Investments in Real Estate

9 Months Ended

Sep. 30, 2026

During the nine months ended September 30, 2026, the Company acquired the following covered infill industrial redevelopment site:


Market (% owned)	Acquisition Date	Initial Cost Basis		Primary Lease Expiration Date	Land		Building and Improvements		In-place Lease Intangible		Above Market Lease Intangible, net
Phoenix, AZ (100%)(1)	May 2026	$	103,164	03/31	$	47,300	$	21,693	$	24,843	$	9,328







Weighted-average life of intangible assets (years)									4.9

(1) The Company views the acquisition as a covered land investment with the potential for future redevelopment into industrial warehouse facilities. As of the acquisition date, the property remains subject to an existing lease, and the timing of any redevelopment is unknown.

During the three months ended September 30, 2026, the Company acquired the remaining 10% ownership in a joint venture that owns three warehouse/distribution facilities in Greer, South Carolina. Prior to the acquisition, the Company owned 90% of the joint venture and consolidated the entity in its financial statements. The Company acquired the remaining ownership for an aggregate of $10,942. Because the joint venture was already consolidated, the transaction was accounted for as an equity transaction and no gain or loss was recognized. The $5,071 difference between the consideration paid and the carrying amount of the noncontrolling interest was recorded as an adjustment to additional paid-in capital.

As of September 30, 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 09/30/26(1)		LXP Amount Funded as of 09/30/26(2)		Estimated Base Building Completion Date	% Leased as of 09/30/26
Development Projects
Reems & Olive - Building D (95.5%)	1	Phoenix, AZ	1,184,591	$	121,900	$	98,163	$	73,924	4Q 2026	100.0	%

Redevelopment Projects
Orlando (100.0%)(3)	1	Central FL	350,990	$	9,400	$	18,130	$	3,900	3Q 2027	—	%



Land Infrastructure Improvements
Reems & Olive (95.5%)(4)	N/A	Phoenix, AZ	N/A	$	16,500	$	13,650	$	16,439	N/A	N/A

Total	2		1,535,581	$	147,800	$	129,943	$	94,263

(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 September 30, 2026, the Company's aggregate investment in the ongoing development arrangements was $129,943. This amount included capitalized interest of $1,244 for the nine months ended September 30, 2026 and is presented as Investments in real estate under construction in the accompanying unaudited Condensed Consolidated Balance Sheets. For the nine months ended September 30, 2025, capitalized interest for development arrangements was $103.

As of September 30, 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 9/30/2026		LXP Amount Funded as of 9/30/2026(1)
Consolidated
Reems & Olive (95.5%)	Phoenix, AZ	240	$	57,178	$	57,077
Mt. Comfort Phase II (80.0%)	Indianapolis, IN	116	5,879		4,768
ATL Fairburn (100.0%)	Atlanta, GA	14	1,732		1,779
Total Consolidated Land		370	$	64,789	$	63,624

(1) Excludes noncontrolling interests' share.