Equity

9 Months Ended

Sep. 30, 2019

Shareholders' Equity. During the nine months ended September 30, 2019, the Company updated its At-The-Market offering program (“ATM program”) under which the Company could issue up to $100,000 in common shares over the term of the program. During the nine months ended September 30, 2019, the Company issued 3,020,190 common shares under its ATM program and generated net proceeds of $31,083. As of September 30, 2019, $68,366 in common shares remain available for issuance under the ATM program. The Company did not issue common shares under its ATM offering program during the nine months ended September 30, 2018.

During the nine months ended September 30, 2019, the Company issued 10,000,000 common shares at $10.09 per common share in an underwritten offering and generated net proceeds of $100,749. The proceeds were used for working capital and for general corporate purposes, including acquisitions.

In addition, during the nine months ended September 30, 2019 and 2018, the Company issued 54,726 and 57,055, respectively, fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $470 and $518, respectively.

In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and, in 2018, increased this authorization by 10,000,000 common shares. This share repurchase program has no expiration date. During the nine months ended September 30, 2019 and 2018, the Company repurchased and retired 441,581 and 1,871,655 common shares, respectively, at an average price of $8.13 and $8.01, respectively, per common share under the share repurchase program. As of September 30, 2019, 10,306,255 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of period end. There were no unsettled repurchases as of September 30, 2019.

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,
	2019			2018
Balance at beginning of period	$	76		$	1,065
Other comprehensive income (loss) before reclassifications	(5,326		)	600
Amounts of loss reclassified from accumulated other comprehensive income to interest expense	(299		)	(1,013		)
Balance at end of period	$	(5,549	)	$	652

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 at the holder's option for approximately 1.13 common shares, subject to future adjustments.

As of September 30, 2019, there were approximately 3,051,000 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,
	2019		2018
Net income attributable to Lexington Realty Trust shareholders	$	194,679	$	202,007
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	504		63
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	195,183	$	202,070