Company: LXP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000910108-25-000041
Chunk: 91

Company: LXP Industrial Trust
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 91
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 30, 2024Weighted-average remaining lease termOperating leases (years)9.08.6Weighted-average discount rateOperating leases4.2 %4.1 %The components of lease expense for the six months ended June 30, 2025 and 2024 were as follows: Income Statement Classification FixedVariableTotal 2025:Property operating$1,718 $15 $1,733 General and administrative(1)954 169 1,123 Total$2,672 $184 $2,856 2024:Property operating$1,756 $15 $1,771 General and administrative788 124 912 Total$2,544 $139 $2,683 (1) For the six months ended June 30, 2025 and 2024, the general and administrative lease expense excludes a reduction of $451 and $267, respectively, to lease expense for the sublease of the Company's office space in New York, New York.

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Table of ContentsLXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 and 2024(Unaudited and dollars in thousands, except share/unit and per share/unit data)

The Company recognized sublease income related to its ground leases in rental revenue of $1,622 and $1,660 for the six months ended June 30, 2025 and 2024, respectively.The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2025:Operating Leases2025 - remainder$2,616 20264,451 20273,968 20281,356 2029518 2030301 Thereafter5,095 Total lease payments$18,305 Less: Imputed interest(3,575)Present value of lease liabilities$14,730 

(10)Concentration of Risk

The Company seeks to reduce its operating and leasing risks through the geographic 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 six months ended June 30, 2025 and 2024, no single tenant represented greater than 10% of rental revenues.Cash and cash equivalent balances at certain institutions may exceed insurable amounts.