LXP Industrial Trust is a REIT that owns and leases Class A warehouse and distribution facilities in Sunbelt and lower Midwest markets. As of year-end 2025, LXP owns approximately 108 properties totaling ~52.7M square feet across 14 states, with portfolio occupancy of 97.1%. LXP focuses exclusively on single-tenant, large "big box" bulk logistics buildings — typically exceeding 500,000 square feet — featuring high clear heights, deep truck courts, and cross-dock configurations. Tenants include e-commerce companies, retailers, third-party logistics providers, and manufacturers, with ~47% of annualized base rent coming from investment-grade tenants. LXP leases to these tenants under long-term net leases, where tenants bear substantially all operating costs. The key earnings drivers are occupancy, contractual rent escalators (~2.8-2.9% annually, embedded in ~98.5% of leases), and mark-to-market rent increases as below-market leases expire. LXP estimates in-place rents are ~16% below market on leases expiring through 2030. LXP also develops new Class A facilities on its ~514-acre land bank, targeting yields above what stabilized acquisitions offer. LXP concentrates its portfolio in 12 target markets, and actively sells assets outside these markets, redeploying proceeds into target markets. LXP uses FFO as its primary earnings metric, the standard profitability measure for REITs.