Q U A R T E R L Y S U P P L E M E N T A L I N F O R M A T I O N FOURTH QUARTER 2023 Exhibit 99.2
TABLE OF CONTENTS December 31, 2023 PAGE PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 18 FINANCIAL DATA QUARTERLY LEASING SUMMARY 19 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 20 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 21 NON-GAAP FINANCIAL DATA 6 SELECT CREDIT METRICS SUMMARY 10 DEBT OTHER FINANCIAL DATA 11 MORTGAGES AND NOTES PAYABLE 30 DEBT MATURITY SCHEDULE 32 CAPITAL DEPLOYMENT DEBT COVENANTS 33 QUARTERLY INVESTMENTS / CAPITAL RECYCLING 12 DEVELOPMENT SUMMARY 13 COMPONENTS OF NET ASSET VALUE 34 CAPITAL EXPENDITURES AND LEASING COSTS 15 NON-GAAP MEASURES DEFINITIONS 35 PORTFOLIO DATA APPENDIX - OTHER PORTFOLIO 39 SAME STORE DATA 16 INDUSTRIAL PORTFOLIO INFORMATION 17 INVESTOR INFORMATION 40 This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under LXP Industrial Trust (“LXP”)'s control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-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 risks related to: (1) national, regional and local economic and political climates and changes in applicable governmental regulations and tax legislation, (2) the outbreak of highly infectious or contagious diseases and natural disasters, (3) authorization by LXP's Board of Trustees of future dividend declarations, (4) LXP's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2024, (5) the successful consummation of any lease, acquisition, development, build-to-suit, disposition, financing or other transaction, including achieving any estimated yields (6) the failure to continue to qualify as a real estate investment trust, (7) changes in general business and economic conditions, including the impact of any legislation, (8) competition, (9) inflation and increases in operating costs, (10) labor shortages, (11) supply chain disruption and increases in real estate construction costs and raw materials costs and construction schedule delays, (12) defaults or non-renewals of significant tenant leases, (13) changes in financial markets and interest rates, (14) changes in accessibility of debt and equity capital markets, (15) future impairment charges, and (16) risks related to our investments in our non-consolidated joint ventures. 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 publicly release the results of any revisions to those forward-looking statements which may be made 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, 2023 Quarterly Highlights Portfolio Statistics - Net Income - $0.04 per diluted common share # of Properties: 115 - Adjusted Company FFO - $0.17 per diluted common share # of States: 18 - Industrial Same-Store NOI increased 4.1% in 2023 compared to 2022 Square Footage: 54.6 million - Completed 2.2 million square feet of new and extended leases, raising Industrial Base and Cash Base Rents Ongoing Development Projects: 6 by 39.4% and 28.4% respectively (56.1% and 40.6%, respectively, excluding fixed-rate renewals) Stabilized Portfolio % Leased: 100.0% - Extended the $300.0 million term loan until January 31, 2027 # of Leases: 136 - Issued $300.0 million aggregate principal amount of 6.75% Senior Notes due 2028 - Invested an aggregate of $23.9 million in development activities, including $20.7 million in 6.0 years ongoing consolidated development projects Weighted-Average Age: 9.5 years - Placed into service warehouse/distribution facilities containing an aggregate of 1.4 million square feet in three target markets Developable Land:(1) 523 acres - Sold one property for a gross sales price of $18.0 million - Net Debt to Adjusted EBITDA ratio was 6.0x at quarter end Footnote (1) Includes consolidated and non-consolidated developable land. Weighted-Average Lease Term (ABR): LXP is a real estate investment trust ("REIT") focused on single-tenant industrial real estate investments. LXP has been a publicly traded REIT since 1993 (NYSE: LXP). LXP's investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities. Table of Contents 3
CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) December 31, 2023 December 31, 2022 Assets: Real estate, at cost 3,774,239$ 3,691,066$ Real estate - intangible assets 314,525 328,607 Land held for development 80,743 84,412 Investments in real estate under construction 319,355 361,924 Real estate, gross 4,488,862 4,466,009 Less: accumulated depreciation and amortization 904,709 800,470 Real estate, net 3,584,153 3,665,539 Assets held for sale 9,168 66,434 Right-of-use assets, net 19,342 23,986 Cash and cash equivalents 199,247 54,390 Restricted cash 216 116 Short term investments 130,140 - Investments in non-consolidated entities 48,495 58,206 Deferred expenses, net 35,008 25,207 Investment in a sales-type lease, net 63,464 61,233 Rent receivable - current 5,327 3,030 Rent receivable - deferred 80,421 71,392 Other assets 17,794 24,314 Total assets 4,192,775$ 4,053,847$ Liabilities and Equity: Liabilities: Mortgages and notes payable, net 60,124$ 72,103$ Term loan payable, net 296,764 298,959 Senior notes payable, net 1,286,145 989,295 Trust preferred securities, net 127,794 127,694 Dividends payable 39,610 38,416 Liabilities held for sale 417 1,150 Operating lease liabilities 20,233 25,118 Accounts payable and other liabilities 57,981 74,261 Accrued interest payable 11,379 9,181 Deferred revenue - including below market leases, net 9,428 11,452 Prepaid rent 17,443 15,215 Total liabilities 1,927,318 1,662,844 Commitments and contingencies Equity: Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: 94,016 94,016 29 29 Additional paid-in-capital 3,330,383 3,320,087 Accumulated distributions in excess of net income (1,201,824) (1,079,087) Accumulated other comprehensive income 9,483 17,689 Total shareholders' equity 2,232,087 2,352,734 Noncontrolling interests 33,370 38,269 Total equity 2,265,457 2,391,003 Total liabilities and equity 4,192,775$ 4,053,847$ Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 293,449,088 and 291,719,310 shares issued and outstanding in 2023 and 2022, respectively Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issues and outstanding Table of Contents 4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) 2023 2022 2023 2022 Gross revenues: Rental revenue 81,894$ 79,243$ 334,220$ 313,992$ Other revenue 1,062 1,861 6,283 7,253 Total gross revenues 82,956 81,104 340,503 321,245 Expenses applicable to revenues: Depreciation and amortization (46,220) (45,922) (183,524) (180,567) Property operating (12,717) (12,647) (58,394) (54,870) General and administrative (9,468) (9,621) (36,334) (38,714) Transaction costs - (4,121) (4) (4,177) Non-operating income 2,251 582 2,982 935 Interest and amortization expense (13,887) (12,659) (46,389) (45,417) Debt satisfaction losses, net (132) - (132) (119) Impairment charges - (580) (16,490) (3,037) Change in allowance for credit loss 3 (93) 32 (93) Gains on sales of properties 17,977 6,143 33,010 59,094 Selling profit from sales-type lease - 37,745 - 47,059 Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities 20,763 39,931 35,260 101,339 Provision for income taxes (57) (151) (703) (1,102) Equity in earnings (losses) of non-consolidated entities (1,219) 426 1,366 16,006 Net income 19,487 40,206 35,923 116,243 Less net income attributable to noncontrolling interests (4,886) (1,733) (5,540) (2,460) Net income attributable to LXP Industrial Trust shareholders 14,601 38,473 30,383 113,783 Dividends attributable to preferred shares - Series C (1,572) (1,572) (6,290) (6,290) Allocation to participating securities (44) (35) (230) (186) Net income attributable to common shareholders 12,985$ 36,866$ 23,863$ 107,307$ Net income attributable to common shareholders - per common share basic 0.04$ 0.13$ 0.08$ 0.38$ Weighted-average common shares outstanding - basic 290,420,220 274,928,363 290,245,877 279,887,760 Net income attributable to common shareholders - per common share diluted 0.04$ 0.13$ 0.08$ 0.38$ Weighted-average common shares outstanding - diluted 291,325,979 276,118,668 291,193,514 282,473,458 Three months ending December 31, Twelve months ending December 31, Table of Contents 5
NON-GAAP FINANCIAL DATA (Unaudited and in thousands, except share and per share data) 2023 2022 2023 2022 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders 12,985$ 36,866$ 23,863$ 107,307$ Adjustments: Depreciation and amortization - real estate 45,070 45,125 179,554 177,725 Impairment charges - real estate, including our share of non-consolidated entities 1,369 838 17,859 8,137 Noncontrolling interest - OP units 5 9 (58) 156 Amortization of leasing commissions 1,150 797 3,970 2,842 Joint venture and noncontrolling interest adjustment 7,000 2,527 13,168 11,112 Gain on sales of properties, including our share of non-consolidated entities (17,978) (7,759) (38,796) (83,562) FFO available to common shareholders and unitholders - basic 49,601 78,403 199,560 223,717 Preferred dividends 1,572 1,572 6,290 6,290 Amount allocated to participating securities 44 35 230 186 FFO available to common equityholders and unitholders - diluted 51,217 80,010 206,080 230,193 Selling profit from sales-type lease(1) - (37,745) - (47,059) Allowance for credit losses (3) 93 (32) 93 Transaction costs(2) - 4,121 4 4,177 Debt satisfaction losses, net, including our share of non-consolidated entities 138 1 138 1,615 Other non-recurring costs(3) - - - 2,573 Noncontrolling interest adjustments - 1,469 1 1,469 Adjusted Company FFO available to all equityholders and unitholders - diluted 51,352$ 47,949$ 206,191$ 193,061$ Per Common Share and Unit Amounts: Basic: FFO 0.17$ 0.28$ 0.69$ 0.80$ Diluted: FFO 0.17$ 0.28$ 0.70$ 0.80$ Adjusted Company FFO 0.17$ 0.17$ 0.70$ 0.67$ Weighted-Average Common Shares: Basic: Weighted-average common shares outstanding - basic EPS 290,420,220 274,928,363 290,245,877 279,887,760 Operating partnership units (4) 795,855 835,555 820,386 853,259 Weighted-average common shares outstanding - basic FFO 291,216,075 275,763,918 291,066,263 280,741,019 Diluted: Weighted-average common shares outstanding - diluted EPS 291,325,979 276,118,668 291,193,514 282,473,458 Unvested share-based payments awards - - - 17,381 Preferred shares - Series C 4,710,570 4,710,570 4,710,570 4,710,570 Weighted-average common shares outstanding - diluted FFO 296,036,549 280,829,238 295,904,084 287,201,409 (1) Aggregate gains recognized upon entering into a sales-type lease and exercises of tenants' purchase options in leases. (2) Includes initial direct costs incurred in connection with entering into investments classified as sales-type leases and other acquisition related costs. (3) Includes costs related to strategic alternatives and shareholder activism. (4) Includes OP units other than OP units held by us. Three months ending December 31, Twelve months ending December 31, Table of Contents 6
NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) 2023 2022 2023 2022 Adjusted Company FFO available to all equityholders and unitholders - diluted 51,352$ 47,949$ 206,191$ 193,061$ FUNDS AVAILABLE FOR DISTRIBUTION Adjustments: Straight-line adjustments (1,750) (2,519) (9,688) (11,412) Lease incentives 125 127 439 518 Amortization of above/below market leases (449) (449) (1,796) (1,865) Sales-type lease non-cash income (574) (342) (2,199) (342) Non-cash interest 1,028 819 3,487 3,278 Non-cash charges, net 2,195 1,846 8,934 7,483 Capitalized interest and internal costs (2,842) (2,549) (12,002) (8,014) Second generation tenant improvements (982) (78) (2,619) (5,094) Second generation lease costs (3,788) (475) (5,521) (2,613) Joint venture and non-controlling interests adjustment 102 (103) (569) (211) Company Funds Available for Distribution 44,417$ 44,226$ 184,657$ 174,789$ Three months ending December 31, Twelve months ending December 31, Table of Contents 7
NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): 2023 2022 2023 2022 Net income 19,487$ 40,206$ 35,923$ 116,243$ Interest and amortization expense 13,887 12,659 46,389 45,417 Provision for income taxes 57 151 703 1,102 Depreciation and amortization 46,220 45,922 183,524 180,567 General and administrative 9,468 9,621 36,334 38,714 Transaction costs - 4,121 4 4,177 Non-operating/advisory fee income (3,260) (1,934) (7,319) (6,550) Gains on sales of properties (17,977) (6,143) (33,010) (59,094) Impairment charges - 580 16,490 3,037 Selling profit from sales-type lease - (37,745) - (47,059) Debt satisfaction losses, net 132 - 132 119 Equity in (earnings) losses of non-consolidated entities 1,219 (426) (1,366) (16,006) Lease termination income, net - - - (238) Straight-line adjustments (1,750) (2,519) (9,688) (11,412) Lease incentives 125 127 439 518 Amortization of above/below market leases (449) (449) (1,796) (1,865) Sales-type lease adjustments (577) (249) (2,231) (249) NOI 66,582 63,922 264,528 247,421 Less NOI: Acquisitions, development and dispositions (6,809) (6,480) (39,241) (30,858) Same-Store NOI 59,773$ 57,442$ 225,287$ 216,563$ Twelve months ending December 31,Three months ending December 31, Table of Contents 8
NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Adjusted EBITDA: Twelve months ended 12/31/2023 Net income attributable to LXP Industrial Trust shareholders 30,383$ Interest and amortization expense 46,389 Provision for income taxes 703 Depreciation and amortization 183,524 Straight-line adjustments (9,688) Sales-type lease non-cash income (2,199) Lease incentives 439 Amortization of above/below market leases (1,796) Gains on sales of properties (33,010) Impairment charges 16,490 Debt satisfaction losses, net 132 Sales-type lease adjustments (32) Non-cash charges, net 8,934 Pro-rata share adjustments: Non-consolidated entities adjustment 9,442 Noncontrolling interests adjustment 4,425 Adjusted EBITDA 254,136$ Table of Contents 9
SELECT CREDIT METRICS SUMMARY (1) 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Adjusted Company FFO Payout Ratio 55.6% 56.7% 72.4% 72.1% Unencumbered Assets $3.8 billion $4.2 billion $4.5 billion $4.5 billion Unencumbered NOI 89.3% 92.6% 93.4% 96.3% (Debt + Preferred) / Gross Assets 32.5% 33.4% 32.1% 36.6% Debt/Gross Assets 30.4% 31.4% 30.1% 34.7% Secured Debt / Gross Assets 3.1% 1.7% 1.5% 1.2% Unsecured Debt / Unencumbered Assets 32.1% 33.5% 31.3% 38.4% Net Debt / Adjusted EBITDA (2) 4.8x 5.5x 6.4x 6.0x (Net Debt + Preferred) / Adjusted EBITDA (2) 5.1x 5.8x 6.9x 6.4x Credit Facility Availability (3) $600.0 million $600.0 million $600.0 million $600.0 million Footnotes (1) LXP believes these credit metrics provide investors with additional information to evaluate its liquidity and performance. (2) Includes prorata share of non-consolidated assets. Adjusted EBITDA is for the last 12 months. (3) Subject to covenant compliance. Table of Contents 10
OTHER FINANCIAL DATA Future Rent Estimates for Current Leases Year Base Rent (1) Cash Base Rent (1) Difference 2024 278,657$ 269,552$ (9,105)$ 2025 261,690 259,983 (1,707) Balance Sheet Other assets 17,794$ The components of other assets are: Deposits 1,516$ Equipment 194 Prepaids 924 Interest receivable 1,180 Other receivables 668 Deferred lease incentives 3,752 Derivative asset 9,471 Deferred asset 89 Accounts payable and other liabilities 57,981$ The components of accounts payable and other liabilities are: Accounts payable and accrued expenses 29,736$ Development, CIP and other accruals 21,052 Taxes 444 Deferred lease costs 2,578 Deposits 4,056 Transaction costs 115 Footnote (1) ($000) 12/31/2023 Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2023, and (iii) no properties are sold or acquired after 12/31/2023. Includes future rent estimates for leased development projects. Table of Contents 11
QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY PLACED IN SERVICE DEVELOPMENT: Property Type (% Owned) Square Feet Initial Cost Basis ($000)(1) Month Placed in Service Primary Lease Expiration Percent Leased Consolidated 1 Industrial (95%) (2) 1,074,840 $ 64,524 October 10/2033 100% 2 Industrial (90%) 304,884 21,676 October 02/2029 100% 3 Industrial (100%) 57,690 7,985 December 01/2029 (3) 3 1,437,414 $ 94,185 CAPITAL RECYCLING: (4) Property Type Gross Disposition Price ($000) Annualized Net Income ($000) (5) Annualized NOI ($000)(5) Month of Disposition % Leased Gross Disposition Price PSF Consolidated 1 Owensboro (6) KY Other 18,000$ 1,768$ 1,898$ November 100% $ 40.60 1 TOTAL CONSOLIDATED PROPERTY DISPOSITIONS $ 18,000 $ 1,768 $ 1,898 Footnotes (1) Initial cost basis excludes certain costs, including lease commissions and developer fee or partner promote, if any. (2) Subsequent to 12/31/2023, acquired the remaining 5% from our joint venture partner. (3) Partial completion of the South Shore development project, representing 23% of the total project square footage. (4) (5) Generally, quarterly period prior to sale, annualized. (6) LXP owned 71.1%. In addition, the Palo Alto, California office property's ground lease expired by its terms and the property was turned over to the ground owner. Also, a perpetual utility easement in Phoenix, Arizona was granted in exchange for $6.2 million. Location 12/31/2023 Market TOTAL PROPERTY INVESTMENTS Central Florida Greenville/Spartanburg, SC Columbus, OH Table of Contents 12
DEVELOPMENT SUMMARY ONGOING DEVELOPMENT NOT IN SERVICE: GAAP LXP Estimated Investment Balance Amount Funded Base Building % Leased Estimated Project # of Estimated Project Cost as of 12/31/2023 as of 12/31/2023 Completion as of Placed in Service (% owned) Buildings Market Sq. Ft. ($000)(1) ($000)(2) ($000)(3) Date 12/31/2023 Date Consolidated Development Projects Leased 1 Cotton 303 (93%) (4) 1 Phoenix, AZ 488,400 $ 55,300 $ 50,716 $ 44,523 1Q 2024 100% 1Q 2024 1 Subtotal 1 488,400 $ 55,300 $ 50,716 $ 44,523 Development Projects Available for Lease 1 Ocala (80%) 1 Central Florida 1,085,280 85,200$ 80,184$ 70,605$ 1Q 2023 - - 2 Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 66,400 64,489 58,736 1Q 2023 - - 3 Smith Farms (90%) 1 Greenville/Spartanburg, SC 1,091,888 76,500 72,411 69,244 2Q 2023 - - 4 South Shore (100%) (6) 2 Central Florida 213,195 33,500 29,739 29,771 2Q 2023 - 3Q 2023 - - 5 ETNA Building D (100%) (7) 1 Columbus, OH 250,020 30,200 21,816 15,928 1Q 2024 - - 5 Subtotal 6 3,693,743 291,800$ 268,639$ 244,284$ 6 Total Consolidated Development Projects 7 4,182,143 347,100$ 319,355$ 288,807$ DEVELOPMENT PLACED IN SERVICE: Initial % Leased Placed in Investment as of Project (% Owned) Service Market Sq. Ft. ($000)(2) 12/31/2023 1 The Cubes at Etna East (95%) (5) 4Q 2023 Columbus, OH 1,074,840 64,524$ 100% 2 Smith Farms Building 2 (90%) 4Q 2023 Greenville/Spartanburg, SC 304,884 21,676 100% 3 South Shore (100%) (6) 4Q 2023 Central Florida 57,690 7,985 23% 4 Cotton 303 Building 1 (93%) 1Q 2023 Phoenix, AZ 392,278 37,173 100% 5 Smith Farms Building 1 (90%) 4Q 2022 Greenville/Spartanburg, SC 797,936 64,067 100% 6 Fairburn (100%) 4Q 2021 Atlanta, GA 907,675 47,568 100% 7 KeHE Distributors (100%) 4Q 2021 Phoenix, AZ 468,182 61,490 100% 8 Rickenbacker (100%) 1Q 2021 Columbus, OH 320,190 19,531 100% 8 Total Development Placed In Service 4,323,675 324,014$ Footnotes (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer fee or partner promote, if any. (2) Excludes leasing costs. (3) Excludes noncontrolling interests' share. (4) Subsequent to December 31, 2023, the property was placed in service. (5) Subsequent to December 31, 2023, aquired the remaining 5% interest from our joint venture partner (6) and placed in service. (7) During the fourth quarter of 2023, a wholly-owned subsidiary of LXP purchased approximately 14 acres of land and the partially completed leasehold improvements from ETNA Park 70. 12/31/2023 During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 23% of the total project, was occupied by the tenant Table of Contents 13
DEVELOPMENT SUMMARY (CONTINUED) LAND HELD FOR INDUSTRIAL DEVELOPMENT: GAAP LXP Investment Balance Amount Funded Project 12/31/2023 12/31/2023 (% owned) Market ($000) ($000)(1) Consolidated 1 Reems & Olive (95.5%) (2) Phoenix, AZ 73,683$ 74,308$ 2 Mt. Comfort Phase II (80%) Indianapolis, IN 5,328 4,283 3 ATL Fairburn (100%) Atlanta, GA 1,732 1,751 3 Total Consolidated Land Projects 80,743$ 80,342$ GAAP LXP Investment Balance Amount Funded Project 12/31/2023 12/31/2023 (% owned) Market ($000) ($000)(1) Non - Consolidated 1 ETNA Park 70 (90%) Columbus, OH 10,320$ 13,778$ 2 ETNA Park 70 East (90%) Columbus, OH 2,245 2,674 2 Total Non-Consolidated Land Projects 12,565$ 16,452$ Footnotes (1) Excludes noncontrolling interests' share. (2) During the fourth quarter of 2023, a perpetual utility easement was granted in exchange for $6.2 million. 73 52 21 12/31/2023 Approximate Acres 320 116 Approximate Acres 450 14 Table of Contents 14
CAPITAL EXPENDITURES AND LEASING COSTS (1) ($000) 2023 2022 First Generation Costs Tenant Improvements 3,065$ 5,756$ Leasing Costs 1,161 2,543 Base Building 1,087 2,558 Total First Generation Costs 5,313$ 10,857$ Second Generation Costs Tenant Improvements Industrial 2,619$ 5,094$ Other - - Total Second Generation Tenant Improvements 2,619$ 5,094$ Leasing Costs Industrial 5,521$ 2,490$ Other - 123 Total Second Generation Leasing Costs 5,521$ 2,613$ Building Improvements Industrial 10,447$ 18,631$ Other - - Total Second Generation Building Improvements 10,447$ 18,631$ Total Second Generation Costs 18,587$ 26,338$ Total Capital Expenditures and Leasing Costs 23,900$ 37,195$ Footnote (1) Consolidated costs on a cash basis. Amounts exclude development projects, capitalized interest and internal costs, if any. Leasing costs includes payments for lease incentives, if any. Twelve months ending December 31, 12/31/2023 Table of Contents 15
SAME STORE DATA ($000) Same-Store NOI Same-Store NOI by Components 2023 2022 2023 2022 2023 2022 Total Cash Base Rent 60,568$ 57,984$ 59,433$ 56,869$ 1,135$ 1,115$ Tenant Reimbursements 11,152 9,326 11,144 9,322 8 4 Property Operating Expenses (11,947) (9,868) (11,923) (9,854) (24) (14) Same-Store NOI 59,773$ 57,442$ 58,654$ 56,337$ 1,119$ 1,105$ Change in Same-Store NOI 4.1% 4.1% 1.3% 2023 2022 2023 2022 2023 2022 Total Cash Base Rent 227,323$ 218,772$ 222,783$ 214,315$ 4,540$ 4,457$ Tenant Reimbursements 43,928 37,148 43,897 37,133 31 15 Property Operating Expenses (45,964) (39,357) (45,882) (39,299) (82) (58) Same-Store NOI 225,287$ 216,563$ 220,798$ 212,149$ 4,489$ 4,414$ Change in Same-Store NOI 4.0% 4.1% 1.7% Same-Store # of Properties - QTR 107 107 104 104 3 3 Same-Store # of Properties - YTD 100 100 97 97 3 3 Same-Store Percent Leased(1) - QTR 100.0% 99.5% 100.0% 99.5% 100.0% 100.0% Same-Store Percent Leased(1) - YTD 100.0% 99.8% 100.0% 99.8% 100.0% 100.0% Footnotes (1) At 12/31/2023. Other Twelve months ended December 31, Twelve months ended December 31, Twelve months ended December 31, Industrial Industrial OtherConsolidated Three months ended December 31, Three months ended December 31, Three months ended December 31, 12/31/2023 QUARTER YEAR TO DATE Consolidated Table of Contents 16
INDUSTRIAL PORTFOLIO INFORMATION Markets (1) ABR % as of 12/31/2023 Industries ABR % as of 12/31/2023 Phoenix, AZ 11.7% Consumer Products 25.1% Greenville/Spartanburg, SC 9.6% Transportation/Logistics 19.8% Atlanta, GA 8.7% E-Commerce 14.1% Memphis, TN 7.6% Automotive 11.3% Houston, TX 5.8% Construction/Materials 10.4% Dallas/Ft. Worth, TX 5.5% Food 9.2% Cincinnati/Dayton, OH 5.4% Apparel 2.3% Indianapolis, IN 5.3% Specialty 2.2% Columbus, OH 5.2% Technology 2.1% Central Florida 3.8% Retail Department 2.0% Nashville, TN 3.6% Other 1.5% Chicago, IL 3.3% Total Industrial Portfolio Concentration (2) 100.0% Savannah, GA 2.6% Jackson, MS 2.4% St. Louis, MO 2.2% # of Properties 112 DC/Baltimore, MD 2.2% Square Feet 54,308,679 Charlotte, NC 2.1% % Investment Grade (3) 49.2% New York/New Jersey 2.1% % of ABR(4) 98.3% Cleveland, OH 1.9% % Leased(5) 100.0% Champaign-Urbana, IL 1.6% Weighted-Average Age (Years)(6) 9.5 Total Industrial Portfolio Concentration (2) 92.5% Weighted-Average ABR per SF(7) $4.66 Footnotes Weighted-Average Lease Term (Years)(8) 6.0 (1) Based on CoStar.com inventory data. % with Fixed Escalation(9) 98.1% (2) Total shown may differ from detailed amounts due to rounding. Average Annual Rent Escalation(10) 2.6% (3) Percent of ABR. Credit ratings based upon either tenant, guarantor or Average Building Size (SF) 487,919 parent/ultimate parent. Average Clear Height (Feet)(11) 33.0 (4) Based on ABR for consolidated properties owned. % Top 25 Markets(12) 77.5% (5) Percentage is for Stabilized Portfolio. % Top 50 Markets(12) 92.4% (6) Weighting based on square footage, excluding land parcels. Mortgage Debt ($000) $60,888 (7) Excludes land assets and all vacant square footage. (8) Weighting based on ABR. (9) Based on ABR. Excludes escalating leases in last year after last escalation. (10) Average Annual Rent Escalation based on next rent step percentages for leases with escalations. Excludes escalating leases in last year after last escalation. (11) Based on internal and external sources. (12) Percent of ABR based upon CoStar.com inventory data. 12/31/2023 Additional Information Table of Contents 17
TOP 15 TENANTS 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 12/31/2023 ($000) ABR % as of 12/31/2023 ($000) (2)(4) Amazon Industrial 2026-2033 6 3,864,731 7.1% 18,593$ 6.9% Nissan Industrial 2027 2 2,971,000 5.4% 13,082 4.8% Kellogg Industrial 2027-2029 3 2,801,916 5.1% 9,738 3.6% Black and Decker Industrial 2029 & 2033 2 2,289,366 4.2% 9,427 3.5% Wal-Mart Industrial 2027-2031 3 2,351,917 4.3% 8,915 3.3% GXO Logistics Industrial 2024-2028 3 1,697,475 3.1% 7,604 2.8% Watco Industrial 2038 1 132,449 0.2% 6,445 2.4% Fedex Industrial 2028 2 292,021 0.5% 6,263 2.3% Owens Corning Industrial 2025-2027 3 863,242 1.6% 5,975 2.2% Mars Wrigley Industrial 2025 1 604,852 1.1% 5,473 2.0% Undisclosed (5) Industrial 2034 1 1,318,680 2.4% 5,315 2.0% Aligned Data Centers (6) Industrial 2042 1 - 0.0% 5,228 1.9% Olam Industrial 2024 & 2037 2 1,196,614 2.2% 5,103 1.9% Georgia-Pacific Industrial 2028 & 2031 2 1,283,102 2.4% 4,989 1.8% Asics Industrial 2030 1 855,878 1.6% 4,541 1.7% 33 22,523,243 41.3% 116,691$ 43.1% 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 December 31, 2023. (5) Lease restricts certain disclosures. (6) Industrial development leased land, which is included in industrial portfolio. 12/31/2023 Table of Contents 18
QUARTERLY LEASING SUMMARY NEW LEASES - FIRST GENERATION(1) Prior Term Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000)(2) New Cash Base Rent Per Annum ($000)(2) Industrial 1 Ruskin (3) FL N/A 01/2029 57,690 604$ 576$ 2 Plant City FL N/A 07/2035 180,308 1,278 1,106 2 TOTAL NEW LEASES - FIRST GENERATION 237,998 1,882$ 1,682$ SECOND GENERATION 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 ($000)(4) NEW LEASE 1 Pasadena (5) TX 08/2023 04/2029 257,835 1,741$ 1,231$ 1,817$ 1,269$ 1 TOTAL NEW LEASES - SECOND GENERATION 257,835 1,741$ 1,231$ 1,817$ 1,269$ LEASE EXTENSIONS 1 Monroe OH 06/2024 06/2026 194,936 1,113$ 1,024$ 1,105$ 1,062$ 2 Cartersville (6) GA 08/2024 09/2027 119,295 N/A N/A N/A N/A 3 Rockford IL 12/2024 12/2027 93,000 500 419 512 419 4 Whitestown IN 03/2024 03/2029 53,240 373 264 351 306 5 Union City GA 05/2024 05/2029 370,000 2,577 1,443 2,479 1,528 6 Spartanburg SC 07/2024 07/2029 341,660 1,705 1,672 1,705 1,688 7 Northlake TX 10/2024 10/2034 500,556 3,590 2,269 3,103 2,353 7 TOTAL EXTENDED LEASES - SECOND GENERATION 1,672,687 9,858$ 7,091$ 9,255$ 7,356$ 8 TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION 1,930,522 11,599$ 8,322$ 11,072$ 8,625$ Footnotes (1) No prior leases. (2) Assumes 12 months rent from the later of 1/1/2024 or lease commencement/extension, excluding free rent periods as applicable. (3) Partial completion of the South Shore development project. (4) Rent from prior tenants for square feet leased. (5) Vacant property leased. (6) During the fourth quarter of 2023, the tenant executed its renewal option to extend its lease term for approximately three years but the fair market value rent could not be determined by December 31, 2023. 12/31/2023 Location Location Table of Contents 19
LEASE ROLLOVER SCHEDULE - INDUSTRIAL ($000) Year Number of Leases Expiring ABR as of 12/31/2023 Percent of ABR as of 12/31/2023 Percent of ABR as of 12/31/2022 2024 11 11,801$ 4.4% 10.7% 2025 13 18,313 6.9% 7.2% 2026 25 32,861 12.4% 12.1% 2027 16 37,114 14.0% 15.0% 2028 8 18,139 6.8% 6.2% 2029 18 35,840 13.5% 9.3% 2030 10 30,147 11.3% 10.6% 2031 12 22,237 8.4% 7.7% 2032 3 5,348 2.0% 2.1% 2033 3 12,335 4.6% 2.0% Thereafter 14 42,005 15.8% 15.7% Total (1) 133 266,140$ 100.0% Footnotes (1) Total shown may differ from detailed amounts due to rounding. 12/31/2023 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 4Q 2023 4Q 2022 Table of Contents 20
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES SINGLE TENANT WAREHOUSE/DISTRIBUTION 2024 1/31/2024 Memphis, TN 6495 Polk Ln. Olive Branch MS -- 118,211 495 528 3/31/2024 Columbus, OH 2155 Rohr Rd. Lockbourne OH -- 320,190 1,853 1,901 4/30/2024 Nashville, TN 6050 Dana Way Antioch TN -- 11,238 150 150 7/31/2024 Greenville/Spartanburg, SC 231 Apple Valley Rd. Duncan SC -- 75,320 370 370 8/31/2024 Houston, TX 9701 New Decade Dr. Pasadena TX -- 102,863 530 567 Memphis, TN 11555 Silo Dr. Olive Branch MS -- 927,742 3,078 3,053 9/30/2024 Memphis, TN 3820 Micro Dr. Millington TN -- 701,819 1,985 2,065 10/31/2024 Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- 58,202 230 262 11/30/2024 DC/Baltimore, MD 150 Mercury Way Winchester VA -- 324,535 1,716 1,790 12/31/2024 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- 95,832 469 455 Chicago, IL 749 Southrock Dr. Rockford IL -- 150,000 638 660 2025 3/31/2025 Atlanta, GA 95 International Pkwy. Adairsville GA -- 124,251 653 675 4/30/2025 Houston, TX 10565 Red Bluff Rd. Pasadena TX -- 248,240 1,237 1,262 5/31/2025 Atlanta, GA 7875 White Rd. SW Austell GA -- 604,852 5,323 5,473 6/30/2025 Savannah, GA 1319 Dean Forest Rd. Savannah GA -- 355,527 1,818 1,873 7/31/2025 Indianapolis, IN 5352 Performance Way Whitestown IN -- 380,000 1,469 1,532 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 -- 85,232 436 445 Savannah, GA 1315 Dean Forest Rd. Savannah GA -- 88,503 525 556 9/30/2025 Greenville/Spartanburg, SC 7870 Reidville Rd. Greer SC -- 396,073 1,666 1,723 Atlanta, GA 95 International Pkwy. Adairsville GA -- 100,960 531 531 Nashville, TN 6050 Dana Way Antioch TN -- 117,600 410 446 Table of Contents 21
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2025 12/31/2025 Phoenix, AZ 4445 N. 169th Ave. Goodyear AZ -- 160,140 1,007 1,028 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 -- 120,680 598 632 2/28/2026 Central Florida 3102 Queen Palm Dr. Tampa FL -- 229,605 1,693 1,739 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 2,458 6/30/2026 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- 163,680 752 769 Cincinnati/Dayton, OH 575-599 Gateway Blvd. Monroe OH -- 194,936 1,113 1,062 Columbus, OH 351 Chamber Dr. Chillicothe OH -- 136,495 618 618 7/31/2026 Columbus, OH 1860 Walcutt Rd. Columbus OH -- 97,934 501 494 Savannah, GA 1004 Trade Center Pkwy. Savannah GA -- 270,252 1,433 1,443 8/31/2026 Savannah, GA 1004 Trade Center Pkwy. Savannah GA -- 149,415 821 841 9/30/2026 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- 163,680 669 722 St. Louis, MO 3931 Lakeview Corporate Dr. Edwardsville IL -- 769,500 2,696 2,776 Nashville, TN 6050 Dana Way Antioch TN -- 67,200 394 405 Phoenix, AZ 9494 W. Buckeye Rd. Tolleson AZ -- 186,336 1,109 1,135 Dallas/Ft. Worth, TX 3737 Duncanville Rd. Dallas TX -- 510,400 2,365 2,526 10/31/2026 Greenville/Spartanburg, SC 235 Apple Valley Rd. Duncan SC -- 177,320 962 966 Charlotte, NC 2203 Sherrill Dr. Statesville NC -- 639,800 2,796 2,851 Cleveland, OH 10345 Philipp Pkwy. Streetsboro OH -- 649,250 2,883 2,958 11/30/2026 Erwin, NY 736 Addison Rd. Erwin NY -- 408,000 1,584 1,592 Philadelphia, PA 250 Rittenhouse Cir. Bristol PA -- 241,977 1,146 1,303 12/31/2026 Houston, TX 4600 Underwood Rd. Deer Park TX -- 402,648 1,507 1,772 Table of Contents 22
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2026 12/31/2026 Indianapolis, IN 180 Bob Glidden Blvd. Whiteland IN -- 179,530 787 801 Indianapolis, IN 76 Bob Glidden Blvd. Whiteland IN -- 168,480 787 770 2027 1/31/2027 Kansas City, MO 27200 West 157th St. New Century KS -- 446,500 1,240 1,182 2/28/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- 68,420 388 402 Jackson, MS 554 Nissan Pkwy. Canton MS -- 1,466,000 6,200 6,423 3/31/2027 Greenville/Spartanburg, SC 417 Apple Valley Rd. Duncan SC -- 195,000 1,052 1,052 4/30/2027 Nashville, TN 200 Sam Griffin Rd. Smyrna TN -- 1,505,000 6,560 6,659 San Antonio, TX 16407 Applewhite Rd. San Antonio TX -- 849,275 2,994 3,075 7/31/2027 Savannah, GA 335 Morgan Lakes Industrial Blvd. Pooler GA -- 499,500 2,080 2,109 8/31/2027 Cincinnati/Dayton, OH 600 Gateway Blvd. Monroe OH -- 994,013 3,945 3,526 Columbus, OH 200 Arrowhead Dr. Hebron OH -- 400,522 1,449 1,465 9/30/2027 Atlanta, GA 41 Busch Dr. Cartersville GA -- 119,295 614 614 Memphis, TN 1550 Hwy 302 Byhalia MS -- 615,600 2,439 2,553 10/31/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- 36,274 266 264 Jackson, TN 201 James Lawrence Rd. Jackson TN -- 1,062,055 3,944 4,032 12/31/2027 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- 334,222 2,844 2,844 Chicago, IL 3686 South Central Ave. Rockford IL -- 93,000 500 407 2028 1/31/2028 Atlanta, GA 490 Westridge Pkwy. McDonough GA -- 1,121,120 3,737 3,823 3/31/2028 New York/New Jersey 29-01 Borden Ave./29-10 Hunters Point Ave. Long Island City NY -- 140,330 5,135 5,512 Central Florida 3775 Fancy Farms Rd. Plant City FL -- 330,176 1,955 1,865 5/31/2028 Memphis, TN 6495 Polk Ln. Olive Branch MS -- 151,691 759 751 Nashville, TN 6050 Dana Way Antioch TN -- 126,215 458 451 8/31/2028 Houston, TX 4100 Malone Dr. Pasadena TX -- 233,190 1,359 1,329 Indianapolis, IN 4900 Albert S White Dr. Whitestown IN -- 63,840 309 315 Table of Contents 23
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2028 10/31/2028 Atlanta, GA 1625 Oakley Industrial Blvd. Fairburn GA -- 907,675 4,223 4,093 2029 1/31/2029 Indianapolis, IN 1285 W. State Road 32 Lebanon IN -- 741,880 2,662 2,582 Greenville/Spartanburg, SC 70 Tyger River Dr. Duncan SC -- 408,000 2,527 2,076 2/28/2029 Greenville/Spartanburg, SC 140 Smith Farms Pkwy. Greer SC 3 304,884 1,757 1,799 3/31/2029 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- 53,240 339 306 4/30/2029 Greenville/Spartanburg, SC 230 Apple Valley Rd. Duncan SC -- 275,400 1,420 1,377 Houston, TX 10535 Red Bluff Rd. Pasadena TX -- 257,835 1,741 1,795 5/31/2029 Atlanta, GA 7225 Goodson Rd. Union City GA -- 370,000 2,577 1,521 6/30/2029 Memphis, TN 11624 S. Distribution Cv. Olive Branch MS -- 1,170,218 4,101 3,959 7/31/2029 Greenville/Spartanburg, SC 5795 North Blackstock Rd. Spartanburg SC -- 341,660 1,688 1,688 Memphis, TN 8500 Nail Rd. Olive Branch MS -- 716,080 2,751 2,786 8/31/2029 Dallas/Ft. Worth, TX 8601 E. Sam Lee Ln. Northlake TX -- 1,214,526 4,278 4,214 9/30/2029 Indianapolis, IN 1627 Veterans Memorial Pkwy. E. Lafayette IN -- 309,400 1,427 1,241 Chicago, IL 6225 E. Minooka Rd. Minooka IL -- 1,034,200 2,931 2,892 11/21/2029 Columbus, OH 1860 Walcutt Rd. Columbus OH -- 194,796 983 949 11/30/2029 Chicago, IL 1460 Cargo Court Minooka IL -- 705,661 2,857 2,814 12/31/2029 Greenville/Spartanburg, SC 402 Apple Valley Rd. Duncan SC -- 235,600 1,263 1,213 Chicago, IL 200 International Pkwy. S. Minooka IL -- 473,280 2,138 2,054 2030 1/31/2030 Dallas/Ft. Worth, TX 3201 N. Houston School Rd. Lancaster TX -- 468,300 1,669 1,630 3/31/2030 Memphis, TN 549 Wingo Rd. Byhalia MS -- 855,878 4,388 4,541 5/31/2030 St. Louis, MO 4015 Lakeview Corporate Dr. Edwardsville IL -- 1,017,780 3,460 3,054 6/30/2030 Richmond, VA 2601 Bermuda Hundred Rd. Chester VA 4 1,034,470 3,851 4,071 Cincinnati/Dayton, OH 700 Gateway Blvd. Monroe OH -- 1,299,492 5,515 5,387 Dallas/Ft. Worth, TX 1704 S. I-45 Hutchins TX -- 120,960 617 601 Table of Contents 24
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2030 8/31/2030 Central Florida 3400 NW 35th Street Rd. Ocala FL -- 617,055 3,014 2,914 9/30/2030 Phoenix, AZ 255 143rd Ave. Goodyear AZ -- 801,424 4,193 4,097 10/31/2030 Atlanta, GA 493 Westridge Pkwy. McDonough GA -- 676,000 3,819 3,515 2031 2/28/2031 Greenville/Spartanburg, SC 1021 Tyger Lake Rd. Spartanburg SC -- 213,200 1,043 1,007 3/31/2031 Cleveland, TN 1520 Lauderdale Memorial Hwy. Cleveland TN -- 851,370 3,592 2,792 Indianapolis, IN 19 Bob Glidden Blvd. Whiteland IN -- 530,400 2,190 2,083 5/31/2031 DC/Baltimore, MD 291 Parkside Dr. Winchester VA -- 344,700 1,726 1,666 6/30/2031 Nashville, TN 6050 Dana Way Antioch TN -- 352,275 1,543 1,467 7/31/2031 Atlanta, GA 51 Busch Dr. Cartersville GA -- 328,000 1,646 1,515 9/30/2031 Atlanta, GA 41 Busch Dr. Cartersville GA -- 276,705 1,590 1,526 11/30/2031 Indianapolis, IN 5424 Albert S. White Dr. Whitestown IN -- 1,016,244 3,897 3,701 12/18/2031 DC/Baltimore, MD 80 Tyson Dr. Winchester VA -- 400,400 2,368 2,308 12/31/2031 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- 161,982 1,274 1,166 Cincinnati/Dayton, OH 200 Richard Knock Way Walton KY -- 232,500 1,271 1,195 Columbus, OH 351 Chamber Dr. Chillicothe OH -- 352,655 1,961 1,811 2032 2/28/2032 Cincinnati/Dayton, OH 675 Gateway Blvd. Monroe OH -- 143,664 938 916 4/30/2032 Houston, TX 13930 Pike Rd. Missouri City TX -- - 2,123 2,173 Cincinnati/Dayton, OH 300 Richard Knock Way Walton KY -- 544,320 2,411 2,259 2033 3/31/2033 Phoenix, AZ 3405 S. McQueen Rd. Chandler AZ -- 201,784 4,498 4,251 8/31/2033 Phoenix, AZ 3595 N Cotton Ln. Goodyear AZ 5 392,278 3,264 2,871 10/31/2033 Columbus, OH 9800 Schuster Way Etna OH 6 1,074,840 6,130 5,213 2034 2/28/2034 Columbus, OH 191 Arrowhead Dr. Hebron OH -- 250,410 1,591 1,334 10/31/2034 Champaign-Urbana, IL 1001 Innovation Rd. Rantoul IL -- 813,126 4,196 4,153 Dallas/Ft. Worth, TX 17505 Interstate Hwy. 35W Northlake TX -- 500,556 3,590 2,353 Table of Contents 25
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) INDUSTRIAL PROPERTIES WAREHOUSE/DISTRIBUTION 2034 12/31/2034 Greenville/Spartanburg, SC 21 Inland Pkwy. Greer SC -- 1,318,680 5,544 5,315 2035 4/30/2035 Greenville/Spartanburg, SC 170 Smith Farms Pkwy. Greer SC 3 797,936 4,322 3,710 6/30/2035 Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- 298,653 1,361 1,196 7/31/2035 Central Florida 3775 Fancy Farms Rd. Plant City FL -- 180,308 1,278 1,100 2036 5/31/2036 Central Florida 5275 Drane Field Rd. Lakeland FL -- 117,440 787 708 Charlotte, NC 671 Washburn Switch Rd. Shelby NC -- 673,425 2,786 2,714 11/30/2036 Phoenix, AZ 17510 W. Thomas Rd. Goodyear AZ -- 468,182 4,304 3,967 2037 3/31/2037 Dallas/Ft. Worth, TX 4005 E. I-30 Grand Prairie TX -- 215,000 1,872 1,732 5/31/2037 Phoenix, AZ 8989 W Buckeye Rd. Phoenix AZ -- 268,872 2,368 2,050 2038 3/31/2038 Houston, TX 13600/13901 Industrial Road Houston TX -- 132,449 6,773 6,445 WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT 53,915,719 267,639 259,088 WAREHOUSE/DISTRIBUTION - NOT STABILIZED (7) 2029 1/31/2029 Central Florida 1075 NE 30th St. Ruskin FL 8 57,690 604 574 N/A Vacancy Dallas/Ft. Worth, TX 3115 N Houston School Rd. Lancaster TX -- 124,450 - - WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED 182,140 604 574 MULTI-TENANT (9) N/A Various Greenville/Spartanburg, SC 7820 Reidville Rd Greer SC 10 (100%) 210,820 1,292 1,250 MULTI-TENANT WAREHOUSE/DISTRIBUTION TOTAL 210,820 1,292 1,250 INDUSTRIAL DEVELOPMENT LEASED LAND 2042 11/5/2042 Phoenix, AZ 501-42-015 B (Parcel Number) Phoenix AZ 11 - 7,549 5,228 INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL - 7,549 5,228 INDUSTRIAL TOTAL/WEIGHTED AVERAGE 100% Leased (12) 54,308,679 277,084$ 266,140$ Table of Contents 26
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) OTHER PROPERTIES SINGLE TENANT OFFICE/OTHER 2024 5/31/2024 Charlotte, NC 3476 Stateview Blvd. Fort Mill SC 13 Office 169,083 2,014 2,114 Charlotte, NC 3480 Stateview Blvd. Fort Mill SC 13 Office 169,218 2,088 2,115 2048 12/31/2048 DC/Baltimore, MD 30 Light St. Baltimore MD -- Other - 311 311 TOTAL OTHER/WEIGHTED AVERAGE 100% Leased 338,301 4,413$ 4,540$ TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE 100% Leased (12) 54,646,980 281,497$ 270,680$ Table of Contents 27
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) 12/31/2023 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN MFG COLD JV PROPERTIES 2025 6/30/2025 Nashville, TN 301 Bill Bryan Blvd. Hopkinsville KY 14,15 424,904 20% 1,698 1,687 381,000 01/2024 Elizabethtown-Fort Knox, KY 730 North Black Branch Rd. Elizabethtown KY 14 167,770 20% 709 537 - -- Elizabethtown-Fort Knox, KY 750 North Black Branch Rd. Elizabethtown KY 14 539,592 20% 2,630 2,838 - -- Owensboro, KY 4010 Airpark Dr. Owensboro KY 14 211,598 20% 990 1,208 - -- 7/14/2025 Charlotte, NC 590 Ecology Ln. Chester SC 14 420,597 20% 2,190 2,574 - -- 2026 11/30/2026 Lumberton, NC 2880 Kenny Biggs Rd. Lumberton NC 14 423,280 20% 1,714 1,712 - -- 2027 8/31/2027 Greenville/Spartanburg, SC 50 Tyger River Dr. Duncan SC 14 221,833 20% 1,062 1,136 - -- 12/31/2027 Cincinnati/Dayton, OH 10590 Hamilton Ave. Cincinnati OH 14 264,598 20% 861 845 - -- 2028 9/30/2028 West Michigan 904 Industrial Rd. Marshall MI 14 246,508 20% 835 816 - -- 12/31/2028 Nashville, TN 120 Southeast Pkwy. Dr. Franklin TN 14 289,330 20% 833 735 - -- 2029 4/30/2029 Portland/South Portland, ME 113 Wells St. North Berwick ME 14 993,685 20% 1,672 1,627 - -- 11/24/2029 Anniston-Oxford, AL 318 Pappy Dunn Blvd. Anniston AL 14 276,782 20% 1,842 1,797 - -- 2030 10/31/2030 Detroit, MI 43955 Plymouth Oaks Blvd. Plymouth MI 14 311,612 20% 1,872 1,658 - -- 2031 6/30/2031 Cincinnati/Dayton, OH 10000 Business Blvd. Dry Ridge KY 14 336,350 20% 1,607 1,488 - -- 10/31/2031 Chicago, IL 1020 W. Airport Rd. Romeoville IL 14 188,166 20% 4,041 3,889 - -- 2032 10/31/2032 Detroit, MI 26700 Bunert Rd. Warren MI 16 260,243 20% 4,194 3,805 25,850 11/2032 12/31/2032 Bingen, WA 901 East Bingen Point Way Bingen WA 14 124,539 20% 736 2,782 - -- 2033 9/30/2033 Crossville, TN 900 Industrial Blvd. Crossville TN 14 222,200 20% 704 631 - -- 2034 9/30/2034 Las Vegas, NV 5670 Nicco Way North Las Vegas NV 14 180,235 20% 2,825 2,557 - -- 2035 3/31/2035 Houston, TX 13863 Industrial Rd. Houston TX 14 187,800 20% 2,604 2,348 - -- Houston, TX 7007 F.M. 362 Rd. Brookshire TX 14 262,095 20% 2,041 1,843 - -- 2042 5/31/2042 Columbus, GA 4801 North Park Dr. Opelika AL 14 165,493 20% 3,465 2,822 - -- NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE 100% Leased 6,719,210 41,125$ 41,335$ 406,850$ Table of Contents 28
PROPERTY LEASES AND VACANCIES - 12/31/2023 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 12/31/2023 ($000) Annualized Cash Base Rent ("ABR") as of 12/31/2023 ($000) 12/31/2023 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN OFFICE JV PROPERTIES 2025 12/31/2025 Dallas/Ft. Worth, TX 4001 International Pkwy. Carrollton TX 17 138,443 20% 2,534 2,619 30,660 09/2024 2026 3/31/2026 Columbus, OH 500 Olde Worthington Rd. Westerville OH 17 72,965 20% 1,010 976 - -- 2027 6/30/2027 Kansas City, MO 3902 Gene Field Rd. St. Joseph MO 17 98,849 20% 2,116 2,155 - -- 7/6/2027 Columbus, OH 2221 Schrock Rd. Columbus OH 17 42,290 20% 684 697 - -- 2029 6/30/2029 Atlanta, GA 2500 Patrick Henry Pkwy. McDonough GA 17 111,911 20% 1,691 1,555 - -- Columbus, OH 500 Olde Worthington Rd. Westerville OH 17 11,246 20% 129 129 - -- 2032 4/30/2032 Charlotte, NC 1210 AvidXchange Ln. Charlotte NC 18 201,450 20% 6,025 5,813 46,900 12/2024 01/2033 2033 5/31/2033 Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX 17 60,736 20% 1,302 1,215 - -- N/A Vacancy Columbus, OH 500 Olde Worthington Rd. Westerville OH 17 13,536 20% - - - -- Philadelphia, PA 25 Lakeview Dr. Jessup PA 19 - 20% - - - -- Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX 17 200,569 20% - - - -- NNN OFFICE JV TOTAL/WEIGHTED AVERAGE 77.5% Leased 951,995 15,491$ 15,159$ 77,560$ NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE 97.2% Leased 7,671,205 56,616$ 56,494$ 484,410$ 1 Based on CoStar.com inventory data. 11 Industrial development land ground lease. LXP has a 95.5% interest in this property. 2 Square footage leased or available. 12 Percent leased is for Stabilized Portfolio. 3 LXP has a 90% interest in this property. 13 Property held for sale at 12/31/2023. 4 14 5 LXP has a 93% interest in this property. 15 6 16 Interest rate is fixed at 5.38%. 7 Property not in Stabilized Portfolio at 12/31/2023. 17 8 Partial completion of the South Shore development project. 9 Multi-tenant properties are properties less than 50% leased to a single tenant. 18 Interest rate is fixed and ranges from 5.0% to 5.3%. 10 Represents percent leased. 19 Tenant terminated their lease for a $9.5 million payment and building was demolished. All debt is cross-collateralized and cross-defaulted. Rate is one month Term SOFR plus 350 bps. One month Term SOFR is capped at 5.5% through maturity. Footnotes Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet). Subsequent to December 31, 2023, loan extended for one year, to 01/2025. One month Term SOFR is capped at 4.58% through maturity. All debt is cross-collateralized and cross-defaulted. Rate is one month Term SOFR plus 245 bps. One month Term SOFR is capped at 3.0% through 01/2024. LXP has a 95% interest in this property. Subsequent to 12/31/2023, LXP acquired the remaining 5%. Table of Contents 29
MORTGAGES AND NOTES PAYABLE Footnotes Debt Balance ($000) Interest Rate (%) Maturity (a) Current Estimated Annual Debt Service ($000) (b) Balloon Payment ($000) INDUSTRIAL (c) Long Island City, NY 20,695$ 3.500% 03/2028 5,245$ -$ Goodyear, AZ 40,193 4.290% 08/2031 2,484 33,399 60,888$ 4.021% 6.4 7,729$ 33,399$ CORPORATE (e) Senior Notes 198,932$ 4.400% 06/2024 8,753$ 198,932$ Revolving Credit Facility (f) - - 07/2026 - - Term Loan (g) 300,000 2.722% 01/2027 8,279 300,000 Senior Notes (h) 300,000 6.750% 11/2028 20,250 300,000 Senior Notes 400,000 2.700% 09/2030 10,800 400,000 Senior Notes 400,000 2.375% 10/2031 9,500 400,000 Trust Preferred Notes (i) 129,120 7.352% 04/2037 9,625 129,120 1,728,052$ 3.875% 5.8 67,207$ 1,728,052$ Total/Wtd. Avg./Years Remaining (d) (j) 1,788,940$ 3.880% 5.8 74,936$ 1,761,451$ Subtotal/Wtd. Avg./Years Remaining (d) 12/31/2023 Property Industrial Subtotal/Wtd. Avg./Years Remaining (d) Table of Contents 30
MORTGAGES AND NOTES PAYABLE (CONTINUED) ($000) GAAP Balance Deferred Loan Costs, net Discounts Gross Balance Mortgages and notes payable (c) 60,124$ 764$ -$ 60,888$ Term loans payable (e) 296,764 3,236 - 300,000 Senior notes payable(e) 1,286,145 8,298 4,489 1,298,932 Trust preferred securities (e) 127,794 1,326 - 129,120 Consolidated debt 1,770,827$ 13,624$ 4,489$ 1,788,940$ (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) Secured. (d) Total shown may differ from detailed amounts due to rounding. (e) Unsecured. (f) (g) (h) (i) Rate is three month term SOFR plus a 0.26% adjustment plus a spread of 170 bps. (j) See reconciliations of non-GAAP measures in this document. Footnotes 12/31/2023 Rate ranges from Adjusted Daily Simple SOFR or Adjusted Term SOFR plus 0.725% to 1.40%. Availability of $600 million, subject to covenant compliance. Maturity date can be extended to July 2027, subject to certain conditions. Extended $300,000 term loan until January 31, 2027. Rate ranges from Adjusted Term SOFR plus 0.85% to 1.65%. The Adjusted Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% until January 31, 2025. On November 13, 2023, completed an offering of $300,000 Senior Notes at a coupon of 6.75% maturing on November 15, 2028. The net proceeds were used to repay the outstanding balance of $25,000 on the Revolving Credit Facility. The remaining net proceeds were invested to repay the 2024 Senior Notes at or near maturity, fund the remaining development commitments and for general corporate purposes. Table of Contents 31
DEBT MATURITY SCHEDULE ($000) Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2024 5,373$ -$ 198,932$ 2025 5,570 - - 2026 5,773 - - 2027 5,984 - 300,000 2028 2,223 - 300,000 24,923$ -$ 798,932$ Footnotes (1) Percentage denotes weighted-average interest rate. (2) Consolidated Properties 12/31/2023 Rate is fixed at 2.722% via interest rate swaps through 01/2025, then floating at Adjusted Term SOFR plus 100 basis points (current spread) through 01/2027. Table of Contents 32
DEBT COVENANTS (1) CORPORATE LEVEL DEBT MUST BE: 12/31/2023 Maximum Leverage < 60% 34.5% Fixed Charge Coverage > 1.5x 3.1x Recourse Secured Indebtedness Ratio < 10% cap value 0.0% Secured Indebtedness Ratio < 40% 3.4% Unsecured Debt Service Coverage > 2.0x 4.3x Unencumbered Leverage < 60% 36.4% Debt to Total Assets < 60% 35.5% Secured Debt to Total Assets < 40% 1.2% Debt Service Coverage > 1.5x 3.8x Unencumbered Assets to Unsecured Debt > 150% 282.4% Footnotes (1) Bank Loans: Bonds: 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, 2023 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date. These calculations are presented to show LXP's compliance with such covenants only and are not measures of LXP's liquidity or performance. Table of Contents 33
COMPONENTS OF NET ASSET VALUE ($000) Consolidated properties quarterly net operating income (NOI) (1) In service assets not fairly valued by capitalized NOI method (1) Industrial 62,539$ Consolidated assets acquired/placed in service (our share) in the quarter 88,324$ Other 78 Consolidated assets less than 70% leased 14,733$ Total Net Operating Income 62,617$ Other assets: Assets held for sale - consolidated 9,168$ LXP's share of non-consolidated quarterly NOI (1) Investment in a sales-type lease(2) 60,666 NNN OFFICE JV Construction in progress 1,772 Office 656$ Developable land - consolidated(3) 80,342 NNN MFG Cold JV Developable land - non-consolidated(3) 16,452 Industrial 2,039$ Development investment - consolidated(3) 288,807 Cash and cash equivalents 199,247 Short-term investments 130,140 Other quarterly income Restricted cash 216 Advisory fees 1,009$ Accounts receivable 5,327 Other assets 17,794 Total other assets 809,931$ Three months ended Liabilities: NOI for NAV Reconciliation: 12/31/2023 Corporate level debt (face amount) 1,728,052$ NOI as reported 66,582$ Mortgages and notes payable (face amount) 60,888 Adjustments to NOI: Dividends payable 39,610 Disposed of properties (1,489) Liabilities held for sale - consolidated 417 Leases commenced or with free rent period 1,104 Accounts payable, accrued expenses and other liabilities 86,803 Held for sale assets (1,050) Preferred stock, at liquidation value 96,770 Assets acquired/completed in 2023 (1,247) LXP's share of non-consolidated mortgages (face amount) 96,882 Investment in a sales-type lease (1,307) Total deductions 2,109,422$ Assets less than 70% leased / Other 24 NOI for NAV 62,617$ Common shares at 12/31/2023 293,449,088 Footnotes (1) (2) Our share of carrying value excluding allowance for credit loss. (3) At cost incurred. 12/31/2023 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. Three months ended 12/31/2023 NOI for the existing property portfolio at December 31, 2023, includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued by a capitalized NOI method, not in service leased development projects and assets held for sale). Assets undervalued by a capitalized NOI method are identified generally by under 70% leased during the period, assets placed in service and assets acquired in the quarter. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, LXP's net book value has been used. Table of Contents 34
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, non-cash sales-type lease adjustments, impairment charges, debt satisfaction gains (losses), net, non-cash charges, net, straight-line adjustments, change in credit loss revenue, 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 full Cash Base Rent payment is multiplied by 12. Excludes not in service leased development projects. 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, non-cash sales-type lease income 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. Table of Contents 35
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 income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) 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 its quarterly distributions. 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. Table of Contents 36
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, non-cash income related to sales-type leases, 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, stabilized 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. LXP believes that second generation building improvements represent an investment in existing stabilized properties. 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. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, LXP ceases capitalizing costs on the completed portion of the project but continue to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the classification changes from investments in real estate under construction to operating, the project is placed in service and depreciation commences. Table of Contents 37
SELECT CREDIT METRICS DEFINITIONS ($000) Adjusted Company FFO Payout: Twelve months ended December 31, 2023 (Debt + Preferred) / Gross Assets: Twelve months ended December 31, 2023 Common share dividends per share 0.505$ Consolidated debt 1,770,827$ Adjusted Company FFO per diluted share 0.70 Preferred shares liquidation preference 96,770 Adjusted Company FFO payout ratio 72.1% Debt and preferred 1,867,597$ Unencumbered Assets: Total assets 4,192,775$ Real estate, at cost 4,488,862$ Plus depreciation and amortization: Held for sale real estate and intangible assets, at cost 9,018 Real estate 904,709 Investment in a sales-type lease(1) 63,525 Deferred lease costs 10,279 less encumbered real estate, at cost (110,985) Unencumbered assets 4,450,420$ Gross assets 5,107,763$ Unencumbered NOI: (Debt + Preferred) / Gross Assets 36.6% NOI 264,528$ Disposed of properties NOI (14,066) Debt / Gross Assets: Adjusted NOI 250,462 Consolidated debt 1,770,827$ less encumbered adjusted NOI (9,341) Unencumbered adjusted NOI 241,121$ Gross assets 5,107,763$ Unencumbered NOI % 96.3% Debt / Gross assets 34.7% Net Debt / Adjusted EBITDA: Secured Debt / Gross Assets: Adjusted EBITDA 254,136$ Total Secure Debt 60,124$ Consolidated debt 1,770,827$ Gross assets 5,107,763$ less consolidated cash and cash equivalents (199,247) less consolidated short term investments (130,140) Secured Debt / Gross Assets 1.2% Non-consolidated debt, net 94,118 Net debt 1,535,558$ Unsecured Debt / Unencumbered Assets: Consolidated debt 1,770,827$ Net debt / Adjusted EBITDA 6.0x less mortgages and notes payable (60,124) Unsecured Debt 1,710,703$ (Net Debt + Preferred) / Adjusted EBITDA: Adjusted EBITDA 254,136$ Unencumbered assets 4,450,420$ Net debt 1,535,558$ Unsecured Debt / Unencumbered Assets 38.4% Preferred shares liquidation preference 96,770 Net debt + preferred 1,632,328$ (Net Debt + Preferred) / Adjusted EBITDA 6.4x For the 12/31/2023, 12/31/2022 and 12/31/2021 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information. (1) At carrying value excluding allowance for credit loss. Table of Contents 38
APPENDIX - OTHER PORTFOLIO Year Number of Leases Expiring ABR as of 12/31/2023 ($000) Percent of ABR as of 12/31/2023 Percent of ABR as of 12/31/2022 # of Properties 3 2024 2 4,229$ 93.1% 41.9% Square Feet 338,301 2025 - - 0.0% 11.1% % Investment Grade (1) 93.1% 2026 - - 0.0% 0.0% % of ABR(2) 1.7% 2027 - - 0.0% 0.6% % Leased 100.0% 2028 - - 0.0% 0.0% Weighted-Average Age (Years)(3) 20.5 2029 - - 0.0% 0.0% Weighted-Average ABR per SF(4) $12.50 2030 - - 0.0% 0.0% Weighted-Average Lease Term (Years)(5) 2.1 2031 - - 0.0% 9.2% % with Fixed Escalation(6) 100.0% 2032 - - 0.0% 0.0% Average Annual Rent Escalation(6) 1.6% 2033 - - 0.0% 0.0% Thereafter 1 311 6.9% 1.6% Total (7) 3 4,540$ 100.0% Footnotes (1) Percent of ABR. Credit ratings based upon either tenant, guarantor or parent/ultimate parent. (2) Based on ABR for consolidated properties owned. (3) Weighting based on square footage, excluding land parcels. (4) Excludes land assets and all vacant square footage. (5) Weighting based on ABR. (6) Based on ABR. Average Annual Rent Escalation based on next rent step percentages. (7) Total shown may differ from detailed amounts due to rounding. 12/31/2023 Additional Information LEASE ROLLOVER SCHEDULE Table of Contents 39
Investor Information Transfer Agent Computershare Overnight Correspondence: PO Box 43006 150 Royall Street, Suite 101 Providence, RI 02940 Canton, MA 02021 (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 Camille Bonnel (416) 369-2140 Green Street Advisors Vince Tibone (949) 640-8780 JMP Securities Mitch Germain (212) 906-3537 KeyBanc Capital Markets Inc. Todd Thomas (917) 368-2286 Evercore Partners Steve Sakwa (212) 446-9462 Jim Kammert (312) 705-4233 Jefferies & Company, Inc. Jon Petersen (212) 284-1705 J.P. Morgan Chase Anthony Paolone (212) 622-6682 Table of Contents 40
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