<SEC-DOCUMENT>0001444838-16-000081.txt : 20161003
<SEC-HEADER>0001444838-16-000081.hdr.sgml : 20161003
<ACCEPTANCE-DATETIME>20160805121233
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001444838-16-000081
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXINGTON REALTY TRUST
		CENTRAL INDEX KEY:			0000910108
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133717318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		(212) 692-7200

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES TRUST
		DATE OF NAME CHANGE:	19980625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES INC
		DATE OF NAME CHANGE:	19930816
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div><a name="s6d4d2826b54842929861aaf005d4bf76"></a></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LEXINGTON REALTY TRUST</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">One Penn Plaza, Suite 4015</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">New York, NY 10119-4015</font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 5, 2016</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">VIA EDGAR</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporate Finance</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C.  20549</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attn:  Robert F. Telewicz, Jr., Branch Chief</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:6px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:508px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:48px;"></td><td style="width:460px;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Re:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Lexington Realty Trust</font></div><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form 10-K for the fiscal year ended December 31, 2015</font></div><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Filed February 25, 2016</font></div><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">File No. 001-12386</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Mr. Telewicz:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This letter sets forth the response of Lexington Realty Trust (&#8220;Lexington&#8221; or &#8220;we&#8221;) to the Staff's comment letter, dated July 26, 2016, in connection with the Staff's review of the Form 10&#8209;K for the fiscal year ended December 31, 2015 (as applicable, the &#8220;Form 10-K&#8221;).  Capitalized terms used herein and not otherwise defined herein have the meanings specified in the Form 10-K, as applicable.  For your convenience, we have repeated the Staff's comments prior to our responses below.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 8-K 2.02 filed on May 6, 2016</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exhibit 99-1</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note that you disclose non-GAAP numbers such as same store NOI and total NOI, and several ratios that are calculated using non-GAAP numbers such as Net Debt / EBITDA. However, it does not appear you have provided reconciliations for each non-GAAP financial measure provided, or used in the calculations, nor shown the measures or ratios as calculated using the most directly comparable GAAP financial measures. In future filings please ensure all non-GAAP numbers are provided in accordance with the requirements of Item 10(e) of Regulation S-K. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Lexington will, in all future filings, ensure that all non-GAAP financial measures are provided in accordance with the requirements of Item 10(e) of Regulation S-K.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">__________________________________________________________</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Tel: (212) 692-7200 &#9679;  Fax: (212) 594-6600 &#9679; Website: www.lxp.com</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 5, 2016</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Page </font><font style="font-family:inherit;font-size:12pt;">2</font><font style="font-family:inherit;font-size:12pt;">&#32;of 3</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 10-Q filed on May 5, 2016</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Funds from operations, page 27</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note your presentation of Company FFO available to common shareholders and unitholders &#8211; diluted and your highlighting of this number in your press releases that contained your quarterly earnings and supplemental operating and financial data. In future filings, for a clearer disclosure please label this number: Adjusted FFO available to all equityholders and unitholders &#8211; diluted. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The National Association of Real Estate Investment Trusts, Inc. (&#8220;NAREIT&#8221;) defines Adjusted FFO, or AFFO, as NAREIT Funds from Operations less &#8220;(1) normalized recurring expenditures that are capitalized by the REIT and then amortized, but which are necessary to maintain a REIT&#8217;s properties and its revenue stream (e.g., new carpeting and drapes in apartment units, leasing expenses and tenant improvement allowances) and (2) &#8220;straight-lining&#8221; of rents.&#8221;&#160; Lexington&#8217;s presentation of Company FFO is not intended to represent AFFO as defined by NAREIT.&#160; Lexington believes that labeling Company FFO as Adjusted FFO will be misleading to readers familiar with the NAREIT definition of Adjusted FFO.&#160; As a result, Lexington intends to label such number Adjusted Company FFO available to all equityholders and unitholders - diluted.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 10-K filed on February 25, 2016</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Notes to consolidated financial statements, page 68</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">(8) Fair value measurements, page 78</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">It appears that you determine the fair value of impaired real estate assets using internal valuation methods. Please tell us how you have complied with ASC 820-10-50-2(bbb), or tell us how you determined it was not necessary to provide quantitative information about the significant unobservable inputs used in the fair value measurements.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:12pt;">Lexington determines the fair value of impaired real estate using broker opinions of value, recent sales offers and an internal valuation method utilizing prices from prior transactions and third-party pricing information (information provided by tenants and real estate professionals) without adjustment.&#160;&#160; Lexington does not believe that unobservable inputs, to the extent used, are significant because these inputs are specific to an underlying property in the overall valuation and the average or range would not provide any value to the reader or be applicable to any other properties in Lexington&#8217;s portfolio or Lexington&#8217;s portfolio as a whole because of the portfolio&#8217;s geographic, property type and tenant industry diversification.&#160; As a result, Lexington believes it has complied with ASC 820-10-50-2(bbb) with respect to the Form 10-K disclosure.&#160; In future filings, to the extent there are significant unobservable inputs used in Lexington&#8217;s fair value measurement, Lexington will disclose such significant unobservable inputs. &#160;</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 5, 2016</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Page </font><font style="font-family:inherit;font-size:12pt;">3</font><font style="font-family:inherit;font-size:12pt;">&#32;of 3</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">At the request of the Staff, Lexington acknowledges that: </font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">it is responsible for the adequacy and accuracy of the disclosure in its filing;</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to its filings; and</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">it may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We would greatly appreciate your prompt attention in resolving any remaining open issues.  If you have any questions regarding the responses to the Staff's comments, please call the undersigned at (212) 692-7215.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sincerely,</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Patrick Carroll</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Patrick Carroll, Chief Financial Officer</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">cc:&#160;&#160;&#160;&#160;Elizabeth Noe, Esq., Paul Hastings LLP</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div>	</body>
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