Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 75

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 75
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 measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of LXP’s
operating performance or as an alternative to cash flow as a measure of liquidity.

| 74 |

The
calculations of FFO and Adjusted Company FFO available to all equityholders and unitholders – diluted and related reconciliations
are available in our Annual Report.

“Net
operating income (NOI)” is a measure of operating performance used to evaluate the individual performance of an investment. This
measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of LXP's historical
or future financial performance, financial position or cash flows. LXP defines NOI as operating revenues (rental income (less GAAP rent
adjustments, non-cash income and purchase option income related to sales-type leases, and lease termination income, net) and other property
income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, LXP's NOI
may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation
and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions,
it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning
and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing
a perspective on operations not immediately apparent from net income. LXP believes that net income is the most directly comparable GAAP
measure to NOI.

“Same-store
NOI” represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired, expanded and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, LXP's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of LXP's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of LXP's financial performance since it does not reflect the operations of LXP's entire portfolio, nor does it reflect the impact of general and administrative expenses