LXP Industrial Trust (LXP) Business

Item 1. Business

General

We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. 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. A majority of our 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. However, certain leases provide that the landlord is responsible for certain operating expenses.

As of December 31, 2025, we had equity ownership interests in approximately 108 consolidated real estate properties, located in 14 states and containing an aggregate of approximately 52.7 million square feet of space, approximately 97.1% of which was leased.

History and Current Corporate Structure

We were formed in 1993 and converted to a Maryland real estate investment trust in December 1997. Primarily all of our business is conducted through wholly-owned subsidiaries.

Strategy

General. Our business strategy is focused on growing our portfolio in our 12 target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise. We acquire and develop Class A warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation.

We partner with merchant builders for build-to-suit projects and speculative development properties. We own interests in approximately 514 acres of developable land in our target markets. We believe our development strategy has the potential to provide us with higher returns than we could obtain by acquiring fully-leased buildings. We also believe our strategy of partnering with merchant builders mitigates against certain development risks and overhead costs because our partners are generally responsible for entitling the land and most cost overruns.

We believe our predominantly single-tenant industrial portfolio mitigates against unexpected costs and the cyclicality of many asset classes and investment strategies, including multi-tenant industrial, and provides shareholders with a secure dividend. While our strategy may be more conservative than other industrial REITs, we believe it provides defensive attributes for investors in the industrial sector and better growth potential for investors compared to the net lease sector.

Target Markets. We focus our investment strategy on 12-growing markets within the Sunbelt and lower Midwest where we believe there are advantages to building a geographic concentration.

We believe our target markets have strong growth prospects for us to build a concentration of assets. We evaluate properties using the following criteria:

•Expanding transportation and logistics networks;

•Markets attracting reshoring and advanced manufacturing investment;

•Distances to major population centers;

•Population growth;

•Employment growth;

•Physical and regulatory constraints;

•Labor cost and availability;

•Utility costs;

•Land cost and availability; and

•Re-tenanting opportunities and costs.

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(Percentage of Gross Book Value as of December 31, 2025)

We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets.

We may opportunistically dispose of select properties outside of our target markets as the need for liquidity arise to fund our development strategy and/or enhance the quality of our portfolio.

Building Type. We target general purpose, Class A warehouse and distribution facilities that are versatile, easily leased to alternative users and have other attractive features, including some or all of the following features:

•Clear heights generally ranging from 28 feet for smaller buildings to 40 feet for larger buildings;

•Wide column spacing and speed bays;

•Efficient loading dock ratios;

•Deep truck courts;

•Cross docking for larger facilities; and

•Ample trailer and employee parking.

The average age of our warehouse/distribution facilities as of December 31, 2025, was approximately 9.9 years.

Tenants. We believe we have a diversified tenant base and are not dependent upon any one tenant. While we invest primarily in single-tenant facilities, we believe our target market approach and tenant credit strength mitigates somewhat against binary risk in occupancy. As of December 31, 2025, our largest tenant represented 6.5% of our ABR and 47.4% of our ABR was from tenants with investment grade credit ratings (either tenant, guarantor or parent/ultimate parent). See “Item 2—Properties—Tenant Diversification.”

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Institutional Fund Management. We also provide advisory services and co-invest with institutional investors in non-consolidated entities. One of these institutional joint ventures, NNN Office JV L.P. (“Office JV”), in which we have a 20% interest, was formed in 2018 upon our disposition of a portfolio of office assets and has five office properties as of December 31, 2025. Another one of these institutional joint ventures, NNN MFG Cold JV L.P. (“MFG Cold JV”), in which we have a 20% interest, was formed in 2021 upon our disposition of a portfolio of 22 special purpose industrial properties outside of our warehouse and distribution strategy and has 21 properties as of December 31, 2025.

MFG Cold JV has additional equity commitments of $250 million, of which our proportionate share is $50 million, for the acquisition of special purpose industrial properties outside of our warehouse and distribution focus. We believe investing in special purpose industrial properties in a joint venture structure allows us to mitigate the risk of investing in these types of higher-yielding industrial assets while earning certain fees related to the operation and growth of the joint venture. MFG Cold JV has not made any acquisitions since its original formation transaction.

Our institutional joint ventures use non-recourse mortgage loans to finance their investments.

Insurance

We maintain comprehensive property, liability and pollution insurance policies with limits and deductibles that we believe are appropriate for our portfolio. Our property insurance policy includes, among other customary coverages, business interruption, windstorm coverage and terrorism coverage, subject to certain exclusions and deductibles. The premiums for our property, liability and pollution insurance are generally reimbursed by our tenants. We also maintain Directors and Officers, Crime, Fiduciary Liability, Employment Practices Liability, Cyber and Miscellaneous Professional Liability insurance.

Regulation

We are subject to various laws, ordinances and regulations, including:

REIT. We elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 1993. We intend to continue to qualify as a REIT. If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income taxes on our net taxable income that is currently distributed to our common shareholders. We conduct certain taxable activities through our taxable REIT subsidiary ("TRS"), Lexington Realty Advisors, Inc.

Americans with Disabilities Act. Our properties must comply with the Americans with Disabilities Act of 1990, as amended, or the Americans with Disabilities Act, to the extent that such properties are “public accommodations” as defined under the Americans with Disabilities Act. Although we believe that our properties in the aggregate substantially comply with current requirements of the Americans with Disabilities Act, and we have not received any notice for correction, we have not conducted a comprehensive audit or investigation of all of our properties to determine whether we are in compliance.

Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances.

As of December 31, 2025, we are not aware of any environmental conditions or material costs of complying with environmental or other government regulations that would have a material adverse effect on our overall business, financial condition, or results of operations. However, it is possible that we are not aware of, or may become subject to, potential environmental liabilities or material costs of complying with government regulations that could be material. See “Risks Related to Our Business” in Item 1A. “Risk Factors” for further information regarding our risks related to government regulations.

Competition

There are numerous developers, real estate companies, financial institutions, such as banks and insurance companies, and other investors with greater financial or other resources that compete with us in seeking properties for acquisition and tenants who will lease space in these properties.

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Operating Segments

We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and accordingly, have only one operating segment. While we have target markets, we do not allocate capital by market or operate properties in specific markets independent of our overall portfolio.

Human Capital

While our investment focus is on physical assets, human capital is critical to our success. We believe investing in our team will result in value creation for our shareholders. We strive to maintain a supportive work atmosphere that values community and promotes professional and personal growth, work autonomy and health and wellness. We rely on our employees and the employees of our contractors and vendors to operate our business and implement our strategy.

Employees. As of December 31, 2025, we had 58 full-time employees. None of our employees are covered by a collective bargaining agreement. Each of our employees work in one or more of the following departments: Investments, Asset Management, Accounting, Tax, Corporate, Legal and Information Technology.

On at least an annual basis, our Chief Executive Officer submits a management succession plan that provides for the ordinary course and emergency succession for our Chief Executive Officer and other key members of management, which is reviewed by the Nominating and Corporate Responsibility Committee of our Board of Trustees and, ultimately, our Board of Trustees.

Attraction & Retention of Talent. We compete for talent by providing competitive compensation and benefits and by working to maintain a culture that is supportive and collaborative and that provides opportunities for both personal and professional growth. Some of our benefit highlights are:

•Broad use of long-term equity awards subject to time-based vesting and, for our named executive officers, performance-based vesting, giving more employees ownership in us in an effort to retain their services and align their interests with our shareholders.

•Medical insurance with a portion of the premiums paid by us, and dental and vision benefits at no cost to all of our employees.

•Competitive paid time off policy.

•A 401(k) plan with matching and profit sharing contributions from the Company.

•Flexible- and hybrid-working arrangements.

•Professional and career development reimbursements.

•Employee stock purchase plan where all employees can defer a portion of their salary to purchase Company stock at a discount.

•Semi-annual performance reviews and an online platform to provide real-time feedback.

•Anniversary bonuses for employees who have reached certain tenure amounts.

Training and Development. In addition to our professional development policy, we maintain a variety of training programs for our employees, including annual trainings for sustainability, accounting, cybersecurity, human rights, harassment (for managers and non-managers) and anti-corruption/bribery. During 2025, none of our employees violated our anti-corruption/bribery policies and we did not pay any fines for violating anti-corruption/bribery laws or regulations.

Employee Engagement. We regularly engage our employees through the following methods:

•During 2025, we conducted a mid-year performance review for our non-executive employees and a year-end performance review for all of our employees. The year-end performance review process consisted of a 360-degree review where non-executive employees were reviewed by their immediate supervisor and a peer and reviewed their

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immediate supervisor. The performance of each of our executive-titled employees is reviewed by our Chief Executive Officer, which is presented to, and discussed by, the Compensation Committee of our Board of Trustees.

•During 2025, we engaged our employees with several surveys, including an employee satisfaction survey. The participation rate for the employee satisfaction survey was 98% and we achieved a 95% overall satisfaction rate.

Vendors and Contractors. We outsource the following material functions:

•Information Technology. We engaged (1) a third-party provider of virtual desktop and digital workspaces for managed IT services and (2) a national accounting and advisory firm through its digital product line, for virtual chief technology officer services, including as our chief information security officer.

•Internal Audit. We engaged a “big-four” accounting firm to assist with our internal audit function.

•Property Management. We primarily engaged national property management firms for the management of our properties where we have operating responsibilities. We also use the management affiliates of the developer/sellers of properties we acquire and develop for the management of such properties if we have operating responsibilities and we believe it is important for such management affiliates to continue to manage the property.

We maintain a supplier code of conduct for our vendors and contractors.

Corporate Responsibility

We believe that our commitment to corporate responsibility ("CR") matters will create long-term value for our shareholders while addressing the evolving needs of our other stakeholders. We maintain a CR platform focused on environmental and social objectives, which is overseen by the Nominating and Corporate Responsibility Committee of our Board of Trustees.

Developing strategies that reduce our environmental impact and operational costs is a critical component of our CR program. When feasible, we implement base building upgrades and provide tenants with improvement allowance funds to complete cost-saving sustainability features. We believe our current environmental targets are appropriate for our portfolio and focus on Scope 1 and Scope 2 greenhouse gas emissions, energy data coverage, green building certifications and LED lighting.

We have integrated environmental resilience planning into our broader business strategy, and we evaluate physical and transitional risks across our portfolio. In 2025, we analyzed our exposure to and preparedness for these risks for properties representing the top 75% of our portfolio by gross asset value. We believe these efforts, combined with using Carbon Risk Real Estate Monitor pathways, position us to remain resilient and to take advantage of opportunities for cost savings.

In 2025, we maintained Gold-level Green Lease Leader recognition for embedding sustainability provisions into lease agreements, enabling better energy management and collaboration with tenants. We also maintain an "A" ranking in the U.S. Industrial Peer Group for GRESB Public Disclosure.

Our social initiatives reflect a deep dedication to the well-being of our employees, tenants, and communities. We engage our

workforce in health and wellness initiatives, training and professional development, and volunteering and charitable giving efforts. Additionally, we continued our internship program, which further underscores our commitment to fostering talent and expanding opportunities in the commercial real estate sector.

Through our CR initiatives, we reinforce our commitment to long-term shareholder value. We remain focused on integrating these strategies in our operations to ensure we continue to drive responsible value creation.

Corporate Information

Principal Executive Offices. Our principal executive offices are located at 515 N Flagler Dr, Suite 408, West Palm Beach, Florida 33401; our telephone number is (212) 692-7200.

Web Site. Our Internet address is www.lxp.com. We make available, free of charge, on or through the Investors section of our web site or by contacting our Investor Relations Department, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission, or SEC. Also posted on our web site, and available in print upon request of any shareholder to our Investor Relations Department, are our declaration of trust and by-laws, charters for the Audit and Risk

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Committee, Compensation Committee and Nominating and Corporate Responsibility Committee of our Board of Trustees, our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics governing our trustees, officers and employees (which contains our whistleblower procedures). Within the time period required by the SEC and the NYSE, we will post on our web site any amendment to the Code of Business Conduct and Ethics and any waiver applicable to any of our trustees or executive officers or other people performing similar functions, and that relate to any matter enumerated in Item 406(b) of Regulation S-K. In addition, our web site includes information concerning purchases and sales of our equity securities by our executive officers and trustees as well as disclosure relating to certain non-GAAP financial measures (as defined in the SEC's Regulation G) that we may make public orally, telephonically, by webcast, by broadcast or by similar means from time to time. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding LXP at http://www.sec.gov. Information contained on our web site or the web site of any other person is not incorporated by reference into this Annual Report or any of our other filings with or documents furnished to the SEC.

Our Investor Relations Department can be contacted at LXP Industrial Trust, 515 N Flagler Dr, Suite 408, West Palm Beach, Florida 33401, Attn: Investor Relations, by telephone: (212) 692-7200, or by e-mail: ir@lxp.com.

NYSE CEO Certification. Our Chief Executive Officer made an unqualified certification to the NYSE with respect to our compliance with the NYSE corporate governance listing standards in 2025.