Equity

6 Months Ended

Jun. 30, 2020

Shareholders' Equity:

The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares. Under the ATM program, the Company may enter into forward sales agreements with agents. During the six months ended June 30, 2020, the Company issued 5,321,588 common shares under its ATM program and generated net proceeds of approximately $54,000. As of June 30, 2020, common shares with an aggregate value of $240,932 remain available for issuance under the ATM program. The Company did not issue common shares under its ATM program during the six months ended June 30, 2019.

During 2020, the Company issued 17,250,000 common shares at a public offering price of $9.60 per common share in an underwritten offering and generated net proceeds of approximately $164,000. The proceeds have and will be used for general corporate purposes, including acquisitions, and pending the application of the proceeds were used to pay down all of the then outstanding balance under the Company's revolving credit facility.

In addition, during the six months ended June 30, 2020 and 2019, the Company issued 23,480 and 41,186, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $250 and $345, respectively.

In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and increased this authorization by 10,000,000 in 2018. This share repurchase program has no expiration date. During the six months ended June 30, 2020 and 2019, the Company repurchased and retired 1,329,940 and 441,581 common shares, respectively, at an average price of $8.28 and $8.13, respectively, per common share under the share repurchase program. As of June 30, 2020, 8,976,315 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 June 30, 2020.

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:


	Six Months Ended June 30,
	2020		2019
Balance at beginning of period	$	(1,928)	$	76
Other comprehensive income (loss) before reclassifications	(19,773)		1
Amounts of (income) loss reclassified from accumulated other comprehensive income to interest expense	971		(77)
Balance at end of period	$	(20,730)	$	—

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 June 30, 2020, there were approximately 2,740,000 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
	Six Months Ended June 30,
	2020		2019
Net income attributable to Lexington Realty Trust shareholders	$	37,020	$	51,360
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	482		161
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	37,502	$	51,521