# EDGAR Filing Document

**Accession Number:** 0000910108
**File Stem:** 0001539497-23-000320
**Filing Date:** 2023-2
**Character Count:** 151951
**Document Hash:** 45735a32da7dd99cc264ddd7ae48ee15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-23-000320.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001539497-23-000320

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LXP Industrial Trust
- **CENTRAL INDEX KEY:** 0000910108
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 133717318
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12386
- **FILM NUMBER:** 23640501

**BUSINESS ADDRESS:**
- **STREET 1:** ONE PENN PLAZA
- **STREET 2:** SUITE 4015
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119
- **BUSINESS PHONE:** (212) 692-7200

**MAIL ADDRESS:**
- **STREET 1:** ONE PENN PLAZA
- **STREET 2:** SUITE 4015
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEXINGTON REALTY TRUST
- **DATE OF NAME CHANGE:** 20070104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEXINGTON CORPORATE PROPERTIES TRUST
- **DATE OF NAME CHANGE:** 19980625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEXINGTON CORPORATE PROPERTIES INC
- **DATE OF NAME CHANGE:** 19930816

?xml version="1.0" encoding="utf-8"?

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **February 16, 2023**

---

| |
|:---|
| &nbsp;&nbsp;**<u>LXP INDUSTRIAL TRUST</u>** |
| &nbsp;&nbsp;(Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| <u>**<u>Maryland</u>**</u> | <u>**<u>1-12386</u>**</u> | <u>**<u>13-3717318</u>**</u> |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| <u>**<u>One Penn Plaza, Suite 4015, New York, New York</u>**</u> | <u>**<u>10119-4015</u>**</u> |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(212)</u> 692-7200**

(Registrant's telephone number, including area code)

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading <br> Symbol(s) | Name of each exchange on which registered |
| Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock | LXP | New York Stock Exchange |
| 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share | LXPPRC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 16, 2023, LXP Industrial Trust, or the Trust, issued a press release announcing its financial results for the quarter ended December 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished pursuant to this "Item 2.02 - Results of Operations and Financial Condition", including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Trust under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

On February 16, 2023, the Trust made available supplemental information, which we refer to as the "Quarterly Supplemental Information, Fourth Quarter 2022," a copy of which is furnished herewith as Exhibit 99.2.

On February 16, 2023, the Trust's management discussed the Trust's financial results and certain aspects of the Trust's business plan on a conference call with analysts and investors. Instructions to access a replay of the conference call are as follows:

**Replay Conference Call:** (800) 770-2030 or (647) 362-9199

**Replay Conference ID:** 1576583

**Webcast:** https://events.q4inc.com/attendee/544557045 or visit

https://ir.lxp.com/events-and-presentations/events/default.aspx to access webcast link

A telephone replay of the call will be available through May 17, 2023 and via webcast for one. This replay information replaces the replay information in Exhibit 99.1.

The information furnished pursuant to this "Item 7.01 - Regulation FD Disclosure", including Exhibit 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Trust under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on the Trust's web site is not incorporated by reference into this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| [99.1](n3045_x18exh99-1.htm) | [Press Release dated February 16, 2023](n3045_x18exh99-1.htm) |
| [99.2](n3045_x18exh99-2.htm) | [Quarterly Supplemental Information, Fourth Quarter 2022](n3045_x18exh99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | LXP Industrial Trust | LXP Industrial Trust |
| Date: February 17, 2023 | By: | /s/ Beth Boulerice |
|  |  | Beth Boulerice |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**LXP INDUSTRIAL TRUST**<br> **TRADED: NYSE: LXP**<br> **One Penn Plaza, Suite 4015**<br> N**ew** **York, NY 10119-4015**<br>

FOR IMMEDIATE RELEASE

**LXP INDUSTRIAL TRUST REPORTS FOURTH QUARTER 2022 RESULTS**

**New York - February 16, 2023** - LXP Industrial Trust ("LXP") (NYSE:LXP), a real estate investment trust focused on single-tenant warehouse/distribution real estate investments, today announced results for the fourth quarter and year ended December 31, 2022.

***Fourth Quarter 2022 Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;• **Recorded Net Income attributable to common shareholders of $36.9 million, or $0.13 per diluted common share.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted ("Adjusted Company FFO") of $47.9 million, or $0.17 per diluted common share.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Industrial Same-Store NOI increased 6.7% quarter to date 2022 compared to 2021.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Completed construction of a warehouse/distribution facility containing 0.8 million square feet in the Greenville-Spartanburg, South Carolina market.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Invested an aggregate of $67.6 million in development activities, including $53.3 million in six ongoing development projects.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Disposed of four properties for an aggregate gross sales price of $49.6 million.** 

 ****

***Full Year 2022 Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;• **Recorded Net Income attributable to common shareholders of $107.3 million, or $0.38 per diluted common share.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Generated Adjusted Company FFO of $193.1 million, or $0.67 per diluted common share.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Completed 4.1 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 30.7% and 25.6%, respectively.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Industrial Same-Store NOI increased 5.3% in 2022 compared to 2021.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Acquired three warehouse/distribution facilities for an aggregate cost of $131.2 million.** 

Page 2 of 13

&nbsp;&nbsp;&nbsp;&nbsp;• **Completed construction of two warehouse/distribution facilities containing 1.1 million and 0.8 million square feet in the Columbus, Ohio and Greenville-Spartanburg, South Carolina markets, respectively.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Invested an aggregate of $298.2 million in development activities, including $204.4 million in six ongoing development projects and 60 acres of developable land.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Amended unsecured credit facility extending the maturity of the revolving credit portion to July 2026.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leased approximately 100 acres of industrial development land in the Phoenix, Arizona market for 20 years.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Repurchased and retired 12.1 million common shares at an average price of $10.78 per share.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Disposed of 10 properties and one land parcel for an aggregate gross sales price of $197.0 million.** 

T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented "Our strong operating performance in the fourth quarter was driven by notable accomplishments in leasing, dispositions and leverage reduction. Additionally, we delivered 6.7% Same-Store NOI growth in the fourth quarter, demonstrating the value of our industrial portfolio, which has modern specs, average age of 8.8 years, attractive locational attributes and a diversified and strong credit tenant base. We expect 2023 Adjusted Company FFO to be in the range of $0.66 to $0.70 per diluted common share and Same-Store NOI growth of approximately 4-5%, reflecting the strong demand we are seeing for our high-quality assets and our progress optimizing our portfolio."

**FINANCIAL RESULTS**

**Revenues**

For the quarter ended December 31, 2022, total gross revenues were $81.1 million, compared with total gross revenues of $86.5 million for the quarter ended December 31, 2021. The decrease is primarily attributable to property sales, including the recapitalization of our special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture, which was partially offset by acquisitions.

**Net Income Attributable to Common Shareholders**

For the quarter ended December 31, 2022, net income attributable to common shareholders was $36.9 million, or $0.13 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2021 of $260.5 million, or $0.90 per diluted share.

**Adjusted Company FFO**

For the quarter ended December 31, 2022, LXP generated Adjusted Company FFO of $47.9 million, or $0.17 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2021 of $53.8 million, or $0.18 per diluted share.

Page 3 of 13

**Dividends/Distributions**

As previously announced, during the fourth quarter of 2022, LXP declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2022 of $0.125 per common share/unit, which was paid on January 17, 2023 to common shareholders/unitholders of record as of December 30, 2022. LXP previously declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended December 31, 2022, which was paid February 15, 2023 to Series C Preferred shareholders of record as of January 31, 2023.

Page 4 of 13

**TRANSACTION ACTIVITY**

**PROPERTY DISPOSITIONS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Property Type** | **Gross Disposition** <br> **Price**<br> **($000)** | **Annualized Net Income<sup>(1)</sup> ($000)** | **Annualized** <br> **NOI<sup>(1)</sup>**<br> **($000)** | **Month of Disposition** | **% Leased** |
| Kalamazoo, MI | Other | $1175 | $(968) | $(948) | &nbsp;&nbsp;&nbsp;October | 35% |
| Henderson, NC <sup>(2)</sup> | Industrial | 6841 | 279 | 497 | December | 100% |
| Phoenix, AZ | Other | 5250 | 507 | 629 | December | 56% |
| Romulus, MI | Industrial | 36378 | 594 | 2484 | December | 100% |
|  |  | $49644 | $412 | $2662 |  |  |

---

1. Generally, quarterly
 period prior to sale, annualized.

2. Tenant exercised fixed-rate purchase
 option in the lease.

The above properties were sold at aggregate weighted-average GAAP and Cash capitalization rates of 5.4%, respectively. As of December 31, 2022, total consolidated 2022 property disposition volume was $197.0 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.6%, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STABILIZED DEVELOPMENT** | **STABILIZED DEVELOPMENT** | **STABILIZED DEVELOPMENT** | **STABILIZED DEVELOPMENT** | **STABILIZED DEVELOPMENT** | |
| **Property Type** | **Market** | **Sq. Ft.** | **Initial Cost Basis** <br> **($000)** | **Approximate Lease Term (Yrs)** | <br>**% Leased at Completion** |
| Warehouse/distribution<sup>(1)</sup> | Greenville-Spartanburg, SC | 797936 | $64067 | 12.3 | 100% |

---

1. Substantially
 completed and placed into service development project. LXP owns 90%. Initial cost basis excludes
 $3.0 million of lease commissions and certain remaining costs, including developer partner
 promote, if any. LXP funded an aggregate of $60.1 million as of December 31, 2022 for this
 project, of which, $12.8 million was funded in the fourth quarter of 2022.

**ONGOING DEVELOPMENT PROJECTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project (% owned)** | **# of Buildings** | **Market** | **Estimated**<br> **Sq. Ft.** | **Estimated Project** <br> **Cost<sup>(1)</sup>**<br> **($000)** | **GAAP Investment Balance** <br> **as of**<br> **12/31/22** <br> **($000)** | **LXP Amount Funded**<br> **as of**<br> **12/31/22** <br> **($000)<sup>(2)</sup>** | **Actual/Estimated Building Completion Date** | **% Leased as of 12/31/22** |
| Consolidated: |  |  |  |  |  |  |  |  |
| The Cubes at Etna East (95%)<sup>(3)</sup> | 1 | Columbus, OH | 1074840 | $72850 | $61171 | $58455 | 3Q 2022 | — % |
| Ocala (80%) | 1 | Central Florida | 1085280 | 83100 | 73737 | 63388 | 1Q 2023 | — % |
| Mt. Comfort (80%) | 1 | Indianapolis, IN | 1053360 | 65500 | 59379 | 49848 | 1Q 2023 | — % |
| South Shore (100%) | 2 | Central Florida | 270885 | 40500 | 25782 | 13553 | 2Q 2023 | — % |
| Cotton 303 (93%)<sup>(4)</sup> | 2 | Phoenix, AZ | 880678 | 84200 | 64682 | 56570 | 1Q 2023 - 2Q 2023 | 45% |
| Smith Farms (90%)<sup>(5)</sup> | 2 | Greenville-Spartanburg, SC | 1396884 | 101550 | 77173 | 67780 | 1Q 2023 - 2Q 2023 | — % |
|  |  |  |  | $447700 | $361924 | $309594 |  |  |

---

1. Estimated project
 cost includes estimated tenant improvements and leasing costs and excludes potential developer
 partner promote, if any.

2. Excludes noncontrolling
 interests' share.

3. Base building
 achieved substantial completion. Property is not in service as of December 31, 2022.

4. Pre-leased 392,278
 square foot facility subject to a 10-year lease commencing upon substantial completion of
 the facility and notice to the tenant.

5. In December
 2022, substantially completed and placed into service a 797,936 square foot facility subject
 to a 12-year lease that commenced upon substantial completion of the facility. Remaining
 two projects ongoing.

Page 5 of 13

**LAND HELD FOR INDUSTRIAL DEVELOPMENT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Project (% owned)** | **Market** | **Approx. Developable Acres** | **GAAP Investment Balance** <br> **as of**<br> **12/31/22** <br> **($000)** | **LXP Amount Funded**<br> **as of**<br> **12/31/22** <br> **($000)<sup>(1)</sup>** |
| Consolidated: |  |  |  |  |
| Reems & Olive (95.5%)<sup>(2)</sup> | Phoenix, AZ | 320 | $77379 | $73957 |
| Mt. Comfort Phase II (80%) | Indianapolis, IN | 116 | 5301 | 4213 |
| ATL Fairburn (100%) | Atlanta, GA | 14 | 1732 | 1736 |
|  |  | 450 | $84412 | $79906 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Project (% owned)** | **Market** | **Approx. Developable Acres** | **GAAP Investment Balance** <br> **as of**<br> **12/31/22** <br> **($000)** | **LXP Amount Funded**<br> **as of**<br> **12/31/22** <br> **($000)<sup>(1)</sup>** |
| Non-consolidated: |  |  |  |  |
| ETNA Park 70 (90%) | Columbus, OH | 66 | $12975 | $13599 |
| ETNA Park 70 East (90%) | Columbus, OH | 21 | 2126 | 2363 |
|  |  | 87 | $15101 | $15962 |

---

1. Excludes noncontrolling
 interests' share.

2. Ground leased
 approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix,
 AZ market.

**LEASING**

During the fourth quarter of 2022, LXP executed the following new leases and extensions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEW LEASES - FIRST GENERATION<sup>(1)</sup>** | **NEW LEASES - FIRST GENERATION<sup>(1)</sup>** | | |
|  | **Location** | **Location** | <br>**Lease Expiration Date** |<br>**Sq. Ft.** |
|  | **Industrial** | **Industrial** |  | |
| 1 | Greer | SC | 12/2027 | 81058 |
| **1** | **TOTAL NEW LEASES - FIRST GENERATION** | **TOTAL NEW LEASES - FIRST GENERATION** |  | **81058** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LEASE EXTENSIONS - SECOND GENERATION** | **LEASE EXTENSIONS - SECOND GENERATION** | **LEASE EXTENSIONS - SECOND GENERATION** | | |
| | **Location** | **Location** | **Prior** <br> **Term** | <br>**Lease** <br> **Expiration Date** |<br>**Sq. Ft.** |
|  | **Industrial** | **Industrial** |  |  | |
| 1 | Dallas | TX | 08/2023 | 09/2026 | 510400 |
| **1** | **TOTAL LEASE EXTENSIONS - SECOND GENERATION** | **TOTAL LEASE EXTENSIONS - SECOND GENERATION** |  |  | **510400** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INDUSTRIAL DEVELOPMENT LEASED LAND**<br>**Location** | <br>**Lease** <br> **Expiration Date** |<br>**Approx. Acres** |
| 1 Glendale<sup>(2)</sup> | AZ | 11/2042 | 100 |
| **1** | **TOTAL INDUSTRIAL DEVELOPMENT LEASED LAND** |  | **100** |

---

1. No prior leases,
 acquisition vacancy.

2. Leased approximately
 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market,
 subject to a 20-year ground lease (with three, 10-year extension options) commenced in November
 2022. The initial annual rental payments are $5.2 million and escalate by 4% annually.

Page 6 of 13

As of December 31, 2022, LXP's stabilized industrial portfolio was 99.5% leased. A total of 4.0 million square feet of new and extended industrial leases were entered into in 2022, with Base and Cash Base Rents increasing by 30.7% and 25.6%, respectively.

**BALANCE SHEET/CAPITAL MARKETS**

During the fourth quarter of 2022, LXP repurchased and retired 0.4 million common shares for an average price of $9.10 per share, which brought total 2022 repurchases to 12.1 million common shares for an average price of $10.78 per share.

In the fourth quarter of 2022, LXP issued 16.0 million common shares previously sold on a forward basis as part of an underwritten offering for net proceeds of $183.4 million. Thus, LXP issued 3.9 million common shares, net of repurchases in 2022, at $13.53 per common share in this transaction.

As of December 31, 2022, LXP ended the quarter with net debt to Adjusted EBITDA at 6.4x. LXP's total consolidated debt was $1.5 billion at quarter end with 91.4% at fixed rates. The total consolidated debt had a weighted-average term to maturity of 6.5 years and a weighted-average interest rate of 3.2% as of December 31, 2022.

**2023 EARNINGS GUIDANCE**

LXP estimates that its net income attributable to common shareholders for the year ended December 31, 2023 will be within an expected range of $0.35 to $0.39 per diluted common share. LXP estimates its Adjusted Company FFO for the year ended December 31, 2023, will be within an expected range of $0.66 to $0.70 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

**FOURTH QUARTER 2022 CONFERENCE CALL**

LXP will host a conference call today February 16, 2023, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2022. Interested parties may participate in this conference call by dialing 1-888-660-6144 (U.S.) or 1-929-203-0865 (All other locations). Access code is 5974526. A replay of the call will be available through May 17, 2023, at 1-800-770-2030 (U.S.) or 1-647-362-9199 (All other locations); pin code for all replay numbers is 5974526. A link to a live webcast of the conference call is available at <u>www.lxp.com</u> within the Investors section.

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. LXP seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions. For more information, including LXP's Quarterly Supplemental Information package, or to follow LXP on social media, visit <u>www.lxp.com</u>.

Page 7 of 13

Contact:

Investor or Media Inquiries for LXP Industrial Trust:

Heather Gentry, Senior Vice President of Investor Relations

LXP Industrial Trust

Phone: (212) 692-7200 E-mail: hgentry@lxp.com

 

 

*This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under LXP's control which may cause actual results, performance or achievements of LXP to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates, (2) the outbreak of highly infectious or contagious diseases, (3) the authorization by LXP's Board of Trustees of future dividend declarations, (4) LXP's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2023, (5) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (6) the failure to continue to qualify as a real estate investment trust, (7) changes in general business and economic conditions, including the impact of any legislation, (8) competition, (9) inflation, increases in real estate construction costs and construction schedule delays, (10) changes in financial markets and interest rates, (11) changes in accessibility of debt and equity capital markets, (12) future impairment charges, and (13) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at <u>www.lxp.com</u>. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects", "may," "plans," "predicts," "will," "will likely result," "is optimistic," "goal," "objective" or similar expressions. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP's expectations will be realized.*

*References to LXP refer to LXP Industrial Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.*

 

**Non-GAAP Financial Measures - Definitions**

LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

LXP believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles ("GAAP"), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating LXP's financial performance or cash flow from operating, investing or financing activities or liquidity.

Page 8 of 13

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (losses), net, non-cash charges, net, straight-line adjustments, non-recurring charges, the non-cash impact of sales-type leases 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: 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: 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, non-cash 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.

Company Funds Available for Distribution ("FAD"): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts ("REITs"), LXP believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

First Generation Costs: Represents cash spend for tenant improvements and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies.

Funds from Operations ("FFO") and Adjusted Company FFO: LXP believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. LXP believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as "net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO." FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

LXP presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into LXP's common shares, are converted at the beginning of the period. LXP also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio. LXP believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of LXP's operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of LXP's historical or future financial performance, financial position or cash flows.

Page 9 of 13

The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate, (or has generated) divided by the acquisition/completion cost, (or sale price). Stabilized yields assume 100% occupancy and the payment of estimated costs to achieve 100% occupancy including partner promotes, if any.

Net Operating Income ("NOI"): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of LXP's historical or future financial performance, financial position or cash flows. LXP defines NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases and lease termination income, net), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, LXP's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. LXP believes that net income is the most directly comparable GAAP measure to NOI.

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, LXP's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of LXP's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of LXP's financial performance since it does not reflect the operations of LXP's 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 LXP's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact LXP's results from operations. LXP believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second generation building improvements represent an investment in existing stabilized properties.

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

\# \# \#

Page 10 of 13

**LXP INDUSTRIAL TRUST AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(Unaudited and in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Gross revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $79243 | $85374 | $313992 | $339944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 1861 | 1108 | 7253 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross revenues | 81104 | 86482 | 321245 | 343997 |
| Expense applicable to revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (45922) | (46135) | (180567) | (176714) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | (12647) | (13553) | (54870) | (47314) |
| General and administrative | (9621) | (10763) | (38714) | (35458) |
| Transaction costs | (4121) | (227) | (4177) | (432) |
| Non-operating income | 582 | 411 | 935 | 1364 |
| Interest and amortization expense | (12659) | (11538) | (45417) | (46708) |
| Debt satisfaction losses, net |  | (672) | (119) | (13894) |
| Impairment charges | (580) | (3493) | (3037) | (5541) |
| Change in allowance for credit loss | (93) |  | (93) |  |
| Gains on sales of properties | 6143 | 262507 | 59094 | 367274 |
| Selling profit from sales-type leases | 37745 |  | 47059 |  |
| Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities | 39931 | 263019 | 101339 | 386574 |
| Provision for income taxes | (151) | (307) | (1102) | (1293) |
| Equity in earnings (losses) of non-consolidated entities | 426 | 59 | 16006 | (190) |
| Net income | 40206 | 262771 | 116243 | 385091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less net income attributable to noncontrolling interests | (1733) | (481) | (2460) | (2443) |
| Net income attributable to LXP Industrial Trust shareholders | 38473 | 262290 | 113783 | 382648 |
| Dividends attributable to preferred shares – Series C | (1572) | (1572) | (6290) | (6290) |
| Allocation to participating securities | (35) | (258) | (186) | (510) |
| Net income attributable to common shareholders | $36866 | $260460 | $107307 | $375848 |
| Net income attributable to common shareholders – per common share basic | $0.13 | $0.93 | $0.38 | $1.35 |
| Weighted-average common shares outstanding – basic | 274928363 | 281383061 | 279887760 | 277640835 |
| Net income attributable to common shareholders – per common share diluted | $0.13 | $0.90 | $0.38 | $1.34 |
| Weighted-average common shares outstanding – diluted | 276118668 | 292782489 | 282473458 | 287369742 |

---

Page 11 of 13

**LXP INDUSTRIAL TRUST AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**As of December 31,**

(Unaudited and in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | 2022 | 2021 |
| **Assets:** |  |  |
| Real estate, at cost | $3691066 | $3583978 |
| Real estate - intangible assets | 328607 | 341403 |
| Land held for development | 84412 | 104160 |
| Investments in real estate under construction | 361924 | 161165 |
| &nbsp;&nbsp;&nbsp;Real estate, gross | 4466009 | 4190706 |
| Less: accumulated depreciation and amortization | 800470 | 655740 |
| &nbsp;&nbsp;&nbsp;Real estate, net | 3665539 | 3534966 |
| Assets held for sale | 66434 | 82586 |
| Right-of-use assets, net | 23986 | 27966 |
| Cash and cash equivalents | 54390 | 190926 |
| Restricted cash | 116 | 101 |
| Investment in non-consolidated entities | 58206 | 74559 |
| Deferred expenses, net | 25207 | 18861 |
| Investment in a sales-type lease, net | 61233 |  |
| Rent receivable - current | 3030 | 3526 |
| Rent receivable - deferred | 71392 | 63283 |
| Other assets | 24314 | 8784 |
| Total assets | $4053847 | $4005558 |
| **Liabilities and Equity:** |  |  |
| Liabilities: |  |  |
| Mortgages and notes payable, net | $72103 | $83092 |
| Term loan payable, net | 298959 | 298446 |
| Senior notes payable, net | 989295 | 987931 |
| Trust preferred securities, net | 127694 | 127595 |
| Dividends payable | 38416 | 37425 |
| Liabilities held for sale | 1150 | 3468 |
| Operating lease liabilities | 25118 | 29094 |
| Accounts payable and other liabilities | 74261 | 77607 |
| Accrued interest payable | 9181 | 8481 |
| Deferred revenue - including below market leases, net | 11452 | 14474 |
| Prepaid rent | 15215 | 14717 |
| Total liabilities | 1662844 | 1682330 |
| Commitments and contingencies |  |  |
| Equity: |  |  |
| Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding | 94016 | 94016 |
| Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 291,719,310 and 283,752,726 shares issued and outstanding in 2022 and 2021, respectively | 29 | 28 |
| Additional paid-in-capital | 3320087 | 3252506 |
| Accumulated distributions in excess of net income | (1079087) | (1049434) |
| Accumulated other comprehensive income (loss) | 17689 | (6258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2352734 | 2290858 |
| Noncontrolling interests | 38269 | 32370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 2391003 | 2323228 |
| Total liabilities and equity | $4053847 | $4005558 |

---

Page 12 of 13

**LXP INDUSTRIAL TRUST AND SUBSIDIARIES**

**EARNINGS PER SHARE**

(Unaudited and in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended <br>December 31, | Three Months Ended <br>December 31, | Twelve Months Ended <br>December 31, | Twelve Months Ended <br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| **EARNINGS PER SHARE:** |  |  |  |  |
| **Basic:** |  |  |  |  |
| Net income attributable to common shareholders | $36866 | $260460 | $107307 | $375848 |
| Weighted-average common shares outstanding - basic | 274928363 | 281383061 | 279887760 | 277640835 |
| &nbsp;&nbsp;&nbsp;Net income attributable to common shareholders - per common share basic | $0.13 | $0.93 | $0.38 | $1.35 |
| **Diluted:** |  |  |  |  |
| Net income attributable to common shareholders - basic | $36866 | $260460 | $107307 | $375848 |
| Impact of assumed conversions | 9 | 1853 | 156 | 7962 |
| Net income attributable to common shareholders | $36875 | $262313 | $107463 | $383810 |
| Weighted-average common shares outstanding - basic | 274928363 | 281383061 | 279887760 | 277640835 |
| Effect of dilutive securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unvested share-based payment awards | 354750 | 1223218 | 457597 | 989177 |
| &nbsp;&nbsp;&nbsp;Shares issuable under forward sales agreements |  | 4568350 | 1274842 | 2110315 |
| &nbsp;&nbsp;&nbsp;Operating Partnership Units | 835555 | 897290 | 853259 | 1918845 |
| &nbsp;&nbsp;&nbsp;Preferred shares - Series C |  | 4710570 |  | 4710570 |
| Weighted-average common shares outstanding - diluted | 276118668 | 292782489 | 282473458 | 287369742 |
| &nbsp;&nbsp;&nbsp;Net income attributable to common shareholders - per common share diluted | $0.13 | $0.90 | $0.38 | $1.34 |

---

Page 13 of 13

**LXP INDUSTRIAL TRUST AND SUBSIDIARIES**

**ADJUSTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION**

(Unaudited and in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended <br>December 31, | Three Months Ended <br>December 31, | Twelve Months Ended <br>December 31, | Twelve Months Ended <br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| **FUNDS FROM OPERATIONS:** |  |  |  |  |
| **Basic and Diluted:** |  |  |  |  |
| Net income attributable to common shareholders | $36866 | $260460 | $107307 | $375848 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45125 | 45391 | 177725 | 173833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges - real estate, including our share of non-consolidated entities | 838 | 3493 | 8137 | 5541 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests - OP units | 9 | 281 | 156 | 1672 |
| &nbsp;&nbsp;&nbsp;Amortization of leasing commissions | 797 | 744 | 2842 | 2881 |
| &nbsp;&nbsp;&nbsp;Joint venture and noncontrolling interest adjustment | 2527 | 2026 | 11112 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of properties, including our share of non-consolidated entities | (7759) | (262507) | (83562) | (367274) |
| **FFO available to common shareholders and unitholders - basic** | 78403 | 49888 | 223717 | 200871 |
| &nbsp;&nbsp;&nbsp;Preferred dividends | 1572 | 1572 | 6290 | 6290 |
| &nbsp;&nbsp;&nbsp;Amount allocated to participating securities | 35 | 258 | 186 | 510 |
| **FFO available to all equityholders and unitholders - diluted** | 80010 | 51718 | 230193 | 207671 |
| &nbsp;&nbsp;&nbsp;Selling profit from sales-type leases <sup>(1)</sup> | (37745) |  | (47059) |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit loss | 93 |  | 93 |  |
| &nbsp;&nbsp;&nbsp;Transaction costs <sup>(2)</sup> | 4121 | 227 | 4177 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt satisfaction losses, net, including our share of non-consolidated entities | 1 | 672 | 1615 | 13894 |
| &nbsp;&nbsp;&nbsp;Other non-recurring costs <sup>(3)</sup> |  | 1199 | 2573 | 1199 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest adjustments | 1469 |  | 1469 |  |
| **Adjusted Company FFO available to all equityholders and unitholders - diluted** | 47949 | 53816 | 193061 | 223196 |
| **FUNDS AVAILABLE FOR DISTRIBUTION:** |  |  |  |  |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Straight-line adjustments | (2519) | (4178) | (11412) | (12324) |
| &nbsp;&nbsp;&nbsp;Lease incentives | 127 | 175 | 518 | 780 |
| &nbsp;&nbsp;&nbsp;Amortization of above/below market leases | (449) | (340) | (1865) | (1551) |
| &nbsp;&nbsp;&nbsp;Lease termination payments, net |  | (330) |  | 551 |
| &nbsp;&nbsp;&nbsp;Sales-type lease non-cash income | (342) |  | (342) |  |
| &nbsp;&nbsp;&nbsp;Non-cash interest | 819 | 825 | 3278 | 3300 |
| &nbsp;&nbsp;&nbsp;Non-cash charges, net | 1846 | 1796 | 7483 | 7137 |
| &nbsp;&nbsp;&nbsp;Capitalized interest and internal costs | (2549) | (850) | (8014) | (2974) |
| &nbsp;&nbsp;&nbsp;Second generation tenant improvements | (78) | (4214) | (5094) | (8392) |
| &nbsp;&nbsp;&nbsp;Second generation lease costs | (475) | (1810) | (2613) | (7151) |
| &nbsp;&nbsp;&nbsp;Joint venture and non-controlling interests adjustment | (103) | (194) | (211) | (375) |
| **Company Funds Available for Distribution** | $44226 | $44696 | $174789 | $202197 |
| **Per Common Share and Unit Amounts** |  |  |  |  |
| Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO | $0.28 | $0.18 | $0.80 | $0.72 |
| Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO | $0.28 | $0.18 | $0.80 | $0.72 |
| &nbsp;&nbsp;&nbsp;Adjusted Company FFO | $0.17 | $0.18 | $0.67 | $0.78 |
| **Weighted-Average Common Shares** |  |  |  |  |
| Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - basic EPS | 274928363 | 281383061 | 279887760 | 277640835 |
| &nbsp;&nbsp;&nbsp;Operating partnership units<sup>(4)</sup> | 835555 | 897290 | 853259 | 1918845 |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - basic FFO | 275763918 | 282280351 | 280741019 | 279559680 |
| Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - diluted EPS | 276118668 | 292782489 | 282473458 | 287369742 |
| &nbsp;&nbsp;&nbsp;Unvested share-based payment awards |  | 70114 | 17381 | 44261 |
| &nbsp;&nbsp;&nbsp;Preferred shares - Series C | 4710570 |  | 4710570 |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - diluted FFO | 280829238 | 292852603 | 287201409 | 287414003 |

---

(1) Aggregate gains recognized upon entering into a sales-type
 lease and exercises of tenant's purchase options in leases.

(2) Includes initial direct costs incurred in connection
 with entering into investments classified as sales-type leases and other acquisition related costs.

(3) Includes strategic alternatives and costs related to
 shareholder activism.

(4) Includes OP units other than OP units held by us.

Page 14 of 13

---

| | | |
|:---|:---|:---|
| **LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES** | **LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES** | **LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES** |
| **RECONCILIATION OF NON-GAAP MEASURES** | **RECONCILIATION OF NON-GAAP MEASURES** | **RECONCILIATION OF NON-GAAP MEASURES** |
| **<u>2023 EARNINGS GUIDANCE</u>** | | |
|  | Twelve Months Ended <br>December 31, 2023 | Twelve Months Ended <br>December 31, 2023 |
|  | Range | Range |
| Estimated: |  |  |
| Net income attributable to common shareholders per diluted common share<sup>(1)</sup> | $0.35 | $0.39 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;Impact of capital transactions | (0.34) | (0.34) |
| Estimated Adjusted Company FFO per diluted common share | $0.66 | $0.70 |

---

(1) Assumes all convertible securities are dilutive.

## Exhibit 99.2

**Exhibit 99.2**

![](n3045_x18exh99-2img001.jpg)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS**<br> **December 31, 2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | PAGE |  |  | PAGE |
| **SUMMARY / HIGHLIGHTS** | 3 | **TENANT DATA** | **TENANT DATA** |  |
|  |  |  | TOP 15 TENANTS | 17 |
| **FINANCIAL DATA** |  |  | QUARTERLY LEASING SUMMARY | 18 |
| CONSOLIDATED BALANCE SHEETS | 4 |  | LEASE ROLLOVER SCHEDULE | 19 |
| CONSOLIDATED STATEMENTS OF OPERATIONS | 5 |  | PROPERTY LEASES AND VACANCIES | 20 |
| NON-GAAP FINANCIAL DATA | 6 |  |  |  |
| SELECT CREDIT METRICS SUMMARY | 10 | **DEBT** |  |  |
| OTHER FINANCIAL DATA | 11 |  | MORTGAGES AND NOTES PAYABLE | 30 |
|  |  |  | DEBT MATURITY SCHEDULE | 32 |
| **CAPITAL DEPLOYMENT / RECYCLING** |  |  | DEBT COVENANTS | 33 |
| QUARTERLY INVESTMENTS / CAPITAL RECYCLING | 12 |  |  |  |
| DEVELOPMENT SUMMARY | 13 | **COMPONENTS OF NET ASSET VALUE** | **COMPONENTS OF NET ASSET VALUE** | 34 |
| CAPITAL EXPENDITURES AND LEASING COSTS | 14 |  |  |  |
|  |  | **NON-GAAP MEASURES DEFINITIONS** | **NON-GAAP MEASURES DEFINITIONS** | 35 |
| **PORTFOLIO DATA** |  |  |  |  |
| SAME STORE DATA | 15 | **APPENDIX - OTHER PORTFOLIO** | **APPENDIX - OTHER PORTFOLIO** | 39 |
| INDUSTRIAL PORTFOLIO INFORMATION | 16 |  |  |  |
|  |  | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | 40 |

---

*This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of LXP Industrial Trust ("LXP"), which may cause actual results, performance or achievements of LXP and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in LXP's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) national, regional and local economic and political climates, (2) the outbreak of highly infectious or contagious diseases, (3) the authorization by LXP's Board of Trustees of future dividend declarations, (4) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (5) the failure to continue to qualify as a real estate investment trust, (6) changes in general business and economic conditions, including the impact of any legislation, (7) competition, (8) inflation, increases in real estate construction costs and construction schedule delays, (9) changes in financial markets and interest rates, (10) changes in accessibility of debt and equity capital markets, (11) future impairment charges, and (12) risks related to our investments in our non-consolidated joint ventures. Copies of the periodic reports LXP files with the Securities and Exchange Commission are available on LXP's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe LXP's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects", "may," "plans," "predicts," "will," "will likely result," "is optimistic," "goal," "objective" or similar expressions. Except as required by law, LXP undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that LXP's expectations will be realized.*

 

*See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. All information is on a consolidated basis unless noted.*

---

| | |
|:---|:---|
| **SUMMARY / HIGHLIGHTS**<br> **December 31, 2022** | ![](n3045_x18exh99-2img002.jpg) |

---

LXP is a real estate investment trust ("REIT") focused on single-tenant industrial real estate investments. LXP has been a publicly traded REIT since 1993 (NYSE: LXP). LXP's investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities.

---

| | | |
|:---|:---|:---|
| **<u>Quarterly Highlights</u>** | **<u>Portfolio Statistics</u>** | **<u>Portfolio Statistics</u>** |
|  - Net Income - $0.13 per diluted common share | # of Properties: | 116 |
|  - Adjusted Company FFO - $0.17 per diluted common share | # of States: | 21 |
|  - Completed 0.6 million square feet of new leases and lease extensions, raising industrial Base and Cash Base Rents by 38.1% and 42.6%, respectively | Square Footage: | 54.0 million |
|  - Industrial Same-Store NOI increased 6.7% quarter to date 2022 compared to 2021 | Ongoing Development Projects: | 6 |
| - Leased approximately 100 acres of industrial development land in the Phoenix, AZ market for 20-years | Portfolio % Leased: | 99.5% |
|  - Completed construction of a warehouse/distribution facility containing 0.8 million square feet in the Greenville/Spartanburg, South Carolina market | # of Leases: | 139 |
|  - Invested an aggregate of $67.6 million in development activities, including $53.3 million in six ongoing development projects | Weighted-Average Lease Term (ABR): | 6.2 years |
|  - Disposed of four properties for an aggregate gross sales price of $49.6 million | Weighted-Average Age: | 9.4 years |
|  - Net Debt to Adjusted EBITDA ratio was 6.4x at quarter end | Developable Land:<sup>(1)</sup> | 537 acres |

---

**<u>Footnote</u>**

(1) Includes
 consolidated and non-consolidated developable land.

---

| | |
|:---|:---|
| **CONSOLIDATED BALANCE SHEETS**<br> **(Unaudited and in thousands, except share and per share data)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets:** |  |  |
| Real estate, at cost | $3691066 | $3583978 |
| Real estate - intangible assets | 328607 | 341403 |
| Land held for development | 84412 | 104160 |
| Investments in real estate under construction | 361924 | 161165 |
| &nbsp;&nbsp;&nbsp;**Real estate, gross** | **4466009** | **4190706** |
| Less: accumulated depreciation and amortization | 800470 | 655740 |
| &nbsp;&nbsp;&nbsp;**Real estate, net** | **3665539** | **3534966** |
| Assets held for sale | 66434 | 82586 |
| Right-of-use assets, net | 23986 | 27966 |
| Cash and cash equivalents | 54390 | 190926 |
| Restricted cash | 116 | 101 |
| Investments in non-consolidated entities | 58206 | 74559 |
| Deferred expenses, net | 25207 | 18861 |
| Investment in a sales-type lease, net | 61233 |  |
| Rent receivable - current | 3030 | 3526 |
| Rent receivable - deferred | 71392 | 63283 |
| Other assets | 24314 | 8784 |
| **Total assets** | $**4053847** | $**4005558** |
| **Liabilities and Equity:** |  |  |
| **Liabilities:** |  |  |
| Mortgages and notes payable, net | $72103 | $83092 |
| Term loan payable, net | 298959 | 298446 |
| Senior notes payable, net | 989295 | 987931 |
| Trust preferred securities, net | 127694 | 127595 |
| Dividends payable | 38416 | 37425 |
| Liabilities held for sale | 1150 | 3468 |
| Operating lease liabilities | 25118 | 29094 |
| Accounts payable and other liabilities | 74261 | 77607 |
| Accrued interest payable | 9181 | 8481 |
| Deferred revenue - including below market leases, net | 11452 | 14474 |
| Prepaid rent | 15215 | 14717 |
| **Total liabilities** | **1662844** | **1682330** |
| **Commitments and contingencies** |  |  |
| **Equity:** |  |  |
| Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: |  |  |
| &nbsp;&nbsp;&nbsp;Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issues and outstanding | 94016 | 94016 |
| Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 291,719,310 and 283,752,726 shares issued and outstanding in 2022 and 2021, respectively | 29 | 28 |
| Additional paid-in-capital | 3320087 | 3252506 |
| Accumulated distributions in excess of net income | (1079087) | (1049434) |
| Accumulated other comprehensive income (loss) | 17689 | (6258) |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **2352734** | **2290858** |
| Noncontrolling interests | 38269 | 32370 |
| &nbsp;&nbsp;&nbsp;**Total equity** | **2391003** | **2323228** |
| **Total liabilities and equity** | $**4053847** | $**4005558** |

---

---

| | |
|:---|:---|
| **CONSOLIDATED STATEMENTS OF OPERATIONS**<br> **(Unaudited and in thousands, except share and per share data)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ending December 31,** | **Three months ending December 31,** | **Twelve months ending December 31,** | **Twelve months ending December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Gross revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenue | $79243 | $85374 | $313992 | $339944 |
| &nbsp;&nbsp;&nbsp;Other revenue | 1861 | 1108 | 7253 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total gross revenues** | **81104** | **86482** | **321245** | **343997** |
| **Expenses applicable to revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (45922) | (46135) | (180567) | (176714) |
| &nbsp;&nbsp;&nbsp;Property operating | (12647) | (13553) | (54870) | (47314) |
| General and administrative | (9621) | (10763) | (38714) | (35458) |
| Transaction costs | (4121) | (227) | (4177) | (432) |
| Non-operating income | 582 | 411 | 935 | 1364 |
| Interest and amortization expense | (12659) | (11538) | (45417) | (46708) |
| Debt satisfaction losses, net |  | (672) | (119) | (13894) |
| Impairment charges | (580) | (3493) | (3037) | (5541) |
| Change in allowance for credit loss | (93) |  | (93) |  |
| Gains on sales of properties | 6143 | 262507 | 59094 | 367274 |
| Selling profit from sales-type leases | 37745 |  | 47059 |  |
| **Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities** | **39931** | **263019** | **101339** | **386574** |
| Provision for income taxes | (151) | (307) | (1102) | (1293) |
| Equity in earnings (losses) of non-consolidated entities | 426 | 59 | 16006 | (190) |
| **Net income** | **40206** | **262771** | **116243** | **385091** |
| &nbsp;&nbsp;&nbsp;Less net income attributable to noncontrolling interests | (1733) | (481) | (2460) | (2443) |
| **Net income attributable to LXP Industrial Trust shareholders** | **38473** | **262290** | **113783** | **382648** |
| Dividends attributable to preferred shares - Series C | (1572) | (1572) | (6290) | (6290) |
| Allocation to participating securities | (35) | (258) | (186) | (510) |
| **Net income attributable to common shareholders** | $**36866** | $**260460** | $**107307** | $**375848** |
| Net income attributable to common shareholders - per common share basic | $0.13 | $0.93 | $0.38 | $1.35 |
| **Weighted-average common shares outstanding - basic** | **274928363** | **281383061** | **279887760** | **277640835** |
| Net income attributable to common shareholders - per common share diluted | $0.13 | $0.90 | $0.38 | $1.34 |
| **Weighted-average common shares outstanding - diluted** | **276118668** | **292782489** | **282473458** | **287369742** |

---

---

| | |
|:---|:---|
| **NON-GAAP FINANCIAL DATA** <br> **(Unaudited and in thousands, except share and per share data)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ending December 31,** | **Three months ending December 31,** | **Twelve months ending December 31,** | **Twelve months ending December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **FUNDS FROM OPERATIONS:** | **FUNDS FROM OPERATIONS:** |  |  |  |
| **Basic and Diluted:** |  |  |  |  |
| Net income attributable to common shareholders | $36866 | $260460 | $107307 | $375848 |
| **Adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45125 | 45391 | 177725 | 173833 |
| &nbsp;&nbsp;&nbsp;Impairment charges - real estate, including our share of non-consolidated entities | 838 | 3493 | 8137 | 5541 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest - OP units | 9 | 281 | 156 | 1672 |
| &nbsp;&nbsp;&nbsp;Amortization of leasing commissions | 797 | 744 | 2842 | 2881 |
| &nbsp;&nbsp;&nbsp;Joint venture and noncontrolling interest adjustment | 2527 | 2026 | 11112 | 8370 |
| &nbsp;&nbsp;&nbsp;Gain on sales of properties, including our share of non-consolidated entities | (7759) | (262507) | (83562) | (367274) |
| **FFO available to common shareholders and unitholders - basic** | **78403** | **49888** | **223717** | **200871** |
| &nbsp;&nbsp;&nbsp;Preferred dividends | 1572 | 1572 | 6290 | 6290 |
| &nbsp;&nbsp;&nbsp;Amount allocated to participating securities | 35 | 258 | 186 | 510 |
| **FFO available to common equityholders and unitholders - diluted** | **80010** | **51718** | **230193** | **207671** |
| &nbsp;&nbsp;&nbsp;Selling profit from sales-type leases<sup>(1)</sup> | (37745) |  | (47059) |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 93 |  | 93 |  |
| &nbsp;&nbsp;&nbsp;Transaction costs<sup>(2)</sup> | 4121 | 227 | 4177 | 432 |
| &nbsp;&nbsp;&nbsp;Debt satisfaction losses, net, including our share of non-consolidated entities | 1 | 672 | 1615 | 13894 |
| &nbsp;&nbsp;&nbsp;Other non-recurring costs<sup>(3)</sup> |  | 1199 | 2573 | 1199 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest adjustments | 1469 |  | 1469 |  |
| **Adjusted Company FFO available to all equityholders and unitholders - diluted** | $**47949** | $**53816** | $**193061** | $**223196** |
| **Per Common Share and Unit Amounts:** |  |  |  |  |
| Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO | $0.28 | $0.18 | $0.80 | $0.72 |
| Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO | $0.28 | $0.18 | $0.80 | $0.72 |
| &nbsp;&nbsp;&nbsp;Adjusted Company FFO | $0.17 | $0.18 | $0.67 | $0.78 |
| **Weighted-Average Common Shares:** |  |  |  |  |
| Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - basic EPS | 274928363 | 281383061 | 279887760 | 277640835 |
| &nbsp;&nbsp;&nbsp;Operating partnership units <sup>(4)</sup> | 835555 | 897290 | 853259 | 1918845 |
| &nbsp;&nbsp;&nbsp;**Weighted-average common shares outstanding - basic FFO** | **275763918** | **282280351** | **280741019** | **279559680** |
| Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - diluted EPS | 276118668 | 292782489 | 282473458 | 287369742 |
| &nbsp;&nbsp;&nbsp;Unvested share-based payments awards |  | 70114 | 17381 | 44261 |
| &nbsp;&nbsp;&nbsp;Preferred shares - Series C | 4710570 |  | 4710570 |  |
| &nbsp;&nbsp;&nbsp;**Weighted-average common shares outstanding - diluted FFO** | **280829238** | **292852603** | **287201409** | **287414003** |

---

(1) Aggregate gains recognized upon entering into a sales-type lease and exercises of tenant's purchase options in leases.

(2) Includes initial direct costs incurred in connection with entering into investments classified as sales-type leases and other acquisition
related costs.

(3) Includes strategic alternatives and costs related to shareholder activism.

(4) Includes OP units other than OP units held by us.

---

| | |
|:---|:---|
| **NON-GAAP FINANCIAL DATA (CONTINUED)**<br> **(Unaudited and in thousands)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ending December 31,** | **Three months ending December 31,** | **Twelve months ending December 31,** | **Twelve months ending December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Adjusted Company FFO available to all equityholders and unitholders - diluted** | $**47949** | $**53816** | $**193061** | $**223196** |
| **FUNDS AVAILABLE FOR DISTRIBUTION** |  |  |  |  |
| **Adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Straight-line adjustments | (2519) | (4178) | (11412) | (12324) |
| &nbsp;&nbsp;&nbsp;Lease incentives | 127 | 175 | 518 | 780 |
| &nbsp;&nbsp;&nbsp;Amortization of above/below market leases | (449) | (340) | (1865) | (1551) |
| &nbsp;&nbsp;&nbsp;Lease termination payments, net |  | (330) |  | 551 |
| &nbsp;&nbsp;&nbsp;Sales-type lease non-cash income | (342) |  | (342) |  |
| &nbsp;&nbsp;&nbsp;Non-cash interest | 819 | 825 | 3278 | 3300 |
| &nbsp;&nbsp;&nbsp;Non-cash charges, net | 1846 | 1796 | 7483 | 7137 |
| &nbsp;&nbsp;&nbsp;Capitalized interest and internal costs | (2549) | (850) | (8014) | (2974) |
| &nbsp;&nbsp;&nbsp;Second generation tenant improvements | (78) | (4214) | (5094) | (8392) |
| &nbsp;&nbsp;&nbsp;Second generation lease costs | (475) | (1810) | (2613) | (7151) |
| &nbsp;&nbsp;&nbsp;Joint venture and non-controlling interests adjustment | (103) | (194) | (211) | (375) |
| **Company Funds Available for Distribution** | $**44226** | $**44696** | $**174789** | $**202197** |

---

---

| | |
|:---|:---|
| **NON-GAAP FINANCIAL DATA (CONTINUED)**<br> **($000)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Operating Income ("NOI"):** | **Three months ending December 31,** | **Three months ending December 31,** | **Twelve months ending December 31,** | **Twelve months ending December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net income** | $**40206** | $**262771** | $**116243** | $**385091** |
| Interest and amortization expense | 12659 | 11538 | 45417 | 46708 |
| Provision for income taxes | 151 | 307 | 1102 | 1293 |
| Depreciation and amortization | 45922 | 46135 | 180567 | 176714 |
| General and administrative | 9621 | 10763 | 38714 | 35458 |
| Transaction costs | 4121 | 227 | 4177 | 432 |
| Non-operating/advisory fee income | (1934) | (1163) | (6550) | (4402) |
| Gains on sales of properties | (6143) | (262507) | (59094) | (367274) |
| Impairment charges | 580 | 3493 | 3037 | 5541 |
| Selling profit from sales-type leases | (37745) |  | (47059) |  |
| Equity in (earnings) losses of non-consolidated entities | (426) | (59) | (16006) | 190 |
| Debt satisfaction losses, net |  | 672 | 119 | 13894 |
| Lease termination income, net |  | (1185) | (238) | (14972) |
| Straight-line adjustments | (2519) | (4178) | (11412) | (12324) |
| Lease incentives | 127 | 175 | 518 | 780 |
| Amortization of above/below market leases | (449) | (340) | (1865) | (1551) |
| Sales-type lease adjustments | (249) |  | (249) |  |
| **NOI** | **63922** | **66649** | **247421** | **265578** |
| **Less NOI:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, development and dispositions | (8406) | (14120) | (44162) | (71618) |
| **Same-Store NOI** | $**55516** | $**52529** | $**203259** | $**193960** |

---

---

| | |
|:---|:---|
| **NON-GAAP FINANCIAL DATA (CONTINUED)**<br> **($000)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | |
|:---|:---|
| **Adjusted EBITDA:** | |
|  | **Twelve months ended**<br>**12/31/2022** |
| Net income attributable to |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust shareholders | $113783 |
| Interest and amortization expense | 45417 |
| Provision for income taxes | 1102 |
| Depreciation and amortization | 180567 |
| Straight-line adjustments | (11412) |
| Sales-type lease non-cash income | (342) |
| Lease incentives | 518 |
| Amortization of above/below market leases | (1865) |
| Gains on sales of properties | (59094) |
| Impairment charges | 3037 |
| Debt satisfaction losses, net | 119 |
| Selling profit from sales-type leases | (47059) |
| Sales-type lease adjustments | 4212 |
| Non-cash charges, net | 7483 |
| Non-recurring strategic alternatives and activism costs | 2573 |
| **Pro-rata share adjustments:** |  |
| Non-consolidated entities adjustment | (325) |
| Noncontrolling interests adjustment | 1591 |
| **Adjusted EBITDA** | $**240305** |

---

---

| | |
|:---|:---|
| **SELECT CREDIT METRICS SUMMARY <sup>(1)</sup>** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2019** | **12/31/2020** | **12/31/2021** | **12/31/2022** |
| Adjusted Company FFO Payout Ratio | 51.6% | 55.6% | 56.7% | 72.4% |
| Unencumbered Assets | $3.3 billion | $3.8 billion | $4.2 billion | $4.5 billion |
| Unencumbered NOI | 84.1% | 89.3% | 92.6% | 93.4% |
| (Debt + Preferred) / Gross Assets | 34.5% | 32.5% | 33.4% | 32.1% |
| Debt/Gross Assets | 32.1% | 30.4% | 31.4% | 30.1% |
| Secured Debt / Gross Assets | 9.6% | 3.1% | 1.7% | 1.5% |
| Unsecured Debt / Unencumbered Assets | 28.2% | 32.1% | 33.5% | 31.3% |
| Net Debt / Adjusted EBITDA <sup>(2)</sup> | 4.9x | 4.8x | 5.5x | 6.4x |
| (Net Debt + Preferred) / Adjusted EBITDA <sup>(2)</sup> | 5.3x | 5.1x | 5.8x | 6.9x |
| Credit Facilities Availability <sup>(3)</sup> | $600.0 million | $600.0 million | $600.0 million | $600.0 million |

---

**<u>Footnotes</u>**

(1) LXP
believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2) Includes prorata share of non-consolidated assets. Adjusted EBITDA is for the last 12 months.

(3) Subject
to covenant compliance.

---

| | |
|:---|:---|
| **OTHER FINANCIAL DATA**<br>**12/31/2022**<br> **($000)** | ![](n3045_x18exh99-2img002.jpg) |

---

**Rent Estimates for Current Assets**

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Base Rent <sup>(1)</sup>** | **Cash Base Rent <sup>(1)</sup>** | **Difference** |
| 2023 | $275360 | $267047 | $(8313) |
| 2024 | 246889 | 243797 | (3092) |

---

---

| | |
|:---|:---|
| **Balance Sheet** | |
| **Other assets** | $**24314** |
| &nbsp;&nbsp;&nbsp;The components of other assets are: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | $2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note receivable | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred lease incentives | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative asset | 16318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred asset | 18 |
| **Accounts payable and other liabilities** | $**74261** |
| &nbsp;&nbsp;&nbsp;The components of accounts payable and other liabilities are: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $25078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development, CIP and other accruals | 42962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred lease costs | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 27 |

---

**<u>Footnote</u>**

(1) Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 12/31/2022,
and (iii) no properties are sold or acquired after 12/31/2022.

---

| | |
|:---|:---|
| **QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY**<br>**12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **STABILIZED DEVELOPMENT**<br>**Property Type** | **Market** | **Market** |<br>**Square Feet** |<br>**Initial Cost Basis ($000)** |<br>**Month Stabilized** | **Primary Lease Expiration** | **Primary Lease Expiration** |<br>**Percent Leased at Completion** |
| **<u>Consolidated</u>** | **<u>Consolidated</u>** | | | | | | | | |
| 1 | Industrial <sup>(1)</sup> | Greenville/Spartanburg | SC | 797936 | $64067 | December | 04 | /2035 | 100% |
| **1** | **TOTAL STABILIZED DEVELOPMENT** |  |  | **797936** | $**64067** |  |  |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CAPITAL RECYCLING** | **CAPITAL RECYCLING** | | | | | | | | |
|  | **Location** | **Location** | <br>**Property Type** |<br>**Gross <br> Disposition Price <br> ($000)** |<br>**Annualized Net Income ($000) <sup>(2)</sup>** |<br>**Annualized NOI ($000)<sup>(2)</sup>** |<br>**Month of Disposition** |<br>**% Leased** |<br>**Gross Disposition Price PSF** |
| **<u>Consolidated</u>** | **<u>Consolidated</u>** | **<u>Consolidated</u>** |  | | | | | | |
| 1 | Kalamazoo | MI | Other | $1175 | $(968) | $(948) | October | 35% | $7.78 |
| 2 | Henderson<sup>(3)</sup> | NC | Industrial | 6841 | 279 | 497 | December | 100% | 46.40 |
| 3 | Phoenix | AZ | Other | 5250 | 507 | 629 | December | 56% | 37.79 |
| 4 | Romulus | MI | Industrial | 36378 | 594 | 2484 | December | 100% | 72.75 |
| **4** | **TOTAL CONSOLIDATED PROPERTY DISPOSITIONS** |  |  | $**49644** | $**412** | $**2662** |  |  |  |
| **Non - Consolidated <sup>(4)</sup>** | **Non - Consolidated <sup>(4)</sup>** | **Non - Consolidated <sup>(4)</sup>** |  |  |  |  |  |  |  |
| 1 | Parachute | CO | Office | $16718 | $839 | $1265 | October | 100% | $341.03 |
| 2 | Houston | TX | Office | 13368 | 483 | 1064 | December | 87% | 169.44 |
| 3 | Schaumburg | IL | Office | 7200 | 3126 | 4947 | December | 0% | 22.70 |
| **3** | **TOTAL NON-CONSOLIDATED PROPERTY DISPOSITIONS** |  |  | $**37286** | $**4448** | $**7276** |  |  |  |

---

**<u>Footnotes</u>**

(1) Substantially completed and placed into service development project. LXP owns 90%. Initial cost basis excludes $3.0 million of lease commissions
and certain remaining costs, including developer partner promote, if any. LXP funded an aggregate of $60.1 million as of December 31,
2022 for this project.

(2) Generally, quarterly period prior to sale annualized.

(3) Tenant exercised fixed-rate purchase option in the lease.

(4) LXP owns 20%. The joint venture satisfied $36.3 million of non-recourse debt in connection with the sales.

---

| | |
|:---|:---|
| **DEVELOPMENT SUMMARY**<br> **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

<br> **ONGOING:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Project<br> (% owned)** | **# of<br> Buildings** | **Market** | **Estimated<br> Sq. Ft.** | **Estimated**<br> **Project**<br> **Project Cost**<br> **($000)<sup>(1)</sup>** | **GAAP<br> Investment Balance<br> as of 12/31/22<br> ($000)** | **LXP**<br> **Amount Funded**<br> **as of 12/31/22** <br> **($000)<sup>(2)</sup>** | **Actual/Estimated<br> Building<br> Completion<br> Date** | <br>**% Leased** <br> **as of**<br>**12/31/22** |
| **<u>Consolidated</u>** | **<u>Consolidated</u>** |  |  | | | | |  |  |
| 1 | The Cubes at Etna East (95%)<sup>(3)</sup> | 1 | Columbus, OH | 1074840 | $72850 | $61171 | $58455 | 3Q 2022 | 0% |
| 2 | Ocala (80%) | 1 | Central Florida | 1085280 | 83100 | 73737 | 63388 | 1Q 2023 | 0% |
| 3 | Mt. Comfort (80%) | 1 | Indianapolis, IN | 1053360 | 65500 | 59379 | 49848 | 1Q 2023 | 0% |
| 4 | South Shore (100%) | 2 | Central Florida | 270885 | 40500 | 25782 | 13553 | 2Q 2023 | 0% |
| 5 | Cotton 303 (93%)<sup>(4)</sup> | 2 | Phoenix, AZ | 880678 | 84200 | 64682 | 56570 | 1Q 2023 - 2Q 2023 | 45% |
| 6 | Smith Farms (90%)<sup>(5)</sup> | 2 | Greenville/Spartanburg, SC | 1396884 | 101550 | 77173 | 67780 | 1Q 2023 - 2Q 2023 | 0% |
| **6** | **Total Consolidated Development Projects** | **Total Consolidated Development Projects** | **Total Consolidated Development Projects** | **Total Consolidated Development Projects** | $**447700** | $**361924** | $**309594** |  |  |

---

**<u>LAND HELD FOR DEVELOPMENT:</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Project<br> (% owned)** | **Market** | &nbsp;&nbsp;**Approx.<br> Developable<br> Acres** | **GAAP<br> Investment Balance<br> as of 12/31/2022<br> ($000)** | **LXP**<br> **Amount Funded**<br> **as of 12/31/2022**<br> **($000)<sup>(2)</sup>** |
| **<u>Consolidated</u>** | **<u>Consolidated</u>** |  | | | |
| 1 | Reems & Olive (95.5%)<sup>(6)</sup> | Phoenix, AZ | 320 | $77379 | $73957 |
| 2 | Mt. Comfort Phase II (80%) | Indianapolis, IN | 116 | 5301 | 4213 |
| 3 | ATL Fairburn (100%) | Atlanta, GA | 14 | 1732 | 1736 |
| **3** | **Total Consolidated Land Projects** | **Total Consolidated Land Projects** | **450** | $**84412** | $**79906** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Project<br> (% owned)** | **# of<br> Buildings** | **Market** | &nbsp;&nbsp;**Approx.<br> Developable<br> Acres** | **GAAP<br> Investment Balance<br> as of 12/31/2022<br> ($000)** | **LXP**<br> **Amount Funded**<br> **as of 12/31/2022**<br> **($000)<sup>(2)</sup>** |
| **<u>Non - Consolidated</u>** | **<u>Non - Consolidated</u>** |  |  |  |  |  |
| 1 | ETNA Park 70 (90%) | TBD | Columbus, OH | 66 | $12975 | $13599 |
| 2 | ETNA Park 70 East (90%) | TBD | Columbus, OH | 21 | 2126 | 2363 |
| **2** | **Total Non-Consolidated Land Projects** | **Total Non-Consolidated Land Projects** | **Total Non-Consolidated Land Projects** | **87** | $**15101** | $**15962** |

---

**<u>Footnotes</u>**

(1) Estimated project cost includes estimated tenant improvements and lease costs and excludes potential developer partner promote, if any.

(2) Excludes noncontrolling interests' share.

(3) Base building achieved substantial completion. Property not in service as of December 31, 2022.

(4) Pre-leased 392,278 square foot facility subject to a 10-year lease commencing upon substantial completion of the facility and notice to
the tenant.

(5) In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced
upon substantial completion of the facility. Remaining two projects ongoing.

(6) Ground leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market.

---

| | |
|:---|:---|
| **CAPITAL EXPENDITURES AND LEASING COSTS <sup>(1)</sup>**<br> **12/31/2022**<br> **($000)**  | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **Twelve months ending December 31,** | **Twelve months ending December 31,** |
|  | **2022** | **2021** |
| **First Generation Costs** |  |  |
| &nbsp;&nbsp;&nbsp;Tenant Improvements | $5756 | $— |
| &nbsp;&nbsp;&nbsp;Leasing Costs | 2543 | 1022 |
| &nbsp;&nbsp;&nbsp;Base Building | 2558 | 738 |
| **Total First Generation Costs** | $**10857** | $**1760** |
| **Second Generation Costs** |  |  |
| &nbsp;&nbsp;&nbsp;Tenant Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $5094 | $7109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 1283 |
| &nbsp;&nbsp;&nbsp;Total Second Generation Tenant Improvements | $5094 | $8392 |
| &nbsp;&nbsp;&nbsp;Leasing Costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $2490 | $6414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 123 | 737 |
| &nbsp;&nbsp;&nbsp;Total Second Generation Leasing Costs | $2613 | $7151 |
| &nbsp;&nbsp;&nbsp;Building Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $18631 | $5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 1004 |
| &nbsp;&nbsp;&nbsp;Total Second Generation Building Improvements | $18631 | $6077 |
| **Total Second Generation Costs** | $**26338** | $**21620** |
| **Total Capital Expenditures and Leasing Costs** | $**37195** | $**23380** |

---

**<u>Footnote</u>**

(1) Consolidated costs on a cash basis. Amounts exclude capitalized interest and internal costs, if any. Leasing costs includes payments for
lease incentives, if any.

---

| | |
|:---|:---|
| **SAME STORE DATA**<br> **12/31/2022**<br> **($000)**  | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Same-Store NOI by Components** | **Same-Store NOI by Components** | **Same-Store NOI by Components** | |
| | **Consolidated** | **Consolidated** | **Industrial** | **Industrial** | **Other** | **Other** |
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** |
| **Same-Store NOI** <br>**QUARTER** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Total Cash Base Rent | $56179 | $53483 | $50747 | $47993 | $5432 | $5490 |
| Tenant Reimbursements | 9873 | 10445 | 8142 | 8958 | 1731 | 1487 |
| Property Operating Expenses | (10536) | (11399) | (8469) | (9695) | (2067) | (1704) |
| Same-Store NOI | $55516 | $52529 | $50420 | $47256 | $5096 | $5273 |
| Change in Same-Store NOI | **5.7%** |  | **6.7%** |  | **-3.4%** |  |
| Same-Store # of Properties | 97 | 97 | 90 | 90 | 7 | 7 |
| Same-Store Percent Leased<sup>(1)</sup> | 99.8% | 99.8% | 99.8% | 99.7% | 99.4% | 100.0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Industrial** | **Industrial** | **Other** | **Other** |
| | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| <br>**YEAR TO DATE** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Total Cash Base Rent | $207087 | $197684 | $185688 | $176537 | $21399 | $21147 |
| Tenant Reimbursements | 35221 | 33186 | 29095 | 27901 | 6126 | 5285 |
| Property Operating Expenses | (39049) | (36910) | (31519) | (30472) | (7530) | (6438) |
| Same-Store NOI | $203259 | $193960 | $183264 | $173966 | $19995 | $19994 |
| Change in Same-Store NOI | **4.8%** |  | **5.3%** |  | **0.0%** |  |
| Same-Store # of Properties | 85 | 85 | 78 | 78 | 7 | 7 |
| Same-Store Percent Leased<sup>(1)</sup> | 99.8% | 99.7% | 99.8% | 99.7% | 99.4% | 100.0% |

---

**<u>Footnotes</u>**

(1) At 12/31/2022.

---

| | |
|:---|:---|
| **INDUSTRIAL PORTFOLIO INFORMATION**<br> **12/31/2022**<br>| ![](n3045_x18exh99-2img002.jpg) |

---

---

| | |
|:---|:---|
| **Markets <sup>(1)</sup>** | **ABR % as of<br> 12/31/2022** |
| Phoenix, AZ | 11.1% |
| Greenville/Spartanburg, SC | 9.5% |
| Atlanta, GA | 8.7% |
| Memphis, TN | 8.0% |
| Houston, TX | 5.9% |
| Cincinnati/Dayton, OH | 5.7% |
| Indianapolis, IN | 5.6% |
| Dallas/Ft. Worth, TX | 5.5% |
| Nashville, TN | 3.8% |
| Chicago, IL | 3.5% |
| Central Florida | 3.2% |
| Columbus, OH | 3.1% |
| Savannah, GA | 2.7% |
| Jackson, MS | 2.6% |
| St. Louis, MO | 2.3% |
| DC/Baltimore, MD | 2.3% |
| Charlotte, NC | 2.2% |
| New York/New Jersey | 2.1% |
| Cleveland, OH | 2.0% |
| Champaign-Urbana, IL | 1.6% |
| **Total Industrial Portfolio Concentration <sup>(2)</sup>** | **91.2%** |

---

---

| | |
|:---|:---|
| **Industries** | **ABR % as of<br> 12/31/2022** |
| Consumer Products | 23.3% |
| Transportation/Logistics | 20.0% |
| E-Commerce | 14.9% |
| Automotive | 12.9% |
| Food | 9.7% |
| Construction/Materials | 9.3% |
| Apparel | 2.3% |
| Technology | 2.2% |
| Retail Department | 2.2% |
| Specialty | 1.8% |
| **Total Industrial Portfolio Concentration <sup>(2)</sup>** | **98.6%** |

---

---

| | |
|:---|:---|
| **Additional Information** | **Additional Information** |
| # of Properties | 109 |
| Square Feet | 52544497 |
| % Investment Grade <sup>(3)</sup> | 56.5% |
| % of ABR<sup>(4)</sup> | 92.0% |
| % Leased | 99.5% |
| Weighted-Average Age (Years)<sup>(5)</sup> | 8.8 |
| Weighted-Average ABR per SF<sup>(6)</sup> | $4.47 |
| Weighted-Average Lease Term (Years)<sup>(7)</sup> | 6.5 |
| % with Fixed Escalation<sup>(8)</sup> | 95.7% |
| Average Annual Rent Escalation<sup>(8)</sup> | 2.5% |
| Average Building Size (SF) | 491070 |
| Average Clear Height (Feet)<sup>(9)</sup> | 32.8 |
| % Top 25 Markets<sup>(10)</sup> | 76.9% |
| % Top 50 Markets<sup>(10)</sup> | 91.9% |
| Mortgage Debt ($000) | $65981 |

---

**<u>Footnotes</u>**

(1) Based on CoStar.com inventory data.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Percent of ABR. Credit ratings based upon either tenant, guarantor or parent/ultimate parent.

(4) Based on ABR for consolidated properties owned.

(5) Weighting based on square footage, excluding land parcels.

(6) Excludes land assets and all vacant square footage.

(7) Weighting based on ABR.

(8) Based on ABR for single-tenant leases owned (properties 50% leased to a single tenant). Average Annual Rent Escalation based on next rent
step percentages.

(9) Based on internal and external sources.

(10) Percent of ABR based upon CoStar.com inventory data.

---

| | |
|:---|:---|
| **TOP 15 TENANTS**<br> **12/31/2022**<br>| ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenants <sup>(1)</sup>** | **Property Type** | **Lease Expirations** | **Number of Leases** | **Sq. Ft. Leased** | **Sq. Ft. Leased as a Percent of Consolidated Portfolio <sup>(2)(3)</sup>** | **ABR as of 12/31/2022<br> ($000)** | **ABR %<br> as of 12/31/2022<br> ($000) <sup>(2)(4)</sup>** |
| Amazon | Industrial | 2026-2033 | 6 | 3864731 | 7.2% | $18241 | 6.8% |
| Nissan | Industrial | 2027 | 2 | 2971000 | 5.5% | 12908 | 4.8% |
| Kellogg | Industrial | 2027-2029 | 3 | 2801916 | 5.2% | 9575 | 3.6% |
| Wal-Mart | Industrial | 2024-2031 | 3 | 2351917 | 4.4% | 8773 | 3.3% |
| GXO Logistics | Industrial | 2024-2028 | 3 | 1697475 | 3.2% | 7386 | 2.7% |
| Xerox | Office | 2023 | 1 | 202000 | 0.4% | 7070 | 2.6% |
| Watco | Industrial | 2038 | 1 | 132449 | 0.2% | 6318 | 2.4% |
| Morgan Lewis <sup>(5)</sup> | Office | 2024 | 1 | 289432 | 0.5% | 5860 | 2.2% |
| Fedex | Industrial | 2028 | 2 | 292021 | 0.5% | 5728 | 2.1% |
| Mars Wrigley | Industrial | 2025 | 1 | 604852 | 1.1% | 5396 | 2.0% |
| Aligned Data Centers <sup>(6)</sup> | Industrial | 2042 | 1 |  | 0.0% | 5228 | 1.9% |
| Undisclosed <sup>(7)</sup> | Industrial | 2034 | 1 | 1318680 | 2.5% | 5198 | 1.9% |
| Olam | Industrial | 2024 & 2037 | 2 | 1196614 | 2.2% | 4993 | 1.9% |
| Georgia-Pacific | Industrial | 2028 & 2031 | 2 | 1283102 | 2.4% | 4868 | 1.8% |
| Owens Corning | Industrial | 2025-2027 | 3 | 863242 | 1.6% | 4860 | 1.8% |
|  |  |  | **32** | **19869431** | **37.0%** | $**112402** | **41.8%** |

---

**<u>Footnotes</u>**

(1) Tenant, guarantor or parent.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Excludes vacant square feet.

(4) Based on ABR for consolidated properties owned.

(5) Includes parking operations.

(6) Industrial development leased land, which is included in industrial portfolio.

(7) Lease restricts certain disclosures.

---

| | |
|:---|:---|
| **QUARTERLY LEASING SUMMARY** <br> **12/31/2022** <br>| ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **NEW LEASES - FIRST GENERATION<sup>(1)</sup>** | **NEW LEASES - FIRST GENERATION<sup>(1)</sup>** | | | | |
| | **Location** | **Location** | <br>**Lease Expiration Date** |<br>**Sq. Ft.** |<br>**New Base Rent Per Annum ($000)<sup>(2)</sup>** |<br>**New Cash Base Rent Per Annum ($000)<sup>(2)</sup>** |
| | **Industrial** | **Industrial** |  | | | |
| 1 | Greer | SC | 12 /2027 | 81058 | $531 | $507 |
| **1** | **TOTAL NEW LEASES - FIRST GENERATION** | **TOTAL NEW LEASES - FIRST GENERATION** |  | **81058** | $**531** | $**507** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **SECOND GENERATION**<br>**Location** | | <br>**Prior <br> Term** | <br>**Lease Expiration Date** |<br>**Sq. Ft.** |<br>**New Base Rent Per Annum ($000)<sup>(2)</sup>** |<br>**Prior Base Rent Per Annum ($000)<sup>(3)</sup>** |<br>**New Cash Base Rent Per Annum ($000)<sup>(2)</sup>** |<br>**Prior Cash Base Rent Per Annum ($000)<sup>(3)</sup>** |
|  | **LEASE EXTENSIONS** |  |  |  |  |  |  |  |  |
|  | **Industrial** |  |  |  |  |  |  |  |  |
| 1 | Dallas | TX | 08 /2023 | 09 /2026 | 510400 | $2365 | $1713 | $2526 | $1771 |
| **1** | **TOTAL EXTENDED LEASES - INDUSTRIAL - SECOND GENERATION** |  |  |  | **510400** | $**2365** | $**1713** | $**2526** | $**1771** |
|  | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** | **INDUSTRIAL DEVELOPMENT LEASED LAND** |
|  | **Location** |  |  | **Lease Expiration Date** | **Approx. Acres** | **New Base Rent Per Annum ($000)<sup>(2)</sup>** |  | **New Cash Base Rent Per Annum ($000)<sup>(2)</sup>** |  |
| 1 | Glendale<sup>(4)</sup> | AZ |  | 11 /2042 | 100 | $7427 |  | $5228 |  |
| **1** | **TOTAL INDUSTRIAL DEVELOPMENT LEASED LAND** |  |  |  | **100** | $**7427** |  | $**5228** |  |

---

**<u>Footnotes</u>**

(1) No prior lease, acquisition vacancy.

(2) Assumes 12 months rent from the later of 1/1/2023 or lease commencement/extension, excluding free rent periods as applicable.

(3) Rent from prior tenants for square feet leased.

(4) Leased approximately 100 acres of the original 420 acre developable land parcel located in the Phoenix, AZ market, subject to a 20-year
ground lease (with three, 10-year extension options) commenced November 2022. The initial annual rent payments are $5.2 million and escalate
by 4% annually.

---

| | |
|:---|:---|
| **LEASE ROLLOVER SCHEDULE - INDUSTRIAL** <br> **12/31/2022**<br> **($000)** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Number of <br> Leases <br> Expiring** | **ABR as of 12/31/2022** | **Percent of ABR<br> as of<br> 12/31/2022** | **Percent of ABR<br> as of<br> 12/31/2021<sup>(2)</sup>** |
| 2023 | 2 | $3419 | 1.4% | 4.2% |
| 2024 | 21 | 26533 | 10.7% | 11.5% |
| 2025 | 13 | 17784 | 7.2% | 7.0% |
| 2026 | 24 | 29917 | 12.1% | 12.2% |
| 2027 | 15 | 37026 | 15.0% | 13.9% |
| 2028 | 7 | 15335 | 6.2% | 6.4% |
| 2029 | 10 | 23063 | 9.3% | 9.3% |
| 2030 | 9 | 26104 | 10.6% | 11.2% |
| 2031 | 11 | 18958 | 7.7% | 7.1% |
| 2032 | 3 | 5232 | 2.1% | 3.6% |
| Thereafter | 14 | 43799 | 17.7% | 12.9% |
| **Total <sup>(1)</sup>** | **129** | $**247170** | **100.0%** |  |

---

![](n3045_x18exh99-2img008.jpg)

**<u>Footnotes</u>**

(1) Total shown may differ from detailed amounts due to rounding.

(2) 12/31/2021 is restated based on ABR.

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![img](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  |  |  |
| **SINGLE TENANT** | **SINGLE TENANT** | **SINGLE TENANT** |  |  |  |  |  |  |  |
| | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  |  |
| 2023 | 8/31/2023 | Houston, TX | 10535 Red Bluff Rd. | Pasadena | TX |  | 257835 | 1231 | 1294 |
|  | 10/31/2023 | Atlanta, GA | 493 Westridge Pkwy. | McDonough | GA |  | 676000 | 2031 | 2125 |
| 2024 | 1/31/2024 | Greenville/Spartanburg, SC | 70 Tyger River Dr. | Duncan | SC |  | 408000 | 2001 | 2035 |
|  |  | Indianapolis, IN | 1285 W. State Road 32 | Lebanon | IN | 15 | 741880 | 2281 | 2530 |
|  |  | Memphis, TN | 6495 Polk Ln. | Olive Branch | MS |  | 118211 | 495 | 515 |
|  | 3/31/2024 | Cleveland, TN | 1520 Lauderdale Memorial Hwy. | Cleveland | TN |  | 851370 | 2658 | 2758 |
|  |  | Indianapolis, IN | 4600 Albert S White Dr. | Whitestown | IN |  | 53240 | 264 | 298 |
|  |  | Columbus, OH | 2155 Rohr Rd. | Lockbourne | OH |  | 320190 | 1800 | 1801 |
|  | 4/30/2024 | Memphis, TN | 11555 Silo Dr. | Olive Branch | MS |  | 927742 | 2855 | 2993 |
|  |  | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 11238 | 146 | 146 |
|  | 5/31/2024 | Atlanta, GA | 7225 Goodson Rd. | Union City | GA |  | 370000 | 1442 | 1476 |
|  | 6/30/2024 | Cincinnati/Dayton, OH | 575-599 Gateway Blvd. | Monroe | OH |  | 194936 | 1024 | 1003 |
|  | 7/31/2024 | Greenville/Spartanburg, SC | 5795 North Blackstock Rd. | Spartanburg | SC |  | 341660 | 1672 | 1688 |
|  |  | Greenville/Spartanburg, SC | 231 Apple Valley Rd. | Duncan | SC |  | 75320 | 360 | 360 |
|  | 8/31/2024 | Houston, TX | 9701 New Decade Dr. | Pasadena | TX |  | 102863 | 530 | 551 |
|  |  | Atlanta, GA | 41 Busch Dr. | Cartersville | GA |  | 119295 | 596 | 596 |
|  | 9/30/2024 | Memphis, TN | 3820 Micro Dr. | Millington | TN |  | 701819 | 1985 | 2014 |
|  | 10/31/2024 | Dallas/Ft. Worth, TX | 2115 East Belt Line Rd. | Carrollton | TX |  | 58202 | 228 | 254 |
|  |  | Dallas/Ft. Worth, TX | 17505 Interstate Hwy. 35W | Northlake | TX |  | 500556 | 2269 | 2293 |
|  | 11/30/2024 | DC/Baltimore, MD | 150 Mercury Way | Winchester | VA |  | 324535 | 1716 | 1738 |
|  | 12/31/2024 | Indianapolis, IN | 4600 Albert S White Dr. | Whitestown | IN |  | 95832 | 469 | 444 |
|  |  | Chicago, IL | 3686 South Central Ave. | Rockford | IL |  | 93000 | 395 | 395 |
|  |  | Chicago, IL | 749 Southrock Dr. | Rockford | IL |  | 150000 | 638 | 645 |
| 2025 | 3/31/2025 | Atlanta, GA | 95 International Pkwy. | Adairsville | GA |  | 124251 | 653 | 652 |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![img](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  |  |  |
|  | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  |  |
| 2025 | 4/30/2025 | Houston, TX | 10565 Red Bluff Rd. | Pasadena | TX |  | 248240 | 1237 | 1234 |
|  | 5/31/2025 | Atlanta, GA | 7875 White Rd. SW | Austell | GA |  | 604852 | 5323 | 5396 |
|  | 6/30/2025 | Savannah, GA | 1319 Dean Forest Rd. | Savannah | GA |  | 355527 | 1818 | 1819 |
|  | 7/31/2025 | Indianapolis, IN | 5352 Performance Way | Whitestown | IN |  | 380000 | 1278 | 1315 |
|  |  | Cleveland, OH | 7005 Cochran Rd. | Glenwillow | OH |  | 458000 | 2061 | 2164 |
|  | 8/31/2025 | Indianapolis, IN | 4900 Albert S White Dr. | Whitestown | IN |  | 85232 | 436 | 434 |
|  |  | Savannah, GA | 1315 Dean Forest Rd. | Savannah | GA |  | 88503 | 525 | 540 |
|  | 9/30/2025 | Greenville/Spartanburg, SC | 7870 Reidville Rd. | Greer | SC |  | 396073 | 1666 | 1691 |
|  |  | Atlanta, GA | 95 International Pkwy. | Adairsville | GA |  | 100960 | 515 | 515 |
|  |  | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 117600 | 410 | 435 |
|  | 12/31/2025 | Phoenix, AZ | 4445 N. 169th Ave. | Goodyear | AZ |  | 160140 | 1007 | 984 |
|  |  | Minneapolis/St Paul, MN | 1700 47th Ave. North | Minneapolis | MN |  | 18620 | 605 | 605 |
| 2026 | 1/31/2026 | Greenville/Spartanburg, SC | 231 Apple Valley Rd. | Duncan | SC |  | 120680 | 598 | 615 |
|  | 2/28/2026 | Central Florida | 3102 Queen Palm Dr. | Tampa | FL |  | 229605 | 1693 | 1230 |
|  | 3/31/2026 | Central Florida | 2455 Premier Row | Orlando | FL |  | 205016 | 786 | 508 |
|  |  | Lewisburg, TN | 633 Garrett Pkwy. | Lewisburg | TN |  | 310000 | 1287 | 1314 |
|  | 4/30/2026 | Phoenix, AZ | 16811 W. Commerce Dr. | Goodyear | AZ |  | 540349 | 2444 | 2398 |
|  | 6/30/2026 | Greenville/Spartanburg, SC | 425 Apple Valley Rd. | Duncan | SC |  | 163680 | 752 | 748 |
|  |  | Columbus, OH | 351 Chamber Dr. | Chillicothe | OH |  | 136495 | 607 | 607 |
|  | 7/31/2026 | Columbus, OH | 1860 Walcutt Rd. | Columbus | OH |  | 97934 | 501 | 480 |
|  |  | Savannah, GA | 1004 Trade Center Pkwy. | Savannah | GA |  | 270252 | 1433 | 1403 |
|  | 8/31/2026 | Savannah, GA | 1004 Trade Center Pkwy. | Savannah | GA |  | 149415 | 821 | 816 |
|  | 9/30/2026 | Greenville/Spartanburg, SC | 425 Apple Valley Rd. | Duncan | SC |  | 163680 | 669 | 705 |
|  |  | St. Louis, MO | 3931 Lakeview Corporate Dr. | Edwardsville | IL |  | 769500 | 2696 | 2735 |
|  |  | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 67200 | 394 | 393 |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  |  |  |
|  | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  |
| 2026 | 9/30/2026 | Phoenix, AZ | 9494 W. Buckeye Rd. | Tolleson | AZ |  | 186336 | 1109 | 1108 |
|  |  | Dallas/Ft. Worth, TX | 3737 Duncanville Rd. | Dallas | TX |  | 510400 | 2365 | 1768 |
|  | 10/31/2026 | Greenville/Spartanburg, SC | 235 Apple Valley Rd. | Duncan | SC |  | 177320 | 962 | 943 |
|  |  | Charlotte, NC | 2203 Sherrill Dr. | Statesville | NC |  | 639800 | 2796 | 2768 |
|  |  | Cleveland, OH | 10345 Philipp Pkwy. | Streetsboro | OH |  | 649250 | 2883 | 2890 |
|  | 11/30/2026 | Erwin, NY | 736 Addison Rd. | Erwin | NY |  | 408000 | 1549 | 1556 |
|  |  | Philadelphia, PA | 250 Rittenhouse Cir. | Bristol | PA |  | 241977 | 1146 | 1277 |
|  | 12/31/2026 | Houston, TX | 4600 Underwood Rd. | Deer Park | TX |  | 402648 | 1507 | 1727 |
|  |  | Indianapolis, IN | 180 Bob Glidden Blvd. | Whiteland | IN |  | 179530 | 787 | 781 |
|  |  | Indianapolis, IN | 76 Bob Glidden Blvd. | Whiteland | IN |  | 168480 | 787 | 751 |
| 2027 | 1/31/2027 | Kansas City, MO | 27200 West 157th St. | New Century | KS |  | 446500 | 1240 | 1158 |
|  | 2/28/2027 | Central Florida | 5275 Drane Field Rd. | Lakeland | FL |  | 68420 | 388 | 390 |
|  |  | Jackson, MS | 554 Nissan Pkwy. | Canton | MS |  | 1466000 | 6200 | 6328 |
|  | 3/31/2027 | Greenville/Spartanburg, SC | 417 Apple Valley Rd. | Duncan | SC |  | 195000 | 1052 | 1024 |
|  | 4/30/2027 | Nashville, TN | 200 Sam Griffin Rd. | Smyrna | TN |  | 1505000 | 6560 | 6580 |
|  |  | San Antonio, TX | 16407 Applewhite Rd. | San Antonio | TX |  | 849275 | 2994 | 3015 |
|  | 7/31/2027 | Savannah, GA | 335 Morgan Lakes Industrial Blvd. | Pooler | GA |  | 499500 | 2080 | 2048 |
|  | 8/31/2027 | Cincinnati/Dayton, OH | 600 Gateway Blvd. | Monroe | OH |  | 994013 | 3945 | 3457 |
|  |  | Columbus, OH | 200 Arrowhead Dr. | Hebron | OH |  | 400522 | 1449 | 1422 |
|  | 9/30/2027 | Central Florida | 3775 Fancy Farms Rd. | Plant City | FL | 16 | 330176 | 2068 | 1865 |
|  |  | Memphis, TN | 1550 Hwy 302 | Byhalia | MS |  | 615600 | 2439 | 2518 |
|  | 10/31/2027 | Central Florida | 5275 Drane Field Rd. | Lakeland | FL |  | 36274 | 266 | 254 |
|  |  | Jackson, TN | 201 James Lawrence Rd. | Jackson | TN |  | 1062055 | 3944 | 3973 |
|  | 12/31/2027 | Phoenix, AZ | 1515 South 91st Ave. | Phoenix | AZ |  | 334222 | 2572 | 2487 |
| 2028 | 1/31/2028 | Atlanta, GA | 490 Westridge Pkwy. | McDonough | GA |  | 1121120 | 3737 | 3731 |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  |  |  |
|  | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  |
| 2028 | 3/31/2028 | New York/New Jersey | 29-01 Borden Ave./29-10 Hunters Point Ave. | Long Island City | NY |  | 140330 | 5135 | 5128 |
|  | 5/31/2028 | Memphis, TN | 6495 Polk Ln. | Olive Branch | MS |  | 151691 | 759 | 600 |
|  |  | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 50400 | 309 | 297 |
|  | 8/31/2028 | Houston, TX | 4100 Malone Dr. | Pasadena | TX |  | 233190 | 1359 | 1298 |
|  |  | Indianapolis, IN | 4900 Albert S White Dr. | Whitestown | IN |  | 63840 | 309 | 308 |
|  | 10/31/2028 | Atlanta, GA | 1625 Oakley Industrial Blvd. | Fairburn | GA |  | 907675 | 4223 | 3973 |
| 2029 | 4/30/2029 | Greenville/Spartanburg, SC | 230 Apple Valley Rd. | Duncan | SC |  | 275400 | 1420 | 1349 |
|  | 6/30/2029 | Memphis, TN | 11624 S. Distribution Cv. | Olive Branch | MS |  | 1170218 | 4101 | 3872 |
|  | 7/31/2029 | Memphis, TN | 8500 Nail Rd. | Olive Branch | MS |  | 716080 | 2751 | 2750 |
|  | 8/31/2029 | Dallas/Ft. Worth, TX | 8601 E. Sam Lee Ln. | Northlake | TX |  | 1214526 | 4278 | 4129 |
|  | 9/30/2029 | Indianapolis, IN | 1621 Veterans Memorial Pkwy. E. | Lafayette | IN |  | 309400 | 1427 | 1241 |
|  |  | Chicago, IL | 6225 E. Minooka Rd. | Minooka | IL |  | 1034200 | 2931 | 2835 |
|  | 11/21/2029 | Columbus, OH | 1860 Walcutt Rd. | Columbus | OH |  | 194796 | 983 | 931 |
|  | 11/30/2029 | Chicago, IL | 1460 Cargo Court | Minooka | IL |  | 705661 | 2857 | 2767 |
|  | 12/31/2029 | Greenville/Spartanburg, SC | 402 Apple Valley Rd. | Duncan | SC |  | 235600 | 1263 | 1185 |
|  |  | Chicago, IL | 200 International Pkwy. S. | Minooka | IL |  | 473280 | 2138 | 2004 |
| 2030 | 1/31/2030 | Dallas/Ft. Worth, TX | 3201 N. Houston School Rd. | Lancaster | TX |  | 468300 | 1669 | 1588 |
|  | 3/31/2030 | Memphis, TN | 549 Wingo Rd. | Byhalia | MS |  | 855878 | 4388 | 4454 |
|  | 5/31/2030 | St. Louis, MO | 4015 Lakeview Corporate Dr. | Edwardsville | IL |  | 1017780 | 3460 | 2979 |
|  | 6/30/2030 | Richmond, VA | 2601 Bermuda Hundred Rd. | Chester | VA | 3 | 1034470 | 3851 | 4010 |
|  |  | Cincinnati/Dayton, OH | 700 Gateway Blvd. | Monroe | OH |  | 1299492 | 5515 | 5282 |
|  |  | Dallas/Ft. Worth, TX | 1704 S. I-45 | Hutchins | TX |  | 120960 | 617 | 588 |
|  | 8/31/2030 | Central Florida | 3400 NW 35th St. | Ocala | FL |  | 617055 | 3014 | 2857 |
|  | 9/30/2030 | Phoenix, AZ | 255 143rd Ave. | Goodyear | AZ |  | 801424 | 4193 | 4017 |
| 2031 | 2/28/2031 | Greenville/Spartanburg, SC | 1021 Tyger Lake Rd. | Spartanburg | SC |  | 213200 | 1043 | 987 |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  |  |  |
|  | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  |
| 2031 | 3/31/2031 | Indianapolis, IN | 19 Bob Glidden Blvd. | Whiteland | IN |  | 530400 | 2190 | 2042 |
|  | 5/31/2031 | DC/Baltimore, MD | 291 Park Center Dr. | Winchester | VA |  | 344700 | 1726 | 1625 |
|  | 6/30/2031 | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 352275 | 1543 | 1435 |
|  | 7/31/2031 | Atlanta, GA | 51 Busch Dr. | Cartersville | GA |  | 328000 | 1646 | 1479 |
|  | 9/30/2031 | Atlanta, GA | 41 Busch Dr. | Cartersville | GA |  | 276705 | 1590 | 1494 |
|  | 11/30/2031 | Indianapolis, IN | 3751 S. CR 500 E. | Whitestown | IN |  | 1016244 | 3897 | 3628 |
|  | 12/18/2031 | DC/Baltimore, MD | 80 Tyson Dr. | Winchester | VA |  | 400400 | 2368 | 2261 |
|  | 12/31/2031 | Phoenix, AZ | 1515 South 91st Ave. | Phoenix | AZ |  | 161982 | 1274 | 1137 |
|  |  | Cincinnati/Dayton, OH | 200 Richard Knock Way | Walton | KY |  | 232500 | 1271 | 1160 |
|  |  | Columbus, OH | 351 Chamber Dr. | Chillicothe | OH |  | 352655 | 1903 | 1710 |
| 2032 | 2/28/2032 | Cincinnati/Dayton, OH | 675 Gateway Blvd. | Monroe | OH |  | 143664 | 938 | 897 |
|  | 4/30/2032 | Houston, TX | 13930 Pike Rd. | Missouri City | TX |  |  | 2123 | 2131 |
|  |  | Cincinnati/Dayton, OH | 300 Richard Knock Way | Walton | KY |  | 544320 | 2411 | 2204 |
| 2033 | 3/31/2033 | Phoenix, AZ | 3405 S. McQueen Rd. | Chandler | AZ |  | 201784 | 4498 | 4167 |
|  | 9/30/2033 | Columbus, OH | 191 Arrowhead Dr. | Hebron | OH |  | 250410 | 1057 | 798 |
| 2034 | 10/31/2034 | Champaign-Urbana, IL | 1001 Innovation Rd. | Rantoul | IL |  | 813126 | 4196 | 4072 |
|  | 12/31/2034 | Greenville/Spartanburg, SC | 21 Inland Pkwy. | Greer | SC |  | 1318680 | 5544 | 5198 |
| 2035 | 4/30/2035 | Greenville/Spartanburg, SC | 8201 Reidville Rd. | Greer | SC | 14 | 797936 | 4320 | 3710 |
|  | 6/30/2035 | Dallas/Ft. Worth, TX | 2115 East Belt Line Rd. | Carrollton | TX |  | 298653 | 1361 | 1173 |
|  | 10/22/2035 | Detroit, MI | 2860 Clark St. | Detroit | MI |  | 189960 | 2204 | 2204 |
| 2036 | 5/31/2036 | Central Florida | 5275 Drane Field Rd. | Lakeland | FL |  | 117440 | 787 | 692 |
|  |  | Charlotte, NC | 671 Washburn Switch Rd. | Shelby | NC |  | 673425 | 2786 | 2661 |
|  | 11/30/2036 | Phoenix, AZ | 17510 W. Thomas Rd. | Goodyear | AZ |  | 468182 | 4304 | 3880 |
| 2037 | 3/31/2037 | Dallas/Ft. Worth, TX | 4005 E. I-30 | Grand Prairie | TX |  | 215000 | 1872 | 1698 |
|  | 5/31/2037 | Phoenix, AZ | 8989 W Buckeye Rd. | Phoenix | AZ |  | 268872 | 2368 | 2000 |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES -** **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |  |  | | | |
|  | **WAREHOUSE/DISTRIBUTION** |  |  |  |  |  |  | | | |
| 2038 | 3/31/2038 | Houston, TX | 13901/14035 Industrial Rd. | Houston | TX |  | 132449 | 6773 | 6318 | 6318 |
| N/A | Vacancy | Central Florida | 3775 Fancy Farms Rd. | Plant City | FL |  | 180308 |  |  |  |
|  |  | Nashville, TN | 6050 Dana Way | Antioch | TN |  | 75815 |  |  |  |
|  | **WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT** | **WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT** | **WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT** | **WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT** |  |  | **52333677** | $**249069** | $— | **240710** |
|  | **MULTI-TENANT / VACANCY (5)(6)** | **MULTI-TENANT / VACANCY (5)(6)** |  |  |  |  |  |  |  |  |
| N/A | Various | Greenville/Spartanburg, SC | 7820 Reidville Rd | Greer | SC | 4<br> (100%) | 210820 | 1292 | 1232 | 1232 |
|  | **MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL** | **MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL** | **MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL** | **MULTI-TENANT/VACANCY WAREHOUSE/DISTRIBUTION TOTAL** |  |  | **210820** | $**1292** |  | **1232** |
| &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** | &nbsp;&nbsp;**INDUSTRIAL DEVELOPMENT LEASED LAND** |
| 2042 | 11/5/2042 | Phoenix, AZ | 501-42-015 B (Parcel Number) | Phoenix | AZ | 13 |  | 7384 | 5228 | 5228 |
|  | **INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL** | **INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL** | **INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL** | **INDUSTRIAL DEVELOPMENT LEASED LAND TOTAL** |  |  | **—** | **7384** | $**5228** | **5228** |
| **INDUSTRIAL TOTAL/WEIGHTED AVERAGE** | **INDUSTRIAL TOTAL/WEIGHTED AVERAGE** | **INDUSTRIAL TOTAL/WEIGHTED AVERAGE** | **INDUSTRIAL TOTAL/WEIGHTED AVERAGE** |  |  | **99.5% Leased <sup>(8)</sup>** | **52544497** | $**257745** | $— | **247170** |

---

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| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES - 12/31/2022** <br>| ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease <br>Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Property Type** | **Sq. Ft. Leased or Available (2)** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** |
| **OTHER PROPERTIES** | **OTHER PROPERTIES** | **OTHER PROPERTIES** |  |  | | |  | | | |
| **SINGLE TENANT** | **SINGLE TENANT** | **SINGLE TENANT** |  |  |  |  |  |  |  |  |
| 2023 | 9/30/2023 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office | 1220 | 37 | 37 |
|  | 12/14/2023 | South Bay/San Jose, CA | 3333 Coyote Hill Rd. | Palo Alto | CA |  | Office | 202000 | 6642 | 7070 |
| 2024 | 1/31/2024 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office | 289432 | 4280 | 4197 |
|  | 5/31/2024 | Charlotte, NC | 3476 Stateview Blvd. | Fort Mill | SC |  | Office | 169083 | 2014 | 2072 |
|  |  | Charlotte, NC | 3480 Stateview Blvd. | Fort Mill | SC |  | Office | 169218 | 2088 | 2074 |
| 2025 | 5/31/2025 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office | 2641 | 283 | 283 |
|  | 12/19/2025 | Owensboro, KY | 1901 Ragu Dr. | Owensboro | KY | 7 | Heavy Manufacturing | 443380 | 1882 | 1933 |
| 2027 | 1/31/2027 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office | 1975 | 158 | 123 |
| 2031 | 11/30/2031 | New York/New Jersey | 4 Apollo Dr. | Whippany | NJ | 12 | Office | 123734 | 2041 | 1833 |
| 2048 | 12/31/2048 | DC/Baltimore, MD | 30 Light St. | Baltimore | MD |  | Other |  | 311 | 311 |
| N/A | Vacancy | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office | 8769 |  |  |
|  | N/A | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 12 | Office |  | 1663 | 1663 |
|  | **SINGLE TENANT OTHER TOTAL** | **SINGLE TENANT OTHER TOTAL** | **SINGLE TENANT OTHER TOTAL** | **SINGLE TENANT OTHER TOTAL** | **SINGLE TENANT OTHER TOTAL** |  |  | **1411452** | $**21399** | $**21596** |
| **TOTAL OTHER/WEIGHTED AVERAGE** | **TOTAL OTHER/WEIGHTED AVERAGE** | **TOTAL OTHER/WEIGHTED AVERAGE** | **TOTAL OTHER/WEIGHTED AVERAGE** | **TOTAL OTHER/WEIGHTED AVERAGE** | **TOTAL OTHER/WEIGHTED AVERAGE** |  | **99.4% Leased** | **1411452** | $**21399** | $**21596** |
| **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE** | **99.5% Leased <sup>(8)</sup>** | **53955949** | $**279144** | $**268766** |

---

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| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES - 12/31/2022** | ![(GRAPHIC)](n3045_x18exh99-2img002.jpg) |

---

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **LXP % Ownership** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** | **12/31/2022<br> Debt Balance<br> ($000)** | **Debt Maturity (9)** |
| **NON-CONSOLIDATED PROPERTIES** | **NON-CONSOLIDATED PROPERTIES** | **NON-CONSOLIDATED PROPERTIES** |  |  |  |  |  | | | | |  |
| **NNN MFG COLD JV PROPERTIES** | **NNN MFG COLD JV PROPERTIES** | **NNN MFG COLD JV PROPERTIES** |  |  |  |  |  |  | | | |  |
| 2024 | 4/30/2024 | Portland/South Portland, ME | 113 Wells St. | North Berwick | ME | 10 | 993685 | 20% | 1672 | 1627 | 381000 | 01/2024 |
|  | 5/31/2024 | Bingen, WA | 901 East Bingen Point Way | Bingen | WA | 10 | 124539 | 20% | 1703 | 2748 |  |  |
| 2025 | 6/30/2025 | Nashville, TN | 301 Bill Bryan Blvd. | Hopkinsville | KY | 10 | 424904 | 20% | 1698 | 1687 |  |  |
|  |  | Elizabethtown-Fort Knox, KY | 730 North Black Branch Rd. | Elizabethtown | KY | 10 | 167770 | 20% | 709 | 537 |  |  |
|  |  | Elizabethtown-Fort Knox, KY | 750 North Black Branch Rd. | Elizabethtown | KY | 10 | 539592 | 20% | 2630 | 2838 |  |  |
|  |  | Owensboro, KY | 4010 Airpark Dr. | Owensboro | KY | 10 | 211598 | 20% | 990 | 1208 |  |  |
|  | 7/14/2025 | Charlotte, NC | 590 Ecology Ln. | Chester | SC | 10 | 420597 | 20% | 2190 | 2532 |  |  |
| 2026 | 11/30/2026 | Lumberton, NC | 2880 Kenny Biggs Rd. | Lumberton | NC | 10 | 423280 | 20% | 1714 | 1670 |  |  |
| 2027 | 8/31/2027 | Greenville/Spartanburg, SC | 50 Tyger River Dr. | Duncan | SC | 10 | 221833 | 20% | 1062 | 1103 |  |  |
|  | 12/31/2027 | Cincinnati/Dayton, OH | 10590 Hamilton Ave. | Cincinnati | OH | 10 | 264598 | 20% | 861 | 813 |  |  |
| 2028 | 9/30/2028 | West Michigan | 904 Industrial Rd. | Marshall | MI | 10 | 246508 | 20% | 835 | 800 |  |  |
|  | 12/31/2028 | Nashville, TN | 120 Southeast Pkwy. Dr. | Franklin | TN | 10 | 289330 | 20% | 833 | 735 |  |  |
| 2029 | 11/24/2029 | Anniston-Oxford, AL | 318 Pappy Dunn Blvd. | Anniston | AL | 10 | 276782 | 20% | 1842 | 1771 |  |  |
| 2030 | 10/31/2030 | Detroit, MI | 43955 Plymouth Oaks Blvd. | Plymouth | MI | 10 | 311612 | 20% | 1872 | 1633 |  |  |
| 2031 | 6/30/2031 | Cincinnati/Dayton, OH | 10000 Business Blvd. | Dry Ridge | KY | 10 | 336350 | 20% | 1607 | 1459 |  |  |
|  | 10/31/2031 | Chicago, IL | 1020 W. Airport Rd. | Romeoville | IL | 10 | 188166 | 20% | 3964 | 3775 |  |  |
| 2032 | 10/31/2032 | Detroit, MI | 26700 Bunert Rd. | Warren | MI |  | 260243 | 20% | 4194 | 3740 | 25850 | 11 /2032 |
| 2033 | 9/30/2033 | Crossville, TN | 900 Industrial Blvd. | Crossville | TN | 10 | 222200 | 20% | 704 | 613 |  |  |
| 2034 | 9/30/2034 | Las Vegas, NV | 5670 Nicco Way | North Las Vegas | NV | 10 | 180235 | 20% | 2825 | 2507 |  |  |
| 2035 | 3/31/2035 | Houston, TX | 13863 Industrial Rd. | Houston | TX | 10 | 187800 | 20% | 2604 | 2302 |  |  |
|  |  | Houston, TX | 7007 F.M. 362 Rd. | Brookshire | TX | 10 | 262095 | 20% | 2041 | 1806 |  |  |
| 2042 | 5/31/2042 | Columbus, GA | 4801 North Park Dr. | Opelika | AL | 10 | 165493 | 20% | 3465 | 2766 |  |  |
| **NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE** | **NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE** | **NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE** | **NNN MFG COLD JV TOTAL/WEIGHTED AVERAGE** |  |  | **100% Leased** | **6719210** |  | $**42015** | $**40670** | $**406850** |  |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES - 12/31/2022** | ![(GRAPHIC)](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **LXP % Ownership** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** | **12/31/2022<br> Debt Balance<br> ($000)** | **Debt Maturity (9)** |
| **NON-CONSOLIDATED PROPERTIES** | **NON-CONSOLIDATED PROPERTIES** | **NON-CONSOLIDATED PROPERTIES** |  |  | | | | | | | | |
| **NNN OFFICE JV PROPERTIES** | **NNN OFFICE JV PROPERTIES** | **NNN OFFICE JV PROPERTIES** |  |  |  |  |  |  |  |  |  |  |
| 2023 | 3/31/2023 | Dallas/Ft. Worth, TX | 8900 Freeport Pkwy. | Irving | TX | 11 | 200569 | 20% | 3808 | 3705 | 75960 | 09/2023 |
| 2025 | 3/14/2025 | Dallas/Ft. Worth, TX | 601 & 701 Experian Pkwy. | Allen | TX | 11 | 292700 | 20% | 3240 | 3073 |  |  |
|  | 6/30/2025 | Atlanta, GA | 2500 Patrick Henry Pkwy. | McDonough | GA | 11 | 111911 | 20% | 1628 | 1525 |  |  |
|  | 12/31/2025 | Dallas/Ft. Worth, TX | 4001 International Pkwy. | Carrollton | TX | 11 | 138443 | 20% | 2534 | 2543 |  |  |
| 2026 | 3/31/2026 | Columbus, OH | 500 Olde Worthington Rd. | Westerville | OH | 11 | 97000 | 20% | 1345 | 1285 |  |  |
| 2027 | 6/30/2027 | Kansas City, MO | 3902 Gene Field Rd. | St. Joseph | MO | 11 | 98849 | 20% | 2116 | 2110 |  |  |
|  | 7/6/2027 | Columbus, OH | 2221 Schrock Rd. | Columbus | OH | 11 | 42290 | 20% | 684 | 683 |  |  |
|  | 8/7/2027 | Philadelphia, PA | 25 Lakeview Dr. | Jessup | PA | 11 | 150000 | 20% | 2330 | 2326 |  |  |
| 2032 | 4/30/2032 | Charlotte, NC | 1210 AvidXchange Ln. | Charlotte | NC |  | 201450 | 20% | 6025 | 5699 | 46900 | 12/2023<br> 01/2033 |
| 2033 | 5/31/2033 | Dallas/Ft. Worth, TX | 8900 Freeport Pkwy. | Irving | TX | 11 | 60736 | 20% | 1302 | 1084 |  |  |
| **NNN OFFICE JV TOTAL/WEIGHTED AVERAGE** | **NNN OFFICE JV TOTAL/WEIGHTED AVERAGE** | **NNN OFFICE JV TOTAL/WEIGHTED AVERAGE** | **NNN OFFICE JV TOTAL/WEIGHTED AVERAGE** |  | **100% Leased** | **100% Leased** | **1393948** |  | $**25012** | $**24033** | $**122860** |  |

---

---

| | |
|:---|:---|
| **PROPERTY LEASES AND VACANCIES - 12/31/2022** | ![(GRAPHIC)](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** | **Date of Lease Expiration** | **CoStar Market (1)** | **Property Location** | **City** | **State** | **Note** | **Sq. Ft. Leased or Available (2)** | **LXP % Ownership** | **Annualized Base Rent as of 12/31/2022<br> ($000)** | **Annualized Cash Base Rent ("ABR") as of 12/31/2022<br> ($000)** | **12/31/2022<br> Debt Balance<br> ($000)** | **Debt Maturity (9)** |
| **OTHER NON-CONSOLIDATED PROPERTIES** | **OTHER NON-CONSOLIDATED PROPERTIES** | **OTHER NON-CONSOLIDATED PROPERTIES** |  |  |  |  |  |  |  |  |  |  |
| 2036 | 8/31/2036 | Houston, TX | 2203 North Westgreen Blvd. | Katy | TX | 17 | 274000 | 25% | 7111 | 7111 | 48979 | 02/2023 |
| **OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** | **OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** | **OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** |  |  | **100% Leased** | **100% Leased** | **274000** |  | $**7111** | $**7111** | $**48979** |  |
| **NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** | **NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** | **NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE** |  |  | **100% Leased** | **100% Leased** | **8387158** |  | $**74138** | $**71814** | $**578689** |  |

---

**<u>Footnotes</u>**

1 Based on CoStar.com inventory data.

2 Square footage leased or available.

3 Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).

---

| | |
|:---|:---|
| 4 | Represents percent leased. |

---

---

| | |
|:---|:---|
| 5 | Multi-tenant properties are properties less than 50% leased to a single tenant. |

---

---

| | |
|:---|:---|
| 6 | The multi-tenanted properties incurred approximately $0.4 million in operating expenses, net in 2022. |

---

---

| | |
|:---|:---|
| 7 | LXP has a 71.1% interest in this property. |

---

---

| | |
|:---|:---|
| 8 | Percent leased is for Stabilized Portfolio. |

---

---

| | |
|:---|:---|
| 9 | Interest rates range from 0.25% to 6.424%. |

---

10 All debt is cross-collateralized and cross-defaulted.

11 All debt is cross-collateralized and cross-defaulted.

12 Property held for sale at 12/31/2022.

---

| | |
|:---|:---|
| 13 | Industrial development land ground lease. LXP has a 95.5% interest in this property. |

---

---

| | |
|:---|:---|
| 14 | LXP has a 90% interest in this property. |

---

15 Subsequent to 12/31/2022, lease extended to 1/31/2029.

16 Subsequent to 12/31/2022, lease extended to 3/31/2028.

17 Subsequent to 12/31/2022, property sold and related debt satisfied.

---

| | |
|:---|:---|
| **MORTGAGES AND NOTES PAYABLE**<br> **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Footnotes** | **Debt <br> Balance <br> ($000)** | **Interest <br> Rate (%)** | **Maturity <sup>(a)</sup>** | **Current Estimated Annual Debt Service ($000) <sup>(b)</sup>** | **Balloon Payment<br> ($000)** |
| **INDUSTRIAL <sup>(f)</sup>** | | | |  | | |
| Long Island City, NY |  | $25046 | 3.500% | 03/2028 | $5153 | $— |
| Goodyear, AZ |  | 40935 | 4.290% | 08/2031 | 2484 | 33399 |
| **Industrial Subtotal/Wtd. Avg./Years Remaining <sup>(c)</sup>** |  | $**65981** | **3.990%** | **7.3** | $**7637** | $**33399** |
| **OFFICE <sup>(f)</sup>** |  |  |  |  |  |  |
| Palo Alto, CA |  | $7173 | 3.970% | 12/2023 | $7333 | $— |
| **Office Subtotal/Wtd. Avg./Years Remaining <sup>(c)</sup>** |  | $**7173** | **3.970%** | **0.9** | $**7333** | $**—** |
| **Subtotal/Wtd. Avg./Years Remaining <sup>(c)</sup>** |  | $**73154** | **3.988%** | **6.7** | $**14970** | $**33399** |
| **CORPORATE <sup>(e)</sup>** |  |  |  |  |  |  |
| Senior Notes |  | $198932 | 4.400% | 06/2024 | $8753 | $198932 |
| Term Loan | (h) | 300000 | 2.722% | 01/2025 | 8279 | 300000 |
| Revolving Credit Facility | (g) |  |  | 07/2026 |  |  |
| Senior Notes |  | 400000 | 2.700% | 09/2030 | 10800 | 400000 |
| Senior Notes |  | 400000 | 2.375% | 10/2031 | 9500 | 400000 |
| Trust Preferred Notes | (i) | 129120 | 6.115% | 04/2037 | 8005 | 129120 |
| **Subtotal/Wtd. Avg./Years Remaining <sup>(c)</sup>** |  | $**1428052** | **3.159%** | **6.5** | $**45337** | $**1428052** |
| **Total/Wtd. Avg./Years Remaining <sup>(c)</sup>** | (d) | $**1501206** | **3.200%** | **6.5** | $**60307** | $**1461451** |

---

---

| | |
|:---|:---|
| **MORTGAGES AND NOTES PAYABLE (CONTINUED)**<br> **12/31/2022**<br> ($000) | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GAAP Balance** | **Deferred Loan Costs, net** | **Discounts** | **Gross Balance** |
| Mortgages and notes payable <sup>(f)</sup> | $72103 | $1051 | $— | $73154 |
| Revolving credit facility borrowings <sup>(e)</sup> |  |  |  |  |
| Term loans payable <sup>(e)</sup> | 298959 | 1041 |  | 300000 |
| Senior notes payable<sup>(e)</sup> | 989295 | 6409 | 3228 | 998932 |
| Trust preferred securities <sup>(e)</sup> | 127694 | 1426 |  | 129120 |
| **Consolidated debt** | $**1488051** | $**9927** | $**3228** | $**1501206** |

---

**<u>Footnotes</u>**

(a) Subtotal and total based on weighted-average term to
maturity shown in years based on debt balance.

(b) Remaining payments for debt with less than 12 months
to maturity, all others are debt service for next 12 months.

(c) Total shown may differ from detailed amounts due to rounding.

(d) See reconciliations of non-GAAP measures in this document.

(e) Unsecured.

(f) Secured.

(g) Rate ranges from Adjusted Daily Simple SOFR or Adjusted Term SOFR plus 0.725% to 1.40%. Availability of $600 million, subject to covenant
compliance.

(h) Rate ranges from Adjusted Term SOFR plus 0.85% to 1.65%. The Adjusted Term SOFR portion of the interest rate was swapped to obtain a current
fixed rate of 2.722%.

(i) Rate is three month LIBOR plus 170 bps.

---

| | |
|:---|:---|
| **DEBT MATURITY SCHEDULE**<br> **12/31/2022**<br> ($000) | ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Properties** | **Consolidated Properties** | **Consolidated Properties** | **Consolidated Properties** |
| **Year** | **Mortgage<br> Scheduled<br> Amortization** | **Mortgage<br> Balloon Payments** | **Corporate Debt** |
| 2023 | $12265 | $— | $— |
| 2024 | 5373 |  | 198932 |
| 2025 | 5570 |  | 300000 |
| 2026 | 5773 |  |  |
| 2027 | 5984 |  |  |
|  | $**34965** | $**—** | $**498932** |

---

**Debt Maturity Profile <sup>(1)</sup>**

![](n3045_x18exh99-2img003.jpg)

**<u>Footnotes</u>**

(1) Percentage
 denotes weighted-average interest rate.

---

| | |
|:---|:---|
| **DEBT COVENANTS <sup>(1)</sup>**<br>| ![](n3045_x18exh99-2img002.jpg) |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE LEVEL DEBT** | | |
| | <br>**MUST BE:** | <br>**12/31/2022** |
| **Bank Loans:** |  |  |
| Maximum Leverage | < 60% | 35.5% |
| Fixed Charge Coverage | > 1.5x | 3.1x |
| Recourse Secured Indebtedness Ratio | < 10% cap value | 0.0% |
| Secured Indebtedness Ratio | < 40% | 4.3% |
| Unsecured Debt Service Coverage | > 2.0x | 4.9x |
| Unencumbered Leverage | < 60% | 35.8% |
| **Bonds:** |  |  |
| Debt to Total Assets | < 60% | 30.8% |
| Secured Debt to Total Assets | < 40% | 1.5% |
| Debt Service Coverage | > 1.5x | 5.4x |
| Unencumbered Assets to Unsecured Debt | > 150% | 326.9% |

---

**<u>Footnotes</u>**

(1) The
 above is a summary of the key financial covenants for LXP's credit facility and term loan
 and senior notes, as of December 31, 2022 and as defined and calculated per the terms of
 the credit facility and term loan and senior notes, as of such date and applicable. These
 calculations are presented to show LXP's compliance with such covenants only and are not
 measures of LXP's liquidity or performance.

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSET VALUE**<br> **12/31/2022**<br> ($000) | ![](n3045_x18exh99-2img002.jpg) |

---

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

---

| | |
|:---|:---|
| **Consolidated properties twelve-month net operating income (NOI) <sup>(1)</sup>** | **Consolidated properties twelve-month net operating income (NOI) <sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;Industrial | $223585 |
| &nbsp;&nbsp;&nbsp;Other | 13298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Operating Income | $**236883** |

---

---

| | |
|:---|:---|
| **LXP's share of non-consolidated twelve-month NOI <sup>(1)</sup>** | **LXP's share of non-consolidated twelve-month NOI <sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;**NNN OFFICE JV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office | $**4754** |
| &nbsp;&nbsp;&nbsp;**NNN MFG Cold JV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $**7930** |
| &nbsp;&nbsp;&nbsp;**OTHER JV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | $**1590** |

---

---

| | |
|:---|:---|
| **Other income** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | $**5615** |

---

---

| | |
|:---|:---|
| **NOI for NAV Reconciliation:** | **Twelve months ended 12/31/2022** |
| &nbsp;&nbsp;&nbsp;NOI as reported | $247421 |
| &nbsp;&nbsp;&nbsp;Adjustments to NOI: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposed of properties | (6659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases with free rent period | 5772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases not commenced | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for sale assets | (9068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets acquired/completed in 2022 | (2410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in a sales-type lease | (871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets less than 70% leased / Other | 959 |
| &nbsp;&nbsp;&nbsp;**NOI for NAV** | $**236883** |

---

---

| | |
|:---|:---|
| **In service assets not fairly valued by capitalized NOI method <sup>(1)</sup>** | **In service assets not fairly valued by capitalized NOI method <sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;Consolidated assets acquired/completed (our share) in 2022 | $**184698** |
| &nbsp;&nbsp;&nbsp;Consolidated assets less than 70% leased | $**45433** |

---

---

| | |
|:---|:---|
| **Add other assets:** |  |
| &nbsp;&nbsp;&nbsp;Assets held for sale - consolidated | $66434 |
| &nbsp;&nbsp;&nbsp;Investment in a sales-type lease<sup>(3)</sup> | 58565 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 9221 |
| &nbsp;&nbsp;&nbsp;Developable land - non-consolidated<sup>(2)</sup> | 15962 |
| &nbsp;&nbsp;&nbsp;Developable land - consolidated<sup>(2)</sup> | 79906 |
| &nbsp;&nbsp;&nbsp;Development investment<sup>(2)</sup> | 309594 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 54390 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 116 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 3030 |
| &nbsp;&nbsp;&nbsp;Other assets | 24314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other assets** | $**621532** |

---

---

| | |
|:---|:---|
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate level debt (face amount) | $1428052 |
| &nbsp;&nbsp;&nbsp;Mortgages and notes payable (face amount) | 73154 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 38416 |
| &nbsp;&nbsp;&nbsp;Liabilities held for sale - consolidated | 1150 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 98657 |
| &nbsp;&nbsp;&nbsp;Preferred stock, at liquidation value | 96770 |
| &nbsp;&nbsp;&nbsp;LXP's share of non-consolidated mortgages (face amount) | 118187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deductions** | $**1854386** |
| **Common shares & OP units at 12/31/2022** | **292551938** |

---

**<u>Footnotes</u>**

(1) NOI for the existing property portfolio
 at December 31, 2022, includes four quarters of annualized NOI for non-commenced leases and leases with free rent periods (excludes
 NOI related to assets undervalued by a capitalized NOI method and assets held for sale). Assets undervalued by a capitalized NOI method
 are identified generally by under 70% leased during the period, assets placed into service and assets acquired in 2022. For assets
 in this category an NOI capitalization approach is not appropriate, and accordingly, LXP's net book value has been used.

(2) At cost incurred.

(3) Our share at carrying value excludi ng
 allowance for credit loss.

---

| | |
|:---|:---|
| **NON-GAAP MEASURES**<br> **DEFINITIONS**<br>| ![](n3045_x18exh99-2img002.jpg) |

---

LXP has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Supplemental Information and in other public disclosures.

LXP believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles ("GAAP") measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund operations. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating LXP's financial performance or cash flow from operating, investing, or financing activities or liquidity.

<u>Definitions</u>:

<u>Adjusted EBITDA</u>: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, non-cash sales-type lease adjustments, 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.

<u>Annualized Cash Base Rent ("ABR")</u>: Annualized Cash Base Rent is calculated by multiplying the current monthly Cash Base Rent by 12. For leases in free rent periods or that were signed prior to the end of the quarter but have not commenced, the first Cash Base Rent payment is multiplied by 12. LXP believes ABR provides a meaningful indication of an investment's ability to fund cash needs.

<u>Annualized Base Rent</u>: Annualized Base rent is calculated by multiplying the current monthly Base Rent by 12. For leases signed prior to the end of the quarter but have not commenced, the first Base Rent is multiplied by 12. LXP believes Annualized Base Rent provides a meaningful measure to the net lease structure of the portfolio.

<u>Base Rent</u>: 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.

<u>Cash Base Rent</u>: 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, non-cash 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.

---

| | |
|:---|:---|
| **NON-GAAP MEASURES**<br> **DEFINITIONS**<br>| ![](n3045_x18exh99-2img002.jpg) |

---

<u>Company Funds Available for Distribution ("FAD")</u>: FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash income related to sales-type leases, (6) non-cash interest, (7) non-cash charges, net, (8) capitalized interest and internal costs, (9) cash paid for second generation tenant improvements, and (10) cash paid for second generation lease costs. Although FAD may not be comparable to that of other real estate investment trusts ("REITs"), LXP believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

<u>First Generation Costs</u>: Represents cash spend for tenant improvements and leasing costs for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, LXP's presentation may not be comparable to similarly titled measures of other companies.

<u>Funds from Operations ("FFO") and Adjusted Company FFO</u>: LXP believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust ("REIT"). LXP believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as "net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO." FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

LXP presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into LXP's common shares, are converted at the beginning of the period. LXP also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio. LXP believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be

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|:---|:---|
| **NON-GAAP MEASURES**<br> **DEFINITIONS**<br>| ![](n3045_x18exh99-2img002.jpg) |

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<u>Net Operating Income (NOI)</u>: NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of LXP's historical or future financial performance, financial position or cash flows. LXP defines NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases, and lease termination income, net) and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, LXP's NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. LXP believes that net income is the most directly comparable GAAP measure to NOI.

<u>Same-Store NOI</u>: Same-Store NOI represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, LXP's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of LXP's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of LXP's financial performance since it does not reflect the operations of LXP's 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 LXP's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact LXP's results from operations. LXP believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

<u>Second Generation Costs</u>: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation. LXP believes that second generation building improvements represent an investment in existing stabilized properties.

<u>Stabilized Portfolio</u>: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

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| | |
|:---|:---|
| **SELECT CREDIT METRICS DEFINITIONS**<br> **($000)** | ![](n3045_x18exh99-2img002.jpg) |

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| | | | |
|:---|:---|:---|:---|
| **Adjusted Company FFO Payout:** | **Twelve months ended<br> December 31, 2022** | **(Debt + Preferred) / Gross Assets:** | **Twelve months ended<br> December 31, 2022** |
| Common share dividends per share | $0.49 | Consolidated debt | $1488051 |
| Adjusted Company FFO per diluted share | 0.67 | Preferred shares liquidation preference | 96770 |
| **Adjusted Company FFO payout ratio** | **72.4** | **Debt and preferred** | $**1584821** |
| **Unencumbered Assets:** |  | Total assets | $4053847 |
| Real estate, at cost | $4466009 | Plus depreciation and amortization: |  |
| Held for sale real estate and intangible assets, at cost | 141499 | &nbsp;&nbsp;&nbsp;Real estate | 800470 |
| Investment in a sales-type lease<sup>(1)</sup> | 61325 | &nbsp;&nbsp;&nbsp;Deferred lease costs | 9989 |
| Other asset - note receivable | 1470 | &nbsp;&nbsp;&nbsp;Held for sale assets | 77632 |
| less encumbered real estate, at cost | (144386 |  |  |
| **Unencumbered assets** | $**4525917** | **Gross assets** | $**4941938** |
| **Unencumbered NOI:** |  | **(Debt + Preferred) / Gross Assets** | **32.1%** |
| NOI | $247421 |  |  |
| Disposed of properties NOI | (6659 | **Debt / Gross Assets:** |  |
| Adjusted NOI | 240762 | **Consolidated debt** | $**1488051** |
| &nbsp;&nbsp;&nbsp;less encumbered adjusted NOI | (15777 |  |  |
| **Unencumbered adjusted NOI** | $**224985** | **Gross assets** | $**4941938** |
| **Unencumbered NOI %** | **93.4** | **Debt / Gross assets** | **30.1%** |
| **Net Debt / Adjusted EBITDA:** |  | **Secured Debt / Gross Assets:** |  |
| **Adjusted EBITDA** | $**240305** | **Total Secure Debt** | $**72103** |
| Consolidated debt | $1488051 | **Gross assets** | $**4941938** |
| &nbsp;&nbsp;&nbsp;less consolidated cash and cash equivalents | (54390) |  |  |
| Non-consolidated debt, net | 115963 | **Secured Debt / Gross Assets** | **1.5%** |
| **Net debt** | $**1549624** |  |  |
|  |  | **Unsecured Debt / Unencumbered Assets:** |  |
| **Net debt / Adjusted EBITDA** | **6.4** | Consolidated debt | $1488051 |
|  |  | &nbsp;&nbsp;&nbsp;less mortgages and notes payable | (72103) |
| **(Net Debt + Preferred) / Adjusted EBITDA:** |  | **Unsecured Debt** | $**1415948** |
| **Adjusted EBITDA** | $**240305** |  |  |
|  |  | **Unencumbered assets** | $**4525917** |
| Net debt | $1549624 |  |  |
| Preferred shares liquidation preference | 96770 | **Unsecured Debt / Unencumbered Assets** | **31.3%** |
| **Net debt + preferred** | $**1646394** |  |  |
| **(Net Debt + Preferred) / Adjusted EBITDA** | **6.9** |  |  |

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For the 12/31/2021, 12/31/2020 and 12/31/2019 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information. (1) At carrying value excluding allowance for credit loss.

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| | |
|:---|:---|
| **APPENDIX - OTHER PORTFOLIO**<br> **12/31/2022** | ![](n3045_x18exh99-2img002.jpg) |

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| | |
|:---|:---|
| **Additional Information** | **Additional Information** |
| # of Properties | 7 |
| Square Feet | 1411452 |
| % Investment Grade <sup>(1)</sup> | 28.2% |
| % of ABR<sup>(2)</sup> | 8.0% |
| % Leased | 99.4% |
| Weighted-Average Age (Years)<sup>(3)</sup> | 31.0 |
| Weighted-Average ABR per SF<sup>(4)</sup> | $13.99 |
| Weighted-Average Lease Term (Years)<sup>(5)</sup> | 2.4 |
| % with Fixed Escalation<sup>(6)</sup> | 69.2% |
| Average Annual Rent Escalation<sup>(6)</sup> | 2.2% |
| Mortgage Debt ($000) | $7173 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **LEASE ROLLOVER SCHEDULE** | **LEASE ROLLOVER SCHEDULE** | **LEASE ROLLOVER SCHEDULE** | **LEASE ROLLOVER SCHEDULE** | **LEASE ROLLOVER SCHEDULE** |
| **Year** | **Number of <br> Leases <br> Expiring** | **ABR as of 12/31/2022<br> ($000)** | **ABR<br> as of<br> 12/31/2022** | **ABR<br> as of<br> 12/31/2021<sup>(8)</sup>** |
| 2023 | 2 | $7107 | 35.7% | 30.1% |
| 2024 | 3 | 8343 | 41.9% | 36.2% |
| 2025 | 2 | 2216 | 11.1% | 11.3% |
| 2026 | 0 |  | 0.0% | 1.1% |
| 2027 | 1 | 123 | 0.6% | 2.8% |
| 2028 | 0 |  | 0.0% | 9.6% |
| 2029 | 0 |  | 0.0% | 0.0% |
| 2030 | 0 |  | 0.0% | 0.0% |
| 2031 | 1 | 1833 | 9.2% | 7.3% |
| 2032 | 0 |  | 0.0% | 0.0% |
| Thereafter | 1 | 311 | 1.6% | 1.3% |
| **Total <sup>(7)</sup>** | **10** | $**19933** | **100.0%** |  |

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**<u>Footnotes</u>**

(1) Percent of ABR. Credit ratings based upon either tenant, guarantor
or parent/ultimate parent.

(2) Based on ABR for consolidated properties owned.

(3) Weighting based on square footage, excluding land parcels.

(4) Excludes land assets and all vacant square footage.

(5) Weighting based on ABR.

(6) Based on ABR for single-tenant leases owned (properties 50%
leased to a single tenant). Average Annual Rent Escalation based on next rent step percentages.

(7) Total shown may differ from detailed amounts due to rounding.

(8) 12/31/2021 is restated based on ABR.

***Investor Information***

 ***Transfer Agent***

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| | |
|:---|:---|
| Computershare | Overnight Correspondence: |
| PO Box 43006 | 150 Royall Street, Suite 101 |
| Providence, RI 02940 | Canton, MA 02021 |
| (800) 850-3948 |  |
| *www-us.computershare.com/investor* | *www-us.computershare.com/investor* |

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***Investor Relations***

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| | |
|:---|:---|
| Heather Gentry | Heather Gentry |
| Senior Vice President, Investor Relations | Senior Vice President, Investor Relations |
| *Telephone (direct)* | *(212) 692-7219* |
| *E-mail* | *hgentry@lxp.com* |

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***Research Coverage***

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| | | | |
|:---|:---|:---|:---|
| Bank of America |  | Evercore Partners |  |
| *Camille Bonnel* | *(416) 369-2140* | *Wendy Ma* | *(212) 497-0870* |
| Jefferies & Company, Inc. |  | J.P. Morgan Chase |  |
| *Jon Petersen* | *(212) 284-1705* | *Anthony Paolone* | *(212) 622-6682* |
| KeyBanc Capital Markets Inc. |  | Ladenburg Thalmann & Co., Inc. | Ladenburg Thalmann & Co., Inc. |
| *Todd Thomas* | *(917) 368-2286* | *John Massocca* | *(212) 409-2543* |

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![](n3045_x18exh99-2img004.jpg)

LXP INDUSTRIAL TRUST ■ ONE PENN PLAZA ■ SUITE 4015 ■ NEW YORK, NY 10119 ■ WWW.LXP.COM