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What changed in LXP Industrial Trust's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of LXP Industrial Trust's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+259 added−266 removedSource: 10-K (2026-02-12) vs 10-K (2025-02-13)

Top changes in LXP Industrial Trust's 2025 10-K

259 paragraphs added · 266 removed · 202 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

34 edited+6 added−10 removed18 unchanged
Biggest changeThe minimum employee portion of premium to participate in one of the medical insurance plans for a single employee making less than $100,000 in base salary per year is $1 per month. • Dental and vision benefits at no cost to all of our employees. • A minimum of 14 paid time off, or PTO, days for first year employees, which increases to 19 PTO days in the third and fourth year of employment and 24 PTO days in the fifth year of employment. • A 401(k) plan where all employees can defer a portion of their compensation and receive matching and profit sharing contributions from the Company. • Flexible working arrangements where employees are able to work from home on specified days per workweek. • Professional development policy providing full reimbursement for career-relevant trainings and classes and professional organizations and other resources. • Employee stock purchase plan where all employees can defer a portion of their salary to purchase Company stock at a discount. • Semi-annual performance reviews and an online platform to provide real-time feedback. • Anniversary bonuses for employees who have reached certain tenure amounts.
Biggest changeSome of our benefit highlights are: • Broad use of long-term equity awards subject to time-based vesting and, for our named executive officers, performance-based vesting, giving more employees ownership in us in an effort to retain their services and align their interests with our shareholders. • Medical insurance with a portion of the premiums paid by us, and dental and vision benefits at no cost to all of our employees. • Competitive paid time off policy. • A 401(k) plan with matching and profit sharing contributions from the Company. • Flexible- and hybrid-working arrangements. • Professional and career development reimbursements. • Employee stock purchase plan where all employees can defer a portion of their salary to purchase Company stock at a discount. • Semi-annual performance reviews and an online platform to provide real-time feedback. • Anniversary bonuses for employees who have reached certain tenure amounts.
If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income taxes on our net taxable income that is currently distributed to our common shareholders. We conduct certain taxable activities through our taxable REIT subsidiary, Lexington Realty Advisors, Inc. Americans with Disabilities Act .
If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income taxes on our net taxable income that is currently distributed to our common shareholders. We conduct certain taxable activities through our taxable REIT subsidiary ("TRS"), Lexington Realty Advisors, Inc. Americans with Disabilities Act .
We target general purpose warehouse and distribution facilities that are versatile, easily leased to alternative users and have other attractive features, including some or all of the following features: • Clear heights generally ranging from 28 feet for smaller buildings to 40 feet for larger buildings; • Wide column spacing and speed bays; • Efficient loading dock ratios; • Deep truck courts; • Cross docking for larger facilities; and • Ample trailer and employee parking.
We target general purpose, Class A warehouse and distribution facilities that are versatile, easily leased to alternative users and have other attractive features, including some or all of the following features: • Clear heights generally ranging from 28 feet for smaller buildings to 40 feet for larger buildings; • Wide column spacing and speed bays; • Efficient loading dock ratios; • Deep truck courts; • Cross docking for larger facilities; and • Ample trailer and employee parking.
We believe investing in special purpose industrial properties in a joint venture structure allows us to mitigate the risk of investing in these types of industrial assets while earning certain fees related to the operation and growth of the joint venture. MFG Cold JV has not made any acquisitions since its original formation transaction.
We believe investing in special purpose industrial properties in a joint venture structure allows us to mitigate the risk of investing in these types of higher-yielding industrial assets while earning certain fees related to the operation and growth of the joint venture. MFG Cold JV has not made any acquisitions since its original formation transaction.
One of these institutional joint ventures, NNN Office JV L.P. (“Office JV”), in which we have a 20% interest, was formed in 2018 upon our disposition of a portfolio of office assets and has five office properties as of December 31, 2024. Another one of these institutional joint ventures, NNN MFG Cold JV L.P.
One of these institutional joint ventures, NNN Office JV L.P. (“Office JV”), in which we have a 20% interest, was formed in 2018 upon our disposition of a portfolio of office assets and has five office properties as of December 31, 2025. Another one of these institutional joint ventures, NNN MFG Cold JV L.P.
Target Markets . We focus our investment strategy on growing markets within the Sunbelt and lower Midwest where we believe there are advantages to building a geographic concentration. We target markets that we believe have strong growth prospects for us to build a concentration of assets.
We focus our investment strategy on 12-growing markets within the Sunbelt and lower Midwest where we believe there are advantages to building a geographic concentration. We believe our target markets have strong growth prospects for us to build a concentration of assets.
(“MFG Cold JV”), in which we have a 20% interest, was formed in 2021 upon our disposition of a portfolio of 22 special purpose industrial properties outside of our warehouse and distribution strategy and has 21 properties as of December 31, 2024.
(“MFG Cold JV”), in which we have a 20% interest, was formed in 2021 upon our disposition of a portfolio of 22 special purpose industrial properties outside of our warehouse and distribution strategy and has 21 properties as of December 31, 2025.
As of December 31, 2024, we are not aware of any environmental conditions or material costs of complying with environmental or other government regulations that would have a material adverse effect on our overall business, financial condition, or results of operations.
As of December 31, 2025, we are not aware of any environmental conditions or material costs of complying with environmental or other government regulations that would have a material adverse effect on our overall business, financial condition, or results of operations.
The average age of our warehouse/distribution facilities as of December 31, 2024, was approximately 9.3 years. Tenants . We believe we have a diversified tenant base and are not dependent upon any one tenant. While we invest primarily in single-tenant facilities, we believe our target market approach and tenant credit strength mitigates somewhat against binary risk in occupancy.
The average age of our warehouse/distribution facilities as of December 31, 2025, was approximately 9.9 years. Tenants . We believe we have a diversified tenant base and are not dependent upon any one tenant. While we invest primarily in single-tenant facilities, we believe our target market approach and tenant credit strength mitigates somewhat against binary risk in occupancy.
On at least an annual basis, our Chief Executive Officer submits a management succession plan that provides for the ordinary course and emergency succession for our Chief Executive Officer and other key members of management, which is reviewed by the Nominating and ESG Committee of our Board of Trustees and, ultimately, our Board of Trustees.
On at least an annual basis, our Chief Executive Officer submits a management succession plan that provides for the ordinary course and emergency succession for our Chief Executive Officer and other key members of management, which is reviewed by the Nominating and Corporate Responsibility Committee of our Board of Trustees and, ultimately, our Board of Trustees.
Our institutional joint ventures use non-recourse mortgage loans to finance their investments. Insurance We maintain comprehensive property, liability and pollution insurance policies with limits and deductibles that we believe are appropriate for our portfolio. Our property insurance policy includes business interruption, windstorm coverage and terrorism coverage, subject to certain exclusions.
Our institutional joint ventures use non-recourse mortgage loans to finance their investments. Insurance We maintain comprehensive property, liability and pollution insurance policies with limits and deductibles that we believe are appropriate for our portfolio. Our property insurance policy includes, among other customary coverages, business interruption, windstorm coverage and terrorism coverage, subject to certain exclusions and deductibles.
We strive to maintain a supportive work atmosphere that values community and promotes professional and personal growth, work autonomy and health and wellness. We rely on our employees and the employees of our contractors and vendors to operate our business and implement our strategy. Employees . As of December 31, 2024, we had 59 full-time employees.
We strive to maintain a supportive work atmosphere that values community and promotes professional and personal growth, work autonomy and health and wellness. We rely on our employees and the employees of our contractors and vendors to operate our business and implement our strategy. Employees . As of December 31, 2025, we had 58 full-time employees.
Also posted on our web site, and available in print upon request of any shareholder to our Investor Relations Department, are our declaration of trust and by-laws, charters for the Audit and Cyber Risk Committee, Compensation Committee and Nominating and ESG Committee of our Board of Trustees, our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics governing our trustees, officers and employees (which contains our whistleblower procedures).
Also posted on our web site, and available in print upon request of any shareholder to our Investor Relations Department, are our declaration of trust and by-laws, charters for the Audit and Risk 8 Table of Contents Committee, Compensation Committee and Nominating and Corporate Responsibility Committee of our Board of Trustees, our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics governing our trustees, officers and employees (which contains our whistleblower procedures).
As of December 31, 2024, our largest tenant represented 6.7% of our ABR and 46.9% of our ABR was from tenants with investment grade credit ratings (either tenant, guarantor or parent/ultimate parent). See “Item 2—Properties—Tenant Diversification.” 5 Table of Contents Institutional Fund Management. We also provide advisory services and co-invest with institutional investors in non-consolidated entities.
As of December 31, 2025, our largest tenant represented 6.5% of our ABR and 47.4% of our ABR was from tenants with investment grade credit ratings (either tenant, guarantor or parent/ultimate parent). See “Item 2—Properties—Tenant Diversification.” 5 Table of Contents Institutional Fund Management. We also provide advisory services and co-invest with institutional investors in non-consolidated entities.
We engaged a third-party provider of virtual desktop and digital workspaces for managed IT services and a national accounting firm through its digital product line, for virtual chief technology officer services, including as our chief information security officer, or CISO. • Internal Audit .
We engaged (1) a third-party provider of virtual desktop and digital workspaces for managed IT services and (2) a national accounting and advisory firm through its digital product line, for virtual chief technology officer services, including as our chief information security officer. • Internal Audit .
We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, which we refer to as the Code, commencing with our taxable year ended December 31, 1993. We intend to continue to qualify as a REIT.
We elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 1993. We intend to continue to qualify as a REIT.
Strong growth prospects are generally determined by: • Expanding transportation and logistics networks; • Markets attracting reshoring and advanced manufacturing investment; • Distances to major population centers; • Population growth; • Employment growth; • Physical and regulatory constraints; • Labor cost and availability; • Utility costs; • Land cost and availability; and • Re-tenanting opportunities and costs. 4 Table of Contents (Percentage of ABR as of December 31, 2024) We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets.
We evaluate properties using the following criteria: • Expanding transportation and logistics networks; • Markets attracting reshoring and advanced manufacturing investment; • Distances to major population centers; • Population growth; • Employment growth; • Physical and regulatory constraints; • Labor cost and availability; • Utility costs; • Land cost and availability; and • Re-tenanting opportunities and costs. 4 Table of Contents (Percentage of Gross Book Value as of December 31, 2025) We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets.
Our Chief Executive Officer made an unqualified certification to the NYSE with respect to our compliance with the NYSE corporate governance listing standards in 2024. 9 Table of Contents
Our Chief Executive Officer made an unqualified certification to the NYSE with respect to our compliance with the NYSE corporate governance listing standards in 2025.
We believe this 180-degree review provides an objective measurement of our employees' performance. The performance of each of our executive-titled employees is reviewed by our Chief Executive Officer, which is presented to, and discussed by, the Compensation Committee of our Board of Trustees. • During 2024, we engaged our employees with several surveys, including an employee satisfaction survey.
The performance of each of our executive-titled employees is reviewed by our Chief Executive Officer, which is presented to, and discussed by, the Compensation Committee of our Board of Trustees. • During 2025, we engaged our employees with several surveys, including an employee satisfaction survey.
We engaged a “big-four” accounting firm to assist with our internal audit function. • Property Management . We primarily engaged CBRE, Cushman & Wakefield and Jones Lang LaSalle for the management of our properties where we have operating responsibilities.
We engaged a “big-four” accounting firm to assist with our internal audit function. • Property Management . We primarily engaged national property management firms for the management of our properties where we have operating responsibilities.
In 2024, we documented and initiated mitigation measures for properties representing the top 25% of our portfolio by gross asset value. These efforts, combined with decarbonization strategies developed using Carbon Risk Real Estate Monitor pathways, position us to remain resilient and to take advantage of opportunities for cost savings.
In 2025, we analyzed our exposure to and preparedness for these risks for properties representing the top 75% of our portfolio by gross asset value. We believe these efforts, combined with using Carbon Risk Real Estate Monitor pathways, position us to remain resilient and to take advantage of opportunities for cost savings.
We may opportunistically dispose of select properties outside of our target markets as opportunities and the need for liquidity arise. Building Type .
We may opportunistically dispose of select properties outside of our target markets as the need for liquidity arise to fund our development strategy and/or enhance the quality of our portfolio. Building Type .
Training and Development . In addition to our professional development policy, we maintain a variety of training programs for our employees, including annual trainings for sustainability, accounting, cybersecurity, human rights, harassment (for managers and non-managers) and anti-corruption/bribery.
Training and Development . In addition to our professional development policy, we maintain a variety of training programs for our employees, including annual trainings for sustainability, accounting, cybersecurity, human rights, harassment (for managers and non-managers) and anti-corruption/bribery. During 2025, none of our employees violated our anti-corruption/bribery policies and we did not pay any fines for violating anti-corruption/bribery laws or regulations.
As of December 31, 2024, we had equity ownership interests in approximately 119 consolidated real estate properties, located in 17 states and containing an aggregate of approximately 57.8 million square feet of space, approximately 93.6% of which was leased.
As of December 31, 2025, we had equity ownership interests in approximately 108 consolidated real estate properties, located in 14 states and containing an aggregate of approximately 52.7 million square feet of space, approximately 97.1% of which was leased.
We regularly engage our employees through the following methods: • During 2024, we conducted a mid-year performance review for our non-executive employees and a year-end performance review for all of our employees. The year-end performance review consisted of a 180-degree review where non-executive employees reviewed their immediate supervisor.
Employee Engagement . We regularly engage our employees through the following methods: • During 2025, we conducted a mid-year performance review for our non-executive employees and a year-end performance review for all of our employees.
Our principal executive offices are located at 515 N Flagler Dr, Suite 408, West Palm Beach, Florida 33401; our telephone number is (212) 692-7200. Web Site. Our Internet address is www.lxp.com.
We remain focused on integrating these strategies in our operations to ensure we continue to drive responsible value creation. Corporate Information Principal Executive Offices. Our principal executive offices are located at 515 N Flagler Dr, Suite 408, West Palm Beach, Florida 33401; our telephone number is (212) 692-7200. Web Site. Our Internet address is www.lxp.com.
Our business strategy is focused on growing our portfolio in our target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise. We acquire and develop warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation.
Our business strategy is focused on growing our portfolio in our 12 target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise.
Corporate Responsibility We believe that our commitment to environmental, social, governance and resilience (ESG+R) matters will create long-term value for our shareholders while addressing the evolving needs of our other stakeholders. The Nominating and ESG Committee of our Board of Trustees oversees our ESG+R strategy and initiatives. In 2024, we achieved significant milestones in our stewardship efforts.
Corporate Responsibility We believe that our commitment to corporate responsibility ("CR") matters will create long-term value for our shareholders while addressing the evolving needs of our other stakeholders. We maintain a CR platform focused on environmental and social objectives, which is overseen by the Nominating and Corporate Responsibility Committee of our Board of Trustees.
We believe our single-tenant industrial focus mitigates against unexpected costs and the cyclicality of many asset classes and investment strategies and provides shareholders with a secure dividend. We believe our strategy is more conservative than most industrial REITs and provides defensive attributes for investors in the industrial sector and better growth potential for investors compared to the net lease sector.
We believe our predominantly single-tenant industrial portfolio mitigates against unexpected costs and the cyclicality of many asset classes and investment strategies, including multi-tenant industrial, and provides shareholders with a secure dividend.
The participation rate for the employee satisfaction survey was 97% and we achieved a 95% overall satisfaction rate. Human Rights . We believe respect for human rights is essential.
The participation rate for the employee satisfaction survey was 98% and we achieved a 95% overall satisfaction rate. Vendors and Contractors . We outsource the following material functions: • Information Technology.
We also believe our strategy mitigates against certain development risks and overhead costs because we partner with merchant builders, who are generally responsible for typical cost overruns. However, we are constantly exploring ways to be more efficient and earn higher returns.
We believe our development strategy has the potential to provide us with higher returns than we could obtain by acquiring fully-leased buildings. We also believe our strategy of partnering with merchant builders mitigates against certain development risks and overhead costs because our partners are generally responsible for entitling the land and most cost overruns.
During the year ended December 31, 2024, we disposed of our remaining consolidated office properties and our consolidated portfolio is 100% industrial. History and Current Corporate Structure We were formed in 1993 and converted to a Maryland REIT in December 1997.
History and Current Corporate Structure We were formed in 1993 and converted to a Maryland real estate investment trust in December 1997. Primarily all of our business is conducted through wholly-owned subsidiaries. Strategy General.
Governance remains a cornerstone of our ESG+R strategy, underpinned by transparency, ethical behavior, and forward-thinking leadership. In 2024, we maintained Gold-level Green Lease Leader recognition for embedding sustainability provisions into lease agreements, enabling better energy management and collaboration with tenants. Our governance practices were further validated through our increased score of 97 out of 100 in the U.S.
In 2025, we maintained Gold-level Green Lease Leader recognition for embedding sustainability provisions into lease agreements, enabling better energy management and collaboration with tenants. We also maintain an "A" ranking in the U.S. Industrial Peer Group for GRESB Public Disclosure. Our social initiatives reflect a deep dedication to the well-being of our employees, tenants, and communities.
In 2024, we adopted a Charitable Giving Policy, which includes an opportunity for employees to have certain of their personal donations matched up to $250 annually, and we contributed more than $50,000 to our partner organizations. Additionally, we continued our internship program, which further underscores our commitment to fostering talent and expanding opportunities in the commercial real estate sector.
We engage our workforce in health and wellness initiatives, training and professional development, and volunteering and charitable giving efforts. Additionally, we continued our internship program, which further underscores our commitment to fostering talent and expanding opportunities in the commercial real estate sector. Through our CR initiatives, we reinforce our commitment to long-term shareholder value.
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Primarily all of our business is conducted through wholly-owned subsidiaries, but historically we conducted a portion of our business through an operating partnership subsidiary, Lepercq Corporate Income Fund L.P., which we refer to as LCIF. Strategy General.
Added
Class A real estate encompasses attractive and efficient buildings of high quality that are well-designed and constructed with above-average material, workmanship and finishes and are well-maintained and managed.
Removed
We provide capital to merchant builders by providing construction financing and/or a takeout for build-to-suit projects and speculative development properties. We believe our development strategy has the potential to provide us with higher returns than we could obtain by acquiring fully-leased buildings.
Added
We acquire and develop Class A warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation. We partner with merchant builders for build-to-suit projects and speculative development properties. We own interests in approximately 514 acres of developable land in our target markets.
Removed
Some of our benefit highlights are: • The compensation for employees above a certain level generally includes long-term equity awards, giving them ownership in us in an effort to retain their services. • Medical insurance with a portion of the premiums paid by us.
Added
While our strategy may be more conservative than other industrial REITs, we believe it provides defensive attributes for investors in the industrial sector and better growth potential for investors compared to the net lease sector. Target Markets .
Removed
During 2024, none of our employees violated our anti-corruption/bribery policies and we did not pay any fines for violating anti-corruption/bribery laws or regulations. 7 Table of Contents Employee Engagement .
Added
The year-end performance review process consisted of a 360-degree review where non-executive employees were reviewed by their immediate supervisor and a peer and reviewed their 7 Table of Contents immediate supervisor.
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We maintain an enterprise level human rights policy that acknowledges our efforts to promote human rights in accordance with the UN Guiding Principles on Business and Human Rights and the UN Universal Declaration of Human Rights. We respect freedom of association in our employment practices. Vendors and Contractors . We outsource the following material functions: • Information Technology.
Added
Developing strategies that reduce our environmental impact and operational costs is a critical component of our CR program. When feasible, we implement base building upgrades and provide tenants with improvement allowance funds to complete cost-saving sustainability features.
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We announced updated goals and targets, which we believe are more aligned with our business strategy and are more applicable to our property portfolio. Further advancing our sustainability efforts, we installed smart meters across approximately two million square feet of our portfolio as of December 31, 2024, giving us better insight into the energy and water usage of our portfolio.
Added
We believe our current environmental targets are appropriate for our portfolio and focus on Scope 1 and Scope 2 greenhouse gas emissions, energy data coverage, green building certifications and LED lighting. We have integrated environmental resilience planning into our broader business strategy, and we evaluate physical and transitional risks across our portfolio.
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Additionally, as of December 31, 2024, green building certifications encompassed over 33% of our portfolio by square footage, reinforcing our commitment to efficient buildings and environmental responsibility. Our social initiatives reflect a deep dedication to the well-being of our employees, tenants, and communities.
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We were once-again honored as one of the "2024 Best Companies to Work for in New York," a recognition of our focus on employee health, development, and inclusion. We also achieved a tenant satisfaction score of 4.19 out of 5, surpassing industry benchmarks, and engaged our workforce in over 100 hours of volunteering activities.
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Industrial Peer Group for GRESB Public Disclosure. 8 Table of Contents To address the challenges posed by climate transition risk, we have integrated resilience planning into our broader business strategy. Guided by the Task Force on Climate-related Financial Disclosures framework, we evaluate physical and transitional risks across our portfolio.
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Through these initiatives, we underscore our commitment to advancing ESG+R initiatives in ways that benefit and create value for our shareholders. As we look to the future, we remain dedicated to embedding these strategies in our operations, ensuring that we continue to create value responsibly. Corporate Information Principal Executive Offices.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

33 edited+8 added−17 removed135 unchanged
Biggest changeAdditionally, our ability to satisfy current or prospective lenders' insurance requirements may be adversely affected if lenders generally insist upon greater insurance coverage than is available to us in the marketplace or on commercially reasonable terms. 16 Table of Contents We rely on debt financing, including borrowings under our unsecured revolving credit facility, unsecured term loan, debt securities, and debt secured by individual properties, for working capital, including to finance our investment activities.
Biggest changeUnder those circumstances, other sources of capital may not be available to us or be available only on unattractive terms. Additionally, our ability to satisfy current or prospective lenders' insurance requirements may be adversely affected if lenders generally insist upon greater insurance coverage than is available to us in the marketplace or on commercially reasonable terms.
For example, it could: • make it more difficult for us to satisfy our indebtedness and debt service obligations and adversely affect our ability to pay distributions; • increase our vulnerability to adverse economic and industry conditions; 15 Table of Contents • require us to dedicate a substantial portion of our cash flow from operations to the payment of interest on and principal of our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures and other general corporate purposes; • limit our ability to borrow money or sell stock to fund our development projects, working capital, capital expenditures, general corporate purposes or acquisitions; • restrict us from making strategic acquisitions or exploiting business opportunities; • place us at a disadvantage compared to competitors that have less debt; and • limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.
For example, it could: • make it more difficult for us to satisfy our indebtedness and debt service obligations and adversely affect our ability to pay distributions; • increase our vulnerability to adverse economic and industry conditions; • require us to dedicate a substantial portion of our cash flow from operations to the payment of interest on and principal of our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures and other general corporate purposes; • limit our ability to borrow money or sell stock to fund our development projects, working capital, capital expenditures, general corporate purposes or acquisitions; • restrict us from making strategic acquisitions or exploiting business opportunities; • place us at a disadvantage compared to competitors that have less debt; and • limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.
In addition, we may be held directly liable for any such damages or claims irrespective of the provisions of any lease and, in certain cases, we have provided lenders with environmental indemnities. 19 Table of Contents From time to time, in connection with the conduct of our business, our property owner subsidiaries authorize the preparation of Phase I environmental reports and, when recommended, Phase II environmental reports, with respect to their properties.
In addition, we may be held directly liable for any such damages or claims irrespective of the provisions of any lease and, in certain cases, we have provided lenders with environmental indemnities. 18 Table of Contents From time to time, in connection with the conduct of our business, our property owner subsidiaries authorize the preparation of Phase I environmental reports and, when recommended, Phase II environmental reports, with respect to their properties.
If all or a significant portion of those dispositions were treated as prohibited transactions, we would incur a significant U.S. federal income tax liability, which could have a material adverse effect on our financial position. 20 Table of Contents Distribution requirements imposed by law limit our flexibility.
If all or a significant portion of those dispositions were treated as prohibited transactions, we would incur a significant U.S. federal income tax liability, which could have a material adverse effect on our financial position. 19 Table of Contents Distribution requirements imposed by law limit our flexibility.
While a significant number of our net leases provide for annual escalations in the rental rate, the increase in interest rates may outpace the annual escalations. Interests in loans receivable are subject to delinquency, foreclosure and loss. While loan receivables are not a primary focus, we make loans to purchasers of our properties and developers.
While a significant number of our net leases provide for annual escalations in the rental rate, the increase in interest rates may outpace the annual escalations. Interests in loans receivable are subject to delinquency, foreclosure and loss. While loan receivables are not a primary focus, we have made, and may make, loans to purchasers of our properties and developers.
At December 31, 2024, in addition to common shares, we had outstanding 1,935,400 Series C Preferred Shares. Our Series C Preferred Shares include provisions, such as increases in dividend rates or adjustments to conversion rates, which may deter a change of control.
At December 31, 2025, in addition to common shares, we had outstanding 1,935,400 Series C Preferred Shares. Our Series C Preferred Shares include provisions, such as increases in dividend rates or adjustments to conversion rates, which may deter a change of control.
As a result, we could be held liable, under some circumstances, for debts incurred by the tenant relating to the property. 11 Table of Contents A significant portion of our leases are long-term and do not have fair market rental rate adjustments, which could negatively impact our income and reduce the amount of funds available to make distributions to shareholders.
As a result, we could be held liable, under some circumstances, for debts incurred by the tenant relating to the property. A significant portion of our leases are long-term and do not have fair market rental rate adjustments, which could negatively impact our income and reduce the amount of funds available to make distributions to shareholders.
Concerns over possible economic recession, high interest rates, bank failures, political dysfunction, geopolitical issues, including military conflicts, trade wars, labor shortages, and inflation may contribute to increased financial market volatility. 14 Table of Contents The United States financial markets have periodically experienced significant dislocations and liquidity disruptions due to a variety of factors.
Concerns over possible economic recession, high interest rates, bank failures, political dysfunction, geopolitical issues, including military conflicts, trade wars, labor shortages, and inflation may contribute to increased financial market volatility. The United States financial markets have periodically experienced significant dislocations and liquidity disruptions due to a variety of factors.
Higher interest rates could also adversely affect the ability of prospective buyers to obtain financing for properties we intend to sell. We have engaged and may engage in hedging transactions that may limit gains or result in losses. We have used derivatives to hedge certain of our variable-rate liabilities.
Higher interest rates could also adversely affect the ability of prospective buyers to obtain financing for properties we intend to sell. 15 Table of Contents We have engaged and may engage in hedging transactions that may limit gains or result in losses. We have used derivatives to hedge certain of our variable-rate liabilities.
Subject to our fundamental investment policy to maintain our qualification as a REIT, our Board of Trustees will determine our investment and financing policies, growth strategy and our debt, capitalization, distribution, acquisition, disposition and operating policies. Our Board of Trustees may revise or amend these strategies and policies at any time without a vote by shareholders.
Subject to our fundamental investment policy to maintain our qualification as a REIT, our Board of Trustees will determine our investment and financing policies, growth strategy and our debt, capitalization, distribution, acquisition, disposition and operating policies. 13 Table of Contents Our Board of Trustees may revise or amend these strategies and policies at any time without a vote by shareholders.
The holders of any of our secured debt also would have priority with respect to the secured collateral over unsecured creditors in the event of a bankruptcy, liquidation or similar proceeding. 17 Table of Contents None of our subsidiaries are guarantors of our unsecured debt; therefore assets of our subsidiaries may not be available to make payments on our unsecured indebtedness.
The holders of any of our secured debt also would have priority with respect to the secured collateral over unsecured creditors in the event of a bankruptcy, liquidation or similar proceeding. None of our subsidiaries are guarantors of our unsecured debt; therefore assets of our subsidiaries may not be available to make payments on our unsecured indebtedness.
The establishment and issuance of shares of our existing series of preferred shares or a future class or series of shares could make a change of control of us more difficult. 18 Table of Contents Maryland Takeover Statutes.
The establishment and issuance of shares of our existing series of preferred shares or a future class or series of shares could make a change of control of us more difficult. 17 Table of Contents Maryland Takeover Statutes.
In addition, we will be responsible for 100% of the operating costs following the termination by any such tenant and subsequent vacating of the property, and we will incur re-leasing costs. Our ability to fully control the maintenance of our net-leased properties may be limited.
In addition, we will be responsible for 100% of the operating costs following the termination by any such tenant and subsequent vacating of the property, and we will incur re-leasing costs. 9 Table of Contents Our ability to fully control the maintenance of our net-leased properties may be limited.
However, with respect to those properties where the leases do not provide for abatement of rent under any circumstances, we generally do not maintain rent loss insurance.
However, with respect to those properties where the leases do not provide for abatement of rent under any circumstances, we may not maintain rent loss insurance.
In addition, development activities, including speculative development and redevelopment and renovation of vacant properties, are subject to risks including, but not limited to: • unsuccessful development opportunities could cause us to incur direct expenses; • construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated or unprofitable; • time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • legal action to compel performance of contractors, developers or partners may cause delays and our costs may not be reimbursed; • we may not be able to find tenants to lease the space built on a speculative basis or in a redeveloped or renovated building, which will impact our cash flow and ability to finance or sell such properties; • there may be gaps in warranty obligations of our developers and contractors and the obligations to a tenant; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and • favorable financing sources to fund development activities may not be available.
In addition, development activities, including speculative development and redevelopment and renovation of vacant properties, are subject to risks including, but not limited to: • unsuccessful development opportunities could cause us to incur direct expenses; • construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated or unprofitable; • time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • legal action to compel performance of contractors, developers or partners may cause delays and our costs may not be reimbursed; • changes in legal and regulatory requirements, including zoning, and public opposition to certain projects, may increase our costs; • we may not be able to find tenants to lease the space built on a speculative basis or in a redeveloped or renovated building, which will impact our cash flow and ability to finance or sell such properties; • there may be gaps in warranty obligations of our developers and contractors and the obligations to a tenant; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and • favorable financing sources to fund development activities may not be available.
As of December 31, 2024, our total consolidated indebtedness was approximately $1.6 billion and we had approximately $600.0 million available for borrowing under our principal credit agreement, subject to covenant compliance. Our substantial indebtedness could adversely affect our financial condition and results of operations and have important consequences to us and our debt and equity security holders.
As of December 31, 2025, our total consolidated indebtedness was approximately $1.4 billion and we had approximately $600.0 million available for borrowing under our principal credit agreement, subject to covenant compliance. Our substantial indebtedness could adversely affect our financial condition and results of operations and have important consequences to us and our debt and equity security holders.
If permanent debt or equity financing is not available on attractive terms to refinance this short-term financing, further acquisitions and developments may be curtailed, or cash available to satisfy our debt service obligations and distributions to shareholders may be adversely affected. Our investment and disposition activity may lead to dilution.
If permanent debt or equity financing is not available on attractive terms to refinance this short-term financing, further acquisitions and developments may be curtailed, or cash available to satisfy our debt service obligations and distributions to shareholders may be adversely affected. 11 Table of Contents Our investment and disposition activity may lead to dilution.
Our inability to retain the services of any of our key personnel, an unplanned loss of any of their services or our inability to replace them upon termination as needed, could adversely impact our operations. We do not have key man life insurance coverage on our executive officers. 21 Table of Contents
Our inability to retain the services of any of our key personnel, an unplanned loss of any of their services or our inability to replace them upon termination as needed, could adversely impact our operations. We do not have key person life insurance coverage on our executive officers. 20 Table of Contents
As of December 31, 2024, we had 11 interest rate swap agreements outstanding with an aggregate notional amount of $632.5 million. The counterparties of these arrangements are major financial institutions; however, we are exposed to credit risk in the event of non-performance or default by the counterparties.
As of December 31, 2025, we had seven interest rate swap agreements outstanding with an aggregate notional amount of $332.5 million. The counterparties of these arrangements are major financial institutions; however, we are exposed to credit risk in the event of non-performance or default by the counterparties.
Most of the changes applicable to individuals are temporary. General Risk Factors A downgrade in our credit ratings could have a material adverse effect on our business and financial condition. The credit ratings assigned to us and our debt could change based upon, among other things, our results of operations and financial condition or the real estate industry generally.
General Risk Factors A downgrade in our credit ratings could have a material adverse effect on our business and financial condition. The credit ratings assigned to us and our debt could change based upon, among other things, our results of operations and financial condition or the real estate industry generally.
The concentration of our investments, among other factors, in industrial assets may expose us to the risk of economic downturns specific to industrial assets to a greater extent than if our investments were diversified. 12 Table of Contents Investment in commercial properties entail certain risks, such as (1) underwriting assumptions, including occupancy, rental rates and expenses, may differ from estimates, (2) the properties may become subject to environmental liabilities that we were unaware of at the time we acquired the property despite any environmental testing, (3) we may have difficulty obtaining financing on acceptable terms or paying the operating expenses and debt service associated with acquired properties prior to sufficient occupancy and (4) projected exit strategies may not come to fruition due to a variety of factors such as market conditions and/or tenant credit conditions at the time of dispositions.
Investment in commercial properties entail certain risks, such as (1) underwriting assumptions, including occupancy, rental rates and expenses, may differ from estimates, (2) the properties may become subject to environmental liabilities that we were unaware of at the time we acquired the property despite any environmental testing, (3) we may have difficulty obtaining financing on acceptable terms or paying the operating expenses and debt service associated with acquired properties prior to sufficient occupancy and (4) projected exit strategies may not come to fruition due to a variety of factors such as market conditions and/or tenant credit conditions at the time of dispositions.
If these rating agencies assign a lower-than-expected rating or reduce or withdraw, or indicate that they may reduce or withdraw, the credit rating of a tenant, guarantor or its parent entity, the value of our investment in any properties leased by such tenant could significantly decline. 10 Table of Contents Our assets may be subject to impairment charges.
If these rating agencies assign a lower-than-expected rating or reduce or withdraw, or indicate that they may reduce or withdraw, the credit rating of a tenant, guarantor or its parent entity, the value of our investment in any properties leased by such tenant could significantly decline. Our real estate development activities are subject to additional risks.
Any loss of these types could adversely affect our financial condition and results of operations. In addition, the cost of property and related coverage insurance has increased significantly in recent years due to the rise in construction costs and property values and the decrease in capacity in the insurance market. Cybersecurity incidents may adversely affect our business.
Any loss of these types could adversely affect our financial condition and results of operations. In addition, the cost of property and related coverage insurance is impacted by construction costs, property values and capacity in the insurance market. 12 Table of Contents Cybersecurity incidents may adversely affect our business.
Future public health emergencies, and the steps governments take to control them, may negatively affect (i) the operation of our properties, (ii) the effectiveness of our strategic decision making, (iii) the operation of our key information systems, (iv) our ability to make timely filings with the SEC and (v) our ability to maintain an effective control environment.
Public health emergencies, and the steps governments take to control them, may lead to labor shortages, supply chain issues, including longer lead times for construction materials and increased construction costs, capital markets disruptions and inflationary conditions, which may negatively affect (i) the operation of our properties, (ii) the effectiveness of our strategic decision making, (iii) the operation of our key information systems, (iv) our ability to make timely filings with the SEC and (v) our ability to maintain an effective control environment.
The level of our variable-rate indebtedness along with the interest rate associated with such variable-rate indebtedness, may change in the future and materially affect our interest costs and earnings. In addition, our interest costs on our fixed-rate indebtedness may increase if we are required to refinance our fixed-rate indebtedness upon maturity at higher interest rates.
In addition, our interest costs on our fixed-rate indebtedness may increase if we are required to refinance our fixed-rate indebtedness upon maturity at higher interest rates.
“Cybersecurity” in this Annual Report. 13 Table of Contents Competition may adversely affect our ability to purchase properties. There are numerous other companies and individuals with greater financial and other resources and lower costs of capital than we have that compete with us in seeking investments and tenants.
There are numerous other companies and individuals with greater financial and other resources and lower costs of capital than we have that compete with us in seeking investments and tenants. This competition may result in a higher cost for properties and lower returns and impact our ability to grow. We may have limited control over our joint venture investments.
A tenant’s bankruptcy proceeding may result in the re-characterization of related sale-leaseback transactions or in the restructuring of the tenant's payment obligations to us, either of which could adversely affect our financial condition.
In addition, we hold land for development and we are unable to estimate any further costs to develop such land until we commit to develop any such land. 10 Table of Contents A tenant’s bankruptcy proceeding may result in the re-characterization of related sale-leaseback transactions or in the restructuring of the tenant's payment obligations to us, either of which could adversely affect our financial condition.
Our development activities are subject to risks related to supply-chain disruptions and inflation, which increase costs and may delay completion. In addition, we hold land for development and we are unable to estimate any further costs to develop such land until we commit to develop any such land.
Our development activities are subject to risks related to supply-chain disruptions and inflation, which increase costs and may delay completion.
To the extent a lender is successful, the ability of our property owner subsidiary to return the property to the lender may be inhibited and/or we may be liable for all or a portion of such loan. Certain of our indebtedness is subject to cross-default, cross-acceleration and cross-collateral provisions.
To the extent a lender is successful, the ability of our property owner subsidiary to return the property to the lender may be inhibited and/or we may be liable for all or a portion of such loan. 16 Table of Contents The effective subordination of our unsecured indebtedness and any related guaranty may reduce amounts available for payment on our unsecured indebtedness and any related guaranty.
Compliance with new laws or regulations relating to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants.
Such laws and regulations may require us to make improvements to our existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. 14 Table of Contents Risks Related to our Indebtedness We have a substantial amount of indebtedness. We have a substantial amount of debt.
In recent years, public health emergencies, including COVID-19, have caused significant and widespread damage to the economy and the financial markets. The COVID-19 pandemic contributed to labor shortages, supply chain issues, including longer lead times for construction materials and increased construction costs, capital markets disruptions and inflationary conditions.
In recent years, public health emergencies, including COVID-19, have caused significant and widespread damage to the economy and the financial markets.
We may be adversely impacted in the future by potential impacts to the supply chain or stricter energy efficiency standards or greenhouse gas regulations for the commercial building sectors.
We may also be adversely impacted in the future by new laws or regulations relating to emissions, including stricter energy efficiency standards and “green” building codes.
Also, our unsecured revolving credit facility is subject to a variable interest rate. We also have an aggregate of $1.1 billion of unsecured senior notes which mature from November 2028 to October 2031.
We also have an aggregate of $1.0 billion of unsecured notes which mature from November 2028 to October 2031. We may refinance all of this indebtedness with variable-rate indebtedness. The level of our variable-rate indebtedness along with the interest rate associated with such variable-rate indebtedness, may change in the future and materially affect our interest costs and earnings.
Removed
We periodically evaluate our real estate investments and other assets for impairment indicators.
Added
The concentration of our investments, among other factors, in industrial assets may expose us to the risk of economic downturns specific to industrial assets to a greater extent than if our investments were diversified.
Removed
The judgment regarding the existence of impairment indicators is based on GAAP, which includes a variety of factors such as market conditions, the status of significant leases, a prolonged vacancy at a property, the financial condition of major tenants and other factors that could affect the cash flow or value of an investment.
Added
“Cybersecurity” in this Annual Report. Our use of, or failure to adopt advancements in, information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
Removed
Based on this evaluation, we may, from time to time, take non-cash impairment charges. These impairments could have a material adverse effect on our financial condition and results of operations.
Added
Our use of, or inability to safely and effectively adopt and use, new technological capabilities and enhancements in line with strategic objectives, including artificial intelligence, may put us at a competitive disadvantage, including by failure to achieve efficiencies achieved by our competitors, or by misusing such technologies in ways that result in operational disruptions, reputation damage or legal liability exposure.
Removed
If we take an impairment charge on a property subject to a non-recourse secured mortgage and reduce the book value of such property below the balance of the mortgage on our balance sheet, upon foreclosure or other disposition, we may be required to recognize a gain on debt satisfaction. Our real estate development activities are subject to additional risks.
Added
Although we have adopted policies with respect to the use of artificial intelligence tools, we cannot be certain that such policies will be effective against the risks. Competition may adversely affect our ability to purchase properties.
Removed
This competition may result in a higher cost for properties and lower returns and impact our ability to grow. We may have limited control over our joint venture investments.
Added
As of December 31, 2025, we had $351.0 million of variable rate debt of which $332.5 million is subject to interest rate swap agreements through January 2027 and October 2027. Also, any future borrowings under our unsecured revolving credit facility will be subject to a variable interest rate.
Removed
Any such laws or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions do not exist or may not arise in the future.
Added
We rely on debt financing, including borrowings under our unsecured revolving credit facility, unsecured term loan, debt securities, and debt secured by individual properties, for working capital, including to finance our investment activities.
Removed
The potential impacts of climate change on our real estate properties could adversely affect our ability to lease, develop or sell such properties or to borrow using such properties as collateral. Risks Related to our Indebtedness We have a substantial amount of indebtedness. We have a substantial amount of debt.
Added
Effective July 4, 2025, certain changes to U.S. tax law were approved that impact us and our shareholders.
Removed
As of December 31, 2024, we had $129.1 million of trust preferred securities that mature in April 2037 that are SOFR indexed. An aggregate amount of $82.5 million of the trust preferred securities is swapped to obtain an effective fixed interest rate of 5.20% to October 30, 2027.
Added
Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) increased the percentage limit under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the based on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.
Removed
In addition, we had a $300.0 million unsecured term loan which matures January 2027 that is SOFR indexed and was subject to interest rate swap agreements that expired in January 2025. An aggregate amount of $250.0 million of the term loan is swapped to obtain an effective fixed interest rate of 4.31% from January 31, 2025 to January 31, 2027.
Removed
Under those circumstances, other sources of capital may not be available to us or be available only on unattractive terms.
Removed
Substantially all of our corporate level borrowings and, in the future, certain of our secured indebtedness may, contain cross-default and/or cross-acceleration provisions, which may be triggered if we default on certain indebtedness in excess of certain thresholds. In the event of such a default, the resulting cross defaults and/or cross-accelerations may adversely impact our financial condition.
Removed
One of our non-consolidated joint ventures has a portfolio loan where the loan is cross-collateralized with a majority of the assets in the portfolio. The effective subordination of our unsecured indebtedness and any related guaranty may reduce amounts available for payment on our unsecured indebtedness and any related guaranty.
Removed
Securities eligible for future sale may have adverse effects on our share price. We have an unallocated universal shelf registration statement and we also maintain an At-the-Market offering program and a direct share purchase plan, pursuant to which we may issue additional common shares.
Removed
There is no restriction on our issuing additional common or preferred shares, including any securities that are convertible into or exchangeable for, or that represent the right to receive, common or preferred shares or any substantially similar securities. Pursuant to our At-the-Market offering, we may enter into forward sale agreements.
Removed
Settlement provisions contained in any forward sale agreement could result in substantial dilution to our earnings per share or result in substantial cash payment obligations. In addition, in the case of our bankruptcy or insolvency, any forward sale agreement will automatically terminate, and we would not receive the expected proceeds from the sale of our common shares under such agreement.
Removed
Federal tax legislation passed in 2017 made numerous changes to tax rules. These changes do not affect the REIT qualification rules directly, but may otherwise affect us or our shareholders.
Removed
For example, the top federal income tax rate for individuals was reduced to 37%, there is a deduction available for certain Qualified Business Income that reduces the top effective tax rate applicable to ordinary dividends from REITs to 29.6% (through a 20% deduction for ordinary REIT dividends received) and various deductions are eliminated or limited.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

20 edited+1 added−4 removed7 unchanged
Biggest changeCybersecurity Risks As of December 31, 2024, we are not aware of any material cybersecurity incidents in the last three years. However, there can be no assurance that our security efforts and measures, and those of our third-party providers, will be effective or that attempted cybersecurity incidents or disruptions would not be successful or damaging.
Biggest changeHowever, there can be no assurance that our security efforts and measures, and those of our third-party providers, will be effective or that attempted cybersecurity incidents or disruptions would not be successful or damaging. See “Item 1A–Risk Factors–Cybersecurity incidents may adversely affect our business.”
In addition, our COO and CTO/CISO generally engage with external legal counsel with respect to regulatory reporting obligations related to an incident. Following the conclusion of an incident, the incident response team will generally assess the effectiveness of the cybersecurity program and make adjustments as appropriate.
In addition, our COO and the CTO/CISO generally engage with external legal counsel with respect to regulatory reporting obligations related to an incident. Following the conclusion of an incident, the incident response team will generally assess the effectiveness of the cybersecurity program and make adjustments as appropriate.
Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents, and (3) containing, eradicating, recovering from, and reporting cybersecurity events. Prevention and Preparation As noted above, we utilize our MS Provider for cloud-based information technology services.
Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents, and (3) containing, eradicating, recovering from, and reporting cybersecurity events. Prevention and Preparation As noted above, we utilize the MS Provider for cloud-based information technology services.
We have specific recovery time objectives and recovery point objectives in our disaster recovery plan. Our incident response plan provides clear communication protocols, which may include, depending on the incident's classification and other circumstances, our CEO, CFO and COO, our internal and external counsel, our management disclosure committee and the Audit and Cyber Risk Committee and the Board of Trustees.
We have specific recovery time objectives and recovery point objectives in our disaster recovery plan. Our incident response plan provides clear communication protocols, which may include, depending on the incident's classification and other circumstances, our CEO, CFO and COO, our internal and external counsel, our management disclosure committee and the Audit and Risk Committee and the Board of Trustees.
In addition, we take the following preventative measures: • We engage a third party to perform internal and external penetration tests on an annual basis. • We require multi-factor authentication and other enhanced security measures for our network and primary applications. • We utilize geolocation-based blocking and mobile device management.
In addition, we take the following preventative measures: • We engage a third party to perform internal and external penetration tests on at least an annual basis. • We require multi-factor authentication and other enhanced security measures for our network and primary applications. • We utilize geolocation-based blocking and mobile device management.
We also maintain cybersecurity insurance providing coverage for certain costs related to cybersecurity failures and specified cybersecurity-related incidents that interrupt our network or networks of our vendors, in all cases up to specified limits and subject to certain exclusions. 24 Table of Contents Detection and Analysis Cybersecurity incidents may be detected through a variety of means, which may include, but are not limited to, automated event-detection notifications, employee notifications, and notification from external parties (e.g., our third-party information technology provider).
We also maintain cybersecurity insurance providing coverage for certain costs related to cybersecurity failures and specified cybersecurity-related incidents that interrupt our network or networks of our vendors, in all cases up to specified limits and subject to certain exclusions. 22 Table of Contents Detection and Analysis Cybersecurity incidents may be detected through a variety of means, which may include, but are not limited to, automated event-detection notifications, employee notifications, and notifications from external parties (e.g., our third-party information technology provider).
Our Director of Information Technology, together with BDO, oversees the MS Provider. We maintain a critical systems vendor management program with the assistance of a third-party provider of vendor risk intelligence data, including cybersecurity vulnerabilities, business health and credit risk.
Our Director of Information Technology, together with the CTO/CISO, oversees the MS Provider. We maintain a critical systems vendor management program with the assistance of a third-party provider of vendor risk intelligence data, including cybersecurity vulnerabilities, business health and credit risk.
While 23 Table of Contents the particular personnel assigned to an incident response team will depend on the particular facts and circumstances, the incident response team is made up of two teams: the information security response team and the business response team.
While the particular personnel assigned to an incident response team will depend on the particular facts and circumstances, the incident response team is made up of two teams: the information security response team and the business response team.
Our third-party information technology provider takes the lead on assisting us with the steps and procedures to contain the incident. If our third-party information technology provider is unable to contain the incident, we expect to work with our CTO/CISO and cybersecurity insurer to engage an appropriate vendor for containment. Once a cybersecurity incident is contained our focus shifts to remediation.
The MS Provider takes the lead on assisting us with the steps and procedures to contain the incident. If the MS Provider is unable to contain the incident, we expect to work with the CTO/CISO and cybersecurity insurer to engage an appropriate vendor for containment. Once a cybersecurity incident is contained our focus shifts to remediation.
This third-party solution includes 24/7 monitoring and is consistent with a well-recognized cybersecurity framework. We also engage a nationally recognized public accounting firm to perform periodic cybersecurity assessments, which entail performing a qualitative current state evaluation of our cybersecurity program in line with specific domains within the recognized third-party framework.
This third-party solution includes 24/7 monitoring and is consistent with a well-recognized cybersecurity framework. We have also engaged consultants to perform periodic cybersecurity assessments, which entail performing a qualitative current state evaluation of our cybersecurity program in line with specific domains within the recognized third-party framework.
The Audit and Cyber Risk Committee of our Board of Trustees assists our Board of Trustees on oversight of management in connection with regularly assessing our key risks and engaging in enterprise-wide risk management as they relate to cybersecurity and our technology and information systems, including with respect to strategies, objectives, capabilities, initiatives, policies and investments.
The Audit and Risk Committee also oversees our management in connection with regularly assessing our key risks and engaging in enterprise-wide risk management as they relate to cybersecurity and our technology and information systems, including with respect to strategies, objectives, capabilities, initiatives, policies and investments.
Since 2019, BDO USA, LLC (“BDO”) has acted as our outsourced chief technology officer/chief information security officer (“CTO/CISO”) and provided us with the following services: • Overseeing the chief security role and informing leadership of cybersecurity risks and the role of staff in protecting information, including, but not limited to: ◦ Monitoring emerging risks, and suggesting and overseeing implementation of mitigations; ◦ Overseeing security awareness and training programs; and ◦ Reporting significant security events to leadership. • Guidance regarding incidence response, business continuity and disaster recovery program, strategy and testing. • Oversight and guidance on vendor risk management processes and individual vendor profiles. • IT strategy advice. • Monitoring the relationship with our information technology managed services provider. • Technical, policy and procedure recommendations.
Since 2019, a national accounting and advisory firm has acted as our outsourced chief technology officer/chief information security officer (“CTO/CISO”) and provided us with the following services: • Performed the chief security role and informed leadership of cybersecurity risks and the role of staff in protecting information, including, but not limited to: ◦ Monitored emerging risks, and suggested and oversaw implementation of mitigations; ◦ Oversaw security awareness and training programs; and ◦ Reported significant security events to leadership. • Guidance regarding incidence response, business continuity and disaster recovery program, strategy and testing. • Oversight and guidance on vendor risk management processes and individual vendor profiles. • IT strategy advice. • Monitored the relationship with our information technology managed services provider. • Technical, policy and procedure recommendations.
Containment, Eradication, Recovery, and Reporting In the event of a cybersecurity incident, our first priority is to contain the cybersecurity incident as quickly as possible consistent with the procedures in our incident response plan. A representative of our third-party information technology provider is a member of the incident response team.
Containment, Eradication, Recovery, and Reporting In the event of a cybersecurity incident, our first priority is to contain the cybersecurity incident as quickly as possible consistent with the procedures in our incident response plan. The incident response team includes the CTO/CISO and a representative of the MS Provider.
Our Board of Trustees has determined that one of the members of our Audit and Cyber Risk Committee is an information technology/cybersecurity expert and has significant experience in, among other areas, emerging technologies and coordinating national security and technology policy.
Our Board of Trustees has determined that one of the members of our Audit and Risk Committee is an information technology/cybersecurity expert and has significant experience in, among other areas, emerging technologies and coordinating national security and technology policy. We employ a Director of Information Technology who works exclusively on information technology and cybersecurity matters and has significant related experience.
Together with our Director of Information Technology, BDO regularly reports to our Chief Operating Officer and General Counsel and to the Audit and Cyber Risk Committee of our Board of Trustees on a quarterly basis. We outsource our information technology managed services to a third-party provider of customized private cloud solutions featuring virtual desktops and servers (“MS Provider”).
Together with our Director of Information Technology, the CTO/CISO regularly reports to our COO and General Counsel on at least a bi-weekly basis and to the Audit and Risk Committee of our Board of Trustees on a quarterly basis. 21 Table of Contents We outsource our information technology managed services to a third-party provider of customized private cloud solutions featuring virtual desktops and servers (“MS Provider”).
We maintain comprehensive business continuity and disaster recovery plans, which we update on at least an annual basis and we test through tabletop exercises on an annual basis. We do not maintain any on-premises data or servers. We are exposed to risks from interactions with vendors and other third parties.
We maintain comprehensive business continuity and disaster recovery plans that are reviewed and updated at least annually and tested each year through tabletop exercises. We do not maintain any on-premises data or servers. We are exposed to risks from interactions with vendors and other third parties.
The information security response team is generally led by our Chief Operating Officer and includes our CTO/CISO, our Director of Information Technology, our MS Provider account manager, our Chief Financial Officer and other members of our senior leadership. The business response team includes primary and secondary contacts for each impacted business area.
The information security response team is generally led by our COO and includes the CTO/CISO, our Director of Information Technology, the MS Provider account manager and other members of our senior leadership. The business response team includes primary and secondary contacts for each impacted business area. These individuals assist with any necessary customer notification procedures.
We employ a Director of Information Technology who works exclusively on information technology and cybersecurity matters and has significant related experience. Our Director of Information Technology reports to our Chief Operating Officer. Due to our size and the size of our employee base, we use third-party vendors to assist us with our network and information technology requirements.
Our Director of Information Technology reports to our Chief Operating Officer and General Counsel. Due to our size and the size of our employee base, we use third-party vendors to assist us with our network and information technology requirements.
Our internal controls over financial reporting include key controls covering certain information technology and cybersecurity processes that are documented and tested annually.
Our internal controls over financial reporting include key controls covering certain information technology and cybersecurity processes that are documented and tested annually. The Audit and Risk Committee of our Board of Trustees assists our Board of Trustees with the oversight of our information technology and cybersecurity strategy and initiatives.
These individuals assist with any necessary customer notification procedures. The incident response team regularly reports to senior management, including the CEO, in the event of a significant incident, and our Chief Operating Officer and Chief Financial Officer provide reports to our Audit and Cyber Risk Committee and our Board of Trustees.
The incident response team regularly reports to senior management, including the CEO, in the event of a significant incident, and our COO and CFO provide reports to our Audit and Risk Committee and our Board of Trustees.
Removed
The Audit and Cyber Risk Committee oversees, on behalf of the Board of Trustees, our information technology and cybersecurity strategy and initiatives.
Added
Cybersecurity Risks While we and our third-party vendors have experienced cybersecurity incidents, including phishing attacks, as of December 31, 2025, we have not had any known instances of material cybersecurity incidents, including third-party incidents, in the last three years.
Removed
On at least a quarterly basis, our Chief Operating Officer, CTO/CISO and Director of Information Technology report to our Audit and Cyber Risk Committee on information technology matters, including cybersecurity. Our Audit and Cyber Risk Committee provides updates to the Board of Trustees.
Removed
On a periodic basis, our Audit and Cyber Risk Committee commissions an external assessment of our cybersecurity practices and receives a report from the third-party firm performing our internal audit function. The most recent assessment was completed in 2023.
Removed
See “Item 1A–Risk Factors–Cybersecurity incidents may adversely affect our business.” 25 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

35 edited+2 added−8 removed2 unchanged
Biggest changeTenants (1) Lease Expirations Number of Leases Square Feet Leased Square Feet Leased as a % of the Consolidated Portfolio (2)(3) ABR Percentage of ABR (2)(4) Amazon 2026-2033 6 3,864,731 7.1 % $ 18,949 6.7 % Nissan 2027 2 2,971,000 5.5 % 13,258 4.7 % Black and Decker 2029 & 2033 2 2,289,366 4.2 % 9,694 3.4 % Wal-Mart 2027-2031 3 2,351,917 4.4 % 9,077 3.2 % GXO Logistics 2026-2028 3 1,697,475 3.1 % 7,826 2.8 % Watco 2038 1 132,449 0.2 % 6,573 2.3 % FedEx 2028 2 292,021 0.5 % 6,282 2.2 % Owens Corning 2025-2027 3 863,242 1.6 % 6,169 2.2 % Olam 2029 & 2037 2 1,196,614 2.2 % 6,045 2.1 % Mars Wrigley 2028 1 604,852 1.1 % 5,552 2.0 % Undisclosed (5) 2034 1 1,318,680 2.4 % 5,434 1.9 % Drive Automotive Industries 2036 1 625,238 1.2 % 5,248 1.9 % Georgia-Pacific 2028 & 2031 2 1,283,102 2.4 % 5,113 1.8 % FIGS 2031 1 488,400 0.9 % 4,689 1.7 % Asics 2030 1 855,878 1.6 % 4,634 1.6 % 31 20,834,965 38.5 % $ 114,543 40.4 % (1) Tenant, guarantor or parent.
Biggest changeBelow are the industries in our portfolio based on 2025 ABR for consolidated properties owned as of December 31, 2025: Industries Percentage of ABR Consumer Products 23.2% Transportation/Logistics 22.6% E-Commerce 14.1% Automotive 11.6% Construction/Materials 11.3% Food 5.3% Apparel 3.5% Specialty 2.2% Retail Department 2.0% Energy Products 1.1% Other 3.1% Total 100.0% 28 Table of Contents The following table sets forth information about the 15 largest tenants/guarantors in our portfolio as of December 31, 2025, based on total annualized base rental revenue as of December 31, 2025 ($000s): Tenants (1) Lease Expirations Number of Leases Square Feet Leased Square Feet Leased as a % of the Consolidated Portfolio (2) ABR Percentage of ABR (3) Amazon 2030-2033 5 3,418,231 6.7% $ 18,085 6.5% Nissan 2027 2 2,971,000 5.8% 13,438 4.8% 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 2026 & 2028 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 2.3% 6,215 2.2% DHL Supply Chain 2027 1 1,091,888 2.1% 6,005 2.2% Owens Corning 2027 & 2029 2 844,622 1.7% 5,759 2.1% Undisclosed (4) 2034 1 1,318,680 2.6% 5,556 2.0% Drive Automotive Industries 2036 1 625,238 1.2% 5,248 1.9% Georgia-Pacific 2028 & 2031 2 1,283,102 2.5% 5,241 1.9% FIGS 2031 1 488,400 1.0% 4,864 1.8% Asics 2030 1 855,878 1.7% 4,728 1.7% 28 20,706,881 40.6% $ 114,703 41.4% (1) Tenant, guarantor or parent.
At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner. Office Leases . We lease our headquarters office space in West Palm Beach, Florida and our satellite offices in Dallas, Texas and New York, New York. Property-Level Leverage.
At the end of these long-term ground leases, unless extended or the purchase option is exercised, the land together with all improvements thereon reverts to the landowner. Office Leases . We lease our headquarters office space in West Palm Beach, Florida and our satellite offices in Dallas, Texas and New York, New York. 23 Property-Level Leverage.
Savannah GA 355,527 6/30/2025 100 % 1315 Dean Forest Rd. Savannah GA 88,503 8/31/2025 100 % 1004 Trade Center Pkwy. Savannah GA 419,667 7/31/2026 100 % 7225 Goodson Rd. Union City GA 370,000 5/31/2029 100 % 3931 Lakeview Corporate Dr. Edwardsville IL 769,500 9/30/2026 100 % 4015 Lakeview Corporate Dr. Edwardsville IL 1,017,780 5/31/2030 100 % 1001 Innovation Rd.
Savannah GA 88,503 N/A —% 1319 Dean Forest Rd. Savannah GA 355,527 N/A —% 1004 Trade Center Pkwy. Savannah GA 419,667 7/31/2026 100% 7225 Goodson Rd. Union City GA 370,000 5/31/2029 100% 4015 Lakeview Corporate Dr. Edwardsville IL 1,017,780 5/31/2030 100% 3931 Lakeview Corporate Dr. Edwardsville IL 769,500 9/30/2031 100% 1001 Innovation Rd.
Hebron OH 250,410 2/28/2034 100 % 2155 Rohr Rd. Lockbourne OH 320,190 6/30/2035 100 % 575-599 Gateway Blvd. Monroe OH 194,936 6/30/2026 100 % 600 Gateway Blvd. Monroe OH 994,013 8/31/2027 100 % 700 Gateway Blvd. Monroe OH 1,299,492 6/30/2030 100 % 675 Gateway Blvd. Monroe OH 143,664 2/28/2032 100 % 10345 Philipp Pkwy.
Hebron OH 250,410 2/28/2034 100% 2155 Rohr Rd. Lockbourne OH 320,190 6/30/2035 100% 600 Gateway Blvd. Monroe OH 994,013 8/31/2027 100% 575-599 Gateway Blvd. Monroe OH 194,936 6/30/2028 100% 700 Gateway Blvd. Monroe OH 1,299,492 6/30/2030 100% 675 Gateway Blvd. Monroe OH 143,664 2/29/2032 100% 10345 Philipp Pkwy. Streetsboro OH 649,250 10/31/2031 100% 231 Apple Valley Rd.
See Item 1A “Risk Factors”. 32 Table of Contents
See Item 1A “Risk Factors”. 29 Table of Contents
Tampa FL 229,605 2/28/2026 100 % 95 International Pkwy. Adairsville GA 225,211 3/31/2025 100 % 200 Momeni Ln. Adairsville GA 447,753 8/31/2027 100 % 7875 White Rd. SW Austell GA 604,852 1/31/2028 100 % 1001 Old Grassdale Rd. Cartersville GA 273,576 5/31/2029 100 % 51 Busch Dr. Cartersville GA 328,000 7/31/2031 100 % 41 Busch Dr.
Tampa FL 229,605 2/28/2026 100% 200 Momeni Ln. Adairsville GA 447,753 8/31/2027 100% 95 International Pkwy. Adairsville GA 225,211 11/30/2030 45% 7875 White Rd. SW Austell GA 604,852 1/31/2030 100% 1001 Old Grassdale Rd Cartersville GA 273,576 5/31/2029 100% 51 Busch Dr. Cartersville GA 328,000 7/31/2031 100% 41 Busch Dr. Cartersville GA 396,000 9/30/2031 100% 1625 Oakley Industrial Blvd.
Item 2. Properties Real Estate Portfolio General. As of December 31, 2024, we had ownership interests in approximately 119 consolidated real estate properties containing approximately 57.8 million square feet of rentable space, which were approximately 93.6% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary.
Item 2. Properties Real Estate Portfolio General. As of December 31, 2025, we had ownership interests in approximately 108 consolidated real estate properties containing approximately 52.7 million square feet of rentable space, which were approximately 97.1% leased based upon net rentable square feet. All properties in which we have an interest are held through at least one property owner subsidiary.
Cincinnati OH 20% 264,598 12/31/2027 100 % 590 Ecology Ln. Chester SC 20% 420,597 7/14/2025 100 % 50 Tyger River Dr. Duncan SC 20% 221,833 8/31/2027 100 % 900 Industrial Blvd. Crossville TN 20% 222,200 9/30/2033 100 % 120 Southeast Pkwy. Dr. Franklin TN 20% 289,330 12/31/2028 100 % 7007 F.M. 362 Rd.
Lumberton NC 20% 423,280 11/30/2031 100% 10590 Hamilton Ave. Cincinnati OH 20% 264,598 12/31/2027 100% 590 Ecology Ln. Chester SC 20% 420,597 N/A —% 50 Tyger River Dr. Duncan SC 20% 221,833 8/31/2027 100% 900 Industrial Blvd. Crossville TN 20% 222,200 9/30/2033 100% 120 Southeast Pkwy. Dr. Franklin TN 20% 289,330 12/31/2028 100% 7007 F.M. 362 Rd.
Joseph MO 20% 98,849 6/30/2027 100 % 1210 AvidXchange Ln. Charlotte NC 20% 201,450 4/30/2032 100 % 2221 Schrock Rd. Columbus OH 20% 42,290 7/6/2027 100 % 500 Olde Worthington Rd. Westerville OH 20% 97,747 3/31/2026 86 % 8900 Freeport Pkwy.
Charlotte NC 20% 201,450 4/30/2032 100% 2221 Schrock Rd. Columbus OH 20% 42,290 7/6/2027 100% 500 Olde Worthington Rd. Westerville OH 20% 97,747 7/31/2031 86% 8900 Freeport Pkwy.
(2) Total shown may differ from detail amounts due to rounding. (3) Excludes vacant square feet. (4) Based on ABR for consolidated properties owned as of December 31, 2024. (5) Lease restricts certain disclosures In 2024, 2023 and 2022, no tenant/guarantor represented greater than 10% of our annual base rental revenue.
(2) Excludes vacant square feet. (3) Based on ABR for consolidated properties owned as of December 31, 2025. (4) Lease restricts certain disclosures. In 2025, 2024 and 2023, no tenant/guarantor represented greater than 10% of our annual base rental revenue.
Cartersville GA 396,000 9/30/2031 100 % 1625 Oakley Industrial Blvd. Fairburn GA 907,675 10/31/2028 100 % 490 Westridge Pkwy. McDonough GA 1,121,120 1/31/2028 100 % 493 Westridge Pkwy. McDonough GA 676,000 10/31/2030 100 % 335 Morgan Lakes Industrial Blvd. Pooler GA 499,500 7/31/2027 100 % 1001 Gateway Pkwy. Rincon GA 204,824 1/31/2034 100 % 1319 Dean Forest Rd.
Fairburn GA 907,675 10/31/2028 100% 5380 Dixie Industrial Dr. Lake City GA 157,371 9/30/2030 100% 490 Westridge Pkwy. McDonough GA 1,121,120 1/31/2028 100% 493 Westridge Pkwy. McDonough GA 676,000 10/31/2030 100% 335 Morgan Lakes Industrial Blvd. Pooler GA 499,500 7/31/2027 100% 1001 Gateway Pkwy. Rincon GA 204,824 1/31/2034 100% 1315 Dean Forest Rd.
Spartanburg SC 213,200 2/28/2031 100 % 6050 Dana Way Antioch TN 674,528 6/30/2031 100 % 1520 Lauderdale Memorial Hwy. Cleveland TN 851,370 3/31/2031 100 % 201 James Lawrence Rd. Jackson TN 1,062,055 10/31/2027 100 % 633 Garrett Pkwy. Lewisburg TN 310,000 3/31/2026 100 % 3820 Micro Dr. Millington TN 701,819 9/30/2029 100 % 200 Sam Griffin Rd.
Piedmont SC 625,238 12/31/2036 100% 5795 North Blackstock Rd. Spartanburg SC 341,660 7/31/2029 100% 1021 Tyger Lake Rd. Spartanburg SC 213,200 2/28/2031 100% 6050 Dana Way Antioch TN 674,528 6/30/2031 100% 1520 Lauderdale Memorial Hwy. Cleveland TN 851,370 3/31/2031 100% 201 James Lawrence Rd. Jackson TN 1,062,055 10/31/2027 100% 633 Garrett Pkwy. Lewisburg TN 310,000 3/31/2026 100% 3820 Micro Dr.
Long Island City NY 140,330 3/31/2028 100 % 351 Chamber Dr. Chillicothe OH 489,150 12/31/2031 100 % 1860 Walcutt Rd. Columbus OH 292,730 11/21/2029 100 % 10300 Schuster Way Etna OH 250,020 10/14/2029 100 % 9800 Schuster Way Etna OH 1,074,840 10/31/2033 100 % 200 Arrowhead Dr. Hebron OH 400,522 8/31/2027 100 % 191 Arrowhead Dr.
Erwin NY 408,000 11/30/2026 100% 29-01 Borden Ave./29-10 Hunters Point Ave. Long Island City NY 140,330 3/31/2028 100% 1860 Walcutt Rd. Columbus OH 292,730 11/21/2029 100% 10300 Schuster Way Etna OH 250,020 10/14/2029 100% 9800 Schuster Way Etna OH 1,074,840 10/31/2033 100% 200 Arrowhead Dr. Hebron OH 400,522 8/31/2027 100% 191 Arrowhead Dr.
As of December 31, 2024, we had outstanding consolidated mortgages and notes payable of approximately $55.5 million with a weighted-average interest rate of approximately 4.1% and a weighted-average maturity of 5.6 years. Property Charts .
As of December 31, 2025, we had an aggregate outstanding principal balance for our consolidated mortgages and notes payable of approximately $49.9 million with a weighted-average interest rate of approximately 4.1% and a weighted-average maturity of 4.8 years. Property Charts .
Smyrna TN 1,505,000 4/30/2027 100 % 2115 East Belt Line Rd. Carrollton TX 356,855 6/30/2035 84 % 3737 Duncanville Rd. Dallas TX 510,400 9/30/2026 100 % 4600 Underwood Rd. Deer Park TX 402,648 12/31/2026 100 % 4005 E.
Millington TN 701,819 9/30/2029 100% 200 Sam Griffin Rd. Smyrna TN 1,505,000 4/30/2027 100% 25 Table of Contents LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2025 2115 East Belt Line Rd. Carrollton TX 356,855 6/30/2035 84% 3737 Duncanville Rd. Dallas TX 510,400 12/31/2029 100% 4600 Underwood Rd. Deer Park TX 402,648 12/31/2026 100% 4005 E.
As of December 31, 2024, the Annualized Cash Base Rent for the non-consolidated portfolio was $7.03 per square foot and the weighted-average remaining lease term was 6.6 years. 30 Table of Contents Land Held for Development The following is a summary of our land held for development as of December 31, 2024: Project (% owned) Market Approximate Acres Consolidated: Reems & Olive (95.5%) Phoenix, AZ 315 Mt.
As of December 31, 2025, the Annualized Cash Base Rent for the non-consolidated portfolio was $7.51 per square foot and the weighted-average remaining lease term was 6.5 years. 27 Table of Contents Ongoing Development and Redevelopment The following is a summary of our ongoing development and redevelopment as of December 31, 2025 (in $000s): Project (% owned) # of Buildings Market Estimated Sq.
North Berwick ME 20% 993,685 4/30/2029 100 % 904 Industrial Rd. Marshall MI 20% 246,508 9/30/2028 100 % 43955 Plymouth Oaks Blvd. Plymouth MI 20% 311,612 10/31/2030 100 % 26700 Bunert Rd. Warren MI 20% 260,243 10/31/2032 100 % 2880 Kenny Biggs Rd. Lumberton NC 20% 423,280 11/30/2026 100 % 10590 Hamilton Ave.
Hopkinsville KY 20% 424,904 6/30/2030 100% 4010 Airpark Dr. Owensboro KY 20% 211,598 6/30/2030 100% 113 Wells St. North Berwick ME 20% 993,685 4/30/2029 100% 904 Industrial Rd. Marshall MI 20% 246,508 9/30/2037 100% 43955 Plymouth Oaks Blvd. Plymouth MI 20% 311,612 10/31/2030 100% 26700 Bunert Rd. Warren MI 20% 260,243 10/31/2032 100% 2880 Kenny Biggs Rd.
Olive Branch MS 716,080 7/31/2029 100 % 11555 Silo Dr. Olive Branch MS 927,742 9/30/2029 100 % 671 Washburn Switch Rd. Shelby NC 673,425 5/31/2036 100 % 2203 Sherrill Dr. Statesville NC 639,800 10/31/2026 100 % 736 Addison Rd. Erwin NY 408,000 11/30/2026 100 % 29-01 Borden Ave./29-10 Hunters Point Ave.
Olive Branch MS 269,902 5/31/2028 100% 11624 S. Distribution Cv. Olive Branch MS 1,170,218 6/30/2029 100% 8500 Nail Rd. Olive Branch MS 716,080 7/31/2029 100% 11555 Silo Dr. Olive Branch MS 927,742 9/30/2029 100% 671 Washburn Switch Rd. Shelby NC 673,425 5/31/2036 100% 2203 Sherrill Dr. Statesville NC 639,800 10/31/2026 100% 736 Addison Rd.
Streetsboro OH 649,250 10/31/2026 100 % 250 Rittenhouse Cir. Bristol PA 241,977 11/30/2036 100 % 231 Apple Valley Rd. Duncan SC 196,000 1/31/2026 62 % 425 Apple Valley Rd. Duncan SC 327,360 9/30/2026 100 % 235 Apple Valley Rd. Duncan SC 177,320 10/31/2026 100 % 417 Apple Valley Rd. Duncan SC 195,000 3/31/2027 100 % 70 Tyger River Dr.
Duncan SC 196,000 1/31/2026 62% 425 Apple Valley Rd. Duncan SC 327,360 9/30/2026 100% 235 Apple Valley Rd. Duncan SC 177,320 10/31/2026 100% 417 Apple Valley Rd. Duncan SC 195,000 3/31/2027 100% 70 Tyger River Dr. Duncan SC 408,000 1/31/2029 100% 230 Apple Valley Rd. Duncan SC 275,400 4/30/2029 100% 402 Apple Valley Rd.
Duncan SC 408,000 1/31/2029 100 % 230 Apple Valley Rd. Duncan SC 275,400 4/30/2029 100 % 402 Apple Valley Rd. Duncan SC 235,600 12/31/2029 100 % 7870 Reidville Rd. Greer SC 396,073 9/30/2025 100 % 7820 Reidville Rd. Greer SC 210,820 12/31/2027 100 % 140 Smith Farms Pkwy. Greer SC 304,884 2/28/2029 100 % 21 Inland Pkwy.
Duncan SC 235,600 12/31/2029 100% 160 Smith Farms Pkwy. Greer SC 1,091,888 5/31/2027 100% 140 Smith Farms Pkwy. Greer SC 304,884 2/28/2029 100% 7820 Reidville Rd. Greer SC 210,820 4/30/2030 100% 7870 Reidville Rd. Greer SC 396,073 9/30/2030 100% 21 Inland Pkwy. Greer SC 1,318,680 12/31/2034 100% 170 Smith Farms Pkwy. Greer SC 797,936 4/30/2035 100% 923 Matrix Pkwy.
The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2024. 26 Table of Contents LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2024 Property Location City State Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased 3405 S.
The following tables list our properties by type, their locations, the net rentable square feet, the expiration of the current lease term and percent leased, as applicable, as of December 31, 2025.
Ocala FL 617,055 8/31/2030 100 % 3343 NW 44th Avenue Ocala FL 1,085,280 N/A — % 2455/2467 Premier Row Orlando FL 350,990 5/31/2025 100 % 3775 Fancy Farms Rd. Plant City FL 510,484 3/31/2028 100 % 1075 NE 30th St. Ruskin FL 138,673 1/31/2029 42 % 3240 Clover Ridge Ave. Ruskin FL 132,212 N/A — % 3102 Queen Palm Dr.
Tolleson AZ 186,336 9/30/2026 100% 5275 Drane Field Rd. Lakeland FL 222,134 5/31/2036 100% 3400 NW 35th Street Rd. Ocala FL 617,055 8/31/2030 100% 3775 Fancy Farms Rd. Plant City FL 510,484 3/31/2028 100% 3420 Clover Ridge Ave Ruskin FL 132,212 N/A —% 1075 NE 30th St. Ruskin FL 138,673 1/31/2029 42% 3102 Queen Palm Dr.
Comfort Phase II (80%) Indianapolis, IN 116 ATL Fairburn (100%) Atlanta, GA 14 445 Project (% owned) Market Approximate Acres Non-consolidated: Etna Park 70 (90%) Columbus, OH 48 Etna Park 70 East (90%) Columbus, OH 21 69 Tenant Diversification We believe our tenant mix is well diversified.
Comfort Phase II (80%) Indianapolis, IN 116 5,879 4,761 ATL Fairburn (100%) Atlanta, GA 14 1,733 1,779 Total Consolidated Land Projects 445 $ 82,971 $ 80,828 Non-consolidated Etna Park 70 (90%) Columbus, OH 48 $ 9,084 $ 10,675 Etna Park 70 East (90%) Columbus, OH 21 2,390 3,157 Total Non-Consolidated Land Projects 69 $ 11,474 $ 13,832 Tenant Diversification We believe our tenant mix is well diversified.
Pasadena TX 248,240 4/30/2025 100 % 4100 Malone Dr. Pasadena TX 233,190 8/31/2028 100 % 10535 Red Bluff Rd. Pasadena TX 257,835 4/30/2029 100 % 9701 New Decade Dr. Pasadena TX 102,863 10/31/2029 100 % 10575 Red Bluff Rd. Pasadena TX 248,240 2/28/2034 100 % 16407 Applewhite Rd. San Antonio TX 849,275 4/30/2027 100 % 2601 Bermuda Hundred Rd.
Northlake TX 1,214,526 8/31/2029 100% 17505 Interstate Hwy. 35W Northlake TX 500,556 10/31/2034 100% 10565 Red Bluff Rd. Pasadena TX 248,240 N/A —% 4100 Malone Dr. Pasadena TX 233,190 8/31/2028 100% 10535 Red Bluff Rd. Pasadena TX 257,835 4/30/2029 100% 9701 New Decade Dr. Pasadena TX 102,863 10/31/2029 100% 10575 Red Bluff Rd.
The following chart sets forth certain information regarding lease expirations for the next ten years in our consolidated portfolio at December 31, 2024: Year Number of Lease Expirations Square Feet ABR ($000's) Percentage of ABR 2025 10 2,164,814 $ 11,159 3.9 % 2026 23 6,656,782 32,210 11.4 % 2027 18 9,363,487 41,356 14.6 % 2028 10 3,774,921 24,529 8.7 % 2029 23 9,053,958 42,365 15.0 % 2030 11 7,094,562 31,582 11.2 % 2031 13 5,548,831 28,074 9.9 % 2032 4 805,584 5,925 2.1 % 2033 3 1,668,902 12,703 4.5 % 2034 7 3,592,080 20,478 7.2 % The following chart sets forth ABR ($000's) based on the credit rating of our consolidated tenants at December 31, 2024 (1) : ABR Percentage of ABR Investment Grade $ 132,966 46.9 % Non-investment Grade 50,854 18.0 % Unrated 99,390 35.1 % $ 283,210 100.0 % (1) Credit ratings are based upon either tenant, guarantor or parent/ultimate parent.
The following chart sets forth certain information regarding lease expirations for the next ten years in our consolidated portfolio at December 31, 2025: Year Number of Lease Expirations Square Feet ABR ($000s) Percentage of ABR 2026 17 3,827,985 $ 19,793 7.1% 2027 15 9,684,817 45,572 16.4% 2028 11 3,416,876 21,554 7.8% 2029 24 9,564,358 47,258 17.1% 2030 14 7,944,518 38,837 14.0% 2031 14 6,480,456 31,711 11.4% 2032 4 805,584 6,554 2.4% 2033 3 1,668,902 13,082 4.7% 2034 6 3,272,731 18,868 6.8% 2035 4 1,597,087 8,439 3.0% The following chart sets forth ABR ($000s) based on the credit rating of our consolidated tenants at December 31, 2025 (1) : ABR Percentage of ABR Investment Grade $ 131,423 47.4% Non-investment Grade 46,667 16.9% Unrated 99,004 35.7% $ 277,094 100.0% (1) Credit ratings are based upon either tenant, guarantor or parent/ultimate parent.
The weighted-average remaining lease term was 5.4 years. 29 Table of Contents LXP NON-CONSOLIDATED PORTFOLIO PROPERTY CHART As of December 31, 2024 Property Location City State Percent Owned Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased Non-consolidated leased land: 30 Light St. Baltimore MD 41.1% — 12/31/2048 100 % Office properties: 3902 Gene Field Rd. St.
The weighted-average remaining lease term was 4.8 years. 26 Table of Contents LXP NON-CONSOLIDATED PORTFOLIO PROPERTY CHART As of December 31, 2025 Property Location City State Percent Owned Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased Special purpose industrial properties: 318 Pappy Dunn Blvd. Anniston AL 20% 276,782 11/24/2029 100% 4801 North Park Dr.
Dry Ridge KY 20% 336,350 6/30/2031 100 % 730 North Black Branch Rd. Elizabethtown KY 20% 167,770 6/30/2030 100 % 750 North Black Branch Rd. Elizabethtown KY 20% 539,592 6/30/2030 100 % 301 Bill Bryan Blvd. Hopkinsville KY 20% 424,904 6/30/2030 100 % 4010 Airpark Dr. Owensboro KY 20% 211,598 6/30/2030 100 % 113 Wells St.
Opelika AL 20% 165,493 5/31/2042 100% 1020 W. Airport Rd. Romeoville IL 20% 188,166 10/31/2031 100% 10000 Business Blvd. Dry Ridge KY 20% 336,350 6/30/2031 100% 730 North Black Branch Rd. Elizabethtown KY 20% 167,770 6/30/2030 100% 750 North Black Branch Rd. Elizabethtown KY 20% 539,592 6/30/2030 100% 301 Bill Bryan Blvd.
Thomas Rd. Goodyear AZ 468,182 11/30/2036 100 % 1515 South 91st Ave. Phoenix AZ 496,204 12/31/2027 100 % 8989 W Buckeye Rd. Phoenix AZ 268,872 5/31/2037 100 % 9494 W. Buckeye Rd. Tolleson AZ 186,336 9/30/2026 100 % 5275 Drane Field Rd. Lakeland FL 222,134 5/31/2036 100 % 3400 NW 35th Street Rd.
Goodyear AZ 488,400 1/31/2031 100% 16811 W. Commerce Dr. Goodyear AZ 540,349 7/31/2031 100% 3595 N Cotton Ln. Goodyear AZ 392,278 8/31/2033 100% 17510 W. Thomas Rd. Goodyear AZ 468,182 11/30/2036 100% 1515 South 91st Ave. Phoenix AZ 496,204 12/31/2027 100% 8989 W Buckeye Rd. Phoenix AZ 268,872 5/31/2037 100% 9494 W. Buckeye Rd.
State Road 32 Lebanon IN 741,880 1/31/2029 100 % 180 Bob Glidden Blvd. Whiteland IN 179,530 12/31/2026 100 % 76 Bob Glidden Blvd. Whiteland IN 168,480 12/31/2026 100 % 19 Bob Glidden Blvd. Whiteland IN 530,400 3/31/2031 100 % 5352 Performance Way Whitestown IN 380,000 7/31/2025 100 % 4900 Albert S White Dr.
Rantoul IL 813,126 10/31/2034 100% 1627 Veterans Memorial Pkwy. E. Lafayette IN 309,400 9/30/2029 100% 1285 W. State Road 32 Lebanon IN 741,880 1/31/2029 100% 76 Bob Glidden Blvd. Whiteland IN 168,480 12/31/2026 100% 180 Bob Glidden Blvd. Whiteland IN 179,530 12/31/2026 100% 19 Bob Glidden Blvd.
Houston TX 20% 187,800 3/31/2035 100 % 901 East Bingen Point Way Bingen WA 20% 124,539 12/31/2032 100 % Special purpose industrial total 6,538,975 100 % Non-consolidated portfolio total 7,240,616 97.0 % In addition, we have two non-consolidated joint ventures with a developer, which own developable parcels of land in Etna, Ohio.
Irving TX 20% 261,305 9/30/2033 61% Office total 701,641 83.5% Non-consolidated portfolio total 7,240,616 92.6% In addition, we have two non-consolidated joint ventures with a developer, which own developable parcels of land in Etna, Ohio.
Houston School Rd. Lancaster TX 468,300 1/31/2030 100 % 3115 N. Houston School Rd. Lancaster TX 124,450 N/A — % 13930 Pike Rd. Missouri City TX — 4/30/2032 100 % 8601 E. Sam Lee Ln. Northlake TX 1,214,526 8/31/2029 100 % 17505 Interstate Hwy. 35W Northlake TX 500,556 10/31/2034 100 % 10565 Red Bluff Rd.
I-30 Grand Prairie TX 215,000 3/31/2037 100% 13600/13901 Industrial Road Houston TX 132,449 3/31/2038 100% 1704 S. I-45 Hutchins TX 120,960 6/30/2030 100% 3115 N Houston School Rd. Lancaster TX 124,450 N/A —% 3201 N. Houston School Rd. Lancaster TX 468,300 1/31/2030 100% 13930 Pike Rd. Missouri City TX — 4/30/2032 100% 8601 E. Sam Lee Ln.
North Minneapolis MN 18,620 12/31/2025 100 % 1550 Hwy 302 Byhalia MS 615,600 9/30/2027 100 % 549 Wingo Rd. Byhalia MS 855,878 3/31/2030 100 % 554 Nissan Pkwy. Canton MS 1,466,000 2/28/2027 100 % 6495 Polk Ln. Olive Branch MS 269,902 5/31/2028 100 % 11624 S. Distribution Cv. Olive Branch MS 1,170,218 6/30/2029 100 % 8500 Nail Rd.
Whitestown IN 1,016,244 11/30/2031 100% 5352 Performance Way Whitestown IN 380,000 7/31/2036 100% 200 Richard Knock Way Walton KY 232,500 12/31/2031 100% 300 Richard Knock Way Walton KY 544,320 4/30/2032 100% 1550 Hwy 302 Byhalia MS 615,600 9/30/2027 100% 549 Wingo Rd. Byhalia MS 855,878 3/31/2030 100% 554 Nissan Pkwy. Canton MS 1,466,000 2/28/2027 100% 6495 Polk Ln.
Winchester VA 400,400 12/18/2031 100 % 150 Mercury Way Winchester VA 324,535 9/30/2034 100 % Warehouse / Distribution Total 57,765,286 93.6 % As of December 31, 2024, Annualized Cash Base Rent for the consolidated portfolio, excluding assets primarily consisting of land leases, was $5.08 per square foot.
Pasadena TX 253,426 2/28/2034 100% 16407 Applewhite Rd. San Antonio TX 849,275 4/30/2027 100% 2601 Bermuda Hundred Rd. Chester VA 782,119 6/30/2030 100% Warehouse / Distribution Total 52,676,980 97.1% As of December 31, 2025, Annualized Cash Base Rent for the consolidated portfolio, excluding assets primarily consisting of land leases, was $5.26 per square foot.
I-30 Grand Prairie TX 215,000 3/31/2037 100 % 28 Table of Contents LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2024 Property Location City State Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased 13600/13901 Industrial Road Houston TX 132,449 3/31/2038 100 % 1704 S. I-45 Hutchins TX 120,960 6/30/2030 100 % 3201 N.
LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2025 Property Location City State Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased 3405 S. McQueen Rd. Chandler AZ 201,784 3/31/2033 100% 4445 N. 169th Ave. Goodyear AZ 160,140 N/A —% 255 143rd Ave. Goodyear AZ 801,424 9/30/2030 100% 3815 N Cotton Ln.
Whitestown IN 149,072 8/31/2025 100 % 4600 Albert S White Dr. Whitestown IN 149,072 1/31/2028 100 % 5424 Albert S. White Dr. Whitestown IN 1,016,244 11/30/2031 100 % 27200 West 157th St.
Whiteland IN 530,400 3/31/2031 100% 24 Table of Contents LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2025 4600 Albert S. White Dr. Whitestown IN 149,072 1/31/2028 100% 4900 Albert S. White Dr. Whitestown IN 149,072 8/31/2028 43% 5424 Albert S. White Dr.
Removed
McQueen Rd. Chandler AZ 201,784 3/31/2033 100 % 4445 N. 169th Ave. Goodyear AZ 160,140 12/31/2025 100 % 16811 W. Commerce Dr. Goodyear AZ 540,349 4/30/2026 100 % 255 143rd Ave. Goodyear AZ 801,424 9/30/2030 100 % 3815 N Cotton Ln. Goodyear AZ 488,400 1/31/2031 100 % 3595 N Cotton Ln. Goodyear AZ 392,278 8/31/2033 100 % 17510 W.
Added
Brookshire TX 20% 262,095 3/31/2035 100% 13863 Industrial Rd. Houston TX 20% 187,800 3/31/2035 100% 901 East Bingen Point Way Bingen WA 20% 124,539 12/31/2032 100% Special purpose industrial total 6,538,975 93.6% Non-consolidated land: 30 Light St. Baltimore MD 41.1% — 12/31/2048 100% Office properties: 3902 Gene Field Rd. St. Joseph MO 20% 98,849 6/30/2027 100% 1210 AvidXchange Ln.
Removed
Rantoul IL 813,126 10/31/2034 100 % 749 Southrock Dr. Rockford IL 150,000 12/31/2027 100 % 3686 South Central Ave. Rockford IL 93,000 12/31/2027 100 % 2463 N Buck Creek Rd. Greenfield IN 1,053,360 N/A — % 1627 Veterans Memorial Pkwy. E. Lafayette IN 309,400 9/30/2029 100 % 1285 W.
Added
Estimated Project Costs GAAP Investment Balance as of 12/31/2025 LXP Amount Funded as of 12/31/2025 Estimated Base Building Completion Date % Leased as of 12/31/2025 Redevelopment Projects Orlando (100%) 1 Central FL 350,990 $ 9,400 $ 16,402 $ 2,471 3Q 2026 —% Richmond (100%) 1 Richmond, VA 252,351 3,900 12,884 1,219 2Q 2026 —% Total Redevelopment Projects 2 603,341 $ 13,300 $ 29,286 $ 3,690 Land Infrastructure Improvements Reems & Olive (95.5%) N/A Phoenix, AZ N/A $ 16,350 $ 12,483 $ 14,771 N/A N/A Total 2 603,341 $ 29,650 $ 41,769 $ 18,461 Land Held for Development The following is a summary of our land held for development as of December 31, 2025 (in $000s): Project (% owned) Market Approximate Acres GAAP Investment Balance as of 12/31/2025 LXP Amount Funded as of 12/31/2025 Consolidated Reems & Olive (95.5%) Phoenix, AZ 315 $ 75,359 $ 74,288 Mt.
Removed
New Century KS 446,500 1/31/2027 100 % 200 Richard Knock Way Walton KY 232,500 12/31/2031 100 % 300 Richard Knock Way Walton KY 544,320 4/30/2032 100 % 27 Table of Contents LXP CONSOLIDATED PORTFOLIO PROPERTY CHART WAREHOUSE/DISTRIBUTION As of December 31, 2024 Property Location City State Net Rentable Square Feet Primary Tenant Current Lease Term Expiration Percent Leased 1700 47th Ave.
Removed
Greer SC 1,318,680 12/31/2034 100 % 170 Smith Farms Pkwy. Greer SC 797,936 4/30/2035 100 % 160 Smith Farms Pkwy. Greer SC 1,091,888 N/A — % 923 Matrix Pkwy. Piedmont SC 625,238 12/31/2036 100 % 5795 North Blackstock Rd. Spartanburg SC 341,660 7/31/2029 100 % 1021 Tyger Lake Rd.
Removed
Chester VA 1,034,470 6/30/2030 100 % 291 Parkside Dr. Winchester VA 344,700 5/31/2031 100 % 80 Tyson Dr.
Removed
Irving TX 20% 261,305 5/31/2033 23 % Office total 701,641 69.5 % Special purpose industrial properties: 318 Pappy Dunn Blvd. Anniston AL 20% 276,782 11/24/2029 100 % 4801 North Park Dr. Opelika AL 20% 165,493 5/31/2042 100 % 1020 W. Airport Rd. Romeoville IL 20% 188,166 10/31/2031 100 % 10000 Business Blvd.
Removed
Brookshire TX 20% 262,095 3/31/2035 100 % 13863 Industrial Rd.
Removed
Below are the industries in our warehouse/distribution portfolio based on 2024 ABR for consolidated properties owned as of December 31, 2024: Industries Percentage of ABR Consumer Products 23.9 % Transportation/Logistics 20.7 % E-Commerce 13.7 % Automotive 12.8 % Construction/Materials 10.7 % Food 6.1 % Apparel 3.8 % Specialty 2.6 % Retail Department 1.9 % Energy Products 1.1 % Other 2.7 % Total 100.0 % 31 Table of Contents The following table sets forth information about the 15 largest tenants/guarantors in our portfolio as of December 31, 2024, based on total annualized base rental revenue as of December 31, 2024 ($000s, except square feet).

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+0 added−0 removed3 unchanged
Biggest changeThere were 6,874,241 shares that may yet be repurchased under our share repurchase authorization as of December 31, 2024. 34 Table of Contents Item 6. [Reserved] 35 Table of Contents
Biggest changeIn addition, 157,606 common shares were subject to repurchase contracts as of December 31, 2025 that were settled in January 2026. There were 1,293,237 shares available under our share repurchase authorization as of December 31, 2025. Item 6. [Reserved]
The following table sets forth certain information, as of December 31, 2024, with respect to our 2022 Equity-Based Award Plan under which our equity securities are authorized for issuance as compensation.
The following table sets forth certain information, as of December 31, 2025, with respect to our 2022 Equity-Based Award Plan under which our equity securities are authorized for issuance as compensation.
Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Plan Category (a) (b) (c) Equity compensation plans approved by security holders — $ — 1,784,563 Equity compensation plans not approved by security holders — — — Total — $ — 1,784,563 Recent Sales of Unregistered Securities.
Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Plan Category (a) (b) (c) Equity compensation plans approved by security holders — $ — 1,068,364 Equity compensation plans not approved by security holders — — — Total — $ — 1,068,364 Recent Sales of Unregistered Securities.
Item 5. Market For Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities Market Information. Our common shares are listed for trading on the NYSE under the symbol “LXP”. Holders. As of February 12, 2025, we had 2,058 common shareholders of record. Dividends. Since our predecessor's formation in 1993, we have made quarterly distributions without interruption.
Item 5. Market For Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities Market Information. Our common shares are listed for trading on the NYSE under the symbol “LXP”. Holders. As of February 11, 2026, we had 1,460 common shareholders of record. Dividends. Since our predecessor's formation in 1993, we have made quarterly distributions without interruption.
We did not issue any common shares during 2024 on an unregistered basis. Share Repurchase Program. There were no common share repurchases during the quarter and year ended December 31, 2024 under our share repurchase authorization most recently announced on August 4, 2022, which has no expiration date.
We did not issue any common shares during 2025 on an unregistered basis. Share Repurchase Program. During the quarter and year ended December 31, 2025, we repurchased 81,611 common shares at an average price of $49.04 per common share under our share repurchase authorization.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

70 edited+40 added−25 removed63 unchanged
Biggest changeAlso, because not all companies calculate FFO, Adjusted Company FFO and NOI the same way, comparisons with other companies’ measures with similar titles may not be meaningful. 47 Table of Contents The following presents a reconciliation of net income attributable to common shareholders to FFO available to common shareholders and Adjusted Company FFO available to all equityholders for 2024 and 2023 (dollars in thousands, except share and per share amounts): Years Ended December 31, 2024 2023 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 37,922 $ 23,863 Adjustments: Depreciation and amortization related to real estate 187,109 179,554 Impairment charges - real estate, including our share of non-consolidated entities 295 17,859 Noncontrolling interests - OP units — (58) Amortization of leasing commissions 5,754 3,970 Joint venture and noncontrolling interest adjustment 5,836 13,168 Gains on sales of properties, including our share of non-consolidated entities (41,239) (38,796) Gain on change in control of a subsidiary (209) — FFO available to common shareholders - basic 195,468 199,560 Preferred dividends 6,290 6,290 Amount allocated to participating securities 322 230 FFO available to all equityholders - diluted 202,080 206,080 Sales-type lease income attributable to the exercise of a purchase option (1) (14,991) — Allowance for credit losses (61) (32) Transaction costs, including our share of non-consolidated entities (2) 518 4 Debt satisfaction losses, net, including our share of non-consolidated entities (552) 138 Non-recurring costs (3) 1,788 — Noncontrolling interest adjustments 578 1 Adjusted Company FFO available to all equityholders - diluted $ 189,360 $ 206,191 Per Common Share Amounts Basic: FFO $ 0.67 $ 0.69 Diluted: FFO $ 0.68 $ 0.70 Adjusted Company FFO $ 0.64 $ 0.70 Weighted-Average Common Shares: Basic: Weighted-average common shares outstanding - basic EPS 291,472,930 290,245,877 Operating partnership units (4) — 820,386 Weighted-average common shares outstanding - basic FFO 291,472,930 291,066,263 Diluted: Weighted-average common shares outstanding - diluted EPS 291,559,993 291,193,514 Preferred shares - Series C 4,710,570 4,710,570 Weighted-average common shares outstanding - diluted FFO 296,270,563 295,904,084 (1) Additional rental revenue recognized upon a tenant exercising its purchase option in a sales-type lease.
Biggest changeAlso, because not all companies calculate FFO, Adjusted Company FFO and NOI the same way, comparisons with other companies’ measures with similar titles may not be meaningful. 43 Table of Contents The following presents a reconciliation of net income attributable to common shareholders to FFO available to common shareholders and Adjusted Company FFO available to all equityholders for 2025 and 2024 (dollars in thousands, except share and per share amounts): Years Ended December 31, 2025 2024 FUNDS FROM OPERATIONS: Basic and Diluted: Net income attributable to common shareholders $ 106,469 $ 37,922 Adjustments: Depreciation and amortization related to real estate 189,822 187,109 Impairment charges - real estate, including our share of non-consolidated entities — 295 Amortization of leasing commissions 6,793 5,754 Joint venture and noncontrolling interest adjustment 11,186 5,836 Gain on sale or disposal of, and recovery on, real estate, net (145,627) (41,239) Gain on change in control of a subsidiary — (209) FFO available to common shareholders - basic 168,643 195,468 Preferred dividends 6,290 6,290 Amount allocated to participating securities 401 322 FFO available to all equityholders - diluted 175,334 202,080 Sales-type lease income attributable to the exercise of a purchase option — (14,991) Allowance for credit losses — (61) Transaction costs, including our share of non-consolidated entities (1) 178 518 Loss (gain) on debt satisfaction, net, including our share of non-consolidated entities 11,812 (552) Non-recurring costs (2) — 1,788 Noncontrolling interest adjustments — 578 Adjusted Company FFO available to all equityholders - diluted $ 187,324 $ 189,360 Per Common Share Amounts (3) Basic: FFO $ 2.89 $ 3.35 Diluted: FFO $ 2.95 $ 3.41 Adjusted Company FFO $ 3.15 $ 3.20 Weighted-Average Common Shares (3) : Basic: Weighted-average common shares outstanding - basic EPS 58,384,896 58,294,586 Weighted-average common shares outstanding - basic FFO 58,384,896 58,294,586 Diluted: Weighted-average common shares outstanding - diluted EPS 58,565,565 58,311,998 Preferred shares - Series C 942,114 942,114 Weighted-average common shares outstanding - diluted FFO 59,507,679 59,254,112 (1) Transaction costs include costs associated with terminated investments and the Reverse Split, such as non-refundable deposits and legal fees.
An impairment is recorded when the carrying amount of the asset exceeds the sum of its undiscounted future operating and residual cash flows. The impairment is the difference between estimated fair value of the asset and the carrying amount.
An impairment is recorded when the carrying amount of the asset exceeds the sum of its undiscounted future operating and residual cash flows. The impairment is the difference between the estimated fair value of the asset and the carrying amount.
Cash used in financing activities in 2024 was primarily related to the repayment of the 2024 Senior Notes, the purchase of a noncontrolling interest and dividend and debt service payments, offset by contributions from noncontrolling interests.
Cash used in financing activities in 2024 was related primarily to the repayment of the 2024 Senior Notes, the purchase of a noncontrolling interest and dividend and debt service payments, offset by contributions from noncontrolling interests.
This has allowed us to acquire certain short-term leased or vacant warehouse and distribution facilities, which may be acquired with greater total return potential than long-term leased warehouse and distribution facilities and allow for a value-add strategy through the lease renewal, lease up or a multi-tenanting process. Development .
This has allowed us to selectively acquire certain short-term leased or vacant warehouse and distribution facilities, which may be acquired with greater total return potential than long-term leased warehouse and distribution facilities and allow for a value-add strategy through the lease renewal, lease up or a multi-tenanting process. Development .
Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties.
Management believes that same-store NOI is a useful supplemental measure of our operating performance because same-store NOI excludes the change in NOI from acquired, expanded and disposed of properties and it highlights operating trends such as occupancy levels, rental rates and operating costs on properties.
We are unable to estimate (1) the timing of any required fundings for such leasing costs until leases are executed and (2) the timing or amount of any additional costs related to the land parcels until we commit to such additional costs. Non-Development Capital Expenditures: General .
We are unable to estimate (1) the timing of any required fundings for leasing costs until leases are executed and (2) the timing or amount of any additional costs related to the development of our land parcels until we commit to such additional costs. Non-Development Capital Expenditures: General .
Additionally, the analysis includes considerable judgement in our estimates of hold periods, projected cash flows and discount and capitalization rates. Significant increases or decreases in any of these inputs, particularly with regards to cash flow projections and discount and capitalization rates, would result in a significantly lower or higher fair value measurement of the real estate assets being assessed.
Additionally, the analysis includes considerable judgment in our estimates of hold periods, projected cash flows and discount and capitalization rates. Significant increases or decreases in any of these inputs, particularly with regards to cash flow projections and discount and capitalization rates, would result in a significantly lower or higher fair value measurement of the real estate assets being assessed.
The administrator of the plan, Computershare Trust Company, N.A., purchases common shares for the accounts of the participants under the plan, at our discretion, either directly from us, on the open market or through a combination of those two options. No shares were purchased from us under the plan in 2024 and 2023. Share Repurchase Program.
The administrator of the plan, Computershare Trust Company, N.A., purchases common shares for the accounts of the participants under the plan, at our discretion, either directly from us, on the open market or through a combination of those two options. No shares were purchased from us under the plan in 2025 and 2024. Share Repurchase Program.
Changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures or may otherwise adversely affect the operations of the tenants of properties in which we have an interest. Results of Operations Year ended December 31, 2024 compared with December 31, 2023.
Changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures or may otherwise adversely affect the operations of the tenants of properties in which we have an interest. Results of Operations Year ended December 31, 2025 compared with December 31, 2024.
We define 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 same-store NOI, and accordingly same-store NOI may not be comparable to other REITs.
We define NOI as operating revenues (rental income (less GAAP rent adjustments, non-cash income related to sales-type leases and lease termination income, net, and other property income) less property operating expenses. Other REITs may use different methodologies for calculating same-store NOI, and accordingly same-store NOI may not be comparable to other REITs.
We continue to monitor the credit of tenants of properties in which we have an interest by (1) subscribing to rating agency information, so that we can monitor changes in the ratings of our rated tenants, (2) reviewing financial statements that are publicly available or that are required to be delivered to us under the applicable lease, (3) monitoring news reports regarding our tenants and their respective businesses, (4) monitoring the timeliness of rent collections and (5) meeting with our tenants.
We continue to monitor the credit of tenants of properties in which we have an interest by (1) subscribing to rating agency information, so that we can monitor changes in the ratings of our rated tenants, (2) reviewing financial statements that are publicly available or that are required to be delivered to us under the applicable lease, (3) monitoring news reports regarding our tenants and their respective businesses, (4) monitoring the timeliness of rent collections and (5) meeting with our tenants and observing their use of our facilities.
While our methodology for purchase price allocation did not change during the year ended December 31, 2024, the real estate market is fluid and our assumptions are based on information currently available in the market at the time of acquisition.
While our methodology for purchase price allocation did not change during the year ended December 31, 2025, the real estate market is fluid and our assumptions are based on information currently available in the market at the time of acquisition.
The main drivers of growth in the industrial real estate market have been e-commerce and nearshoring. In addition, certain of our target markets are benefiting from advanced manufacturing investments and business-friendly local and state governments. There continues to be competition for the acquisition of industrial properties, specifically warehouse and distribution facilities.
The main drivers of growth in the industrial real estate market have been e-commerce and nearshoring. In addition, certain of our target markets are benefiting from advanced manufacturing investments and business-friendly local and state governments. 32 Table of Contents There continues to be competition for the acquisition of industrial properties, specifically warehouse and distribution facilities.
We use considerable judgement in our estimates of cash flow projections, discount, capitalization and interest rates, fair market lease rates, carrying costs during hypothetical expected lease-up periods and costs to execute similar leases.
We use considerable judgment in our estimates of cash flow projections, discount, capitalization and interest rates, fair market lease rates, carrying costs during hypothetical expected lease-up periods and costs to execute similar leases.
However, our property owner subsidiaries are responsible for these payments (1) under certain leases without reimbursement and (2) at vacant properties. 43 Table of Contents Environmental Matters.
However, our property owner subsidiaries are responsible for these payments (1) under certain leases without reimbursement and (2) at vacant properties. 39 Table of Contents Environmental Matters.
The determination of the lease term also requires judgement because the probability of purchase options and renewals have to be analyzed to conclude if they are reasonably certain of being exercised.
The determination of the lease term also requires judgment because the probability of purchase options and renewals have to be analyzed to conclude if they are reasonably certain of being exercised.
We commence revenue recognition when possession or control of the space is turned over to the tenant. Impairment of Real Estate . We record impairments of our real estate assets classified as held for use when triggering events dictate that an asset may be impaired.
We commence revenue recognition when possession or control of the space is turned over to the tenant. 34 Table of Contents Impairment of Real Estate . We record impairments of our real estate assets classified as held for use when triggering events dictate that an asset may be impaired.
With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($101.8 million at December 31, 2024), property sale proceeds or borrowing capacity on our primary credit facility ($600.0 million as of December 31, 2024, subject to covenant compliance).
With respect to mortgages encumbering properties where the expected lease rental revenues are sufficient to provide an estimated property value in excess of the mortgage balance, we believe our property owner subsidiaries have sufficient sources of liquidity to meet these obligations through future cash flows from operations, the credit markets and, if determined appropriate by us, a capital contribution from us from either cash on hand ($170.4 million at December 31, 2025), property sale proceeds or borrowing capacity on our primary credit facility ($600.0 million as of December 31, 2025, subject to covenant compliance).
We believe a portion of these leases have below-market rents and we expect to mark the expiring rents to market, which should further increase our revenues. Tenant Credit.
We believe a portion of these leases have below-market rents and we expect to mark the expiring rents to market, which should further increase our revenues. 33 Table of Contents Tenant Credit.
This discussion should be read together with our accompanying consolidated financial statements included herein and notes thereto. Summary of 2024 Transactions The following summarizes certain of our transactions during 2024. Leasing Activity. • We entered into new leases and lease extensions encompassing 4.5 million square feet.
This discussion should be read together with our accompanying consolidated financial statements included herein and notes thereto. Summary of 2025 Transactions The following summarizes certain of our transactions during 2025. Leasing Activity. • Entered into new leases and lease extensions encompassing 4.9 million square feet.
In addition, we may continue to selectively recycle capital out of our target markets over time and as opportunities arise, and use the proceeds to reduce indebtedness and invest in our target markets. We do not expect capital recycling to have a material dilutive impact on earnings.
In addition, we may continue to selectively recycle capital out of our non-target markets over time and, as opportunities arise, use the proceeds to reduce indebtedness and invest in our target markets, primarily through our development activities. We do not expect capital recycling to have a material dilutive impact on earnings.
These dividends are expected to be paid from operating cash flows and/or from other sources. We paid approximately $158.2 million in cash dividends to our common and preferred shareholders in 2024. Although our property owner subsidiaries receive the majority of our base rental payments on a monthly basis, we intend to continue paying dividends quarterly.
These dividends are expected to be paid from operating cash flows and/or from other sources. We paid approximately $164.3 million in cash dividends to our common and preferred shareholders in 2025. Although our property owner subsidiaries receive the majority of our base rental payments on a monthly basis, we intend to continue paying dividends quarterly.
We expect to continue to access debt and equity markets in the future to implement our business strategy and to fund future growth when market conditions are favorable. However, the volatility in the capital markets primarily resulting from the effects of rising interest rates and rising inflation have negatively affect our ability to access these capital markets.
We expect to continue to access debt and equity markets in the future to implement our business strategy and to fund future growth when market conditions are favorable. However, the volatility in the capital markets primarily resulting from the effects of higher interest rates and inflation have negatively affected our ability to access these capital markets. Equity: At-The-Market Offering Program.
We have guaranteed such obligations for certain of our non-consolidated entities with respect to $432.3 million of such non-recourse debt.
We have guaranteed such obligations for certain of our non-consolidated entities with respect to $478.8 million of such non-recourse debt.
The increase in net income attributable to common shareholders of $14.2 million was primarily due to the items discussed below.
The increase in net income attributable to common shareholders of $68.6 million was primarily due to the items discussed below.
Inherent Growth. As of December 31, 2024, 98.5% of our leases had scheduled rent increases. The average escalation rate of these leases based on the next rent step was 2.8% as of December 31, 2024.
Inherent Growth. As of December 31, 2025, 99.3% of our leases had scheduled rent increases. The average escalation rate of these leases based on the next rent step was 2.8% as of December 31, 2025.
As of December 31, 2024, we had approximately $1.6 billion of indebtedness, consisting of mortgages and notes payable outstanding, a term loan, 6.75%, 2.375% and 2.70% Senior Notes and Trust Preferred Securities, with a weighted-average interest rate of approximately 3.7%. 42 Table of Contents We expect to pay our non-maturity debt service obligations from cash flow from operations.
As of December 31, 2025, we had approximately $1.4 billion of indebtedness, consisting of mortgages and notes payable outstanding, a term loan, Senior Notes and Trust Preferred Securities, with a weighted-average interest rate of approximately 3.6%. We expect to pay our non-maturity debt service obligations from cash flow from operations.
We may redeem the Senior Notes at our option at any time prior to maturity in whole or in part by paying the principal amount of the Senior Notes being redeemed plus a make-whole premium.
The Senior Notes are unsecured and pay interest semi-annually in arrears. We may redeem the Senior Notes at our option at any time prior to maturity in whole or in part by paying the principal amount of the Senior Notes being redeemed plus a make-whole premium.
As of December 31, 2024, we had 3.7 million square feet of vacancy in the consolidated portfolio, which upon lease up is expected to add revenue to the portfolio and decrease operating expenses. In addition, as of December 31, 2024, approximately 65% of our ABR was from leases scheduled to expire during 2025 through 2030.
As of December 31, 2025, we had 1.5 million square feet of vacancy in the consolidated portfolio, which upon lease up is expected to add revenue to the portfolio and decrease operating expenses. In addition, as of December 31, 2025, approximately 73.8% of our ABR was from leases scheduled to expire during 2026 through 2031.
Cash provided by investing activities primarily related to net proceeds received from the disposition of real estate, realization of the net investment in a sales-type lease, distributions from non-consolidated entities, loan receivable payments and redeeming investments in held-to-maturity securities.
Cash provided by investing activities in 2024 related primarily to net proceeds received from the disposition of real estate, realization of the net investment in a sales-type lease, distributions from non-consolidated entities, and redeeming investments in held-to-maturity securities offset by acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, and investments in non-consolidated entities.
Cash flows from operations as reported on the consolidated statements of cash flows totaled $211.2 million for 2024 and $209.4 million for 2023.
Cash flows from operations as reported on the Consolidated Statements of Cash Flows totaled $188.7 million for 2025 and $211.2 million for 2024.
Equity: At-The-Market Offering Program. We maintain an At-The-Market offering program, or ATM program, under which we can issue common shares, including through forward contracts. We may, from time to time, sell up to $350.0 million of common shares over the term of the ATM program.
We maintain an At-The-Market offering program, or ATM program, under which we can issue common shares, including through forward contracts. We may, from time to time, sell up to $350.0 million of common shares over the term of the ATM program. During the years ended December 31, 2025 and 2024, we did not sell shares under the ATM program.
Same-Store Results Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the two comparable reporting periods.
Same-Store Results Same-store net operating income, or NOI, which is a non-GAAP measure, represents the NOI for consolidated properties that were owned, stabilized and included in our portfolio for the entirety of the period commencing January 1, 2024 and through the end of the current reporting period.
The collection and timing of tenant rents are closely monitored by management as part of our cash management program. Net cash provided by (used in) investing activities totaled $86.4 million in 2024 and $(183.5) million in 2023.
The collection and timing of tenant rents are closely monitored by management as part of our cash management program. 35 Table of Contents Net cash provided by investing activities totaled $298.2 million in 2025 and $86.4 million in 2024.
These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases . Lease classification tests require significant estimates and judgments by management in its application. Upon lease commencement or lease modification, we assess the lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease.
Lease classification tests require significant estimates and judgments by management in its application. Upon lease commencement or lease modification, we assess the lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease.
The internal costs are allocated to specific development projects based on development activities. 38 Table of Contents Revenue Recognition . We enter into agreements with tenants that convey the right to control the use of identified space at our properties in exchange for rental revenue.
The internal costs are allocated to specific development projects based on development activities. Revenue Recognition . We enter into agreements with tenants that convey the right to control the use of identified space at our properties in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases .
The increase in benefit (provision) for income taxes of $0.8 million is primarily attributable to the receipt of tax refunds in 2024 with no comparable refunds in 2023.
The decrease in benefit (provision) for income taxes of $0.8 million is primarily attributable to the receipt of tax refunds during year ended December 31, 2024 with no comparable refunds during the year ended December 31, 2025.
The increase in total gross revenues of $18.0 million was primarily due to an aggregate increase of $39.8 million in rental revenue, primarily due to an additional $15.0 million of rental revenue recognized related to a tenant exercising a purchase option in a sales-type lease, and $24.8 million from properties placed into service, acquisitions of properties and leasing, partially offset by a decrease in rental revenue of $19.7 million due to property sales.
The decrease in total gross revenues of $8.2 million was primarily due to an aggregate decrease of $37.1 million primarily due to a decrease in additional $22.0 million of rental revenue related to a tenant exercising a purchase option in a sales-type lease during 2024 and $15.1 million due to property sales and vacancies, partially offset by an increase in rental revenue of $28.9 million due to properties placed in service, acquisitions and leasing.
The increase in depreciation and amortization expense of $9.3 million was primarily due to properties acquired and/or completed and placed in service. The increase in property operating expense of $2.1 million was primarily due to an increase in operating expense responsibilities at certain properties and carrying costs for vacant development facilities placed into service.
The increase in property operating expense of $3.9 million was primarily due to an increase in operating expense responsibilities at certain properties and carrying costs for vacant development facilities placed into service for the year ended December 31, 2025 compared to the year ended December 31, 2024.
Under the dividend reinvestment component, common shareholders may elect to automatically reinvest their dividends to purchase our common shares. Under the direct share purchase component, our current investors and new investors can make optional cash purchases of our common shares.
Under the direct share purchase component, our current investors and new investors can make optional cash purchases of our common shares.
We believe capital recycling (1) provides cost effective and timely capital to deleverage and to support our investment activities and (2) allows us to maintain line capacity and cash in advance of our development commitments.
We believe capital recycling (1) provides cost effective and timely capital to deleverage and to support our investment activities and (2) allows us to maintain line capacity and cash in advance of our development commitments. During 2025, we sold our interests in 11 industrial facilities for an aggregate gross disposition price of $389.1 million.
The increase was primarily related to increased rental revenue related to additional sales-type lease income, lease extensions and placing development properties into service, partially offset by a decrease in cash flow due to property sales and increased interest expense.
The decrease was related primarily to a decrease in cash flow due to property sales and vacancies, partially offset by rental revenue related to acquired properties, lease extensions and placing development properties into service during 2024 and the receipt of a lease termination fee.
As of December 31, 2024 and 2023, our historical same-store square footage leased was 99.7% and 100.0%, respectively. 45 Table of Contents Below is a reconciliation of net income to same-store NOI for periods presented ($000's): Years ended December 31, 2024 2023 Net income $ 42,835 $ 35,923 Interest and amortization expense 66,477 46,389 Provision (benefit) for income taxes (127) 703 Depreciation and amortization 192,863 183,524 General and administrative 40,045 36,334 Transaction costs 498 4 Non-operating/advisory fee income (11,812) (7,819) Gains on sales of properties (39,848) (33,010) Impairment charges — 16,490 Sales-type lease income attributable to the exercise of a purchase option (14,991) — Gain on change in control of a subsidiary (209) — Debt satisfaction losses, net — 132 Equity in (earnings) losses of non-consolidated entities 3,179 (1,366) Straight-line adjustments (7,272) (9,688) Lease incentives 1,330 439 Amortization of above/below market leases (2,654) (1,796) Sales-type lease adjustments (2,364) (2,231) NOI 267,950 264,028 Less NOI: Acquisitions, expansions, development and dispositions (28,417) (35,905) Same-Store NOI $ 239,533 $ 228,123 46 Table of Contents Funds From Operations We believe 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.
As of December 31, 2025 and 2024, our historical same-store square footage leased was 97.3% and 99.5%, respectively. 41 Table of Contents Below is a reconciliation of net income to same-store NOI for periods presented ($000s): Years ended December 31, 2025 2024 Net income $ 117,610 $ 42,835 Interest and amortization expense 62,923 66,477 Provision (benefit) for income taxes 699 (127) Depreciation and amortization 196,615 192,863 General and administrative 40,053 40,045 Transaction costs 178 498 Non-operating/advisory fee income (6,920) (11,812) Gain on sale or disposal of, and recovery on, real estate, net (145,627) (39,848) Sales-type lease income attributable to the exercise of a purchase option — (14,991) Gain on change in control of a subsidiary — (209) Loss on debt satisfaction, net 11,809 — Equity in losses of non-consolidated entities 4,405 3,179 Lease termination income, net (276) — Straight-line adjustments (5,483) (7,272) Lease incentives 1,859 1,330 Amortization of above/below market leases (2,562) (2,654) Sales-type lease adjustments — (2,364) NOI 275,283 267,950 Less NOI: Acquisitions, expansions, development and dispositions (32,352) (31,883) Same-Store NOI $ 242,931 $ 236,067 42 Table of Contents Funds From Operations We believe 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.
Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed above in “Risk Factors” in Part I, Item 1A of this Annual Report and “Cautionary Statements Concerning Forward-Looking Statements” in the beginning of this Annual Report.
Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed above in “Risk Factors” in Part I, Item 1A of this Annual Report and “Cautionary Statements Concerning Forward-Looking Statements” in the beginning of this Annual Report. 31 Table of Contents Introduction The following is a discussion and analysis of the consolidated financial condition and results of operations of LXP Industrial Trust for the years ended December 31, 2025 and 2024, and significant factors that could affect our prospective financial condition and results of operations.
Our development activities have been focused on build-to-suit projects, speculative development and purchasing newly-developed properties with vacancy. In 2025, we expect to continue to focus our development activities on build-to-suit projects and limit the amount of speculative development to markets where there is sufficient tenant demand.
Our development activities have been focused on build-to-suit projects, speculative development and purchasing newly-developed properties with vacancy. In 2026, we expect to continue to focus our development activities on build-to-suit projects and selective speculative development in markets with favorable industrial real estate fundamentals.
During the years ended December 31, 2024 and 2023, we did not sell shares under the ATM program. Underwritten Equity Offerings. We maintain a universal shelf-registration statement, which allows us to issue equity in a variety of offerings, including in an underwritten offering.
Underwritten Equity Offerings. We maintain a universal shelf-registration statement, which allows us to issue equity in a variety of offerings, including in an underwritten offering. We did not issue common shares as part of an underwritten offering in 2025 and 2024. Direct Share Purchase Plan .
A majority of our leases require tenants to pay operating expenses, including maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses. However, certain of our leases provide for some level of landlord responsibility for capital repairs and replacements, the cost of which is generally factored into the rental rate.
A majority of our leases require tenants to pay operating expenses, including maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses.
A property owner subsidiary's ability to accomplish such goals will be affected by numerous economic factors affecting the real estate industry, including the risks described under “Risk Factors” in Part I, Item 1A of this Annual Report.
A property owner subsidiary's ability to accomplish such goals will be affected by numerous economic factors affecting the real estate industry, including the risks described under “Risk Factors” in Part I, Item 1A of this Annual Report. 38 Table of Contents If we are unable to satisfy our contractual obligations and other operating costs with our cash flow from operations, we intend to use borrowings and proceeds from issuances of equity or debt securities.
However, there are many factors beyond management's control that could offset these items including, without limitation, changes in economic conditions such as the recent economic uncertainty increased interest rates and tenant monetary defaults and the other risks described in this Annual Report. 44 Table of Contents The analysis of the results of operations for the year ended December 31, 2023 compared with the year ended December 31, 2022 is included in our 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, on February 15, 2024.
However, there are many factors beyond management's control that could offset these items including, without limitation, changes in economic conditions such as the recent economic uncertainty increased interest rates and tenant monetary defaults and the other risks described in this Annual Report.
Our ability to incur additional debt to fund acquisitions and the cost of any such debt is dependent upon our existing leverage, the value of the assets we are attempting to leverage, our revenues and general economic and credit market conditions, which may be outside of management's control or influence. 39 Table of Contents Cash Flows: We believe that cash flows from operations will continue to provide adequate capital to fund our operating and administrative expenses, regular debt service obligations and all dividend payments in accordance with applicable REIT requirements in both the short-term and long-term.
Our ability to incur additional debt to fund acquisitions and the cost of any such debt is dependent upon our existing leverage, the value of the assets we are attempting to leverage, our revenues and general economic and credit market conditions, which may be outside of management's control or influence.
As of December 31, 2024, we expect to incur approximately $29.8 million of costs, excluding noncontrolling interests' share and potential developer fees or partner buyouts, to substantially fund the leasing costs for our placed-in service development projects and infrastructure work for our consolidated and non-consolidated land parcels held for development.
Amounts accumulated in advance of each quarterly distribution are invested by us in short-term money market or other suitable instruments. As of December 31, 2025, we expect to incur approximately $18.3 million of costs, excluding noncontrolling interests' share and potential developer fees or partner buyouts, redevelopment projects and infrastructure work for our consolidated and non-consolidated land parcels held for development.
While we believe the industrial market will continue to grow, increased costs from international trade policy may cause some tenants to reevaluate expansion and growth plans. We continue to prioritize build-to-suit projects over (1) acquisitions of leased properties due to the relatively higher yield that build-to-suit projects generally provide and (2) speculative development due to the inherent leasing risk.
While we believe the industrial market will continue to grow, increased costs from international trade policy may continue to cause some tenants to reevaluate expansion and growth plans.
Cash used in investing activities related primarily to acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and investments in held-to-maturity securities. Net cash provided by (used in) financing activities totaled $(395.0) million in 2024 and $119.0 million in 2023.
Cash provided by investing activities in 2025 related primarily to proceeds from property sales, receipt of insurance proceeds and distributions from non-consolidated entities, offset by acquisitions of real estate, investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, net.
The following presents our consolidated same-store NOI, for the years ended December 31, 2024 and 2023 ($000): Years Ended December 31, 2024 2023 Total cash base rent $ 241,791 $ 230,527 Tenant reimbursements 51,178 49,351 Property operating expenses (53,436) (51,755) Same-store NOI $ 239,533 $ 228,123 Our same-store NOI increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 by 5% primarily due to an increase in cash base rents.
The following presents our consolidated same-store NOI, for the years ended December 31, 2025 and 2024 ($000s): Years Ended December 31, 2025 2024 Total cash base rent $ 244,549 $ 237,716 Tenant reimbursements 54,468 51,666 Property operating expenses (56,086) (53,315) Same-store NOI $ 242,931 $ 236,067 Our same-store NOI increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 by 2.9% primarily due to an increase in cash base rents partially offset by lower occupancy.
The average fixed rent on new and extended leases was $5.89 per square foot compared to the average fixed rent on these leases before extension of $4.22 per square foot excluding tenant reimbursements as part of the expiring rent in one lease and one lease with a fixed-rate renewal.
The average fixed rent on new and extended leases was $5.99 per square foot, compared to the average fixed rent on these leases before extension of $5.23 per square foot. The weighted-average cost of tenant improvements and lease commissions was $1.22 per square foot for new and extended leases. • Increased stabilized portfolio occupancy to 97.1%.
The increase in net income or decrease in net loss in future periods will be closely tied to the level of acquisitions made by us.
The increase in net (income) loss attributable to noncontrolling interest holders of $6.1 million was primarily related to the recognition of the noncontrolling interests' share of gains on the sale of real estate of two vacant development properties in 2025. 40 Table of Contents The increase in net income or decrease in net loss in future periods will be closely tied to the level of acquisitions made by us.
Cash provided by financing activities in 2023 was primarily related to the receipt of proceeds from the issuance of the 2028 Senior Notes and borrowings on the credit facility, offset by the repurchase of common shares to settle tax obligations, the purchase of a noncontrolling interest and dividend and debt service payments.
Cash used in financing activities in 2025 was related primarily to the partial repayment of the Term Loan, repurchase of the Trust Preferred Securities, a partial repurchase of the 6.750% Senior Notes due 2028, repurchase of common shares, distributions to noncontrolling interests, dividends, and debt service payments, offset by contributions from noncontrolling interests.
The disposition proceeds and distributions received from the non-consolidated joint ventures were primarily used to (1) fund the development pipeline and (2) make investments in real property in our target markets. Liquidity Needs: Our principal liquidity needs are debt maturities, interest payment obligations, the payment of dividends to our shareholders and funding our development projects.
Liquidity Needs: Our principal liquidity needs are debt maturities, interest payment obligations, the payment of dividends to our shareholders and funding our development and redevelopment projects.
This was offset by a decrease of $4.9 million of interest expense related to the 2024 Senior Notes that were paid off in June 2024 at maturity and a decrease of $1.1 million of interest expense related to the normal amortization of mortgages and notes payable.
The decrease in interest and amortization expense of $3.6 million was primarily due to a $4.4 million decrease in interest expense related to the Senior Notes due 2024 that were repaid in full during the year ended December 31, 2024 and a decrease in mortgage interest expense.
Re-leasing properties that are currently vacant or become vacant as leases expire at favorable effective rates is a primary area of focus for our asset management strategy. Renewals of industrial leases, particularly for warehouse and distribution facilities, are generally dependent on location and occupancy alternatives for our tenants.
Due to low construction starts in our target markets in recent years, we believe supply has decreased and demand is increasing, which may provide opportunity for more development investment. Leasing General . Re-leasing properties that are currently vacant or become vacant as leases expire at favorable effective rates is a primary area of focus for our asset management strategy.
As a result, the obligations of our property owner subsidiaries on new leases and newly renewed or extended leases may increase to include, among other items, some form of responsibility for operating expenses and/or capital repairs and replacements. 37 Table of Contents During the year ended December 31, 2024, we completed 4.5 million square feet of new leases, and lease extensions, raising base and cash base rents by 22.9% and 17.7%, respectively, and 46.5% and 39.7%, respectively, excluding tenant reimbursements in one lease and one lease with a fixed-rate renewal.
Developers may be similarly motivated when signing leases with tenants due to the significant competition in the industrial space. As a result, the obligations of our property owner subsidiaries on new leases and newly renewed or extended leases may increase to include, among other items, some form of responsibility for operating expenses and/or capital repairs and replacements.
We did not issue common shares as part of an underwritten offering in 2024 and 2023. 40 Table of Contents Direct Share Purchase Plan . We maintain a direct share purchase plan, which has two components, (i) a dividend reinvestment component and (ii) a direct share purchase component.
We maintain a direct share purchase plan, which has two components, (i) a dividend reinvestment component and (ii) a direct share purchase component. Under the dividend reinvestment component, common shareholders may elect to automatically reinvest their dividends to purchase our common shares.
(2) The Term SOFR portion of the interest rate was swapped to obtain a fixed-rate of 2.722% per annum, until January 31, 2025 and an aggregate amount of $250.0 million of the term loan is swapped to obtain an effective fixed interest rate of 4.31% from January 31, 2025 to January 31, 2027.
The SOFR portion of the interest rate was swapped to an average interest rate of 3.21% per annum until January 31, 2027 and the all-in interest rate following the January 2026 refinancing including the margin is 4.06% per annum until January 31, 2027.
Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031.
As of December 31, 2025, the principal balance of our secured debt decreased to approximately $49.9 million compared to $55.5 million at December 31, 2024. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031.
We focus our investment activity primarily on income producing single-tenant warehouse and distribution assets and build-to-suit and speculative development of warehouse and distribution assets. In 2024, we acquired or completed and placed into service $550.5 million of warehouse facilities, which is an increase of $404.1 million compared to 2023 investment activity of $146.4 million.
Equity . • Completed the Reverse Split. • Repurchased and retired 0.1 million common shares for an average price of $49.04 per common share. Investment Trends General. We focus our investment activity primarily on income producing single-tenant warehouse and distribution assets and build-to-suit and speculative development of warehouse and distribution assets.
Our motivation to release vacant space requires us to meet market demands with respect to rental rates, tenant concessions and landlord responsibilities. Developers may be similarly motivated when signing leases with tenants due to the significant competition in the industrial space.
However, certain of our leases provide for some level of landlord responsibility for capital repairs and replacements, the cost of which is generally factored into the rental rate and our underwriting. Our motivation to release vacant space requires us to meet market demands with respect to rental rates, tenant concessions and landlord responsibilities.
We intend to maintain a weighted-average lease term longer than many comparable industrial companies and balance our lease expiration schedule because we favor certainty of cash flow over lease-rollover risk with single-tenant facilities. Our industrial investment underwriting focuses more on real estate characteristics such as location and related demographic and local economic trends than it does on tenant credit.
We believe we are well positioned to take advantage of market rental growth in our target markets which continue to outperform the coastal industrial real estate markets. Our industrial investment underwriting focuses more on real estate characteristics such as location and related demographic and local economic trends than it does on tenant credit.
A summary of the maturity dates and interest rates under our unsecured credit agreement, as of December 31, 2024, are as follows: Maturity Date Interest Rate $600.0 Million Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300.0 Million Term Loan (2) January 2027 Term SOFR + 1.00% (1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions.
The revolving credit facility had a maturity date in July 2026 and could be extended up to July 2027, subject to certain conditions. The interest rate ranged from SOFR (plus a 0.10% index adjustment) plus an interest rate spread ranging from 0.725% to 1.400%, based on our senior unsecured long-term credit rating.
The following Senior Notes were outstanding as of December 31, 2024: Issue Date Face Amount (millions) Interest Rate Maturity Date Issue Price November 2023 $ 300.0 6.750 % November 2028 99.423 % August 2020 400.0 2.700 % September 2030 99.233 % August 2021 400.0 2.375 % October 2031 99.758 % $ 1,100.0 The Senior Notes are unsecured and pay interest semi-annually in arrears.
As of December 31, 2025, 1.3 million common shares remain available for repurchase under this authorization. 36 Table of Contents Financings: The following presents our outstanding unsecured debt obligations as of December 31, 2025: Issue Date Face Amount (millions) Interest Rate Maturity Date Issue Price Term Loan $ 250.0 SOFR + 1.10% (1)(2) January 2027 — Senior Notes due 2028 160.0 6.750% (3) November 2028 99.423% Senior Notes due 2030 400.0 2.700% September 2030 99.233% Senior Notes due 2031 400.0 2.375% October 2031 99.758% Trust Preferred Securities 101.0 Three Month SOFR + 1.96% (4)(5) April 2037 — Total unsecured debt $ 1,311.0 (1) Spread includes a 0.10% daily SOFR adjustment.
The increase of $3.7 million in general and administrative expense was primarily related to $1.8 million in severance expense incurred after the completion of our portfolio transformation and an increase in deferred compensation expense during 2024. The increase in non-operating income of $4.7 million was primarily due to an increase in interest income earned from investing in short-term investments.
The decrease in non-operating income of $4.9 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily due to lower interest income earned from short-term investments that matured in June 2024.
Removed
Introduction The following is a discussion and analysis of the consolidated financial condition and results of operations of LXP Industrial Trust for the years ended December 31, 2024 and 2023, and significant factors that could affect its prospective financial condition and results of operations.
Added
Investments. • Acquired one warehouse facility located in the Atlanta, Georgia market for $30.0 million totaling 0.2 million square feet with a weighted-average lease term of 3.9 years. • Commenced redevelopment of two warehouse facilities located in the Central Florida and Richmond, Virginia markets totaling 0.6 million square feet.
Removed
The weighted-average cost of tenant improvements and lease commissions was $2.52 per square foot for new first-generation leases and $3.39 per square foot for second-generation new and extended leases.
Added
Capital R ecycling . • Sold our interests in 11 warehouse facilities for gross proceeds of $389.1 million. Two of the facilities sold were vacant development projects totaling 2.1 million square feet, located in Ocala, Florida and Indianapolis, Indiana markets for a gross aggregate price of $174.6 million.
Removed
Investments. • Acquired four facilities for an aggregate cost of $157.6 million. • Placed into service three fully-leased warehouse facilities containing an aggregate of 1.4 million square feet in the Phoenix, Arizona, Greenville/Spartanburg, South Carolina and Columbus, Ohio markets. • Placed into service vacant warehouse and distribution facilities containing an aggregate of 3.4 million square feet one year after the completion of base building construction. • Invested an aggregate of $108.7 million in development activities and $7.6 million in a value-add opportunity at the Orlando, Florida asset.
Added
Debt . • Repaid $50.0 million of the $300.0 million term loan. • Repurchased $28.1 million of the Company's Trust Preferred Securities at a 5.0% discount to par value. • Completed a cash tender offer and repurchased $140.0 million of the 6.750% Unsecured Senior Notes due 2028.
Removed
Capital R ecycling . • Disposed of our interests in two office properties and four industrial facilities for an aggregate gross price of $181.1 million. • Sold land subject to a sales-type lease in Phoenix, Arizona for the gross price of $86.5 million.
Added
In 2025, we acquired a $30.0 million warehouse facility, which is a decrease of $520.5 million compared to 2024 investment activity of $550.5 million. The decrease was primarily due to our prioritizing deleveraging over reinvestment of capital recycling proceeds.
Removed
Debt . • Satisfied $198.9 million aggregate principal balance of the outstanding 4.40% Senior Notes due 2024 ("2024 Senior Notes") at maturity. • Entered into forward interest rate swap agreements to effectively fix the interest rate related to an aggregate of $250.0 million of the term loan at an average interest rate of 4.31% from January 31, 2025 to January 31, 2027. • Entered into interest rate swap agreements 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. 36 Table of Contents Investment Trends General.
Added
As construction starts were reduced in recent years and supply in our markets has decreased, we expect to prioritize development activities, including build-to-suit projects, over acquisitions of leased properties due to the relatively higher yield that development activities generally provide. Lease Term. As of December 31, 2025, our leases have a weighted average lease term of 4.8 years.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeOur consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was $46.6 million at December 31, 2024 and $129.1 million at December 31, 2023, which represented 2.9% and 7.2%, respectively, of our aggregate principal consolidated indebtedness. During the years ended December 31, 2024 and 2023, our variable-rate indebtedness had a weighted-average interest rate of 7.2% and 6.8%, respectively.
Biggest changeOur consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was $18.5 million at December 31, 2025 and $46.6 million at December 31, 2024, which represented 1.4% and 2.9%, respectively, of our aggregate principal consolidated indebtedness. During the years ended December 31, 2025 and 2024, our variable-rate indebtedness had a weighted-average interest rate of 6.2% and 7.2%, respectively.
The following fair value was determined using the interest rates that we believe our outstanding fixed-rate debt would warrant as of December 31, 2024 and is indicative of the interest rate environment as of December 31, 2024, and does not take into consideration the effects of subsequent interest rate fluctuations.
The following fair value was determined using the interest rates that we believe our outstanding fixed-rate debt would warrant as of December 31, 2025 and is indicative of the interest rate environment as of December 31, 2025, and does not take into consideration the effects of subsequent interest rate fluctuations.
Accordingly, we estimate that the fair value of our fixed-rate debt was $1.4 billion as of December 31, 2024. Our interest rate risk objectives are to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs.
Accordingly, we estimate that the fair value of our fixed-rate debt was $1.3 billion as of December 31, 2025. Our interest rate risk objectives are to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs.
As of December 31, 2024, we had 11 interest rate swap agreements in our consolidated portfolio, all of which expire from January 2025 to October 2027 (see Note 12 to our consolidated financial statements contained in this Annual Report). 49 Table of Contents
As of December 31, 2025, we had seven interest rate swap agreements in our consolidated portfolio, all of which expire from January 2027 to October 2027 (see Note 12 to our consolidated financial statements contained in this Annual Report). 45 Table of Contents
Had the weighted-average interest rate been 100 basis points higher, our interest expense for 2024 and 2023 would have increased by $1.2 million and $1.7 million, respectively. As of December 31, 2024 and 2023, our aggregate principal consolidated fixed-rate debt was $1.5 billion and $1.7 billion, respectively, which represented 97.1% and 92.8%, respectively, of our aggregate principal indebtedness.
Had the weighted-average interest rate been 100 basis points higher, our interest expense for 2025 and 2024 would have increased by $0.3 million and $1.2 million, respectively. As of December 31, 2025 and 2024, our aggregate principal consolidated fixed-rate debt was $1.3 billion and $1.5 billion, respectively, which represented 98.6% and 97.1%, respectively, of our aggregate principal indebtedness.

Other LXP 10-K year-over-year comparisons