LXP Industrial Trust (LXP) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period Ended Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-12386
Entity Registrant Name	LXP INDUSTRIAL TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3717318
Entity Address, Address Line One	One Penn Plaza, Suite 4015
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119-4015
City Area Code	212
Local Phone Number	692-7200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		292,580,615
Entity Central Index Key	0000910108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Trading Symbol	LXP
Security Exchange Name	NYSE
Series C Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Trading Symbol	LXPPRC
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Real estate, at cost	$ 3,732,558	$ 3,691,066
Real estate - intangible assets	328,607	328,607
Land held for development	84,507	84,412
Investments in real estate under construction	349,827	361,924
Real estate, gross	4,495,499	4,466,009
Less: accumulated depreciation and amortization	845,338	800,470
Real estate, net	3,650,161	3,665,539
Assets held for sale	44,286	66,434
Right-of-use assets, net	22,967	23,986
Cash and cash equivalents	42,923	54,390
Restricted cash	120	116
Investments in non-consolidated entities	52,571	58,206
Deferred expenses, net	25,485	25,207
Investment in a sales-type lease, net (allowance for credit loss $172 in 2023 and $93 in 2022)	61,680	61,233
Rent receivable – current	4,141	3,030
Rent receivable – deferred	74,394	71,392
Other assets	26,353	24,314
Total assets	4,005,081	4,053,847
Liabilities:
Mortgages and notes payable, net	69,288	72,103
Term loan payable, net	299,084	298,959
Senior notes payable, net	989,636	989,295
Trust preferred securities, net	127,719	127,694
Dividends payable	38,164	38,416
Liabilities held for sale	1,889	1,150
Operating lease liabilities	23,985	25,118
Accounts payable and other liabilities	57,170	74,261
Accrued interest payable	10,431	9,181
Deferred revenue - including below-market leases, net	10,959	11,452
Prepaid rent	15,994	15,215
Total liabilities	1,644,319	1,662,844
Commitments and contingencies
Equity:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding	94,016	94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 292,557,721 and 291,719,310 shares issued and outstanding in 2023 and 2022, respectively	29	29
Additional paid-in-capital	3,320,185	3,320,087
Accumulated distributions in excess of net income	(1,105,875)	(1,079,087)
Accumulated other comprehensive income	14,169	17,689
Total shareholders’ equity	2,322,524	2,352,734
Noncontrolling interests	38,238	38,269
Total equity	2,360,762	2,391,003
Total liabilities and equity	$ 4,005,081	$ 4,053,847

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Equity:
Sales-type lease, allowance	$ 172,000	$ 93,000
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized shares (in shares)	100,000,000	100,000,000
Series C Cumulative Convertible Preferred, liquidation preference	$ 96,770,000	$ 96,770,000
Series C Cumulative Convertible Preferred, shares issued (in shares)	1,935,400	1,935,400
Series C Cumulative Convertible Preferred, shares outstanding (in shares)	1,935,400	1,935,400
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized shares (in shares)	600,000,000	600,000,000
Common shares, shares issued (in shares)	292,557,721	291,719,310
Common shares, outstanding (in shares)	292,557,721	291,719,310

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gross revenues:
Rental revenue	$ 83,417	$ 78,536
Total gross revenues	85,075	80,278
Expense applicable to revenues:
Depreciation and amortization	(45,741)	(44,506)
General and administrative	(9,242)	(10,737)
Non-operating income	194	32
Interest and amortization expense	(11,393)	(10,682)
Impairment charges	(3,523)	0
Change in allowance for credit loss	(79)	0
Gains on sales of properties	7,879	255
Income before provision for income taxes and equity in earnings of non-consolidated entities	7,927	24
Provision for income taxes	(216)	(417)
Equity in earnings of non-consolidated entities	3,604	11,301
Net income	11,315	10,908
Less net income attributable to noncontrolling interests	(149)	(286)
Net income attributable to LXP Industrial Trust shareholders	11,166	10,622
Allocation to participating securities	(72)	(61)
Net income attributable to common shareholders	$ 9,522	$ 8,989
Net income attributable to common shareholders - per common share basic (in dollars per share)	$ 0.03	$ 0.03
Weighted-average common shares outstanding – basic (in shares)	290,080,508	283,640,465
Net income attributable to common shareholders – per common share diluted (in dollars per share)	$ 0.03	$ 0.03
Weighted-average common shares outstanding – diluted (in shares)	291,040,466	289,067,778
Series C
Expense applicable to revenues:
Dividends attributable to preferred shares – Series C	$ (1,572)	$ (1,572)
Other revenue
Gross revenues:
Other revenue	1,658	1,742
Property operating
Expense applicable to revenues:
Property operating	$ (15,243)	$ (14,616)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 11,315	$ 10,908
Other comprehensive income (loss):
Change in unrealized income (loss) on interest rate swaps, net	(3,190)	12,266
Company's share of other comprehensive loss of non-consolidated entities	(330)	0
Other comprehensive income	(3,520)	12,266
Comprehensive income	7,795	23,174
Comprehensive income attributable to noncontrolling interests	(149)	(286)
Comprehensive income attributable to LXP Industrial Trust shareholders	$ 7,646	$ 22,888

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in-Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2021	$ 2,323,228	$ 94,016	$ 28	$ 3,252,506	$ (1,049,434)	$ (6,258)	$ 32,370
Beginning balance (in shares) at Dec. 31, 2021		1,935,400	283,752,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	$ 4,109						4,109
Redemption of noncontrolling OP units for common (in shares)	0		6,708
Redemption of noncontrolling OP units for common shares				36			(36)
Purchase of noncontrolling interest in consolidated joint venture	$ (27,958)			(25,058)			(2,900)
Issuance of common shares and deferred compensation amortization, net	40,572		$ 1	40,571
Issuance of common shares and deferred compensation amortization, net (in shares)			4,523,173
Repurchase of common shares to settle tax obligations	(6,285)			(6,285)
Repurchase of common shares to settle tax obligations (in shares)			(410,958)
Dividends/distributions	(36,358)				(36,186)		(172)
Net income	10,908				10,622		286
Other comprehensive income (loss)	12,266					12,266
Company's share of other comprehensive loss of non-consolidated entities	0
Ending balance at Mar. 31, 2022	2,320,482	$ 94,016	$ 29	3,261,770	(1,074,998)	6,008	33,657
Ending balance (in shares) at Mar. 31, 2022		1,935,400	287,871,649
Beginning balance at Dec. 31, 2022	2,391,003	$ 94,016	$ 29	3,320,087	(1,079,087)	17,689	38,269
Beginning balance (in shares) at Dec. 31, 2022		1,935,400	291,719,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	106						106
Redemption of noncontrolling OP units for common (in shares)			3,572
Redemption of noncontrolling OP units for common shares	0			18			(18)
Issuance of common shares and deferred compensation amortization, net	2,156			2,156
Issuance of common shares and deferred compensation amortization, net (in shares)			1,216,166
Repurchase of common shares to settle tax obligations	(2,076)			(2,076)
Repurchase of common shares to settle tax obligations (in shares)			(204,780)
Forfeiture of employee common shares	0
Forfeiture of employee common shares (in shares)			(176,547)
Dividends/distributions	(38,222)				(37,954)		(268)
Net income	11,315				11,166		149
Other comprehensive income (loss)	(3,190)					(3,190)
Company's share of other comprehensive loss of non-consolidated entities	(330)					(330)
Ending balance at Mar. 31, 2023	$ 2,360,762	$ 94,016	$ 29	$ 3,320,185	$ (1,105,875)	$ 14,169	$ 38,238
Ending balance (in shares) at Mar. 31, 2023		1,935,400	292,557,721

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends/distributions (in dollars per share)	$ 0.125	$ 0.12

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Net cash provided by operating activities:	$ 37,546	$ 42,090
Cash flows from investing activities:
Acquisition of real estate, including intangible assets	0	(72,148)
Investment in real estate under construction	(34,256)	(75,368)
Capital expenditures	(3,703)	(5,991)
Net proceeds from sale of properties	27,338	255
Principal payments on loans receivable	1,462	7
Investments in non-consolidated entities	(451)	(121)
Distributions from non-consolidated entities in excess of accumulated earnings	4,736	1,537
Deferred leasing costs	(410)	(536)
Change in real estate deposits, net	(245)	(167)
Net cash used in investing activities	(5,529)	(152,532)
Cash flows from financing activities:
Dividends to common and preferred shareholders	(38,207)	(36,827)
Principal amortization payments	(2,887)	(2,779)
Revolving credit facility borrowings	25,000	0
Revolving credit facility payments	(25,000)	0
Cash contributions from noncontrolling interests	106	4,109
Cash distributions to noncontrolling interests	(268)	(172)
Repurchases to settle tax obligations	(2,076)	(6,285)
Purchase of noncontrolling interest	0	(27,958)
Issuance of common shares, net	(148)	38,495
Net cash used in financing activities	(43,480)	(31,417)
Change in cash, cash equivalents and restricted cash	(11,463)	(141,859)
Cash, cash equivalents and restricted cash, at beginning of period	54,506	191,027
Cash, cash equivalents and restricted cash, at end of period	43,043	49,168
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	54,390	190,926
Restricted cash at beginning of period	116	101
Cash and cash equivalents at end of period	42,923	49,063
Restricted cash at end of period	$ 120	$ 105

The Company and Financial State

The Company and Financial Statement Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Financial Statement Presentation	The Company and Financial Statement Presentation LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties. As of March 31, 2023, the Company had ownership interests in approximately 116 consolidated real estate properties, located in 20 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries. The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities. The Company conducts its operations indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (3) joint ventures. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors. The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) for the three months ended March 31, 2023 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 16, 2023 (“Annual Report”). Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP. As of March 31, 2023, the Company had interests in seven consolidated joint ventures with developers, consisting of five ongoing development projects and two land joint ventures with ownership interests ranging from 80% to 95.5%. Each joint venture owns land parcels with the intention of developing industrial properties. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company’s unaudited condensed consolidated financial statements. In addition, the Company is the primary beneficiary of certain other VIEs as it has a controlling financial interest in these entities. Lepercq Corporate Income Fund L.P. ("LCIF") is a consolidated VIE and the Company, as of March 31, 2023, had an approximate 99% ownership interest. The assets of each VIE are only available to satisfy such VIE's respective liabilities. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Real estate, net $ 1,039,383 $ 1,027,009 Total assets $ 1,141,236 $ 1,125,558 Total liabilities $ 36,935 $ 40,200 In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimated credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates. Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 BASIC Net income attributable to common shareholders $ 9,522 $ 8,989 Weighted-average number of common shares outstanding - basic 290,080,508 283,640,465 Net income attributable to common shareholders - per common share basic $ 0.03 $ 0.03 DILUTED Net income attributable to common shareholders - basic $ 9,522 $ 8,989 Impact of assumed conversions 3 — Net income attributable to common shareholders $ 9,525 $ 8,989 Weighted-average common shares outstanding - basic 290,080,508 283,640,465 Effect of dilutive securities: Unvested share-based payment awards 127,871 1,078,891 Shares issuable under forward sales agreements — 4,348,422 Operating partnership units 832,087 — Weighted-average common shares outstanding - diluted 291,040,466 289,067,778 Net income attributable to common shareholders - per common share diluted $ 0.03 $ 0.03 For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate The Company completed and placed into service the following warehouse/distribution facility during the three months ended March 31, 2023: Market Placed into Service Date Initial Lease Land Building and Improvements Phoenix, Arizona (1) March 2023 $ 37,118 08/2033 $ 7,552 $ 29,566 (1) Initial basis excludes certain remaining costs, including developer partner promote, if any. In 2022, the Company purchased the remaining 13% of equity owned by a noncontrolling interest in the Fairburn, Georgia warehouse/distribution facility for $27,958. As the Company previously consolidated its interest in the joint venture which owned the property, the acquisition of the noncontrolling ownership interest was recorded as an equity transaction with the difference between the purchase price and carrying balance of $25,058 recorded as a reduction in additional paid-in-capital. As of March 31, 2023, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. Estimated Project Cost (1) GAAP Investment Balance as of 3/31/2023 Amount Funded as of 3/31/2023 (2) Actual/Estimated Building Completion Date % Leased as of 3/31/2023 The Cubes at Etna East (95%) (3) 1 Columbus, OH 1,074,840 $ 72,850 $ 61,240 $ 59,888 3Q 2022 (4) Ocala (80%) (3) 1 Central Florida 1,085,280 83,100 76,529 66,593 1Q 2023 — % Mt. Comfort (80%) (3) 1 Indianapolis, IN 1,053,360 65,500 61,614 52,119 1Q 2023 — % Smith Farms (90%) (5) 2 Greenville-Spartanburg, SC 1,396,772 101,550 85,290 72,690 2Q 2023 — % South Shore (100%) 2 Central Florida 270,885 41,200 31,844 26,277 2Q 2023 — % Cotton 303 (93%) (6) 1 Phoenix, AZ 488,400 44,100 33,310 31,458 3Q 2023 — % 8 $ 5,369,537 $ 408,300 $ 349,827 $ 309,025 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes noncontrolling interests' share. (3) Base building achieved substantial completion. Property not in service as of March 31, 2023. (4) Subsequent to quarter end, the property was fully leased subject to a 10-year lease with initial annualized rent of approximately $5,213 with 3.5% annual escalations. (5) Subsequent to quarter end, the base building comprised of 1,091,888 square feet was substantially completed. (6) Originally a two building project. In March 2023, substantially completed and placed into service a 392,278 square foot facility subject to a 10-year lease. Remaining project ongoing. As of March 31, 2023, the Company's aggregate investment in development arrangements was $349,827, which included capitalized interest of $1,794 for the three months ended March 31, 2023 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the three months ended March 31, 2022, capitalized interest for development arrangements was $1,146. As of March 31, 2023, the details of the land held for industrial development are as follows (in $000's, except acres): Project (% owned) Market Approx. Developable Acres GAAP Investment Balance as of 3/31/2023 LXP Amount Funded as of 3/31/2023 (1) Consolidated: Reems & Olive (95.5%) Phoenix, AZ 320 $ 77,473 $ 74,109 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,303 4,250 ATL Fairburn JV (100%) Atlanta, GA 14 1,731 1,736 450 $ 84,507 $ 80,095 (1) Excludes noncontrolling interests' share.

Dispositions and Impairment

Dispositions and Impairment	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions and Impairment	Dispositions and Impairment During the three months ended March 31, 2023 and 2022, the Company disposed of its interests in various properties for an aggregate gross disposition price of $27,910 and $289, respectively, and recognized aggregate gains on sales of properties of $7,879 and $255, respectively. The Company had two and three properties classified as held for sale at March 31, 2023 and December 31, 2022, respectively. Assets and liabilities of the held for sale properties at March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Assets: Real estate, at cost $ 54,654 $ 131,557 Real estate, intangible assets 1,777 9,942 Accumulated depreciation and amortization (14,119) (76,205) Other 1,974 1,140 $ 44,286 $ 66,434 Liabilities: Accounts payable and liabilities $ 863 $ 637 Deferred revenue 134 143 Prepaid rent 892 370 $ 1,889 $ 1,150 The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: Balance Fair Value Measurements Using Description March 31, 2023 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 13,128 $ — $ 13,128 $ — Impaired real estate assets (1) $ 28,869 $ — $ 28,869 $ — Balance Fair Value Measurements Using Description December 31, 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — (1) Represents non-recurring fair value measurement. The fair value is calculated as of the impairment date. The fair value of $28,869 was based on an observable contract less estimated costs to sell and the Company determined that the fair value of the property falls within Level 2 of the fair value reporting hierarchy. The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2023 and December 31, 2022, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy. The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, as of March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 61,680 $ 61,852 $ 61,233 $ 60,984 Liabilities Debt $ 1,485,727 $ 1,296,744 $ 1,488,051 $ 1,293,239 The fair value of the Company's investment in a sales-type lease, net is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis and an estimate of the unguaranteed residual value. The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes payable using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low. Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable . The Company estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments.

Investments in Non-Consolidated

Investments in Non-Consolidated Entities	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Investments in Non-Consolidated Entities	Investments in Non-Consolidated Entities Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Equity in earnings (losses) of non-consolidated entities Investment March 31, 2023 March 31, 2023 December 31, 2022 March 31, 2023 March 31, 2022 NNN MFG Cold JV L.P. ("MFG Cold JV") (1) 20% $ 24,320 $ 26,592 $ (802) $ (150) NNN Office JV L.P. ("NNN JV") (2) 20% 12,769 12,900 (131) 11,451 Etna Park 70 LLC (3) 90% 13,347 12,975 (38) (25) Etna Park East LLC (4) 90% 2,135 2,126 (33) (24) BSH Lessee L.P. (5) 25% — 3,613 4,608 49 $ 52,571 $ 58,206 $ 3,604 $ 11,301 (1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company. (2) NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2022, NNN JV sold two assets and the Company recognized its share of aggregate gains on sale of $11,315 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations. The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments for the three months ended March 31, 2023 and 2022 were $1,208 and $1,451, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company had the following mortgages and notes payable outstanding as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Mortgages and notes payable $ 70,266 $ 73,154 Unamortized debt issuance costs (978) (1,051) Mortgage notes payable, net $ 69,288 $ 72,103 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at March 31, 2023 and December 31, 2022, respectively, and all mortgages and notes payable mature between 2023 and 2031 as of March 31, 2023. The weighted-average interest rate at March 31, 2023 and December 31, 2022 was approximately 4.0%, respectively. The Company had the following senior notes outstanding as of March 31, 2023 and December 31, 2022: Issue Date March 31, 2023 December 31, 2022 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 998,932 998,932 Unamortized debt discount (3,122) (3,228) Unamortized debt issuance costs (6,174) (6,409) Senior notes payable, net $ 989,636 $ 989,295 Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of March 31, 2023, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2025 Term SOFR + 1.00% (1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rates range from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum. The aggregate unamortized debt issuance costs for the term loan was $916 and $1,041 as of March 31, 2023 and December 31, 2022, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at March 31, 2023. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month LIBOR plus 170 basis points through maturity. The interest rate at March 31, 2023 was 6.502%. As of March 31, 2023 and December 31, 2022, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,401 and $1,426, respectively, of unamortized debt issuance costs. The variable rate will transition from LIBOR to SOFR after June 30, 2023. The Company capitalized $1,996 and $1,166 of interest expense for the three months ended March 31, 2023 and 2022, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives . The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. Cash Flow Hedges of Interest Rate Risk . The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not incur any ineffectiveness during the three months ended March 31, 2023 and 2022. During July 2022, the Company transitioned its four interest rate swap agreements with its counterparties to a benchmark rate of Term SOFR. The swaps were designated as cash flow hedges of the risk in variability attributable to changes in the Term SOFR swap rates on its $300,000 SOFR-indexed variable rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire coterminous with the maturity of the term loan in January 2025. During the next 12 months, the Company estimates that an additional $8,826 will be reclassified as a decrease in interest expense if the swaps remain outstanding. As of March 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets: As of March 31, 2023 As of December 31, 2022 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Assets $ 13,128 Other Assets $ 16,318 The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022. Derivatives in Cash Flow Amount of Gain (Loss) Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) March 31, Hedging Relationships 2023 2022 2023 2022 Interest Rate Swaps $ (1,019) $ 11,078 $ (2,171) $ 1,188 The Company's share of non-consolidated entity's interest rate cap (45) — (285) — Total $ (1,064) $ 11,078 $ (2,456) $ 1,188 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations. Total interest expense presented in the unaudited condensed consolidated statements of operations, in which the effects of cash flow hedges are recorded was $11,393 and $10,682 for the three months ended March 31, 2023 and 2022, respectively.

Lease Accounting

Lease Accounting	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease Accounting	Lease Accounting Lessor Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. There were no write offs for the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company wrote off an aggregate of $84, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2023 and 2022, the Company incurred no costs that were not incremental to the execution of leases. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. As of March 31, 2023, the Company had one lease that qualified as a sales-type lease. The Company has one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. For the three months ended March 31, 2023, the interest income earned from sales-type leases of $1,833 is included in rental revenue in the unaudited condensed consolidated statements of operations. The Company earned no interest income from sales-type leases in 2022. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Classification 2023 2022 Fixed $ 68,087 $ 66,982 Sales-type lease income 1,833 — Variable (1) 13,497 11,554 Total $ 83,417 $ 78,536 (1) Primarily comprised of tenant reimbursements. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2023 were as follows: Operating Sales-Type 2023 - remainder $ 199,952 $ 3,921 2024 251,668 5,263 2025 234,021 5,473 2026 214,776 5,692 2027 178,082 5,920 2028 147,815 6,156 Thereafter 500,439 733,006 Total $ 1,726,753 $ 765,431 Difference between undiscounted cash flow and present value (703,579) Investment in a sales-type lease $ 61,852 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, unless such payments are reasonably certain to be received. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2023. The leases have remaining lease terms of up to 38 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Three Months Ended March 31, 2023 March 31, 2022 Weighted-average remaining lease term Operating leases (years) 9.2 9.5 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 886 $ 7 $ 893 General and administrative 377 39 416 Total $ 1,263 $ 46 $ 1,309 2022: Property operating $ 886 $ — $ 886 General and administrative 377 35 412 Total $ 1,263 $ 35 $ 1,298 The Company recognized sublease income of $830 for the three months ended March 31, 2023 and 2022, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2023: Operating Leases 2023 - remainder $ 3,914 2024 5,199 2025 5,204 2026 4,174 2027 3,673 2028 1,061 Thereafter 6,440 Total lease payments $ 29,665 Less: Imputed interest (5,680) Present value of lease liabilities $ 23,985
Lease Accounting	Lease Accounting Lessor Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. There were no write offs for the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company wrote off an aggregate of $84, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2023 and 2022, the Company incurred no costs that were not incremental to the execution of leases. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. As of March 31, 2023, the Company had one lease that qualified as a sales-type lease. The Company has one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. For the three months ended March 31, 2023, the interest income earned from sales-type leases of $1,833 is included in rental revenue in the unaudited condensed consolidated statements of operations. The Company earned no interest income from sales-type leases in 2022. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Classification 2023 2022 Fixed $ 68,087 $ 66,982 Sales-type lease income 1,833 — Variable (1) 13,497 11,554 Total $ 83,417 $ 78,536 (1) Primarily comprised of tenant reimbursements. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2023 were as follows: Operating Sales-Type 2023 - remainder $ 199,952 $ 3,921 2024 251,668 5,263 2025 234,021 5,473 2026 214,776 5,692 2027 178,082 5,920 2028 147,815 6,156 Thereafter 500,439 733,006 Total $ 1,726,753 $ 765,431 Difference between undiscounted cash flow and present value (703,579) Investment in a sales-type lease $ 61,852 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, unless such payments are reasonably certain to be received. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2023. The leases have remaining lease terms of up to 38 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Three Months Ended March 31, 2023 March 31, 2022 Weighted-average remaining lease term Operating leases (years) 9.2 9.5 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 886 $ 7 $ 893 General and administrative 377 39 416 Total $ 1,263 $ 46 $ 1,309 2022: Property operating $ 886 $ — $ 886 General and administrative 377 35 412 Total $ 1,263 $ 35 $ 1,298 The Company recognized sublease income of $830 for the three months ended March 31, 2023 and 2022, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2023: Operating Leases 2023 - remainder $ 3,914 2024 5,199 2025 5,204 2026 4,174 2027 3,673 2028 1,061 Thereafter 6,440 Total lease payments $ 29,665 Less: Imputed interest (5,680) Present value of lease liabilities $ 23,985

Allowance for Credit Loss

Allowance for Credit Loss	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Allowance for Credit Loss	Allowance for Credit Loss As of March 31, 2023, the Company had a $172 credit loss allowance resulting from an investment in a sales-type lease. There were no allowances for credit losses in 2022. The activity for the credit loss allowance related to the sales-type lease is as follows: For the Three Months Ended March 31, 2023 Balance at Beginning of Period Write-Offs General Allowance Balance at End of Period Allowance for credit loss $ 93 $ — $ 79 $ 172 As of March 31, 2023, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status. The following table details the investment in a sales-type lease as of March 31, 2023: As of March 31, 2023 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 61,852 $ (172) $ 61,680 0.28 %

Concentration of Risk

Concentration of Risk	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the three months ended March 31, 2023 and 2022, no single tenant represented greater than 10% of rental revenues. Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Shareholders' Equity: During the three months ended March 31, 2023 and 2022, the Company granted common shares to certain employees as follows: Three Months Ended March 31, 2023 2022 Performance Shares: (1) Shares granted: Index - 1Q 407,611 282,720 Peer - 1Q 407,606 282,715 Grant date fair value per share: (2) Index - 1Q $ 6.96 $ 9.40 Peer - 1Q $ 6.50 $ 8.78 Non-Vested Common Shares: (3) Shares issued 376,480 295,230 Grant date fair value $ 4,010 $ 4,304 (1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2023, 266,812 performance shares of the remaining 443,359 issued in 2020 vested. (2) The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three-year service period. At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts. During the three months ended March 31, 2023 and 2022, the Company did not sell shares under the ATM Program. During the three months ended March 31, 2022, the Company issued 3,649,023 common shares previously sold on a forward basis in the first quarter of 2021 on the maturity date of the contracts and received $38,492 of net proceeds. No shares were sold on a forward basis during the three months ended March 31, 2023. During 2021, the Company amended the terms of its ATM program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of March 31, 2023, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program. Stock Based Compensation. During the three months ended March 31, 2023 and 2022, the Company issued 24,008 and 13,304, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $240 and $232, respectively. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. There were no common shares repurchased during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of March 31, 2023. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2023. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of March 31, 2023, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 17,689 $ (6,258) Other comprehensive income (loss) before reclassifications (1,064) 11,078 Amounts of loss reclassified from accumulated other comprehensive income (loss) to interest expense (2,456) 1,188 Balance at end of period $ 14,169 $ 6,008 Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in LCIF (“OP units”) as a form of consideration. All OP units, other than OP units owned by the Company, are redeemable for common shares at certain times, at the option of the holders, and are generally not otherwise mandatorily redeemable by the Company. The OP units are classified as a component of permanent equity as the Company has determined that the OP units are not redeemable securities as defined by GAAP. Each OP unit is currently redeemable for approximately 1.13 common shares, subject to future adjustments. As of March 31, 2023 and 2022, 3,572 and 6,708 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $18 and $36, respectively. As of March 31, 2023, there were approximately 736,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Three Months Ended March 31, 2023 2022 Net income attributable to LXP Industrial Trust shareholders $ 11,166 $ 10,622 Transfers from noncontrolling interests: Increase in additional paid-in-capital for redemption of noncontrolling OP units 18 36 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 11,184 $ 10,658

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThere were no related party transactions other than those disclosed elsewhere in these unaudited condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies. The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. As of March 31, 2023, the Company had six ongoing consolidated development projects and expects to incur approximately $76,000 of costs during the remainder of 2023, excluding noncontrolling interests' share, to substantially complete the construction of such projects. As of March 31, 2023, the Company has interests in various industrial land parcels held for development. The Company is unable to estimate the timing of any required funding for the potential development projects on these parcels. The Company and LCIF are parties to a funding agreement under which the Company may be required to fund distributions made on account of LCIF's OP units. Pursuant to the funding agreement, the parties agreed that, if LCIF does not have sufficient cash available to make a quarterly distribution to its limited partners in an amount in accordance with the partnership agreement, LXP Industrial Trust will fund the shortfall. Payments under the agreement will be made in the form of loans to LCIF and will bear interest at prevailing rates as determined by the Company in its discretion but, no less than the applicable federal rate. LCIF's right to receive these loans will expire if no OP units remain outstanding and all such loans are repaid. No amounts have been advanced under this agreement.

Supplemental Disclosure of Stat

Supplemental Disclosure of Statement of Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure of Statement of Cash Flow Information	Supplemental Disclosure of Statement of Cash Flow InformationIn addition to disclosures discussed elsewhere, during the three months ended March 31, 2023 and 2022, the Company paid $11,320 and $9,261, respectively, for interest and $126 and $36, respectively, for income taxes. During the three months ended March 31, 2023 and 2022, the Company accrued additions for capital projects of $34,924 and $40,985, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to March 31, 2023, the Company borrowed $20,000, net, on its revolving credit facility.

The Company and Financial Sta_2

The Company and Financial Statement Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries.
Variable Interest Entity	The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP.
Use of Estimates	Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimated credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation.
Lessor	Lessor Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. There were no write offs for the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company wrote off an aggregate of $84, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2023 and 2022, the Company incurred no costs that were not incremental to the execution of leases. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties.
Lessee	Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2023. The leases have remaining lease terms of up to 38 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

The Company and Financial Sta_3

The Company and Financial Statement Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Real estate, net $ 1,039,383 $ 1,027,009 Total assets $ 1,141,236 $ 1,125,558 Total liabilities $ 36,935 $ 40,200

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation	The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 BASIC Net income attributable to common shareholders $ 9,522 $ 8,989 Weighted-average number of common shares outstanding - basic 290,080,508 283,640,465 Net income attributable to common shareholders - per common share basic $ 0.03 $ 0.03 DILUTED Net income attributable to common shareholders - basic $ 9,522 $ 8,989 Impact of assumed conversions 3 — Net income attributable to common shareholders $ 9,525 $ 8,989 Weighted-average common shares outstanding - basic 290,080,508 283,640,465 Effect of dilutive securities: Unvested share-based payment awards 127,871 1,078,891 Shares issuable under forward sales agreements — 4,348,422 Operating partnership units 832,087 — Weighted-average common shares outstanding - diluted 291,040,466 289,067,778 Net income attributable to common shareholders - per common share diluted $ 0.03 $ 0.03

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Acquired Properties	The Company completed and placed into service the following warehouse/distribution facility during the three months ended March 31, 2023: Market Placed into Service Date Initial Lease Land Building and Improvements Phoenix, Arizona (1) March 2023 $ 37,118 08/2033 $ 7,552 $ 29,566 (1) Initial basis excludes certain remaining costs, including developer partner promote, if any.
Schedule of Real Estate Properties	As of March 31, 2023, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. Estimated Project Cost (1) GAAP Investment Balance as of 3/31/2023 Amount Funded as of 3/31/2023 (2) Actual/Estimated Building Completion Date % Leased as of 3/31/2023 The Cubes at Etna East (95%) (3) 1 Columbus, OH 1,074,840 $ 72,850 $ 61,240 $ 59,888 3Q 2022 (4) Ocala (80%) (3) 1 Central Florida 1,085,280 83,100 76,529 66,593 1Q 2023 — % Mt. Comfort (80%) (3) 1 Indianapolis, IN 1,053,360 65,500 61,614 52,119 1Q 2023 — % Smith Farms (90%) (5) 2 Greenville-Spartanburg, SC 1,396,772 101,550 85,290 72,690 2Q 2023 — % South Shore (100%) 2 Central Florida 270,885 41,200 31,844 26,277 2Q 2023 — % Cotton 303 (93%) (6) 1 Phoenix, AZ 488,400 44,100 33,310 31,458 3Q 2023 — % 8 $ 5,369,537 $ 408,300 $ 349,827 $ 309,025 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes noncontrolling interests' share. (3) Base building achieved substantial completion. Property not in service as of March 31, 2023. (4) Subsequent to quarter end, the property was fully leased subject to a 10-year lease with initial annualized rent of approximately $5,213 with 3.5% annual escalations. (5) Subsequent to quarter end, the base building comprised of 1,091,888 square feet was substantially completed. (6) Originally a two building project. In March 2023, substantially completed and placed into service a 392,278 square foot facility subject to a 10-year lease. Remaining project ongoing. As of March 31, 2023, the details of the land held for industrial development are as follows (in $000's, except acres): Project (% owned) Market Approx. Developable Acres GAAP Investment Balance as of 3/31/2023 LXP Amount Funded as of 3/31/2023 (1) Consolidated: Reems & Olive (95.5%) Phoenix, AZ 320 $ 77,473 $ 74,109 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,303 4,250 ATL Fairburn JV (100%) Atlanta, GA 14 1,731 1,736 450 $ 84,507 $ 80,095 (1) Excludes noncontrolling interests' share.

Dispositions and Impairment (Ta

Dispositions and Impairment (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Assets and liabilities of the held for sale properties at March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Assets: Real estate, at cost $ 54,654 $ 131,557 Real estate, intangible assets 1,777 9,942 Accumulated depreciation and amortization (14,119) (76,205) Other 1,974 1,140 $ 44,286 $ 66,434 Liabilities: Accounts payable and liabilities $ 863 $ 637 Deferred revenue 134 143 Prepaid rent 892 370 $ 1,889 $ 1,150

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of Fair Value Measurement Inputs	The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: Balance Fair Value Measurements Using Description March 31, 2023 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 13,128 $ — $ 13,128 $ — Impaired real estate assets (1) $ 28,869 $ — $ 28,869 $ — Balance Fair Value Measurements Using Description December 31, 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — (1) Represents non-recurring fair value measurement. The fair value is calculated as of the impairment date. The fair value of $28,869 was based on an observable contract less estimated costs to sell and the Company determined that the fair value of the property falls within Level 2 of the fair value reporting hierarchy.
Schedule of Carrying Amounts and Fair Value of Financial Instruments	The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, as of March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 61,680 $ 61,852 $ 61,233 $ 60,984 Liabilities Debt $ 1,485,727 $ 1,296,744 $ 1,488,051 $ 1,293,239

Investments in Non-Consolidat_2

Investments in Non-Consolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Investments in Non-consolidated Entities	Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Equity in earnings (losses) of non-consolidated entities Investment March 31, 2023 March 31, 2023 December 31, 2022 March 31, 2023 March 31, 2022 NNN MFG Cold JV L.P. ("MFG Cold JV") (1) 20% $ 24,320 $ 26,592 $ (802) $ (150) NNN Office JV L.P. ("NNN JV") (2) 20% 12,769 12,900 (131) 11,451 Etna Park 70 LLC (3) 90% 13,347 12,975 (38) (25) Etna Park East LLC (4) 90% 2,135 2,126 (33) (24) BSH Lessee L.P. (5) 25% — 3,613 4,608 49 $ 52,571 $ 58,206 $ 3,604 $ 11,301 (1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company. (2) NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2022, NNN JV sold two assets and the Company recognized its share of aggregate gains on sale of $11,315 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings of non-consolidated entities within its unaudited condensed consolidated statements of operations.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company had the following mortgages and notes payable outstanding as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Mortgages and notes payable $ 70,266 $ 73,154 Unamortized debt issuance costs (978) (1,051) Mortgage notes payable, net $ 69,288 $ 72,103
Debt Instrument Redemption	The Company had the following senior notes outstanding as of March 31, 2023 and December 31, 2022: Issue Date March 31, 2023 December 31, 2022 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 998,932 998,932 Unamortized debt discount (3,122) (3,228) Unamortized debt issuance costs (6,174) (6,409) Senior notes payable, net $ 989,636 $ 989,295
Schedule of Line of Credit Facilities	The maturity dates and interest rates as of March 31, 2023, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2025 Term SOFR + 1.00% (1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rates range from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum. The aggregate unamortized debt issuance costs for the term loan was $916 and $1,041 as of March 31, 2023 and December 31, 2022, respectively.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of March 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000
Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets: As of March 31, 2023 As of December 31, 2022 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Assets $ 13,128 Other Assets $ 16,318
Effect of the Company's Derivative Financial Instruments on the Statements of Operation	The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022. Derivatives in Cash Flow Amount of Gain (Loss) Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) March 31, Hedging Relationships 2023 2022 2023 2022 Interest Rate Swaps $ (1,019) $ 11,078 $ (2,171) $ 1,188 The Company's share of non-consolidated entity's interest rate cap (45) — (285) — Total $ (1,064) $ 11,078 $ (2,456) $ 1,188 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations.

Lease Accounting (Tables)

Lease Accounting (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Lease Income	The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Classification 2023 2022 Fixed $ 68,087 $ 66,982 Sales-type lease income 1,833 — Variable (1) 13,497 11,554 Total $ 83,417 $ 78,536 (1) Primarily comprised of tenant reimbursements.
Lessor, Operating Lease, Payments to be Received, Maturity	Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2023 were as follows: Operating Sales-Type 2023 - remainder $ 199,952 $ 3,921 2024 251,668 5,263 2025 234,021 5,473 2026 214,776 5,692 2027 178,082 5,920 2028 147,815 6,156 Thereafter 500,439 733,006 Total $ 1,726,753 $ 765,431 Difference between undiscounted cash flow and present value (703,579) Investment in a sales-type lease $ 61,852
Assets and Liabilities, Lessee	Supplemental information related to operating leases is as follows: Three Months Ended March 31, 2023 March 31, 2022 Weighted-average remaining lease term Operating leases (years) 9.2 9.5 Weighted-average discount rate Operating leases 4.0 % 4.0 %
Lease, Cost	The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 886 $ 7 $ 893 General and administrative 377 39 416 Total $ 1,263 $ 46 $ 1,309 2022: Property operating $ 886 $ — $ 886 General and administrative 377 35 412 Total $ 1,263 $ 35 $ 1,298
Lessee, Operating Lease, Liability, Maturity	The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2023: Operating Leases 2023 - remainder $ 3,914 2024 5,199 2025 5,204 2026 4,174 2027 3,673 2028 1,061 Thereafter 6,440 Total lease payments $ 29,665 Less: Imputed interest (5,680) Present value of lease liabilities $ 23,985

Allowance for Credit Loss (Tabl

Allowance for Credit Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss	The activity for the credit loss allowance related to the sales-type lease is as follows: For the Three Months Ended March 31, 2023 Balance at Beginning of Period Write-Offs General Allowance Balance at End of Period Allowance for credit loss $ 93 $ — $ 79 $ 172 The following table details the investment in a sales-type lease as of March 31, 2023: As of March 31, 2023 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 61,852 $ (172) $ 61,680 0.28 %

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Share-Based Payment Arrangement, Activity	During the three months ended March 31, 2023 and 2022, the Company granted common shares to certain employees as follows: Three Months Ended March 31, 2023 2022 Performance Shares: (1) Shares granted: Index - 1Q 407,611 282,720 Peer - 1Q 407,606 282,715 Grant date fair value per share: (2) Index - 1Q $ 6.96 $ 9.40 Peer - 1Q $ 6.50 $ 8.78 Non-Vested Common Shares: (3) Shares issued 376,480 295,230 Grant date fair value $ 4,010 $ 4,304 (1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2023, 266,812 performance shares of the remaining 443,359 issued in 2020 vested. (2) The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 17,689 $ (6,258) Other comprehensive income (loss) before reclassifications (1,064) 11,078 Amounts of loss reclassified from accumulated other comprehensive income (loss) to interest expense (2,456) 1,188 Balance at end of period $ 14,169 $ 6,008
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Three Months Ended March 31, 2023 2022 Net income attributable to LXP Industrial Trust shareholders $ 11,166 $ 10,622 Transfers from noncontrolling interests: Increase in additional paid-in-capital for redemption of noncontrolling OP units 18 36 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 11,184 $ 10,658

The Company and Financial Sta_4

The Company and Financial Statement Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 jointVenture state property
Variable Interest Entity [Line Items]
Number of properties | property	116
Number of states in which entity has interests | state	20
Joint Ventures with Developers
Variable Interest Entity [Line Items]
Number of joint ventures acquired	7
Joint Ventures with Developers | On-Going Development Projects
Variable Interest Entity [Line Items]
Number of joint ventures acquired	5
Joint Ventures with Developers | Land Joint Ventures
Variable Interest Entity [Line Items]
Number of joint ventures acquired	2
Joint Ventures with Developers | Minimum
Variable Interest Entity [Line Items]
Joint venture, ownership percentage	80%
Joint Ventures with Developers | Maximum
Variable Interest Entity [Line Items]
Joint venture, ownership percentage	95.50%
LCIF | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
VIE, ownership percentage	99%

The Company and Financial Sta_5

The Company and Financial Statement Presentation - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Real estate, net	$ 3,650,161	$ 3,665,539
Total assets	4,005,081	4,053,847
Total liabilities	1,644,319	1,662,844
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate, net	1,039,383	1,027,009
Total assets	1,141,236	1,125,558
Total liabilities	$ 36,935	$ 40,200

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
BASIC
Net income attributable to common shareholders	$ 9,522	$ 8,989
Weighted-average common shares outstanding – basic (in shares)	290,080,508	283,640,465
Net income attributable to common shares - per common share basic (in dollars per share)	$ 0.03	$ 0.03
DILUTED
Impact of assumed conversions	$ 3	$ 0
Net income attributable to common shareholders, diluted	$ 9,525	$ 8,989
Effect of dilutive securities:
Unvested share-based payment awards and options (in shares)	127,871	1,078,891
Shares issuable under forward sales agreements (in shares)	0	4,348,422
Operating partnership units (in shares)	832,087	0
Weighted-average common shares outstanding - diluted (in shares)	291,040,466	289,067,778
Net income attributable to common shareholders - per common share diluted (in dollars per share)	$ 0.03	$ 0.03

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Real Estate Acquisitions (Details) - Phoenix, AZ - Industrial Property - Phoenix, AZ Industrial Property Expiring August 2033 $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Real Estate [Line Items]
Initial Cost Basis	$ 37,118
Land	7,552
Building and Improvements	$ 29,566

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Real Estate Properties Under Construction (Details) $ in Thousands	1 Months Ended		3 Months Ended
	May 03, 2023 USD ($) ft²	Mar. 31, 2023 USD ($) ft² building	Mar. 31, 2023 USD ($) ft² building	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
GAAP Investment Balance as of 3/31/2023		$ 349,827	$ 349,827	$ 361,924
Number of buildings | building		2	2
Real Estate Investment
Real Estate [Line Items]
# of Buildings | building		8	8
Estimated Sq. Ft. (unaudited) | ft²		5,369,537	5,369,537
Estimated Project Cost(1)		$ 408,300	$ 408,300
GAAP Investment Balance as of 3/31/2023		349,827	349,827
Amount Funded as of 3/31/2023		$ 309,025	$ 309,025
Columbus, OH | The Cubes at Etna East
Real Estate [Line Items]
Project (% owned)			95%
Columbus, OH | The Cubes at Etna East | Industrial Property | Subsequent Event
Real Estate [Line Items]
Real estate investment property, lease term	10 years
Initial annualized rent	$ 5,213
Annual escalations of rent, percent	3.50%
Columbus, OH | Real Estate Investment | The Cubes at Etna East
Real Estate [Line Items]
# of Buildings | building		1	1
Estimated Sq. Ft. (unaudited) | ft²		1,074,840	1,074,840
Estimated Project Cost(1)		$ 72,850	$ 72,850
GAAP Investment Balance as of 3/31/2023		61,240	61,240
Amount Funded as of 3/31/2023		$ 59,888	$ 59,888
Central Florida | Ocala
Real Estate [Line Items]
Project (% owned)			80%
Central Florida | South Shore
Real Estate [Line Items]
Project (% owned)			100%
Central Florida | Real Estate Investment | Ocala
Real Estate [Line Items]
# of Buildings | building		1	1
Estimated Sq. Ft. (unaudited) | ft²		1,085,280	1,085,280
Estimated Project Cost(1)		$ 83,100	$ 83,100
GAAP Investment Balance as of 3/31/2023		76,529	76,529
Amount Funded as of 3/31/2023		$ 66,593	$ 66,593
% Leased as of 3/31/2023		0%	0%
Central Florida | Real Estate Investment | South Shore
Real Estate [Line Items]
# of Buildings | building		2	2
Estimated Sq. Ft. (unaudited) | ft²		270,885	270,885
Estimated Project Cost(1)		$ 41,200	$ 41,200
GAAP Investment Balance as of 3/31/2023		31,844	31,844
Amount Funded as of 3/31/2023		$ 26,277	$ 26,277
% Leased as of 3/31/2023		0%	0%
Indianapolis, IN | Mt. Comfort
Real Estate [Line Items]
Project (% owned)			80%
Indianapolis, IN | Real Estate Investment | Mt. Comfort
Real Estate [Line Items]
# of Buildings | building		1	1
Estimated Sq. Ft. (unaudited) | ft²		1,053,360	1,053,360
Estimated Project Cost(1)		$ 65,500	$ 65,500
GAAP Investment Balance as of 3/31/2023		61,614	61,614
Amount Funded as of 3/31/2023		$ 52,119	$ 52,119
% Leased as of 3/31/2023		0%	0%
Phoenix, AZ | Cotton 303
Real Estate [Line Items]
Project (% owned)			93%
Phoenix, AZ | Real Estate Investment | Cotton 303
Real Estate [Line Items]
# of Buildings | building		1	1
Estimated Sq. Ft. (unaudited) | ft²		488,400	488,400
Estimated Project Cost(1)		$ 44,100	$ 44,100
GAAP Investment Balance as of 3/31/2023		33,310	33,310
Amount Funded as of 3/31/2023		$ 31,458	$ 31,458
% Leased as of 3/31/2023		0%	0%
Real estate investment property, lease term		10 years
Leased area | ft²		392,278
Greenville-Spartanburg, SC | Smith Farms
Real Estate [Line Items]
Project (% owned)			90%
Greenville-Spartanburg, SC | Real Estate Investment | Smith Farms
Real Estate [Line Items]
# of Buildings | building		2	2
Estimated Sq. Ft. (unaudited) | ft²		1,396,772	1,396,772
Estimated Project Cost(1)		$ 101,550	$ 101,550
GAAP Investment Balance as of 3/31/2023		85,290	85,290
Amount Funded as of 3/31/2023		$ 72,690	$ 72,690
% Leased as of 3/31/2023		0%	0%
Greenville-Spartanburg, SC | Real Estate Investment | Smith Farms | Subsequent Event
Real Estate [Line Items]
Estimated Sq. Ft. (unaudited) | ft²	1,091,888

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Real Estate [Line Items]
Investments in real estate under construction	$ 349,827		$ 361,924
Capitalized interest	1,996	$ 1,166
Real Estate Investment
Real Estate [Line Items]
Investments in real estate under construction	349,827
Capitalized interest	$ 1,794	$ 1,146
ATL Fairburn JV
Real Estate [Line Items]
Additional ownership percentage purchased			13%
Payments to acquire interest in joint venture			$ 27,958
Noncontrolling interest in joint ventures			$ 25,058

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Land Held for Development (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
GAAP Investment Balance as of 3/31/2023	$ 84,507	$ 84,412
Real Estate Investment
Real Estate [Line Items]
Approx. Developable Acres | a	450
GAAP Investment Balance as of 3/31/2023	$ 84,507
LXP Amount Funded as of 3/31/2023	$ 80,095
Reems & Olive | Phoenix, AZ | Real Estate Investment
Real Estate [Line Items]
Project (% owned)	95.50%
Approx. Developable Acres | a	320
GAAP Investment Balance as of 3/31/2023	$ 77,473
LXP Amount Funded as of 3/31/2023	$ 74,109
Mt. Comfort Phase II | Indianapolis, IN | Real Estate Investment
Real Estate [Line Items]
Project (% owned)	80%
Approx. Developable Acres | a	116
GAAP Investment Balance as of 3/31/2023	$ 5,303
LXP Amount Funded as of 3/31/2023	$ 4,250
ATL Fairburn JV | Atlanta, GA | Real Estate Investment
Real Estate [Line Items]
Project (% owned)	100%
Approx. Developable Acres | a	14
GAAP Investment Balance as of 3/31/2023	$ 1,731
LXP Amount Funded as of 3/31/2023	$ 1,736

Dispositions and Impairment - N

Dispositions and Impairment - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties held for sale | property	2		3
Impairment charges	$ 3,523	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross disposition price	27,910	289
Gain on sale of properties	$ 7,879	$ 255

Dispositions and Impairment - S

Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Real estate, at cost	$ 54,654	$ 131,557
Real estate, intangible assets	1,777	9,942
Accumulated depreciation and amortization	(14,119)	(76,205)
Other	1,974	1,140
Assets held for sale	44,286	66,434
Liabilities:
Accounts payable and liabilities	863	637
Deferred revenue	134	143
Prepaid rent	892	370
Liabilities held for sale	$ 1,889	$ 1,150

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Fair Value Measurements Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	$ 13,128	$ 16,318
Fair Value, Recurring | (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	0	0
Fair Value, Recurring | (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	13,128	16,318
Fair Value, Recurring | (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap assets	0	$ 0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	28,869
Fair Value, Nonrecurring | (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	0
Fair Value, Nonrecurring | (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	28,869
Fair Value, Nonrecurring | (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - (Level 3) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Assets:
Investment in a sales-type lease, net	$ 61,680	$ 61,233
Liabilities
Carrying value of debt	1,485,727	1,488,051
Fair Value
Assets:
Investment in a sales-type lease, net	61,852	60,984
Liabilities
Fair value of debt	$ 1,296,744	$ 1,293,239

Investments in Non-Consolidat_3

Investments in Non-Consolidated Entities - Schedule of Investment in Non-Consolidated Entities (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) officeAsset
Investments in and Advances to Affiliates [Line Items]
Investment Balance as of		$ 52,571		$ 58,206
Equity in earnings of non-consolidated entities		$ 3,604	$ 11,301
NNN MFG Cold JV L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		20%
Investment Balance as of		$ 24,320		26,592
Equity in earnings of non-consolidated entities		$ (802)	(150)
NNN Office JV L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		20%
Investment Balance as of		$ 12,769		$ 12,900
Equity in earnings of non-consolidated entities		$ (131)	11,451
NNN Office JV L.P. | NNN Office Joint Venture Properties
Investments in and Advances to Affiliates [Line Items]
Number of properties sold | officeAsset				2
Aggregate gain on sale of properties				$ 11,315
Etna Park 70 LLC
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		90%
Investment Balance as of		$ 13,347		12,975
Equity in earnings of non-consolidated entities		$ (38)	(25)
Etna Park East LLC
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		90%
Investment Balance as of		$ 2,135		2,126
Equity in earnings of non-consolidated entities		$ (33)	(24)
BSH Lessee L.P.
Investments in and Advances to Affiliates [Line Items]
Percentage Ownership at		25%
Investment Balance as of		$ 0		$ 3,613
Equity in earnings of non-consolidated entities		$ 4,608	$ 49
BSH Lessee L.P. | BSH Lessee Joint Venture Properties
Investments in and Advances to Affiliates [Line Items]
Aggregate gain on sale of properties	$ 4,791

Investments in Non-Consolidat_4

Investments in Non-Consolidated Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment Advice | Lexington Reality Advisors Inc
Schedule of Investments [Line Items]
Other revenue	$ 1,208	$ 1,451

Debt - Schedule of Mortgages an

Debt - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgages and notes payable	$ 70,266	$ 73,154
Unamortized debt issuance costs	(978)	(1,051)
Notes payable, net	$ 69,288	$ 72,103

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2007
Debt Instrument [Line Items]
Capitalized interest	$ 1,996,000	$ 1,166,000
Mortgages and Notes Payable
Debt Instrument [Line Items]
Weighted average interest rate	4%		4%
Trust Preferred Securities | 6.804% Trust Preferred Securities
Debt Instrument [Line Items]
Face amount of debt instrument				$ 200,000,000
Interest rate, effective percentage	6.502%
Principal amount outstanding	$ 129,120,000		$ 129,120,000
Unamortized debt issuance costs	$ 1,401,000		$ 1,426,000
Trust Preferred Securities | 6.804% Trust Preferred Securities | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Minimum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Interest Rate	3.50%		3.50%
Maximum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Interest Rate	4.30%		4.30%

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instrument Redemption (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgages and notes payable	$ 998,932	$ 998,932
Unamortized debt discount	(3,122)	(3,228)
Unamortized debt issuance costs	(6,174)	(6,409)
Notes payable, net	989,636	989,295
August 2021
Debt Instrument [Line Items]
Mortgages and notes payable	$ 400,000	400,000
Interest rate	2.375%
Percentage of issuance price	99.758%
August 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 400,000	400,000
Interest rate	2.70%
Percentage of issuance price	99.233%
May 2014
Debt Instrument [Line Items]
Mortgages and notes payable	$ 198,932	$ 198,932
Interest rate	4.40%
Percentage of issuance price	99.883%

Debt - Schedule of Credit Agree

Debt - Schedule of Credit Agreement Terms (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Face amount of debt instrument		300,000,000
Interest rate	2.722%
Unamortized debt issuance costs		916,000	$ 1,041,000
Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowings		0
Remaining borrowing capacity		$ 600,000,000
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
SOFR | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
SOFR | Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1%

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) instrument	Mar. 31, 2022 USD ($)
Derivative [Line Items]
Gain (loss) to be reclassified during next 12 months	$ 8,826
Interest expense	$ 11,393	$ 10,682
Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional amount	$ 300,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) - Interest Rate Swaps - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	Mar. 31, 2023 USD ($) instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional amount | $	$ 300,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interest Rate Swaps | Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	$ 13,128	$ 16,318

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Effect of the Company's Derivative Financial Instruments on the Statements of Operation (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ (1,064)	$ 11,078
Amount of (income) loss reclassified from accumulated OCI into income	(2,456)	1,188
Interest Rate Swaps
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	(1,019)	11,078
Amount of (income) loss reclassified from accumulated OCI into income	(2,171)	1,188
Interest Rate Cap
Derivative [Line Items]
OCI, equity method investment, before reclassification, after tax	(45)	0
OCI, equity method investment, reclassification, after tax	$ (285)	$ 0

Lease Accounting - Narrative (D

Lease Accounting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) a groundLease $ / ft²	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Rent revenue reduced	$ 0	$ 84,000
Cost incurred, not incremental to the execution of a lease	$ 0	$ 0
Number of ground leases | groundLease	1
Number of acres, industrial development land parcel | a	100
Sublease income	$ 830,000
Sales-type lease, interest income	$ 1,833,000
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (up to)	38 years
Phoenix, AZ
Lessee, Lease, Description [Line Items]
Purchase option, land, per square foot | $ / ft²	20

Lease Accounting - Lease Income

Lease Accounting - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed	$ 68,087	$ 66,982
Sales-type lease income	1,833	0
Variable	13,497	11,554
Total	$ 83,417	$ 78,536

Lease Accounting - Future Fixed

Lease Accounting - Future Fixed Rental Receipts (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating
2023 - remainder	$ 199,952
2024	251,668
2025	234,021
2026	214,776
2027	178,082
2028	147,815
Thereafter	500,439
Total	1,726,753
Sales-Type
2023 - remainder	3,921
2024	5,263
2025	5,473
2026	5,692
2027	5,920
2028	6,156
Thereafter	733,006
Total	765,431
Difference between undiscounted cash flow and present value	(703,579)
Investment in a sales-type lease	$ 61,852

Lease Accounting - Supplemental

Lease Accounting - Supplemental Balance Sheet Information (Details)	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	9 years 2 months 12 days	9 years 6 months
Weighted-average discount rate, operating leases	4%	4%

Lease Accounting - Components o

Lease Accounting - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Fixed	$ 1,263	$ 1,263
Variable	46	35
Total	1,309	1,298
Property operating
Lessee, Lease, Description [Line Items]
Fixed	886	886
Variable	7	0
Total	893	886
General and administrative
Lessee, Lease, Description [Line Items]
Fixed	377	377
Variable	39	35
Total	$ 416	$ 412

Lease Accounting - Operating Le

Lease Accounting - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 - remainder	$ 3,914
2024	5,199
2025	5,204
2026	4,174
2027	3,673
2028	1,061
Thereafter	6,440
Total lease payments	29,665
Less: Imputed interest	(5,680)
Present value of lease liabilities	$ 23,985	$ 25,118

Allowance for Credit Loss - Nar

Allowance for Credit Loss - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Credit Loss [Abstract]
Allowance	$ (172,000)	$ (93,000)	$ 0

Allowance for Credit Loss - All

Allowance for Credit Loss - Allowance for Sales-type Lease (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 93
Write-Offs	0
General Allowance	79
Balance at End of Period	$ 172

Allowance for Credit Loss - Det

Allowance for Credit Loss - Detail of Investment in Sales-Type Lease (Details)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Credit Loss [Abstract]
Amortized cost	$ 61,852,000
Allowance	(172,000)	$ (93,000)	$ 0
Net Investment	$ 61,680,000	$ 61,233,000
Allowance as a % of Amortized Cost	0.0028

Equity - Schedule of Common Sha

Equity - Schedule of Common Shares Granted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2020
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares vested measurement period	3 years
Vested in period (in shares)	266,812
Shares issued			443,359
Index - 1Q
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	407,611	282,720
Grant date fair value per share (in dollars per share)	$ 6.96	$ 9.40
Peer - 1Q
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	407,606	282,715
Grant date fair value per share (in dollars per share)	$ 6.50	$ 8.78
Non-vested Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	376,480	295,230
Grant date fair value	$ 4,010	$ 4,304
Vesting period (in years)	3 years

Equity - Narrative (Details)

Equity - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Aug. 31, 2022 shares	Dec. 31, 2021 USD ($)
Equity [Line Items]
Authorized amount (in shares)				10,000,000
Common shares repurchased (in shares)	0	0
Shares remaining available for repurchase (in shares)	6,874,241
Unsettled repurchases | $	$ 0
Series C cumulative convertible preferred, shares outstanding (in shares)	1,935,400		1,935,400
Series C cumulative convertible preferred, liquidation preference | $	$ 96,770,000		$ 96,770,000
OP unit equivalent in common shares	1.13
Partners' capital account (in units)	736,000
Partners capital account, shares issued for units redeemed	3,572	6,708
Partners' capital account, exchanges and conversions | $	$ 18,000	$ 36,000
Series C Cumulative Convertible Preferred Stock
Equity [Line Items]
Series C cumulative convertible preferred, shares outstanding (in shares)	1,935,400
Preferred stock, dividend per annum (in dollars per share) | $ / shares	$ 3.25
Series C cumulative convertible preferred, liquidation preference | $	$ 96,770,000
Convertible preferred stock, conversion ratio (in shares)	2.4339
Preferred stock conversion, threshold conversion price percentage (at least)	1.25
Forward Contracts
Equity [Line Items]
Number of shares sold (in shares)	0		3,649,023
Proceeds from sale of stock | $			$ 38,492,000
Share-based Payment Arrangement
Equity [Line Items]
Shares granted (in shares)	24,008	13,304
Grant date fair value | $	$ 240,000	$ 232,000
At-The-Market Program
Equity [Line Items]
Number of shares sold (in shares)	0	0
Sale of stock, authorized amount (up to) | $					$ 350,000,000
Common shares amount available for issuance | $	$ 294,985,000

Equity - Changes in Other Compr

Equity - Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,391,003	$ 2,323,228
Ending balance	2,360,762	2,320,482
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	17,689	(6,258)
Ending balance	14,169	6,008
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(1,064)	11,078
Amounts of loss reclassified from accumulated other comprehensive income (loss) to interest expense	$ (2,456)	$ 1,188

Equity - Effects of Changes in

Equity - Effects of Changes in Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net income attributable to LXP Industrial Trust shareholders	$ 11,166	$ 10,622
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	18	36
Change from net income attributable to shareholders and transfers from noncontrolling interests	$ 11,184	$ 10,658

Commitments and Contingencies (

Commitments and Contingencies (Details) - Consolidated properties $ in Thousands	Dec. 31, 2023 USD ($)	Mar. 31, 2023 project
Real Estate Properties [Line Items]
Number of development projects | project		6
Forecast
Real Estate Properties [Line Items]
Real estate investment property, estimated cost | $	$ 76,000

Supplemental Disclosure of St_2

Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 11,320	$ 9,261
Income taxes paid, net	126	36
Noncash increase to real estate investments under construction	$ 34,924	$ 40,985

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Thousands	May 03, 2023 USD ($)
Subsequent Event | Revolving Credit Facility Expires in July 2026 | Unsecured Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility borrowings	$ 20,000