Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 114

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 114
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 properties formerly owned by the Company. During 2024 MFG Cold JV sold one asset and the Company recognized its share of gain on sale of $9 in connection with the disposition of the asset, and, in addition, the Company recognized its share of a gain on debt satisfaction of $555 within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. (2)    Office JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2024 and 2023, Office JV sold three and one assets, respectively, and the Company recognized its share of aggregate gains on sale of $1,382 and $1,010, respectively, within equity in earnings (losses) of non-consolidated entities within its consolidated statements of operations.(3)    Joint venture formed in 2017 with a developer entity to acquire a parcel of land. In the second quarter of 2023, the joint venture commenced development of a 250,020 square foot industrial speculative development project for an estimated cost of $30,200. During 2023, the Company's wholly owned subsidiary purchased the land and building improvements for approximately $15,897 and recorded it in real estate, at cost on its consolidated balance sheets.(4)    Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5)    A joint venture investment that sold its sole asset in January 2023 and the Company recognized its 25% share of the gain on sale of $4,791 within equity in earnings (losses) of non-consolidated entities within its consolidated statements of operations.(6)    The joint venture holds an interest in a parking garage in Baltimore, MD. In June 2024, the Company determined it no longer controlled and ceased to consolidate the operations of Lombard Street Lots, LLC in its consolidated financial statements, as a result of an amendment to the LLC agreement. The Company retained significant influence over Lombard Street Lots, LLC and accounted for its interest under the equity method of accounting. The Company recognized a gain on change in control of a subsidiary as a result of the deconsolidation of $209 and recorded its equity method investment in Lombard Street Lots, LLC at a fair value of $2,311. The total assets and liabilities deconsolidated were $4,608 and $4, respectively.

The Company earns advisory fees from certain of these non-consolid