LXP Industrial Trust (LXP) Proxy Filing summary

Executive summary

• Achieved strong 2024 operating results with 5.0% same-store NOI growth, robust leasing, and strategic investments in Sunbelt and lower Midwest markets.

• Sold $252 million in non-target assets and redeployed capital into Class A industrial properties and development projects.

• Locked in fixed rates on 97% of debt through 2026, with net debt to adjusted EBITDA at 5.9x and a plan to reduce leverage as EBITDA grows.

• Board and management emphasize corporate responsibility, transparency, and regular shareholder engagement, connecting with 75% of the shareholder base in 2024.

Voting matters and shareholder proposals

• Election of eight trustees to serve until the 2026 annual meeting.

• Advisory, non-binding vote to approve executive compensation.

• Proposal to amend the 2022 Equity-Based Award Plan, increasing shares available by 5,000,000.

• Ratification of Deloitte & Touche LLP as independent auditor for 2025.

Board of directors and corporate governance

• Board consists of eight trustees, 87.5% independent, with diverse expertise in real estate, finance, cybersecurity, and governance.

• Annual trustee elections, majority vote standard, proxy access, and retirement policy for trustee refreshment.

• Committees: Audit and Cyber Risk, Compensation, and Nominating & ESG, all composed of independent trustees.

• Lead Independent Trustee role established, with robust responsibilities.