Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Equity

Shareholders' Equity:

At-The-Market Offering Program. The Company maintains an At-The-Market offering program (“ATM program”) under which the Company can issue common shares, including through forward sales contracts.

During 2022, the Company issued 3,649,023 common shares previously sold on a forward basis in the first quarter of 2021 on the maturity date of the contracts and received $38,492 of net proceeds. During 2021, the Company settled 4,990,717 common shares previously sold on a forward basis on the maturity date of the contract and received $53,567 of net proceeds.

During 2021, the Company sold 1,052,800 common shares under the ATM program for net proceeds of $13,532. The Company did not sell common shares under the ATM program during the twelve months ended December 31, 2022.

During 2021, the Company amended the terms of its ATM offering program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of December 31, 2022, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program.

Underwritten Equity Offerings. During 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering that have not yet settled. The forward sale contracts were settled in December 2022, and the Company received $183,419 of net proceeds.

Stock Based Compensation. In addition, during the years ended December 31, 2022, 2021 and 2020, the Company issued 930,602, 949,573 and 756,380 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.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. During 2022, 12,102,074 common shares were repurchased and retired for an average price of $10.78 per share. During 2021, there were no share repurchases. As of December 31, 2022, 6,874,241 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, 2022.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2022. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of December 31, 2022, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.

If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.

The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.

Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.

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

	Years ended December 31,
	2022		2021
Balance at beginning of period	$	(6,258)	$	(17,963)
Other comprehensive income (loss) before reclassifications	24,033		6,755
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense	(86)		4,950
Balance at end of period	$	17,689	$	(6,258)

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 2021, LCIF redeemed and canceled 1,598,906 OP units in connection with the disposition of the three properties.

During 2022, 2021 and 2020, 39,747, 185,270 and 327,453 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $211, $958 and $1,614, respectively.

As of December 31, 2022, there were approximately 739,000 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
	2022		2021		2020
Net income attributable to LXP Industrial Trust shareholders	$	113,783	$	382,648	$	183,302
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for reallocation of noncontrolling interests	—		435		—
Increase in additional paid-in-capital for redemption of noncontrolling OP units	211		958		1,614
Change from net income attributable to shareholders and transfers from noncontrolling interests	$	113,994	$	384,041	$	184,916