Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 16

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 16
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 31, 2024. Assets and liabilities of the property held for sale as of March 31, 2025 consisted of the following:March 31, 2025Assets:Real estate, at cost$13,199 Real estate, intangible assets2,353 Accumulated depreciation and amortization(8,171)Deferred expenses, net4 Other665 $8,050 Liabilities:Accounts payable and other liabilities$219 The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include prolonged vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. The Company did not incur any impairment charges on real estate during the three months ended March 31, 2025 and March 31, 2024.

(5)Fair Value Measurements

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall: BalanceFair Value Measurements UsingDescriptionMarch 31, 2025(Level 1)(Level 2)(Level 3)Interest rate swap assets$2,944 $— $2,944 $— BalanceFair Value Measurements UsingDescriptionDecember 31, 2024(Level 1)(Level 2)(Level 3)Interest rate swap assets$6,134 $— $6,134 $— The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2025 and December 31, 2024, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy.

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