Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 130

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 130
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 of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $485, $499 and $480 of contributions are applicable to 2024, 2023 and 2022, respectively.During 2024, 2023 and 2022, the Company recognized $9,536, $8,210 and $6,636, respectively, in expense relating to scheduled vesting of common share grants.

(17)    Related Party Transactions

There were no related party transactions other than those disclosed elsewhere in the consolidated financial statements.

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

(18)     Income Taxes

The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company.Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities.The Company's provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is summarized as follows:202420232022Current:Federal$— $— $— State and local50 (774)(1,120)Deferred federal77 71 18 Total $127 $(703)$(1,102)Net deferred tax asset of $166 and $89 are included in Other assets on the accompanying consolidated balance sheets at December 31, 2024 and 2023, respectively. This net deferred tax asset relates primarily to a net operating loss carryforward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:202420232022Federal provision at statutory tax rate (21%)$77 $71 $18 State and local taxes, net of federal benefit— — — Other50 (774)(1,120)