Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 125

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 125
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 diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2024, 2023 and 2022, no single tenant represented greater than 10% of rental revenues.Cash and cash equivalent balances and certain short-term investments at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions.

(14)Equity

Shareholders' Equity:At-The-Market Offering Program. The Company maintains an At-The-Market offering program (“ATM program”) under which the Company can issue common shares, including through forward sales contracts.The Company may, from time to time, sell up to $350,000 of common shares over the term of the ATM program. During the years ended December 31, 2024 and 2023, the Company did not sell shares under the ATM program. During 2022, the Company issued 3,649,023 common shares, which were previously sold on a forward basis in the first quarter of 2021, on the maturity date of the forward sales contracts and received $38,492 of net proceeds.Underwritten Equity Offerings. During 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering. The forward sale contracts were settled in December 2022, and the Company received $183,419 of net proceeds. The Company did not issue common shares as part of an underwritten offering in 2024 and 2023.Stock Based Compensation. During the years ended December 31, 2024, 2023 and 2022, the Company issued 1,669,211, 1,284,704 and 930,602 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria. 

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

Share Repurchase Program. In August 2022, the Company's