Lescott concedes his side's Champions League performances were simply 'not good enough'.
"It hasn't been of a Man City standard this season so we are disappointed all round really," he told Sky Sports.
"We've adapted ourselves well at times but throughout the tournament we haven't consistently done well and it's not good enough.
"We need to continue to progress. Last year we made a good account of ourselves and were unfortunate not to go through, but this year it wasn't to be and next year should we qualify I'm sure we will be equipped to do better."