Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 124

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 124
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 of InstrumentsEffective DateMaturity DateNotional ValueFair Value of Asset/(Liability)December 31, 2024December 31, 2023Term Loan Interest Rate Swap47/1/20221/31/2025$300,000 $678 $9,471 Term Loan Forward Interest Rate Swap51/31/20251/31/2027250,000 3,762 — Trust Preferred Securities Interest Rate Swap210/30/202410/30/202782,500 1,694 — $632,500 $6,134 $9,471 During the next 12 months, the Company estimates that an additional $3,366 will be reclassified as a decrease in interest expense if the swaps remain outstanding.

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Table of ContentsLXP INDUSTRIAL TRUST AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS($000, except share/unit data)

The table below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for 2024 and 2023:Derivatives in Cash FlowAmount of Gain Recognizedin OCI on DerivativeDecember 31,Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1)December 31,Hedging Relationships2024202320242023Interest Rate Swap$7,651 $3,496 $(10,989)$(10,343)The Company's share of non-consolidated entity's interest rate cap 151 158 (160)(1,517)Total $7,802 $3,654 $(11,149)$(11,860)(1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the consolidated statements of operations.Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded was $66,477 and $46,389 for 2024 and 2023, respectively.

The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of December 31, 2024, the Company had not posted any collateral related to the agreements. 

(13)Concentration of Risk

The Company seeks to reduce its operating and leasing risks through the geographic