Equity

12 Months Ended

Dec. 31, 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 years ended December 31, 2020 and 2019, respectively:


	Year ended December 31, 2020
	Shares Sold	Net Proceeds
2020 ATM Issuances	5,950,882	$60,977

	Year ended December 31, 2019
	Shares Sold	Net Proceeds
2019 ATM Issuances	9,668,748	$102,299

During 2018, the Company did not issue common shares under its ATM Program.

Under the ATM program, the Company may also enter into forward sales agreements. The Company entered into forward sales transactions for the sale of 4,990,717 common shares during the year ended December 31, 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 transactions by the maturity dates in 2021. The shares had an aggregate settlement price of $55,120 at December 31, 2020, which is subject to adjustment in accordance with the forward sales contracts. The Company did not enter into forward sales contracts in 2019 or 2018.

As of December 31, 2020, common shares with an aggregate value of $177,212 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.

During 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.

Stock Based Compensation. In addition, during the years ended December 31, 2020, 2019 and 2018, the Company issued 756,380, 896,807 and 965,932 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria (see note 14).

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 years ended December 31, 2020, 2019 and 2018, the Company repurchased and retired 1,329,940, 441,581 and 5,851,252 common shares, respectively, at an average price of $8.28, $8.13 and $8.05, respectively, per common share under the share repurchase program. As of December 31, 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 December 31, 2020.

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


	Twelve months ended December 31,
	2020		2019
Balance at beginning of period	$	(1,928)	$	76
Other comprehensive income (loss) before reclassifications	(19,422)		(1,625)
Amounts of income reclassified from accumulated other comprehensive income (loss) to interest expense	3,387		(379)
Balance at end of period	$	(17,963)	$	(1,928)

Noncontrolling Interests:

In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in LCIF (“OP units”) 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 2020, 2019 and 2018, 327,453, 391,993 and 53,388 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $1,614, $1,655 and $189, respectively.

As of December 31, 2020, there were approximately 2,538,000 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
	2020		2019		2018
Net income attributable to Lexington Realty Trust shareholders	$	183,302	$	279,910	$	227,415
Transfers (to) from noncontrolling interests:
Decrease in additional paid-in-capital for reallocation of noncontrolling interests	—		(973)		—
Increase in additional paid-in-capital for redemption of noncontrolling OP units	1,614		1,655		189
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	184,916	$	280,592	$	227,604