Equity

9 Months Ended

Sep. 30, 2020

At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares. The following table summarizes common share issuances under the ATM program for the nine months ended September 30, 2020 and 2019, respectively:


	Nine months ended September 30, 2020
	Shares Sold	Net Proceeds
2020 ATM Issuances	5,950,882	$61,032

	Nine months ended September 30, 2019
	Shares Sold	Net Proceeds
2019 ATM Issuances	3,020,190	$31,083

Under the ATM program, the Company may also enter into forward sales agreements. The Company entered into a forward sales transaction for the sale of 3,875,751 common shares during the nine months ended September 30, 2020 that have not yet been settled. Subject to the Company's right to elect cash or net share settlement, the Company expects to settle the forward sales transaction by the maturity date of August 2021. The shares have an initial weighted-average sales price of $11.23 per common share, which is subject to adjustment in accordance with the forward sales contract.

As of September 30, 2020, common shares with an aggregate value of $189,584 remain available for issuance under the ATM program.

Underwritten Common Stock Offerings. 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.

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 net proceeds were used for working capital and for general corporate purposes, including acquisitions.

Nonemployee Stock Based Compensation. In addition, during the nine months ended September 30, 2020 and 2019, the Company issued 35,880 and 54,726, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $375 and $470, respectively.

Share Repurchase Program. 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 nine months ended September 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 September 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 the period end. There were no unsettled repurchases as of September 30, 2020.

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,
	2020		2019
Balance at beginning of period	$	(1,928)	$	76
Other comprehensive loss before reclassifications	(19,934)		(5,326)
Amounts of (income) loss reclassified from accumulated other comprehensive income to interest expense	2,175		(299)
Balance at end of period	$	(19,687)	$	(5,549)

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, 2020, there were approximately 2,711,000 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,
	2020		2019
Net income attributable to Lexington Realty Trust shareholders	$	78,924	$	194,679
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for redemption of noncontrolling OP units	632		504
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	79,556	$	195,183