This report does not constitute a rating action. During the first quarter, LXP?s same store net operating income (NOI) grew by 5.2% compared to the prior year period while the portfolio also remained well occupied at 93.3%. LXP continues to capture mark to market upside of its portfolio, reporting healthy cash leasing spreads in the most recent quarter. LXP has less than 3.5% of annualized base rents subject to expiring leases remaining this year which should support steady, healthy same property rent growth supported by embedded rent escalators of 2.8%, and sustained occupancy. In May, LXP fully leased one of its recently completed large scale (1.1 million square feet) development projects located in South Carolina, which should improve occupancy and
