properties, our industrial portfolio exhibits the high-quality attributes that we believe will lead to attractive leasing outcomes and long-term growth.

In summary, we believe our company is in a position of extraordinary strength with excellent prospects. At year-end, our warehouse/distribution portfolio consisted of 109 properties comprising 52.7 million square feet, with 32.7 foot average clear height, 8.6 years of average age, and a 6.9 year weighted-average lease term with average annual rent escalations of 2.8%. On the development side, our initiatives have produced great results and we have five on-going projects

underway totaling 6.3 million square feet in an environment where tenant demand is robust, vacancy is low, and market rent growth is strong. Additionally, we have a land bank of 577 acres that we believe will support roughly nine million square feet of development. Finally, we have approximately $750 million dollars of investment capacity in our special purpose industrial joint venture.

With our transformation substantially complete, we believe we have a much more valuable portfolio and a strong pipeline for continued growth. The market has also recognized our achievements with our company’s total return to shareholders outperforming the RMS Index for the 1, 3, 5, and 10-year time periods as of December 31, 2021. In view of these accomplishments, and against the backdrop of strong private market demand and a vibrant M&A market, our Board of Trustees determined that now is the right time to conduct a comprehensive process to review all strategic alternatives for the company in order to maximize value for our shareholders. The Board is taking a thoughtful approach to determine the best outcome for shareholders and we do not intend to provide further updates until the Board has decided on the best path forward. We are pleased that our carefully considered long-term plan to transform the portfolio, and then maximize value at the most opportune time for our shareholders, is now coming to fruition. With that, I’ll turn the call over to Brendan to discuss investments in more detail.

Brendan Mullinix:

Thanks, Will. During the fourth quarter, we purchased eight Class A warehouse/distribution facilities and completed two development projects in our target industrial markets of Indianapolis, Phoenix, and Atlanta at estimated stabilized GAAP and cash cap rates of 4.8% and 4.4%, respectively. The purchases included two separate three-property portfolios in Indianapolis and Atlanta, and the purchase of 450 thousand square feet of vacancy in Phoenix and Atlanta. As Will mentioned, we substantially completed our build-to-suit in Phoenix leased to KeHE and we also leased our Atlanta property in Fairburn, Georgia to GXO. These 10 properties have a weighted-average lease term of 9.5 years, with average annual escalations of 2.5%.

With development properties continuing to achieve yields of roughly 100 to 125 basis points higher than the purchase market, we view development as our most attractive use of capital. During the quarter, we entered into a joint venture to develop a 1.1 million square foot warehouse/distribution facility on 63 acres at our Etna Park 70 East site in Columbus, Ohio. We acquired the land in December 2019 in a joint venture and have since been making infrastructure and grading improvements while marketing for build-to-suits. In that period, Columbus has seen record breaking bulk absorption and low vacancy, contributing to the appeal of going vertical speculatively. The project has direct access to I-70 and interstate frontage in east Columbus, an appealing submarket from a labor and population reach perspective and is adjacent to a brand-new full-service Love’s truck stop. The building shell is expected to be delivered late in the second quarter with an estimated development cost of approximately $72 million dollars and an estimated stabilized cash yield around 5%.

We also added to our land bank in the quarter, with the acquisition in joint ventures of two sites totaling 490 acres of developable land. In Indianapolis we acquired 70 acres adjacent to our on-going speculative development in Mount Comfort. In Phoenix, we acquired 420 acres in Glendale, representing an exciting opportunity for us to develop a Class A industrial park at what we expect

to be very attractive yields relative to what similar stabilized product could be acquired at in the market today.

The site, which can support the development of around 7 million square feet, offers frontage on Northern Parkway, one mile east of the diamond interchange off Loop 303. In addition to its access and desirable location in the West Valley, the site is rail-served, has multiple water wells and a new APS Substation just adjacent to the site.

As we noted last quarter, we believe the Phoenix market is especially attractive for its strong fundamentals such as a growing population, moderate operating costs, low taxes, affordable labor, and proximity to major markets in the Western U.S., as well as the Ports of Long Beach and Los Angeles. Our Phoenix industrial portfolio, including our previously announced speculative development currently underway, totals 3.7 million square feet. This land acquisition will provide a development pipeline to significantly expand our presence.

We’ll continue to provide regular updates on the progress of these projects in addition to our other on-going projects as they move farther along. With that, I’ll turn the call over to Beth to discuss financial results.

Beth Boulerice:

Thanks, Brendan. We generated Adjusted Company FFO of roughly $54 million dollars in the fourth quarter, or $0.18 cents per diluted common share. As Will mentioned, our 2021 Adjusted Company FFO of $0.78 cents per diluted common share came in at the top end of our range. Given the on-going process in which our Board is evaluating strategic alternatives, we will not be providing 2022 Adjusted Company FFO guidance at this time.

We generated revenues of approximately $86 million dollars during the quarter, with property operating expenses of about $14 million dollars, of which 83% was attributable to tenant reimbursements.

G&A for the quarter was $10.8 million dollars, bringing our 2021 G&A to $35.5 million dollars, which was within our previously announced range.

Our same-store industrial portfolio was 99.7% leased at quarter end, increasing 160 basis points when compared to the same time period a year ago. Same-store industrial NOI was 0.9%, and when excluding single-tenant vacancies, 2.1%. We project industrial same-store growth in 2022 to be in the range of 4% to 5%. At quarter-end, approximately 95% of our industrial portfolio leases had escalations with an average annual rate of 2.8%.

Moving to the balance sheet, nearly all of our office portfolio is held for sale as of December 31, 2021, and we intend to have these seven properties in the market for sale by April 1^st^, accelerating our previous timeline. We believe the aggregate market value for these properties is in the range of $120 million dollars to $150 million dollars, with forecasted 2022 NOI of approximately $11.6 million dollars.

We ended 2021 with net debt to Adjusted EBITDA of 5.5x and unencumbered NOI of approximately 93%. Fortunately, we have very little exposure to rising interest rates given the

previous work we have done on the balance sheet. Additionally, we had cash of $191 million dollars at quarter end and our $600 million dollar unsecured revolving credit facility remains fully available.

Consolidated debt outstanding as of December 31^st^ was approximately $1.5 billion dollars with a weighted-average interest rate of approximately 2.8% and a weighted-average term of 7.5 years.

Turning to capital markets, during the quarter, we issued 1.1 million common shares for net proceeds of $11.6 million dollars, which previously were sold on a forward basis under our ATM program. As of December 31, 2021, we had an aggregate of $226.1 million dollars, or 19.6 million common shares, under unsettled forward common share contracts. As a reminder, the contracts mature at various dates, with most of these contracts maturing in May 2022.

Finally, regarding our development spend, we anticipate that our five on-going development projects will require approximately $312 million dollars to complete, excluding our partner’s promote.

With that, I’ll turn the call back over to Will.

T. Wilson Eglin:

Thanks Beth. I will now turn the call over to the operator who will conduct the question and answer portion of the call.

Operator:

Thank you. We will now begin the question and answer session. (Operator Instructions)

Our first question comes from Craig Mailman of KeyBanc Capital Markets.

Craig Allen Mailman (KeyBanc Capital MarketsInc., Research Division):

Will, just to clarify, so the mark-to-market, 30% below. So that would mean you have like a 43% positive mark-to-market, right?

T.Wilson Eglin:

Well, that number reflects a forecast of market rent growth against the built-in escalations in each lease. So that’s how we get to the 30%.

Craig Allen Mailman:

But that's saying that you're below market, right. So if you mark it to market, it's like a 43% increase. Is that the right way to think about it? Or it's just a 30% increase? You said it's 30% below market. There's no -- there's been some confusion.

T.Wilson Eglin:

Just remember, the forecast market rent growth over time against underlying rent growth in the portfolio.

Craig Allen Mailman:

Okay. That is helpful. So as you think about -- I know you guys aren't giving guidance. But Beth, is there any one-timers or significant items we should think about as we head into '22? I think with the continued sales and this timing mismatches in capital raises and development deliveries, I think generally, consensus is assuming a bit of a drag and a bottom in '22 before moving in '23. I mean just high level, is that the right way to think about it? And any kind of significant items to consider?

Beth Boulerice:

Yes, Craig. As we said, 2022 is going to be the trough year, we believe, given all of the transformation that we've done and the office sales that we've done over the last couple of years that we anticipate that. So you're right on with that. There's nothing as far as a one-timer that I can think of that would impact anything, but it's just from the office sales and some of the development coming online.

Craig Allen Mailman:

Right. And I think you guys had a little bit below $2 million of fees related to activism. And should we think about that as a kind of quarterly run rate being additive to a normal G&A run rate as you guys do the process?

Beth Boulerice:

Yes, we're not giving guidance at this time on G&A.

Craig Allen Mailman:

Okay. Fair enough. And then just high level, that was helpful on the '22 same-store 4% to 5%. So I mean, Will, when you start baking in these big mark-to-markets in '23, then presumably in '24 to '27, I mean, it sounds like you guys are on pace to do well north of 5% a year in cash same-store once you get out to '23. I mean is that a fair assessment of where the portfolio growth is kind of heading assuming, all else equal, rents stay on a similar trajectory or just stay where they are, flat today?

T.Wilson Eglin:

Well, time will tell, Craig. But I will say that the company is in a position to produce same-store NOI growth that's well above anything that we've ever seen in our history. So time will tell, but we're very pleased with the work that we've done on the portfolio to position it to capture a lot of upside.

Craig Allen Mailman:

Okay. And then just lastly, I know it's pretty fresh here, but last night's news on the geopolitical front, rates are coming down again. I mean what's your sense as you guys are out in the market? I know there's been a little bit of volatility year-to-date in the public markets, but on pricing for industrial assets or competition for industrial assets, are you guys seeing any material shifts one way or another in any of those aspects?

Brendan Mullinix:

It's Brendan. No, in short. With the increase in rates, what we've seen in the market is it didn't have any sort of material, adverse effect on cap rates. Cap rates have not increased as a result.

Operator:

[Operator Instructions] Our next question comes from John Massocca of Ladenburg Thalmann. Please go ahead.

John James Massocca (Ladenburg Thalmann& Co. Inc., Research Division):

So given the acquisition in Glendale, in particular, this quarter, how should we think about the long-term strategy as it pertains to building a land bank? Is this kind of a bespoke transaction given the opportunity in that specific market? Or should we expect more types of deals like that going forward?

Brendan Mullinix:

It's Brendan again. Well, it's difficult to forecast exactly where those opportunities may arise and to quantify them. But we would continue to be open to transactions like that going forward. So we do expect, as we've said previously, based on the current pricing environment for stabilized assets, we view development and the acquisition of vacancy as the best deployment of capital, except where we have capital recycling needs -- in terms of 1031 needs, excuse me.

John James Massocca:

And I guess, maybe, what kind of time line are you expecting on getting a return on those kind of more truly ground-up type of developments?

Brendan Mullinix:

So that's a large project. It -- there's a whole range of outcomes. That we're currently still working on site plans and what kind of building sizes that we plan to build. A lot of it will probably depend on how much build-to-suit we may see there, which would accelerate the build-out. But we're working on getting a speculative development there started right away. We've also, together with our partner, have fielded RFP for build-to-suit. So if any of those build-to-suits come together, just as a for instance, we'll start with the speculative building. But the build-to-suit shows up, then all of a sudden, we're building two buildings instead of 1 straight away. So I would say it's probably,

on a speculative basis, it could be something to -- fulfilled out, it could be something like four years. But if you get build-to-suit, that would accelerate that time frame.

John James Massocca:

Okay. And then I know you're not providing full guidance, but just maybe broad strokes. How should we think about kind of tenant improvement and leasing commissions in 2022 versus 2021, especially given the planned office sales?

Beth Boulerice:

John, it's Beth. Yes, we think they'll be about the same as the last year.

Operator:

The next question comes from Jon Peterson of Jefferies.

Jonathan Michael Petersen (Jefferies LLC,Research Division):

On -- I guess, as you engage in the strategic review process, how should we think about the pace of acquisitions and dispositions? I mean are you guys as active as ever in terms of selling office properties and buying industrial? Or are things kind of on hold now? Just trying to figure out how we should think about the moving pieces over the next however long this takes.

T.Wilson Eglin:

Well, I think for the most part, the focus is on the remaining office portfolio, which is mainly held for sale. We plan to have everything in the market by April 1 and accelerate the exit from that portfolio. There may be a couple of small sales in the industrial portfolio as well, but that's still the principal push. And in terms of acquisitions, there may be some desire to defer tax again by reinvesting. But the focus is really on funding the development pipeline at the moment.

Jonathan Michael Petersen:

Got you. Okay. All right. That makes sense. And then on the 30% roll up, if we could just come back to that for a minute. I guess I understand, it's based off market rent growth assumptions and where you would expect rents to roll up, I guess, over the next 5 years in that 50% of the portfolio that rolls. But are you able to give us a number of like where we're at today on a mark-to-market? Like in-place cash rents today versus where market rents are? Or maybe an indication of, are the market rent growth assumptions over the next 5 years higher than the contractual escalators? Just to kind of help us make sense of that number.

T.Wilson Eglin:

Yes. I mean there is a mark today, and the expectation is that the growth through 2027 will exceed it by a fair amount, the built-in escalations that we have in the leases. We've captured that way, Jon, through 2027 to recognize the fact that we have leases in place and you can't mark-to-market when you've got a contract. So that window through 2027 that we've talked about before, right, we

don't have too much roll at the moment. But then we have a 4-year window where we have a lot of roll. So that's really been the focus, trying to come up with a forecast that captures market rents when, right, when we come off lease, when we have the opportunity to mark rents to market.

Jonathan Michael Petersen:

Yes. Yes. And then I guess it helps from the perspective of -- to the degree that you want to be as conservative as possible. If industrial rents just stopped growing today -- which doesn't seem reasonable, but let's just say that they did. I think all of us -- it helps to get a sense of even still, like where would rent growth be over the next 5 years even if the market just stopped growing, I think is kind of where these questions come from. But anyway, I'll leave it there.

Operator:

We have a follow-up question from John Massocca.

John James Massocca:

Just a quick one for me kind of as it relates to development again. But can you remind us what's the kind of assumed downtime, re-lease up that drives you to kind of the stabilized cap rate estimates you're providing for some of the ongoing development projects?

Brendan Mullinix:

Yes, it varies by project, but generally in the range of between 6 and 12 months.

Operator:

There are no further questions on the line at this time. So I hand the call back over to the team.

T.Wilson Eglin:

Thank you, operator, and thanks to all of you for joining us. If there's anything at all that you'd like to discuss with management, please don't hesitate to call me or any of the rest of the team. Thank you.

Operator:

This concludes today's call. Thank you for joining. You may now disconnect your lines.