LXP Industrial Trust : Recapitalization of Special Purpose Industrial Portfolio Presentation

$550 Million Recapitalization of Special Purpose Industrial Portfolio

January 3, 2022

LXP INDUSTRIAL TRUST

Disclosure

In the following presentation the term "pro forma" represents the adjustment to information at September 30, 2021 to reflect:

• The recapitalization of 22 special purpose industrial assets to a new joint venture
• The reclassification of four assets - two assets to Warehouse/Distribution from Light Manufacturing; one asset from Cold Storage to Other; and one asset from Heavy Manufacturing to Other

The recapitalization closed on December 29, 2021. Please refer to our Quarterly Supplemental Information Third Quarter 2021 for a list of defined terms used in this presentation.

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of LXP Industrial Trust ("LXP") to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in LXP's filings with the Securities and Exchange Commission. Except as required by law, LXP undertakes no obligation to (1) publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events or (2) update or supplement forward-looking statements that become untrue because of subsequent events. Accordingly, there is no assurance that LXP's expectations will be realized.

LXP INDUSTRIAL TRUST

LXPIndustrialTrust:afocusedportfolioofhighquality, single-tenantwarehouse/distributionfacilities

As of 9/30/211

Warehouse/Distribution

81%

Cold	Light	Heavy
Storage	Manufacturing	Manufacturing

5%6%8%

Pro Forma 9/30/21

LXP Industrial Trust

Consolidated Industrial Portfolio

102 warehouse/distribution facilities well-located in key logistics markets throughout the Sun Belt

and Midwest

Predominately single-tenant, Class A facilities

Square Footage: 48.8mm sf

Special Purpose Industrial JV

22 single-tenant,net-leased, industrial assets used for manufacturing, assembly, cold storage, R&D,

laboratory or other specialized uses

Square Footage: 6.7mm sf

1.	Percent of Base Rent for consolidated industrial properties owned as of 9/30/2021.	1

LXP INDUSTRIAL TRUST

RecapitalizationTransactionSummary

Transaction

• On December 29, 2021, LXP Industrial Trust ("LXP") recapitalized a 22- property special purpose industrial portfolio consisting of primarily manufacturing assets with a gross valuation of $550 million through a sale to a newly formed institutional joint venture (the "Joint Venture") with an affiliate of Davidson Kempner Capital Management LP
• • Culmination of a broad, competitive marketing process commenced in May 2021
  • GAAP and Cash capitalization rates of 7.4% and 7.2%1
  • LXP receives approximately $487mm in estimated net proceeds
  • Net proceeds expected to be used to satisfy credit line borrowings and fund the acquisition and development of warehouse/distribution assets in target markets

• The Joint Venture is 80% owned by an affiliate of Davidson Kempner Capital Management LP with LXP retaining a 20% equity interest

•	Additional $250 million pro rata equity commitment from partners for future acquisitions of
Ownership	single-tenant, special purpose industrial properties outside of LXP's core warehouse/distribution
	focus.

• • LXP is entitled to earn acquisition, asset management, property management and leasing fees and to participate in a promoted-interest incentive
• The Joint Venture obtained a $381 million (76% LTV) non-recourse mortgage loan secured by 21 assets

Financing	•	Interest rate spread of 245 bps over the one-month Term Secured Overnight Financing Rate
	(SOFR) and a term of 2 years with three 1-year extension options
•	One property transfers with an existing $26 million mortgage

1. Capitalization rates based on 3Q 2021 NOI annualized.	2

LXP INDUSTRIAL TRUST

TransactionBenefitstoLXP

Significantly improves portfolio quality with a warehouse/distribution focus

• Increases warehouse/distribution exposure to 93% of gross book value on a pro forma basis

Capitalizes on the underlying macro trend of de-globalizationleading to increased supply chain redundancies and re-shoringof means of production

Increases financial capacity for growth and reinvestment in warehouse/distribution assets on- balance sheet

Generates fee income to enhance return on equity - acquisition, asset management, property management and leasing fees

• Additional upside for LXP through 20% retained interest and promoted-interest incentive

Adds committed capital source to provide specialized industrial real estate financing solutions to existing LXP tenants and merchant builder relationships

3