XML 49 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Discontinued Operations and Real Estate Impairment Discontinued Operations and Real Estate Impairment | 3 Months Ended
--- | ---
Mar. 31, 2014
Real Estate and Discontinued Operations [Abstract] |
Discontinued Operations and Real Estate Impairment | Discontinued Operations and Real Estate Impairment During the three months ended March 31, 2014, the Company disposed of its interest in one vacant property to an unrelated third party for a gross disposition price of $350. During the three months ended March 31, 2013, the Company disposed of its interest in one property to an unrelated third party for a gross disposition price of $1,900 and conveyed two properties in satisfaction of the $23,281 aggregate non-recourse secured mortgage loans. The Company recognized an aggregate net gain on debt satisfaction of $10,256 relating to discontinued operations during the three months ended March 31, 2013. As of March 31, 2014, the Company had four properties classified as held for sale. Held for sale properties had aggregate assets, primarily real estate, of $36,878 and aggregate liabilities of $19,204, including a non-recourse mortgage loan for $18,623, which was satisfied subsequent to March 31, 2014 (see note 15). The following presents the operating results for the properties sold for the applicable periods:
| Three months ended March 31,
| 2014 |  | 2013
Total gross revenues | $ | 1,214 |  |  | $ | 4,382 |
Pre-tax income (loss) | $ | (2,065 | ) |  | $ | 4,045 |
The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. During the three months ended March 31, 2014 and 2013, the Company recognized $2,309 and $7,344, respectively, of impairment charges in discontinued operations, relating to real estate assets that were disposed of below their carrying value or classified as held for sale. In addition, the Company recognized impairment charges of $16,400 and $2,413 in continuing operations during the three months ended March 31, 2014 and 2013, respectively. The Company explored the possible disposition of non-core properties, including retail, underperforming and multi-tenant properties and determined that the expected undiscounted cash flows based upon a revised estimated holding period of the properties were below the current carrying values. Accordingly, the Company reduced the carrying values of these properties to their estimated fair values of $5,574 and $4,277, respectively. The property impaired during the three months ended March 31, 2014, is encumbered by a $17,470 non-recourse secured mortgage loan.

X
- Details
Name: | lxp_RealEstateAndDiscontinuedOperationsAbstract
Namespace Prefix: | lxp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration