Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 81

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 81
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 same-store NOI for periods presented ($000's):

Three Months Ended March 31,20252024Net income$18,162 $(555)Interest and amortization expense16,280 16,984 Provision for income taxes215 125 Depreciation and amortization50,512 47,509 General and administrative10,390 9,493 Non-operating/fee income(1,490)(4,813)Gain on sale of real estate(24,635)— Loss on debt satisfaction350 — Equity in losses of non-consolidated entities980 1,281 Straight-line adjustments(959)(2,702)Lease incentives446 138 Amortization of above/below market leases(1,115)(449)Sales-types lease adjustments— (597)NOI$69,136 $66,414 Less NOI:Acquisitions, expansions, developments, redevelopments and dispositions(5,550)(5,998)Same-Store NOI$63,586 $60,416 

29

Funds From Operations

We believe that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. We believe FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity