Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 1

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1
Chunk 1
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 lower Midwest where we believe there are advantages to building a geographic concentration.

We target markets that we believe have strong growth prospects for us to build a concentration of assets. Strong growth prospects are generally determined by:

•Expanding transportation and logistics networks;

•Markets attracting reshoring and advanced manufacturing investment;

•Distances to major population centers;

•Population growth;

•Employment growth;

•Physical and regulatory constraints;

•Labor cost and availability;

•Utility costs;

•Land cost and availability; and

•Re-tenanting opportunities and costs.

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(Percentage of ABR as of December 31, 2024)

We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets.  

We may opportunistically dispose of select properties outside of our target markets as opportunities and the need for liquidity arise.

Building Type. We target general purpose warehouse and distribution facilities that are versatile, easily leased to alternative users and have other attractive features, including some or all of the following features:

•Clear heights generally ranging from 28 feet for smaller buildings to 40 feet for larger buildings;

•Wide column spacing and speed bays;

•Efficient loading dock ratios;

•Deep truck courts;

•Cross docking for larger facilities; and

•Ample trailer and employee parking.

The average age of our warehouse/distribution facilities as of December 31, 2024, was approximately 9.3 years.

Tenants. We believe we have a diversified tenant base and are not dependent upon any one tenant. While we invest primarily in single-tenant facilities, we believe our target market approach and tenant credit strength mitigates somewhat against binary risk in occupancy. As of December 31, 2024, our largest tenant represented 6.7% of our ABR and 46.9% of our ABR was from tenants with investment grade credit ratings (either tenant, guarantor or parent/ultimate parent). See “Item 2—Properties—Tenant Diversification.”

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Institutional Fund Management. We also provide advisory services and co-invest with institutional investors in non-consolidated entities. One of these institutional joint ventures, NNN Office JV L.P. (“Office JV”), in which we have a 20% interest, was formed in 2018 upon our disposition of a portfolio of office assets and has five office properties as of December 31, 2024. Another one