Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 45

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 2
Chunk 45
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Table of Contents

Item 2. Properties

Real Estate Portfolio

General. As of December 31, 2024, we had ownership interests in approximately 119 consolidated real estate properties containing approximately 57.8 million square feet of rentable space, which were approximately 93.6% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary. 

Ground Leases. Certain of the properties in which we have an interest are subject to long-term ground leases where either the tenant of the building on the property or a third party owns and leases the underlying land to the property owner subsidiary. Certain of these properties are economically owned through the holding of industrial revenue bonds primarily for real estate tax abatement purposes and as such, neither ground lease payments nor bond interest payments are made or received, respectively. For certain of the properties held under a ground lease, the ground lessee has a purchase option. At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner. 

Office Leases. We lease our headquarters office space in West Palm Beach, Florida and our satellite offices in Dallas, Texas and New York, New York.

Property-Level Leverage. As of December 31, 2024, we had outstanding consolidated mortgages and notes payable of approximately $55.5 million with a weighted-average interest rate of approximately 4.1% and a weighted-average maturity of 5.6 years.

Property Charts. The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2024.

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LXP CONSOLIDATED PORTFOLIOPROPERTY CHARTWAREHOUSE/DISTRIBUTIONAs of December 31, 2024Property LocationCityStateNet Rentable Square FeetPrimary Tenant Current Lease Term ExpirationPercent Leased3405 S. McQueen Rd.ChandlerAZ201,784 3/31/2033100 %4445 N. 169th Ave. GoodyearAZ160,140 12/31/2025100 %16811 W. Commerce Dr.GoodyearAZ540,349 4/30/2026100 %255 143rd Ave.GoodyearAZ801,424 9/30/2030100 %3815 N