LXP Industrial Trust

Good day and welcome to the Lexington Realty Trust fourth quarter 2020 earnings call and webcast. All participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. If you would like to withdraw your question, please press star then two. Thank you, Operator.

Welcome to Lexington Realty Trust's 4th Quarter 2020 Conference Call and Webcast. The earnings release was distributed this morning, and 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. Lexington 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 Lexington files with the SEC from time to time, could cause Lexington's actual results to differ materially from those expressed or implied by such statements. Except as required by law, Lexington does not undertake a duty to update any forward-looking statements. In the earnings press release and quarterly supplemental disclosure package, Lexington has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure. Any references in these documents to adjusted company FFLs refers 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 Lexington's historical or future financial performance, financial position, or cash flows. On today's call, Will Eglin, Chairman and CEO, Beth Boulerice, CFO, and Brendan Mullinix, CIO, will provide a recent business update and commentary on fourth quarter results. Executive Vice Presidents Lara Johnson and James Dudley will be available during the Q&A portion of our call. I will now turn the call over to Will.

Thanks, Heather. Good morning, everyone. 2020 was an outstanding year for Lexington, and our fourth quarter results were excellent across all our business lines. In the fourth quarter, we generated adjusted company funds from operations of 19 cents per diluted common share to end the year at 76 cents per diluted common share, the high end of our guidance range. Following a robust quarter of $182 million of industrial purchases and $292 million of sales, our industrial exposure increased to 91% of our gross real estate assets