Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 75

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 75
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 of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.

The following presents our consolidated same-store NOI, for the years ended December 31, 2024 and 2023 ($000):

Years Ended December 31,20242023Total cash base rent$241,791 $230,527 Tenant reimbursements51,178 49,351 Property operating expenses(53,436)(51,755)Same-store NOI$239,533 $228,123 

Our same-store NOI increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 by 5% primarily due to an increase in cash base rents. As of December 31, 2024 and 2023, our historical same-store square footage leased was 99.7% and 100.0%, respectively.

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Below is a reconciliation of net income to same-store NOI for periods presented ($000's):

Years ended December 31,20242023Net income$42,835 $35,923 Interest and amortization expense66,477 46,389 Provision (benefit) for income taxes(127)703 Depreciation and amortization192,863 183,524 General and administrative40,045 36,334 Transaction costs498 4 Non-operating/advisory fee income(11,812)(7,819)Gains on sales of properties(39,848)(33,010)Impairment charges— 16,490 Sales-type lease income attributable to the exercise of a purchase option(14,991)— Gain on change in control of a subsidiary(209)— Debt satisfaction losses, net— 132 Equity in (earnings) losses of non-consolidated entities3,179 (1,366)Straight-line adjustments(7,272)(9,688)Lease incentives1,330 439 Amortization of above/below market leases(2,654)(1,796)Sales-type lease adjustments(2,364)(