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Investments in Real Estate and Real Estate Under Construction (Tables)
 12 Months Ended
Dec. 31, 2013
Real Estate Investments, Net [Abstract]  
Schedule of Net Real Estate
The Company's real estate, net, consists of the following at December 31, 2013 and 2012:
 
 
2013
 
2012
Real estate, at cost:
 
 
 
 
Buildings and building improvements
 
$
3,008,709

 
$
2,969,050

Land, land estates and land improvements
 
793,418

 
581,199

Fixtures and equipment
 
5,861

 
7,705

Construction in progress
 
4,306

 
6,512

Real estate intangibles:
 
 
 
 
In-place lease values
 
486,743

 
401,503

Tenant relationships
 
172,640

 
179,655

Above-market leases
 
102,774

 
104,756

Investments in real estate under construction
 
74,350

 
65,122

 
 
4,648,801

 
4,315,502

Accumulated depreciation and amortization(1)
 
(1,223,381
)
 
(1,150,417
)
Real estate, net
 
$
3,425,420

 
$
3,165,085

(1)
Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018.
Schedule of Acquired Properties
The Company, through property owner subsidiaries, completed the following acquisitions and build-to-suit transactions during 2013 and 2012:
2013:
 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Location
Acquisition/Completion Date
Initial Cost Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Above Market Lease Value
 
Lease in-place Value
Industrial
Long Island City, NY
February 2013
$
42,124

03/2028
$
—

 
$
42,124

 
$
—

 
$
—

Industrial
Houston, TX
March 2013
$
81,400

03/2038
$
15,055

 
$
57,949

 
$
—

 
$
8,396

Office (1)
Denver, CO
April 2013
$
34,547

04/2028
$
2,207

 
$
26,724

 
$
—

 
$
5,616

Retail(2)
Tuscaloosa, AL
May 2013
$
8,397

05/2028
$
2,793

 
$
5,604

 
$
—

 
$
—

Land(3)
New York, NY
October 2013
$
302,000

10/2112
$
224,935

 
$
—

 
$
—

 
$
77,065

Land
Danville, VA
October 2013
$
4,727

01/2029
$
3,454

 
$
—

 
$
673

 
$
600

Retail(4)
Albany, GA
November 2013
$
7,074

11/2028
$
1,468

 
$
5,606

 
$
—

 
$
—

Office(5)
Various
December 2013
$
13,144

12/2033
$
1,522

 
$
10,374

 
$
—

 
$
1,248

Office
Omaha, NE
December 2013
$
39,125

11/2033
$
2,058

 
$
32,343

 
$
—

 
$
4,724

 
 
 
$
532,538

 
$
253,492

 
$
180,724

 
$
673

 
$
97,649

 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
15.3

 
82.5

(1)
The Company incurred additional tenant related costs of $3,825.
(2)
The Company incurred leasing costs of $323. The property was sold in September 2013.
(3)
Includes three properties.
(4)
The Company incurred leasing costs of $338.
(5)
Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above.

In addition, during 2013, the Company deposited $638 toward the purchase of a to-be-built industrial property in Lewisburg, Tennessee for an estimated cost of $12,767. Substantial completion of the property is expected to occur in the second quarter of 2014 although there can be no assurance that the acquisition will be consummated.
2012:
 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Location
Acquisition/Completion Date
Initial Cost Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Lease in-place Value
 
Tenant Relationships Value
Office
Huntington, WV
January 2012
$
12,558

11/2026
$
1,368

 
$
9,527

 
$
1,405

 
$
258

Office
Florence, SC
February 2012
$
5,094

02/2024
$
774

 
$
3,629

 
$
505

 
$
186

Land/ Infrastructure
Missouri City, TX
April 2012
$
23,000

04/2032
$
14,555

 
$
5,895

 
$
2,135

 
$
415

Industrial
Shreveport, LA
June 2012
$
12,941

03/2022
$
1,078

 
$
10,134

 
$
1,590

 
$
139

Retail
Valdosta, GA(1)
August 2012
$
7,791

08/2027
$
2,128

 
$
5,663

 
$
—

 
$
—

Office
Jessup, PA
August 2012
$
24,917

08/2027
$
2,520

 
$
17,656

 
$
3,336

 
$
1,405

Office
Saint Joseph, MO
September 2012
$
17,571

06/2027
$
607

 
$
14,004

 
$
2,528

 
$
432

Retail
Opelika, AL(1)
November 2012
$
7,978

11/2027
$
1,446

 
$
6,532

 
$
—

 
$
—

Office
Phoenix, AZ
December 2012
$
53,200

12/2029
$
5,585

 
$
36,099

 
$
8,956

 
$
2,560

Office
Eugene, OR
December 2012
$
17,558

11/2027
$
1,541

 
$
13,099

 
$
2,414

 
$
504

 
 
 
$
182,608

 
$
31,602

 
$
122,238

 
$
22,869

 
$
5,899

 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
 
15.7

 
16.0

(1) Incurred leasing costs of $488 for Valdosta and $355 for Opelika. Properties were sold in 2013.
Schedule of Development Arrangements Outstanding
As of December 31, 2013, the Company had the following development arrangements outstanding:
Location
Property Type
Square Feet
 
Expected Maximum Commitment/Contribution ($ millions)
 
Lease Term (Years)
 
Estimated Completion Date
Rantoul, IL
Industrial
813,000

 
$
42.6

 
20
 
1Q 14
Bingen, WA
Industrial
124,000

 
$
18.9

 
12
 
2Q 14
Las Vegas, NV
Industrial
180,000

 
$
29.6

 
20
 
3Q 14
Richmond, VA
Office
279,000

 
$
98.6

 
15
 
3Q 15
 
 
1,396,000

 
$
189.7

 
 
 
 
Schedule of Purchase Price Allocation
The following table summarizes the allocation of the fair value of amounts recognized for each major class of assets and liabilities:
Real estate assets
 
$
325,310

Lease related intangible assets
 
124,330

Cash
 
8,107

Other assets
 
36,179

 
 
 
Total acquired assets
 
493,926

 
 
 
Secured debt
 
252,517

Other liabilities, including below-market leases
 
23,686

 
 
 
Total assumed liabilities
 
276,203

 
 
 
Fair value of acquired net assets (represents 100% interest)
 
$
217,723
Schedule of Finite-Lived Intangible Assets by Major Class
Intangible assets and liabilities recorded in connection with the above acquisition are set forth as follows:
 
 
 
Weighted Average Amortization Period (in Years)
In-place leases
 
$
59,819

6.2
Tenant relations
 
24,828

4.6
Above-market leases
 
39,683

8.4
Total intangible assets acquired
 
$
124,330

 
Below-market leases
 
$
1,529

2.7
Business Acquisition, Pro Forma Information
The information presented below is not necessarily indicative of what the actual results of operations would have been had the transaction been completed on January 1, 2011, nor does it purport to represent the Company's future operations:
 
 
2012
 
2011
Gross revenues
 
$
372,603

 
$
356,918

Net income (loss) attributable to Lexington Realty Trust shareholders
 
$
8

 
$
(111,787
)
Net loss attributable to common shareholders
 
$
(22,985
)
 
$
(135,924
)
Net loss per common share - basic and diluted
 
$
(0.14
)
 
$
(0.89
)