LXP

Following successful execution of key strategic initiatives in 2025, 2026 focuses on creating value in land bank and addressing near-term explorations and existing vacancies. Year-to-date, 3.2 million square feet of new leases and lease renewals executed. Industrial fundamentals trend positively with first quarter U.S. net absorption of ~40 million square feet. Target markets made up ~29 million square feet (72% of U.S. net absorption). Active discussions on 7.4 million square feet of development and redevelopment leasing, vacancy, and expiration through 2027. Leasing activity strongest for large format facilities with increased demand from data center-related tenancy. Phoenix 1.2 million square foot development project under construction. Columbus has 69 acres of land sites supporting 1.25 million square feet of facilities. Future development projects to be funded via opportunistic asset sales in non-target markets; acquisition activity selective and funded via 1031 exchange transactions.

Adjusted company FFO 2026 guidance range is $3.22 to $3.37 per common share, and same store NOI growth guidance range is 1.5% to 2.5%. Anticipates second quarter same store NOI growth will be lower than first quarter, with higher same store NOI growth in the second half of the year. Full year 2026 G&A expected to be within the range of $39 million to $41 million.

Adjusted company FFO in the first quarter was approximately $47 million, or $0.80 per diluted common share, representing 2.6% growth compared to first quarter 2025. Same-store NOI growth was 2% for the quarter. The stabilized portfolio was 96.6% leased at quarter end and 97.1% leased pro forma for new leases signed in April. Year-to-date, 3.2 million square feet of new leases and lease renewals have been executed, with strong leasing momentum in large format facilities and increased demand from data center-related tenancy and manufacturing suppliers.

Certain factors and risks, including those included in the earnings press release and reports filed with the SEC, could cause actual results to differ materially from forward-looking statements. LXP does not undertake a duty to update any forward-looking statements except as required by law.

Q: One on the lack of big box space in some major markets including Phoenix, how it's impacting the market, pricing power, rent growth, and de-risking development project; A: In Phoenix, last two million-foot competitive buildings have leased. Prefer to pre-lease to de-risk.

Q: Update on remaining 2026 expirations; A: Good activity, some known move outs, but majority expected to renew.

Q: Lease up of vacant space in guidance; A: Guidance based on average occupancy, midpoint ~96.5%, high end 97%, low end 96%.

Q: Likelihood of starting projects in Columbus this year; A: Doing pre-development work, including design work on three buildings, maximum flexibility.

Q: Stock buyback appetite and capital allocation; A: Development better for value creation, use liquidity for buyback opportunistically.

Q: New leasing baked into guidance; A: Guidance based on 70% to 80% retention with buffer.

Q: Funding new developments with dispositions; A: Prefer to match fund sales with stabilized outcomes for development.

Q: Themes driving demand; A: Data center adjacent demand, growth in supplier demand for advanced manufacturers.

Q: Senior notes due in 28; A: They have a make-all structure, technically callable but require payment of premium.