Equity

Shareholders' Equity. During the three months ended March 31, 2013 and 2012, the Company issued 316,759 and 298,662 common shares, respectively, under its direct share purchase plan, raising net proceeds of $3,212 and $2,145, respectively. During the three months ended March 31, 2013, the Company issued 23,000,000 common shares in a public offering generating net proceeds of $258,086. The proceeds were used to repay borrowings under the Company's unsecured revolving credit facility and the balance for general corporate purposes, including acquisitions.

During the three months ended March 31, 2013, the Company implemented an At-The-Market offering program under which the Company may issue up to $100,000 in common shares over the term of the program. The Company issued 3,409,927 common shares under this program during the three months ended March 31, 2013 raising net proceeds of $35,925.

The Company issued 1,325,000 non-vested common shares to certain officers with a grant date fair value of $14,098 during the three months ended March 31, 2013. The non-vested common shares are subject to long-term retention non-vested share agreements and vest from 2018 to 2022 in accordance with the agreements. In addition, the Company issued 37,500 fully vested common shares to the non-management members of the Company's Board of Trustees with a grant date fair value of $399.

Accumulated other comprehensive loss as of March 31, 2013 and December 31, 2012 represented $5,522 and $6,224, respectively, of unrealized loss on interest rate swaps, net.

Changes in Accumulated Other Comprehensive Loss



	Gains and Losses on Cash Flow Hedges
Balance December 31, 2012	$	(6,224	)
Other comprehensive income before reclassifications	262
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense	440
Balance March 31, 2013	$	(5,522	)

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 the three months ended March 31, 2013, 88,442 common shares were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $458. No OP units were redeemed during the three months ended March 31, 2012.

As of March 31, 2013, there were approximately 3,719,000 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,
	2013			2012
Net income (loss) attributable to Lexington Realty Trust shareholders	$	(2,620	)	$	3,611
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	458			—
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests	$	(2,162	)	$	3,611