Overview Key strengths Key risks Pure-play industrial-focused portfolio with strong demand for properties expected to continue over the next several years given tailwinds from e-commerce. One of our smallest net-leased industrial portfolios, with a greater presence in secondary markets than its rated industrial peers (although it has been increasing exposure to primary markets). Good embedded growth (especially relative to other net-let leased REITs without exposure to industrial assets) with many current leases under market value. The industrial subsector has historically been more cyclical than other REIT subsectors, and oversupply could become an issue should development increase, especially in lower barrier markets. LXP has operated under a conservative financial policy over the past few years, with good liquidity and credit metrics
