LXP Industrial Trust (LXP) 8-K LXP Industrial Trust Reports First Quarter 2022 Results

Exhibit 99.2

TABLE OF CONTENTS
March 31, 2022

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

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

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

SUMMARY / HIGHLIGHTS
March 31, 2022

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

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

Footnote

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

3 

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

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

4

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

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

5

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

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

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

6

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

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

7 

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

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

8 

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

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

9 

SELECT CREDIT METRICS SUMMARY ⁽¹⁾

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

Footnotes

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

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

(3) Subject to covenant compliance.

10 

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

Rent Estimates for Current Assets

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

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

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

11

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY
3/31/2022

PROPERTY ACQUISITIONS

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

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

CAPITAL RECYCLING⁽¹⁾

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

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

12

DEVELOPMENT SUMMARY
3/31/2022

ONGOING:

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

LAND HELD FOR DEVELOPMENT:

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

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

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

13

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

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

Footnote

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

14 

PORTFOLIO DATA 3/31/2022 ($000)

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

Lease Escalation Data ⁽⁵⁾

 

Footnotes

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

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

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

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

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

15 

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

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

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

Footnotes

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

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

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

16 

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

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

Footnotes

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

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

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

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

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

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

17 

INDUSTRIAL PORTFOLIO INFORMATION 3/31/2022

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

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

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

Footnotes

(1) Based on CoStar.com inventory data.

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

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

(4) Weighting based on square footage.

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

(6) Weighting based on ABR.

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

Average Annual Rent Escalation based on next rent step percentages.

(8) Based on internal and external sources.

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

18 

TOP 15 TENANTS 3/31/2022 

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

Footnotes

(1) Tenant, guarantor or parent.

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

(3) Excludes vacant square feet.

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

(5) Lease restricts certain disclosures.

(6) Includes parking operations.

19

QUARTERLY LEASING SUMMARY 3/31/2022  

NEW LEASES - FIRST GENERATION⁽¹⁾

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

SECOND GENERATION

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

Footnotes

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

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

(3) Lease expiration date is estimated.

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

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

20

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

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

 

Footnotes

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

21 

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

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

 

Footnotes 

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

22 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

23 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

24 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

25 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

26 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

27 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

28 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

29 

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

30

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

31

PROPERTY LEASES AND VACANCIES - 3/31/2022

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

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

32

MORTGAGES AND NOTES PAYABLE  3/31/2022 

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

33

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

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

Footnotes

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

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

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

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

(e) Unsecured.

(f) Secured.

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

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

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

34

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

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

Debt Maturity Profile ⁽¹⁾ 

 

Footnotes 

(1) Percentage denotes weighted-average interest rate.

35

DEBT COVENANTS ⁽¹⁾  

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

Footnotes 

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

36

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

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

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

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

37

NON-GAAP MEASURES
DEFINITIONS

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

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

Definitions:

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

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

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

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

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

38

NON-GAAP MEASURES
DEFINITIONS

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

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

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

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

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

39

NON-GAAP MEASURES
DEFINITIONS

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

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

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

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

40

SELECT CREDIT METRICS DEFINITIONS ($000)  

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

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

41 

Investor Information

Transfer Agent

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

www-us.computershare.com/investor

Investor Relations

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

Research Coverage

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

42 

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