Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LEXINGTON REALTY TRUST | ' |
Entity Central Index Key | '0000910108 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned User | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 231,288,894 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period Ended Date | 30-Jun-14 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Real estate, at cost | $3,830,354 | $3,812,294 |
Real estate - intangible assets | 757,687 | 762,157 |
Investments in real estate under construction | 54,586 | 74,350 |
Real estate, gross | 4,642,627 | 4,648,801 |
Less: accumulated depreciation and amortization | 1,252,406 | 1,223,381 |
Real estate, net | 3,390,221 | 3,425,420 |
Assets held for sale | 3,866 | 0 |
Cash and cash equivalents | 129,104 | 77,261 |
Restricted cash | 21,763 | 19,953 |
Investment in and advances to non-consolidated entities | 16,729 | 18,442 |
Deferred expenses, net | 68,325 | 66,827 |
Loans receivable, net | 122,409 | 99,443 |
Rent receivable – current | 8,441 | 10,087 |
Rent receivable – deferred | 40,671 | 19,473 |
Other assets | 36,141 | 35,375 |
Total assets | 3,837,670 | 3,772,281 |
Liabilities: | ' | ' |
Mortgages and notes payable | 1,012,537 | 1,197,489 |
Credit facility borrowings | 0 | 48,000 |
Term loans payable | 505,000 | 406,000 |
Senior notes payable | 497,539 | 247,707 |
Convertible notes payable | 25,054 | 27,491 |
Trust preferred securities | 129,120 | 129,120 |
Dividends payable | 41,891 | 40,018 |
Liabilities held for sale | 117 | 0 |
Accounts payable and other liabilities | 36,356 | 39,642 |
Accrued interest payable | 9,028 | 9,627 |
Deferred revenue - including below market leases, net | 73,565 | 69,667 |
Prepaid rent | 21,402 | 18,037 |
Total liabilities | 2,351,609 | 2,232,798 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 230,384,990 and 228,663,022 shares issued and outstanding in 2014 and 2013, respectively | 23 | 23 |
Additional paid-in-capital | 2,735,174 | 2,717,787 |
Accumulated distributions in excess of net income | -1,365,407 | -1,300,527 |
Accumulated other comprehensive income (loss) | -66 | 4,439 |
Total shareholders’ equity | 1,463,740 | 1,515,738 |
Noncontrolling interests | 22,321 | 23,745 |
Total equity | 1,486,061 | 1,539,483 |
Total liabilities and equity | 3,837,670 | 3,772,281 |
Series C [Member] | Cumulative Convertible [Member] | ' | ' |
Equity: | ' | ' |
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding | $94,016 | $94,016 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Equity: | ' | ' |
Preferred shares, par value (in dollars per share) | $0.00 | $0.00 |
Preferred shares, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Common shares, par value (in dollars per share) | $0.00 | $0.00 |
Common shares, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common shares, shares issued (in shares) | 230,384,990 | 228,663,022 |
Common Shares, Outstanding (in shares) | 230,384,990 | 228,663,022 |
Series C [Member] | Cumulative Convertible [Member] | ' | ' |
Equity: | ' | ' |
Preferred shares, liquidation preference | $96,770 | $96,770 |
Preferred shares, shares issued (in shares) | 1,935,400 | 1,935,400 |
Preferred shares, shares outstanding (in shares) | 1,935,400 | 1,935,400 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Gross revenues: | ' | ' | ' | ' | |
Rental | $101,413 | $86,962 | $202,794 | $170,806 | |
Advisory and incentive fees | 126 | 154 | 248 | 328 | |
Tenant reimbursements | 8,217 | 7,615 | 16,900 | 15,097 | |
Total gross revenues | 109,756 | 94,731 | 219,942 | 186,231 | |
Expense applicable to revenues: | ' | ' | ' | ' | |
Depreciation and amortization | -39,861 | -42,064 | -80,455 | -83,489 | |
Property operating | -16,436 | -14,821 | -33,525 | -29,570 | |
General and administrative | -6,667 | -6,509 | -14,649 | -13,402 | |
Non-operating income | 3,302 | 1,470 | 6,253 | 3,331 | |
Interest and amortization expense | -25,955 | -21,440 | -50,415 | -44,400 | |
Debt satisfaction charges, net | -4,187 | -11,726 | -7,491 | -22,429 | |
Impairment charges | 0 | 0 | -16,400 | -2,413 | |
Income (loss) before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | 19,952 | -359 | 23,260 | -6,141 | |
Provision for income taxes | -297 | -152 | -899 | -544 | |
Equity in earnings (losses) of non-consolidated entities | -209 | 204 | 73 | 339 | |
Income (loss) from continuing operations | 19,446 | -307 | 22,434 | -6,346 | |
Discontinued operations: | ' | ' | ' | ' | |
Income (loss) from discontinued operations | 1,018 | -811 | 2,159 | 208 | |
Provision for income taxes | -6 | -1,166 | -12 | -1,181 | |
Debt satisfaction gains (charges), net | -299 | -1,299 | -299 | 8,957 | |
Gains on sales of properties | 3,510 | 12,806 | 3,510 | 12,806 | |
Impairment charges | -8,382 | -1,391 | -10,691 | -8,735 | |
Total discontinued operations | -4,159 | 8,139 | -5,333 | 12,055 | |
Net income | 15,287 | 7,832 | 17,101 | 5,709 | |
Less net income attributable to noncontrolling interests | -837 | -1,100 | -1,765 | -1,597 | |
Net income attributable to Lexington Realty Trust shareholders | 14,450 | 6,732 | 15,336 | 4,112 | |
Dividends attributable to preferred shares | ' | ' | ' | ' | |
Allocation to participating securities | -135 | -161 | -287 | -338 | |
Net income (loss) attributable to common shareholders | 12,742 | -849 | 11,904 | -8,144 | |
Income (loss) per common share – basic: | ' | ' | ' | ' | |
Income (loss) from continuing operations | $0.07 | ($0.04) | $0.07 | ($0.10) | |
Income (loss) from discontinued operations | ($0.02) | $0.04 | ($0.02) | $0.06 | |
Net income (loss) attributable to common shareholders | $0.05 | $0 | $0.05 | ($0.04) | |
Weighted-average common shares outstanding – basic | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 | |
Income (loss) per common share – diluted: | ' | ' | ' | ' | |
Income (loss) from continuing operations | $0.07 | ($0.04) | $0.07 | ($0.10) | |
Income (loss) from discontinued operations | ($0.02) | $0.04 | ($0.02) | $0.06 | |
Net income (loss) attributable to common shareholders | $0.05 | $0 | $0.05 | ($0.04) | |
Weighted-average common shares outstanding – diluted | 228,851,184 | 211,619,288 | 228,275,608 | 200,487,623 | |
Amounts attributable to common shareholders: | ' | ' | ' | ' | |
Income (loss) from continuing operations | 16,901 | -8,477 | 17,237 | -19,701 | |
Income (loss) from discontinued operations | -4,159 | 7,628 | -5,333 | 11,557 | |
Net income (loss) attributable to common shareholders | 12,742 | -849 | 11,904 | -8,144 | |
Series C [Member] | ' | ' | ' | ' | |
Dividends attributable to preferred shares | ' | ' | ' | ' | |
Dividends attributable to preferred shares | -1,573 | -1,573 | -3,145 | -3,145 | |
Series D [Member] | ' | ' | ' | ' | |
Dividends attributable to preferred shares | ' | ' | ' | ' | |
Dividends attributable to preferred shares | 0 | -617 | 0 | -3,543 | |
Deemed dividend | $0 | ($5,230) | $0 | ($5,230) | [1] |
[1] | Represents the difference between the redemption cost and historical GAAP cost. Accordingly, net income was adjusted for the deemed dividend to arrive at net loss attributable to common shareholders. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $15,287 | $7,832 | $17,101 | $5,709 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in unrealized gain (loss) on interest rate swaps, net | -3,993 | 9,434 | -4,505 | 10,136 |
Other comprehensive income (loss) | -3,993 | 9,434 | -4,505 | 10,136 |
Comprehensive income | 11,294 | 17,266 | 12,596 | 15,845 |
Comprehensive income attributable to noncontrolling interests | -837 | -1,100 | -1,765 | -1,597 |
Comprehensive income attributable to Lexington Realty Trust shareholders | $10,457 | $16,166 | $10,831 | $14,248 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in-Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2012 | $1,333,165 | $243,790 | $18 | $2,212,949 | ($1,143,803) | ($6,224) | $26,435 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling OP units for common shares | 0 | 0 | 0 | 861 | 0 | 0 | -861 |
Repurchase of preferred shares | -155,004 | -149,774 | 0 | 0 | -5,230 | 0 | 0 |
Issuance of common shares upon conversion of convertible notes | 47,128 | 0 | 0 | 47,128 | 0 | 0 | 0 |
Issuance of common shares and deferred compensation amortization, net | 307,263 | 0 | 3 | 307,260 | 0 | 0 | 0 |
Dividends/distributions | -72,850 | 0 | 0 | 0 | -70,872 | 0 | -1,978 |
Net income | 5,709 | 0 | 0 | 0 | 4,112 | 0 | 1,597 |
Other comprehensive loss | 10,136 | 0 | 0 | 0 | 0 | 10,136 | 0 |
Ending Balance at Jun. 30, 2013 | 1,475,547 | 94,016 | 21 | 2,568,198 | -1,215,793 | 3,912 | 25,193 |
Beginning Balance at Dec. 31, 2013 | 1,539,483 | 94,016 | 23 | 2,717,787 | -1,300,527 | 4,439 | 23,745 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling OP units | -1,962 | 0 | 0 | -959 | 0 | 0 | -1,003 |
Issuance of common shares upon conversion of convertible notes | 3,149 | 0 | 0 | 3,149 | 0 | 0 | 0 |
Issuance of common shares and deferred compensation amortization, net | 15,197 | 0 | 0 | 15,197 | 0 | 0 | 0 |
Dividends/distributions | -82,402 | 0 | 0 | 0 | -80,216 | 0 | -2,186 |
Net income | 17,101 | 0 | 0 | 0 | 15,336 | 0 | 1,765 |
Other comprehensive loss | -4,505 | 0 | 0 | 0 | 0 | -4,505 | 0 |
Ending Balance at Jun. 30, 2014 | $1,486,061 | $94,016 | $23 | $2,735,174 | ($1,365,407) | ($66) | $22,321 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities: | $103,721 | $95,158 |
Cash flows from investing activities: | ' | ' |
Acquisition of real estate, including intangible assets | -51,962 | -81,535 |
Investment in real estate under construction | -69,073 | -34,808 |
Capital expenditures | -5,403 | -33,532 |
Net proceeds from sale of properties | 33,226 | 47,236 |
Principal payments received on loans receivable | 1,104 | 1,194 |
Investment in loans receivable | -20,833 | -16,967 |
Distributions from non-consolidated entities in excess of accumulated earnings | 876 | 15,440 |
Increase in deferred leasing costs | -6,519 | -4,919 |
Change in escrow deposits and restricted cash | -2,610 | -2,337 |
Real estate deposits, net | -37 | -1,259 |
Net cash used in investing activities | -121,231 | -111,487 |
Cash flows from financing activities: | ' | ' |
Dividends to common and preferred shareholders | -78,343 | -68,233 |
Conversion of convertible notes | -62 | -2,663 |
Principal amortization payments | -20,971 | -23,442 |
Principal payments on debt, excluding normal amortization | -163,267 | -338,537 |
Change in credit facility borrowings, net | -48,000 | 0 |
Proceeds from senior notes | 249,708 | 247,565 |
Proceeds from term loans | 99,000 | 64,000 |
Increase in deferred financing costs | -3,215 | -6,539 |
Proceeds of mortgages and notes payable | 27,790 | 40,000 |
Change in restricted cash | 0 | -1,573 |
Cash distributions to noncontrolling interests | -2,186 | -1,978 |
Redemption of noncontrolling interests | -1,962 | 0 |
Repurchase of preferred shares | 0 | -155,004 |
Issuance of common shares, net | 10,861 | 302,987 |
Net cash provided by financing activities | 69,353 | 56,583 |
Change in cash and cash equivalents | 51,843 | 40,254 |
Cash and cash equivalents, at beginning of period | 77,261 | 34,024 |
Cash and cash equivalents, at end of period | $129,104 | $74,278 |
The_Company_and_Financial_Stat
The Company and Financial Statement Presentation (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company and Financial Statement Presentation | ' |
The Company and Financial Statement Presentation | |
Lexington Realty Trust (the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a diversified portfolio of equity and debt investments in single-tenant commercial properties and land. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. The Company also provides investment advisory and asset management services to investors in the single-tenant area. | |
As of June 30, 2014, the Company had ownership interests in approximately 220 consolidated real estate properties, located in 41 states. The properties in which the Company has an interest are leased to tenants in various industries, including service, finance/insurance, technology, transportation/logistics and automotive. | |
The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities. | |
The Company conducts its operations either directly or indirectly through (1) property owner subsidiaries and lender subsidiaries, which are single purpose entities, (2) an operating partnership, Lepercq Corporate Income Fund L.P. (“LCIF”), in which the Company is the sole unit holder of the general partner and the sole unit holder of the limited partner that holds a majority of the limited partner interests, (3) a wholly-owned TRS, and (4) investments in joint ventures. On December 30, 2013, another operating partnership, Lepercq Corporate Income Fund II L.P. (“LCIF II”), was merged with and into LCIF with LCIF as the surviving entity. References to “OP Units” refer to units of limited partner interests in LCIF and LCIF II, as applicable. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an investment and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. | |
Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries and its partnerships and joint ventures which it controls (1) through voting rights or similar rights or (2) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. | |
The financial statements contained in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2014 (this “Quarterly Report”) have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2014 and 2013, are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2013 filed with the SEC on February 26, 2014 (“Annual Report”). | |
Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments, the valuation of derivative financial instruments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. | |
Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, as amended (“Topic 820”), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. | |
Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the unaudited condensed consolidated balance sheets. In these cases, no interest income is recorded on the loan receivable and the Company capitalizes interest during the construction period. In arrangements where the Company engages a developer to construct a property or provides funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the condensed consolidated balance sheets, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the condensed consolidated statements of operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. | |
Reclassifications. Certain amounts included in the 2013 unaudited condensed consolidated financial statements have been reclassified, primarily relating to discontinued operations, to conform to the 2014 presentation. | |
Recently Issued Accounting Guidance. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and improves financial statement disclosures. Under this guidance, only disposals representing a strategic shift in operations that have a major effect on an organization's operations and financial results should be presented as discontinued operations. The new guidance is effective in the first quarter of 2015. It is anticipated that the implementation of this guidance will reduce the number of future property dispositions the Company makes, if any, that will be classified as discontinued operations in the Company's condensed consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance for revenue recognition to eliminate the industry-specific revenue recognition guidance and replace it with a principle based approach for determining revenue recognition. The new guidance is effective for reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the adoption of the new guidance on its condensed consolidated financial statements. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
A significant portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. | ||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
BASIC | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 16,901 | $ | (8,477 | ) | $ | 17,237 | $ | (19,701 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 12,742 | $ | (849 | ) | $ | 11,904 | $ | (8,144 | ) | ||||||
Weighted-average number of common shares outstanding | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.04 | ) | $ | 0.07 | $ | (0.10 | ) | ||||||
Income (loss) from discontinued operations | (0.02 | ) | 0.04 | (0.02 | ) | 0.06 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.04 | ) | |||||||
DILUTED | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders - basic | $ | 16,901 | $ | (8,477 | ) | $ | 17,237 | $ | (19,701 | ) | ||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | 16,901 | (8,477 | ) | 17,237 | (19,701 | ) | ||||||||||
Income (loss) from discontinued operations attributable to common shareholders - basic | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Income (loss) from discontinued operations attributable to common shareholders | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 12,742 | $ | (849 | ) | $ | 11,904 | $ | (8,144 | ) | ||||||
Weighted-average common shares outstanding - basic | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options | 483,131 | — | 509,890 | — | ||||||||||||
Weighted-average common shares outstanding | 228,851,184 | 211,619,288 | 228,275,608 | 200,487,623 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.04 | ) | $ | 0.07 | $ | (0.10 | ) | ||||||
Income (loss) from discontinued operations | (0.02 | ) | 0.04 | (0.02 | ) | 0.06 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.04 | ) | |||||||
For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods. |
Investments_in_Real_Estate_and
Investments in Real Estate and Real Estate Under Construction (Notes) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||
Investments in Real Estate and Real Estate Under Construction | ' | |||||||||||||||||
Investments in Real Estate and Real Estate Under Construction | ||||||||||||||||||
The Company, through property owner subsidiaries, completed the following acquisition and build-to-suit transactions during the six months ended June 30, 2014: | ||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Lease in-place Value Intangible | |||||||||||
Industrial | Rantoul, IL | Jan-14 | $ | 41,277 | Oct-33 | $ | 1,304 | $ | 32,562 | $ | 7,411 | |||||||
Office | Parachute, CO | Jan-14 | $ | 13,928 | Oct-32 | $ | 1,400 | $ | 10,751 | $ | 1,777 | |||||||
Office | Rock Hill, SC | Mar-14 | $ | 24,715 | Mar-34 | $ | 1,601 | $ | 18,989 | $ | 4,125 | |||||||
Industrial | Lewisburg, TN | May-14 | $ | 13,320 | Mar-26 | $ | 173 | $ | 10,865 | $ | 2,282 | |||||||
Industrial | North Las Vegas, NV | May-14 | $ | 28,249 | Sep-34 | $ | 3,244 | $ | 21,444 | $ | 3,561 | |||||||
Industrial | Bingen, WA | May-14 | $ | 20,391 | May-24 | $ | — | $ | 18,075 | $ | 2,316 | |||||||
$ | 141,880 | $ | 7,722 | $ | 112,686 | $ | 21,472 | |||||||||||
The Company recognized aggregate acquisition and pursuit expenses of $1,252 and $598 for the six months ended June 30, 2014 and 2013, respectively, which are included as operating expenses within the Company's unaudited condensed consolidated statements of operations. | ||||||||||||||||||
The Company is engaged in various forms of build-to-suit development activities. The Company, through lender subsidiaries and property owner subsidiaries, may enter into the following acquisition, development and construction arrangements: (1) lend funds to construct build-to-suit projects subject to a single-tenant lease and agree to purchase the properties upon completion of construction and commencement of a single-tenant lease, (2) hire developers to construct built-to-suit projects on owned properties leased to single tenants, (3) fund the construction of build-to-suit projects on owned properties pursuant to the terms in single-tenant lease agreements or (4) enter into purchase and sale agreements with developers to acquire single-tenant build-to-suit properties upon completion. | ||||||||||||||||||
As of June 30, 2014, the Company had the following development arrangements outstanding: | ||||||||||||||||||
Location | Property Type | Square Feet | Expected Maximum Commitment/Contribution | Lease Term (Years) | Estimated Completion Date | |||||||||||||
Oak Creek, WI | Industrial | 164,000 | $ | 22,609 | 20 | 2Q 15 | ||||||||||||
Richmond, VA | Office | 279,000 | $ | 98,644 | 15 | 3Q 15 | ||||||||||||
Lake Jackson, TX | Office/R&D | 664,000 | $ | 166,164 | 20 | 4Q 16 | ||||||||||||
1,107,000 | $ | 287,417 | ||||||||||||||||
The Company has variable interests in certain developer entities constructing the facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of June 30, 2014 and December 31, 2013, the Company's aggregate investment in development arrangements was $54,586 and $74,350, respectively, and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheets. The Company capitalized interest of $1,454 and $1,116 during the six months ended June 30, 2014 and 2013, respectively, relating to build-to-suit activities. | ||||||||||||||||||
In addition, the Company has a commitment to acquire the following property: | ||||||||||||||||||
Location | Property Type | Estimated Acquisition Cost ($000) | Estimated Acquisition Date | Lease Term (Years) | ||||||||||||||
Auburn Hills, MI | Office | $ | 40,025 | 1Q 15 | 14 | |||||||||||||
$ | 40,025 | |||||||||||||||||
The Company can give no assurances that any of these acquisitions under contract or build-to-suit transactions will be consummated. |
Discontinued_Operations_and_Re
Discontinued Operations and Real Estate Impairment (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations and Real Estate Impairment | ' | |||||||||||||||
Discontinued Operations and Real Estate Impairment | ||||||||||||||||
During the six months ended June 30, 2014, the Company disposed of its interests in six properties to unrelated third parties for an aggregate gross disposition price of $52,605 and conveyed one property along with its escrow deposits in satisfaction of the $9,900 non-recourse secured mortgage loan. During the six months ended June 30, 2013, the Company disposed of its interest in certain properties to unrelated third parties for a gross disposition price of $48,466. In addition, during the six months ended June 30, 2013, the Company conveyed certain properties along with the respective escrow deposits in satisfaction of the $49,509 aggregate non-recourse secured mortgage loans. During the six months ended June 30, 2014 and 2013, the Company recognized aggregate gains on sales of properties of $3,510 and $12,806, respectively. In addition, during the six months ended June 30, 2014 and 2013, the Company recognized aggregate net gains (charges) on debt satisfaction of $(299) and $8,957, respectively, relating to discontinued operations. As of June 30, 2014, the Company had one property classified as held for sale. | ||||||||||||||||
The following presents the operating results for the properties sold for the applicable periods: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total gross revenues | $ | 2,126 | $ | 5,558 | $ | 5,352 | $ | 11,119 | ||||||||
Pre-tax income (loss) | $ | (4,153 | ) | $ | 9,305 | $ | (5,321 | ) | $ | 13,236 | ||||||
The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale or transfer of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. During the six months ended June 30, 2014 and 2013, the Company recognized $10,691 and $8,735, respectively, of impairment charges in discontinued operations, relating to real estate assets that were disposed of below their carrying value or classified as held for sale. | ||||||||||||||||
In addition, the Company recognized impairment charges of $16,400 and $2,413 in continuing operations during the six months ended June 30, 2014 and 2013, respectively. The Company explored the possible disposition of certain non-core properties, including retail, underperforming and multi-tenant properties and determined that the expected undiscounted cash flows based upon a revised estimated holding period of the properties were below the current carrying values. Accordingly, the Company reduced the carrying values of these properties to their estimated fair values of $5,574 and $4,277, respectively. A property impaired during the six months ended June 30, 2014, is encumbered by a $17,401 non-recourse secured mortgage loan. |
Loans_Receivable_Notes
Loans Receivable (Notes) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Loans Receivable | ' | |||||||||||||
Loans Receivable | ||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company's loans receivable, including accrued interest and net of origination fees and loan loss reserves, were comprised primarily of first and second mortgage loans and mezzanine loans on real estate. | ||||||||||||||
The following is a summary of our loans receivable as of June 30, 2014 and December 31, 2013: | ||||||||||||||
Loan carrying-value(1) | ||||||||||||||
Loan | 6/30/14 | 12/31/13 | Interest Rate | Maturity Date | ||||||||||
Norwalk, CT(2) | $ | 32,159 | $ | 28,186 | 7.5 | % | Nov-14 | |||||||
Homestead, FL(3) | 10,311 | 10,239 | 7.5 | % | Aug-14 | |||||||||
Westmont, IL(4) | 12,417 | 12,610 | 6.45 | % | Oct-15 | |||||||||
Southfield, MI | 6,210 | 6,610 | 4.55 | % | Feb-15 | |||||||||
Austin, TX | 2,586 | 2,389 | 16 | % | Oct-18 | |||||||||
Kennewick, WA(5) | 56,467 | 37,030 | 9 | % | May-22 | |||||||||
Other | 2,259 | 2,379 | 8 | % | 2021-2022 | |||||||||
$ | 122,409 | $ | 99,443 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||||||||||||
-2 | The Company is committed to lend up to $32,600. | |||||||||||||
-3 | The Company is committed to lend up to $10,660. | |||||||||||||
-4 | Borrower is delinquent on debt service payments. Tenant at office property collateral terminated its lease. The Company recognized an impairment of $13,939 during the fourth quarter of 2013. During the six months ended June 30, 2014, the Company recognized $853 of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,514. At June 30, 2014, the impaired loan receivable had a contractual unpaid balance of $26,357. | |||||||||||||
-5 | The Company is committed to lend up to $85,000. Advances accrue interest at a current rate of 7.625% per annum through July 31, 2014 and at 9.00% per annum thereafter. | |||||||||||||
The Company has two types of financing receivables: loans receivable and a capitalized financing lease. The Company determined that its financing receivables operate within one portfolio segment as they are within the same industry and use the same impairment methodology. The Company's loans receivable are secured by commercial real estate assets and the capitalized financing lease is for a commercial office property located in Greenville, South Carolina. In addition, the Company assesses all financing receivables for impairment, when warranted, based on an individual analysis of each receivable. | ||||||||||||||
The Company's financing receivables operate within one class of financing receivables as these assets are collateralized by commercial real estate and similar metrics are used to monitor the risk and performance of these assets. The Company's management uses credit quality indicators to monitor financing receivables such as quality of collateral, the underlying tenant's credit rating and collection experience. As of June 30, 2014, the financing receivables were performing as anticipated and there were no significant delinquent amounts outstanding, other than the Westmont, Illinois loan as disclosed above. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring and non-recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Balance | Fair Value Measurements Using | |||||||||||||||
Description | June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 894 | $ | — | $ | 894 | $ | — | ||||||||
Interest rate swap liabilities | $ | (960 | ) | $ | — | $ | (960 | ) | $ | — | ||||||
Impaired real estate assets* | $ | 5,574 | $ | — | $ | — | $ | 5,574 | ||||||||
Investment in and advances to non-consolidated entities* | $ | 394 | $ | — | $ | — | $ | 394 | ||||||||
Balance | Fair Value Measurements Using | |||||||||||||||
Description | December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 4,439 | $ | — | $ | 4,439 | $ | — | ||||||||
Impaired real estate assets* | $ | 12,549 | $ | — | $ | — | $ | 12,549 | ||||||||
Investment in and advances to non-consolidated entities* | $ | 683 | $ | — | $ | — | $ | 683 | ||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, including those in discontinued operations, as of June 30, 2014 and December 31, 2013. | ||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Assets | ||||||||||||||||
Loans Receivable | $ | 122,409 | $ | 118,379 | $ | 99,443 | $ | 95,734 | ||||||||
Liabilities | ||||||||||||||||
Debt | $ | 2,169,250 | $ | 2,173,957 | $ | 2,055,807 | $ | 2,028,558 | ||||||||
The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2014 and December 31, 2013, the Company determined that the credit valuation adjustment relative to the overall fair value of the interest rate swaps was not significant. As a result, the interest rate swaps have been classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as broker opinions of value, recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company underestimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or overestimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. | ||||||||||||||||
The Company estimates the fair values of its loans receivable by using an estimated discounted cash flow analysis and/or the estimated value of the underlying collateral using Level 3 inputs consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. The fair value of the Company's debt is estimated by using a discounted cash flow analysis using Level 3 inputs, based upon estimates of market interest rates. | ||||||||||||||||
Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. | ||||||||||||||||
Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable. The Company estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments. |
Investment_in_and_Advances_to_
Investment in and Advances to Non-Consolidated Entities (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' |
Investment in and Advances to Non-Consolidated Entities | ' |
Investment in and Advances to Non-Consolidated Entities | |
In October 2013, the Company formed a joint venture, in which the Company has a 15.0% interest, that acquired a portfolio of veterinary hospitals for $39,456, which are net leased for a 20-year term. The acquisition was partially funded by a $18,791 non-recourse mortgage loan with a fixed interest rate of 4.01% and maturity of November 2018. | |
In August 2013, the Company invested $5,000 in a joint venture, which acquired the fee interest and the related office building improvements of a property in Baltimore, Maryland. Beginning in October 2015, the Company has the right to require the redemption of its interest in the joint venture in exchange for a distribution to the Company of the fee interest, which is currently leased for a 99-year term to the joint venture. | |
In July 2013, the Company acquired its consolidated joint venture partners' interest in an industrial facility in Long Island City, New York for a payment of $8,918, which was recorded as a distribution to the partner in accordance with GAAP. | |
In June 2014 and September 2013, the Company recognized $650 and $925, respectively, other-than-temporary impairment charges on a non-consolidated office property joint venture due to a change in the Company's estimate of net proceeds upon liquidation of the joint venture. | |
During 2012, the Company formed two joint ventures in which it has a minority interest. One joint venture acquired a 120,000 square foot retail property in Palm Beach Gardens, Florida for $29,750 which was net leased for an approximate 15-year term. The Company had a 36% interest in the venture and provided a $12,000 non-recourse mortgage loan to the venture which was repaid in full in February 2013. The Company received a distribution of $2,557 in March 2013, a portion of which represented a return of capital reducing the Company's ownership interest to 25%. | |
The second joint venture, in which the Company has a 15% interest, acquired a 100% economic interest in an inpatient rehabilitation hospital in Humble, Texas for $27,750, which was net leased for an approximate 17-year term. The acquisition was partially funded by a non-recourse mortgage with an original principal amount of $15,260, which bears interest at a fixed rate of 4.7% and matures in May 2017. |
Debt_Notes
Debt (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt | ' | |||||||||||||||
Debt | ||||||||||||||||
The Company, through property owner subsidiaries, had outstanding non-recourse secured mortgages and notes payable of $1,012,537 and $1,197,489 as of June 30, 2014 and December 31, 2013, respectively. Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.6% to 8.5% at June 30, 2014 and December 31, 2013 and the mortgages and notes payables mature between 2014 and 2027 as of June 30, 2014. The weighted-average interest rate was 5.2% and 5.3% at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The Company had the following senior notes outstanding as of June 30, 2014: | ||||||||||||||||
Issue Date | Face Amount | Interest Rate | Maturity Date | Issue Price | ||||||||||||
May-14 | $ | 250,000 | 4.4 | % | Jun-24 | 99.883 | % | |||||||||
Jun-13 | 250,000 | 4.25 | % | Jun-23 | 99.026 | % | ||||||||||
$ | 500,000 | |||||||||||||||
The Company issued $250,000 of 4.40% Senior Notes due 2024 during the second quarter of 2014 in a registered offering to the public. The Company used the net proceeds from the sale of these senior notes to repay secured indebtedness, pay down amounts outstanding under its revolving credit facility and for other general corporate purposes. | ||||||||||||||||
Each series of the senior notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. The senior notes are rated Baa2, BBB- and BBB by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings, Inc., respectively. | ||||||||||||||||
The Company has a $400,000 unsecured revolving credit facility with KeyBank National Association (“KeyBank”), as agent. The unsecured revolving credit facility matures in February 2017 but can be extended until February 2018 at the Company’s option. The interest rate under the unsecured revolving credit facility ranges from LIBOR plus 0.95% to 1.725% (1.15% as of June 30, 2014) depending on the Company's unsecured debt rating. At June 30, 2014, the unsecured revolving credit facility had no amounts outstanding, outstanding letters of credit of $16,144 and availability of $383,856, subject to covenant compliance. | ||||||||||||||||
In 2013, the Company procured a five-year $250,000 unsecured term loan facility from KeyBank, as agent. The unsecured term loan matures in February 2018, may be prepaid without penalty and requires regular payments of interest only at interest rates ranging from LIBOR plus 1.10% to 2.10% (1.35% as of June 30, 2014) depending on the Company’s unsecured debt rating. As of June 30, 2014, the Company entered into aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.09% through February 2018 on the $250,000 of outstanding LIBOR-based borrowings. | ||||||||||||||||
The Company has a $255,000 unsecured term loan from Wells Fargo Bank, National Association (“Wells Fargo”), as agent. The term loan matures in January 2019. The term loan requires regular payments of interest only at interest rates ranging from LIBOR plus 1.50% to 2.25% (1.75% as of June 30, 2014) depending on the Company's unsecured debt rating. The Company may prepay any outstanding borrowings under the term loan facility at a premium through January 12, 2016 and at par thereafter. The Company has entered into interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings. | ||||||||||||||||
The Company was in compliance with all applicable financial covenants contained in its corporate level debt agreements at June 30, 2014. | ||||||||||||||||
During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes due 2030. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require the Company to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The Company may not redeem any notes prior to January 2017, except to preserve its REIT status. The notes have a current conversion rate of 149.6190 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.68 per common share. The conversion rate is subject to adjustment under certain circumstances, including increases in the Company's dividend rate above a certain threshold and the issuance of stock dividends. The notes are convertible by the holders under certain circumstances for cash, common shares or a combination of cash and common shares at the Company's election. The notes are convertible prior to the close of business on the second business day immediately preceding the stated maturity date, at any time beginning in January 2029 and also upon the occurrence of specified events. During the six months ended June 30, 2014 and 2013, $2,805 and $42,750, respectively, aggregate principal amount of the notes were converted for 414,637 and 6,167,111 common shares, respectively, and aggregate cash payments of $62 and $2,663, respectively, plus accrued and unpaid interest resulting in aggregate debt satisfaction charges of $574 and $10,633, respectively. | ||||||||||||||||
On September 30, 2013, the Company obtained the release of all guarantees, other than LCIF and LCIF II (which subsequently merged into LCIF) under the indenture for the 6.00% Convertible Guaranteed Notes due 2030, the indenture for the 4.25% Senior Notes due 2023, the term loan agreements and the unsecured revolving credit facility. | ||||||||||||||||
Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes due 2030. | ||||||||||||||||
6.00% Convertible Guaranteed Notes due 2030 | ||||||||||||||||
Balance Sheets: | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Principal amount of debt component | $ | 26,186 | $ | 28,991 | ||||||||||||
Unamortized discount | (1,132 | ) | (1,500 | ) | ||||||||||||
Carrying amount of debt component | $ | 25,054 | $ | 27,491 | ||||||||||||
Carrying amount of equity component | $ | (27,564 | ) | $ | (26,032 | ) | ||||||||||
Effective interest rate | 8.1 | % | 8.1 | % | ||||||||||||
Period through which discount is being amortized, put date | Jan-17 | Jan-17 | ||||||||||||||
Aggregate if-converted value in excess of aggregate principal amount | $ | 16,432 | $ | 14,296 | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
Statements of Operations: | 2014 | 2013 | 2014 | 2013 | ||||||||||||
6.00% Convertible Guaranteed Notes | ||||||||||||||||
Coupon interest | $ | 393 | $ | 610 | $ | 821 | $ | 1,398 | ||||||||
Discount amortization | 112 | 175 | 233 | 398 | ||||||||||||
$ | 505 | $ | 785 | $ | 1,054 | $ | 1,796 | |||||||||
During the six months ended June 30, 2014 and 2013, in connection with the satisfaction of mortgage notes other than those disclosed elsewhere in these financial statements, the Company incurred debt satisfaction charges, net of $6,917 and $11,796, respectively, relating primarily to satisfying non-recourse mortgage debt prior to the stated maturity dates. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities (Notes) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivatives Hedging Activities | ' | |||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||
Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. | ||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk. The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company did not incur any ineffectiveness during the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
The Company has designated the interest-rate swap agreements with its counterparties as cash flow hedges of the risk of variability attributable to changes in the LIBOR swap rate on $505,000 of LIBOR-indexed variable-rate unsecured term loans. Accordingly, changes in the fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. In January 2012, the Company settled the 2008 interest-rate swap agreement with KeyBank for $3,539. The Company had a credit balance of $1,837 in accumulated other comprehensive income at the settlement date which was amortized into earnings on a straight-line basis through February 2013. | ||||||||||||||||||||
Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the term loans. During the next 12 months, the Company estimates that an additional $5,477 will be reclassified as an increase to interest expense. | ||||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | ||||||||||||||||||
Interest Rate Swaps | 10 | $505,000 | ||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest Rate Swap Asset | Other Assets | $ | 894 | Other Assets | $ | 4,439 | ||||||||||||||
Interest Rate Swap Liability | Other Liabilities | $ | (960 | ) | ||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain (Loss) Recognized | Location of Loss | Amount of Loss Reclassified | |||||||||||||||||
in OCI on Derivatives | Reclassified from | from Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Accumulated OCI into Income (Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
Hedging Relationships | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest Rate Swaps | $ | (7,186 | ) | $ | 8,851 | Interest expense | $ | 2,681 | $ | 1,285 | ||||||||||
The Company's agreements with swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of June 30, 2014, the Company has not posted any collateral related to the agreements. |
Concentration_of_Risk_Notes
Concentration of Risk (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Risk | ' |
Concentration of Risk | |
The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the six months ended June 30, 2014 and 2013, no single tenant represented greater than 10% of rental revenues. | |
Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. |
Equity_Notes
Equity (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Equity | ' | |||||||
Equity | ||||||||
Shareholders' Equity. During the six months ended June 30, 2014 and 2013, the Company issued 1,168,673 and 690,873 common shares, respectively, under its direct share purchase plan, which includes its dividend reinvestment plan, raising net proceeds of $11,522 and $7,466, respectively. | ||||||||
During the six months ended June 30, 2013, the Company implemented an At-The-Market offering program under which the Company may issue up to $100,000 in common shares over the term of this program. The Company issued 3,409,927 common shares under this program during the six months ended June 30, 2013 and generated aggregate gross proceeds of $36,884. In addition, in March 2013, the Company issued 23,000,000 common shares in a public offering raising gross proceeds of $258,336. The net proceeds from these offerings of $293,855 were used to repay borrowings under the Company's unsecured revolving credit facility and the balance for general corporate purposes, including acquisitions. | ||||||||
The Company issued 1,325,000 non-vested common shares to certain officers with a grant date fair value of $14,098 during the six months ended June 30, 2013. The non-vested common shares are subject to long-term retention non-vested share agreements and vest from 2018 to 2022 in accordance with the agreements. In addition, during the six months ended June 30, 2014 and 2013, the Company issued 14,000 and 37,500, respectively, fully vested common shares to the non-management members of the Company's Board of Trustees with a grant date fair value of $142 and $399, respectively. | ||||||||
During the six months ended June 30, 2013, the Company repurchased and retired the following shares of its preferred stock: | ||||||||
7.55% Series D Cumulative Preferred Stock | ||||||||
Shares redeemed and retired | 6,200,000 | |||||||
Redemption cost(1) | $ | 155,621 | ||||||
Deemed dividend(2) | $ | 5,230 | ||||||
-1 | Includes accrued and unpaid dividends. | |||||||
-2 | Represents the difference between the redemption cost and historical GAAP cost. Accordingly, net income was adjusted for the deemed dividend to arrive at net loss attributable to common shareholders. | |||||||
Accumulated other comprehensive income (loss) as of June 30, 2014 and December 31, 2013 represented $(66) and $4,439, respectively, of unrealized gain (loss) on interest rate swaps, net. | ||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ||||||||
Gains and Losses | ||||||||
on Cash Flow Hedges | ||||||||
Balance December 31, 2013 | $ | 4,439 | ||||||
Other comprehensive loss before reclassifications | (7,186 | ) | ||||||
Amounts of loss reclassified from accumulated other comprehensive income to interest expense | 2,681 | |||||||
Balance June 30, 2014 | $ | (66 | ) | |||||
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. | ||||||||
During the six months ended June 30, 2014, in connection with the merger of LCIF II with and into LCIF, former LCIF II partners representing 170,193 OP units elected or were deemed to elect to receive $1,962 in aggregate cash for such OP units. In addition, during the six months ended June 30, 2014 and 2013, 9,322 and 164,596 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $46 and $861, respectively. | ||||||||
As of June 30, 2014, there were approximately 3,439,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with their respective partnership agreements. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the applicable 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, | ||||||||
2014 | 2013 | |||||||
Net income attributable to Lexington Realty Trust shareholders | $ | 15,336 | $ | 4,112 | ||||
Transfers from noncontrolling interests: | ||||||||
Increase (decrease) in additional paid-in-capital for redemption of noncontrolling OP units | (959 | ) | 861 | |||||
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ | 14,377 | $ | 4,973 | ||||
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
There were no related party transactions other than those disclosed elsewhere in this Quarterly Report and the audited consolidated financial statements in the Annual Report. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
In addition to the commitments and contingencies disclosed elsewhere and previously disclosed, the Company has the following commitments and contingencies. | |
The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. During the six months ended June 30, 2014, the Company commenced the expansion of the Byhalia, Mississippi property for an estimated cost of $15,300. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. As of June 30, 2014, the Company had two outstanding guarantees for (1) the completion of the base building improvements and the payment of a related tenant improvement allowance for an office property in Orlando, Florida, for which the unfunded amounts were estimated to be $41 and (2) the full payment of the base building improvement, tenant improvement allowance and lease commissions for an office property in Herndon, Virginia, for which the unfunded amounts were estimated to be $1,499. | |
From time to time, the Company is directly and indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations. |
Supplemental_Disclosure_of_Sta
Supplemental Disclosure of Statement of Cash Flow Information (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ' |
Supplemental Disclosure of Statement of Cash Flow Information | ' |
Supplemental Disclosure of Statement of Cash Flow Information | |
In addition to disclosures discussed elsewhere, during the six months ended June 30, 2014 and 2013, the Company paid $50,694 and $48,377, respectively, for interest and $1,341 and $1,235, respectively, for income taxes. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
Subsequent Events | ||
Subsequent to June 30, 2014 and in addition to disclosures elsewhere in the financial statements, the Company: | ||
• | disposed of its interest in three properties to unrelated third parties for an aggregate disposition price of $48,300; | |
• | converted $1,400 original principal amount of 6.00% Convertible Guaranteed Notes due 2030 for 209,466 common shares; and | |
• | acquired an additional interest in an office property in Philadelphia, Pennsylvania for $2,100, bringing total ownership to 87.5%. |
The_Company_and_Financial_Stat1
The Company and Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of presentation and consolidation | ' |
Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries and its partnerships and joint ventures which it controls (1) through voting rights or similar rights or (2) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. | |
The financial statements contained in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2014 (this “Quarterly Report”) have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2014 and 2013, are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2013 filed with the SEC on February 26, 2014 (“Annual Report”). | |
Use of estimates | ' |
Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments, the valuation of derivative financial instruments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. | |
Fair value measurements | ' |
Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, as amended (“Topic 820”), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. | |
Acquisition, development and construction arrangements | ' |
Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the unaudited condensed consolidated balance sheets. In these cases, no interest income is recorded on the loan receivable and the Company capitalizes interest during the construction period. In arrangements where the Company engages a developer to construct a property or provides funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Properties held for sale | ' |
Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the condensed consolidated balance sheets, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the condensed consolidated statements of operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. | |
Reclassifications | ' |
Reclassifications. Certain amounts included in the 2013 unaudited condensed consolidated financial statements have been reclassified, primarily relating to discontinued operations, to conform to the 2014 presentation. | |
Recently issued accounting guidance | ' |
Recently Issued Accounting Guidance. In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and improves financial statement disclosures. Under this guidance, only disposals representing a strategic shift in operations that have a major effect on an organization's operations and financial results should be presented as discontinued operations. The new guidance is effective in the first quarter of 2015. It is anticipated that the implementation of this guidance will reduce the number of future property dispositions the Company makes, if any, that will be classified as discontinued operations in the Company's condensed consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share Reconciliation | ' | |||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
BASIC | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 16,901 | $ | (8,477 | ) | $ | 17,237 | $ | (19,701 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 12,742 | $ | (849 | ) | $ | 11,904 | $ | (8,144 | ) | ||||||
Weighted-average number of common shares outstanding | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.04 | ) | $ | 0.07 | $ | (0.10 | ) | ||||||
Income (loss) from discontinued operations | (0.02 | ) | 0.04 | (0.02 | ) | 0.06 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.04 | ) | |||||||
DILUTED | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders - basic | $ | 16,901 | $ | (8,477 | ) | $ | 17,237 | $ | (19,701 | ) | ||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | 16,901 | (8,477 | ) | 17,237 | (19,701 | ) | ||||||||||
Income (loss) from discontinued operations attributable to common shareholders - basic | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Income (loss) from discontinued operations attributable to common shareholders | (4,159 | ) | 7,628 | (5,333 | ) | 11,557 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 12,742 | $ | (849 | ) | $ | 11,904 | $ | (8,144 | ) | ||||||
Weighted-average common shares outstanding - basic | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options | 483,131 | — | 509,890 | — | ||||||||||||
Weighted-average common shares outstanding | 228,851,184 | 211,619,288 | 228,275,608 | 200,487,623 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.04 | ) | $ | 0.07 | $ | (0.10 | ) | ||||||
Income (loss) from discontinued operations | (0.02 | ) | 0.04 | (0.02 | ) | 0.06 | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.04 | ) | |||||||
Investments_in_Real_Estate_and1
Investments in Real Estate and Real Estate Under Construction (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||
Schedule of acquired properties | ' | |||||||||||||||||
The Company, through property owner subsidiaries, completed the following acquisition and build-to-suit transactions during the six months ended June 30, 2014: | ||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Lease in-place Value Intangible | |||||||||||
Industrial | Rantoul, IL | Jan-14 | $ | 41,277 | Oct-33 | $ | 1,304 | $ | 32,562 | $ | 7,411 | |||||||
Office | Parachute, CO | Jan-14 | $ | 13,928 | Oct-32 | $ | 1,400 | $ | 10,751 | $ | 1,777 | |||||||
Office | Rock Hill, SC | Mar-14 | $ | 24,715 | Mar-34 | $ | 1,601 | $ | 18,989 | $ | 4,125 | |||||||
Industrial | Lewisburg, TN | May-14 | $ | 13,320 | Mar-26 | $ | 173 | $ | 10,865 | $ | 2,282 | |||||||
Industrial | North Las Vegas, NV | May-14 | $ | 28,249 | Sep-34 | $ | 3,244 | $ | 21,444 | $ | 3,561 | |||||||
Industrial | Bingen, WA | May-14 | $ | 20,391 | May-24 | $ | — | $ | 18,075 | $ | 2,316 | |||||||
$ | 141,880 | $ | 7,722 | $ | 112,686 | $ | 21,472 | |||||||||||
Schedule of acquisition development and construction arrangements outstanding | ' | |||||||||||||||||
As of June 30, 2014, the Company had the following development arrangements outstanding: | ||||||||||||||||||
Location | Property Type | Square Feet | Expected Maximum Commitment/Contribution | Lease Term (Years) | Estimated Completion Date | |||||||||||||
Oak Creek, WI | Industrial | 164,000 | $ | 22,609 | 20 | 2Q 15 | ||||||||||||
Richmond, VA | Office | 279,000 | $ | 98,644 | 15 | 3Q 15 | ||||||||||||
Lake Jackson, TX | Office/R&D | 664,000 | $ | 166,164 | 20 | 4Q 16 | ||||||||||||
1,107,000 | $ | 287,417 | ||||||||||||||||
Schedule of properties to be acquired | ' | |||||||||||||||||
In addition, the Company has a commitment to acquire the following property: | ||||||||||||||||||
Location | Property Type | Estimated Acquisition Cost ($000) | Estimated Acquisition Date | Lease Term (Years) | ||||||||||||||
Auburn Hills, MI | Office | $ | 40,025 | 1Q 15 | 14 | |||||||||||||
$ | 40,025 | |||||||||||||||||
Discontinued_Operations_and_Re1
Discontinued Operations and Real Estate Impairment (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Operating Results for Properties Sold | ' | |||||||||||||||
The following presents the operating results for the properties sold for the applicable periods: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total gross revenues | $ | 2,126 | $ | 5,558 | $ | 5,352 | $ | 11,119 | ||||||||
Pre-tax income (loss) | $ | (4,153 | ) | $ | 9,305 | $ | (5,321 | ) | $ | 13,236 | ||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Summary of Loans Receivable | ' | |||||||||||||
The following is a summary of our loans receivable as of June 30, 2014 and December 31, 2013: | ||||||||||||||
Loan carrying-value(1) | ||||||||||||||
Loan | 6/30/14 | 12/31/13 | Interest Rate | Maturity Date | ||||||||||
Norwalk, CT(2) | $ | 32,159 | $ | 28,186 | 7.5 | % | Nov-14 | |||||||
Homestead, FL(3) | 10,311 | 10,239 | 7.5 | % | Aug-14 | |||||||||
Westmont, IL(4) | 12,417 | 12,610 | 6.45 | % | Oct-15 | |||||||||
Southfield, MI | 6,210 | 6,610 | 4.55 | % | Feb-15 | |||||||||
Austin, TX | 2,586 | 2,389 | 16 | % | Oct-18 | |||||||||
Kennewick, WA(5) | 56,467 | 37,030 | 9 | % | May-22 | |||||||||
Other | 2,259 | 2,379 | 8 | % | 2021-2022 | |||||||||
$ | 122,409 | $ | 99,443 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||||||||||||
-2 | The Company is committed to lend up to $32,600. | |||||||||||||
-3 | The Company is committed to lend up to $10,660. | |||||||||||||
-4 | Borrower is delinquent on debt service payments. Tenant at office property collateral terminated its lease. The Company recognized an impairment of $13,939 during the fourth quarter of 2013. During the six months ended June 30, 2014, the Company recognized $853 of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,514. At June 30, 2014, the impaired loan receivable had a contractual unpaid balance of $26,357. | |||||||||||||
-5 | The Company is committed to lend up to $85,000. Advances accrue interest at a current rate of 7.625% per annum through July 31, 2014 and at 9.00% per annum thereafter. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | |||||||||||||||
Schedule of Fair Value Measurement Inputs | ' | |||||||||||||||
The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring and non-recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Balance | Fair Value Measurements Using | |||||||||||||||
Description | June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 894 | $ | — | $ | 894 | $ | — | ||||||||
Interest rate swap liabilities | $ | (960 | ) | $ | — | $ | (960 | ) | $ | — | ||||||
Impaired real estate assets* | $ | 5,574 | $ | — | $ | — | $ | 5,574 | ||||||||
Investment in and advances to non-consolidated entities* | $ | 394 | $ | — | $ | — | $ | 394 | ||||||||
Balance | Fair Value Measurements Using | |||||||||||||||
Description | December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 4,439 | $ | — | $ | 4,439 | $ | — | ||||||||
Impaired real estate assets* | $ | 12,549 | $ | — | $ | — | $ | 12,549 | ||||||||
Investment in and advances to non-consolidated entities* | $ | 683 | $ | — | $ | — | $ | 683 | ||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
Schedule of Carrying Amounts and Fair Value of Financial Instruments | ' | |||||||||||||||
The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, including those in discontinued operations, as of June 30, 2014 and December 31, 2013. | ||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Assets | ||||||||||||||||
Loans Receivable | $ | 122,409 | $ | 118,379 | $ | 99,443 | $ | 95,734 | ||||||||
Liabilities | ||||||||||||||||
Debt | $ | 2,169,250 | $ | 2,173,957 | $ | 2,055,807 | $ | 2,028,558 | ||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt Instrument Redemption | ' | |||||||||||||||
The Company had the following senior notes outstanding as of June 30, 2014: | ||||||||||||||||
Issue Date | Face Amount | Interest Rate | Maturity Date | Issue Price | ||||||||||||
May-14 | $ | 250,000 | 4.4 | % | Jun-24 | 99.883 | % | |||||||||
Jun-13 | 250,000 | 4.25 | % | Jun-23 | 99.026 | % | ||||||||||
$ | 500,000 | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes due 2030. | ||||||||||||||||
6.00% Convertible Guaranteed Notes due 2030 | ||||||||||||||||
Balance Sheets: | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Principal amount of debt component | $ | 26,186 | $ | 28,991 | ||||||||||||
Unamortized discount | (1,132 | ) | (1,500 | ) | ||||||||||||
Carrying amount of debt component | $ | 25,054 | $ | 27,491 | ||||||||||||
Carrying amount of equity component | $ | (27,564 | ) | $ | (26,032 | ) | ||||||||||
Effective interest rate | 8.1 | % | 8.1 | % | ||||||||||||
Period through which discount is being amortized, put date | Jan-17 | Jan-17 | ||||||||||||||
Aggregate if-converted value in excess of aggregate principal amount | $ | 16,432 | $ | 14,296 | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
Statements of Operations: | 2014 | 2013 | 2014 | 2013 | ||||||||||||
6.00% Convertible Guaranteed Notes | ||||||||||||||||
Coupon interest | $ | 393 | $ | 610 | $ | 821 | $ | 1,398 | ||||||||
Discount amortization | 112 | 175 | 233 | 398 | ||||||||||||
$ | 505 | $ | 785 | $ | 1,054 | $ | 1,796 | |||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges | ' | |||||||||||||||||||
As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | ||||||||||||||||||
Interest Rate Swaps | 10 | $505,000 | ||||||||||||||||||
Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets | ' | |||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest Rate Swap Asset | Other Assets | $ | 894 | Other Assets | $ | 4,439 | ||||||||||||||
Interest Rate Swap Liability | Other Liabilities | $ | (960 | ) | ||||||||||||||||
Effect of the Company's Derivative Financial Instruments on the Statements of Operation | ' | |||||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain (Loss) Recognized | Location of Loss | Amount of Loss Reclassified | |||||||||||||||||
in OCI on Derivatives | Reclassified from | from Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Accumulated OCI into Income (Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
Hedging Relationships | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest Rate Swaps | $ | (7,186 | ) | $ | 8,851 | Interest expense | $ | 2,681 | $ | 1,285 | ||||||||||
Equity_Tables
Equity (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Stock Redemptions and Retirements | ' | |||||||
During the six months ended June 30, 2013, the Company repurchased and retired the following shares of its preferred stock: | ||||||||
7.55% Series D Cumulative Preferred Stock | ||||||||
Shares redeemed and retired | 6,200,000 | |||||||
Redemption cost(1) | $ | 155,621 | ||||||
Deemed dividend(2) | $ | 5,230 | ||||||
-1 | Includes accrued and unpaid dividends. | |||||||
-2 | Represents the difference between the redemption cost and historical GAAP cost. Accordingly, net income was adjusted for the deemed dividend to arrive at net loss attributable to common shareholders. | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ||||||||
Gains and Losses | ||||||||
on Cash Flow Hedges | ||||||||
Balance December 31, 2013 | $ | 4,439 | ||||||
Other comprehensive loss before reclassifications | (7,186 | ) | ||||||
Amounts of loss reclassified from accumulated other comprehensive income to interest expense | 2,681 | |||||||
Balance June 30, 2014 | $ | (66 | ) | |||||
Effects of Changes in the Company's Ownership Interests in Noncontrolling Interests | ' | |||||||
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, | ||||||||
2014 | 2013 | |||||||
Net income attributable to Lexington Realty Trust shareholders | $ | 15,336 | $ | 4,112 | ||||
Transfers from noncontrolling interests: | ||||||||
Increase (decrease) in additional paid-in-capital for redemption of noncontrolling OP units | (959 | ) | 861 | |||||
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ | 14,377 | $ | 4,973 | ||||
The_Company_and_Financial_Stat2
The Company and Financial Statement Presentation (Details) | Jun. 30, 2014 |
state | |
Property | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of properties | 220 |
Number of states in which entity has interests | 41 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
BASIC | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to common shareholders - basic | $16,901 | ($8,477) | $17,237 | ($19,701) |
Income (loss) from continuing operations attributable to common shareholders | -4,159 | 7,628 | -5,333 | 11,557 |
Net income (loss) attributable to common shareholders | 12,742 | -849 | 11,904 | -8,144 |
Weighted-average common shares outstanding - basic | 228,368,053 | 211,619,288 | 227,765,718 | 200,487,623 |
Income (loss) from continuing operations | $0.07 | ($0.04) | $0.07 | ($0.10) |
Income (loss) from discontinued operations | ($0.02) | $0.04 | ($0.02) | $0.06 |
Net income (loss) attributable to common shareholders | $0.05 | $0 | $0.05 | ($0.04) |
DILUTED | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to common shareholders - basic | 16,901 | -8,477 | 17,237 | -19,701 |
Impact of assumed conversions: | ' | ' | ' | ' |
Share options | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations attributable to common shareholders | 16,901 | -8,477 | 17,237 | -19,701 |
Income (loss) from continuing operations attributable to common shareholders | -4,159 | 7,628 | -5,333 | 11,557 |
Share options | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations attributable to common shareholders | -4,159 | 7,628 | -5,333 | 11,557 |
Net income (loss) attributable to common shareholders | $12,742 | ($849) | $11,904 | ($8,144) |
Effect of dilutive securities: | ' | ' | ' | ' |
Share options | 483,131 | 0 | 509,890 | 0 |
Weighted-average common shares outstanding | 228,851,184 | 211,619,288 | 228,275,608 | 200,487,623 |
Income (loss) per common share: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.07 | ($0.04) | $0.07 | ($0.10) |
Income (loss) from discontinued operations | ($0.02) | $0.04 | ($0.02) | $0.06 |
Net income (loss) attributable to common shareholders | $0.05 | $0 | $0.05 | ($0.04) |
Investments_in_Real_Estate_and2
Investments in Real Estate and Real Estate Under Construction Summary of acquisitions and build-to-suit transactions (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | $141,880 |
Land and land estate | 7,722 |
Building and improvements | 112,686 |
Lease in-place value | 21,472 |
Industrial property [Member] | Rantoul Illinois [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 41,277 |
Land and land estate | 1,304 |
Building and improvements | 32,562 |
Lease in-place value | 7,411 |
Industrial property [Member] | Lewisburg Tennessee [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 13,320 |
Land and land estate | 173 |
Building and improvements | 10,865 |
Lease in-place value | 2,282 |
Industrial property [Member] | North Las Vegas Nevada [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 28,249 |
Land and land estate | 3,244 |
Building and improvements | 21,444 |
Lease in-place value | 3,561 |
Industrial property [Member] | Bingen, Washington [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 20,391 |
Land and land estate | 0 |
Building and improvements | 18,075 |
Lease in-place value | 2,316 |
Office Building [Member] | Parachute Colorado [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 13,928 |
Land and land estate | 1,400 |
Building and improvements | 10,751 |
Lease in-place value | 1,777 |
Office Building [Member] | Rock Hill South Carolina [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Initial cost basis | 24,715 |
Land and land estate | 1,601 |
Building and improvements | 18,989 |
Lease in-place value | $4,125 |
Investments_in_Real_Estate_and3
Investments in Real Estate and Real Estate Under Construction Summary of development arrangements outstanding (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
sqft | |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Square Feet | 1,107,000 |
Expected Maximum Commitment/Contribution | $287,417 |
Oak Creek Wisconsin [Member] | Industrial property [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Square Feet | 164,000 |
Expected Maximum Commitment/Contribution | 22,609 |
Lease Term (Years) | '20 years |
Richmond, Virginia [Member] | Office Building [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Square Feet | 279,000 |
Expected Maximum Commitment/Contribution | 98,644 |
Lease Term (Years) | '15 years |
Lake Jackson, Texas [Member] | Office and R and D Property [Member] | ' |
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' |
Square Feet | 664,000 |
Expected Maximum Commitment/Contribution | $166,164 |
Lease Term (Years) | '20 years |
Investments_in_Real_Estate_and4
Investments in Real Estate and Real Estate Under Construction Summary of properties to be acquired (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Business Acquisition [Line Items] | ' |
Estimated acquisition cost | $40,025 |
Auburn Hills, Michigan [Member] | Office Building [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated acquisition cost | $40,025 |
Lease Term (Years) | '14 years |
Investments_in_Real_Estate_and5
Investments in Real Estate and Real Estate Under Construction Narrative (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Aggregate acquisition expenses | $1,252 | $598 | ' |
Development in process | 54,586 | ' | 74,350 |
Development Deals [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Real estate investment capitalized interest | $1,454 | $1,116 | ' |
Discontinued_Operations_and_Re2
Discontinued Operations and Real Estate Impairment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property | Property | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Debt satisfaction gains, net | ($4,187) | ($11,726) | ($7,491) | ($22,429) |
Real estate properties held for sale | 1 | ' | 1 | ' |
Total gross revenues | 2,126 | 5,558 | 5,352 | 11,119 |
Pre-tax income (loss) | -4,153 | 9,305 | -5,321 | 13,236 |
Discontinued operation asset impairment charges | 8,382 | 1,391 | 10,691 | 8,735 |
Impairment of real estate | ' | ' | 16,400 | 2,413 |
Real estate investment property, at cost | 5,574 | 4,277 | 5,574 | 4,277 |
Non-recourse debt | 17,401 | ' | 17,401 | ' |
Sold Properties [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Number of properties sold | ' | ' | 6 | ' |
Aggregate gross disposition price | ' | ' | 52,605 | 48,466 |
Gain (loss) on sale of properties | ' | ' | 3,510 | 12,806 |
Transferred Property [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real estate number of properties transferred | ' | ' | 1 | ' |
Transfer of real estate | ' | ' | 9,900 | 49,509 |
Debt satisfaction gains, net | ' | ' | ($299) | $8,957 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | $122,409 | [1] | $99,443 | [1] |
Number of types of financing receivable | 2 | ' | ||
Number of classes of financing receivable | 1 | ' | ||
Norwalk, Connecticut [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 32,159 | [1],[2] | 28,186 | [1],[2] |
Interest rate of mortgage loans | 7.50% | [2] | 7.50% | [2] |
Maximum contracted lending amount | 32,600 | ' | ||
Homestead, Florida [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 10,311 | [1],[3] | 10,239 | [1],[3] |
Interest rate of mortgage loans | 7.50% | [3] | 7.50% | [3] |
Maximum contracted lending amount | 10,660 | ' | ||
Westmont, Illinios [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 12,417 | [1],[4] | 12,610 | [1],[4] |
Interest rate of mortgage loans | 6.45% | [4] | 6.45% | [4] |
Recorded investment | ' | 13,939 | ||
Interest income from impaired loan | 853 | ' | ||
Average recorded investment | 12,514 | ' | ||
Unpaid principal balance | 26,357 | ' | ||
Southfield, Michigan [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 6,210 | [1] | 6,610 | [1] |
Interest rate of mortgage loans | 4.55% | 4.55% | ||
Austin, Texas [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,586 | [1] | 2,389 | [1] |
Interest rate of mortgage loans | 16.00% | 16.00% | ||
Kennewick, Washington [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | 56,467 | [1],[5] | 37,030 | [1],[5] |
Interest rate of mortgage loans | 9.00% | [5] | 9.00% | [5] |
Maximum contracted lending amount | 85,000 | ' | ||
Accrued interest on construction advances | 7.63% | ' | ||
Other Loan Locations [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross, Carrying Amount | $2,259 | [1] | $2,379 | [1] |
Interest rate of mortgage loans | 8.00% | 8.00% | ||
[1] | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||
[2] | The Company is committed to lend up to $32,600. | |||
[3] | The Company is committed to lend up to $10,660. | |||
[4] | Borrower is delinquent on debt service payments. Tenant at office property collateral terminated its lease. The Company recognized an impairment of $13,939 during the fourth quarter of 2013. During the six months ended June 30, 2014, the Company recognized $853 of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,514. At June 30, 2014, the impaired loan receivable had a contractual unpaid balance of $26,357. | |||
[5] | The Company is committed to lend up to $85,000. Advances accrue interest at a current rate of 7.625% per annum through July 31, 2014 and at 9.00% per annum thereafter. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loan receivable | $122,409 | [1] | $99,443 | [1] |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 894 | 4,439 | ||
Interest rate swap liabilities | -960 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 0 | 0 | ||
Interest rate swap liabilities | 0 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 894 | 4,439 | ||
Interest rate swap liabilities | -960 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 0 | 0 | ||
Interest rate swap liabilities | 0 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 5,574 | [2] | 12,549 | [2] |
Investment in and advances to non-consolidated entities | 394 | 683 | [2] | |
Impaired loan receivable | ' | 12,610 | [2] | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 0 | [2] | 0 | [2] |
Investment in and advances to non-consolidated entities | 0 | [2] | 0 | |
Impaired loan receivable | ' | 0 | [2] | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 0 | [2] | 0 | [2] |
Investment in and advances to non-consolidated entities | 0 | [2] | 0 | |
Impaired loan receivable | ' | 0 | [2] | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 5,574 | [2] | 12,549 | [2] |
Investment in and advances to non-consolidated entities | 394 | [2] | 683 | [2] |
Impaired loan receivable | ' | $12,610 | [2] | |
[1] | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||
[2] | Represents a non-recurring fair value measurement. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Carrying value of loans receivable | $122,409 | $99,443 |
Carrying Amount [Member] | ' | ' |
Assets | ' | ' |
Carrying value of loans receivable | 122,409 | 99,443 |
Liabilities | ' | ' |
Carrying value of debt | 2,169,250 | 2,055,807 |
Fair Value [Member] | ' | ' |
Assets | ' | ' |
Fair value of loans receivable | 118,379 | 95,734 |
Liabilities | ' | ' |
Fair value of debt | $2,173,957 | $2,028,558 |
Investment_in_and_Advances_to_1
Investment in and Advances to Non-Consolidated Entities (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
sqft | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Baltimore, Maryland [Member] | Long Island City, New York [Member] | Palm Beach Gardens, Florida [Member] | Palm Beach Gardens, Florida [Member] | Humble, Texas [Member] | Nonrecourse Mortgage [Member] | |
Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Humble, Texas [Member] | |||||
sqft | Joint Venture [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of equity method investment | ' | ' | 15.00% | ' | ' | ' | 25.00% | 36.00% | 15.00% | ' |
Investment in joint venture | ' | ' | $39,456,000 | ' | $5,000,000 | $8,918,000 | ' | $29,750,000 | ' | ' |
Lease Term (Years) | ' | ' | '20 years | ' | '99 years | ' | ' | '15 years | '17 years | ' |
Advances to affiliate | ' | ' | 18,791,000 | ' | ' | ' | ' | 12,000,000 | ' | ' |
Stated interest rate | ' | ' | 4.01% | ' | ' | ' | ' | ' | ' | 4.70% |
Other than temporary impairment on joint venture | ' | 650,000 | ' | 925,000 | ' | ' | ' | ' | ' | ' |
Square Feet | 1,107,000 | ' | ' | ' | ' | ' | ' | 120,000 | ' | ' |
Distributions payable to real estate partnerships | ' | ' | ' | ' | ' | ' | 2,557,000 | ' | ' | ' |
Economic interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Property purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 27,750,000 | ' |
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,260,000 |
Debt_Details
Debt (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2010 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Senior Notes [Member] | Line of Credit [Member] | Unsecured Term Loan [Member] | 6% Convertible Guaranteed Note [Member] | 6% Convertible Guaranteed Note [Member] | 6% Convertible Guaranteed Note [Member] | 6% Convertible Guaranteed Note [Member] | 4.25% Senior Note [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Senior Notes Due 2024 [Member] | Senior Notes Due 2023 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | |||||
Senior Notes [Member] | Senior Notes [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Unsecured Term Loan [Member] | Minimum [Member] | Maximum [Member] | Unsecured Term Loan [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||
Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and notes payable | $1,012,537,000 | ' | ' | $1,197,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | 8.10% | ' | 8.10% | ' | ' | ' | ' | 3.60% | 3.60% | 8.50% | 8.50% | ' | ' | 1.15% | ' | ' | ' | 1.75% | ' | ' | 1.35% | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | 5.20% | ' | ' | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt instrument | ' | ' | ' | ' | 500,000,000 | ' | 255,000,000 | 26,186,000 | 115,000,000 | 28,991,000 | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 250,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 6.00% | 6.00% | 4.25% | ' | ' | ' | ' | ' | ' | 4.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of issuance price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.88% | 99.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount (premium) | ' | ' | ' | ' | ' | ' | ' | 1,132,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.95% | 1.73% | ' | 1.50% | 2.25% | ' | ' | 1.10% | 2.10% | ' | ' | ' | ' |
Average variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.42% |
Credit facility borrowings | 0 | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of letters of credit outstanding | ' | ' | ' | ' | ' | 16,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity on line of credit facility | ' | ' | ' | ' | ' | 383,856,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.09% | ' |
Gross amount of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of notes required to be repurchased at the option of the holders | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio numerator | ' | ' | ' | ' | ' | ' | ' | 149.619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio denominator | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,805,000 | 42,750,000 | ' | ' |
Converted debt, shares issued | 414,637 | 6,167,111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt cash payments | 62,000 | 2,663,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt satisfaction charges | 574,000 | 10,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,917,000 | $11,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Additional_disclosures_re
Debt Additional disclosures related to the 6.00% Convertible Guaranteed Notes due 2030 (Details) (6% Convertible Guaranteed Note [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | |
6% Convertible Guaranteed Note [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Principal amount of debt component | $26,186,000 | ' | $26,186,000 | ' | $28,991,000 | $115,000,000 |
Unamortized discount | -1,132,000 | ' | -1,132,000 | ' | -1,500,000 | ' |
Carrying amount of debt component | 25,054,000 | ' | 25,054,000 | ' | 27,491,000 | ' |
Carrying amount of equity component | -27,564,000 | ' | -27,564,000 | ' | -26,032,000 | ' |
Effective interest rate | 8.10% | ' | 8.10% | ' | 8.10% | ' |
Aggregate if-converted value in excess of aggregate principal amount | ' | ' | 16,432,000 | ' | 14,296,000 | ' |
Coupon interest | 393,000 | 610,000 | 821,000 | 1,398,000 | ' | ' |
Discount amortization | 112,000 | 175,000 | 233,000 | 398,000 | ' | ' |
Interest Expense | $505,000 | $785,000 | $1,054,000 | $1,796,000 | ' | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Jan. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||
Other Assets [Member] | Other Assets [Member] | Accounts Payable And Other Liabilities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Financial_Instrument | Interest Expense [Member] | Interest Expense [Member] | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | $505,000,000 | ' | ' |
Settlement amount | ' | 3,539,000 | ' | ' | ' | ' | ' | ' |
Amount of loss reclassified from accumulated OCI into income (effective portion) | ' | 1,837,000 | ' | ' | ' | ' | 2,681,000 | 1,285,000 |
Expected amount of derivative related interest to be reclassified to interest expense over the next 12 months | 5,477,000 | ' | ' | ' | ' | ' | ' | ' |
Number of derivative instruments held | ' | ' | ' | ' | ' | 10 | ' | ' |
Derivative asset | ' | ' | 894,000 | 4,439,000 | ' | ' | ' | ' |
Derivative Liability | ' | ' | ' | ' | -960,000 | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (effective portion) | ' | ' | ' | ' | ' | ' | ($7,186,000) | $8,851,000 |
Concentration_of_Risk_Details
Concentration of Risk (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
tenant | tenant | |
Concentration Risk [Line Items] | ' | ' |
Number of tenants representing more than 10% of rental revenue | 0 | 0 |
Maximum [Member] | Tenant Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, percentage | 10.00% | 10.00% |
Equity_Details
Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity [Line Items] | ' | ' | ' | ' | ' |
Common shares issued during period | 23,000,000 | ' | ' | ' | ' |
Proceeds from issuance of common shares | ' | ' | ' | $10,861,000 | $302,987,000 |
Proceeds from issuance of common stock, gross | 258,336,000 | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 293,855,000 | ' | ' | ' | ' |
OP unit equivalent in common shares | ' | ' | ' | 1.13 | ' |
Partners capital account, shares issued for units redeemed | ' | ' | ' | 9,322 | 164,596 |
OP units outstanding | ' | 3,439,000 | ' | 3,439,000 | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Gains and Losses on Cash Flow Hedges, Beginning | ' | ' | ' | 4,439,000 | ' |
Gains and Losses on Cash Flow Hedges, Ending | ' | -66,000 | ' | -66,000 | ' |
Transfers from noncontrolling interests: | ' | ' | ' | ' | ' |
Net income (loss) attributable to Lexington Realty Trust shareholders | ' | 14,450,000 | 6,732,000 | 15,336,000 | 4,112,000 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | ' | ' | ' | -959,000 | ' |
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interest | ' | ' | ' | 14,377,000 | 4,973,000 |
Parent [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Partners' capital account, redemption for common shares | ' | ' | ' | 46,000 | 861,000 |
Transfers from noncontrolling interests: | ' | ' | ' | ' | ' |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | ' | ' | ' | ' | 861,000 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Gains and Losses on Cash Flow Hedges, Beginning | ' | ' | ' | 4,439,000 | ' |
Other comprehensive loss before reclassifications | ' | ' | ' | -7,186,000 | ' |
Amounts of loss reclassified from accumulated other comprehensive income to interest expense | ' | ' | ' | 2,681,000 | ' |
Gains and Losses on Cash Flow Hedges, Ending | ' | -66,000 | ' | -66,000 | ' |
Accumulated Distributions in Excess of Net Income [Member] | ' | ' | ' | ' | ' |
Transfers from noncontrolling interests: | ' | ' | ' | ' | ' |
Net income (loss) attributable to Lexington Realty Trust shareholders | ' | ' | ' | 15,336,000 | 4,112,000 |
Officers [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, shares issued | ' | ' | ' | ' | 1,325,000 |
Deferred compensation arrangement with individual, fair value of shares issued | ' | ' | ' | ' | 14,098,000 |
Trustees [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, shares issued | ' | ' | ' | 14,000 | 37,500 |
Deferred compensation arrangement with individual, fair value of shares issued | ' | ' | ' | 142,000 | 399,000 |
Direct Share Purchase Plan [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Common shares issued during period | ' | ' | ' | 1,168,673 | 690,873 |
Proceeds from issuance of common shares | ' | ' | ' | 11,522,000 | 7,466,000 |
At The Market [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Common shares issued during period | ' | ' | ' | ' | 3,409,927 |
Value authorized | ' | ' | ' | ' | 100,000,000 |
Value of new stock issued during period | ' | ' | ' | ' | 36,884,000 |
Former LCIF II Partners [Member] | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' |
Partners capital account, units exchanged for cash | ' | ' | ' | 170,193 | ' |
Cash acquired from acquisition | ' | ' | ' | $1,962,000 | ' |
Equity_Stock_Redeemed_and_Reti
Equity Stock Redeemed and Retired (Details) (7.55% Series D Cumulative Redeemable Preferred Stock [Member], USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
7.55% Series D Cumulative Redeemable Preferred Stock [Member] | ' | ' | ' | ' | |
Class of Stock [Line Items] | ' | ' | ' | ' | |
Shares redeemed and retired | ' | ' | ' | 6,200,000 | |
Redemption cost | ' | ' | ' | $155,621 | [1] |
Deemed dividend | $0 | $5,230 | $0 | $5,230 | [2] |
[1] | Includes accrued and unpaid dividends. | ||||
[2] | Represents the difference between the redemption cost and historical GAAP cost. Accordingly, net income was adjusted for the deemed dividend to arrive at net loss attributable to common shareholders. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Guarantee | ||
Commitments and Contingencies [Line Items] | ' | ' |
Payments for capital improvements | $5,403 | $33,532 |
Number of guarantees outstanding | 2 | ' |
Base Building Improvements [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Obligation for tenant improvements | 41 | ' |
Payment of the Base Building Improvement, Tenant Improvement Alloance, and Lease Commissions [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Obligation for tenant improvements | 1,499 | ' |
Byhalia Mississippi [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Payments for capital improvements | $15,300 | ' |
Supplemental_Disclosure_of_Sta1
Supplemental Disclosure of Statement of Cash Flow Information (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest paid | $50,694 | $48,377 |
Income taxes paid | $1,341 | $1,235 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 6 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | Aug. 07, 2014 |
Sold Properties [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Office Building [Member] | |||
Property | 6% Convertible Guaranteed Note [Member] | Sold Properties [Member] | Subsequent Event [Member] | ||||
Property | Philadelphia Pennsylvania [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | 6 | ' | ' | 3 | ' |
Proceeds from sale of real estate | $33,226 | $47,236 | ' | $48,300 | ' | ' | ' |
Amount of debt converted | ' | ' | ' | ' | 1,400 | ' | ' |
Converted debt, shares issued | 414,637 | 6,167,111 | ' | ' | 209,466 | ' | ' |
Payments to acquire additional interest in subsidiaries | $1,962 | $0 | ' | ' | ' | ' | $2,100 |
Percent ownership in real estate | ' | ' | ' | ' | ' | ' | 87.50% |