LXP Industrial Trust - 10-Q quarterly report FY

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026.


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________________ to ________________

Commission File Number 1-12386

LXP INDUSTRIAL TRUST

(Exact name of registrant as specified in its charter)


Maryland			13-3717318
(State or other jurisdiction of incorporation of organization)			(I.R.S. Employer Identification No.)

515 N Flagler Dr, Suite 408, West Palm Beach, FL 33401

(Address of principal executive offices) (zip code)

(212) 692-7200

(Registrant's telephone number, including area code)

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


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 58,952,512 common shares of beneficial interest, par value $0.0001 per share, as of April 28, 2026.

TABLE OF CONTENTS


PART I. — FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets						3
Condensed Consolidated Statements of Operations						4
Condensed Consolidated Statements of Comprehensive Income (Loss)						5
Condensed Consolidated Statements of Changes in Equity						6
Condensed Consolidated Statements of Cash Flows						7
Notes to Condensed Consolidated Financial Statements						9
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						25
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk						34
ITEM 4. Controls and Procedures						34
PART II — OTHER INFORMATION
ITEM 1. Legal Proceedings						35
ITEM 1A. Risk Factors						35
ITEM 2. Unregistered Sales of Equity Securities , Use of Proceeds, and Issuer Purchases of Equity Securities						35
ITEM 3. Defaults Upon Senior Securities						35
ITEM 4. Mine Safety Disclosures						35
ITEM 5. Other Information						35
ITEM 6. Exhibits						36
SIGNATURES						38

WHERE YOU CAN FIND MORE INFORMATION:

We file and furnish annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission, which we refer to as the SEC. We file and furnish information electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file or furnish electronically with the SEC. The address of the SEC's Internet site is http://www.sec.gov. We also maintain a web site at http://www.lxp.com through which you can obtain copies of documents that we file or furnish with the SEC. The contents of that web site are not incorporated by reference in or otherwise a part of this Quarterly Report on Form 10-Q or any other document that we file or furnish with the SEC.

Table of Contents

PART I. - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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


	March 31, 2026		December 31, 2025

Assets:
Real estate, at cost	$	3,909,897	$	3,908,485
Real estate - intangible assets	305,841		305,841
Land held for development	65,065		82,971
Investments in real estate under construction	68,849		41,769
Real estate, gross	4,349,652		4,339,066
Less: accumulated depreciation and amortization	(1,196,713)		(1,151,513)
Real estate, net	3,152,939		3,187,553

Right-of-use assets, net	7,583		8,721
Cash and cash equivalents	130,112		170,394
Restricted cash	168		257

Investments in non-consolidated entities	29,301		31,430
Deferred expenses, net	40,704		35,068
Rent receivable - current	3,963		3,454
Rent receivable - deferred	85,279		84,631
Other assets	16,652		15,514
Total assets	$	3,466,701	$	3,537,022

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	48,162	$	49,541

Term loan payable, net	247,532		249,053
Senior notes payable, net	953,104		952,693
Trust preferred securities, net	100,133		100,113
Dividends payable	43,536		44,715

Operating lease liabilities	7,914		9,134
Accounts payable and other liabilities	38,542		54,553
Accrued interest payable	11,425		9,218
Deferred revenue - including below-market leases, net	2,724		3,030
Prepaid rent	14,459		16,594
Total liabilities	1,467,531		1,488,644

Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding	94,016		94,016
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 58,947,523 and 59,077,234 shares issued and outstanding in 2026 and 2025, respectively	6		6
Additional paid-in-capital	3,305,816		3,313,884
Accumulated distributions in excess of net income	(1,413,734)		(1,371,654)
Accumulated other comprehensive income	1,403		427
Total shareholders’ equity	1,987,507		2,036,679
Noncontrolling interests	11,663		11,699
Total equity	1,999,170		2,048,378
Total liabilities and equity	$	3,466,701	$	3,537,022

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Table of Content

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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


	Three Months Ended March 31,
	2026		2025
Gross revenues:
Rental revenue	$	84,976	$	87,893
Other revenue	972		970
Total gross revenues	85,948		88,863
Expense applicable to revenues:
Depreciation and amortization	(46,985)		(50,512)
Property operating	(16,735)		(17,129)
General and administrative	(10,254)		(10,390)
Non-operating income	1,535		520
Interest and amortization expense	(13,217)		(16,280)
Loss on debt satisfaction, net	(299)		(350)
Transaction costs	(15)		—


Gain on sale or disposal of, and recovery on, real estate, net	2,304		24,635


Income before provision for income taxes and equity in losses of non-consolidated entities	2,282		19,357
Provision for income taxes	(136)		(215)
Equity in losses of non-consolidated entities	(2,437)		(980)








Net income (loss)	(291)		18,162
Net loss attributable to noncontrolling interests	52		816
Net income (loss) attributable to LXP Industrial Trust shareholders	(239)		18,978
Dividends attributable to preferred shares - Series C	(1,572)		(1,572)
Allocation to participating securities	(131)		(127)
Net income (loss) attributable to common shareholders	$	(1,942)	$	17,279

Net income (loss) attributable to common shareholders - per common share basic	$	(0.03)	$	0.30



Weighted-average common shares outstanding - basic	58,163,030		58,341,212

Net income (loss) attributable to common shareholders - per common share diluted	$	(0.03)	$	0.30


Weighted-average common shares outstanding - diluted	58,163,030		58,459,654

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Table of Content

LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited and in thousands)


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	(291)	$	18,162
Other comprehensive income (loss):

Change in unrealized income (loss) on interest rate swaps, net	883		(3,189)
Company's share of other comprehensive income (loss) of non-consolidated entities	93		(21)
Other comprehensive income (loss)	976		(3,210)
Comprehensive income	685		14,952
Comprehensive loss attributable to noncontrolling interests	52		816
Comprehensive income attributable to LXP Industrial Trust shareholders	$	737	$	15,768

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

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


			LXP Industrial Trust Shareholders
Three months ended March 31, 2026	Total		Number of Preferred Shares	Preferred Shares		Number of Common Shares	Common Shares		Additional Paid-in-Capital		Accumulated Distributions in Excess of Net Income		Accumulated Other Comprehensive Income/(Loss)		Noncontrolling Interests
Balance December 31, 2025	$	2,048,378	1,935,400	$	94,016	59,077,234	$	6	$	3,313,884	$	(1,371,654)	$	427	$	11,699
Capital contributions	139		—	—		—	—		—		—		—		139
Share based compensation, net	(92)		—	—		194,875	—		(92)		—		—		—
Repurchase of common shares	(7,976)		—	—		(324,586)	—		(7,976)		—		—		—

Dividends/distributions ($0.70 per common share)	(41,964)		—	—		—	—		—		(41,841)		—		(123)
Net loss	(291)		—	—		—	—		—		(239)		—		(52)
Other comprehensive income	883		—	—		—	—		—		—		883		—
Company's share of other comprehensive income of nonconsolidated entities	93		—	—		—	—		—		—		93		—

Balance March 31, 2026	$	1,999,170	1,935,400	$	94,016	58,947,523	$	6	$	3,305,816	$	(1,413,734)	$	1,403	$	11,663


			LXP Industrial Trust Shareholders
Three months ended March 31, 2025	Total		Number of Preferred Shares	Preferred Shares		Number of Common Shares	Common Shares		Additional Paid-in-Capital		Accumulated Distributions in Excess of Net Income		Accumulated Other Comprehensive Income/(Loss)		Noncontrolling Interests
Balance December 31, 2024	$	2,120,783	1,935,400	$	94,016	58,899,958	$	6	$	3,315,127	$	(1,316,993)	$	6,136	$	22,491
Capital contributions	443		—	—		—	—		—		—		—		443
Share based compensation, net	1,954		—	—		245,653	—		1,954		—		—		—


Dividends/distributions ($0.675 per common share)	(41,278)		—	—		—	—		—		(41,208)		—		(70)
Net income (loss)	18,162		—	—		—	—		—		18,978		—		(816)
Other comprehensive loss	(3,189)		—	—		—	—		—		—		(3,189)		—
Company's share of other comprehensive loss of nonconsolidated entities	(21)		—	—		—	—		—		—		(21)		—

Balance March 31, 2025	$	2,096,854	1,935,400	$	94,016	59,145,611	$	6	$	3,317,081	$	(1,339,223)	$	2,926	$	22,048

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)


	Three Months Ended March 31,
	2026		2025
Net cash provided by operating activities:	$	37,460	$	38,986
Cash flows from investing activities:

Investment in real estate under construction	(5,609)		(7,175)
Capital expenditures	(3,438)		(2,963)
Insurance proceeds	2,561		840
Net proceeds from sale of real estate	—		34,118

Investments in non-consolidated entities	(215)		(247)

Deferred leasing costs	(11)		(1,361)

Change in real estate deposits, net	(148)		(34)
Net cash provided by (used in) in investing activities	(6,860)		23,178
Cash flows from financing activities:
Dividends to common and preferred shareholders	(43,021)		(41,018)

Principal amortization payments	(1,424)		(1,374)
Principal payments on debt, excluding normal amortization	—		(50,000)





Deferred financing costs	(7,575)		—

Repurchase of common shares	(15,814)		—
Cash contributions from noncontrolling interests	139		443
Cash distributions to noncontrolling interests	(123)		(70)




Issuance of common shares, net of costs and repurchases to settle tax obligations	(3,153)		(1,041)

Net cash used in financing activities	(70,971)		(93,060)
Change in cash, cash equivalents and restricted cash	(40,371)		(30,896)

Cash, cash equivalents and restricted cash, at beginning of period	170,651		102,073
Cash, cash equivalents and restricted cash, at end of period	$	130,280	$	71,177

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	$	170,394	$	101,836
Restricted cash at beginning of period	257		237
Cash, cash equivalents and restricted cash at beginning of period	$	170,651	$	102,073

Cash and cash equivalents at end of period	$	130,112	$	70,935
Restricted cash at end of period	168		242
Cash, cash equivalents and restricted cash at end of period	$	130,280	$	71,177

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(Unaudited and in thousands)


	Three Months Ended March 31,
	2026		2025
Supplemental disclosure of cash flow information:
Interest paid	$	10,194	$	10,468
Income taxes paid	$	147	$	224

Supplemental schedule of non-cash investing activities:
Accounts payable related to Investments in real estate under construction	$	4,814	$	11,340
Reclassification of Land held for development to Investments in real estate under construction	$	17,783	$	10,844

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(1) The Company and Financial Statement Presentation

LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust that owns a portfolio of equity investments focused on Class A warehouse and distribution real estate facilities. 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.

As of March 31, 2026, the Company had ownership interests in approximately 108 consolidated real estate properties, located in 14 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries.

The Company believes it has qualified as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities.

The Company conducts its operations indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc., and (3) joint ventures. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) for the three months ended March 31, 2026 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 (“Annual Report”).

Reverse Stock Split. Effective as of 5:00 PM ET on November 10, 2025, each outstanding share of beneficial interest, par value $0.0001 per share, classified as "common stock" ("common share") automatically reclassified into 1/5th of a common share (the "Reverse Split") as previously disclosed in the Company's Annual Report Form 10-K for the year ended December 31, 2025. All common share and per-common-share information presented in these unaudited Condensed Consolidated Financial Statements have been retroactively adjusted to reflect the Reverse Split for all periods presented.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

Basis of Presentation and Consolidation. The Company's unaudited Condensed Consolidated Financial Statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP.

As of March 31, 2026, the Company had interests in five consolidated joint ventures with developers. During the year ended December 31, 2025, two of these joint ventures sold their sole development properties, and substantially all of the proceeds were distributed to the Company and the developer.

The Company continues to own interests in the remaining three joint ventures, with ownership interests ranging from 80% to 95.5%. These joint ventures were determined to be Variable Interest Entities ("VIEs") in accordance with the applicable accounting guidance. Each VIE was formed to acquire land parcels for industrial development.

Of the three remaining joint ventures, one joint venture commenced construction of a development project on a portion of its land parcels in Phoenix, AZ during the first quarter of 2026, one joint venture owns three properties that were substantially completed and placed into service, and one joint venture continues to hold land for future development. As of March 31, 2026, the Company concluded that it is the primary beneficiary of each of these VIEs and, accordingly, has consolidated those entities in the Company's unaudited Condensed Consolidated Financial Statements.

The assets of each VIE are only available to satisfy such VIE's respective liabilities. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Real estate, net	$	245,815	$	240,950
Total assets	$	260,758	$	255,243

Total liabilities	$	10,806	$	7,020

In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles).

Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited Condensed Consolidated Financial Statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the allocation of incurred and future shared development costs to land parcels, and the useful lives of long-lived assets. Actual results could differ materially from those estimates.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

Recently Issued Accounting Guidance. In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories such as depreciation and amortization of real estate assets, property operating expenses and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 31, 2027. The Company is currently evaluating ASU 2024-03 to determine its impact on its financial statement disclosures.

(2)Earnings Per Share

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
BASIC


Net income (loss) attributable to common shareholders	$	(1,942)	$	17,279
Weighted-average number of common shares outstanding - basic	58,163,030		58,341,212

Net income (loss) attributable to common shareholders - per common share basic	$	(0.03)	$	0.30

DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,942)	$	17,279





Weighted-average common shares outstanding - basic	58,163,030		58,341,212
Effect of dilutive securities:

Unvested share-based payment awards	—		118,442




Weighted-average common shares outstanding - diluted	58,163,030		58,459,654


Net income (loss) attributable to common shareholders - per common share diluted	$	(0.03)	$	0.30

For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:


	Three Months Ended March 31,
	2026	2025

Unvested participating securities	8,015	2,406
Nonvested participating shares	202,186	—
Preferred shares - Series C	942,114	942,114

(3)Investments in Real Estate

As of March 31, 2026, the details of the outstanding development arrangements are as follows (in $000s, except square feet):


Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost		GAAP Investment Balance as of 3/31/2026(1)		LXP Amount Funded as of 3/31/2026(2)		Estimated Base Building Completion Date	% Leased as of 3/31/2026
Development Projects
Reems & Olive - Building D (95.5%)	1	Phoenix, AZ	1,185,000	$	121,900	$	23,953	$	20,230	1Q 2027	—	%

Redevelopment Projects
Orlando (100.0%)(3)	1	Central FL	350,990	$	9,400	$	17,350	$	3,242	4Q 2026	—	%
Richmond (100.0%)(3)	1	Richmond, VA	252,351	3,900		14,594		3,071		2Q 2026	—	%
Total Redevelopment Projects	2		603,341	$	13,300	$	31,944	$	6,313

Land Infrastructure Improvements
Reems & Olive (95.5%)(4)	N/A	Phoenix, AZ	N/A	16,200		12,952		15,547		N/A	N/A

Total	3		1,788,341	$	151,400	$	68,849	$	42,090

(1) Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes if any.

(2) Excludes noncontrolling interests' share.

(3) Estimated project costs exclude estimated tenant improvements and leasing costs.

(4) Represents infrastructure development costs to prepare the land for vertical development.

As of March 31, 2026, the Company's aggregate investment in the ongoing development arrangements was $68,849. This amount included capitalized interest of $207 for the three months ended March 31, 2026 and is presented as Investments in real estate under construction in the accompanying unaudited Condensed Consolidated Balance Sheets. For the three months ended March 31, 2025, capitalized interest for development arrangements was $42.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

As of March 31, 2026, the details of the land held for industrial development are as follows (in $000s, except acres):


Project (% owned)	Market	Approximate Acres	GAAP Investment Balance as of 3/31/2026		LXP Amount Funded as of 3/31/2026(1)
Consolidated
Reems & Olive (95.5%)	Phoenix, AZ	240	$	57,454	$	57,306
Mt. Comfort Phase II (80.0%)	Indianapolis, IN	116	5,879		4,761
ATL Fairburn (100.0%)	Atlanta, GA	14	1,732		1,779
Total Consolidated Land		370	$	65,065	$	63,846

(1) Excludes noncontrolling interests' share.

(4)Dispositions and Impairment

The Company did not have any dispositions during the three months ended March 31, 2026. The following table summarizes the Company's dispositions during the three months ended March 31, 2025.


Sale of real estate (dollars in $000s)	March 31, 2025
Number of buildings	1
Building square feet	241,997
Net proceeds from sale of real estate	$	34,118
Net book value	$	9,483
Gain on sale of real estate(1)	$	24,635

(1) Gain on sale of real estate is a component of Gain on sale or disposal of, and recovery, on real estate, net, in the unaudited Condensed Consolidated Statements of Operations.

The Company did not have any properties classified as held for sale at March 31, 2026 or December 31, 2025.

The Company regularly evaluates its real estate assets for indicators of impairment. Such indicators may include, prolonged property vacancy, tenant financial deterioration, changes in the expected holding period of an asset, an anticipated sale or transfer of a property in the near term, and adverse changes in economic conditions. An asset is considered impaired when its carrying value exceeds its estimated fair value and the Company does not expect to recover its carrying value.

No impairment charges were recorded during the three months ended March 31, 2026 and March 31, 2025.

On May 10, 2025, the Company experienced a fire at a warehouse facility located in McDonough, Georgia, which resulted in damage to certain property, plant and equipment. The affected assets primarily included a portion of the roof and a small portion of the exterior wall of the building. During the three months ended March 31, 2026, the Company recorded an estimated loss of $257, representing a portion of the net book value of damaged property, offset by $2,561 in insurance proceeds received resulting in a net casualty gain of $2,304. The realized gain represents the insurance proceeds received in excess of the estimated casualty losses, net of the non-reimbursable portion of the Company's insurance deductible, and is included in Gain on sale or disposal of, and recovery on, real estate, net in the unaudited Condensed Consolidated Statements of Operations for the three month period ended March 31, 2026. As of March 31, 2026, the amounts of the actual loss and the insurance proceeds remain subject to adjustment by the insurance carrier.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(5)Fair Value Measurements

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall:


	As of March 31, 2026		Fair Value Measurements Using
Description			(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	1,371	$	—	$	1,371	$	—


	As of		Fair Value Measurements Using
Description	December 31, 2025		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	488	$	—	$	488	$	—

The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2026 and December 31, 2025, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy.

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Debt	$	1,348,931	$	1,269,908	$	1,351,400	$	1,277,714

The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low.

Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts.

Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable. The Company estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturities of the instruments.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(6)Investments in Non-Consolidated Entities

Below is a schedule of the Company's investments in non-consolidated entities:


	Percentage Ownership at	Investment Balance as of				Equity in earnings (losses) of non-consolidated entities
Investment	March 31, 2026	March 31, 2026		December 31, 2025		Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
NNN MFG Cold JV L.P. ("MFG Cold JV")(1)	20%	$	2,058	$	2,880	$	(906)	$	(763)
NNN Office JV L.P. ("NNN JV")(2)	20%	13,358		14,762		(1,413)		(127)
Etna Park 70, LLC(3)	90%	9,085		9,084		(70)		(49)
Etna Park East LLC(4)	90%	2,485		2,390		(49)		(42)
Lombard Street Lots, LLC (5)	44.1%	2,315		2,314		1		1
		$	29,301	$	31,430	$	(2,437)	$	(980)

(1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company.

(2) NNN JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company.

(3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land.

(4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land.

(5) Lombard Street Lots, LLC ground leases a parcel of land to a parking operator.

The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions and asset management. Advisory fees earned from these non-consolidated investments for the three months ended March 31, 2026 and 2025 were $972 and $970, respectively.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(7)Debt

The Company had the following debt obligations outstanding as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025		Interest Rate			Maturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ	$	38,402	$	38,610	4.290	%	(1)	August 2031
Long Island City, NY	10,119		11,336		3.500	%	(1)	March 2028
Principal balance outstanding	48,521		49,946
Unamortized debt issuance costs	(359)		(405)
Total mortgages and notes payable, net	$	48,162	$	49,541

UNSECURED DEBT:

Term Loan	$	250,000	$	250,000	SOFR + 0.85%		(2)	January 2029
Senior Notes due 2028	160,000		160,000		6.750	%		November 2028
Senior Notes due 2030	400,000		400,000		2.700	%		September 2030
Senior Notes due 2031	400,000		400,000		2.375	%		October 2031

Trust Preferred Securities	100,995		100,995		Three Month SOFR + 1.96%		(3)	April 2037
Principal balance outstanding	$	1,310,995	$	1,310,995
Unamortized debt discount	(2,373)		(2,520)
Unamortized debt issuance costs	(7,853)		(6,616)
Total unsecured debt, net	$	1,300,769	$	1,301,859
Total debt obligations	$	1,348,931	$	1,351,400

(1) The weighted-average interest rate as of March 31, 2026 and December 31, 2025 was approximately 4.1%.

(2) In January 2026, the Company amended and restated its credit agreement and extended the maturity of the term loan from January 2027 to January 2029, with two one-year extension options, subject to certain conditions. The amended Term Loan provides an interest rate range of SOFR plus 0.80% to 1.60% based on the current consolidated leverage ratio and credit ratings. Based on the Company's current credit ratings and consolidated leverage ratio, the interest rate spread is 0.85%. In connection with the transaction, the Company deferred direct costs of $1,962 which are being amortized through the maturity date of the term loan and recognized $225 of loss on debt satisfaction in connection with the transaction. As of March 31, 2026, the SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027.

(3) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82,500 is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of March 31, 2026, the weighted-average interest rate of the Trust Preferred Securities was 5.282%, which includes the effect of the interest rate swaps.

The Company capitalized $210 and $99 of interest expense for the three months ended March 31, 2026 and 2025, respectively.

The Company has an unsecured credit agreement with KeyBank National Association, as agent, for a revolving credit facility of up to $600,000, subject to covenant compliance. In January 2026, the Company amended and restated its credit agreement and extended the maturity for the revolving credit facility from July 2026 to January 2030 with two six-month or one twelve-month extension option to extend up to January 2031, subject to certain conditions. The interest rate ranges from SOFR plus 0.725% to 1.40% based on the current consolidated leverage ratio and credit ratings. Based on the current consolidated leverage ratio and investment grade ratings, for SOFR borrowing the applicable margin for the credit facility is 0.775%. The revolving credit facility is also subject to a facility fee equal to 0.125% to 0.300% depending on the Company's credit rating and consolidated leverage ratio, of the total commitments under the revolving credit facility. The facility fee is currently 0.15%. In connection with the transaction, the Company deferred direct costs of $5,613 which are being amortized through the maturity date of the revolving credit facility and recognized $74 of loss on debt satisfaction in connection with the transaction. The Company had no borrowings under the $600,000 revolving credit facility as of March 31, 2026 and December 31, 2025.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(8) Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

Cash Flow Hedges of Interest Rate Risk. The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not incur any ineffectiveness during the three months ended March 31, 2026 and 2025.

The following table summarizes the terms of our outstanding derivative financial instruments on the Company's balance sheets as of March 31, 2026 and December 31, 2025:


Derivative Type	Number of Instruments	Effective Date	Maturity Date	Notional Value		Fair Value of Asset
						March 31, 2026		December 31, 2025
Term Loan Interest Rate Swap	5	1/31/2025	1/31/2027	250,000		907		423
Trust Preferred Securities Interest Rate Swap	2	10/30/2024	10/30/2027	82,500		464		65
				$	332,500	$	1,371	$	488

During the next 12 months, the Company estimates that an additional $1,241 will be reclassified as a decrease in interest expense if the swaps remain outstanding.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

The table below presents the effect of the Company's derivative financial instruments on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:


Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivatives March 31,				Amount of (Income) Loss Reclassified from Accumulated OCI into Income(1) March 31,
Hedging Relationships	2026		2025		2026		2025
Interest Rate Swaps	$	1,266	$	(1,804)	$	(383)	$	(1,385)
The Company's share of non-consolidated entity's interest rate cap	79		(37)		14		16
Total	$	1,345	$	(1,841)	$	(369)	$	(1,369)

(1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited Condensed Consolidated Statements of Operations.

Total interest expense presented in the unaudited Condensed Consolidated Statements of Operations, in which the effects of cash flow hedges are recorded, was $13,217 and $16,280 for the three months ended March 31, 2026 and 2025, respectively.

The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of March 31, 2026, the Company had not posted any collateral related to the agreements.

(9) Lease Accounting

Lessor

Operating Leases. The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance, and utilities, that are based on the actual expenses incurred.

Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before.

Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase, or early termination provisions.

The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

For the three months ended March 31, 2026 and 2025, no accounts receivable were written off.

The Company elected to treat the lease and non-lease components in its leases as a single lease component, which is therefore recognized as rental revenue in its unaudited Condensed Consolidated Statements of Operations. The primary non-lease service included within rental revenue is common area maintenance services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the three months ended March 31, 2026, the Company incurred $23 of costs that were incremental to the execution of leases.

The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on any of its properties.

Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Classification	2026		2025
Fixed	$	70,319	$	72,890

Variable(1)	14,657		15,003
Total	$	84,976	$	87,893

(1) Primarily comprised of tenant reimbursements.

Future fixed rental receipts for operating leases assuming no new or re-negotiated leases as of March 31, 2026 were as follows:


	Operating
2026 - remainder	$	207,901
2027	256,756
2028	224,579
2029	196,915
2030	148,536
2031	108,337
Thereafter	291,606
Total	$	1,434,630

The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably certain.

Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

Lessee

The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of March 31, 2026. The leases have remaining lease terms of up to 4 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred.

The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate.

The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of the identified asset for a period of time, the Company accounts for the contract as a lease.

The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

Supplemental information related to operating leases is as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Weighted-average remaining lease term
Operating leases (years)	2.2		8.7
Weighted-average discount rate
Operating leases	4.1	%	4.2	%

The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows:


Income Statement Classification	Fixed		Variable		Total
2026:
Property operating	$	811	$	—	$	811
General and administrative(1)	471		73		544
Total	$	1,282	$	73	$	1,355

2025:
Property operating	$	859	$	15	$	874
General and administrative	475		66		541
Total	$	1,334	$	81	$	1,415

(1) For the three months ended March 31, 2026 and 2025, the general and administrative lease expense excludes a reduction of $223 and $226, respectively, to lease expense for the sublease of the Company's office space in New York, New York.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

The Company recognized sublease income related to its ground leases in rental revenue of $811 for the three months ended March 31, 2026 and 2025.

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2026:


	Operating Leases
2026 - remainder	$	2,950
2027	3,775
2028	1,163
2029	326
2030	109
2031	—
Thereafter	—
Total lease payments	$	8,323
Less: Imputed interest	(409)
Present value of lease liabilities	$	7,914

(10)Concentration of Risk

The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the three months ended March 31, 2026 and 2025, no single tenant represented greater than 10% of rental revenues.

Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

(11)Equity

Shareholders' Equity

During the three months ended March 31, 2026 and 2025, the Company granted common shares to certain employees as follows:


	Three Months Ended March 31,
	2026		2025
Performance Shares (1)
Shares granted:
Index - 1Q	122,109		128,685
Peer 1Q	122,105		128,691
Grant date fair value per share: (2)
Index - 1Q	$	30.71	$	24.78
Peer - 1Q	$	29.32	$	23.55

Non-Vested Common Shares: (3)
Shares issued	105,540		112,246
Grand date fair value	$	5,233	$	4,495

(1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2026, 66,656 performance shares of the 163,048 issued in 2023 vested.

(2) The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.

(3) The shares vest ratably over a three-year service period, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria.

During the three months ended March 31, 2026 and 2025, the Company issued 5,085 and 4,855, respectively, of fully vested common shares to members of the Company's Board of Trustees with a fair value of $244 and $225, respectively.

At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts.

The Company may, from time to time, sell up to $350,000 of common shares over the term of the ATM program. During the three months ended March 31, 2026 and 2025, the Company did not sell shares under the ATM program.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 2,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. During the three months ended March 31, 2026, the Company repurchased and retired 324,586 common shares at an average price of $48.70 per common share under the repurchase program. No common shares were repurchased during the three months ended March 31, 2025. As of March 31, 2026, 968,651 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of March 31, 2026.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2026. The shares have a dividend of $3.25 per share per annum and a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of March 31, 2026, the conversion ratio was one Series C Preferred share to 0.487 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

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

If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.

The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.

Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:


	Three Months Ended March 31,
	2026		2025
Balance at beginning of period	$	427	$	6,136
Other comprehensive income (loss) before reclassifications	1,345		(1,841)
Amounts of (income) reclassified from accumulated other comprehensive income to interest expense	(369)		(1,369)
Balance at end of period	$	1,403	$	2,926

(12)Segment Reporting

The Company is a real estate investment trust focused on operating, acquiring and developing Class A warehouse and distribution facilities. A majority of the properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. All of the properties are located in North America and operate within a comparable regulatory environment. The chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, reviews the business on a consolidated basis to assess performance and make operating decisions. The Company has only one operating segment because of its organizational and management structure, as well as information used by the CODM to make decisions about resource allocation and assess performance.

The CODM uses consolidated net income (loss), as reported on the unaudited Condensed Consolidated Statements of Operations, as a measure when determining where to make investments to achieve growth initiatives and assess the Company’s ability to pay dividends. The CODM manages the business using consolidated expenses as reported on the unaudited Condensed Consolidated Statements of Operations, as well as regularly provided forecasted expense information for the single operating segment when making decisions about the allocation of operating and capital resources. Details of the Company's assets provided to the CODM are consistent with those reported on the unaudited Condensed Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash and cash equivalents, restricted cash and liabilities.

(13)Related Party Transactions

There were no related party transactions other than those disclosed elsewhere in these unaudited Condensed Consolidated Financial Statements.

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LXP INDUSTRIAL TRUST AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 and 2025

(Unaudited and dollars in thousands, except share/unit and per share/unit data)

(14)Commitments and Contingencies

In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies.

The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries.

As of March 31, 2026, the Company expects to incur approximately $110,083, excluding noncontrolling interests' share and potential developer incentive fees or partner buyouts, and infrastructure work for the Company's consolidated and non-consolidated land parcels held for development. As of March 31, 2026, the Company has interests in various industrial land parcels held for development. The Company is unable to estimate (1) the timing of any required funding for leasing costs until leases are executed and (2) the timing or amount of any additional costs related to the land parcels until the Company commits to such additional costs.

From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations.

(15) Subsequent Events

The Company has evaluated all events subsequent to March 31, 2026. No subsequent events occurred that require adjustments to, recognition of, or disclosure in the financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

Introduction

Unless stated otherwise or the context otherwise requires, the “Company,” the “Trust,” “LXP,” “we,” “our,” and “us” refer collectively to LXP Industrial Trust and its consolidated subsidiaries. All of the Company's interests in properties are held in, and all property operating activities are conducted, through special purpose entities, which we refer to as property owner subsidiaries or lender subsidiaries and are separate and distinct legal entities, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. References herein to this “Quarterly Report” are to this Quarterly Report on Form 10-Q for the three months ended March 31, 2026. The results of operations contained herein for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for a full year.

When we use the term “REIT,” we mean an entity that has elected to be qualified as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the "Code"). All references to 2026 and 2025 refer to the periods ending March 31, 2026 and 2025, respectively, and our fiscal year ended December 31, 2025.

When we use the term “GAAP,” we mean United States generally accepted accounting principles in effect from time to time.

When we use the term “common shares,” we mean our shares of beneficial interest par value $0.0001, classified as common stock. Effective as of 5:00 p.m. ET on November 10, 2025, each outstanding common share automatically reclassified into 1/5th of a common share, which we refer to as the "Reverse Split." All common share amounts are presented on a reclassified basis. When we use the term “Series C Preferred Shares,” we mean our beneficial interest classified as 6.50% Series C Convertible Preferred Stock.

When we use the term “base rent,” we mean GAAP rental revenue and ancillary income, excluding billed tenant reimbursements and lease termination income.

When we use “Stabilized Portfolio,” we mean all real estate properties that have achieved 90% occupancy of the property or, if earlier, where it has been one-year from the cessation of major construction activities. Non-stabilized, substantially completed development projects are classified within investments in real estate under construction.

The terms “FFO,” “Adjusted Company FFO,” and “NOI” are defined in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of this Quarterly Report.

The following is a discussion and analysis of the unaudited Condensed Consolidated Financial condition and results of operations of LXP Industrial Trust for the three months ended March 31, 2026 and 2025, and significant factors that could affect its prospective financial condition and results of operations. This discussion should be read together with the accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein and notes thereto and with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission, or SEC, on February 12, 2026, which we refer to as the Annual Report. Historical results may not be indicative of future performance.

Forward-Looking Statements. This Quarterly Report, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” “may,” “plans,” “predicts,” “will,” “will likely result” or similar expressions. Readers should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances or achievements to differ materially from current expectations, strategies or plans include, among others, those risks discussed below in “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and under the headings “Risk Factors” in this Quarterly Report and under “Risk Factors” in Part I, Item A and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Annual Report and other periodic reports filed by the Company with the SEC. Except as required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements which may be made to reflect events or

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circumstances after the date hereof or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.

Overview

As of March 31, 2026, we had equity ownership interests in approximately 108 consolidated real estate properties, located in 14 states and containing approximately 52.7 million square feet of rentable space, which were approximately 96.6% leased based upon net rentable square feet.

Our portfolio primarily consists of Class A warehouse and distribution real estate investments in our 12 target markets within the Sunbelt and lower Midwest. 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, primarily through tax-deferred exchanges related to capital recycling. However, increased financing costs and industrial real estate fundamentals continue to negatively impact development starts in our target markets and the markets where we own properties. Due to this, the current key drivers to growth in our revenues are leasing our vacant, operating, redevelopment and development properties and mark-to-market of our lease rollover.

First Quarter 2026 Transaction Summary.

The following summarizes our transactions during the three months ended March 31, 2026:

Leasing Activity.

•Completed 1.8 million square feet of new leases and lease extensions, increasing base and cash base rents by 19.1% and 11.9%, respectively.

Development Activity.

•Commenced a 1.2 million square foot speculative development project in Phoenix, Arizona.

Debt.

•Extended the maturities and reduced pricing on $600 million unsecured revolving credit facility and $250 million term loan.

Equity.

•Repurchased and retired 0.3 million common shares at an average price of $48.70 per common share under existing share repurchase program.

Critical Accounting Estimates

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these estimates during the three months ended March 31, 2026.

Liquidity and Capital Resources

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. However, our cash flow from operations may be negatively affected in the near term if we experience tenant defaults. In addition, we anticipate that cash on hand, borrowings under our unsecured revolving credit facility, capital recycling proceeds, issuances of equity, mortgage proceeds and other debt, as well as other available alternatives, will provide the necessary capital required by our business.

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As of March 31, 2026, the principal balance of our secured debt was $48.5 million compared to $49.9 million at December 31, 2025. Our property owner subsidiaries do not have mortgage maturities with balloon payments due until 2031. 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 ($130.1 million at March 31, 2026), property sale proceeds or borrowing capacity on our revolving credit facility ($600.0 million at March 31, 2026, subject to covenant compliance).

Cash flows from operations were $37.5 million for the three months ended March 31, 2026 as compared to $39.0 million for the three months ended March 31, 2025. The decrease was primarily related to decreased rental revenue related to property sales and vacancies. The underlying drivers that impact our working capital, and therefore cash flows from operations, are the timing of collection of rents, including reimbursements from tenants, payment of interest on debt and payment of operating and general and administrative costs. We believe the net-lease structure of the leases encumbering a majority of the properties in which we have an interest mitigates the risks of the timing of cash flows from operations since the payment and timing of operating costs related to the properties are generally borne directly by the tenant. The collection and timing of tenant rents are closely monitored by management as part of our cash management program.

Net cash (used in) provided by investing activities totaled $(6.9) million and $23.2 million during the three months ended March 31, 2026 and 2025, respectively. Cash used in investing activities in 2026 related primarily to investments in real estate under construction, capital expenditures, lease costs, investments in non-consolidated entities and changes in real estate deposits, offset by net proceeds from receipt of insurance proceeds. Cash provided by investing activities in 2025 related primarily to proceeds from property sales and receipt of insurance proceeds, 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.

Net cash used in financing activities totaled $71.0 million and $93.1 million during the three months ended March 31, 2026 and 2025, respectively. Cash used in financing activities in 2026 was primarily related to the dividends, repurchase of common shares, debt service payments, deferred financing costs related to amending the credit facility and Term Loan, distributions to noncontrolling interests, offset by contributions from noncontrolling interests. Cash used in financing activities in 2025 was primarily related to the partial repayment of the Term Loan, dividends, and debt service payments, offset by contributions from noncontrolling interests.

At-The-Market Offering Program. We maintain an At-The-Market offering program ("ATM program") under which we can issue common shares, including through forward sales contracts.

We may sell up to $350.0 million common shares over the term of the program. We did not sell shares under the ATM program during the three months ended March 31, 2026 and 2025, respectively.

Volatility in the capital markets, including as a result of general economic conditions, may negatively affect our ability to access the capital markets through our ATM program and other offerings.

Share Repurchase Program. During the three months ended March 31, 2026, we repurchased and retired 0.3 million common shares at an average price of $48.70 per common share under an existing share repurchase program. We did not repurchase any common shares during the three months ended March 31, 2025. As of March 31, 2026, 1.0 million common shares remained available for repurchase under this authorization.

Dividends. Dividends paid to our common and preferred shareholders were $43.0 million and 41.0 million in the three months ended March 31, 2026 and 2025, respectively.

We declared a quarterly dividend of $0.70 per common share for the three months ended March 31, 2026, which is an increase of $0.025 per common share from the $0.675 per common share quarterly dividend declared during the three months ended March 31, 2025.

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Financings. The following presents our outstanding unsecured debt obligations as of March 31, 2026:


	March 31, 2026		Interest Rate			Maturity Date	Issue Price

Term Loan	$	250.0	SOFR + 0.85%		(1)	January 2029	—
Senior Notes due 2028	160.0		6.750	%		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%		(2)	April 2037	—
Total unsecured debt	$	1,311.0

(1) Amended and restated the Term Loan with an interest rate range from SOFR plus 0.80% to 1.60%. Based on our current rating and leverage ratio, the credit spread is 0.85%. Maturity can be extended to January 2031, subject to certain conditions. The SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027.

(2) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82.5 million is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of March 31, 2026, the weighted average interest rate of the Trust Preferred Securities was 5.28%, which includes the effect of the interest rate swaps.

The senior notes are unsecured and require interest payments 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.

We have an unsecured credit agreement with KeyBank National Association, as agent, for a revolving credit facility of up to $600.0 million subject to covenant compliance. In January 2026, we amended and restated our credit agreement and extended the maturity from July 2026 to January 2030. The maturity can be extended to January 2031, subject to certain conditions. The interest rate ranges from SOFR plus 0.725%, to 1.40% based on the consolidated leverage ratio and investment grade ratings. Based on our current consolidated leverage ratio and investment grade ratings, for SOFR borrowing the applicable margin for the credit facility equals 0.775%. The revolving credit facility is also subject to a facility fee equal to 0.125% to 0.300%, depending on our credit rating and consolidated leverage ratio, of the total commitments under the revolving credit facility. The facility fee is currently 0.15%. We had no borrowings under the $600.0 million revolving credit facility as of March 31, 2026 and December 31, 2025.

As of March 31, 2026, we were compliant with all applicable financial covenants contained in our corporate-level debt agreements.

Development Costs

As of March 31, 2026, the aggregate amount of our consolidated development and redevelopment projects included in investment in real estate under construction is $68.8 million. We expect to incur approximately $110.1 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. However, the risks associated with development, including supply chain issues, which may be exacerbated as a result of military conflicts and international trade conflicts associated with tariffs, could adversely impact our estimates. As of March 31, 2026, we had three consolidated and two non-consolidated subsidiaries that owned land parcels held for industrial development. 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.

Results of Operations

Three months ended March 31, 2026 compared with three months ended March 31, 2025. The decrease in net income (loss) attributable to common shareholders of $19.2 million was primarily due to the items discussed below.

The decrease in rental revenue of $2.9 million was primarily due to an aggregate decrease in rental revenue of $3.5 million primarily due to property sales and vacancies, partially offset by an increase of $0.6 million due to acquisitions, properties placed in service and leasing.

The decrease in depreciation and amortization expense of $3.5 million was primarily due to property sales.

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The increase in non-operating income of $1.0 million was primarily due to an increase in interest income earned from excess cash invested and a net settlement of receivables related to the sales-type lease sold in 2024.

The decrease in interest and amortization expense of $3.1 million was primarily due to a $2.4 million decrease in interest and amortization expense related to the Senior Notes due 2028 that were partially repaid in 2025, a decrease in interest expense of $0.5 million related to the Trust Preferred Securities that were partially repaid in 2025, a $0.1 million decrease in interest expense related to mortgage amortization and an increase in capitalized interest of $0.1 million due to commencement of a speculative development project.

The decrease in gain on sale or disposal of, and recovery on, real estate, net of $22.3 million was primarily due to no property dispositions during the three months ended March 31, 2026 compared to $24.6 million gain on sale of one property disposed during the three months ended March 31, 2025, offset by $2.3 million of insurance recovery on real estate recognized during the three months ended March 31, 2026.

The increase in equity in losses of non-consolidated entities of $1.5 million was primarily due to recognizing our $1.3 million share of impairment charges and an increase of $0.2 million of operating losses. There were no impairment charges recognized on our non-consolidated entities during the three months ended March 31, 2025.

The decrease in net (income) loss attributable to noncontrolling interests of $0.8 million is due to a decrease in the recognition of the noncontrolling interests' share of operating loss of real estate from two vacant development properties disposed in 2025.

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, 2025 and through the end of the current reporting period. 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. 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. However, same-store NOI should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. We believe that net income is the most directly comparable GAAP measure to same-store NOI.

The following presents our consolidated same-store NOI, for the three months ended March 31, 2026 and 2025 ($000s):


	Three Months Ended March 31,
	2026		2025
Total cash base rent	$	68,745	$	66,603
Tenant reimbursements	15,132		15,269
Property operating expenses	(16,468)		(15,759)
Same-store NOI	$	67,409	$	66,113

Our same-store NOI increased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 by 2.0%, primarily due to an increase in cash base rents. As of March 31, 2026 and 2025, our historical same-store square footage leased was 96.6% and 96.8%, respectively.

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Below is a reconciliation of net income to same-store NOI for periods presented ($000s):


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	(291)	$	18,162

Interest and amortization expense	13,217		16,280
Provision for income taxes	136		215
Depreciation and amortization	46,985		50,512
General and administrative	10,254		10,390
Transaction costs	15		—
Non-operating/fee income	(2,507)		(1,490)
Gain on sale or disposal of, and recovery on, real estate, net	(2,304)		(24,635)


Loss on debt satisfaction, net	299		350
Equity in losses of non-consolidated entities	2,437		980
Lease termination income, net	(76)		—
Straight-line adjustments	(626)		(959)
Lease incentives	500		446
Amortization of above/below market leases	(302)		(1,115)

NOI	$	67,737	$	69,136

Less NOI:
Acquisitions, expansions, developments, redevelopments and dispositions	(328)		(3,023)

Same-Store NOI	$	67,409	$	66,113

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

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

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

Adjusted Company FFO, NOI and the other non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income or loss as determined in accordance with GAAP. FFO, Adjusted Company FFO and NOI, and GAAP net income (loss) differ because FFO, Adjusted Company FFO and NOI exclude many items that are factored into GAAP net income or loss.

Because of the differences between FFO, Adjusted Company FFO, NOI and GAAP net income or loss, FFO, Adjusted Company FFO and NOI may not be accurate indicators of our operating performance, especially during periods in which we are acquiring and selling properties. In addition, FFO, Adjusted Company FFO and NOI are not necessarily indicative of cash flow available to fund cash needs and investors should not consider FFO, Adjusted Company FFO or NOI as alternatives to cash flows from operations, as an indication of our liquidity or as indicative of funds available to fund our cash needs, including our ability to make distributions to our shareholders.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO, Adjusted Company FFO and NOI. Also, 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.

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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 the three months ended March 31, 2026 and 2025 (unaudited and dollars in thousands, except share and per share amounts):


	Three Months Ended March 31,
FUNDS FROM OPERATIONS:	2026		2025
Basic and Diluted:
Net income (loss) attributable to common shareholders	$	(1,942)	$	17,279
Adjustments:
Depreciation and amortization - real estate	45,233		48,822
Impairment charges - real estate, from our share of non-consolidated entities	1,250		—

Amortization of leasing commissions	1,752		1,690
Joint venture and noncontrolling interest adjustment	1,332		1,207
Gain on sale or disposal of, and recovery on, real estate, net	(2,304)		(24,635)


FFO available to common shareholders - basic	45,321		44,363
Preferred dividends	1,572		1,572
Amount allocated to participating securities	131		127
FFO available to all equityholders - diluted	47,024		46,062


Transaction costs(1)	15		—
Loss on debt satisfaction, net	299		350


Adjusted Company FFO available to all equityholders - diluted	$	47,338	$	46,412


Per Common Share Amounts
Basic:
FFO	$	0.78	$	0.76

Diluted:
FFO	$	0.80	$	0.78
Adjusted Company FFO	$	0.80	$	0.78




Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS	58,163,030	58,341,212



Diluted:
Weighted-average common shares outstanding - diluted EPS	58,163,030	58,459,654

Preferred shares - Series C	942,114	942,114
Weighted-average common shares outstanding - diluted FFO	59,105,144	59,401,768

(1) Transaction costs, including costs associated with terminated investments, such as non-refundable deposits and legal fees.

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Off-Balance Sheet Arrangements

As of March 31, 2026, we had investments in various real estate entities with varying structures. The real estate investments owned by our institutional joint ventures are generally financed with non-recourse debt. Non-recourse debt is generally defined as debt whereby the lenders' sole recourse with respect to borrower defaults is limited to the value of the assets collateralized by the debt. The lender generally does not have recourse against any other assets owned by the borrower or any of the members or partners of the borrower, except for certain specified exceptions listed in the particular loan documents. These exceptions generally relate to “bad boy” acts, including fraud, prohibited transfers and breaches of material representations, and environmental matters. We have guaranteed such obligations for certain of our non-consolidated entities with respect to $475.8 million of such non-recourse debt. We believe the likelihood of making any payments under such guaranties is remote and we generally have an agreement from each partner to reimburse us for its proportionate share of any liability related to a guarantee trigger unless such trigger is caused solely by us.

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ITEM 3. QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

Our exposure to market risk relates primarily to our variable-rate indebtedness not subject to interest rate swaps and our fixed-rate debt. Our consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was $18.5 million and $46.6 million at March 31, 2026 and 2025, which represented 1.4% and 3.0%, respectively, of our aggregate principal consolidated indebtedness. During the three months ended March 31, 2026 and 2025, our variable-rate indebtedness had a weighted-average interest rate of 5.7% and 6.3%, respectively. Had the weighted-average interest rate been 100 basis points higher, our interest expense for the three months ended March 31, 2026 and 2025 would have increased by $0.047 million and $0.1 million, respectively. As of March 31, 2026 and 2025, our aggregate principal consolidated fixed-rate debt was $1.3 billion, which represented 98.6% and 97.0%, respectively, of our aggregate principal indebtedness.

For certain of our financial instruments, fair values are not readily available since there are no active trading markets as characterized by current exchanges between willing parties. Accordingly, we derive or estimate fair values using various valuation techniques, such as computing the present value of estimated future cash flows using discount rates commensurate with the risks involved. However, the determination of estimated cash flows may be subjective and imprecise. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. The following fair value was determined using the interest rates that we believe our outstanding fixed-rate debt would warrant as of March 31, 2026 and is indicative of the interest rate environment as of March 31, 2026, 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 $1.3 billion as of March 31, 2026.

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. To achieve these objectives, we manage our exposure to fluctuations in market interest rates through the use of fixed-rate debt instruments to the extent that reasonably favorable rates are obtainable with such arrangements. We may enter into derivative financial instruments such as interest rate swaps or caps to mitigate our interest rate risk on a related financial instrument or to effectively lock the interest rate on a portion of our variable-rate debt. As of March 31, 2026, we had interest rate swap agreements (see Note 8 to our unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report).

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report to determine if such controls and procedures were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including each of our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures were effective as of March 31, 2026.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this Quarterly Report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls. Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

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PART II - OTHER INFORMATION

ITEM 1.Legal Proceedings.

From time to time, we are directly and indirectly involved in legal proceedings arising in the ordinary course of our business, including claims by lenders under non-recourse carve-out guarantees. We believe, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on our business, financial condition and results of operations.

ITEM 1A.Risk Factors.

There have been no material changes in our risk factors from those disclosed in the Annual Report.

ITEM 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchase of Equity Securities.

There were no repurchases of our common shares during the three months ended March 31, 2026.

ITEM 3.Defaults Upon Senior Securities - not applicable.

ITEM 4.Mine Safety Disclosures - not applicable.

ITEM 5.Other Information

During the three months ended March 31, 2026, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.Exhibits.


Exhibit No.		Description

3.1	—	Articles of Merger and Amended and Restated Declaration of Trust of the Company, dated December 31, 2006 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 8, 2007)(1)
3.2	—	Articles Supplementary Relating to the Reclassification of 8.05% Series B Cumulative Redeemable Preferred Stock, par value $0.0001 per share, and 7.55% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 per share (filed as Exhibit 3.4 to the Company's Current Report on Form 8-K filed November 21, 2013)(1)
3.3	—	Articles of Amendment to the Amended and Restated Declaration of Trust, dated as of December 14, 2021 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 16, 2021)(1)
3.4	—	Articles of Amendment to the Amended and Restated Declaration of Trust, dated as of May 26, 2022 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 27, 2022)(1)
3.5	—	Articles of Amendment to Amended and Restated Declaration of Trust, dated as of October 30, 2025 (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K filed November 12, 2025 (the "11/12/2025 8-K"))(1)
3.6	—	Third Amended and Restated By-laws of the Company (filed as Exhibit 3.1 to the Company's Quarterly Report on from 10-Q filed May 19, 2023)(1)
4.1	—	Specimen of Common Shares Certificate of the Company (filed as Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021)(1)
4.2	—	Form of 6.50% Series C Cumulative Convertible Preferred Stock certificate (filed as Exhibit 4.1 to the Company's Registration Statement on Form 8A filed December 8, 2004)(1)
4.3	—	Amended and Restated Trust Agreement, dated March 21, 2007, among the Company, The Bank of New York Trust Company, National Association, The Bank of New York (Delaware), the Administrative Trustees (as named therein) and the several holders of the Preferred Securities from time to time (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 27, 2007 (the “03/27/2007 8-K”))(1)
4.4	—	Junior Subordinated Indenture, dated as of March 21, 2007, between Lexington Realty Trust and The Bank of New York Trust Company, National Association (filed as Exhibit 4.2 to the 03/27/07 8-K)(1)
4.5	—	Indenture, dated as of May 9, 2014, among the Company and U.S. Bank, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed May 13, 2014)(1)
4.6	—	Second Supplemental Indenture, dated as of August 28, 2020, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 28, 2020)(1)
4.7	—	Third Supplemental Indenture, dated as of August 30, 2021, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 30, 2021)(1)
4.8	—	Fourth Supplemental Indenture, dated as of November 13, 2023, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 13, 2023)(1)
10.1	—	Third Amended and Restated Credit Agreement, dated as of January 13, 2026, among the Company, as borrower, each of the financial institutions initially signatory thereto together with their assignees pursuant to Section 12.5 therein and KeyBank, as agent (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 14, 2026)(1)
31.1	—	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(2)
31.2	—	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(2)
32.1	—	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3)

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32.2	—	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(3)
101.INS	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (2, 5)
101.SCH	—	Inline XBRL Taxonomy Extension Schema (2, 5)
101.CAL	—	Inline XBRL Taxonomy Extension Calculation Linkbase (2, 5)
101.DEF	—	Inline XBRL Taxonomy Extension Definition Linkbase Document (2, 5)
101.LAB	—	Inline XBRL Taxonomy Extension Label Linkbase Document (2, 5)
101.PRE	—	Inline XBRL Taxonomy Extension Presentation Linkbase Document (2, 5)
104	—	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

(1) Incorporated by reference.

(2) Filed herewith.

(3) Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 11 or 12 of the Securities Act of 1933, as amended (the “Securities Act”), or Section 18 of the Securities Exchanges Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of those sections, and shall not be part of any registration statement to which it may relate, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing or document.

(4) Management contract or compensatory plan or arrangement.

(5) The following materials from this Quarterly Report on Form 10-Q for the period ended March 31, 2026 are formatted in Inline XBRL (Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Balance Sheets of the Company; (ii) Unaudited Condensed Consolidated Statements of Operations of the Company; (iii) Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) of the Company; (iv) Unaudited Condensed Consolidated Statements of Changes in Equity of the Company; (v) Unaudited Condensed Consolidated Statements of Cash Flows of the Company; and (vi) Notes to Unaudited Condensed Consolidated Financial Statements of the Company, detailed tagged.

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SIGNATURES

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


		LXP Industrial Trust

Date:	April 29, 2026	By:	/s/ T. Wilson Eglin
			T. Wilson Eglin
			Chief Executive Officer and President (principal executive officer)

Date:	April 29, 2026	By:	/s/ Nathan Brunner
			Nathan Brunner
			Chief Financial Officer, Executive Vice President and Treasurer (principal financial officer)

LXP Industrial Trust - 10-Q quarterly report FY

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