LXP Industrial Trust (NYSE: LXP) Q1 2026 FFO rises, guidance reaffirmed
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
LXP Industrial Trust reported first quarter 2026 results showing a small net loss but steady cash generation from its industrial portfolio. Net loss attributable to common shareholders was $(1.9) million, or $(0.03) per diluted share, compared with net income of $17.3 million, or $0.30 per share, a year earlier, largely reflecting lower gains on property sales.
Operating metrics were more stable: total gross revenues were $85.9 million versus $88.9 million in 2025, while Adjusted Company FFO rose to $47.3 million, or $0.80 per diluted share, up from $0.78. Same-Store NOI increased 2.0%, and the stabilized portfolio was 96.6% leased with 1.8 million square feet of new and extended second-generation leases at double‑digit rent spreads. The REIT ended the quarter with $1.3 billion of total consolidated debt, net debt to Annualized Adjusted EBITDA of 5.1x, and cash of $130.1 million, after paying a $0.70 common dividend and repurchasing about 325,000 shares at an average price of $48.70. LXP reaffirmed 2026 guidance for net income attributable to common shareholders of $0.00–$0.15 per diluted share and Adjusted Company FFO of $3.22–$3.37 per diluted share.
Positive
- None.
Negative
- None.
Insights
Cash earnings and leasing remain solid despite a GAAP loss.
LXP Industrial Trust posted a small GAAP net loss of $(1.9) million ( $(0.03) per share) driven by lower gains on real estate sales versus Q1 2025, but underlying cash metrics were resilient. Adjusted Company FFO rose to $47.3 million, or $0.80 per diluted share, up 2.6%.
Same-Store NOI grew 2.0%, and the stabilized portfolio was 96.6% leased, supported by 1.8 million square feet of new and extended second‑generation leases with Base and Cash Base Rent increases of 19.1% and 11.9%, respectively. Development continues, including a 1.2 million square foot speculative project in Phoenix and several redevelopments.
On the balance sheet, LXP reported total consolidated debt of $1.3 billion, net debt to Annualized Adjusted EBITDA of 5.1x, and cash of $130.1 million. The Adjusted Company FFO payout ratio stood at 87.5%, reflecting a $0.70 quarterly common dividend. Management reaffirmed 2026 Adjusted Company FFO guidance of $3.22–$3.37 per diluted share, indicating expectations for stable cash generation under current assumptions.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total gross revenues: $85.9 million
Net income (loss) attributable to common shareholders: $(1.9) million; $(0.03)/share
Adjusted Company FFO: $47.3 million; $0.80/share
+4 more
7 metrics
Total gross revenues
$85.9 million
Quarter ended March 31, 2026
Net income (loss) attributable to common shareholders
$(1.9) million; $(0.03)/share
Quarter ended March 31, 2026
Adjusted Company FFO
$47.3 million; $0.80/share
Quarter ended March 31, 2026; up from $0.78 in 2025
Same-Store NOI
$67.4 million
Quarter ended March 31, 2026; 2.0% YoY increase
Stabilized portfolio leased
96.6%
As of March 31, 2026
Total consolidated debt
$1.3 billion
As of March 31, 2026; weighted-average interest rate 3.6%
Net debt / Annualized Adjusted EBITDA
5.1x
As of March 31, 2026
Key Terms
Adjusted Company FFO, Same-Store NOI, Funds from Operations (FFO), Annualized Adjusted EBITDA, +1 more
5 terms
Adjusted Company FFO financial
"Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.3 million"
Adjusted company FFO is a company‑specific, nonstandard measure of cash generated by a real estate or income‑producing business that starts from Funds From Operations and removes one‑time or nonoperational items management deems unrelated to core cash flow. Investors use it to see the business’s recurring ability to pay dividends, service debt and fund growth — like checking a household’s regular paycheck after ignoring one‑off bonuses or unexpected repairs.
Same-Store NOI financial
"Increased Same-Store NOI 2.0% compared to the same period in 2025."
Same-store NOI (net operating income) measures the change in profit from a company’s properties or retail locations that were owned and operating in both the current and prior reporting periods, excluding income from newly acquired or sold assets. It matters to investors because it isolates organic performance—like rent increases, occupancy and cost control—so you can compare how the existing portfolio is actually doing over time, similar to tracking sales at the same set of stores rather than including new openings.
Funds from Operations (FFO) financial
"LXP believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Annualized Adjusted EBITDA financial
"Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter multiplied by four."
Net Operating Income (NOI) financial
"Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment."
Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.
Earnings Snapshot
Total gross revenues: $85.9 million · Guidance included
Q1 2026
Total gross revenues
$85.9 million
Net income (loss) attributable to common shareholders
$(1.9) million; $(0.03) per diluted share
Adjusted Company FFO per diluted share
$0.80
+2.6% YoY
Same-Store NOI growth
2.0%
+2.0% YoY
Guidance
For 2026, net income attributable to common shareholders is estimated at $0.00–$0.15 per diluted share and Adjusted Company FFO at $3.22–$3.37 per diluted common share.
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): April 29, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(212 ) 692-7200
Registrant's telephone number, including area code
Not Applicable
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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. o
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, LXP Industrial Trust, or the Trust, issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 (the "Press Release").
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 April 29, 2026, the Trust made available supplemental information, which we refer to as the “Quarterly Supplemental Information, First Quarter 2026,” a copy of which is furnished herewith as Exhibit 99.2.
On April 29, 2026, 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 set forth 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.
(d) Exhibits
99.1 | Press Release dated April 29, 2026 | ||||
99.2 | Quarterly Supplemental Information, First Quarter 2026 | ||||
| 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 | |||||||||||
| Date: | 4/29/2026 | By: | /s/ Nathan Brunner | ||||||||
| Nathan Brunner | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
LXP INDUSTRIAL TRUST
TRADED: NYSE: LXP
515 N FLAGLER DR, SUITE 408
WEST PALM BEACH, FL 33401
FOR IMMEDIATE RELEASE
LXP INDUSTRIAL TRUST REPORTS FIRST QUARTER 2026 RESULTS
West Palm Beach, Fla. - April 29, 2026 - LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Recorded Net Loss attributable to common shareholders of $(1.9) million, or $(0.03) per diluted common share.
•Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.3 million, or $0.80 per diluted common share, compared to $0.78 per diluted common share in the same period in 2025, an increase of 2.6%.
•Increased Same-Store NOI 2.0% compared to the same period in 2025.
•Extended lease at 1.1 million square foot Greenville/Spartanburg facility for additional four years through 2031, following the initial two-year lease signed in May 2025.
•Completed an additional 0.7 million square feet of new leases and lease extensions, increasing Base and Cash Base Rents by 34.1% and 24.3%, respectively.
•Commenced a 1.2 million square foot speculative development project in Phoenix, Arizona.
•Extended the maturities and reduced pricing on $600 million unsecured revolving credit facility and $250 million term loan.
•Repurchased and retired approximately 325,000 common shares at an average price of $48.70 per common share.
Subsequent Highlights
•Completed 1.4 million square feet of new leases and lease extensions, increasing Cash Base Rents by 23.4%, bringing year-to-date spreads on Cash Base Rents to 16.3%.
T Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, “Our first quarter results reflect LXP’s continued leasing momentum, with 3.2 million square feet leased year-to-date, underscoring the strength of both our target markets and demand for large-format logistics facilities. This activity included the successful outcome at our 1.1 million square foot facility in Greenville/Spartanburg, in which we extended the lease for an additional four years, further enhancing the 8% initial cash stabilized development yield. With active discussions underway on over seven million square feet in our leasing pipeline, we are optimistic that we will continue to achieve attractive leasing outcomes going forward.”
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FINANCIAL RESULTS
Revenues
For the quarter ended March 31, 2026, total gross revenues were $85.9 million, compared with total gross revenues of $88.9 million for the quarter ended March 31, 2025. The decrease is primarily attributable to property dispositions.
Net Income Attributable to Common Shareholders
For the quarter ended March 31, 2026, net loss attributable to common shareholders was $(1.9) million, or $(0.03) per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2025 of $17.3 million, or $0.30 per diluted share.
Adjusted Company FFO
For the quarter ended March 31, 2026, LXP generated Adjusted Company FFO of $47.3 million, or $0.80 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2025 of $46.4 million, or $0.78 per diluted share.
Dividends
LXP previously announced that it declared a regular quarterly common share dividend for the quarter ending March 31, 2026. The dividend of $0.70 per common share was paid on April 15, 2026 to common shareholders of record as of March 31, 2026.
LXP also previously announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred") for the quarter ended March 31, 2026, which is expected to be paid on May 15, 2026 to shareholders of record as of April 30, 2026.
TRANSACTION ACTIVITY
| ONGOING DEVELOPMENT AND REDEVELOPMENT PROJECTS | ||||||||||||||||||||||||||
| Project (% owned) | # of Buildings | Market | Estimated Sq. Ft. | Estimated Project Cost ($000) | GAAP Investment Balance as of 3/31/2026 ($000)(1) | LXP Amount Funded as of 3/31/2026 ($000)(2) | Estimated Base Building Completion Date | % Leased as of 3/31/2026 | ||||||||||||||||||
| Development Project | ||||||||||||||||||||||||||
| Reems & Olive - Building D (95.5%) | 1 | Phoenix, AZ | 1,185,000 | $ | 121,900 | $ | 23,953 | $ | 20,230 | 1Q 2027 | —% | |||||||||||||||
| Redevelopment Projects | ||||||||||||||||||||||||||
Orlando (100%)(3) | 1 | Central FL | 350,990 | $ | 9,400 | $ | 17,350 | $ | 3,242 | 4Q 2026 | —% | |||||||||||||||
Richmond (100%)(3) | 1 | Richmond, VA | 252,351 | 3,900 | 14,594 | 3,071 | 2Q 2026 | —% | ||||||||||||||||||
| Total Redevelopment Projects | 2 | 603,341 | $ | 13,300 | $ | 31,944 | $ | 6,313 | ||||||||||||||||||
| Land Infrastructure Improvements | ||||||||||||||||||||||||||
Reems & Olive (95.5%)(4) | N/A | Phoenix, AZ | N/A | 16,200 | 12,952 | 15,547 | N/A | N/A | ||||||||||||||||||
| Total | 3 | 1,788,341 | $ | 151,400 | $ | 68,849 | $ | 42,090 | ||||||||||||||||||
1.Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes, if any.
2.Excludes noncontrolling interests' share.
3.Estimated project costs exclude estimated tenant improvements and leasing costs.
4.Represents infrastructure development costs to prepare the land for vertical development.
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| LAND HELD FOR INDUSTRIAL DEVELOPMENT | ||||||||||||||||||||||||||
| Project (% owned) | Market | Approximate Acres | GAAP Investment Balance as of 3/31/2026 ($000) | LXP Amount Funded as of 3/31/2026 ($000)(1) | ||||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||
| Reems & Olive (95.5%) | Phoenix, AZ | 240 | $ | 57,454 | $ | 57,306 | ||||||||||||||||||||
| Mt. Comfort Phase II (80%) | Indianapolis, IN | 116 | 5,879 | 4,761 | ||||||||||||||||||||||
| ATL Fairburn (100%) | Atlanta, GA | 14 | 1,732 | 1,779 | ||||||||||||||||||||||
| Total Consolidated Land | 370 | $ | 65,065 | $ | 63,846 | |||||||||||||||||||||
| Project (% owned) | Market | Approximate Acres | GAAP Investment Balance as of 3/31/2026 ($000) | LXP Amount Funded as of 3/31/2026 ($000)(1) | ||||||||||||||||||||||
| Non-Consolidated | ||||||||||||||||||||||||||
| Etna Park 70 (90%) | Columbus, OH | 48 | $ | 9,085 | $ | 10,746 | ||||||||||||||||||||
| Etna Park 70 East (90%) | Columbus, OH | 21 | 2,485 | 3,302 | ||||||||||||||||||||||
| Total Non-Consolidated Land | 69 | $ | 11,570 | $ | 14,048 | |||||||||||||||||||||
1.Excludes noncontrolling interests’ share.
| LEASING | ||||||||||||||||||||||||||||||||
| During the first quarter of 2026, LXP executed new and extended leases: | |||||||||||||||||||||||||||||
| NEW LEASES - SECOND GENERATION | |||||||||||||||||||||||||||||
| Location | Lease Expiration Date | Sq. Ft. | |||||||||||||||||||||||||||
| Whitestown, IN | 03/28 | 85,232 | |||||||||||||||||||||||||||
| TOTAL NEW LEASES - SECOND GENERATION | 85,232 | ||||||||||||||||||||||||||||
| LEASE EXTENSIONS - SECOND GENERATION | |||||||||||||||||||||||||||||
| Location | Prior Term | New Lease Expiration Date | Sq. Ft. | ||||||||||||||||||||||||||
| Greer, SC | 05/27 | 05/31 | 1,091,888 | ||||||||||||||||||||||||||
| Lewisburg, TN | 03/26 | 07/31 | 310,000 | ||||||||||||||||||||||||||
Statesville, NC(1) | 10/26 | 10/29 | 351,800 | ||||||||||||||||||||||||||
TOTAL LEASE EXTENSIONS - SECOND GENERATION | 1,753,688 | ||||||||||||||||||||||||||||
1.Property consists of 639,800 square feet. During the quarter, the lease for 351,800 square feet was extended to October 31, 2029. The lease for the remaining 288,000 square feet has a lease expiration date of October 31, 2026.
As of March 31, 2026, LXP's stabilized portfolio was 96.6% leased. A total of 1.8 million square feet of new second-generation and extended second-generation leases were executed during the first quarter of 2026 with Base and Cash Base Rents on second-generation leases increasing by 19.1% and 11.9%, respectively.
Additionally, LXP executed 1.4 million square feet of new and extended second-generation leases at Cash Base rent spreads of 23.4%, which resulted in a year-to-date increase in Cash Base Rents of 16.3%.
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BALANCE SHEET
LXP ended the quarter with net debt to Annualized Adjusted EBITDA of 5.1x. LXP's total consolidated debt was $1.3 billion at quarter end. Total consolidated debt had a weighted-average term to maturity of 4.7 years and a weighted-average interest rate of 3.6% as of March 31, 2026. LXP's total cash and cash equivalents was $130.1 million at quarter end.
During the first quarter of 2026, LXP repurchased and retired approximately 325,000 common shares at an average price of $48.70 per share. Since December 2025, LXP has repurchased and retired approximately 406,200 shares at an average price of $48.77.
2026 EARNINGS GUIDANCE
LXP estimates net income attributable to common shareholders for the year ended December 31, 2026 will be within an expected range of $— to $0.15 per diluted common share. LXP is reaffirming its expectation that Adjusted Company FFO guidance for the year ending December 31, 2026, will be within an expected range of $3.22 to $3.37 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
FIRST QUARTER 2026 CONFERENCE CALL
LXP will host a conference call today, April 29, 2026, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2026. Interested parties may participate in this conference call by dialing 1-888-660-6082 or 1-929-201-6604. Conference ID is 1576583. A replay of the call will be available through May 6, 2026 at 1-800-770-2030 or 1-609-800-9909, pin code for all replay numbers is 1576583. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section. The webcast link will be available for one year.
ABOUT LXP INDUSTRIAL TRUST
LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest. LXP seeks to expand its warehouse and distribution 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 www.lxp.com.
Contact:
Investor or Media Inquiries for LXP Industrial Trust:
Heather Gentry, Executive 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 and changes in applicable governmental regulations and tax legislation, (2) the outbreak of highly infectious or contagious diseases and natural disasters, (3) 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, 2026, (5) the successful consummation of any lease, acquisition, development, build-to-suit, disposition, financing or other transaction, including achieving any estimated yields, (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 and increases in
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operating costs, (10) labor shortages, (11) supply chain disruption and increases in real estate construction costs and raw materials costs and construction schedule delays, (12) defaults or non-renewals of significant tenant leases, (13) changes in financial markets and interest rates, (14) changes in accessibility of debt and equity capital markets, (15) future impairment charges, (16) international trade disputes or the imposition of significant tariffs or other trade restrictions by the U.S. on imported goods that adversely impact trading volumes and (17) 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.
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.
Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest expense, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of real estate or changes in control, impairment charges, gain (loss) on debt satisfaction, net, non-cash charges, net, straight-line adjustments, non-recurring charges, the non-cash purchase option 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. Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter multiplied by four.
Annualized Adjusted EBITDA: Adjusted EBITDA for the quarter multiplied by four.
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 its 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.
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First-Generation Costs: Represents cash spend for tenant improvements, leasing costs and expenditures contemplated at acquisition for recently acquired properties with vacancy. 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 - basic and also presents FFO available to all equityholders - 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 - diluted which adjusts FFO available to all equityholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio and not comparable from period to period. 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. 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 excluding developer incentive fees or 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 and purchase option 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 the period commencing January 1, 2025 and through the end of the current reporting period. As Same-Store NOI excludes the change in NOI from acquired, expanded, disposed of properties and properties with significant casualty loss, 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.
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Stabilized Portfolio: All real estate properties other than non-stabilized properties. LXP considers stabilization to occur upon the earlier of 90% occupancy of the property or one year from the cessation of major construction activities. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, LXP ceases capitalizing costs on the completed portion of the project but continues to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the project is placed in service and depreciation commences.
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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Gross revenues: | |||||||||||
| Rental revenue | $ | 84,976 | $ | 87,893 | |||||||
| Other revenue | 972 | 970 | |||||||||
| Total gross revenues | 85,948 | 88,863 | |||||||||
| Expense applicable to revenues: | |||||||||||
| Depreciation and amortization | (46,985) | (50,512) | |||||||||
| Property operating | (16,735) | (17,129) | |||||||||
| General and administrative | (10,254) | (10,390) | |||||||||
| Non-operating income | 1,535 | 520 | |||||||||
| Interest and amortization expense | (13,217) | (16,280) | |||||||||
| Loss on debt satisfaction, net | (299) | (350) | |||||||||
| Transaction costs | (15) | — | |||||||||
| Gain on sale or disposal of, and recovery on, real estate, net | 2,304 | 24,635 | |||||||||
| Income before provision for income taxes and equity in losses of non-consolidated entities | 2,282 | 19,357 | |||||||||
| Provision for income taxes | (136) | (215) | |||||||||
| Equity in losses of non-consolidated entities | (2,437) | (980) | |||||||||
| Net income (loss) | (291) | 18,162 | |||||||||
| Net loss attributable to noncontrolling interests | 52 | 816 | |||||||||
| Net income (loss) attributable to LXP Industrial Trust shareholders | (239) | 18,978 | |||||||||
| Dividends attributable to preferred shares - Series C | (1,572) | (1,572) | |||||||||
| Allocation to participating securities | (131) | (127) | |||||||||
| Net income (loss) attributable to common shareholders | $ | (1,942) | $ | 17,279 | |||||||
| Net income (loss) attributable to common shareholders - per common share basic | $ | (0.03) | $ | 0.30 | |||||||
| Weighted-average common shares outstanding - basic | 58,163,030 | 58,341,212 | |||||||||
| Net income (loss) attributable to common shareholders - per common share diluted | $ | (0.03) | $ | 0.30 | |||||||
| Weighted-average common shares outstanding - diluted | 58,163,030 | 58,459,654 | |||||||||
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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share and per share data)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Real estate, at cost | $ | 3,909,897 | $ | 3,908,485 | |||||||
| Real estate - intangible assets | 305,841 | 305,841 | |||||||||
| Land held for development | 65,065 | 82,971 | |||||||||
| Investments in real estate under construction | 68,849 | 41,769 | |||||||||
| Real estate, gross | 4,349,652 | 4,339,066 | |||||||||
| Less: accumulated depreciation and amortization | (1,196,713) | (1,151,513) | |||||||||
| Real estate, net | 3,152,939 | 3,187,553 | |||||||||
| Right-of-use assets, net | 7,583 | 8,721 | |||||||||
| Cash and cash equivalents | 130,112 | 170,394 | |||||||||
| Restricted cash | 168 | 257 | |||||||||
| Investments in non-consolidated entities | 29,301 | 31,430 | |||||||||
| Deferred expenses, net | 40,704 | 35,068 | |||||||||
| Rent receivable - current | 3,963 | 3,454 | |||||||||
| Rent receivable - deferred | 85,279 | 84,631 | |||||||||
| Other assets | 16,652 | 15,514 | |||||||||
| Total assets | $ | 3,466,701 | $ | 3,537,022 | |||||||
| Liabilities and Equity: | |||||||||||
| Liabilities: | |||||||||||
| Mortgages and notes payable, net | $ | 48,162 | $ | 49,541 | |||||||
| Term loan payable, net | 247,532 | 249,053 | |||||||||
| Senior notes payable, net | 953,104 | 952,693 | |||||||||
| Trust preferred securities, net | 100,133 | 100,113 | |||||||||
| Dividends payable | 43,536 | 44,715 | |||||||||
| Operating lease liabilities | 7,914 | 9,134 | |||||||||
| Accounts payable and other liabilities | 38,542 | 54,553 | |||||||||
| Accrued interest payable | 11,425 | 9,218 | |||||||||
| Deferred revenue - including below-market leases, net | 2,724 | 3,030 | |||||||||
| Prepaid rent | 14,459 | 16,594 | |||||||||
| Total liabilities | 1,467,531 | 1,488,644 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: | |||||||||||
Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding | 94,016 | 94,016 | |||||||||
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 58,947,523 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively | 6 | 6 | |||||||||
| Additional paid-in-capital | 3,305,816 | 3,313,884 | |||||||||
| Accumulated distributions in excess of net income | (1,413,734) | (1,371,654) | |||||||||
| Accumulated other comprehensive income | 1,403 | 427 | |||||||||
| Total shareholders’ equity | 1,987,507 | 2,036,679 | |||||||||
| Noncontrolling interests | 11,663 | 11,699 | |||||||||
| Total equity | 1,999,170 | 2,048,378 | |||||||||
| Total liabilities and equity | $ | 3,466,701 | $ | 3,537,022 | |||||||
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| LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES | ||
| EARNINGS PER SHARE | ||
| (Unaudited and in thousands, except share and per share data) | ||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| EARNINGS PER SHARE: | ||||||||||||||
| Basic: | ||||||||||||||
| Net income (loss) attributable to common shareholders | $ | (1,942) | $ | 17,279 | ||||||||||
| Weighted-average number of common shares outstanding - basic | 58,163,030 | 58,341,212 | ||||||||||||
| Net income (loss) attributable to common shareholders - per common share basic | $ | (0.03) | $ | 0.30 | ||||||||||
| Diluted: | ||||||||||||||
| Net income (loss) attributable to common shareholders - basic | $ | (1,942) | $ | 17,279 | ||||||||||
| Weighted-average common shares outstanding - basic | 58,163,030 | 58,341,212 | ||||||||||||
| Effect of dilutive securities: | ||||||||||||||
| Unvested share-based payment awards | — | 118,442 | ||||||||||||
| Weighted-average common shares outstanding - diluted | 58,163,030 | 58,459,654 | ||||||||||||
| Net income (loss) attributable to common shareholders - per common share diluted | $ | (0.03) | $ | 0.30 | ||||||||||
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| LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||||
| ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION | ||||||||||||||||||||
| (Unaudited and in thousands, except share and per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| March 31, | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| FUNDS FROM OPERATIONS: | ||||||||||||||||||||
| Basic and Diluted: | ||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | (1,942) | $ | 17,279 | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||
| | ||||||||||||||||||||
| Depreciation and amortization - real estate | 45,233 | 48,822 | ||||||||||||||||||
| Impairment charges - real estate, from our share of non-consolidated entities | 1,250 | — | ||||||||||||||||||
| Amortization of leasing commissions | 1,752 | 1,690 | ||||||||||||||||||
| Joint venture and noncontrolling interest adjustment | 1,332 | 1,207 | ||||||||||||||||||
| Gain on sale or disposal of, and recovery on, real estate, net | (2,304) | (24,635) | ||||||||||||||||||
| FFO available to common shareholders - basic | 45,321 | 44,363 | ||||||||||||||||||
| Preferred dividends | 1,572 | 1,572 | ||||||||||||||||||
| Amount allocated to participating securities | 131 | 127 | ||||||||||||||||||
| FFO available to all equityholders - diluted | 47,024 | 46,062 | ||||||||||||||||||
Transaction costs(1) | 15 | — | ||||||||||||||||||
| Loss on debt satisfaction, net | 299 | 350 | ||||||||||||||||||
| Adjusted Company FFO available to all equityholders - diluted | 47,338 | 46,412 | ||||||||||||||||||
| FUNDS AVAILABLE FOR DISTRIBUTION: | ||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Straight-line adjustments | (626) | (959) | ||||||||||||||||||
| Lease incentives | 500 | 446 | ||||||||||||||||||
| Amortization of above/below market leases | (302) | (1,115) | ||||||||||||||||||
| Lease termination payments, net | (76) | 1,600 | ||||||||||||||||||
| Non-cash interest expense | 1,025 | 1,079 | ||||||||||||||||||
| Non-cash charges, net | 2,980 | 3,126 | ||||||||||||||||||
| Capitalized interest and internal costs | (536) | (219) | ||||||||||||||||||
| Second-Generation tenant improvements | — | (452) | ||||||||||||||||||
| Second-Generation lease costs | (21) | (1,736) | ||||||||||||||||||
| Joint venture and noncontrolling interest adjustment | (485) | (57) | ||||||||||||||||||
| Company Funds Available for Distribution | $ | 49,797 | $ | 48,125 | ||||||||||||||||
| Per Common Share Amounts | ||||||||||||||||||||
| Basic: | ||||||||||||||||||||
| FFO | $ | 0.78 | $ | 0.76 | ||||||||||||||||
| Diluted: | ||||||||||||||||||||
| FFO | $ | 0.80 | $ | 0.78 | ||||||||||||||||
| Adjusted Company FFO | $ | 0.80 | $ | 0.78 | ||||||||||||||||
| Basic: | ||||||||||||||||||||
| Weighted-average common shares outstanding - basic FFO | 58,163,030 | 58,341,212 | ||||||||||||||||||
| Diluted: | ||||||||||||||||||||
| Weighted-average common shares outstanding - diluted EPS | 58,163,030 | 58,459,654 | ||||||||||||||||||
| Preferred shares - Series C | 942,114 | 942,114 | ||||||||||||||||||
| Weighted-average common shares outstanding - diluted FFO | 59,105,144 | 59,401,768 | ||||||||||||||||||
(1) Transaction costs include costs associated with terminated investments, such as non-refundable deposits and legal fees.
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| LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES | |||||||||||
| RECONCILIATION OF NON-GAAP MEASURES | |||||||||||
| 2026 EARNINGS GUIDANCE | |||||||||||
Twelve Months Ended December 31, 2026 | |||||||||||
| Low Range | High Range | ||||||||||
| Estimated: | |||||||||||
Net income (loss) attributable to common shareholders per diluted common share(1) | $ | — | $ | 0.15 | |||||||
| Depreciation and amortization | 3.23 | 3.23 | |||||||||
| Impact of capital transactions | (0.01) | (0.01) | |||||||||
| Estimated Adjusted Company FFO per diluted common share | $ | 3.22 | $ | 3.37 | |||||||
(1) Assumes all convertible securities are dilutive.
QUARTERLY SUPPLEMENTAL INFORMATION FIRST QUARTER 2026 Exhibit 99.2
TABLE OF CONTENTS March 31, 2026 Page PAGE SUMMARY / HIGHLIGHTS 3 TENANT DATA TOP 15 TENANTS 16 FINANCIAL DATA QUARTERLY LEASING SUMMARY 17 CONSOLIDATED BALANCE SHEETS 4 LEASE ROLLOVER SCHEDULE 18 CONSOLIDATED STATEMENTS OF OPERATIONS 5 PROPERTY LEASES AND VACANCIES 19 NON-GAAP FINANCIAL DATA 6 SELECT CREDIT METRICS SUMMARY 10 DEBT MORTGAGES AND NOTES PAYABLE 27 DEBT MATURITY SCHEDULE 28 CAPITAL DEPLOYMENT DEBT COVENANTS 29 DEVELOPMENT SUMMARY 11 CAPITAL EXPENDITURES AND LEASING COSTS 13 COMPONENTS OF NET ASSET VALUE 30 OTHER FINANCIAL DATA 31 PORTFOLIO DATA SAME-STORE DATA 14 NON-GAAP MEASURES DEFINITIONS 32 PORTFOLIO INFORMATION 15 INVESTOR INFORMATION 36 This Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under LXP Industrial Trust (“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 and changes in applicable governmental regulations and tax legislation, (2) the outbreak of highly infectious or contagious diseases and natural disasters, (3) 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, 2026, (5) the successful consummation of any lease, acquisition, development, build-to-suit, disposition, financing or other transaction, including the timing of any such transaction, the ultimate terms or achieving any estimated yields or rental rates, (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 and increases in operating costs, (10) labor shortages, (11) supply chain disruption and increases in real estate construction costs and raw materials costs and construction schedule delays, (12) defaults or non-renewals of significant tenant leases, (13) changes in financial markets and interest rates, (14) changes in accessibility of debt and equity capital markets, (15) future impairment charges, (16) international trade disputes or the imposition of significant tariffs or other trade restrictions by the U.S. on imported goods that adversely impact trading volumes and (17) 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.
3Table of Contents SUMMARY / HIGHLIGHTS LXP Industrial Trust is a REIT focused on Class A, warehouse and distribution real estate investments in 12 target markets in the Sunbelt and lower Midwest. Footnote (1) Includes consolidated and non-consolidated developable land. Portfolio Statistics # of Properties: 108 # of States: 14 Square Footage: 52.7 million % Square Feet Class A: 92.6% Stabilized Portfolio % Leased: 96.6% # of Leases: 119 Weighted-Average Lease Term: 4.7 years Weighted-Average Age: 10.1 years Developable Land:(1) 439 acres Quarterly Highlights - Net Loss - $(0.03) per diluted common share - Adjusted Company FFO - $0.80 per diluted common share, compared to $0.78 per diluted common share in the same period in 2025, an increase of 2.6% ‘- Increased Same-Store NOI 2.0% compared to the same period in 2025 ‘- Extended lease at 1.1 million square foot Greenville/Spartanburg facility for additional four years through 2031, following the initial two-year lease signed in May 2025 ‘- Completed an additional 0.7 million square feet of new leases and lease extensions, increasing Base and Cash Base Rents by 34.1% and 24.3%, respectively ‘- Commenced a 1.2 million square foot speculative development project in Phoenix, Arizona ‘- Extended the maturities and reduced pricing on $600 million unsecured revolving credit facility and $250 million term loan ‘- Repurchased and retired approximately 325,000 common shares at an average price of $48.70 per common share
4Table of Contents CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share data) March 31, 2026 December 31, 2025 Assets: Real estate, at cost $ 3,909,897 $ 3,908,485 Real estate - intangible assets 305,841 305,841 Land held for development 65,065 82,971 Investments in real estate under construction 68,849 41,769 Real estate, gross 4,349,652 4,339,066 Less: accumulated depreciation and amortization (1,196,713) (1,151,513) Real estate, net 3,152,939 3,187,553 Right-of-use assets, net 7,583 8,721 Cash and cash equivalents 130,112 170,394 Restricted cash 168 257 Investments in non-consolidated entities 29,301 31,430 Deferred expenses, net 40,704 35,068 Rent receivable - current 3,963 3,454 Rent receivable - deferred 85,279 84,631 Other assets 16,652 15,514 Total assets $ 3,466,701 $ 3,537,022 Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 48,162 $ 49,541 Term loan payable, net 247,532 249,053 Senior notes payable, net 953,104 952,693 Trust preferred securities, net 100,133 100,113 Dividends payable 43,536 44,715 Operating lease liabilities 7,914 9,134 Accounts payable and other liabilities 38,542 54,553 Accrued interest payable 11,425 9,218 Deferred revenue - including below-market leases, net 2,724 3,030 Prepaid rent 14,459 16,594 Total liabilities 1,467,531 1,488,644 Commitments and contingencies Equity: Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding 94,016 94,016 Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 58,947,523 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively 6 6 Additional paid-in-capital 3,305,816 3,313,884 Accumulated distributions in excess of net income (1,413,734) (1,371,654) Accumulated other comprehensive income 1,403 427 Total shareholders' equity 1,987,507 2,036,679 Noncontrolling interests 11,663 11,699 Total equity 1,999,170 2,048,378 Total liabilities and equity $ 3,466,701 $ 3,537,022
5Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) Three months ended March 31, 2026 2025 Gross revenues: Rental revenue $ 84,976 $ 87,893 Other revenue 972 970 Total gross revenues 85,948 88,863 Expense applicable to revenues: Depreciation and amortization (46,985) (50,512) Property operating (16,735) (17,129) General and administrative (10,254) (10,390) Non-operating income 1,535 520 Interest and amortization expense (13,217) (16,280) Loss on debt satisfaction, net (299) (350) Transaction costs (15) — Gain on sale or disposal of, and recovery on, real estate, net 2,304 24,635 Income before provision for income taxes and equity in losses of non-consolidated entities 2,282 19,357 Provision for income taxes (136) (215) Equity in losses of non-consolidated entities (2,437) (980) Net income (loss) (291) 18,162 Net loss attributable to noncontrolling interests 52 816 Net income (loss) attributable to LXP Industrial Trust shareholders (239) 18,978 Dividends attributable to preferred shares - Series C (1,572) (1,572) Allocation to participating securities (131) (127) Net income (loss) attributable to common shareholders $ (1,942) $ 17,279 Net income (loss) attributable to common shareholders - per common share basic $ (0.03) $ 0.30 Weighted-average common shares outstanding - basic 58,163,030 58,341,212 Net income (loss) attributable to common shareholders - per common share diluted $ (0.03) $ 0.30 Weighted-average common shares outstanding - diluted 58,163,030 58,459,654
6Table of Contents NON-GAAP FINANCIAL DATA (Unaudited and in thousands, except share and per share data) Three months ended March 31, 2026 2025 FUNDS FROM OPERATIONS: Basic and Diluted: Net income (loss) attributable to common shareholders $ (1,942) $ 17,279 Adjustments: Depreciation and amortization related to real estate 45,233 48,822 Impairment charges - real estate, from our share of non-consolidated entities 1,250 — Amortization of leasing commissions 1,752 1,690 Joint venture and noncontrolling interest adjustment 1,332 1,207 Gain on sale of or disposal of, and recovery on, real estate, net (2,304) (24,635) FFO available to common shareholders - basic 45,321 44,363 Preferred dividends 1,572 1,572 Amount allocated to participating securities 131 127 FFO available to all equityholders - diluted 47,024 46,062 Transaction costs(1) 15 — Loss on debt satisfaction, net 299 350 Adjusted Company FFO available to all equityholders - diluted $ 47,338 $ 46,412 Per Common Share Amounts: Basic: FFO $ 0.78 $ 0.76 Diluted: FFO $ 0.80 $ 0.78 Adjusted Company FFO $ 0.80 $ 0.78 Weighted-Average Common Shares: Basic: Weighted-average common shares outstanding - basic EPS 58,163,030 58,341,212 Diluted: Weighted-average common shares outstanding - diluted EPS 58,163,030 58,459,654 Preferred shares - Series C 942,114 942,114 Weighted-average common shares outstanding - diluted FFO 59,105,144 59,401,768 (1) Transaction costs includes costs associated with terminated investments, such as non-refundable deposits and legal fees.
7Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) (Unaudited and in thousands) Three months ended March 31, 2026 2025 Adjusted Company FFO available to all equityholders - diluted $ 47,338 $ 46,412 FUNDS AVAILABLE FOR DISTRIBUTION Adjustments: Straight-line adjustments (626) (959) Lease incentives 500 446 Amortization of above/below market leases (302) (1,115) Lease termination payments, net (76) 1,600 Non-cash interest expense 1,025 1,079 Non-cash charges, net 2,980 3,126 Capitalized interest and internal costs (536) (219) Second-Generation tenant improvements — (452) Second-Generation lease costs (21) (1,736) Joint venture and noncontrolling interests adjustment (485) (57) Company Funds Available for Distribution $ 49,797 $ 48,125
8Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Net Operating Income ("NOI"): Three months ended March 31, 2026 2025 Net income (loss) $ (291) $ 18,162 Interest and amortization expense 13,217 16,280 Provision for income taxes 136 215 Depreciation and amortization 46,985 50,512 General and administrative 10,254 10,390 Transaction costs 15 — Non-operating/advisory fee income (2,507) (1,490) Gain on sale or disposal of, and recovery on, real estate, net (2,304) (24,635) Loss on debt satisfaction, net 299 350 Equity in losses of non-consolidated entities 2,437 980 Lease termination income, net (76) — Straight-line adjustments (626) (959) Lease incentives 500 446 Amortization of above/below market leases (302) (1,115) NOI 67,737 69,136 Less NOI: Acquisitions, expansions, developments, redevelopments and dispositions (328) (3,023) Same-Store NOI $ 67,409 $ 66,113
9Table of Contents NON-GAAP FINANCIAL DATA (CONTINUED) ($000) Annualized Adjusted EBITDA: Three Months Ended 3/31/2026 Net loss attributable to LXP Industrial Trust shareholders $ (239) Interest and amortization expense 13,217 Provision for income taxes 136 Depreciation and amortization 46,985 Straight-line adjustments (626) Lease incentives 500 Lease termination income, net (76) Amortization of above/below market leases (302) Gain on sale of or disposal of, and recovery on, real estate, net (2,304) Transaction costs 15 Loss on debt satisfaction 299 Non-cash charges, net 2,980 Pro rata share adjustments: Non-consolidated entities adjustment 4,355 Noncontrolling interests adjustment (193) Adjusted EBITDA $ 64,747 Annualized Adjusted EBITDA $ 258,988
10Table of Contents SELECT CREDIT METRICS SUMMARY 12/31/2023 12/31/2024 12/31/2025 3/31/2026 Adjusted Company FFO Payout Ratio 72.1 % 82.0 % 86.5 % 87.5 % Unencumbered Assets $4.5 billion $4.5 billion $4.2 billion $4.2 billion Unencumbered NOI 96.3 % 96.3 % 96.4 % 96.4 % Debt / Gross Assets 34.7 % 32.0 % 28.7 % 28.8 % (Debt + Preferred) / Gross Assets 36.6 % 34.0 % 30.8 % 30.9 % Secured Debt / Gross Assets 1.2 % 1.1 % 1.1 % 1.0 % Unsecured Debt / Unencumbered Assets 38.4 % 33.9 % 30.8 % 30.7 % Net Debt / Annualized Adjusted EBITDA(1) 6.0x 5.9x 4.9x 5.1x (Net Debt + Preferred) / Annualized Adjusted EBITDA(1) 6.4x 6.3x 5.2x 5.4x Credit Facility Availability(2) $600.0 million $600.0 million $600.0 million $600.0 million Footnotes: (1) Includes pro rata share of non-consolidated assets. Adjusted EBITDA for 2023, 2024, and 2025 is based on the actual results of the last 12 months for each respective period. For the period ending in 2026, the figure is presented using Annualized Adjusted EBITDA, based on multiplying the results for the quarter by four. (2) Subject to covenant compliance.
11Table of Contents DEVELOPMENT SUMMARY Footnotes: (1) Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes, if any. (2) Excludes noncontrolling interests’ share. (3) Estimated project costs exclude estimated tenant improvements and leasing costs. (4) Represents infrastructure development costs to prepare the land for vertical development. ONGOING DEVELOPMENT AND REDEVELOPMENT NOT IN SERVICE: GAAP LXP Estimated Base Building Completion Date Estimated Investment Balance Amount Funded % Leased Project # of Estimated Project Cost as of 3/31/2026 as of 3/31/2026 as of (% Owned) Buildings Market Sq. Ft. ($000) ($000)(1) ($000)(2) 3/31/2026 Development Project Reems & Olive - Building D (95.5%) 1 Phoenix, AZ 1,185,000 $ 121,900 $ 23,953 $ 20,230 1Q 2027 —% Redevelopment Projects Orlando (100.0%)(3) 1 Central FL 350,990 $ 9,400 $ 17,350 $ 3,242 4Q 2026 —% Richmond (100.0%)(3) 1 Richmond, VA 252,351 3,900 14,594 3,071 2Q 2026 —% Total Redevelopment Projects 2 603,341 $ 13,300 $ 31,944 $ 6,313 Land Infrastructure Improvements Reems & Olive (95.5%)(4) N/A Phoenix, AZ N/A 16,200 12,952 15,547 N/A N/A Total Development and Redevelopment Projects 3 1,788,341 $ 151,400 $ 68,849 $ 42,090 LAND HELD FOR INDUSTRIAL DEVELOPMENT: GAAP LXP Investment Balance Amount Funded Project Approximate 3/31/2026 3/31/2026 (% owned) Market Acres ($000) ($000)(2) Consolidated Reems & Olive (95.5%) Phoenix, AZ 240 $ 57,454 $ 57,306 Mt. Comfort Phase II (80.0%) Indianapolis, IN 116 5,879 4,761 ATL Fairburn (100.0%) Atlanta, GA 14 1,732 1,779 Total Consolidated Land 370 $ 65,065 $ 63,846 Non-Consolidated Etna Park 70 (90.0%) Columbus, OH 48 $ 9,085 $ 10,746 Etna Park 70 East (90.0%) Columbus, OH 21 2,485 3,302 Total Non-Consolidated Land 69 $ 11,570 $ 14,048
12Table of Contents DEVELOPMENT PROGRAM SUMMARY First Generation Leased Lease Project (% Owned) Market Sq. Ft. Commencement Smith Farms Building 3 (90%) Greenville/Spartanburg, SC 1,091,888 2Q 2025 Piedmont (100%) Greenville/Spartanburg, SC 625,238 4Q 2024 Etna Building D (100%) Columbus, OH 250,020 3Q 2024 Cotton 303 Building 2 (100%) Phoenix, AZ 488,400 1Q 2024 The Cubes at Etna East (100%) Columbus, OH 1,074,840 4Q 2023 Smith Farms Building 2 (90%) Greenville/Spartanburg, SC 304,884 4Q 2023 South Shore Building B (100%) Central Florida 57,690 4Q 2023 Cotton 303 Building 1 (100%) Phoenix, AZ 392,278 1Q 2023 Smith Farms Building 1 (90%) Greenville/Spartanburg, SC 797,936 4Q 2022 Fairburn (100%) Atlanta, GA 907,675 4Q 2021 KeHE Distributors (100%) Phoenix, AZ 468,182 4Q 2021 Rickenbacker (100%) Columbus, OH 320,190 1Q 2021 Total 6,779,221 Sold to User Buyer Project (% Owned) Market Sq. Ft. Sold Ocala (80%) Central Florida 1,085,280 3Q 2025 Mt. Comfort (80%) Indianapolis, IN 1,053,360 3Q 2025 Reems & Olive Data Center Land (95.5%) Phoenix, AZ N/A 4Q 2024 Total 2,138,640 Subtotal - First Generation Leased or Sold 8,917,861 Available for Lease(1) Project (% Owned) Market Sq. Ft. Placed in Service South Shore Building B (100%) Central Florida 80,983 3Q 2024 South Shore Building A (100%) Central Florida 132,212 2Q 2024 Subtotal 213,195 Total Development Program 9,131,056 Footnotes: (1) These facilities were placed in service vacant one year after the completion of base building construction.
13Table of Contents CAPITAL EXPENDITURES AND LEASING COSTS(1) ($000) Three months ended March 31, 2026 2025 First-Generation Costs Tenant Improvements $ 26 $ 5 Base Building — 147 Total First-Generation Costs $ 26 $ 152 Second-Generation Costs Tenant Improvements $ — $ 452 Leasing Costs 21 1,736 Building Improvements 1,682 2,177 Total Second-Generation Costs $ 1,703 $ 4,365 Total Capital Expenditures and Leasing Costs $ 1,729 $ 4,517 Footnotes: (1) Consolidated costs on a cash basis. Amounts exclude development projects, redevelopment projects, capitalized interest and internal costs, if any. Leasing costs include payments for lease incentives, if any.
14Table of Contents SAME-STORE DATA ($000) Three months ended March 31, 2026 2025 Same-Store NOI Total Cash Base Rent $ 68,745 $ 66,603 Tenant Reimbursement 15,132 15,269 Property Operating Expenses (16,468) (15,759) Same-Store NOI $ 67,409 $ 66,113 Change in Same-Store NOI 2.0% Same-Store Statistics 2026 2025 Same-Store # of Properties 107 107 Same-Store % Leased 96.6% 96.8%
15Table of Contents PORTFOLIO INFORMATION GBV % as of ABR % as of Markets(1) 3/31/2026 3/31/2026 Phoenix, AZ 14.6% 11.3% Greenville/Spartanburg, SC 14.0% 13.7% Atlanta, GA 10.8% 11.0% Indianapolis, IN 6.5% 5.7% Memphis, TN 6.5% 8.4% Cincinnati/Dayton, OH 6.4% 5.4% Houston, TX 6.3% 6.5% Dallas/Ft. Worth, TX 6.0% 5.7% Central Florida 4.7% 3.0% Columbus, OH 4.3% 5.2% Savannah, GA 3.4% 2.5% Nashville, TN 3.0% 3.8% Total - Top 12 Target Markets 86.5% 82.2% St. Louis, MO 2.2% 2.2% Jackson, MS 2.1% 2.4% Richmond, VA 1.5% 1.1% Jackson, TN 1.3% 1.5% Charlotte, NC 1.2% 2.1% San Antonio, TX 1.0% 1.2% New York/New Jersey 1.0% 2.0% Champaign-Urbana, IL 0.9% 1.6% Total - Top 20 Markets 97.7% 96.3% ABR % as of Industries 3/31/2026 Consumer Products 23.4% Transportation/Logistics 21.8% E-Commerce 14.2% Automotive 11.8% Construction/Materials 11.6% Food 5.3% Apparel 3.5% Specialty 2.2% Retail Department 2.0% Energy Products 1.1% Other 3.1% Total 100.0% Additional Information # of Properties 108 Square Feet 52,676,980 % Square Feet Class A(1) 92.6% % Investment Grade(2) 47.5% % Leased(3) 96.6% Weighted-Average Age (Years)(4) 10.1 Weighted-Average ABR per SF(5) $5.28 Weighted-Average Lease Term (Years)(6) 4.7 % with Fixed Escalation(7) 99.3% Average Annual Rent Escalation(7) 2.9% Average Building Size (SF) 492,308 Average Clear Height (Feet)(8) 33.5 % Top 25 Markets(9) 73.5% % Top 50 Markets(9) 92.1% Footnotes: (1) Based on CoStar. (2) Percent of ABR. Credit ratings based upon tenant, guarantor, or parent/ ultimate parent. (3) Percentage is for Stabilized Portfolio. (4) Weighting based on square footage, excluding land parcels. (5) Excludes land assets and all vacant square footage. (6) Weighting based on ABR. (7) Average Annual Rent Escalation based on next rent step up percentages. Excludes escalating leases after last escalation. (8) Based on internal and external sources. (9) Percent of ABR based on CoStar.
16Table of Contents TOP 15 TENANTS Tenants(1) Lease Expirations Number of Leases Sq. Ft. Leased Sq. Ft. Leased as % of Consolidated Portfolio(2) ABR as of 3/31/2026 ($000) ABR % as of 3/31/2026(3) Amazon 2030-2033 5 3,418,231 6.7 % $ 18,085 6.5 % Nissan 2027 2 2,971,000 5.8 % 13,537 4.9 % Black and Decker 2029 & 2033 2 2,289,366 4.5 % 9,968 3.6 % Wal-Mart 2027-2031 3 2,351,917 4.6 % 9,224 3.3 % GXO Logistics(4) 2028 & 2029 2 1,547,475 3.0 % 7,366 2.7 % Watco 2038 1 132,449 0.3 % 6,705 2.4 % FedEx 2028 2 292,021 0.6 % 6,301 2.3 % Olam 2029 & 2037 2 1,196,614 2.4 % 6,215 2.2 % DHL 2031 1 1,091,888 2.1 % 6,005 2.2 % Owens Corning 2027 & 2029 2 844,622 1.7 % 5,759 2.1 % Undisclosed(5) 2034 1 1,318,680 2.6 % 5,681 2.1 % Drive Automotive 2036 1 625,238 1.2 % 5,406 2.0 % Georgia-Pacific 2028 & 2031 2 1,283,102 2.5 % 5,371 1.9 % FIGS 2031 1 488,400 1.0 % 5,040 1.8 % Asics 2030 1 855,878 1.7 % 4,728 1.7 % 28 20,706,881 40.7 % $ 115,391 41.7 % Footnotes: (1) Tenant, guarantor or parent. (2) Excludes vacant square feet. (3) Based on ABR for consolidated properties owned at March 31, 2026. (4) 288,000 square feet has an expiration date of October 31, 2026. (5) Lease restricts certain disclosures.
17Table of Contents Footnotes: (1) Assumes 12 months rent from the lease commencement/extension, excluding free rent periods as applicable. (2) Rent from prior tenant for square feet leased. (3) Property consists of 639,800 square feet. During the quarter, the lease for 351,800 square feet was extended to October 31, 2029. The lease for the remaining 288,000 square feet has a lease expiration date of October 31, 2026. (4) Annualized rents as of December 31, 2025. QUARTERLY LEASING SUMMARY(1) Location Prior Term New Lease Expiration Date Sq. Ft. New Base Rent Per Annum ($000) Prior Base Rent Per Annum ($000)(1) % Change New Cash Base Rent Per Annum ($000) Prior Cash Base Rent Per Annum ($000) % Change NEW LEASE- SECOND GENERATION 1 Whitestown, IN(2) N/A 03/2028 85,232 $ 609 $ 437 39.4 % $ 609 $ 456 33.6 % 1 TOTAL NEW LEASES - SECOND GENERATION 85,232 $ 609 $ 437 39.4 % $ 609 $ 456 33.6 % LEASE EXTENSIONS 1 Greer, SC 05/2027 05/2031 1,091,888 $ 6,075 $ 5,511 10.2 % $ 6,497 $ 6,201 4.8 % 2 Lewisburg, TN 03/2026 07/2031 310,000 1,456 1,287 13.1 % 1,457 1,446 0.8 % 3 Statesville, NC(3) 10/2026 10/2029 351,800 2,308 1,537 50.2 % 2,375 1,671 42.1 % 3 TOTAL EXTENDED LEASES 1,753,688 $ 9,839 $ 8,335 18.0 % $ 10,329 $ 9,318 10.8 % 4 TOTAL NEW AND EXTENDED LEASES 1,838,920 $ 10,448 $ 8,772 19.1 % $ 10,938 $ 9,774 11.9 % Location Prior Lease Expiration Date Sq. Ft. Annualized Base Rent at Vacancy ($000)(4) Annualized Cash Base Rent at Vacancy ($000)(4) NEW VACANCY 1 Duncan, SC 01/2026 120,680 $ 598 $ 668 2 Tampa, FL 03/2026 229,605 1,693 1,875 2 TOTAL NEW VACANCY 350,285 $ 2,291 $ 2,543
18Table of Contents LEASE ROLLOVER SCHEDULE ($000) Year Number of Leases Expiring ABR as of 3/31/2026 % of ABR as of 3/31/2026 2026 - remaining 12 $ 13,420 4.8 % 2027 15 40,609 14.7 % 2028 12 22,285 8.0 % 2029 25 49,155 17.8 % 2030 14 38,837 14.0 % 2031 16 39,428 14.3 % 2032 4 6,554 2.4 % 2033 3 13,190 4.8 % 2034 6 19,045 6.9 % 2035 4 8,557 3.1 % Thereafter 8 25,584 9.2 % Total 119 $ 276,664 100.0 % Footnotes: (1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000
19Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION 2026 7/31/2026 Memphis, TN 6495 Polk Ln. Olive Branch MS -- Multi 118,211 638 656 Columbus, OH 1860 Walcutt Rd. Columbus OH -- Multi 97,934 501 522 Savannah, GA 1004 Trade Center Pkwy. Savannah GA 3 Multi 270,252 1,433 1,532 8/31/2026 Savannah, GA 1004 Trade Center Pkwy. Savannah GA -- Multi 149,415 821 892 9/30/2026 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- Multi 163,680 669 759 Greenville/Spartanburg, SC 7820 Reidville Rd. Greer SC -- Multi 42,414 222 222 Phoenix, AZ 9494 W. Buckeye Rd. Tolleson AZ -- Single 186,336 1,109 1,193 10/31/2026 Greenville/Spartanburg, SC 235 Apple Valley Rd. Duncan SC -- Single 177,320 962 1,018 Charlotte, NC 2203 Sherrill Dr. Statesville NC 4 Multi 288,000 1,259 1,361 11/30/2026 Erwin, NY 736 Addison Rd. Erwin NY -- Single 408,000 1,658 1,665 12/31/2026 Houston, TX 4600 Underwood Rd. Deer Park TX -- Single 402,648 1,507 1,909 Indianapolis, IN 180 Bob Glidden Blvd. Whiteland IN -- Single 179,530 787 862 Indianapolis, IN 76 Bob Glidden Blvd. Whiteland IN -- Single 168,480 787 829 2027 1/1/2027 Greenville/Spartanburg, SC 425 Apple Valley Rd. Duncan SC -- Multi 163,680 776 812 2/28/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- Multi 68,420 388 439 Jackson, MS 554 Nissan Pkwy. Canton MS -- Single 1,466,000 6,200 6,716 3/31/2027 Greenville/Spartanburg, SC 417 Apple Valley Rd. Duncan SC -- Single 195,000 1,052 1,141 4/30/2027 Nashville, TN 200 Sam Griffin Rd. Smyrna TN -- Single 1,505,000 6,560 6,821 San Antonio, TX 16407 Applewhite Rd. San Antonio TX 5 Single 849,275 2,994 3,199 7/31/2027 Savannah, GA 335 Morgan Lakes Industrial Blvd. Pooler GA -- Single 499,500 2,332 2,557 8/31/2027 Atlanta, GA 41 Busch Dr. Cartersville GA -- Multi 119,295 786 816 Atlanta, GA 200 Momeni Ln. Adairsville GA -- Single 447,753 2,802 2,794 Cincinnati/Dayton, OH 600 Gateway Blvd. Monroe OH -- Single 994,013 3,945 3,669 Columbus, OH 200 Arrowhead Dr. Hebron OH -- Single 400,522 1,449 1,554 9/30/2027 Memphis, TN 1550 Hwy 302 Byhalia MS -- Single 615,600 2,439 2,624 10/31/2027 Central Florida 5275 Drane Field Rd. Lakeland FL -- Multi 36,274 266 285
20Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION 2027 10/31/2027 Jackson, TN 201 James Lawrence Rd. Jackson TN -- Single 1,062,055 3,944 4,154 12/31/2027 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- Multi 334,222 2,844 3,028 2028 1/31/2028 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- Multi 95,832 601 645 Atlanta, GA 490 Westridge Pkwy. McDonough GA -- Single 1,121,120 3,737 4,116 3/31/2028 Central Florida 3775 Fancy Farms Rd. Plant City FL -- Multi 330,176 1,955 1,998 Indianapolis, IN 4900 Albert S White Dr. Whitestown IN -- Multi 85,232 609 609 New York/New Jersey 29-01 Borden Ave./29-10 Hunters Point Ave. Long Island City NY -- Single 140,330 5,135 5,512 4/30/2028 Atlanta, GA 5380 Dixie Industrial Dr. Lake City GA -- Multi 51,871 906 906 5/31/2028 Memphis, TN 6495 Polk Ln. Olive Branch MS -- Multi 151,691 759 789 Nashville, TN 6050 Dana Way Antioch TN -- Multi 126,215 476 492 6/30/2028 Cincinnati/Dayton, OH 575-599 Gateway Blvd. Monroe OH -- Single 194,936 1,308 1,149 8/31/2028 Houston, TX 4100 Malone Dr. Pasadena TX -- Single 233,190 1,359 1,396 Indianapolis, IN 4900 Albert S White Dr. Whitestown IN -- Multi 63,840 309 331 10/31/2028 Atlanta, GA 1625 Oakley Industrial Blvd. Fairburn GA -- Single 907,675 4,223 4,342 2029 1/31/2029 Central Florida 1075 NE 30th St. Ruskin FL -- Multi 57,690 604 621 Greenville/Spartanburg, SC 70 Tyger River Dr. Duncan SC -- Single 408,000 2,527 2,579 Indianapolis, IN 1285 W. State Road 32 Lebanon IN -- Single 741,880 2,662 2,738 2/28/2029 Greenville/Spartanburg, SC 140 Smith Farms Pkwy. Greer SC 6 Single 304,884 1,757 1,927 3/31/2029 Indianapolis, IN 4600 Albert S White Dr. Whitestown IN -- Multi 53,240 443 435 4/30/2029 Greenville/Spartanburg, SC 230 Apple Valley Rd. Duncan SC -- Single 275,400 1,420 1,432 Houston, TX 10535 Red Bluff Rd. Pasadena TX -- Single 257,835 1,741 1,932 Nashville, TN 6050 Dana Way Antioch TN -- Multi 11,238 172 172 5/31/2029 Atlanta, GA 7225 Goodson Rd. Union City GA -- Single 370,000 2,577 2,579 Atlanta, GA 1001 Old Grassdale Rd Cartersville GA -- Single 273,576 1,866 1,778 6/30/2029 Memphis, TN 11624 S. Distribution Cv. Olive Branch MS -- Single 1,170,218 4,101 4,139 7/31/2029 Greenville/Spartanburg, SC 5795 North Blackstock Rd. Spartanburg SC -- Single 341,660 1,705 1,705
21Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION 2029 7/31/2029 Memphis, TN 8500 Nail Rd. Olive Branch MS -- Single 716,080 2,751 2,871 8/31/2029 Dallas/Ft. Worth, TX 8601 E. Sam Lee Ln. Northlake TX -- Single 1,214,526 4,278 4,384 9/30/2029 Indianapolis, IN 1627 Veterans Memorial Pkwy. E. Lafayette IN -- Single 309,400 1,427 1,482 Memphis, TN 3820 Micro Dr. Millington TN -- Single 701,819 3,205 3,247 Memphis, TN 11555 Silo Dr. Olive Branch MS -- Single 927,742 2,661 4,061 Savannah, GA 1001 Gateway Pkwy. Rincon GA -- Multi 68,291 711 679 10/14/2029 Columbus, OH 10300 Schuster Way Etna OH -- Single 250,020 2,374 2,369 10/31/2029 Houston, TX 9701 New Decade Dr. Pasadena TX -- Single 102,863 766 768 Nashville, TN 6050 Dana Way Antioch TN -- Multi 67,200 602 598 Charlotte, NC 2203 Sherrill Dr. Statesville NC 4 Multi 351,800 2,308 1,663 11/21/2029 Columbus, OH 1860 Walcutt Rd. Columbus OH -- Multi 194,796 983 988 12/31/2029 Greenville/Spartanburg, SC 402 Apple Valley Rd. Duncan SC -- Single 235,600 1,263 1,277 Dallas/Ft. Worth, TX 3737 Duncanville Rd. Dallas TX -- Single 510,400 2,710 2,731 2030 1/31/2030 Atlanta, GA 7875 White Rd. SW Austell GA -- Single 604,852 4,820 4,446 Dallas/Ft. Worth, TX 3201 N. Houston School Rd. Lancaster TX -- Single 468,300 1,669 1,709 3/31/2030 Memphis, TN 549 Wingo Rd. Byhalia MS -- Single 855,878 4,388 4,728 4/30/2030 Greenville/Spartanburg, SC 7820 Reidville Rd. Greer SC -- Multi 98,125 698 697 5/31/2030 St. Louis, MO 4015 Lakeview Corporate Dr. Edwardsville IL -- Single 1,017,780 3,460 3,208 6/30/2030 Richmond, VA 2601 Bermuda Hundred Rd. Chester VA 7 Single 782,119 4,066 3,180 Cincinnati/Dayton, OH 700 Gateway Blvd. Monroe OH -- Single 1,299,492 5,515 5,605 Dallas/Ft. Worth, TX 1704 S. I-45 Hutchins TX -- Single 120,960 617 629 8/31/2030 Central Florida 3400 NW 35th Street Rd. Ocala FL -- Single 617,055 3,014 3,032 9/30/2030 Greenville/Spartanburg, SC 7870 Reidville Rd. Greer SC -- Single 396,073 1,840 1,794 Atlanta, GA 5380 Dixie Industrial Dr. Lake City GA -- Multi 105,500 1,069 999 Phoenix, AZ 255 143rd Ave. Goodyear AZ -- Single 801,424 4,193 4,257 10/31/2030 Atlanta, GA 493 Westridge Pkwy. McDonough GA -- Single 676,000 3,819 3,806
22Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION 2030 11/30/2030 Atlanta, GA 95 International Pkwy. Adairsville GA -- Multi 100,960 755 747 2031 1/31/2031 Phoenix, AZ 3815 N Cotton Ln. Goodyear AZ -- Single 488,400 5,266 5,040 2/28/2031 Greenville/Spartanburg, SC 1021 Tyger Lake Rd. Spartanburg SC -- Single 213,200 1,043 1,069 3/31/2031 Cleveland, TN 1520 Lauderdale Memorial Hwy. Cleveland TN -- Single 851,370 3,626 3,595 Indianapolis, IN 19 Bob Glidden Blvd. Whiteland IN -- Single 530,400 2,190 2,167 5/31/2031 Greenville/Spartanburg, SC 160 Smith Farms Pkwy. Greer SC 6 Single 1,091,888 6,075 6,005 6/30/2031 Nashville, TN 6050 Dana Way Antioch TN -- Multi 352,275 1,543 1,541 7/31/2031 Greenville/Spartanburg, SC 7820 Reidville Rd. Greer SC -- Multi 70,281 473 427 Lewisburg, TN 633 Garrett Pkwy. Lewisburg TN -- Single 310,000 1,456 1,446 Atlanta, GA 51 Busch Dr. Cartersville GA -- Single 328,000 1,646 1,633 Phoenix, AZ 16811 W. Commerce Dr. Goodyear AZ -- Single 540,349 3,996 2,582 9/30/2031 St. Louis, MO 3931 Lakeview Corporate Dr. Edwardsville IL -- Single 769,500 2,963 2,859 Atlanta, GA 41 Busch Dr. Cartersville GA -- Multi 276,705 1,590 1,593 10/31/2031 Cleveland, OH 10345 Philipp Pkwy. Streetsboro OH -- Single 649,250 3,261 3,098 11/30/2031 Indianapolis, IN 5424 Albert S. White Dr. Whitestown IN -- Single 1,016,244 3,909 3,850 12/31/2031 Phoenix, AZ 1515 South 91st Ave. Phoenix AZ -- Multi 161,982 1,274 1,255 Cincinnati/Dayton, OH 200 Richard Knock Way Walton KY -- Single 232,500 1,271 1,268 2032 2/29/2032 Cincinnati/Dayton, OH 675 Gateway Blvd. Monroe OH -- Single 143,664 938 956 4/30/2032 Houston, TX 13930 Pike Rd. Missouri City TX -- Single — 2,123 2,261 Cincinnati/Dayton, OH 300 Richard Knock Way Walton KY -- Single 544,320 2,411 2,373 9/30/2032 Nashville, TN 6050 Dana Way Antioch TN -- Multi 117,600 1,004 964 2033 3/31/2033 Phoenix, AZ 3405 S. McQueen Rd. Chandler AZ -- Single 201,784 4,498 4,422 8/31/2033 Phoenix, AZ 3595 N Cotton Ln. Goodyear AZ -- Single 392,278 3,264 3,184 10/31/2033 Columbus, OH 9800 Schuster Way Etna OH -- Single 1,074,840 6,130 5,584 2034 1/31/2034 Savannah, GA 1001 Gateway Pkwy. Rincon GA -- Multi 136,533 1,521 1,352 2/28/2034 Houston, TX 10575 Red Bluff Rd. Pasadena TX -- Single 253,426 3,382 3,129
23Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION 2034 2/28/2034 Columbus, OH 191 Arrowhead Dr. Hebron OH -- Single 250,410 1,591 1,334 10/31/2034 Champaign-Urbana, IL 1001 Innovation Rd. Rantoul IL -- Single 813,126 4,196 4,321 Dallas/Ft. Worth, TX 17505 Interstate Hwy. 35W Northlake TX -- Single 500,556 3,590 3,228 12/31/2034 Greenville/Spartanburg, SC 21 Inland Pkwy. Greer SC -- Single 1,318,680 5,544 5,681 2035 4/30/2035 Greenville/Spartanburg, SC 170 Smith Farms Pkwy. Greer SC 6 Single 797,936 4,322 4,054 6/30/2035 Columbus, OH 2155 Rohr Rd. Lockbourne OH -- Single 320,190 2,423 2,081 Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- Multi 298,653 1,273 1,245 7/31/2035 Central Florida 3775 Fancy Farms Rd. Plant City FL -- Multi 180,308 1,278 1,177 2036 5/31/2036 Central Florida 5275 Drane Field Rd. Lakeland FL -- Multi 117,440 787 741 Charlotte, NC 671 Washburn Switch Rd. Shelby NC -- Single 673,425 2,786 2,823 7/31/2036 Indianapolis, IN 5352 Performance Way Whitestown IN -- Single 380,000 1,785 1,805 11/30/2036 Phoenix, AZ 17510 W. Thomas Rd. Goodyear AZ -- Single 468,182 4,304 4,148 12/31/2036 Greenville/Spartanburg, SC 923 Matrix Pkwy. Piedmont SC -- Single 625,238 6,203 5,406 2037 3/31/2037 Dallas/Ft. Worth, TX 4005 E. I-30 Grand Prairie TX -- Single 215,000 1,872 1,802 5/31/2037 Phoenix, AZ 8989 W Buckeye Rd. Phoenix AZ -- Single 268,872 2,368 2,154 2038 3/31/2038 Houston, TX 13600/13901 Industrial Road Houston TX -- Single 132,449 6,773 6,705 LEASED SUBTOTAL 50,878,867 277,992 276,664
24Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) WAREHOUSE/DISTRIBUTION AVAILABLE FOR LEASE N/A Vacancy Central Florida 3102 Queen Palm Dr. Tampa FL 8 Single 229,605 — — Central Florida 3420 Clover Ridge Ave Ruskin FL 8 Single 132,212 — — Central Florida 1075 NE 30th St. Ruskin FL -- Multi 80,983 — — Greenville/Spartanburg, SC 231 Apple Valley Rd. Duncan SC 8 Single 196,000 — — Houston, TX 10565 Red Bluff Rd. Pasadena TX 8, 9 Single 248,240 — — Atlanta, GA 95 International Pkwy. Adairsville GA -- Multi 124,251 — — Phoenix, AZ 4445 N. 169th Ave. Goodyear AZ 8 Single 160,140 — — Savannah, GA 1319 Dean Forest Rd. Savannah GA 8 Single 355,527 — — Savannah, GA 1315 Dean Forest Rd. Savannah GA 8 Single 88,503 — — Dallas/Ft. Worth, TX 2115 East Belt Line Rd. Carrollton TX -- Multi 58,202 — — Dallas/Ft. Worth, TX 3115 N Houston School Rd. Lancaster TX 8 Single 124,450 — — AVAILABLE FOR LEASE SUBTOTAL 1,798,113 — — TOTAL / WEIGHTED AVERAGE 96.6% Leased 52,676,980 $ 277,992 $ 276,664 Footnotes: (1) Based on CoStar. (2) Square footage leased or available. (3) Subsequent to March 31, 2026, lease extended to 2036. (4) Property consists of 639,800 square feet. During the quarter, the lease for 351,800 square feet was extended to October 31, 2029. The lease for the remaining 288,000 square feet has a lease expiration date of October 31, 2026. (5) Subsequent to March 31, 2026, lease extended to 2037. (6) LXP has a 90% interest in this property. (7) Property includes three facilities (252,351 square feet each) and one other property (25,066 square feet). (8) The fully vacant properties incurred approximately $1.0 million in net operating expenses for the quarter ended March 31, 2026. (9) Subsequent to March 31, 2026, leased to one tenant subject to an approximately seven year lease.
25Table of Contents PROPERTY LEASES & VACANCIES - 3/31/2026 Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) LXP % Ownership Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) 3/31/2026 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN MFG COLD JV PROPERTIES 2027 8/31/2027 Greenville/Spartanburg, SC 50 Tyger River Dr. Duncan SC 3 Single 221,833 20 % 1,062 1,205 376,000 08/2030 12/31/2027 Cincinnati/Dayton, OH 10590 Hamilton Ave. Cincinnati OH 3 Single 264,598 20 % 861 845 — — 2028 12/31/2028 Nashville, TN 120 Southeast Pkwy. Dr. Franklin TN 3 Single 289,330 20 % 833 735 — — 2029 4/30/2029 Portland/South Portland, ME 113 Wells St. North Berwick ME 3 Single 993,685 20 % 1,672 1,200 — — 11/24/2029 Anniston-Oxford, AL 318 Pappy Dunn Blvd. Anniston AL 3 Single 276,782 20 % 1,842 1,833 — — 2030 6/30/2030 Nashville, TN 301 Bill Bryan Blvd. Hopkinsville KY 3 Single 424,904 20 % 1,745 1,756 — — Elizabethtown-Fort Knox, KY 730 North Black Branch Rd. Elizabethtown KY 3 Single 167,770 20 % 558 558 — — Elizabethtown-Fort Knox, KY 750 North Black Branch Rd. Elizabethtown KY 3 Single 539,592 20 % 2,940 2,960 — — Owensboro, KY 4010 Airpark Dr. Owensboro KY 3 Single 211,598 20 % 1,254 1,254 — — 10/31/2030 Detroit, MI 43955 Plymouth Oaks Blvd. Plymouth MI 3 Single 311,612 20 % 1,872 1,878 — — 2031 6/30/2031 Cincinnati/Dayton, OH 10000 Business Blvd. Dry Ridge KY 3 Single 336,350 20 % 1,607 1,549 — — 10/31/2031 Chicago, IL 1020 W. Airport Rd. Romeoville IL 3 Single 188,166 20 % 4,180 4,103 — — 11/30/2031 Lumberton, NC 2880 Kenny Biggs Rd. Lumberton NC 3 Single 423,280 20 % 2,483 2,332 — — 2032 10/31/2032 Detroit, MI 26700 Bunert Rd. Warren MI 4 Single 260,243 20 % 4,194 3,940 39,850 11/2032 12/31/2032 Bingen, WA 901 East Bingen Point Way Bingen WA 3 Single 124,539 20 % 1,790 1,666 — — 2033 9/30/2033 Crossville, TN 900 Industrial Blvd. Crossville TN 3 Single 222,200 20 % 704 670 — — 2035 3/31/2035 Houston, TX 13863 Industrial Rd. Houston TX 3 Single 187,800 20 % 2,604 2,443 — — Houston, TX 7007 F.M. 362 Rd. Brookshire TX 3 Single 262,095 20 % 2,041 1,917 — — 2037 9/30/2037 West Michigan 904 Industrial Rd. Marshall MI 3 Single 246,508 20 % 1,084 849 — — 2042 5/31/2042 Columbus, GA 4801 North Park Dr. Opelika AL 3 Single 165,493 20 % 3,465 2,935 — — N/A Vacancy Charlotte, NC 590 Ecology Ln. Chester SC 3 Single 420,597 20 % — — — — NNN MFG COLD JV TOTAL / WEIGHTED AVERAGE 93.6% Leased 6,538,975 $ 38,791 $ 36,628 $ 415,850
26Table of Contents Year of Lease Expiration Date of Lease Expiration CoStar Market(1) Property Location City State Note Building Tenants Single / Multi Sq. Ft. Available(2) LXP % Ownership Annualized Base Rent as of 3/31/2026 ($000) Annualized Cash Base Rent (“ABR”) as of 3/31/2026 ($000) 3/31/2026 Debt Balance ($000) Debt Maturity NON-CONSOLIDATED PROPERTIES NNN OFFICE JV PROPERTIES 2027 6/30/2027 Kansas City, MO 3902 Gene Field Rd. St. Joseph MO -- Single 98,849 20 % 2,116 2,248 — — 7/6/2027 Columbus, OH 2221 Schrock Rd. Columbus OH -- Single 42,290 20 % 684 725 — — 2029 7/31/2029 Columbus, OH 500 Olde Worthington Rd. Westerville OH -- Multi 11,246 20 % 137 137 — — 2031 7/31/2031 Columbus, OH 500 Olde Worthington Rd. Westerville OH -- Multi 72,965 20 % 1,026 1,015 — — 2032 4/30/2032 Charlotte, NC 1210 AvidXchange Ln. Charlotte NC 5 Single 201,450 20 % 6,025 6,048 43,900 12/2026 01/2033 2033 5/31/2033 Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX 6 Multi 60,736 20 % 1,302 1,276 16,000 12/2027 9/30/2033 Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX -- Multi 98,358 20 % 1,710 1,918 — — N/A Vacancy Columbus, OH 500 Olde Worthington Rd. Westerville OH -- Multi 13,536 20 % — — — — Dallas/Ft. Worth, TX 8900 Freeport Pkwy. Irving TX -- Multi 102,211 20 % — — — — NNN OFFICE JV TOTAL / WEIGHTED AVERAGE 83.5% Leased 701,641 $ 13,000 $ 13,367 $ 59,900 NON-CONSOLIDATED TOTAL / WEIGHTED AVERAGE 92.6% Leased 7,240,616 $ 51,791 $ 49,995 $ 475,750 PROPERTY LEASES & VACANCIES - 3/31/2026 Footnotes: (1) Based on CoStar. (2) Square footage leased or available. (3) All debt is cross-collateralized and cross-defaulted. Rate is one month Term SOFR plus 298 bps. The debt matures August 15, 2030, including as-of-right extension options. (4) Interest rate is fixed at 6.3%. (5) Interest rate is fixed and ranges from 5.3% to 12.0%. During the quarter, NNN Office JV paid down $3.0 million of its mezzanine financing, extending its maturity from January 9, 2026 to December 8, 2026. (6) Rate is one month Term SOFR plus 450 bps.
27Table of Contents MORTGAGES AND NOTES PAYABLE Footnotes Debt Balance ($000) GAAP Balance ($000)(1) Interest Rate (%) Maturity(2) MORTGAGE(3) Long Island City, NY $ 10,119 $ 9,760 3.500% 03/2028 Goodyear, AZ 38,402 38,402 4.290% 08/2031 Mortgage Subtotal/Wtd. Avg./Years Remaining $ 48,521 $ 48,162 4.125% 4.6 CORPORATE(4) Revolving Credit Facility (5) $ — $ — —% 01/2030 Term Loan (6) 250,000 247,532 4.060% 01/2029 Senior Notes 160,000 158,704 6.750% 11/2028 Senior Notes 400,000 396,950 2.700% 09/2030 Senior Notes 400,000 397,450 2.375% 10/2031 Trust Preferred Notes (7) 100,995 100,133 5.282% 04/2037 Subtotal/Wtd. Avg./Years Remaining $ 1,310,995 $ 1,300,769 3.553% 4.7 Total/Wtd. Avg./Years Remaining $ 1,359,516 $ 1,348,931 3.574% 4.7 (1) GAAP Balance net of aggregate deferred loan costs of $8.2 million and discounts of $2.4 million. (2) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance. (3) Secured. (4) Unsecured. (5) Rate ranges from Adjusted Daily Simple SOFR or Adjusted Term SOFR plus 0.725% to 1.40%. Based on the LXP’s current consolidated leverage ratio and credit ratings, the credit spread is 0.775%. Availability of $600 million, subject to covenant compliance. Maturity can be extended to January 2031, subject to certain conditions. (6) Rate ranges from Adjusted Term SOFR plus 0.80% to 1.60%. Based on LXP’s current consolidated leverage ratio and credit ratings, the credit spread is 0.85%. The SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027. Maturity can be extended to January 2031, subject to certain conditions. (7) Rate is three-month Term SOFR plus a 0.26% adjustment and a spread of 1.70%. LXP entered into interest rate swaps to effectively fix the interest rate related to an aggregate of $82.5 million of the Trust Preferred Securities at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027.
28Table of Contents DEBT MATURITY SCHEDULE ($000) Consolidated Mortgage Debt Year Mortgage Scheduled Amortization Mortgage Balloon Payments Corporate Debt 2026 $ 4,348 $ — $ — 2027 5,984 — — 2028 2,223 — 160,000 2029 960 — 250,000 2030 1,002 — 400,000 2031 605 33,399 400,000 $ 15,122 $ 33,399 $ 1,210,000
29Table of Contents DEBT COVENANTS(1) CORPORATE LEVEL DEBT MUST BE: 3/31/2026 Bank Loans: Maximum Leverage < 60% 27.3% Fixed Charge Coverage > 1.5x 3.7x Recourse Secured Indebtedness Ratio < 10% —% Secured Indebtedness Ratio < 40% 2.9% Unsecured Debt Service Coverage > 1.75x 5.3x Unencumbered Leverage < 60% 26.9% Bonds: Debt to Total Assets < 60% 29.5% Secured Debt to Total Assets < 40% 1.1% Debt Service Coverage > 1.5x 4.4x Unencumbered Assets to Unsecured Debt > 150% 340.3% Footnotes: (1) The above is a summary of the key financial covenants for LXP's credit facility, term loan and senior notes, as of March 31, 2026 and as defined and calculated per the terms of the credit facility, term loan and senior notes. These calculations are presented to show LXP’s compliance with such covenants only and are not measures of LXP's liquidity or performance.
30Table of Contents COMPONENTS OF NET ASSET VALUE Footnotes: (1) Three months ended March 31, 2026 NOI for the existing property portfolio at March 31, 2026. Includes one quarter of annualized NOI for non-commenced leases and leases with free rent periods (excludes NOI related to assets undervalued by a capitalized NOI method, not in service leased development projects, properties reclassified to redevelopment and assets held for sale). Assets undervalued by a capitalized NOI method are identified generally by under 70% leased during the period, assets placed in service and assets acquired in the quarter. For assets in this category, a NOI capitalization approach is not appropriate, and accordingly, LXP's net book value has been used. (2) At cost incurred. (3) Includes $31.9 million net book value of properties under redevelopment. ($000) 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. Three months ended Consolidated properties quarterly net operating income (NOI)(1) 3/31/2026 NOI as reported $ 67,737 Adjustments to NOI: Disposed of properties 58 Leases not commenced or with free rent period 879 Properties less than 70% leased (85) Development properties less than 70% leased 239 NOI for NAV $ 68,828 LXP’s share of non-consolidated quarterly NOI(1) NNN OFFICE JV Office $ 507 NNN MFG Cold JV Industrial $ 1,726 Other quarterly income Fee income $ 972 In service assets not fairly valued by capitalized NOI method(1) Consolidated development properties less than 70% leased $ 52,076 Other consolidated assets less than 70% leased $ 93,738 Shares Outstanding Common shares 58,030,985 Unvested time-based stock awards 219,281 Unvested performance based awards 697,257 Common shares at 3/31/2026 58,947,523 Other assets: Construction in progress $ 1,212 Developable land - consolidated(2) 63,846 Developable land - non-consolidated(2) 14,048 Development investment - consolidated(3) 68,849 Investment in non-consolidated land 2,315 Cash and cash equivalents 130,112 Restricted cash 168 Accounts receivable 3,963 Other assets 16,652 Total other assets $ 301,165 Liabilities: Corporate level debt (face amount) 1,310,995 Mortgages and notes payable (face amount) 48,521 Dividends payable 43,536 Accounts payable, accrued expenses and other liabilities 64,426 Preferred stock, at liquidation value 96,770 LXP's share of non-consolidated mortgages (face amount) 95,150 Total deductions $ 1,659,398
31Table of Contents OTHER FINANCIAL DATA ($000) Balance Sheet The components of other assets are: Deposits $ 1,404 Equipment 255 Prepaids 1,744 Interest receivable 322 Other receivables 389 Deferred lease incentives 10,990 Derivative asset 1,371 Deferred asset 177 Total of other assets $ 16,652 The components of other liabilities are: Accounts payable and accrued expenses $ 23,339 Development, CIP and other accruals 4,814 Taxes 378 Deferred lease costs 5,912 Deposits 4,023 Transaction costs 76 Accounts payable and other liabilities $ 38,542 Accrued interest payable $ 11,425 Prepaid rent 14,459 Total of accounts payable, accrued expenses, and other liabilities $ 64,426
32Table of Contents NON-GAAP MEASURES DEFINITIONS 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. Definitions: Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest expense, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of real estate or changes in control, non-cash and purchase option impact of sales-type leases, impairment charges, gain (loss) on debt satisfaction, 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. Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter multiplied by four. Annualized Adjusted EBITDA: Adjusted EBITDA for the quarter multiplied by four. Annualized Cash Base Rent ("ABR"): 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 in the month prior to the end of the quarter or have not commenced, the next full Cash Base Rent payment is multiplied by 12. Excludes not in service leased development projects. LXP believes ABR provides a meaningful indication of an investment's ability to fund cash needs. Annualized Base Rent: Annualized Base rent is calculated by multiplying the current monthly Base Rent by 12. For leases signed in the month prior to the end of the quarter or have not commenced, the next Base Rent is multiplied by 12. LXP believes Annualized Base Rent provides a meaningful measure to the net lease structure of the portfolio. 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.
33Table of Contents NON-GAAP MEASURES DEFINITIONS 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 its quarterly distributions. 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, leasing costs and expenditures contemplated at acquisition for recently acquired properties with vacancy. 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. 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 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 - basic and also presents FFO available to all equityholders - 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 - diluted which adjusts FFO available to all equityholders - diluted for certain items which we believe are not indicative of the operating results of LXP's real estate portfolio and not comparable from period to period. 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.
34Table of Contents NON-GAAP MEASURES DEFINITIONS 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 and purchase option 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. Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the period commencing January 1, 2025 and through the end of the current reporting period. As Same-Store NOI excludes the change in NOI from acquired, expanded, disposed of properties and properties with significant casualty loss, 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 non-stabilized properties, LXP considers stabilization to occur upon the earlier of 90% occupancy of the property or one year from cessation of major construction activities. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, LXP ceases capitalizing costs on the completed portion of the project but continue to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the classification changes from investments in real estate under construction to operating, the project is placed in service and depreciation commences.
35Table of Contents SELECT CREDIT METRICS DEFINITIONS ($000, except per share data) Adjusted Company FFO Payout: Three months ended March 31, 2026 Common share dividends per share $ 0.70 Adjusted Company FFO per diluted share $ 0.80 Adjusted Company FFO payout ratio 87.5 % Unencumbered Assets: Real estate, at cost $ 4,349,652 Less encumbered real estate, at cost (110,986) Unencumbered assets $ 4,238,666 Unencumbered NOI: NOI $ 67,737 Disposed of properties NOI 58 Adjusted NOI 67,795 Less encumbered adjusted NOI (2,426) Unencumbered adjusted NOI $ 65,369 Unencumbered NOI % 96.4 % Net Debt / Annualized Adjusted EBITDA: Annualized Adjusted EBITDA $ 258,988 Consolidated debt $ 1,348,931 Less consolidated cash and cash equivalents (130,112) Non-consolidated debt, net 91,397 Net debt $ 1,310,216 Net debt / Annualized Adjusted EBITDA(1) 5.1x (Net Debt + Preferred) / Annualized Adjusted EBITDA: Annualized Adjusted EBITDA $ 258,988 Net debt $ 1,310,216 Preferred shares liquidation preference 96,770 Net debt + preferred $ 1,406,986 (Net Debt + Preferred) / Annualized Adjusted EBITDA 5.4x (Debt + Preferred) / Gross Assets: As of March 31, 2026 Consolidated debt $ 1,348,931 Preferred shares liquidation preference 96,770 Debt and preferred $ 1,445,701 Total assets $ 3,466,701 Plus depreciation and amortization: Real estate 1,196,713 Deferred lease costs 21,395 Gross assets $ 4,684,809 (Debt + Preferred) / Gross Assets 30.9 % Debt / Gross Assets: Consolidated debt $ 1,348,931 Gross assets $ 4,684,809 Debt / Gross assets 28.8 % Secured Debt / Gross Assets: Total Secured Debt $ 48,162 Gross assets $ 4,684,809 Secured Debt / Gross Assets 1.0 % Unsecured Debt / Unencumbered Assets: Consolidated debt $ 1,348,931 Less mortgages and notes payable (48,162) Unsecured Debt $ 1,300,769 Unencumbered assets $ 4,238,666 Unsecured Debt / Unencumbered Assets 30.7 % Footnotes: (1) Net Debt / Adjusted EBITDA using the trailing twelve months of Adjusted EBITDA is 5.0x.
36Table of Contents INVESTOR INFORMATION Transfer Agent 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 Investor Relations Heather Gentry Executive Vice President, Investor Relations Telephone (direct) (212) 692-7200 E-mail hgentry@lxp.com Research Coverage BNP Paribas Citizens Nate Crossett (646) 342-1588 Mitch Germain (212) 906-3537 Monir Koummal (646) 342-1554 Evercore Partners Green Street Advisors Steve Sakwa (212) 446-9462 Vince Tibone (949) 640-8780 Jim Kammert (312) 705-4233 Jefferies & Company, Inc. J.P. Morgan Chase Jon Petersen (212) 284-1705 Anthony Paolone (212) 622-6682 KeyBanc Capital Markets Inc. Wolfe Research Todd Thomas (917) 368-2286 Andrew Rosivach (646) 582-9250
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FAQ
How did LXP (LXP) perform financially in the first quarter of 2026?
LXP reported a small net loss of $(1.9) million, or $(0.03) per diluted share, versus $17.3 million profit a year earlier. Total gross revenues were $85.9 million, compared with $88.9 million in the first quarter of 2025.
What was LXP (LXP) Adjusted Company FFO in Q1 2026?
In Q1 2026, LXP generated Adjusted Company FFO of $47.3 million, or $0.80 per diluted share. This compares with $46.4 million, or $0.78 per diluted share, in the same period of 2025, reflecting a 2.6% per‑share increase.
What are the key leasing and occupancy metrics for LXP (LXP) as of March 31, 2026?
As of March 31, 2026, LXP’s stabilized portfolio was 96.6% leased across 108 properties totaling 52.7 million square feet. During Q1 2026, the company executed about 1.8 million square feet of new and extended second‑generation leases at double‑digit rent spreads.
What balance sheet and leverage metrics did LXP (LXP) report for Q1 2026?
LXP reported total consolidated debt of about $1.3 billion and cash and cash equivalents of $130.1 million at quarter end. Net debt to Annualized Adjusted EBITDA was 5.1x, and secured debt represented only 1.0% of gross assets.
What 2026 earnings guidance did LXP (LXP) provide?
For the year ending December 31, 2026, LXP estimates net income attributable to common shareholders between $0.00 and $0.15 per diluted share. It reaffirmed Adjusted Company FFO guidance within a range of $3.22 to $3.37 per diluted share.