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Investments in Real Estate and Real Estate Under Construction (Tables) | 12 Months Ended
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Dec. 31, 2013
Real Estate Investments, Net [Abstract] |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2013 and 2012:
|  | 2013 |  | 2012
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,008,709 |  |  | $ | 2,969,050 |
Land, land estates and land improvements |  | 793,418 |  |  | 581,199 |
Fixtures and equipment |  | 5,861 |  |  | 7,705 |
Construction in progress |  | 4,306 |  |  | 6,512 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 486,743 |  |  | 401,503 |
Tenant relationships |  | 172,640 |  |  | 179,655 |
Above-market leases |  | 102,774 |  |  | 104,756 |
Investments in real estate under construction |  | 74,350 |  |  | 65,122 |
|  | 4,648,801 |  |  | 4,315,502 |
Accumulated depreciation and amortization(1) |  | (1,223,381 | ) |  | (1,150,417 | )
Real estate, net |  | $ | 3,425,420 |  |  | $ | 3,165,085 |
(1) | Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018.
Schedule of Acquired Properties | The Company, through property owner subsidiaries, completed the following acquisitions and build-to-suit transactions during 2013 and 2012: 2013:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Above Market Lease Value |  | Lease in-place Value
Industrial | Long Island City, NY | February 2013 | $ | 42,124 |  | 03/2028 | $ | — |  |  | $ | 42,124 |  |  | $ | — |  |  | $ | — |
Industrial | Houston, TX | March 2013 | $ | 81,400 |  | 03/2038 | $ | 15,055 |  |  | $ | 57,949 |  |  | $ | — |  |  | $ | 8,396 |
Office (1) | Denver, CO | April 2013 | $ | 34,547 |  | 04/2028 | $ | 2,207 |  |  | $ | 26,724 |  |  | $ | — |  |  | $ | 5,616 |
Retail(2) | Tuscaloosa, AL | May 2013 | $ | 8,397 |  | 05/2028 | $ | 2,793 |  |  | $ | 5,604 |  |  | $ | — |  |  | $ | — |
Land(3) | New York, NY | October 2013 | $ | 302,000 |  | 10/2112 | $ | 224,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 77,065 |
Land | Danville, VA | October 2013 | $ | 4,727 |  | 01/2029 | $ | 3,454 |  |  | $ | — |  |  | $ | 673 |  |  | $ | 600 |
Retail(4) | Albany, GA | November 2013 | $ | 7,074 |  | 11/2028 | $ | 1,468 |  |  | $ | 5,606 |  |  | $ | — |  |  | $ | — |
Office(5) | Various | December 2013 | $ | 13,144 |  | 12/2033 | $ | 1,522 |  |  | $ | 10,374 |  |  | $ | — |  |  | $ | 1,248 |
Office | Omaha, NE | December 2013 | $ | 39,125 |  | 11/2033 | $ | 2,058 |  |  | $ | 32,343 |  |  | $ | — |  |  | $ | 4,724 |
|  |  | $ | 532,538 |  |  | $ | 253,492 |  |  | $ | 180,724 |  |  | $ | 673 |  |  | $ | 97,649 |
Weighted-average life of intangible assets (years) |  |  |  |  |  | 15.3 |  |  | 82.5 |
(1) | T he Company incurred additional tenant related costs of $3,825.
(2) | The Company incurred leasing costs of $323. The property was sold in September 2013.
(3) | Includes three properties.
(4) | The Company incurred leasing costs of $338.
(5) | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in bu ilding and improvements above.
In addition, during 2013, the Company deposited $638 toward the purchase of a to-be-built industrial property in Lewisburg, Tennessee for an estimated cost of $12,767. Substantial completion of the property is expected to occur in the second quarter of 2014 although there can be no assurance that the acquisition will be consummated. 2012:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Lease in-place Value |  | Tenant Relationships Value
Office | Huntington, WV | January 2012 | $ | 12,558 |  | 11/2026 | $ | 1,368 |  |  | $ | 9,527 |  |  | $ | 1,405 |  |  | $ | 258 |
Office | Florence, SC | February 2012 | $ | 5,094 |  | 02/2024 | $ | 774 |  |  | $ | 3,629 |  |  | $ | 505 |  |  | $ | 186 |
Land/ Infrastructure | Missouri City, TX | April 2012 | $ | 23,000 |  | 04/2032 | $ | 14,555 |  |  | $ | 5,895 |  |  | $ | 2,135 |  |  | $ | 415 |
Industrial | Shreveport, LA | June 2012 | $ | 12,941 |  | 03/2022 | $ | 1,078 |  |  | $ | 10,134 |  |  | $ | 1,590 |  |  | $ | 139 |
Retail | Valdosta, GA(1) | August 2012 | $ | 7,791 |  | 08/2027 | $ | 2,128 |  |  | $ | 5,663 |  |  | $ | — |  |  | $ | — |
Office | Jessup, PA | August 2012 | $ | 24,917 |  | 08/2027 | $ | 2,520 |  |  | $ | 17,656 |  |  | $ | 3,336 |  |  | $ | 1,405 |
Office | Saint Joseph, MO | September 2012 | $ | 17,571 |  | 06/2027 | $ | 607 |  |  | $ | 14,004 |  |  | $ | 2,528 |  |  | $ | 432 |
Retail | Opelika, AL(1) | November 2012 | $ | 7,978 |  | 11/2027 | $ | 1,446 |  |  | $ | 6,532 |  |  | $ | — |  |  | $ | — |
Office | Phoenix, AZ | December 2012 | $ | 53,200 |  | 12/2029 | $ | 5,585 |  |  | $ | 36,099 |  |  | $ | 8,956 |  |  | $ | 2,560 |
Office | Eugene, OR | December 2012 | $ | 17,558 |  | 11/2027 | $ | 1,541 |  |  | $ | 13,099 |  |  | $ | 2,414 |  |  | $ | 504 |
|  |  | $ | 182,608 |  |  | $ | 31,602 |  |  | $ | 122,238 |  |  | $ | 22,869 |  |  | $ | 5,899 |
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 15.7 |  |  | 16.0 |
(1) Incurred leasing costs of $488 for Valdosta and $355 for Opelika. Properties were sold in 2013.
Schedule of Development Arrangements Outstanding | As of December 31, 2013, the Company had the following development arrangements outstanding:
Location | Property Type | Square Feet |  | Expected Maximum Commitment/Contribution ($ millions) |  | Lease Term (Years) |  | Estimated Completion Date
Rantoul, IL | Industrial | 813,000 |  |  | $ | 42.6 |  |  | 20 |  | 1Q 14
Bingen, WA | Industrial | 124,000 |  |  | $ | 18.9 |  |  | 12 |  | 2Q 14
Las Vegas, NV | Industrial | 180,000 |  |  | $ | 29.6 |  |  | 20 |  | 3Q 14
Richmond, VA | Office | 279,000 |  |  | $ | 98.6 |  |  | 15 |  | 3Q 15
|  | 1,396,000 |  |  | $ | 189.7 |  |  |  |  |
Schedule of Purchase Price Allocation | The following table summarizes the allocation of the fair value of amounts recognized for each major class of assets and liabilities:
Real estate assets |  | $ | 325,310 |
Lease related intangible assets |  | 124,330 |
Cash |  | 8,107 |
Other assets |  | 36,179 |
Total acquired assets |  | 493,926 |
Secured debt |  | 252,517 |
Other liabilities, including below-market leases |  | 23,686 |
Total assumed liabilities |  | 276,203 |
Fair value of acquired net assets (represents 100% interest) |  | $ | 217,723 |
Schedule of Finite-Lived Intangible Assets by Major Class | Intangible assets and liabilities recorded in connection with the above acquisition are set forth as follows:
|  |  | Weighted Average Amortization Period (in Years)
In-place leases |  | $ | 59,819 |  | 6.2
Tenant relations |  | 24,828 |  | 4.6
Above-market leases |  | 39,683 |  | 8.4
Total intangible assets acquired |  | $ | 124,330 |  |
Below-market leases |  | $ | 1,529 |  | 2.7
Business Acquisition, Pro Forma Information | The information presented below is not necessarily indicative of what the actual results of operations would have been had the transaction been completed on January 1, 2011, nor does it purport to represent the Company's future operations:
|  | 2012 |  | 2011
Gross revenues |  | $ | 372,603 |  |  | $ | 356,918 |
Net income (loss) attributable to Lexington Realty Trust shareholders |  | $ | 8 |  |  | $ | (111,787 | )
Net loss attributable to common shareholders |  | $ | (22,985 | ) |  | $ | (135,924 | )
Net loss per common share - basic and diluted |  | $ | (0.14 | ) |  | $ | (0.89 | )

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