Equity

Shareholders' Equity:

During the three months ended March 31, 2012 and 2011, the Company issued 298,662 and 277,044 common shares, respectively, under its direct share purchase plan, raising net proceeds of approximately $2,145 and $2,084, respectively. The proceeds were used for general working capital; primarily to fund investments and retire indebtedness.

Accumulated other comprehensive income as of March 31, 2012 and December 31, 2011 represented $1,882 and $1,938, respectively, of unrealized gain on interest rate swaps, net.

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 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 the three months ended March 31, 2011, 60,980 common shares were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $343. No OP units were redeemed during the three months ended March 31, 2012.

As of March 31, 2012, there were approximately 4,026,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with their respective partnership agreements. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the applicable 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 (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests
	Three Months ended March 31,
	2012		2011
Net income (loss) attributable to Lexington Realty Trust shareholders	$	3,611	$	(17,439	)
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	—		343
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$	3,611	$	(17,096	)