LXP Industrial Trust (LXP) 8-K LXP Industrial Trust Reports Fourth Quarter 2021 Results

Exhibit 99.2

TABLE OF CONTENTS December 31, 2021  

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

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

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

SUMMARY / HIGHLIGHTS  

December 31, 2021

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

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

Footnote

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

3 

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

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

4 

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

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

5 

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

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

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

6 

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

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

7 

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

Net Operating Income (“NOI”):

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

8 

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

Adjusted EBITDA:

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

9 

SELECT CREDIT METRICS SUMMARY ⁽¹⁾  

	12/31/2018	12/31/2019	12/31/2020	12/31/2021
Adjusted Company FFO Payout Ratio	74.0%	51.6%	55.6%	56.7%
Unencumbered Assets	$2.8 billion	$3.3 billion	$3.8 billion	$4.2 billion
Unencumbered NOI	71.5%	84.1%	89.3%	92.6%
(Debt + Preferred) / Gross Assets	40.3%	34.5%	32.5%	33.4%
Debt/Gross Assets	37.8%	32.1%	30.4%	31.4%
Secured Debt / Gross Assets	14.5%	9.6%	3.1%	1.7%
Unsecured Debt / Unencumbered Assets	32.9%	28.2%	32.1%	33.5%
Net Debt / Adjusted EBITDA (2)	4.7x	4.9x	4.8x	5.5x
(Net Debt + Preferred) / Adjusted EBITDA (2)	5.0x	5.3x	5.1x	5.9x
Credit Facilities Availability (3)	$505.0 million	$600.0 million	$600.0 million	$600.0 million

Footnotes

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

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

(3) Subject to covenant compliance.

10 

OTHER FINANCIAL DATA 12/31/2021 ($000)

Rent Estimates for Current Assets

Year	Base Rent  (1)		Cash Base Rent (1)		Difference
2022	$	261,744	$	252,043	$	(9,701	)
2023		257,939		255,806		(2,133	)

Balance Sheet
Other assets	$	8,784
The components of other assets are:
Deposits	$	433
Equipment		416
Prepaids		2,115
Note receivable		1,497
Other receivables		1,405
Deferred lease incentives		2,918
Accounts payable and other liabilities	$	77,607
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	24,914
CIP accruals and other		41,100
Taxes		312
Deferred lease costs		391
Deposits		4,305
Transaction costs		327
Derivative liability		6,258

Footnote
(1)	Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2021, and (iii) no properties are sold or acquired after 12/31/2021.

11 

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY 12/31/2021

PROPERTY ACQUISITIONS AND COMPLETED DEVELOPMENTS

	Property Type	Market		Square Feet		Initial Basis ($000)		Month Closed	Primary Lease Expiration	Percent Leased at Acquisition
1	Warehouse/distribution	Indianapolis	IN		179,530	$	16,315	October	12/2026		100	%
2	Warehouse/distribution	Indianapolis	IN		530,400		44,479	October	03/2031		100	%
3	Warehouse/distribution	Indianapolis	IN		168,480		15,644	October	12/2026		100	%
4	Warehouse/distribution (1)(2)	Atlanta	GA		907,675		47,568	November	10/2028		100	%
5	Warehouse/distribution (1)	Phoenix	AZ		468,182		61,490	November	11/2036		100	%
6	Warehouse/distribution	Phoenix	AZ		487,500		83,517	December	12/2031		33	%
7	Warehouse/distribution	Indianapolis	IN		1,016,244		93,899	December	11/2031		100	%
8	Warehouse/distribution	Atlanta	GA		328,000		37,625	December	07/2031		100	%
9	Warehouse/distribution	Atlanta	GA		396,000		47,618	December	09/2031		100	%
10	Warehouse/distribution	Atlanta	GA		225,211		26,838	December	09/2025		45	%
10	TOTAL PROPERTY INVESTMENTS				4,707,222	$	474,993

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

CAPITAL RECYCLING

	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) (1)			Annualized NOI ($000)(1)			Month of Disposition	% Leased			Gross Disposition Price PSF
1	Durham	NH	Industrial	$	21,024	$	(431	)	$	(336	)	October		9	%	$	42.01
2	Baton Rouge	LA	Office		4,471		103			304		October		36	%		67.39
3	Arlington (2 properties)	TX	Office/Industrial		29,250		2,992			3,056		November		96	%		123.65
4	Florence	SC	Office		3,200		408			611		December		100	%		100.00
5	Various(2)		Industrial		547,226		20,894			39,515		December		100	%		81.44
27	TOTAL PROPERTY DISPOSITIONS			$	605,171	$	23,966		$	43,150

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

12 

DEVELOPMENT SUMMARY 12/31/2021

ONGOING:

	Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.		Estimated Project Project Cost ($000)		GAAP Investment Balance as of 12/31/2021 ($000) (1)		LXP Amount Funded as of 12/31/2021 ($000)(2)		Estimated Building Completion Date		% Leased as of 12/31/2021
Consolidated
1	The Cubes at Etna East (95%)(3)(4)	1	Columbus, OH		1,074,840	$	72,100	$	33,002	$	22,471		2Q 2022		0	%
2	Mt. Comfort (80%)(3)	1	Indianapolis, IN		1,053,360		60,300		30,012		21,977		3Q 2022		0	%
3	Cotton 303 (93%)(3)	2	Phoenix, AZ		880,678		84,200		30,263		24,475		3Q 2022		0	%
4	Ocala (80%)(3)	1	Central Florida		1,085,280		80,900		32,186		21,186		3Q 2022		0	%
5	Smith Farms (90%)(3)(5)	3	Greenville/Spartanburg, SC		2,194,820		162,100		35,702		21,433		4Q 2022-2Q 2023		36	%
5	Total Consolidated Development Projects					$	459,600	$	161,165	$	111,542

LAND HELD FOR DEVELOPMENT:

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

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

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

13 

CAPITAL EXPENDITURES AND LEASING COSTS ⁽¹⁾ 12/31/2021 ($000)

	Twelve months ending December 31,
	2021		2020
First Generation Costs
Leasing Costs	$	1,022	$	-
Total First Generation Costs	$	1,022	$	-
Second Generation Costs
Tenant Improvements
Industrial	$	7,109	$	8,764
Other		1,283		980
Total Second Generation Tenant Improvements	$	8,392	$	9,744
Leasing Costs
Industrial	$	6,414	$	1,043
Other		737		3,976
Total Second Generation Leasing Costs	$	7,151	$	5,019
Total Second Generation Costs	$	15,543	$	14,763
Building Improvements
Industrial	$	5,811	$	5,655
Other		1,004		1,851
Total Building Improvements	$	6,815	$	7,506
Total Capital Expenditures and Leasing Costs	$	23,380	$	22,269

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

14 

PORTFOLIO DATA 12/31/2021
($000)

	Base Rent
Asset Class	Twelve months ended
		12/31/2021(1)	12/31/2021 Percentage		12/31/2020 Percentage (2)
Industrial	$	208,772	88.5	%	86.3	%
Other		27,092	11.5	%	13.7	%
	$	235,864	100.0	%	100.0	%

	Base Rent
Credit Ratings  (3)	Twelve months ended
		12/31/2021(1)	12/31/2021 Percentage		12/31/2020 Percentage (2)
Investment Grade	$	130,378	55.3	%	49.6	%
Non-Investment Grade		35,777	15.2	%	21.4	%
Unrated		69,709	29.5	%	29.0	%
	$	235,864	100.0	%	100.0	%

Weighted-Average Lease Term - Cash Basis	As of 12/31/2021	As of 12/31/2020
	6.6 years	7.4 years

Lease Escalation Data ⁽⁴⁾

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

15 

SAME STORE DATA 12/31/2021 ($000)

Same-Store NOI (1)(2)							Same-Store NOI by Components (1)(2)
	Consolidated						Industrial						Other
	Twelve months ended December 31,						Twelve months ended December 31,						Twelve months ended December 31,
	2021			2020			2021			2020			2021			2020
Total Cash Base Rent	$	182,389		$	180,638		$	154,644		$	152,867		$	27,745		$	27,771
Tenant Reimbursements		26,447			25,729			20,649			20,066			5,798			5,663
Property Operating Expenses		(31,429	)		(30,034	)		(23,212	)		(22,162	)		(8,217	)		(7,872	)
Same-Store NOI	$	177,407		$	176,333		$	152,081		$	150,771		$	25,326		$	25,562
Change in Same-Store NOI(3)		0.6	%					0.9	%					-0.9	%

Same-Store Statistics (2)(4)							Same-Store Statistics by Components (2)(4)
	Consolidated						Industrial						Other
	As of 12/31/2021			As of 12/31/2020			As of 12/31/2021			As of 12/31/2020			As of 12/31/2021			As of 12/31/2020
Same-Store # of Properties		79			79			67			67			12			12
Same-Store Percent Leased		99.1	%		98.1	%		99.7	%		98.1	%		89.4	%		97.7	%

Footnotes
(1)	NOI is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020.
(2)	2020 Other updated to reflect three special purpose industrial properties that were reclassified to Other in 2021.
(3)	Excluding single-tenant full building vacancies, same-store NOI growth was 1.9% consolidated and 2.1% industrial.
(4)	At December 31, 2021, excludes properties acquired or sold in 2021 and 2020.

16 

PORTFOLIO DETAIL BY ASSET CLASS 12/31/2021
($000, except square footage)

Asset Class	YE 2018(1)(2)			YE 2019(2)			YE 2020(2)			YE 2021
Industrial
% of Cost (3)		71.2	%		81.5	%		90.8	%		98.1	%
% of ABR (4)		65.4	%		75.5	%		86.3	%		88.5	%
% Leased (5)		96.3	%		97.9	%		98.7	%		99.8	%
Wtd. Avg. Lease Term (6)		9.7			8.3			7.4			6.9
Mortgage Debt	$	206,006		$	109,939		$	105,419		$	70,626
% Investment Grade (4)		31.6	%		45.9	%		50.8	%		58.9	%
Square Feet		41,447,962			48,742,014			53,938,155			52,738,438
Other
% of Cost (3)		28.8	%		18.5	%		9.2	%		1.9	%
% of ABR (4)(7)		34.6	%		24.5	%		13.7	%		11.5	%
% Leased		87.1	%		85.8	%		89.3	%		89.4	%
Wtd. Avg. Lease Term (6)		7.2			8.5			7.2			3.8
Mortgage Debt	$	369,508		$	283,933		$	32,993		$	13,803
% Investment Grade (4)		53.2	%		57.3	%		42.0	%		27.3	%
Square Feet		6,111,588			3,876,294			2,171,633			2,089,118
Construction in progress (8)	$	1,840		$	15,208		$	79,022		$	166,647

Footnotes
(1)	Certain amounts reclassified to reflect the current presentation.
(2)	Three special purpose industrial properties were reclassified to Other in 2021. Prior periods not restated.
(3)	Based on gross book value of real estate assets; excludes held for sale assets.
(4)	Percentage of Base Rent, for consolidated properties owned as of each respective period.
(5)	2021 is for Stabilized Portfolio.
(6)	Cash basis.
(7)	YE 2018 excludes the acceleration of below-market lease intangible accretion on one asset subsequently sold.
(8)	Includes development classified as real estate under construction on a consolidated basis and capital expenditures for our operating properties.

17 

PORTFOLIO COMPOSITION  12/31/2021

As a Percent of Gross Book Value ⁽¹⁾

Portfolio Composition⁽²⁾

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

18 

INDUSTRIAL PORTFOLIO INFORMATION 12/31/2021

Markets (1)	Percent of Base Rent as of 12/31/2021  (2)
Memphis, TN		9.2	%
Greenville/Spartanburg, SC		7.4	%
Dallas/Ft. Worth, TX		6.7	%
Phoenix, AZ		6.6	%
Houston, TX		6.5	%
Atlanta, GA		6.1	%
Cincinnati/Dayton, OH		5.1	%
Nashville, TN		4.3	%
Chicago, IL		4.3	%
Indianapolis, IN		3.3	%
Savannah, GA		3.2	%
Jackson, MS		3.0	%
St. Louis, MO		2.9	%
DC/Baltimore, MD		2.8	%
Central Florida		2.7	%
Columbus, OH		2.7	%
New York/New Jersey		2.5	%
Cleveland, OH		2.4	%
Detroit, MI		2.3	%
Champaign-Urbana, IL		2.0	%
Total Industrial Portfolio Concentration (3)		86.0	%

Industries	Percent of Base Rent as of 12/31/2021  (2)
Consumer Products		26.0	%
E-Commerce		17.8	%
Automotive		15.8	%
Transportation/Logistics		14.8	%
Food		11.7	%
Construction/Materials		8.0	%
Apparel		2.7	%
Specialty		1.9	%
Other		1.3	%
Total Industrial Portfolio Concentration (3)		100.0	%

Additional Information
# of Properties		109
Square Feet		52,738,438
Weighted-Average Age (Years)(4)		8.6
Weighted-Average Cash Base Rent per SF(5)	$	4.35
Weighted-Average Lease Term (Cash Basis - Years)		6.9
% with Fixed Escalation(6)		95.4	%
Average Annual Rent Escalation(6)		2.8	%
Average Building Size (SF)		483,839
Average Clear Height (Feet)(7)		32.7
% Top 25 Markets(8)		70.6	%
% Top 50 Markets(8)		88.8	%

Footnote
(1)	Based on CoStar.com inventory data.
(2)	Twelve months ended 12/31/2021 Base Rent recognized for consolidated industrial properties owned as of 12/31/2021.
(3)	Total shown may differ from detailed amounts due to rounding.
(4)	Weighting based on square footage.
(5)	Excludes non-stabilized vacant square footage.
(6)	Based on Cash Base Rents for single-tenant leases (properties 50% leased to a single tenant) owned as of 12/31/2021. Excludes rents from prior tenants. Average Annual Rent Escalation based on next rent step percentages.
(7)	Based on internal and external sources.
(8)	Percent of Base Rent based upon CoStar.com inventory data.

19 

TOP 15 TENANTS 12/31/2021

Tenants (1)	Property Type	Lease Expirations	Number of Leases	Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)(3)			Base Rent as of 12/31/2021 ($000)		Percent of Base Rent as of 12/31/2021 ($000) (2)(4)
Amazon	Industrial	2026-2033	6		3,864,731		7.2	%	$	17,434		7.6	%
Nissan	Industrial	2027	2		2,971,000		5.6	%		12,760		5.5	%
Kellogg	Industrial	2027-2029	3		2,801,916		5.2	%		9,732		4.2	%
Undisclosed (5)	Industrial	2031-2035	3		1,090,383		2.0	%		7,139		3.1	%
Watco	Industrial	2038	1		132,449		0.2	%		6,773		2.9	%
Xerox	Office	2023	1		202,000		0.4	%		6,642		2.9	%
FedEx	Industrial	2023 & 2028	2		292,021		0.5	%		5,719		2.5	%
Wal-Mart	Industrial	2024-2031	3		2,351,917		4.4	%		5,659		2.5	%
Undisclosed (5)	Industrial	2034	1		1,318,680		2.5	%		5,544		2.4	%
Morgan Lewis (6)	Office	2024	1		289,432		0.5	%		5,276		2.3	%
Mars Wrigley	Industrial	2025	1		604,852		1.1	%		4,734		2.1	%
Unis	Industrial	2023-2027	3		1,005,575		1.9	%		4,548		2.0	%
Asics	Industrial	2030	1		855,878		1.6	%		4,388		1.9	%
Black and Decker	Industrial	2029	1		1,214,526		2.3	%		4,278		1.9	%
Vista Outdoor	Industrial	2034	1		813,126		1.5	%		4,195		1.8	%
			30		19,808,486		37.1	%	$	104,821		45.6	%

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

20 

QUARTERLY LEASING SUMMARY
12/31/2021  

NEW LEASES - FIRST GENERATION(1)
	Location			Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)(2)				New Cash Base Rent Per Annum ($000)(2)
	Industrial
1	Fairburn	GA		10/2028	907,675	$	4,223			$	3,877
2	Greer(3)	SC		03/2035	797,936		4,331				3,738
2	TOTAL NEW LEASES - FIRST GENERATION				1,705,611	$	8,554			$	7,615
LEASE EXTENSIONS - SECOND GENERATION
	Location		Prior Term	Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)(2)		Prior Base Rent Per Annum ($000)		New Cash Base Rent Per Annum ($000)(2)		Prior Cash Base Rent Per Annum ($000)
	Industrial
1	Rockford	IL	12/2021	12/2024	93,000	$	395	$	330	$	395	$	330
2	Olive Branch	MS	08/2024	06/2029	1,170,218		4,101		3,710		3,872		3,696
3	Duncan	SC	08/2022	08/2027	221,833		1,153		967		1,111		1,079
3	TOTAL EXTENDED LEASES - INDUSTRIAL				1,485,051	$	5,649	$	5,007	$	5,378	$	5,105
	Other
1	Tucson	AZ	07/2022	09/2027	28,591	$	465	$	574	$	485	$	574
1	TOTAL EXTENDED LEASES - OTHER				28,591	$	465	$	574	$	485	$	574
4	TOTAL EXTENDED LEASES - SECOND GENERATION				1,513,642	$	6,114	$	5,581	$	5,863	$	5,679
NEW LEASES - SECOND GENERATION
	Location			Lease Expiration Date	Sq. Ft.	New Base Rent Per Annum ($000)(2)		Prior Base Rent Per Annum ($000)(4)		New Cash Base Rent Per Annum ($000)(2)		Prior Cash Base Rent Per Annum ($000)(4)
	Other
1	Kalamazoo	MI		MTM	3,880	$	37	$	49	$	37	$	52
2	Kalamazoo	MI		10/2024	29,686		264		371		264		399
2	TOTAL NEW LEASES - SECOND GENERATION				33,566	$	301	$	420	$	301	$	451
6	TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION				1,547,208	$	6,415	$	6,001	$	6,164	$	6,130

21

QUARTERLY LEASING SUMMARY (CONTINUED)
12/31/2021  

NEW VACANCY (5)
Location		Type	Prior Lease Expiration Date	Sq. Ft.	2021 Base Rent ($000)		2021 Cash Rent ($000)
Industrial
Kalamazoo	MI	Other	10/2021	97,967	$	1,000	$	1,074
Antioch	TN	Industrial	12/2021	73,500		189		189
Chillicothe	OH	Industrial	12/2021	42,264		213		213
				213,731	$	1,402	$	1,476

Footnotes 

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

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

(3) Part of Smith Farms development project. Lease expiration date is estimated.

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

(5) Excludes multi-tenant properties and disposed properties.

22

LEASE ROLLOVER SCHEDULE - INDUSTRIAL  12/31/2021  ($000)  

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

Footnotes 

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

(2) Updated for the reclassification of three special purpose industrial properties to Other.

23

LEASE ROLLOVER SCHEDULE - OTHER PROPERTIES  12/31/2021  ($000)  

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

Footnotes 

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

(2) Updated for the reclassification of three special purpose industrial properties to Other.

24

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
SINGLE TENANT
	WAREHOUSE/DISTRIBUTION
2022	2/28/2022	Columbus, OH	351 Chamber Dr.	Chillicothe	OH	20		23,270		127		127
	3/31/2022	Columbus, OH	191 Arrowhead Dr.	Hebron	OH	18		250,410		584		584
		Columbus, OH	200 Arrowhead Dr.	Hebron	OH	--		400,522		934		934
2023	2/28/2023	Central Florida	3102 Queen Palm Dr.	Tampa	FL	--		229,605		1,152		1,194
	5/31/2023	Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		151,691		584		584
	6/30/2023	Cincinnati/Dayton, OH	575-599 Gateway Blvd.	Monroe	OH	--		194,936		540		532
	8/31/2023	Houston, TX	10535 Red Bluff Rd.	Pasadena	TX	--		257,835		1,231		1,220
		Dallas/Ft. Worth, TX	3737 Duncanville Rd.	Dallas	TX	--		510,400		1,713		1,713
	10/31/2023	Atlanta, GA	493 Westridge Pkwy.	McDonough	GA	--		676,000		2,031		2,032
	12/31/2023	Shreveport/Bossier City, LA	5001 Greenwood Rd.	Shreveport	LA	--		646,000		1,717		1,717
2024	1/31/2024	Greenville/Spartanburg, SC	70 Tyger River Dr.	Duncan	SC	--		408,000		2,001		1,993
		Indianapolis, IN	1285 W. State Road 32	Lebanon	IN	--		741,880		2,281		2,474
		Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		118,211		495		492
	3/31/2024	Cleveland, TN	1520 Lauderdale Memorial Hwy.	Cleveland	TN	--		851,370		2,658		2,716
		Indianapolis, IN	4600 Albert S White Dr.	Whitestown	IN	--		53,240		251		275
		Columbus, OH	2155 Rohr Rd.	Lockbourne	OH	--		320,190		1,260		1,222
	4/30/2024	Memphis, TN	11555 Silo Dr.	Olive Branch	MS	--		927,742		2,855		2,915
		Nashville, TN	6050 Dana Way	Antioch	TN	--		11,238		140		140
	5/31/2024	Atlanta, GA	7225 Goodson Rd.	Union City	GA	--		370,000		1,443		1,422
	7/31/2024	Greenville/Spartanburg, SC	5795 North Blackstock Rd.	Spartanburg	SC	--		341,660		1,672		1,688
		Greenville/Spartanburg, SC	231 Apple Valley Rd.	Duncan	SC	--		75,320		368		368
	8/31/2024	Houston, TX	9701 New Decade Dr.	Pasadena	TX	--		102,863		336		277
		Atlanta, GA	41 Busch Dr.	Cartersville	GA	--		119,295		6		6
	9/30/2024	Indianapolis, IN	1621 Veterans Memorial Pkwy. E .	Lafayette	IN	--		309,400		1,215		1,204

25

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2024	9/30/2024	Memphis, TN	3820 Micro Dr.	Millington	TN	--		701,819		1,945		1,897
	10/31/2024	Dallas/Ft. Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	--		58,202		230		242
		Dallas/Ft. Worth, TX	17505 Interstate Hwy. 35W	Northlake	TX	--		500,556		2,269		2,192
	11/30/2024	DC/Baltimore, MD	150 Mercury Way	Winchester	VA	--		324,535		1,716		1,650
	12/31/2024	Indianapolis, IN	4600 Albert S White Dr.	Whitestown	IN	--		95,832		444		407
		Chicago, IL	3686 S. Central Ave.	Rockford	IL	--		93,000		330		330
		Chicago, IL	749 Southrock Dr.	Rockford	IL	--		150,000		638		630
2025	4/30/2025	Houston, TX	10565 Red Bluff Rd.	Pasadena	TX	--		248,240		1,237		1,199
	5/31/2025	Atlanta, GA	7875 White Rd. SW	Austell	GA	--		604,852		4,734		4,278
	6/30/2025	Savannah, GA	1319 Dean Forest Rd.	Savannah	GA	--		355,527		1,812		1,725
	7/31/2025	Indianapolis, IN	5352 Performance Way	Whitestown	IN	--		380,000		1,278		1,273
		Cleveland, OH	7005 Cochran Rd.	Glenwillow	OH	--		458,000		2,061		2,164
	8/31/2025	Indianapolis, IN	4900 Albert S White Dr.	Whitestown	IN	--		85,232		409		391
		Savannah, GA	1315 Dean Forest Rd.	Savannah	GA	--		88,503		525		514
	9/30/2025	Greenville/Spartanburg, SC	7870 Reidville Rd.	Greer	SC	--		396,073		842		673
		Nashville, TN	6050 Dana Way	Antioch	TN	--		117,600		410		417
	12/31/2025	Phoenix, AZ	4445 N. 169th Ave.	Goodyear	AZ	--		160,140		1,007		984
		Minneapolis/St Paul, MN	1700 47th Ave. North	Minneapolis	MN	--		18,620		605		605
2026	1/31/2026	Greenville/Spartanburg, SC	231 Apple Valley Rd.	Duncan	SC	--		120,680		598		597
	3/31/2026	Central Florida	2455 Premier Row	Orlando	FL	--		205,016		786		508
		Lewisburg, TN	633 Garrett Pkwy.	Lewisburg	TN	--		310,000		1,287		1,314
	4/30/2026	Phoenix, AZ	16811 W. Commerce Dr.	Goodyear	AZ	--		540,349		2,444		2,292
	6/30/2026	Greenville/Spartanburg, SC	425 Apple Valley Rd.	Duncan	SC	--		163,680		376		290
		Columbus, OH	351 Chamber Dr.	Chillicothe	OH	--		136,495		596		596

26

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2026	6/30/2026	Columbus, OH	351 Chamber Dr.	Chillicothe	OH	20		276,112		1,281		1,267
	7/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		270,252		1,433		1,345
		Columbus, OH	1860 Walcutt Rd.	Columbus	OH	--		97,934		177		166
	8/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		149,415		821		781
	9/30/2026	Greenville/Spartanburg, SC	425 Apple Valley Rd.	Duncan	SC	--		163,680		335		172
		St. Louis, MO	3931 Lakeview Corporate Dr.	Edwardsville	IL	--		769,500		2,696		2,666
		Nashville, TN	6050 Dana Way	Antioch	TN	--		67,200		297		247
		Phoenix, AZ	9494 W. Buckeye Rd.	Tolleson	AZ	--		186,336		1,109		1,061
	10/31/2026	Greenville/Spartanburg, SC	235 Apple Valley Rd.	Duncan	SC	--		177,320		950		913
		Charlotte, NC	2203 Sherrill Dr.	Statesville	NC	--		639,800		823		448
		Cleveland, OH	10345 Philipp Pkwy.	Streetsboro	OH	--		649,250		2,883		2,770
	11/30/2026	Erwin, NY	736 Addison Rd.	Erwin	NY	--		408,000		1,483		1,491
		Philadelphia, PA	250 Rittenhouse Cir.	Bristol	PA	--		241,977		1,146		1,230
	12/31/2026	Houston, TX	4600 Underwood Rd.	Deer Park	TX	--		402,648		952		-
		Indianapolis, IN	180 Bob Glidden Blvd.	Whiteland	IN	--		179,530		169		-
		Indianapolis, IN	76 Bob Glidden Blvd.	Whiteland	IN	--		168,480		169		158
2027	1/31/2027	Greenville/Spartanburg, SC	417 Apple Valley Rd.	Duncan	SC	--		195,000		-		-
		Kansas City, MO	27200 West 157th St.	New Century	KS	--		446,500		1,240		1,134
	2/28/2027	Jackson, MS	554 Nissan Pkwy.	Canton	MS	--		1,466,000		6,200		6,219
	4/30/2027	Nashville, TN	200 Sam Griffin Rd.	Smyrna	TN	--		1,505,000		6,560		6,476
		San Antonio, TX	16407 Applewhite Rd.	San Antonio	TX	--		849,275		2,994		2,936
	7/31/2027	Savannah, GA	335 Morgan Lakes Industrial Blvd.	Pooler	GA	--		499,500		2,080		2,048
	8/31/2027	Cincinnati/Dayton, OH	600 Gateway Blvd.	Monroe	OH	--		994,013		3,945		3,362
		Shreveport/Bossier City, LA	5417 Campus Dr.	Shreveport	LA	--		257,849		1,309		1,403

27

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2027	9/30/2027	Memphis, TN	1550 Hwy. 302	Byhalia	MS	--		615,600		2,439		2,470
	10/31/2027	Jackson, TN	201 James Lawrence Rd.	Jackson	TN	--		1,062,055		3,944		3,866
2028	1/31/2028	Atlanta, GA	490 Westridge Pkwy.	McDonough	GA	--		1,121,120		3,737		3,633
	3/31/2028	New York/New Jersey	29-01 Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	--		140,330		5,135		5,128
	5/31/2028	Nashville, TN	6050 Dana Way	Antioch	TN	--		50,400		242		203
	8/31/2028	Houston, TX	4100 Malone Dr.	Pasadena	TX	--		233,190		862		793
		Indianapolis, IN	4900 Albert S White Dr.	Whitestown	IN	--		63,840		231		100
	10/31/2028	Atlanta, GA	1625 Oakley Industrial Blvd.	Fairburn	GA	--		907,675		704		643
2029	4/30/2029	Greenville/Spartanburg, SC	230 Apple Valley Rd.	Duncan	SC	--		275,400		710		661
	6/30/2029	Memphis, TN	11624 S. Distribution Cv.	Olive Branch	MS	9		1,170,218		3,796		3,627
	7/31/2029	Memphis, TN	8500 Nail Rd.	Olive Branch	MS	--		716,080		2,751		2,682
	8/31/2029	Dallas/Ft. Worth, TX	8601 E. Sam Lee Ln.	Northlake	TX	--		1,214,526		4,278		3,988
	9/30/2029	Chicago, IL	6225 E. Minooka Rd.	Minooka	IL	--		1,034,200		2,931		2,740
	11/21/2029	Columbus, OH	1860 Walcutt Rd.	Columbus	OH	--		194,796		370		343
	11/30/2029	Chicago, IL	1460 Cargo Court	Minooka	IL	--		705,661		2,857		2,696
	12/31/2029	Greenville/Spartanburg, SC	402 Apple Valley Rd.	Duncan	SC	--		235,600		631		571
		Chicago, IL	200 International Pkwy. S.	Minooka	IL	--		473,280		2,138		1,955
2030	1/31/2030	Dallas/Ft. Worth, TX	3201 N. Houston School Rd.	Lancaster	TX	--		468,300		1,669		1,332
	3/31/2030	Memphis, TN	549 Wingo Rd.	Byhalia	MS	--		855,878		4,388		4,345
	5/31/2030	St. Louis, MO	4015 Lakeview Corporate Dr.	Edwardsville	IL	--		1,017,780		3,460		2,877
	6/30/2030	Dallas/Ft. Worth, TX	1704 S. I-45	Hutchins	TX	--		120,960		617		569
		Richmond, VA	2601 Bermuda Hundred Rd.	Chester	VA	4		1,034,470		3,851		3,922
		Cincinnati/Dayton, OH	700 Gateway  Blvd.	Monroe	OH	--		1,299,492		5,515		5,127
	8/31/2030	Central Florida	3400 NW 35th St.	Ocala	FL	--		617,055		3,014		2,773

28

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2030	9/30/2030	Phoenix, AZ	255 143rd Ave.	Goodyear	AZ	--		801,424		4,000		3,701
2031	2/28/2031	Greenville/Spartanburg, SC	1021 Tyger Lake Rd.	Spartanburg	SC	--		213,200		1,043		844
	3/31/2031	Indianapolis, IN	19 Bob Glidden Blvd.	Whiteland	IN	--		530,400		471		430
	5/31/2031	DC/Baltimore, MD	291 Park Center Dr.	Winchester	VA	--		344,700		1,724		1,550
	6/30/2031	Nashville, TN	6050 Dana Way	Antioch	TN	9		352,275		1,222		937
	7/31/2031	Atlanta, GA	51 Busch Dr.	Cartersville	GA	--		328,000		18		16
	9/30/2031	Atlanta, GA	41 Busch Dr.	Cartersville	GA	--		276,705		15		12
	11/30/2031	Indianapolis, IN	3751 S. CR 500 E.	Whitestown	IN	--		1,016,244		42		38
	12/18/2031	DC/Baltimore, MD	80 Tyson Dr.	Winchester	VA	--		400,400		2,368		2,199
2032	2/28/2032	Cincinnati/Dayton, OH	675 Gateway Blvd.	Monroe	OH	9		143,664		671		468
	4/30/2032	Houston, TX	13930 Pike Rd.	Missouri City	TX	--		-		2,123		2,075
	8/24/2032	Detroit, MI	16950 Pine Dr.	Romulus	MI	--		500,023		2,567		2,474
	10/31/2032	Portland, OR	27255 SW 95th Ave.	Wilsonville	OR	--		508,277		3,120		2,801
2033	3/31/2033	Phoenix, AZ	3405 S. McQueen Rd.	Chandler	AZ	--		201,784		4,498		4,019
2034	4/30/2034	Raleigh, NC	1133 Poplar Creek Rd.	Henderson	NC	--		147,448		548		324
	10/31/2034	Champaign-Urbana, IL	1001 Innovation Rd.	Rantoul	IL	--		813,126		4,195		3,927
	12/31/2034	Greenville/Spartanburg, SC	27 Inland Pkwy.	Greer	SC	--		1,318,680		5,544		3,165
2035	6/30/2035	Dallas/Ft. Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	--		298,653		1,332		1,105
	10/22/2035	Detroit, MI	2860 Clark St.	Detroit	MI	--		189,960		2,204		2,204
2036	5/31/2036	Charlotte, NC	671 Washburn Switch Rd.	Shelby	NC	--		673,425		2,786		2,587
	11/30/2036	Phoenix, AZ	17510 W. Thomas Rd.	Goodyear	AZ	--		468,182		669		-
2037	3/31/2037	Dallas/Ft. Worth, TX	4005 E. I-30	Grand Prairie	TX	--		215,000		1,872		1,656
2038	3/31/2038	Houston, TX	13901/14035 Industrial Rd.	Houston	TX	--		132,449		6,773		6,164
N/A	Vacancy	Nashville, TN	6050 Dana Way	Antioch	TN	9		73,500		189		189

29

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
N/A	Vacancy	Columbus, OH	351 Chamber Dr.	Chillicothe	OH	9, 20		42,264		213		213
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT							51,082,289	$	207,702	$	193,432
WAREHOUSE/DISTRIBUTION - NOT STABILIZED (5)
2027	2/28/2027	Central Florida	5275 Drane Field Rd.	Lakeland	FL	--		68,420		65		-
2031	5/31/2031	Central Florida	5275 Drane Field Rd.	Lakeland	FL	22		117,440		615		383
N/A	Various	Greenville/Spartanburg, SC	7820 Reidville Rd.	Greer	SC	6 (62%)		210,820		385		355
		Atlanta, GA	95 International Pkwy.	Adairsville	GA	6, 21 '(45%)		225,211		5		5
		Phoenix, AZ	1515 South 91st Ave.	Phoenix	AZ	6 '(33%)		487,500		-		-
N/A	Vacancy	Central Florida	5275 Drane Field Rd.	Lakeland	FL	--		36,274		-		-
		Central Florida	3775 Fancy Farms Rd.	Plant City	FL	--		510,484		-		-
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED							1,656,149	$	1,070	$	743
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.8% Leased (11)		52,738,438	$	208,772	$	194,175

30

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration		CoStar Market (1)	Property Location	City	State	Note	Property Type	Sq. Ft. Leased or Available (2)		Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)
OTHER PROPERTIES
SINGLE TENANT
2022	3/31/2022		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		1,220		44		44
2023	9/30/2023		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		8,070		-		-
	12/14/2023		South Bay/San Jose, CA	3333 Coyote Hill Rd.	Palo Alto	CA	--	Office		202,000		6,642		7,070
2024	1/31/2024		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		289,432		4,269		4,235
	5/31/2024		Charlotte, NC	3476 Stateview Blvd.	Fort Mill	SC	16	Office		169,083		2,014		2,032
			Charlotte, NC	3480 Stateview Blvd.	Fort Mill	SC	16	Office		169,218		2,088		2,033
2025	5/31/2025		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		2,641		273		273
	12/19/2025		Owensboro, KY	1901 Ragu Dr.	Owensboro	KY	10, 17	Heavy Manufacturing		443,380		1,882		1,933
2027	1/31/2027		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		1,975		236		201
	9/30/2027		Tucson, AZ	1440 E. 15th St.	Tucson	AZ	16	Office		28,591		545		553
2028	8/31/2028		Atlanta, GA	1420 Greenwood Rd.	McDonough	GA	17	Cold Storage		296,972		2,170		2,203
2031	11/30/2031	��	New York/New Jersey	4 Apollo Dr.	Whippany	NJ	16	Office		123,734		2,041		2,009
2048	12/31/2048		DC/Baltimore, MD	30 Light St.	Baltimore	MD	--	Other		-		311		311
N/A	Vacancy		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		699		-		-
	N/A		Philadelphia, PA	1701 Market St.	Philadelphia	PA	16	Office		-		1,007		1,007
	SINGLE TENANT OTHER TOTAL									1,737,015	$	23,522	$	23,904
MULTI-TENANT / VACANCY (7)(8)
N/A	Vacancy		Atlanta, GA	3500 N. Loop Rd.	McDonough	GA	9, 16	Office		62,218		594		594
N/A	Various		West Michigan	6938 Elm Valley Dr.	Kalamazoo	MI	6, 9, 16, 17 (35%)	Warehouse/Office		150,945		1,648		1,763
			Phoenix, AZ	13430 North Black Canyon Fwy.	Phoenix	AZ	6, 16 (56%)	Office		138,940		1,328		1,485
	MULTI-TENANT/VACANCY OTHER TOTAL									352,103	$	3,570	$	3,842
TOTAL OTHER/WEIGHTED AVERAGE								89.4% Leased		2,089,118	$	27,092	$	27,746
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE								99.4% Leased (11)		54,827,556	$	235,864	$	221,921

31

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		LXP % Ownership			Estimated Base Rent as of 12/31/2022 ($000)		Estimated Cash Base Rent as of 12/31/2022 ($000)		12/31/2021 Debt Balance ($000)		Debt Maturity (12)
NON-CONSOLIDATED PROPERTIES
NNN MFG COLD JV PROPERTIES
2023	12/31/2023	Nashville, TN	120 Southeast Pkwy. Dr.	Franklin	TN	13		289,330		20	%		735		735		381,000	01/2024
2024	4/30/2024	Portland/South Portland, ME	113 Wells St.	North Berwick	ME	13		993,685		20	%		1,336		1,627		-	--
	5/31/2024	Bingen, WA	901 East Bingen Point Way	Bingen	WA	13		124,539		20	%		2,756		2,734		-	--
	10/31/2024	Detroit, MI	43955 Plymouth Oaks Blvd.	Plymouth	MI	13		311,612		20	%		1,635		1,613		-	--
2025	6/30/2025	Nashville, TN	301 Bill Bryan Blvd.	Hopkinsville	KY	13		424,904		20	%		1,687		1,687		-	--
		Elizabethtown-Fort Knox, KY	730 North Black Branch Rd.	Elizabethtown	KY	13		167,770		20	%		537		537		-	--
		Elizabethtown-Fort Knox, KY	750 North Black Branch Rd.	Elizabethtown	KY	13		539,592		20	%		2,838		2,838		-	--
		Owensboro, KY	4010 Airpark Dr.	Owensboro	KY	13		211,598		20	%		1,208		1,208		-	--
	7/14/2025	Charlotte, NC	590 Ecology Ln.	Chester	SC	13		420,597		20	%		2,563		2,512		-	--
2026	11/30/2026	Lumberton, NC	2880 Kenny Biggs Rd.	Lumberton	NC	13		423,280		20	%		1,714		1,633		-	--
2027	8/31/2027	Greenville/Spartanburg, SC	50 Tyger River Dr.	Duncan	SC	13		221,833		20	%		1,168		1,090		-	--
	12/31/2027	Cincinnati/Dayton, OH	10590 Hamilton Ave.	Cincinnati	OH	13		264,598		20	%		839		813		-	--
2028	9/30/2028	West Michigan	904 Industrial Rd.	Marshall	MI	13		246,508		20	%		835		789		-	--
2029	11/24/2029	Anniston-Oxford, AL	318 Pappy Dunn Blvd.	Anniston	AL	13		276,782		20	%		1,822		1,747		-	--
2031	6/30/2031	Cincinnati/Dayton, OH	10000 Business Blvd.	Dry Ridge	KY	13		336,350		20	%		1,562		1,435		-	--
	10/31/2031	Chicago, IL	1020 W. Airport Rd.	Romeoville	IL	13		188,166		20	%		3,838		3,672		-	--
2032	10/31/2032	Detroit, MI	26700 Bunert Rd.	Warren	MI	--		260,243		20	%		4,019		3,686		25,850	11/2032
2033	9/30/2033	Crossville, TN	900 Industrial Blvd.	Crossville	TN	13		222,200		20	%		674		600		-	--
2034	9/30/2034	Las Vegas, NV	5670 Nicco Way	North Las Vegas	NV	13		180,235		20	%		2,782		2,470		-	--
2035	3/31/2035	Houston, TX	13863 Industrial Rd.	Houston	TX	13		187,800		20	%		2,593		2,291		-	--
		Houston, TX	7007 F.M. 362 Rd.	Brookshire	TX	13		262,095		20	%		2,035		1,798		-	--
2042	5/31/2042	Columbus, GA	4801 North Park Dr.	Opelika	AL	13		165,493		20	%		3,352		2,748		-	--
NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE						100% Leased		6,719,210				$	42,528	$	40,263	$	406,850

32

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		LXP % Ownership			Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)		12/31/2021 Debt Balance ($000)		Debt Maturity (12)
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
2022	12/31/2022	Chicago, IL	231 N. Martingale Rd.	Schaumburg	IL	14		317,198		20	%		4,598		4,853		240,480	09/2022
2023	3/31/2023	Dallas/Ft. Worth, TX	8900 Freeport Pkwy.	Irving	TX	14		268,445		20	%		4,926		4,699		-	--
2025	3/14/2025	Dallas/Ft. Worth, TX	601 & 701 Experian Pkwy.	Allen	TX	14		292,700		20	%		3,240		3,073		-	--
	6/30/2025	Atlanta, GA	2500 Patrick Henry Pkwy.	McDonough	GA	14		111,911		20	%		1,628		1,470		-	--
	12/31/2025	Dallas/Ft. Worth, TX	4001 International Pkwy.	Carrollton	TX	14		138,443		20	%		2,534		2,469		-	--
2026	3/31/2026	Columbus, OH	500 Olde Worthington Rd.	Westerville	OH	14		97,000		20	%		1,345		1,242		-	--
2027	2/28/2027	Richmond, VA	800 East Canal St.	Richmond	VA	15		8,503		20	%		214		157		-	--
	6/30/2027	Kansas City, MO	3902 Gene Field Rd.	St. Joseph	MO	14		98,849		20	%		2,116		2,045		-	--
	7/6/2027	Columbus, OH	2221 Schrock Rd.	Columbus	OH	14		42,290		20	%		684		662		-	--
	8/7/2027	Philadelphia, PA	25 Lakeview Dr.	Jessup	PA	14		150,000		20	%		2,330		2,254		-	--
2029	4/30/2029	Richmond, VA	800 East Canal St.	Richmond	VA	15		2,568		20	%		64		64		-	--
2030	8/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		224,537		20	%		7,180		7,374		57,500	02/2031
	9/30/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		25,707		20	%		770		670		-	--
	10/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	15		4,235		20	%		125		125		-	--
2031	1/10/2031	Houston, TX	810 Gears Rd.	Houston	TX	14		68,985		20	%		1,201		1,425		-	--
	3/1/2031	Richmond, VA	800 East Canal St.	Richmond	VA	15		26,047		20	%		844		746		-	--
	9/30/2031	Richmond, VA	800 East Canal St.	Richmond	VA	15		7,105		20	%		55		55		-	--
2032	4/30/2032	Charlotte, NC	1210 AvidXchange Ln.	Charlotte	NC	--		201,450		20	%		6,025		5,551		46,900	12/2022 01/2033
	5/31/2032	Richmond, VA	800 East Canal St.	Richmond	VA	15		14,330		20	%		-		-		-	--
	8/31/2032	Richmond, VA	800 East Canal St.	Richmond	VA	15		4,333		20	%		-		-		-	--
	9/30/2032	Houston, TX	10001 Richmond Ave.	Houston	TX	14, 16, 19		554,385		20	%		5,922		6,151		-	--
2035	2/28/2035	Dallas/Ft. Worth, TX	6555 Sierra Dr.	Irving	TX	14		247,254		20	%		4,962		3,932		-	--
	4/30/2035	Parachute, CO	143 Diamond Ave.	Parachute	CO	14		49,024		20	%		1,157		1,193		-	--
2088	8/8/2088	Richmond, VA	800 East Canal St.	Richmond	VA	15		-		20	%		356		420		-	--
N/A	Vacancy	Houston, TX	810 Gears Rd.	Houston	TX	14		9,910		20	%		-		-		-	--

33

PROPERTY LEASES AND VACANCIES - 12/31/2021

Year of Lease Expiration	Date of Lease Expiration	CoStar Market (1)	Property Location	City	State	Note	Sq. Ft. Leased or Available (2)		LXP % Ownership			Base Rent as of 12/31/2021 ($000) (3)		Cash Base Rent as of 12/31/2021 ($000) (3)		12/31/2021 Debt Balance ($000)		Debt Maturity (12)
NNN OFFICE JV PROPERTIES
N/A	Vacancy	Richmond, VA	800 East Canal St.	Richmond	VA	15		12,944		20	%		-		-		-	--
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE						99.2% Leased		2,978,153				$	52,276	$	50,630	$	344,880
OTHER NON-CONSOLIDATED PROPERTIES
2036	8/31/2036	Houston, TX	2203 North Westgreen Blvd.	Katy	TX	--		274,000		25	%		6,880		6,880		50,072	12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						100% Leased		274,000				$	6,880	$	6,880	$	50,072
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						99.8% Leased		9,971,363				$	101,684	$	97,773	$	801,802

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

34

MORTGAGES AND NOTES PAYABLE
12/31/2021  

Property	Footnotes		Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000)  (b)		Balloon Payment ($000)
INDUSTRIAL (f)
Long Island City, NY			$	28,980		3.500	%		03/2028	$	4,879	$	-
Goodyear, AZ				41,646		4.290	%		08/2031		2,484		33,399
Industrial Subtotal/Wtd. Avg./Years Remaining (c)			$	70,626		3.966	%		8.2	$	7,363	$	33,399
OFFICE (f)
Palo Alto, CA			$	13,803		3.970	%		12/2023	$	7,059	$	-
Office Subtotal/Wtd. Avg./Years Remaining (c)			$	13,803		3.970	%		1.9	$	7,059	$	-
Subtotal/Wtd. Avg./Years Remaining (c)			$	84,429		3.967	%		7.2	$	14,422	$	33,399
CORPORATE (e)
Revolving Credit Facility		(g)	$	-		-			02/2023	$	-	$	-
Senior Notes				198,932		4.400	%		06/2024		8,753		198,932
Senior Notes				400,000		2.700	%		09/2030		10,800		400,000
Senior Notes				400,000		2.375	%		10/2031		9,500		400,000
Term Loan		(h)		300,000		2.732	%		01/2025		8,310		300,000
Trust Preferred Notes		(i)		129,120		1.832	%		04/2037		2,398		129,120
Subtotal/Wtd. Avg./Years Remaining (c)			$	1,428,052		2.774	%		7.5	$	39,761	$	1,428,052
Total/Wtd. Avg./Years Remaining (c)		(d)	$	1,512,481		2.841	%		7.5	$	54,183	$	1,461,451

35

MORTGAGES AND NOTES PAYABLE (CONTINUED) 12/31/2021 ($000)  

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance
Mortgages and notes payable (f)	$	83,092	$	1,337	$	-	$	84,429
Term loans payable (e)		298,446		1,554		-		300,000
Senior notes payable(e)		987,931		7,346		3,655		998,932
Trust preferred securities (e)		127,595		1,525		-		129,120
Consolidated debt	$	1,497,064	$	11,762	$	3,655	$	1,512,481

Footnotes
(a)	Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.
(b)	Remaining payments for debt with less than twelve months to maturity, all others are debt service for next twelve months.
(c)	Total shown may differ from detailed amounts due to rounding.
(d)	See reconciliations of non-GAAP measures in this document.
(e)	Unsecured.
(f)	Secured.
(g)	Rate ranges from LIBOR plus 0.775% to 1.45%.
(h)	Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements.
(i)	Rate is three month LIBOR plus 170 bps.

36

DEBT MATURITY SCHEDULE  12/31/2021  ($000)  

Consolidated Properties
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
2022	$	11,275	$	-	$	-
2023		12,265		-		-
2024		5,373		-		198,932
2025		5,570		-		300,000
2026		5,773		-		-
	$	40,256	$	-	$	498,932

Debt Maturity Profile ⁽¹⁾

 

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

37

DEBT COVENANTS ⁽¹⁾  

CORPORATE LEVEL DEBT
		MUST BE:			12/31/2021
Bank Loans:
	Maximum Leverage		< 60	%		40.1	%
	Fixed Charge Coverage		> 1.5	x		3.6	x
	Recourse Secured Indebtedness Ratio		< 10% cap value			0.0	%
	Secured Indebtedness Ratio		< 40	%		6.6	%
	Unsecured Debt Service Coverage		> 2.0	x		5.7	x
	Unencumbered Leverage		< 60	%		37.2	%
Bonds:
	Debt to Total Assets		< 60	%		32.1	%
	Secured Debt to Total Assets		< 40	%		1.8	%
	Debt Service Coverage		> 1.5	x		5.0	x
	Unencumbered Assets to Unsecured Debt		> 150	%		313.8	%

Footnotes

(1)

The above is a summary of the key financial covenants for LXP’s credit facility and term loan and senior notes, as of December 31, 2021 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable.  These calculations are presented to show LXP’s compliance with such covenants only and are not measures of LXP’s liquidity or performance.

38

COMPONENTS OF NET ASSET VALUE 12/31/2021 ($000)  

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

Consolidated properties twelve-month net operating income (NOI) (1)
Industrial	$	182,900
Other		11,379
Total Net Operating Income	$	194,279
LXP’s share of non-consolidated twelve-month NOI (1)
NNN OFFICE JV
Office	$	8,753
OTHER JV
Other	$	1,557
Other income
Advisory fees	$	3,038
NOI for NAV Reconciliation:	Twelve months ended 12/31/2021
NOI as reported	$	265,578
Less NOI:
Disposed of properties		(49,462	)
Held for sale assets		(14,217	)
Assets acquired in 2021		(8,014	)
Assets less than 70% leased / Other		394
NOI for NAV	$	194,279

In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets acquired/completed in 2021	$	872,988
Wholly-owned assets less than 70% leased	$	12,449
NNN MFG Cold JV - LXP Share (2)	$	110,000
Add other assets:
Assets held for sale - consolidated	$	82,586
Assets held for sale - non-consolidated - LXP’s share		12,715
Construction in progress		5,482
Developable land - nonconsolidated(3)		15,426
Developable land - consolidated(3)		98,946
Development investment(3)		111,542
Cash and cash equivalents		190,926
Restricted cash		101
Accounts receivable		3,526
Other assets		8,784
Total other assets	$	530,034
Liabilities:
Corporate level debt (face amount)	$	1,428,052
Mortgages and notes payable (face amount)		84,429
Dividends payable		37,425
Liabilities held for sale - consolidated		3,468
Liabilities held for sale - non-consolidated - LXP’s share		120
Accounts payable, accrued expenses and other liabilities		100,805
Preferred stock, at liquidation value		96,770
LXP’s share of non-consolidated mortgages (face amount)		162,864
Total deductions	$	1,913,933
Common shares & OP units at 12/31/2021		284,625,105

Footnotes
(1)	NOI for the existing property portfolio at December 31, 2021, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% during the period, assets placed into service and assets acquired in 2021. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP’s net book value has been used.
(2)	Based on 20% of initial valuation of $550.0 million.
(3)	At cost incurred.

39

NON-GAAP MEASURES
DEFINITIONS  

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

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

Definitions:

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

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

	Twelve months ended 12/31/2021 ($000)
Rental revenue as reported	$	339,944
Base Rent from sold properties		(49,443	)
Lease termination income		(15,371	)
Ancillary revenue		1,015
Reimbursements		(40,281	)
Base Rent per supplement	$	235,864

40

NON-GAAP MEASURES
DEFINITIONS  

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. LXP believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs. The following is a reconciliation of Base Rent to Cash Base Rent.

	Twelve months ended 12/31/2021 ($000)
Base Rent per supplement	$	235,864
Straight-line adjustments		(12,382	)
Lease incentive		494
Amortization of above/below market leases		(2,055	)
Cash Base Rent per supplement	$	221,921

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

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

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

41

NON-GAAP MEASURES
DEFINITIONS  

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

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

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

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

42

NON-GAAP MEASURES
DEFINITIONS  

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

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

43

SELECT CREDIT METRICS DEFINITIONS
($000)  

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

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

44 

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 505000	462 South 4th Street, Suite 1600
Louisville, KY 40233	Louisville, KY 40202
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

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

Research Coverage

Evercore Partners		Jefferies & Company, Inc.
Sheila K. McGrath	(212) 497-0882	Jon Peterson	(212) 284-1705
J.P. Morgan Chase		KeyBanc Capital Markets Inc.
Anthony Paolone	(212) 622-6682	Craig Mailman	(917) 368-2316
Ladenburg Thalmann & Co., Inc.
John Massocca	(212) 409-2543

45 

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