Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 68

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 68
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 substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease.The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.Supplemental information related to operating leases is as follows:Three Months EndedMarch 31, 2025March 31, 2024Weighted-average remaining lease termOperating leases (years)8.78.5Weighted-average discount rateOperating leases4.2 %4.0 %The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows: Income Statement Classification FixedVariableTotal 2025:Property operating$859 $15 $874 General and administrative(1)475 66 541 Total$1,334 $81 $1,415 2024:Property operating$878 $15 $893 General and administrative381 67 448 Total$1,259 $82 $1,341 (1) For the three months ended March 31, 2025 and 2024, the general and administrative lease expense excludes a reduction of $226 and $42, 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 STATEMENTSMarch 31, 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 $811 and $830 for the three months ended March 31, 2025 and 2024, respectively.The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2025:Operating Leases2025 - remainder$3,907 20264,451 20273,968 20281,356 2029518 2030301 Thereafter