LXP Industrial Trust (LXP) investor relations material

Executive summary

• A July 19, 2026 merger agreement provides for the merger into Leopard Merger Sub LLC, which would be wholly owned by Leopard REIT LLC after closing, except for outstanding Series C preferred shares.

• Supplemental disclosures were filed after one shareholder lawsuit and 14 law-firm demand letters; defendants deny the allegations and say the added disclosures are voluntary, not an admission of liability or materiality.

Voting matters and shareholder proposals

• A virtual special meeting is scheduled for October 26, 2026, at 9:00 a.m. ET, including a vote to approve the merger agreement.

• The October 9 lawsuit seeks to block the shareholder vote and merger closing pending corrective disclosures, and seeks a declaration that any approval based on the existing proxy is void, plus fees and costs; 14 demand letters also allege disclosure deficiencies as of October 16.

• BofA Securities’ peer analysis showed 2027E enterprise value/EBITDA multiples of 20.8x and 15.9x, and 2027E FFO multiples of 20.1x and 15.0x, for First Industrial and STAG, respectively.

• BofA’s precedent-transaction analysis applied NTM EBITDA multiples of 15.8x–21.5x; its DCF covered Q3 2026–FY2030, used 15.0x–18.0x terminal multiples and 8.1%–9.2% discount rates, and valued cash flows as of June 30, 2026.

Board of directors and corporate governance

• Brookfield’s preliminary cash proposals rose from $50.00 per common share on July 9, 2025, to $55.00 on October 16, 2025, and $56.00 on March 18, 2026; none included post-closing employment or equity participation for trustees or executives.

• The Compensation Committee and Nominating and Corporate Governance Committee discussed the March 18, 2026 proposal on March 20; a lead independent trustee and another independent trustee were also updated on proposals during the process.

• Brookfield and CPPIB proposed $57.25 per common share on May 4, 2026, then $60.00 on June 6; both proposals barred further dividends, had no financing contingency and proposed 45-day exclusivity, with the revised proposal adding customary no-shop and market termination fee provisions.