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Equity | 3 Months Ended
--- | ---
Mar. 31, 2024
Equity [Abstract] |
Equity | Equity Shareholders' Equity: During the three months ended March 31, 2024 and 2023, the Company granted common shares to certain employees as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Performance Shares:(1) |  |  |
Shares granted: |  |  |
Index - 1Q | 489,182 |  |  | 407,611 |
Peer - 1Q | 489,177 |  |  | 407,606 |
Grant date fair value per share:(2) |  |  |
Index - 1Q | $ | 6.01 |  |  | $ | 6.96 |
Peer - 1Q | $ | 5.68 |  |  | $ | 6.50 |
Non-Vested Common Shares:(3) |  |  |
Shares issued | 442,100 |  |  | 376,480 |
Grant date fair value | $ | 4,249 |  |  | $ | 4,010 |
(1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2024, 119,519 performance shares of the remaining 565,652 issued in 2021 vested. (2) The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three-year service period. 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 three months ended March 31, 2024, the Company amended the terms of its ATM program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. During the three months ended March 31, 2024 and 2023, the Company did not sell shares under the ATM program. Stock Based Compensation. During the three months ended March 31, 2024 and 2023, the Company issued 25,755 and 24,008, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $225 and $240, respectively. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. There were no common shares repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 6,874,241 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 no unsettled repurchases as of March 31, 2024. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2024. 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 March 31, 2024, 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:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Balance at beginning of period |  | $ | 9,483 |  |  | $ | 17,689 |
Other comprehensive income (loss) before reclassifications |  | 1,862 |  |  | (1,064) |
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense |  | (2,922) |  |  | (2,456) |
Balance at end of period |  | $ | 8,423 |  |  | $ | 14,169 |
Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in an operating partnership (“OP units”) as a form of consideration. All OP units, other than OP units owned by the Company, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company has determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 1.13 common shares. During the three months ended March 31, 2023, 3,572 common shares, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $18. On December 31, 2023, the operating partnership was merged with and into the Company and all outstanding OP units were converted into 822,627 common shares for a total value of $7,800 on a one to 1.13 basis. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:
| Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests
| Three Months Ended March 31,
| 2024 |  | 2023
Net income (loss) attributable to LXP Industrial Trust shareholders | $ | (269) |  |  | $ | 11,166 |
Transfers from noncontrolling interests: |  |  |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | — |  |  | 18 |
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests | $ | (269) |  |  | $ | 11,184 |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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