Here are 1-3 brief analogies for LXP Industrial Trust (LXP):

• Like Simon Property Group (SPG), but for warehouses and industrial facilities instead of shopping malls.
• Consider it a smaller version of Prologis (PLD), focusing on owning and leasing industrial real estate.
• Imagine Public Storage (PSA), but for large-scale industrial buildings and logistics centers rather than individual storage units.

• Industrial Property Leasing: Leasing of single-tenant and multi-tenant industrial properties, including warehouses, distribution centers, and light manufacturing facilities, to a diverse range of tenants.

LXP Industrial Trust (LXP) is a real estate investment trust (REIT) that owns and manages industrial properties. As such, its major customers are other companies that lease its properties, rather than individuals.

Based on their latest investor materials, LXP's major customers (tenants) include:

• Amazon.com, Inc. (Symbol: AMZN)
• FedEx Corp. (Symbol: FDX)
• General Motors Holdings LLC (Parent company: General Motors Company, Symbol: GM)
• Whirlpool Corporation (Symbol: WHR)
• XPO, Inc. (Symbol: XPO)

null

T. Wilson Eglin, Chairman, Chief Executive Officer, and President

Mr. Eglin has been with LXP Industrial Trust since its formation and with its predecessor companies since 1987. He was appointed President in 1996 and a Trustee in 1994. Mr. Eglin served as the company's Executive Vice President from 1993 to 1996 and Chief Operating Officer from 1993 to 2010. He has held the roles of Chairman, Chief Executive Officer, and President since 2019.

Nathan Brunner, Executive Vice President, Chief Financial Officer, and Treasurer

Mr. Brunner assumed the roles of Executive Vice President, Chief Financial Officer, and Treasurer effective March 1, 2025. He joined LXP Industrial Trust in September 2024 as Executive Vice President of Capital Markets. Prior to joining LXP, Mr. Brunner spent approximately 14 years at J.P. Morgan, most recently as a Managing Director in their Real Estate Investment Banking Group. His experience at J.P. Morgan focused on mergers and acquisitions (M&A) and corporate finance, particularly in the industrial and net lease real estate sectors. He began his career at Macquarie Group, where he worked with the Macquarie Infrastructure Funds and Investment Banking divisions for five years. Mr. Brunner holds a Bachelor of Laws and a Bachelor of Commerce from the University of Queensland and a Graduate Diploma of Chartered Accounting.

Joseph S. Bonventre, Executive Vice President, Chief Operating Officer, General Counsel, and Secretary

Mr. Bonventre has served as the Chief Operating Officer, Executive Vice President, General Counsel, and Secretary of LXP Industrial Trust since 2014. Before this role, he was an associate in the corporate department of the law firm Paul Hastings LLP.

Brendan P. Mullinix, Executive Vice President and Chief Investment Officer

Mr. Mullinix has been the Executive Vice President and Chief Investment Officer since 2018. He previously held positions as Vice President and Senior Vice President of the company, starting in 1996.

Mark Cherone, Executive Vice President and Chief Accounting Officer

Mr. Cherone has been the Chief Accounting Officer and Senior Vice President of LXP Industrial Trust since 2019. Prior to joining LXP, he served as the Corporate Controller at Brandywine Realty Trust.

The proliferation of flexible warehousing and "space-as-a-service" models, which provide on-demand, short-term, and variable-cost alternatives to traditional long-term industrial leases, potentially disrupting LXP's core revenue stability and tenant relationships.

LXP Industrial Trust (LXP) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Mark-to-Market Opportunities and Contractual Rent Escalations: LXP anticipates significant revenue growth from re-leasing properties at higher market rates as existing leases expire. The company has identified an approximate 17% mark-to-market opportunity on leases expiring through 2030, which could increase annual cash rent. Additionally, existing leases include contractual annual rent escalations, with an average rate of 2.7% across its portfolio, providing a built-in revenue increase.
2. Strategic Investment and Development in High-Growth Markets: LXP is focused on expanding its portfolio through acquisitions and development projects primarily within 12 target markets in the Sunbelt and Lower Midwest regions. These markets are experiencing population and job growth at 2.3x and 1.7x the national average, respectively, along with significant manufacturing investment, which drives demand for industrial properties. The company's multi-channel investment strategy allows for flexibility in pursuing various income and growth opportunities.
3. Maintaining High Portfolio Occupancy and Demand for Class A Facilities: The company consistently aims for high portfolio occupancy rates, with its same-store portfolio being 99.2% leased at the end of Q3 2024 and overall portfolio occupancy increasing to 96.8% in Q3 2025. LXP's focus on Class A industrial properties, which represent 92% of its portfolio and have an average age of 9.8 years, positions it to benefit from the ongoing tenant preference for modern, high-quality logistics and distribution facilities.
4. Capital Recycling and Development Pipeline: LXP actively engages in capital recycling by strategically disposing of non-core or vacant assets, often at a premium to book value, to repay debt and fund new development and acquisition opportunities. The successful leasing and stabilization of its development and redevelopment pipeline are expected to contribute to increased rental income, with 98% of its development program successfully leased or sold.

Share Repurchases

• In August 2022, LXP Industrial Trust's Board of Trustees authorized the repurchase of up to an additional 10.0 million common shares under its share repurchase program.
• During 2022, LXP repurchased and retired 12.1 million common shares for an average price of $10.78 per share.
• As of December 31, 2022, 6.9 million common shares remained available for repurchase under the existing authorization.

Share Issuance

• In December 2022, LXP issued 16.0 million common shares in an underwritten equity offering, generating $183.4 million of net proceeds.
• During 2021, the company settled 4.99 million common shares previously sold on a forward basis, receiving $53.567 million in net proceeds, and sold 1.05 million common shares under its At-The-Market (ATM) program for $13.532 million in net proceeds.
• A 1-for-5 reverse stock split is expected to take place on November 10, 2025.

Outbound Investments

• LXP has executed a strategy of disposing of non-industrial assets, completing the disposition of its remaining consolidated office properties by December 31, 2024, to become a 100% industrial portfolio.
• In October 2025, LXP sold two vacant development projects, totaling 2.1 million square feet, in Central Florida and Indianapolis for a gross price of $175 million, representing a 20% premium over gross book value. The net proceeds of approximately $151 million from this sale were used for debt repayment and general corporate purposes.
• The company maintains a 20% equity interest in NNN MFG Cold JV L.P., formed in 2021, which holds 21 special purpose industrial properties and has additional equity commitments of $250 million for future acquisitions, with LXP's proportionate share being $50 million.

Capital Expenditures

• LXP's capital expenditures (or net investment in real estate) were approximately $419 million in 2020 and $30 million in 2021.
• Net capital expenditures were negative, approximately -$62 million in 2022, -$83 million in 2023, and -$15 million in 2024, reflecting periods where asset dispositions exceeded capital additions.
• The primary focus of capital deployment includes speculative development opportunities for Class A warehouse and distribution facilities, often pursued through joint ventures in target markets like the Sunbelt and lower Midwest, and has included commencing redevelopment of a 350,000 square foot facility in Orlando in Q2 2025.