Company Quick10K Filing
Lexington Realty Trust
Price10.26 EPS1
Shares248 P/E11
MCap2,543 P/FCF18
Net Debt-134 EBIT277
TEV2,409 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-08-06 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-25 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-08-14 Enter Agreement, Other Events, Exhibits
8-K 2020-08-14 Earnings, Other Events, Exhibits
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-06-03
8-K 2020-05-26
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-04-03
8-K 2020-02-20
8-K 2019-11-27
8-K 2019-11-06
8-K 2019-09-04
8-K 2019-08-07
8-K 2019-07-25
8-K 2019-05-21
8-K 2019-05-08
8-K 2019-03-31
8-K 2019-03-25
8-K 2019-03-14
8-K 2019-02-27
8-K 2019-02-06
8-K 2019-01-02
8-K 2018-12-21
8-K 2018-11-06
8-K 2018-10-01
8-K 2018-08-31
8-K 2018-08-08
8-K 2018-05-15
8-K 2018-05-08
8-K 2018-02-27
8-K 2018-01-14

LXP 10Q Quarterly Report

Part I. - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Item 3. Quantitative and Qualitative
Item 4. Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities - Not Applicable.
Item 4.Mine Safety Disclosures - Not Applicable.
Item 5.Other Information - Not Applicable.
Item 6.Exhibits.
EX-31.1 ex311-2020630.htm
EX-31.2 ex312-2020630.htm
EX-32.1 ex321-2020630.htm
EX-32.2 ex322-2020630.htm

Lexington Realty Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
0.30.20.20.10.10.02016201720182020
Rev, G Profit, Net Income
0.60.40.2-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

lxp-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020.
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________________ to ________________
Commission File Number 1-12386
 LEXINGTON REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland13-3717318
(State or other jurisdiction of
incorporation of organization)
(I.R.S. Employer
Identification No.)
One Penn Plaza, Suite 4015, New York, NY 10119-4015
(Address of principal executive offices) (zip code)
(212) 692-7200
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common StockLXPNew York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
LXPPRCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 276,780,173 common shares of beneficial interest, par value $0.0001 per share, as of August 4, 2020.




TABLE OF CONTENTS

PART I. — FINANCIAL INFORMATION  
 
 
 
 
PART II — OTHER INFORMATION  
 
 
 
 
 
 
 

WHERE YOU CAN FIND MORE INFORMATION:
We file and furnish annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission, which we refer to as the SEC. You may read and copy any materials that we file or furnish with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. We file and furnish information electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file or furnish electronically with the SEC. The address of the SEC's Internet site is http://www.sec.gov. We also maintain a web site at http://www.lxp.com through which you can obtain copies of documents that we file or furnish with the SEC. The contents of that web site are not incorporated by reference in or otherwise a part of this Quarterly Report on Form 10-Q or any other document that we file or furnish with the SEC.

2

Table of Contents

PART I. - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30, 2020December 31, 2019
 (unaudited)
Assets: 
Real estate, at cost$3,586,861  $3,320,574  
Real estate - intangible assets420,583  409,756  
Investments in real estate under construction26,426  13,313  
Real estate, gross4,033,870  3,743,643  
Less: accumulated depreciation and amortization928,334  887,629  
Real estate, net3,105,536  2,856,014  
Assets held for sale9,817    
Operating right-of-use assets, net36,633  38,133  
Cash and cash equivalents 67,043  122,666  
Restricted cash16,791  6,644  
Investments in non-consolidated entities56,040  57,168  
Deferred expenses, net18,256  18,404  
Rent receivable – current 1,841  3,229  
Rent receivable – deferred 70,258  66,294  
Other assets 11,318  11,708  
Total assets$3,393,533  $3,180,260  
Liabilities and Equity:  
Liabilities:  
Mortgages and notes payable, net $373,681  $390,272  
Revolving credit facility borrowings40,000    
Term loan payable, net297,691  297,439  
Senior notes payable, net497,288  496,870  
Trust preferred securities, net127,445  127,396  
Dividends payable34,161  32,432  
Liabilities held for sale1,716    
Operating lease liabilities37,815  39,442  
Accounts payable and other liabilities 49,747  29,925  
Accrued interest payable9,548  7,897  
Deferred revenue - including below-market leases, net18,749  20,350  
Prepaid rent13,506  13,518  
Total liabilities1,501,347  1,455,541  
Commitments and contingencies
Equity:  
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
  
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding
94,016  94,016  
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 276,267,259 and 254,770,719 shares issued and outstanding in 2020 and 2019, respectively
28  25  
Additional paid-in-capital3,185,458  2,976,670  
Accumulated distributions in excess of net income(1,386,001) (1,363,676) 
Accumulated other comprehensive loss(20,730) (1,928) 
Total shareholders’ equity1,872,771  1,705,107  
Noncontrolling interests19,415  19,612  
Total equity1,892,186  1,724,719  
Total liabilities and equity$3,393,533  $3,180,260  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Gross revenues:    
Rental revenue$81,094  $78,758  $159,829  $158,733  
Other revenue698  1,377  2,790  2,650  
Total gross revenues81,792  80,135  162,619  161,383  
Expense applicable to revenues:    
Depreciation and amortization(39,805) (36,811) (80,314) (74,406) 
Property operating(10,276) (9,788) (20,552) (20,355) 
General and administrative(7,555) (7,334) (15,380) (15,861) 
Non-operating income84  914  274  1,395  
Interest and amortization expense(14,166) (17,026) (28,961) (34,234) 
Debt satisfaction gains (charges), net    1,393  (103) 
Impairment charges(1,617) (1,094) (1,617) (1,682) 
Gains on sales of properties11,193  15,244  20,998  36,201  
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities
19,650  24,240  38,460  52,338  
Provision for income taxes(422) (430) (1,075) (867) 
Equity in earnings (losses) of non-consolidated entities(97) (41) 166  578  
Net income19,131  23,769  37,551  52,049  
Less net income attributable to noncontrolling interests
(265) (436) (531) (689) 
Net income attributable to Lexington Realty Trust shareholders
18,866  23,333  37,020  51,360  
Dividends attributable to preferred shares – Series C(1,573) (1,573) (3,145) (3,145) 
Allocation to participating securities(39) (39) (85) (85) 
Net income attributable to common shareholders$17,254  $21,721  $33,790  $48,130  
    
Net income attributable to common shareholders - per common share basic
$0.07  $0.09  $0.13  $0.21  
Weighted-average common shares outstanding – basic264,785,583  232,635,137  258,911,872  232,587,083  
Net income attributable to common shareholders - per common share diluted
$0.06  $0.09  $0.13  $0.20  
Weighted-average common shares outstanding – diluted
269,088,631  236,299,878  263,217,352  236,221,330  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited and in thousands)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$19,131  $23,769  $37,551  $52,049  
Other comprehensive income (loss):    
Change in unrealized loss on interest rate swaps, net
(1,806)   (18,802) (76) 
Other comprehensive loss(1,806)   (18,802) (76) 
Comprehensive income17,325  23,769  18,749  51,973  
Comprehensive income attributable to noncontrolling interests
(265) (436) (531) (689) 
Comprehensive income attributable to Lexington Realty Trust shareholders
$17,060  $23,333  $18,218  $51,284  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands)


Three Months Ended June 30, 2020Lexington Realty Trust Shareholders
TotalPreferred SharesCommon SharesAdditional Paid-in-CapitalAccumulated Distributions in Excess of Net IncomeAccumulated Other Comprehensive LossNoncontrolling Interests
Balance March 31, 2020$1,702,670  $94,016  $26  $2,982,363  $(1,374,286) $(18,924) $19,475  
Issuance of partnership interest in real estate466  —  —  —  —  —  466  
Redemption of noncontrolling OP units for common shares—  —  —  54  —  —  (54) 
Issuance of common shares and deferred compensation amortization, net203,043  —  2  203,041  —  —  —  
Dividends/distributions(31,318) —  —  —  (30,581) —  (737) 
Net income19,131  —  —  —  18,866  —  265  
Other comprehensive loss(1,806) —  —  —  —  (1,806) —  
Balance June 30, 2020$1,892,186  $94,016  $28  $3,185,458  $(1,386,001) $(20,730) $19,415  


Three Months Ended June 30, 2019Lexington Realty Trust Shareholders
TotalPreferred SharesCommon SharesAdditional Paid-in-CapitalAccumulated Distributions in Excess of Net IncomeNoncontrolling Interests
Balance March 31, 2019$1,345,334  $94,016  $23  $2,769,822  $(1,534,539) $16,012  
Redemption of noncontrolling OP units for common shares—  —  —  5  —  (5) 
Issuance of common shares and deferred compensation amortization, net1,386  —    1,386  —  —  
Dividends/distributions(26,315) —  —  —  (25,546) (769) 
Net income23,769  —  —  —  23,333  436  
Balance June 30, 2019$1,344,174  $94,016  $23  $2,771,213  $(1,536,752) $15,674  




LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands)


Six Months Ended June 30, 2020Lexington Realty Trust Shareholders 
 TotalPreferred SharesCommon SharesAdditional Paid-in-CapitalAccumulated Distributions in Excess of Net IncomeAccumulated Other Comprehensive LossNoncontrolling Interests
Balance December 31, 2019$1,724,719  $94,016  $25  $2,976,670  $(1,363,676) $(1,928) $19,612  
Issuance of partnership interest in real estate887  —  —  —  —  —  887  
Redemption of noncontrolling OP units for common shares—  —  —  482  —  —  (482) 
Issuance of common shares and deferred compensation amortization, net221,974  —  3  221,971  —  —  —  
Repurchase of common shares(11,042) —  —  (11,042) —  —  —  
Repurchase of common shares to settle tax obligations(2,623) —  —  (2,623) —  —  —  
Forfeiture of employee common shares1  —  —    1  —  —  
Dividends/distributions(60,479) —  —  —  (59,346) —  (1,133) 
Net income37,551  —  —  —  37,020  —  531  
Other comprehensive loss(18,802) —  —  —  —  (18,802) —  
Balance June 30, 2020$1,892,186  $94,016  $28  $3,185,458  $(1,386,001) $(20,730) $19,415  


Six Months Ended June 30, 2019Lexington Realty Trust Shareholders 
 TotalPreferred SharesCommon SharesAdditional Paid-in-CapitalAccumulated Distributions in Excess of Net IncomeAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests
Balance December 31, 2018$1,346,678  $94,016  $24  $2,772,855  $(1,537,100) $76  $16,807  
Redemption of noncontrolling OP units for common shares—  —  —  161  —  —  (161) 
Issuance of common shares and deferred compensation amortization, net3,096  —  —  3,096  —  —  —  
Repurchase of common shares(958) —  —  (958) —  —  —  
Repurchase of common shares to settle tax obligations(3,942) —  (1) (3,941) —  —  —  
Forfeiture of employee common shares5  —  —  —  5  —  —  
Dividends/distributions(52,678) —  —  —  (51,017) —  (1,661) 
Net income52,049  —  —  —  51,360  —  689  
Other comprehensive loss(76) —  —  —  —  (76) —  
Balance June 30, 2019$1,344,174  $94,016  $23  $2,771,213  $(1,536,752) $  $15,674  

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
Six Months Ended June 30,
 20202019
Net cash provided by operating activities:$93,547  $88,557  
Cash flows from investing activities:  
Acquisition of real estate, including intangible assets(359,609) (259,867) 
Investment in real estate under construction(10,583)   
Capital expenditures(9,338) (8,636) 
Net proceeds from sale of properties66,185  119,406  
Investments in non-consolidated entities(2,764) (1,120) 
Distributions from non-consolidated entities in excess of accumulated earnings4,043  6,943  
Deferred leasing costs(4,242) (4,673) 
Change in real estate deposits, net141  766  
Net cash provided by (used in) investing activities(316,167) (147,181) 
Cash flows from financing activities:  
Dividends to common and preferred shareholders(57,617) (70,722) 
Principal amortization payments(9,972) (13,410) 
Principal payments on debt, excluding normal amortization  (15,462)