Company: LXP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000910108-25-000020
Chunk: 69

Company: LXP Industrial Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 69
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5,095 Total lease payments$19,596 Less: Imputed interest(3,736)Present value of lease liabilities$15,860 

(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 three months ended March 31, 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. The Company believes it mitigates this risk by investing in or through major financial institutions.

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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)

(11)Equity

Shareholders' Equity:During the three months ended March 31, 2025 and 2024, the Company granted common shares to certain employees as follows: Three Months Ended March 31,20252024Performance Shares (1)Shares granted: Index - 1Q643,450 489,182 Peer 1Q643,445 489,177 Grant date fair value per share: (2)Index - 1Q$4.95 $6.01 Peer - 1Q$4.71 $5.68 Non-Vested Common Shares: (3)Shares issued561,230 442,100 Grand date fair value$4,495 $4,249 (1)    The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2025, no performance shares of the 565,435 issued in 2022 vested. (2)    The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model. (3)    The shares vest ratably over a three-year service period, however, in certain situations vesting is