Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the LXP Industrial Trust First Quarter 2023 Earnings Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. Thank you. Heather Gentry, Investor Relations. You may begin your conference. Thank you, operator. Welcome to LXP Industrial Trust First Quarter 2023 Earnings Conference Call and Webcast. Both the release and quarterly supplemental are available on our website in the investors section and will be furnished to the SEC on a Form 8-K. Certain statements made during this conference call regarding future events and expected results may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. LXP believes that these statements are based on reasonable assumptions. However, certain factors and risks, including those included in today's earnings press release and those described in reports that LXP files with the SEC from time to time, could cause LXP's actual results to differ materially from those expressed or implied by such statements. Except as required by law, LXP does not undertake a duty to update any forward-looking statements. In the earnings press release and quarterly supplemental disclosure package, LXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure. Any references in these documents to adjusted company FFO refer to adjusted company funds from operations available to all equity holders and unit holders on a fully diluted basis. Operating performance measures of an individual investment are not intended to be viewed as presenting a numerical measure of LXP's historical or future financial performance, financial position, or cash flow. On today's call, Will Eglin, Chairman and CEO; Beth Boulerice, CFO; Brendan Mullinix, CIO; and Executive Vice President James Dudley will provide a recent business update and commentary on first quarter results. I will now turn the call over to Will. Thanks, Heather. Good morning, everyone. Our year is off to a good start with positive first quarter operating results and excellent year-to-date leasing outcomes underscored by significant rental increases and further progress stabilizing our development projects. In the quarter, we leased over 2 million sq ft, raising our base and cash base rents approximately 45% and 29% respectively. Notably, we achieved base and cash base rental increases of approximately 59% and 42% respectively when adjusted to exclude 1 fixed renewal. Average annual increases of 3% for these leases were 3.5% when adjusted for the fixed renewal, continue to highlight the upward trend of our escalators and improvement in our internal growth prospects. Our view of our mark-to-market opportunity remains favorable, and we look forward to a period of more active lease rollover for leases expiring in 2024 and beyond as the year progresses. Subsequent to quarter end, we had a great success leasing our recently completed 1.1 million sq ft Columbus development project to an investment grade tenant. We achieved a stabilized cash development yield of 7.3%, excluding our development partner Promote, which was well in excess of our original guidance on yield. Our remaining development pipeline is in various stages of completion, with all projects expected to be completed this year. We are working diligently to stabilize the remaining 4.3 million square feet, which represents roughly 7% of our overall portfolio, and we now expect to achieve stabilized cash yields in the 6%-6.5% range after development partner promotes. Moving to dispositions, we sold our remaining industrial asset in Detroit for $28 million during the quarter. As part of our overall business plan to commit capital to our target markets, we may exit certain non-core industrial markets over time with our industrial assets in these markets being viewed as potential sources of liquidity. We are actively seeking to dispose of our remaining office assets and look forward to finishing this plan as soon as possible. Our fee owned office portfolio of four assets, which we believe has an estimated value of approximately $75 million, currently generates approximately $12 million of annualized NOI. In addition, our Palo Alto office facility, which generates 0.02 per share of FFO, is subject to a ground lease that expires in December of this year with no renewal options. Moving to the balance sheet, net debt to adjusted EBITDA at quarter end was 6.3x. Our net debt to adjusted EBITDA would be 6.1x, including pro forma stabilization of the Phoenix facility leased in the quarter and the subsequently leased Columbus project I mentioned earlier. As we continue to stabilize developments, we expect EBITDA to improve and overall leverage to decline over time to be within a target range of five-six times net debt to adjusted EBITDA. On the ESG front, we continue to make important progress. In April, we were named a 2023 Green Lease Leader with gold recognition by the Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance for our green lease practices and policies. We are pleased to receive this recognition and look forward to increasing our green lease square footage through existing and new leases. Finally, we'd like to express our appreciation to Richard Frary, who has served as our lead independent trustee since 2017, and is stepping down in May. He has provided significant support and insights through our portfolio transformation with a commitment to enhancing shareholder value. We look forward to welcoming Jamie Handwerker into this role following the annual meeting in May, and benefiting from her valuable industry leadership and experience. With that, I'll turn the call over to Brendan to discuss our investments in more detail. Thanks, Will. During the quarter, we funded approximately $31 million in our six ongoing development projects. We anticipate spending an additional $76 million on these projects over the balance of the year, excluding any potential promotes. We're excited to see all of our development projects nearing final completion. In the first quarter, we substantially completed our 1 million+ sq ft projects in Ocala and Indianapolis, as well as the 400,000 sq ft pre-lease facility in our two property Phoenix development. The Phoenix property has been placed into service subject to a 10-year lease with 3.5% annual bumps and a stabilized cash yield of 7.4%, excluding partner promote. Subsequent to quarter end, we completed construction of our 1.1 million sq ft facility in Greenville, Spartanburg. We expect our remaining projects, including our South Shore development and the final facilities in our Phoenix and Greenville, Spartanburg projects, to complete over the next several months. Additionally, as Will mentioned, we leased the entire 1.1 million sq ft newly completed warehouse distribution facility in Etna, Ohio to an investment-grade tool manufacturer. We achieved significantly better terms than our original underwriting, with a starting rent of $4.85 per square foot and 3.5% annual bumps for just over 10 years. JD and his team are working diligently to stabilize our remaining development assets, and we continue to receive tenant interest for all the sites. We continue to keep our pulse on current market dynamics and are exploring a handful of build-to-suit opportunities. With that, I'll turn the call over to James to discuss leasing. Thanks, Brendan. We had an active quarter of leasing with volume of 2.3 million sq ft leased. It is certainly encouraging to see tenant demand and leasing remain strong despite some market-specific softness. Rents in our target markets grew approximately 18% in the first quarter compared to the same time period in 2022. As of the first quarter, we estimate our industrial portfolio's in-place rents for leases expiring through 2028 to be approximately 22% below market, with in-place rents forecasted to grow approximately 38% on average, or 28% net of contractual rent escalations based on independent broker estimates. Our industrial portfolio was 99.5% leased at quarter end. We have one remaining 2023 expiration and continue to address 2024 expirations, with estimated 2024 expiring rents expected to increase 20%-30% based on current negotiations and third-party broker estimates. We achieved several strong leasing outcomes during the quarter. The tenant in our 742,000 sq ft facility at Indianapolis exercised their fixed rate option to renew for five years, with annual rent increases of 2% per year through the January 2029 extended term. In the Atlanta market, we renewed the tenant in our 676,000 sq ft facility for seven years. We substantially exceeded our original underwriting by securing a new starting rent of $5.20 a sq ft, or a 66% increase over the previous per sq ft rent, and increasing annual rent bumps from 2.5%- 4%, demonstrating the strong fundamentals of the Atlanta market. Finally, we executed a seven-year lease on a March 2024 expiration with a tenant at our 851,000 sq ft industrial facility in Cleveland, Tennessee. At a starting rent per sq ft of $4.10, or 25% over the existing rent, with 3% annual bumps up from 1.2%, we believe this is a fantastic outcome for this property. With that, I'll turn the call over to Beth to discuss financial results. Thanks, James. First quarter revenue was approximately $85 million, with property operating expenses of roughly $15 million, of which approximately 94% was attributable to tenant reimbursement. Adjusted company FFO for the quarter was $0.17 per diluted common share, or approximately $50 million. We are maintaining our current adjusted company FFO guidance within a range of $0.66-$0.70 per diluted common share. As a reminder, this guidance considers the timing of development lease up and sales volume amongst other items discussed on today's call. G&A for the first quarter was approximately $9 million. We expect 2023 G&A to be within a range of $35 million-$37 million. Our same-store industrial portfolio was 99.8% leased at quarter end. Same-store industrial NOI increased 5% quarter to date compared to the same time period in 2022. We continue to anticipate our 2023 industrial same-store NOI growth to be within a range of 4%-5%. At quarter end, approximately 98% of our industrial portfolio leases had escalations with an average annual rate of 2.6%. We had full availability on our $600 million unsecured revolving credit facility as of March 31, 2023. Additionally, at quarter end, our consolidated debt outstanding was approximately $1.5 billion with a weighted average interest rate of 3.2% and a weighted average term to maturity of 6.3 years. Approximately 91.4% of this debt is fixed, which is beneficial in mitigating exposure to higher interest rates. Lastly, our unencumbered NOI remains exceptionally strong at over 93% of our total NOI. With that, I'll turn the call back over to Will. Thanks, Beth. I will now turn the call over to the operator, who will conduct the question-and-answer portion of this call. At this time, I would like to remind everyone, in order to ask a question, press star, then the 1 on your telephone keypad. Your first question comes from the line of Todd Thomas from KeyBanc Capital Markets. Your line is open. Hi. Thanks. Good morning. Just first question, on the development leasing. Is the Columbus lease commencement, is that anticipated for the second quarter of this year? Can you talk about demand for other ongoing developments and whether there are any other commencements embedded in the full year guidance? Sure. The commencement will be a second quarter commencement. However, the rent won't start until November on the Columbus lease, so there's a little bit of a free rent period. As far as the demand goes on the others, I mean, we have varying degrees of demand on all the assets that are under construction or just completed. We've got some that are pretty close to having a deal, and we have others where we've got RFP activity out, but nothing imminent on. It's across the board, but good demand across all the properties. Okay. The increase in the stabilized development yields to 6%- 6.5%, I think that was from the mid 5% range previously. Is that related to the Columbus lease primarily, or do you see upward pressure on the cash yields, you know, across the pipeline more broadly? No. That's, that's really forward-looking, Todd. I mean, the passage of time has helped us with market rent growth and, you know, we prefer to err on the side of being conservative to begin with in the context of guidance. With cap rates having come up a little bit, the cost of us buying out our development partner upon stabilization has also sort of worked in our favor. It's a combination of things. Okay. Will, the $75 million value, I think you mentioned for the office portfolio, is that right? Which assets are you including in that specifically? Can you describe that value, and those comments a little bit more? Can you speak to any updates around 1701 Market Street and also the two adjacent Charlotte office assets? Sure. Those valuations are from potential buyers of those assets. It's not, you know, it's not our estimate, and it's not like a broker's estimate. It's actually based on inbound interest. 1701 Market is included in that number and it is under contract at the moment, but with a lot of contingencies. That includes the four buildings, 1701 Market, the flight simulator facility in New Jersey, and the two Wells Fargo properties. We don't have an update on Wells' ongoing, you know, need with respect to occupancy in either of those buildings at the moment. We expect in the relatively short term that we'll know the outcome there, and that'll facilitate moving forward and monetizing those assets. Okay. Are there any additional details on 1701 Market, you know, either related to the contingencies or the potential timeline there? What should we be thinking about? I don't think there's more to add, other than a closing like that, is a lengthy process. We would be, you know, optimistic about being able to bring it in before the lease expires next January. Okay. All right. Thank you. Thanks, Todd. Your next question comes from the line of Jim Kammert from Evercore. Your line is open. Thank you. Good morning. Looking at the operating portfolio, it's about a 6.1 year WALT. Just curious, what is your strategy now thinking about trading term versus escalators? Just trying to get a sense if there's a goal to kind of raise that, or what's the ambition for the operating assets in terms of re-leasing? Sure. Thanks, Jim. I think the weighted average lease term will migrate, you know, shorter over time. Most renewal discussions are in the context of three and five-year leases. It's not unusual, you know, for the development pipeline to end up with a 10-year lease with the first user. It'll be a mix of outcomes, would probably get, you know, a little bit shorter as we approach, you know, our heavy period of mark-to-market starting next year. That's fair. I'm curious, you know, you think at this point in the cycle, you're comfortable. Obviously, if some are extensions, it's out of your control, but, you know, your preference is to continue to sort of focus on that five to seven-year horizon and take advantage of the growth in the markets. You don't feel you need to extend duration? Well, I think it really depends on the asset. You know, there's some where, if we can lock in some longer duration term with today's escalators, we think that's a good outcome. You know, often the lease on a development project, the term is really negotiated for by the tenant who's often making a big investment in the building. I think it's a mix of outcomes. Simply in our position, we're just trying to optimize what's best for each asset. Great. Finally, looked like the second-generation CapEx and TIs are pretty low, but I guess that's really a function that two of the leases were really just options and extensions, so you didn't have a lot of CapEx. Seems anomalously low this quarter. Yeah. It's just a matter of timing and when projects come online as far as if we're going to do any kind of CapEx regarding maybe a roof or something like that. It's really just a matter of timing. Okay. Thank you. That's right. One of the extensions was a fixed rate extension that came with no TI. The other two opportunities we were able to keep the TI down to $1 on the extensions. Terrific. Thank you. Thanks, Jim. Your next question comes from the line of Mitch Germain from JMP Securities. Your line is open. Thanks for taking my question. I'm just curious about future development. Is it market specific or is it really going to be driven by leasing at this point? I think it's principally driven by leasing. You know, we're very focused on stabilizing what we've got. It doesn't mean we're not willing to look at new projects, but I think, you know, a rule of thumb where we're trying to stabilize, you know, more projects compared to what we might look at committing to going forward. I think that's thematically, I'd like to see a little more stabilization before we think about starting something new. We're happy. You know, in Phoenix, for example, our land bank we think is very valuable. There could be some opportunity there and, you know, Columbus looks good to us also. Great. That's helpful. Obviously, you sold an asset industrial property in Detroit, and I'm curious what you learned from that process with regards to, bidding pool, demand, pricing. You know, what do you take away from that process? The, the bidding pool was pretty deep on that one, but it was a long-term lease with flat rent. The capitalization rate was high there. That didn't reflect, you know, a shortage of bidders. It really reflected the term and the lack of growth. We thought it was a good sale because it was $147 a foot. No, there's, you know, there's capital out there to sell into for sure. Longer, you know, longer duration leases are really become more a function of leveraged IRR and require positive leverage. That's helpful. Then the last one for me, the Indy renewal, I know it's a fixed rate. Was the rate higher or was it just at market or can you provide some perspective there? It's below market. I mean, it's a 2% escalation over the 5 years, so annual escalation. That was something that was negotiated into the original lease that we acquired. Excellent. Thank you, guys. Thanks, Mitch. Again, if you would like to ask a question, hit star 1 on your telephone keypad. Your next question comes from a line of Vince Tibone from Green Street. Your line is open. Hi, good morning. Good morning. Given the strong yield in excess of, 7% on the Columbus and Phoenix developments, do you expect to promote payment to your partner? If so, how will that, you know, change the yields that LXP would achieve? Yes, there will be a promote payment. It hasn't been determined as of the moment, but I think you should think of Columbus probably landing, you know, in sort of the 6.5 area or maybe a little bit above there. Still a very good outcome for us, beating our guidance by about 100 basis points net of promote. Got it. On the Phoenix end, it doesn't sound like you're expecting a promote. Can you just maybe take a step back and just kind of walk us through now that, you know, especially given you've increased your development yields, they're, you know, low-to-mid 6s% for the rest of the pipeline. Hopefully, there's upside there. Like, at what point does a promote potentially get paid? Just, you know, if you could help us think a little bit about that'd be, that'd be helpful. Sure. This is Brendan. Yeah. The Phoenix development is actually a two building development. The promote will be determined upon leasing the second building. I think that in terms of the guidance that we gave for the remaining portion of the pipeline that's yet to stabilize, that's 6%-6.5%. I think Phoenix will be at the upper end of that range, probably in the mid-sixes to above that. The different joint ventures have different promote structures. It's fair to say that in all of the projects that are yet to stabilize with the guidance that we've given, there is a promote that's being paid. Got it. That's helpful. Thank you. One just thing to clarify, I guess, around guidance and disposition plans. Are you still, you know, marketing the non-core market industrial assets? Is that incorporated into 2023 guidance? Should we expect, you know, cap rates on any industrial sales to be similar to the levels, you know, you achieved on the Detroit disposition? Was that, you know, a little bit of a higher cap rate asset versus the, you know, overall mix of stuff targeted for sale on the industrial side? No, Detroit was very high because of the term and the lack of rent growth. you know, we will have some things in the market to sell, and we're really looking at where we want to land the year-end balance sheet with our revolver clear. There will be some sales in that portfolio that we've identified. The number and volume are yet to be determined. Yeah. Got it. It seems like it's fair to say, though, that the cap rate will likely be lower on their, you know, any other potential industrial sales than you got on Detroit. Is that a fair? I don't want to put a range or number on that. Yeah. No, that. It's going to be lower. ... that's a fair assumption, for sure. Great. All right. Thank you. Appreciate the time. Thanks, Vince. Your next question comes from the line of John Massocca from Ladenburg Thalmann. Your line is open. John Massocca, Good morning. Hey, John. Thanks for the clarification. This has been the central question. Sorry I dropped from the call, so if you already addressed this, my apologies. Have you seen an influx of kind of proposals from development partners as a result of some of the regional banking stress that's been out there recently? Has that impacted kind of your return hurdles at all? Is that part of what's driving this? Is the increase more just about rent and interest rates? No. Well, I guess to address first the question about the increase in guidance. You know, as I had indicated over the last couple of quarters, between market rent growth that we've seen during construction and higher exit cap rates, reducing promotes, we thought that there was a potentially good opportunity to exceed the original guidance. As we've gotten closer to completion and leasing, we're raising our guidance today as we have. We are seeing more inbound inquiries from developers looking for capital partners. It's both a function of challenges in the debt market, but there are also challenges in the equity markets in terms of spec buildings finding equity capital. I do think that will present opportunities for us to expand our relationships. Also, as it relates to the portfolio, we're seeing, and I think everyone in the market is seeing, a very significant slowdown in new starts, which I think will ultimately drive more rent growth in our existing portfolio and in our pipeline that's underway. Okay ... that's encouraging for us. You mentioned there are a couple submarkets that maybe had a little bit of kind of supply concern in the near term. I guess, how long are the legs on some of that supply delivery in maybe some of those, you know, tougher markets, if you will? I mean, if you just kind of look at the broader horizon, you know, you had net absorption nationally at $62 million, and you had $129 million in deliveries. You have vacancy rising and, if specific to our markets, we don't have a ton of exposure to submarkets with kind of the supply-demand imbalance. Indy is one. I mean, we've got some softness in the Indianapolis market. I think the legs are pretty short-lived. I mean, with what Brendan just mentioned about there not being another wave coming on, there's still a significant tenant demand. I think you're going to see strong leasing this year, and I think you're going to see an increase in the near term of vacancy, but then probably sometime next year into 2025, it's probably going to get tight again. I think it's a short window. Okay. On the development, kind of, construction cost side, seems like there's been a bit of mixed messaging broadly about whether that's starting to abate and even go backwards or if kind of there's a little bit of a surprising kind of increase in kind of construction costs in certain areas. I mean, what are you seeing today? I think as you described it, is accurate. It's pretty mixed. I don't think there's a clear direction yet on whether we're going to see a reduction in construction costs. Okay. That's it for me. Thank you very much. Thanks, John. There are no further questions at this time. Mr. Will Eglin, I turn the call back over to you for some final closing remarks. Thanks again for joining us this morning. Please visit our website or contact Heather Gentry if you would like to receive our quarterly materials. In addition, as always, you may contact me or any of the other members of our management team with any questions. Thanks again. Have a great day. This concludes today's conference call. Thank you for your participation. You may now disconnect.