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Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Equity | Equity Shareholders' Equity: At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts. During the nine months ended September 30, 2021, the Company sold 1,052,800 shares under the ATM Program for net proceeds of $13,574. The Company did not sell shares under the ATM program during the nine months ended September 30, 2022. During the nine months ended September 30, 2022, the Company issued 3,649,023 common shares previously sold on a forward basis in the first quarter of 2021 on the maturity date of the contracts and received $38,492 of net proceeds. During the nine months ended September 30, 2021, the Company settled 3,875,751 common shares previously sold on a forward basis on the maturity date of the contract and received $41,933 of net proceeds. During 2021, the Company amended the terms of its ATM offering program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of September 30, 2022, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program. Underwritten equity offerings. During 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering that have not yet settled. The forward sales contracts mature in December 2022, subject to the Company's rights to elect cash or net share settlement. As of September 30, 2022, the forward sales contracts had an aggregate settlement price of $182,141, which is subject to adjustment in accordance with the forward sales contracts. Stock Based Compensation. During the nine months ended September 30, 2022 and 2021, the Company issued 47,505 and 38,803, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $616 and $437, respectively. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of an additional up to 10,000,000 common shares under the Company's share repurchase program with no expiration date. During the nine months ended September 30, 2022, 11,702,074 common shares were repurchased and retired for an average price of $10.84 per share. There were no common shares repurchased during the nine months ended September 30, 2021. As of September 30, 2022, 7,274,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were $3,649 of unsettled repurchases as of September 30, 2022. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at September 30, 2022. The shares have a dividend of $3.25 per share per annum and have a liquidation preference of $96,770. As of September 30, 2022, 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. Holders of 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. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Balance at beginning of period |  | $ | (6,258) |  |  | $ | (17,963) |
Other comprehensive income before reclassifications |  | 22,469 |  |  | 3,381 |
Amounts of loss reclassified from accumulated other comprehensive income to interest expense |  | 1,557 |  |  | 3,691 |
Balance at end of period |  | $ | 17,768 |  |  | $ | (10,891) |
Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in LCIF (“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 at the holder's option for approximately 1.13 common shares, subject to future adjustments. As of September 30, 2022, there were approximately 745,000 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
| Nine Months Ended September 30,
| 2022 |  | 2021
Net income attributable to LXP Industrial Trust shareholders | $ | 75,310 |  |  | $ | 120,358 |
Transfers from noncontrolling interests: |  |  |
Increase in additional paid-in-capital for reallocation of noncontrolling interests | — |  |  | 435 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 177 |  |  | 670 |
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ | 75,487 |  |  | $ | 121,463 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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