Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 119

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 119
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 administrative1,521 280 1,801 Total$5,060 $287 $5,347 2022:Property operating $3,543 $— $3,543 General and administrative1,520 122 1,642 Total$5,063 $122 $5,185 (1)  The general and administrative lease expense excludes a reduction of $718 to lease expense for the sublease of the Company's office space in New York, New York.The Company recognized sublease income related to its ground leases in rental revenue of $3,295 in 2024 and $3,320 in each of the years ended December 31, 2023 and 2022.

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

The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2024:Year ending December 31,Operating Leases2025$5,424 20264,451 20273,968 20281,356 2029508 Thereafter5,288 Total lease payments20,995 Less: Imputed interest(3,881)Present value of lease liabilities$17,114 

(9)          Allowance for Credit Loss

During 2024, 2023 and 2022, the Company recognized $(61), $(32) and $93, respectively, of credit loss allowance or recovery related to its investment in a sales-type lease. As of December 31, 2024, the Company's investment in a sales-type lease was fully repaid and the related credit allowance was recovered.The following tables detail the allowance for credit loss as of December 31, 2023:As of December 31, 2023Amortized costAllowanceNet Investment Allowance as a % of Amortized CostInvestment in a sales-type lease$63,525 $(61)$63,464 0.10 %For the Twelve Months Ended December 31, 2023Balance at Beginning of PeriodWrite-Offs General AllowanceBalance at End of PeriodAllowance for credit loss$93 $— $(32)$61 

(10)        Mortgages and Notes Payable

The Company had the following mortgages and notes payable outstanding as of December 31, 2024