Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 111

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 111
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80,601 (1)Excludes noncontrolling interests' share.

(5)Dispositions and Impairment

For the years ended December 31, 2024, 2023 and 2022, the Company disposed of its interests in various properties for an aggregate gross disposition price of $181,050, $100,152 and $196,989, respectively, which resulted in gains on sales of $39,848, $33,010 and $59,094, respectively.  The Company did not have properties classified as held for sale at December 31, 2024 and had two properties classified as held for sale at December 31, 2023. Assets and liabilities of the held for sale properties consisted of the following:December 31, 2023Assets:Real estate, at cost$9,018 Other150     Total assets held for sale$9,168 Liabilities:Accounts payable and other liabilities $5 Deferred revenue53 Prepaid rent359 Total liabilities held for sale$417 The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include prolonged vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. 

There were no impairment charges recorded during 2024. During 2023 and 2022, the Company recognized aggregate impairment charges on real estate properties of $16,490 and $3,037, respectively. During 2023 and 2022, the aggregate impairment charges were recognized on properties that were primarily impaired due to a reduction in the anticipated holding period for those properties. 

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Table of ContentsLXP INDUSTRIAL TRUST AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS($000, except share/unit data)

(6)Fair Value Measurements

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2024 and 2023, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements UsingDescription2024(Level 1)(Level 2)(Level 3)