LXP Industrial Trust (LXP) Earnings Call Transcript & Summary

Hello, and welcome to the 2020 Annual Meeting of Shareholders of Lexington Realty Trust. Please note that today's meeting is being recorded. [Operator Instructions] All those questions pertaining to the formal business of the meeting will be addressed during the meeting itself. It is now my pleasure to turn today's meeting over to Will Eglin, the Chairman of the meeting. Mr. Eglin, the floor is yours.

Thank you. Good morning, ladies and gentlemen. The meeting will please come to order. I'm Will Eglin, the Chairman, Chief Executive Officer and President of Lexington Realty Trust. It is my pleasure to welcome all of you to the 2020 annual meeting of shareholders. I will serve as the Chairman of today's meeting. It is just after 10 a.m. And in accordance with the notice of the meeting, I call this meeting to order. Before proceeding to the business of the meeting, I would like to note that we will conduct the business portion of the meeting first and then answer many questions as possible. Only validated shareholders may ask questions that are related to the business of the meeting. On the screen are the agenda and the rules of conduct and procedures for today's meeting. To conduct an orderly meeting, we ask that participants abide by these rules. Here with me today are Joe Bonventre, Executive Vice President, General Counsel and Secretary of the Trust, who will act as Secretary of the meeting; and Megan O'Shaughnessy, who will act as inspector of elections. Our independent trustee nominees on the line with us are: Richard Frary, Lawrence Gray, Jamie Handwerker, Claire Koeneman and Howard Roth. Also joining on the line are representatives of Deloitte & Touche LLP, our independent registered public accounting firm. They will be available during the discussion session after the meeting to respond to any appropriate questions. I have been provided an affidavit by Computershare certifying as to the proper mailing of the notice of the annual meeting commencing April 6, 2020, which will be filed with the records of the meeting. In addition, the alphabetical list of shareholders of record as of March 6, 2020, the record date for this meeting, and the number of shares held by each is available on the left of your screen for inspection by shareholders. I have been advised by the inspector of election that shareholders entitled to cast a majority of all of the votes entitled to be cast at this meeting are present in person or by proxy at this meeting. Based on the inspector's report, I declare that a quorum is present and that the meeting is duly constituted for the transaction of business. The matters scheduled for formal action at this meeting are: first, the election of 6 trustees to serve until the 2021 annual meeting or until their early resignation or removal and until their respective successors, if any, are elected and qualified; second, to vote upon an advisory nonbinding resolution to approve the compensation of the named executive officers as disclosed in the Trust's 2020 proxy statement; third, to ratify the appointment of Deloitte & Touche LLP as the Trust's independent registered public accounting firm for the fiscal year ending December 31, 2020; and fourth, if necessary, to transact such other business as may properly come before this meeting or any adjournment or postponement of this meeting. Will anyone attending this meeting who has not yet voted or wishes to change his or her vote, please do so at this time by clicking on the Cast Your Vote link on the left side of your screen and following the instructions there. We will now pause for a moment to respond to any questions on the proposals and to allow any shareholders that want to vote or change their votes to do so. There have been no questions submitted pertaining to the proposals. The polls for voting on the matters before this meeting are hereby closed. At this time, I am pleased to announce the preliminary voting results for the 3 proposals. More than a majority of the votes cast have been voted for election of each of the nominees for trustee. I hereby declare that each nominee has been duly elected and qualified. More than a majority of the votes cast have been voted for the advisory nonbinding resolution to approve the compensation of the named executive officers as disclosed in the Trust's 2020 proxy statement. More than a majority of the votes cast have been voted for the ratification of the appointment of Deloitte & Touche LLP as the Trust's independent registered public accounting firm for the fiscal year ending December 31, 2020. We will be reporting the final results on a Form 8-K within the required time. There being no other business to be brought before this meeting, this concludes the formal portion of the business on today's agenda. The meeting is now adjourned. We have now come to that part of the agenda providing for general questions and discussion. To ask a question, click on the message icon to submit your question or comment.

Will, we have no questions.

In that case, there being no questions. I want to thank everyone for attending this meeting.

This concludes the meeting. You may now disconnect.