Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 73

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 73
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 financial statements and schedule, but without exhibits.
You may also obtain our Annual Report to Shareholders, which includes our Annual Report on Form 10-K, at www.envisionreports.com/LXP.

What is “householding”?

“Householding”
allows companies to deliver only one copy of notices and other proxy materials to multiple shareholders who share the same address (if
they appear to be members of the same family) unless the company has received contrary instructions from an affected shareholder. We do
not offer “householding” for shareholders of record. Please contact your broker if you are not a shareholder of record to
find out if your broker offers “householding.”

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<div align='center'>Appendix A

Certain Definitions</div>

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

Adjusted
EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest expense, taxes, depreciation and amortization) modified to include
other adjustments to GAAP net income for gains on sales of properties or changes in control, non-cash and purchase option impact of sales-type
leases, impairment charges, debt satisfaction gains (losses), net, non-cash charges, net, straight-line adjustments, change in credit
loss revenue, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. LXP’s calculation of Adjusted
EBITDA may not be comparable to similarly titled measures used by other companies. LXP believes that net income is the most directly comparable
GAAP measure to Adjusted EBITDA.

“Base
Rent” is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements and lease termination income
and to include ancillary income. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. LXP believes Base
Rent provides a meaningful measure due to the net lease structure of leases in the portfolio.

“Cash
Base Rent” is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental
income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes
billed tenant reimbursements, noncash sales-type lease income and lease termination income, and includes ancillary income. LXP believes
Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs.

“Funds
from Operations (FFO)” and “Adjusted Company FFO”. We believe