LXP Industrial Trust

Real Estate Portfolio

General. As of December 31, 2023, we had ownership interests in approximately 115 consolidated real estate properties containing approximately 54.6 million square feet of rentable space, which were approximately 99.8% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary.

Ground Leases. Certain of the properties in which we have an interest are subject to long-term ground leases where either the tenant of the building on the property or a third party owns and leases the underlying land to the property owner subsidiary. Certain of these properties are economically owned through the holding of industrial revenue bonds primarily for real estate tax abatement purposes and as such, neither ground lease payments nor bond interest payments are made or received, respectively. For certain of the properties held under a ground lease, the ground lessee has a purchase option. At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner.

Office Leases. We lease our headquarters office space in New York, New York and our satellite offices in Dallas, Texas and West Palm Beach, Florida.

Property-Level Leverage. As of December 31, 2023, we had outstanding consolidated mortgages and notes payable of approximately $60.9 million with a weighted-average interest rate of approximately 4.0% and a weighted-average maturity of 6.4 years.

Property Charts. The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2023.

(1) Includes industrial development leased land.

(2) During 2023, a portion of a 138,673 square foot warehouse/distribution facility reached substantial completion and was placed into service upon the tenant taking occupancy. The remaining 80,983 square feet of the facility remains in real estate under construction until the property is stabilized.

As of December 31, 2023, annualized cash base rent for the warehouse/distribution portfolio, excluding assets primarily consisting of land leases was $4.66 per square foot. The weighted-average remaining lease term was 6.0 years.

As of December 31, 2023, annualized cash base rent for the other portfolio was $12.50 per square foot, excluding Baltimore, Maryland. The weighted-average remaining lease term was 2.1 years.

As of December 31, 2023, annualized cash base rent for the consolidated portfolio was $4.71 per square foot, excluding assets primarily consisting of land leases. The weighted-average remaining lease term was 6.0 years.

In addition, we have two non-consolidated joint ventures with a developer, which own developable parcels of land in Etna, Ohio.

As of December 31, 2023, the annualized cash base rent for the non-consolidated portfolio was $7.58 per square foot and the weighted-average remaining lease term was 6.8 years.

Development Projects

The following is a summary of our warehouse/distribution ongoing development projects as of December 31, 2023:

Ongoing Development Projects

Land Held for Industrial Development

(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)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 and placed in service.

(6)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.

(7)During the fourth quarter of 2023, a perpetual utility easement was granted in exchange for $6.2 million.

Tenant Diversification

We believe our tenant mix is well diversified. Below are the industries in our warehouse/distribution portfolio based on 2023 ABR for consolidated properties owned as of December 31, 2023:

Lease Term. As a primarily single-tenant investor, we generally maintain a weighted-average lease term that is longer than most industrial REITs, favoring certainty of cash flow over lease-rollover risk inherent in single-tenant properties. However, we will invest in shorter-term leases if we are optimistic about the location in a releasing context. As of December 31, 2023, the weighted-average lease term in our industrial portfolio was 6.0 years.

The following table sets forth information about the 15 largest tenants/guarantors in our portfolio as of December 31, 2023 based on total annualized base rental revenue as of December 31, 2023 ($000s, except square feet).

(1)Tenant, guarantor or parent.

(2)Total shown may differ from detail 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.

In 2023, 2022 and 2021, no tenant/guarantor represented greater than 10% of our annual base rental revenue.

The following chart sets forth certain information regarding lease expirations for the next ten years in our consolidated portfolio at December 31, 2023:

The following chart sets forth ABR ($000's) based on the credit rating of our consolidated tenants at December 31, 2023(1):

(1) Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. Generally, all multi-tenant assets are included in unrated. See Item 1A “Risk Factors”.