Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 117

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 117
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 purchase options were not reasonably certain to be exercised at the commencement date of each lease, resulting in modifications of the operating leases. As a result of these modifications to the leases, the Company re-evaluated the lease classifications and classified both leases as sales-type leases. The Company recognized an aggregate of $10,184 in selling profit from sales-type leases in its consolidated statements of operations related to these transactions for the year ended December 31, 2022. 

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

Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2024, 2023 and 2022: Years Ended December 31,Classification 202420232022Fixed $280,433 $275,186 $267,644 Sales-type lease income 22,027 7,427 1,936 Variable(1)51,893 51,607 44,412 Total $354,353 $334,220 $313,992 (1)    Primarily comprised of tenant reimbursements.Future fixed rental receipts for operating leases, assuming no new or re-negotiated leases as of December 31, 2024 were as follows:Year ending December 31, Operating 2025$282,180 2026271,036 2027236,526 2028199,846 2029172,801 Thereafter532,790 Total$1,695,179 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably certain.Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price.LesseeThe Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2024. The leases have remaining lease terms of up to 32 years. Renewal periods are included in the