Mr. Lowell Baron reports

BROOKFIELD AND CPP INVESTMENTS COMPLETE ACQUISITION OF LXP INDUSTRIAL TRUST

Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board (CPP Investments) have completed their acquisition of LXP Industrial Trust in an all-cash transaction.

The transaction values LXP at approximately $5.2-billion, including net debt and preferred equity. Under the terms of the agreement, LXP shareholders will receive $61.20 per share in cash. As the transaction has now been completed, LXP's shares no longer trade on the New York Stock Exchange and LXP is a privately held company.

LXP's portfolio comprises 107 industrial properties spanning approximately 52 million square feet in attractive markets in the Sunbelt and Midwest. The properties benefit from strong occupancy and long-duration leases that generate durable cash flows, and are well positioned to benefit from demand for modern, high-quality logistics properties. These assets will be integrated into Brookfield's global logistics platform, which spans more than 255 million square feet across over 850 properties in 20 countries.

"This acquisition reflects our conviction in the long-term fundamentals of the U.S. industrial sector," said Lowell Baron, chief executive officer of Brookfield Real Estate. "We are acquiring a portfolio of modern logistics assets at an attractive basis in markets benefiting from strong demand for large-scale distribution facilities with limited supply. Combined with durable in-place cash flows, embedded rental growth and our operating expertise, these dynamics create a compelling opportunity to drive value for our investors."

"The acquisition of LXP adds a high-quality, scaled portfolio of modern logistics properties to our diversified portfolio of U.S. real estate investments," said Sophie van Oosterom, managing director, head of real estate, at CPP Investments. "With strong occupancy and exposure to key distribution markets, we believe LXP is well positioned to capture further value as logistics markets evolve, supporting attractive long-term returns for the CPP fund."

Advisers

BofA Securities Inc. served as lead financial adviser, J.P. Morgan Securities LLC served as co-financial adviser and Hogan Lovells Cadwalader U.S. LLP served as legal adviser to LXP.

Citigroup Global Markets Inc and Morgan Stanley & Co. LLC served as lead financial advisers, Goldman Sachs & Co. LLC, Santander and Scotiabank served as financial advisers, Sumitomo Mitsui Banking Corp. served as a structuring adviser, and Gibson, Dunn & Crutcher LLP and Thompson Hine LLP served as legal advisers to Brookfield and CPP Investments, with DLA Piper LLP serving as legal adviser to CPP Investments in connection with certain aspects of the transaction. Dechert LLP served as legal adviser to Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC in connection with certain aspects of the transaction.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, energy, private equity, real estate and credit. Brookfield invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. The company offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, the company makes investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, Sao Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan at arm's length from governments. At June 30, 2026, the fund totalled $863.6-billion.