XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.19.1

Equity | 12 Months Ended
--- | ---
Dec. 31, 2018
Equity [Abstract] |
Equity | Equity Shareholders' Equity: During 2016, the Company issued 577,823 common shares under its direct share purchase plan, which includes a dividend reinvestment component, raising net proceeds of approximately $4,115. In 2018 and 2017, no shares were issued under this plan. During 2013, the Company implemented, and in 2016, the Company updated, its At-The-Market offering program under which the Company may issue up to $125,000 in common shares over the term of this program. During 2017 and 2016, the Company issued 1,593,603 and 976,109 common shares, respectively, under this program and generated aggregate gross proceeds of $17,362 and $10,498, respectively. No shares were sold under this program in 2018. The proceeds from these issuances were primarily used for general working capital, to fund investments and retire indebtedness. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2018. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of December 31, 2018, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Investors in shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. During 2018, 2017 and 2016, the Company issued 965,932, 835,234 and 1,084,835 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria (see note 14). In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and increased this authorization by 10,000,000 common shares in 2018. This share repurchase program has no expiration date. During 2018 and 2016, the Company repurchased and retired 5,851,252 and 1,184,113, respectively, common shares at an average price of $8.05 and $7.56, respectively, per common share under this share repurchase program. No shares were repurchased in 2017. There were $2,641 of unsettled repurchases as of December 31, 2018. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:
|  | Twelve months ended December 31,
|  | 2018 |  | 2017
Balance at beginning of period |  | $ | 1,065 |  |  | $ | (1,033 | )
Other comprehensive income before reclassifications |  | 597 |  |  | 1,168 |
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense |  | (1,586 | ) |  | 930 |
Balance at end of period |  | $ | 76 |  |  | $ | 1,065 |
Noncontrolling Interests: In conjunction with several of the Company's acquisitions in prior years, sellers were issued OP units as a form of consideration. All OP units, other than OP units owned by the Company, are redeemable for common shares at certain times, at the option of the holders, and are generally not otherwise mandatorily redeemable by the Company. The OP units are classified as a component of permanent equity as the Company has determined that the OP units are not redeemable securities as defined by GAAP. Each OP unit is currently redeemable for approximately 1.13 common shares, subject to future adjustments. During 2018, 2017 and 2016, 53,388, 140,746 and 48,549 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $189, $584 and $210, respectively. As of December 31, 2018, there were approximately 3,177,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:
| Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests
| 2018 |  | 2017 |  | 2016
Net income attributable to Lexington Realty Trust shareholders | $ | 227,415 |  |  | $ | 85,583 |  |  | $ | 95,624 |
Transfers from noncontrolling interests: |  |  |  |  |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 189 |  |  | 584 |  |  | 210 |
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ | 227,604 |  |  | $ | 86,167 |  |  | $ | 95,834 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration