LXP Industrial Trust (LXP) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period Ended Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-12386
Entity Registrant Name	LEXINGTON REALTY TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3717318
Entity Address, Address Line One	One Penn Plaza, Suite 4015
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119-4015
City Area Code	212
Local Phone Number	692-7200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		282,817,432
Entity Central Index Key	0000910108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Trading Symbol	LXP
Security Exchange Name	NYSE
Series C Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Trading Symbol	LXPPRC
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Real estate, at cost	$ 3,721,870	$ 3,514,564
Real estate - intangible assets	402,365	409,293
Investments in real estate under construction	185,704	75,906
Real estate, gross	4,309,939	3,999,763
Less: accumulated depreciation and amortization	911,410	884,465
Real estate, net	3,398,529	3,115,298
Assets held for sale	30,145	16,530
Right-of-use assets, net	29,067	31,423
Cash and cash equivalents	150,077	178,795
Restricted cash	373	626
Investments in non-consolidated entities	51,021	56,464
Deferred expenses, net	13,289	15,901
Rent receivable – current	1,998	2,899
Rent receivable – deferred	71,317	66,959
Other assets	12,661	8,331
Total assets	3,758,477	3,493,226
Liabilities:
Mortgages and notes payable, net	115,633	136,529
Term loan payable, net	298,320	297,943
Senior notes payable, net	987,590	779,275
Trust preferred securities, net	127,570	127,495
Dividends payable	34,283	35,401
Liabilities held for sale	1,122	790
Operating lease liabilities	30,109	32,515
Accounts payable and other liabilities	59,681	55,208
Accrued interest payable	5,638	6,334
Deferred revenue - including below-market leases, net	15,490	17,264
Prepaid rent	14,679	13,335
Total liabilities	1,690,115	1,502,089
Commitments and contingencies
Equity:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding	94,016	94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 282,638,707 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively	28	28
Additional paid-in-capital	3,239,850	3,196,315
Accumulated distributions in excess of net income	(1,276,134)	(1,301,726)
Accumulated other comprehensive loss	(10,891)	(17,963)
Total shareholders’ equity	2,046,869	1,970,670
Noncontrolling interests	21,493	20,467
Total equity	2,068,362	1,991,137
Total liabilities and equity	$ 3,758,477	$ 3,493,226

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Equity:
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized shares (in shares)	100,000,000	100,000,000
Series C Cumulative Convertible Preferred, liquidation preference	$ 96,770	$ 96,770
Series C Cumulative Convertible Preferred, shares issued (in shares)	1,935,400	1,935,400
Series C Cumulative Convertible Preferred, shares outstanding (in shares)	1,935,400	1,935,400
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized shares (in shares)	400,000,000	400,000,000
Common shares, shares issued (in shares)	282,638,707	277,152,450
Common shares, outstanding (in shares)	282,638,707	277,152,450

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gross revenues:
Rental revenue	$ 82,353	$ 83,592	$ 254,570	$ 243,421
Total gross revenues	83,417	84,514	257,515	247,133
Expense applicable to revenues:
Depreciation and amortization	(45,359)	(40,555)	(130,579)	(120,869)
General and administrative	(8,363)	(7,232)	(24,695)	(22,612)
Non-operating income	472	40	953	314
Interest and amortization expense	(12,210)	(13,649)	(35,170)	(42,610)
Debt satisfaction gains (losses), net	(13,222)	17,557	(13,222)	18,950
Impairment charges	(2,048)	(6,175)	(2,048)	(7,792)
Gains on sales of properties	16,122	20,878	104,767	41,876
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities	7,403	44,035	123,555	82,495
Provision for income taxes	(270)	(286)	(986)	(1,361)
Equity in earnings (losses) of non-consolidated entities	(75)	(131)	(249)	35
Net income	7,058	43,618	122,320	81,169
Less net income attributable to noncontrolling interests	(420)	(1,714)	(1,962)	(2,245)
Net income attributable to Lexington Realty Trust shareholders	6,638	41,904	120,358	78,924
Allocation to participating securities	(37)	(46)	(170)	(118)
Net income attributable to common shareholders	$ 5,028	$ 40,285	$ 115,470	$ 74,088
Net income (loss) attributable to common shareholders - per common share basic (in dollars per share)	$ 0.02	$ 0.15	$ 0.42	$ 0.28
Weighted-average common shares outstanding – basic (in shares)	278,124,204	274,696,046	276,379,718	264,211,668
Net income (loss) attributable to common shareholders – per common share diluted (in dollars per share)	$ 0.02	$ 0.15	$ 0.41	$ 0.28
Weighted-average common shares outstanding – diluted (in shares)	282,048,458	276,022,762	278,581,849	265,446,221
Series C
Expense applicable to revenues:
Dividends attributable to preferred shares – Series C	$ (1,573)	$ (1,573)	$ (4,718)	$ (4,718)
Other revenue
Gross revenues:
Other revenue	1,064	922	2,945	3,712
Property operating
Expense applicable to revenues:
Property operating	$ (11,406)	$ (11,343)	$ (33,966)	$ (31,895)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 7,058	$ 43,618	$ 122,320	$ 81,169
Other comprehensive income (loss):
Change in unrealized income (loss) on interest rate swaps, net	1,150	1,043	7,072	(17,759)
Other comprehensive income (loss)	1,150	1,043	7,072	(17,759)
Comprehensive income	8,208	44,661	129,392	63,410
Comprehensive income attributable to noncontrolling interests	(420)	(1,714)	(1,962)	(2,245)
Comprehensive income attributable to Lexington Realty Trust shareholders	$ 7,788	$ 42,947	$ 127,430	$ 61,165

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in-Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning Balance at Dec. 31, 2019	$ 1,724,719	$ 94,016	$ 25	$ 2,976,670	$ (1,363,676)	$ (1,928)	$ 19,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	1,285						1,285
Redemption of noncontrolling OP units for common shares				632			(632)
Issuance of common shares and deferred compensation amortization, net	230,117		3	230,114
Repurchase of common shares to settle tax obligations	(2,623)			(2,623)
Forfeiture of employee common shares	1				1
Dividends/distributions	(91,518)				(89,997)		(1,521)
Net income	81,169				78,924		2,245
Other comprehensive income	(17,759)					(17,759)
Repurchase of common shares	(11,042)			(11,042)
Ending Balance at Sep. 30, 2020	1,914,349	94,016	28	3,193,751	(1,374,748)	(19,687)	20,989
Beginning Balance at Jun. 30, 2020	1,892,186	94,016	28	3,185,458	(1,386,001)	(20,730)	19,415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	398						398
Redemption of noncontrolling OP units for common shares				150			(150)
Issuance of common shares and deferred compensation amortization, net	8,143			8,143
Dividends/distributions	(31,039)				(30,651)		(388)
Net income	43,618				41,904		1,714
Other comprehensive income	1,043					1,043
Ending Balance at Sep. 30, 2020	1,914,349	94,016	28	3,193,751	(1,374,748)	(19,687)	20,989
Beginning Balance at Dec. 31, 2020	1,991,137	94,016	28	3,196,315	(1,301,726)	(17,963)	20,467
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	11,050						11,050
Redemption of noncontrolling OP units for common shares				670			(670)
Redemption of noncontrolling OP units for real estate	(22,305)			(12,919)			(9,386)
Issuance of common shares and deferred compensation amortization, net	60,469			60,469
Repurchase of common shares to settle tax obligations	(5,120)			(5,120)
Forfeiture of employee common shares	2				2
Dividends/distributions	(96,263)				(94,768)		(1,495)
Net income	122,320				120,358		1,962
Other comprehensive income	7,072					7,072
Reallocation of noncontrolling interests				435			(435)
Ending Balance at Sep. 30, 2021	2,068,362	94,016	28	3,239,850	(1,276,134)	(10,891)	21,493
Beginning Balance at Jun. 30, 2021	2,051,369	94,016	28	3,195,040	(1,250,735)	(12,041)	25,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of partnership interest in real estate	5,965						5,965
Redemption of noncontrolling OP units for common shares				202			(202)
Redemption of noncontrolling OP units for real estate	(22,305)			(12,919)			(9,386)
Issuance of common shares and deferred compensation amortization, net	57,527			57,527
Dividends/distributions	(32,402)				(32,037)		(365)
Net income	7,058				6,638		420
Other comprehensive income	1,150					1,150
Ending Balance at Sep. 30, 2021	$ 2,068,362	$ 94,016	$ 28	$ 3,239,850	$ (1,276,134)	$ (10,891)	$ 21,493

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Net cash provided by operating activities:	$ 167,405	$ 152,466
Cash flows from investing activities:
Acquisition of real estate, including intangible assets	(392,586)	(429,834)
Investment in real estate under construction	(119,885)	(21,561)
Capital expenditures	(9,371)	(15,328)
Net proceeds from sale of properties	181,242	99,740
Investment in loans receivable	(1,497)	0
Investments in non-consolidated entities	(975)	(6,152)
Distributions from non-consolidated entities in excess of accumulated earnings	6,170	6,843
Deferred leasing costs	(5,546)	(4,791)
Change in real estate deposits, net	(1,658)	461
Net cash used in investing activities	(344,106)	(370,622)
Cash flows from financing activities:
Dividends to common and preferred shareholders	(95,885)	(87,966)
Proceeds From Mortgage Loans	11,610	0
Principal amortization payments	(10,571)	(16,132)
Principal payments on debt, excluding normal amortization	(10,567)	0
Revolving credit facility borrowings	215,000	170,000
Revolving credit facility payments	(215,000)	(170,000)
Proceeds from issuance of senior notes	399,032	396,932
Repurchase of senior notes	(188,756)	(112,312)
Payments of Financing Costs	(3,977)	(3,803)
Payments for early extinguishment of debt	(12,217)	(9,477)
Cash contributions from noncontrolling interests	10,560	1,285
Cash distributions to noncontrolling interests	(1,495)	(1,521)
Repurchases to settle tax obligations	(5,120)	(2,623)
Issuance of common shares, net	55,116	225,122
Repurchase of common shares	0	(11,042)
Net cash provided by financing activities	147,730	378,463
Change in cash, cash equivalents and restricted cash	(28,971)	160,307
Cash, cash equivalents and restricted cash, at beginning of period	179,421	129,310
Cash, cash equivalents and restricted cash, at end of period	150,450	289,617
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	178,795	122,666
Restricted cash at beginning of period	626	6,644
Cash and cash equivalents at end of period	150,077	287,920
Restricted cash at end of period	$ 373	$ 1,697

The Company and Financial State

The Company and Financial Statement Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Financial Statement Presentation	The Company and Financial Statement Presentation Lexington Realty Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties. As of September 30, 2021, the Company had ownership interests in approximately 140 consolidated real estate properties, located in 28 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries. 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 from which it was previously precluded 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 indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (3) joint ventures. 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 interest 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. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors. The financial statements contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”) for the three and nine months ended September 30, 2021 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“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 presentation of the results of the periods presented. Interim results 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 Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 18, 2021 (“Annual Report”). Basis of Presentation and Consolidation. The Company's unaudited condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates the wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) 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 a primary beneficiary are accounted for under appropriate GAAP. During the nine months ended September 30, 2021, the Company acquired interests in four joint ventures with developers, with ownership interests ranging from 80% to 93%. Each joint venture acquired land parcels to develop industrial properties. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company’s financial statements. In addition, the Company is the primary beneficiary of certain VIEs as it has a controlling financial interest in these entities. Lepercq Corporate Income Fund L.P. ("LCIF") and ATL Fairburn L.P. ("Fairburn JV"), are consolidated and the Company, as of September 30, 2021, had an approximate 99% and 87% interest, respectively, are VIEs. The assets of each VIE are only available to satisfy such VIE's respective liabilities. As of September 30, 2021 and December 31, 2020, the VIEs' mortgages and notes payable were non-recourse to the Company. Below is a summary of selected financial data of the consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Real estate, net $ 655,464 $ 569,461 Total assets $ 706,320 $ 679,786 Mortgages and notes payable, net $ 25,616 $ 25,600 Total liabilities $ 47,065 $ 40,974 In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). Revenue Recognition . The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. The Company evaluates the collectability of its rental payments and recognizes revenue on a cash basis when the Company believes it is no longer probable that it will receive substantially all of the remaining lease payments. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably certain. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred on the unaudited condensed consolidated balance sheets. 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. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, 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 and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee and the useful lives of long-lived assets. Actual results could differ materially from those estimates. Cost Capitalization. The Company capitalizes interest and direct and indirect project costs associated with the initial construction of a property up to the time the property is substantially complete and ready for its intended use within investments in real estate under construction in the unaudited condensed consolidated balance sheets. In addition, the Company capitalizes operating costs, including real estate taxes, insurance and utilities, that have been allocated to vacant space based on the square footage of the portion of the building not held available for immediate occupancy during the extended lease-up periods after the construction of the building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction has been completed on a vacant space, project costs are no longer capitalized. Restricted Cash . Restricted cash is comprised primarily of cash balances held by lenders and operating cash reserves held at one property. Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("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. 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 recent sale contracts (Level 2 inputs) or recent sale offers 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. Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A 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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine months ended September 30, 2021 2020 2021 2020 BASIC Net income attributable to common shareholders $ 5,028 $ 40,285 $ 115,470 $ 74,088 Weighted-average number of common shares outstanding - basic 278,124,204 274,696,046 276,379,718 264,211,668 Net income attributable to common shareholders - per common share basic $ 0.02 $ 0.15 $ 0.42 $ 0.28 DILUTED Net income attributable to common shareholders $ 5,028 $ 40,285 $ 115,470 $ 74,088 Weighted-average common shares outstanding - basic 278,124,204 274,696,046 276,379,718 264,211,668 Effect of dilutive securities: Shares issuable under forward sales agreements 2,765,030 — 1,290,968 — Unvested share-based payment awards and options 1,159,224 1,326,716 911,163 1,234,553 Weighted-average common shares outstanding - diluted 282,048,458 276,022,762 278,581,849 265,446,221 Net income attributable to common shareholders - per common share diluted $ 0.02 $ 0.15 $ 0.41 $ 0.28 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

Investments in Real Estate	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate The Company completed the following warehouse/distribution acquisition and development transactions during the nine months ended September 30, 2021: Market (1) Acquisition/Completion Initial Primary Land Building and Improvements Lease in-place Value Intangible Above (Below) Market Lease Intangible, net Indianapolis, IN January 2021 $ 14,310 12/2024 $ 1,208 $ 12,052 $ 1,035 $ 15 Indianapolis, IN January 2021 14,120 08/2025 1,162 11,825 1,133 — Central Florida January 2021 22,358 05/2031 1,416 19,910 1,032 — Columbus, OH (2) March 2021 (2) 19,517 03/2024 2,800 16,717 — — Houston, TX May 2021 28,292 08/2028 4,272 22,295 1,725 — Houston, TX May 2021 37,686 12/2026 6,489 28,470 2,727 — Houston, TX May 2021 11,512 08/2024 1,792 9,089 631 — Cincinnati/Dayton, OH June 2021 18,674 06/2023 1,109 16,477 1,088 — Central Florida June 2021 48,593 N/A 2,610 45,983 — — Greenville-Spartanburg, SC June 2021 36,903 09/2025 2,376 32,121 2,406 — Greenville-Spartanburg, SC June 2021 23,812 06/2026 1,329 21,419 1,064 — Greenville-Spartanburg, SC July 2021 29,421 04/2029 2,819 24,508 2,094 — Greenville-Spartanburg, SC July 2021 26,106 12/2029 1,169 23,070 1,867 — Greenville-Spartanburg, SC (3) July 2021 18,394 N/A 1,020 17,374 — — Greenville-Spartanburg, SC July 2021 31,646 09/2026 1,710 27,817 2,119 — Columbus, OH August 2021 29,265 11/2029 2,251 25,184 1,830 — $ 410,609 $ 35,532 $ 354,311 $ 20,751 $ 15 (1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service in March 2021. (3) Subsequent to acquisition, property fully leased for 5.5 years. As of September 30, 2021, the details of the warehouse/distribution real estate under construction are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of 9/30/2021 Amount Funded as of 9/30/2021 (3) Estimated Building Completion Date % Leased as of 9/30/2021 Approximate Lease Term (Years) Fairburn (87%) (1)(2) 1 Atlanta, GA 907,675 $ 53,800 $ 47,551 $ 43,900 2Q 2021 — % TBD KeHE Distributors, BTS (100%) 1 Phoenix, AZ 468,182 72,000 60,044 52,329 4Q 2021 100 % 15 Mt. Comfort (80%) (1) 1 Indianapolis, IN 1,053,360 60,300 15,808 9,912 2Q 2022 — % TBD Smith Farms (90%) (1) 3 Greenville-Spartansburg, SC 1,939,524 132,800 17,609 13,396 2Q 2022 — % TBD Cotton 303 (93%) (1) 2 Phoenix, AZ 880,678 84,200 23,636 20,339 2Q 2022 — % TBD Ocala (80%) (1) 1 Central Florida 1,085,280 80,900 21,056 15,093 3Q 2022 — % TBD $ 484,000 $ 185,704 $ 154,969 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote. (2) Base building substantially completed during the second quarter of 2021. Property not placed into service as of September 30, 2021. Subsequent to September 30, 2021, signed a seven (3) Excludes noncontrolling interests' share.

Dispositions and Impairment

Dispositions and Impairment	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions and Impairment	Dispositions and Impairment During the nine months ended September 30, 2021 and 2020, the Company disposed of its interests in various properties for an aggregate gross disposition price of $218,796 and $140,573, respectively, and recognized aggregate gains on sales of properties of $104,767 and $41,876, respectively. Included in the 2021 dispositions are three non-industrial properties with a disposition price of $35,369, which was satisfied through (i) the redemption of 1,598,906 operating partnership units ("OP units"), (ii) the assumption of $11,610 of third party mortgage financing that encumbered two of the properties and (iii) $1,497 of seller financing. The seller financing note receivable has a fixed interest rate of 6.0% per annum and matures on August 1, 2025. Included in the 2020 dispositions are two office properties located in Charleston, South Carolina and Overland Park, Kansas, each of which was conveyed to the lender in forgiveness of the mortgage loan encumbering the applicable property. The balance of the non-recourse mortgage loan was in excess of the value of the property collateral, resulting in a debt satisfaction gain, net of $29,016. As of September 30, 2021, the Company had four properties classified as held for sale because the properties met the criteria included under the held for sale accounting guidance and a sale to a third party within the next 12 months was deemed probable. As of December 31, 2020, the Company had two properties that met the held for sale criteria. Assets and liabilities of the held for sale properties as of September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 Assets: Real estate, at cost $ 37,406 $ 32,629 Real estate, intangible assets 6,417 7,941 Accumulated depreciation and amortization (14,246) (24,312) Other 568 272 $ 30,145 $ 16,530 Liabilities: Accounts payable and other liabilities $ 1,122 $ 790 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 financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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 measured at fair value on a recurring and non-recurring basis as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Balance Fair Value Measurements Using Description September 30, 2021 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (10,891) $ — $ (10,891) $ — Impaired real estate assets (1) $ 2,980 $ — $ — $ 2,980 Balance Fair Value Measurements Using Description December 31, 2020 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (17,963) $ — $ (17,963) $ — Impaired real estate assets (2) $ 21,141 $ — $ 2,480 $ 18,661 (1) Represents non-recurring fair value measurement as of the impairment date. The fair value is calculated as of the impairment date. The Company measured the $2,980 fair value based on a discounted cash flow analysis, using a discount rate and residual capitalization rate of 8.0%, respectively. As significant inputs to the discounted cash flow models are unobservable, the Company determined that the value determined for this property falls within Level 3 of the fair value reporting hierarchy. (2) Represents non-recurring fair value measurement as of the impairment date. The fair value is calculated as of the impairment date. $2,480 was based on an observable contract thus Level 2. The Company measured $18,661 of these fair values based on discounted cash flow analysis, using a discount rate of 9.0% and residual capitalization rates ranging from 8.0% to 9.0%. As significant inputs to the discounted cash flow models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. The majority of the inputs used to value the Company's interest rate swaps fell 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 utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of September 30, 2021 and December 31, 2020, 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 were classified in Level 2 of the fair value hierarchy. The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, excluding held for sale assets, as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 Carrying Fair Value Carrying Fair Value Liabilities Debt $ 1,529,113 $ 1,533,534 $ 1,341,242 $ 1,368,151 The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates, except for the Company's senior notes payable. The Company determines the fair value of its senior notes payable using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low. 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.

Investments in Non-Consolidated

Investments in Non-Consolidated Entities	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Investments in Non-Consolidated Entities	Investments in Non-Consolidated Entities Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Investment September 30, 2021 September 30, 2021 December 31, 2020 NNN Office JV LP ("NNN JV") (1) 20% $ 26,030 $ 31,615 Etna Park 70 LLC (2) 90% 12,857 12,514 Etna Park East LLC (3) 90% 7,979 7,484 BSH Lessee L.P. (4) 25% 4,155 4,851 $ 51,021 $ 56,464 (1) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company. (2) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary. (3) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary. (4) A joint venture investment, which owns a single-tenant, net-leased asset. During the nine months ended September 30, 2020, NNN JV sold two assets and the Company recognized a gain on the transaction of $557 within equity in earnings (losses) of non-consolidated entities in its unaudited condensed consolidated statement of operations. In conjunction with these property sales, NNN JV received net proceeds of $8,504 after the satisfaction of an aggregate of $40,800 of its non-recourse mortgage indebtedness.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The Company had the following mortgages and notes payable outstanding as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Mortgages and notes payable $ 117,275 $ 138,412 Unamortized debt issuance costs (1,642) (1,883) Mortgages and notes payable, net $ 115,633 $ 136,529 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 5.4%, and 3.5% to 6.3%, at September 30, 2021 and December 31, 2020, respectively, and all mortgages and notes payables mature between 2023 and 2032 as of September 30, 2021. The weighted-average interest rate was 4.3% and 4.5% at September 30, 2021 and December 31, 2020, respectively. On July 12, 2021, LCIF encumbered two of its properties with mortgage debt in the amount of $11,610. Subsequently, on July 12, 2021, certain operating partnership unitholders assumed the mortgages upon purchasing the properties. See note 4 , Dispositions and Impairment . The Company had the following senior notes outstanding as of September 30, 2021 and December 31, 2020: Issue Date September 30, 2021 December 31, 2020 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ — 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % June 2013 — 188,756 4.25 % June 2023 99.026 % 998,932 787,688 Unamortized debt discount (3,760) (3,491) Unamortized debt issuance cost (7,582) (4,922) Senior notes payable, net $ 987,590 $ 779,275 Each series of the senior notes is unsecured and requires payment of 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 make-whole premium. In August 2021, the Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 (“2031 Senior Notes”) at an issuance price of 99.758% of the principal amount. The Company issued the 2031 Senior Notes at an initial discount of $968 which is being recognized as additional interest expense over the term of the 2031 Senior Notes. During the three months ended September 30, 2021, the Company used a portion of the net proceeds from the offering of the 2031 Senior Notes to redeem the $188,756 aggregate principal balance of its outstanding 4.25% Senior Notes due 2023 (“2023 Senior Notes”). The consideration paid included a make-whole premium of $12,191 and $2,028 of accrued and unpaid interest. The Company recognized a $12,948 debt satisfaction loss related to the aggregate redemptions. In August 2020, the Company issued $400,000 aggregate principal amount of 2.7% Senior Notes due 2030 (“2030 Senior Notes”) at an issuance price of 99.233% of the principal amount. The Company issued the 2030 Senior Notes at an initial discount of $3,068 which is being recognized as additional interest expense over the term of the 2030 Senior Notes. During the three months ended September 30, 2020, the Company used a portion of the net proceeds from the offering of the 2030 Senior Notes to repurchase $61,244 and $51,068 aggregate principal balance of its outstanding 2023 Senior Notes and 4.40% Senior Notes due 2024 (“2024 Senior Notes”), respectively, through a tender offer. The tender offer consideration included $9,477 in prepayment costs and fees and $1,024 of accrued interest. The Company recognized a $10,066 debt satisfaction loss related to the aggregate repurchases, which included a write-off of the proportionate amount of unamortized discount and debt issuance costs related to the 2023 Senior Notes and 2024 Senior Notes. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of September 30, 2021, are as follows: Maturity Date Current $600,000 Revolving Credit Facility (1) February 2023 LIBOR + 0.90% $300,000 Term Loan (2) January 2025 LIBOR + 1.00% (1) Maturity date of the revolving credit facility can be extended to February 2024 at the Company's option. The interest rate ranges from LIBOR plus 0.775% to 1.45%. At September 30, 2021, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The LIBOR portion of the interest rate was swapped to obtain a current fixed rate of 2.732% per annum. The aggregate unamortized debt issuance costs for the term loan was $1,680 and $2,057 as of September 30, 2021 and December 31, 2020, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at September 30, 2021. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month LIBOR plus 170 basis points through maturity. The interest rate at September 30, 2021 was 1.829%. As of September 30, 2021 and December 31, 2020, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,550 and $1,625, respectively, of unamortized debt issuance costs. Capitalized interest recorded during the nine months ended September 30, 2021 and 2020 was $2,124 and $1,112, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and 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 nine months ended September 30, 2021 and 2020. During July 2019, the Company entered into four interest rate swap agreements with its counterparties. The swaps were designated as cash flow hedges of the risk of variability attributable to changes in the LIBOR swap rates on its $300,000 LIBOR-indexed variable-rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire coterminous with the extended maturity of the term loan in January 2025. During the next 12 months ending September 30, 2022, the Company estimates that an additional $4,863 will be reclassified as an increase to interest expense if the swaps remain outstanding. Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 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 September 30, 2021 As of December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Swaps Accounts Payable and Other Liabilities $ (10,891) Accounts Payable and Other Liabilities $ (17,963) The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2021 and 2020. Derivatives in Cash Flow Amount of Gain (Loss) Amount of Loss Hedging Relationships 2021 2020 2021 2020 Interest Rate Swaps $ 3,381 $ (19,934) $ 3,691 $ 2,175 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statement of operations. Total interest expense presented in the unaudited condensed consolidated statements of operations in which the effects of cash flow hedges are recorded was $35,170 and $42,610 for the nine months ended September 30, 2021 and 2020, respectively.

Lease Accounting

Lease Accounting	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease Accounting	Lease Accounting The following is a summary of the Company's accounting for leases as of and during the nine months ended September 30, 2021 and 2020: Lessor Lexington’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased industrial and office real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectable, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the nine months ended September 30, 2020, the Company wrote off a deferred rent receivable balance of $615, as a reduction of rental revenue, related to a tenant that dissolved and surrendered its leased premises in an industrial property located in the Columbus, Ohio market. Certain tenants have been experiencing financial difficulties as a result of the COVID-19 pandemic. During the nine months ended September 30, 2020, the Company wrote off an aggregate deferred rent receivable balance of $1,383, as a reduction of rental revenue, related to tenants with rent collectability concerns. During the nine months ended September 30, 2021 and 2020, the Company wrote off an aggregate of $463 and $177, respectively, accounts receivable relating to certain tenants suffering from the current economic conditions. The Company determined that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service is included within rental revenue is CAM services provided as part of the Company’s real estate leases. Topic 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of September 30, 2020, the Company incurred $67 of costs that were not incremental to the execution of leases, which are included in property operating expenses on its unaudited condensed consolidated statements of operations. The Company incurred no leasing costs that were not incremental for the execution of leases as of September 30, 2021. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. The following table presents the Company’s classification of rental revenue for its operating leases for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended Classification September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Fixed $ 71,357 $ 74,902 $ 213,929 $ 219,542 Variable (1)(2) 10,996 8,690 40,641 23,879 Total $ 82,353 $ 83,592 $ 254,570 $ 243,421 (1) Primarily comprised of tenant reimbursements. (2) Variable income contains termination income of $14,105 and $662 for the nine months ended September 30, 2021 and 2020, respectively. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's Durham, New Hampshire industrial property. Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of September 30, 2021 were as follows: 2021 - remainder $ 68,554 2022 277,267 2023 277,523 2024 241,780 2025 211,975 2026 188,128 Thereafter 767,235 Total $ 2,032,462 Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of September 30, 2021. The leases have remaining lease terms of up to 42 years, some of which include options to extend the leases in 5 to 10-year increments for up to 52 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Nine Months Ended September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases (years) 11.3 12.3 Weighted-average discount rate Operating leases 4.1 % 4.2 % The components of lease expense for the nine months ended September 30, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2021: Property operating $ 2,734 $ 2 $ 2,736 General and administrative 1,037 24 1,061 Total $ 3,771 $ 26 $ 3,797 2020: Property operating $ 2,985 $ — $ 2,985 General and administrative 1,012 76 1,088 Total $ 3,997 $ 76 $ 4,073 The Company recognized sublease income of $2,569 and $2,824 for the nine months ended September 30, 2021 and 2020, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2021: Operating Leases 2021 - remainder $ 1,192 2022 5,005 2023 5,155 2024 5,021 2025 5,021 2026 3,985 Thereafter 13,486 Total lease payments $ 38,865 Less: Imputed interest (8,756) Present value of operating lease liabilities $ 30,109
Lease Accounting	Lease Accounting The following is a summary of the Company's accounting for leases as of and during the nine months ended September 30, 2021 and 2020: Lessor Lexington’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased industrial and office real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectable, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the nine months ended September 30, 2020, the Company wrote off a deferred rent receivable balance of $615, as a reduction of rental revenue, related to a tenant that dissolved and surrendered its leased premises in an industrial property located in the Columbus, Ohio market. Certain tenants have been experiencing financial difficulties as a result of the COVID-19 pandemic. During the nine months ended September 30, 2020, the Company wrote off an aggregate deferred rent receivable balance of $1,383, as a reduction of rental revenue, related to tenants with rent collectability concerns. During the nine months ended September 30, 2021 and 2020, the Company wrote off an aggregate of $463 and $177, respectively, accounts receivable relating to certain tenants suffering from the current economic conditions. The Company determined that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service is included within rental revenue is CAM services provided as part of the Company’s real estate leases. Topic 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of September 30, 2020, the Company incurred $67 of costs that were not incremental to the execution of leases, which are included in property operating expenses on its unaudited condensed consolidated statements of operations. The Company incurred no leasing costs that were not incremental for the execution of leases as of September 30, 2021. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. The following table presents the Company’s classification of rental revenue for its operating leases for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended Classification September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Fixed $ 71,357 $ 74,902 $ 213,929 $ 219,542 Variable (1)(2) 10,996 8,690 40,641 23,879 Total $ 82,353 $ 83,592 $ 254,570 $ 243,421 (1) Primarily comprised of tenant reimbursements. (2) Variable income contains termination income of $14,105 and $662 for the nine months ended September 30, 2021 and 2020, respectively. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's Durham, New Hampshire industrial property. Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of September 30, 2021 were as follows: 2021 - remainder $ 68,554 2022 277,267 2023 277,523 2024 241,780 2025 211,975 2026 188,128 Thereafter 767,235 Total $ 2,032,462 Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of September 30, 2021. The leases have remaining lease terms of up to 42 years, some of which include options to extend the leases in 5 to 10-year increments for up to 52 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Nine Months Ended September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases (years) 11.3 12.3 Weighted-average discount rate Operating leases 4.1 % 4.2 % The components of lease expense for the nine months ended September 30, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2021: Property operating $ 2,734 $ 2 $ 2,736 General and administrative 1,037 24 1,061 Total $ 3,771 $ 26 $ 3,797 2020: Property operating $ 2,985 $ — $ 2,985 General and administrative 1,012 76 1,088 Total $ 3,997 $ 76 $ 4,073 The Company recognized sublease income of $2,569 and $2,824 for the nine months ended September 30, 2021 and 2020, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2021: Operating Leases 2021 - remainder $ 1,192 2022 5,005 2023 5,155 2024 5,021 2025 5,021 2026 3,985 Thereafter 13,486 Total lease payments $ 38,865 Less: Imputed interest (8,756) Present value of operating lease liabilities $ 30,109

Concentration of Risk

Concentration of Risk	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020, 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

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	Equity Shareholders' Equity: At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts. The following table summarizes common share issuances under the ATM program for the nine months ended September 30, 2021 and September 30, 2020, respectively: Nine Months Ended September 30, 2021 Shares Sold Net Proceeds 2021 ATM Issuances 1,052,800 $13,574 Nine Months Ended September 30, 2020 Shares Sold Net Proceeds 2020 ATM Issuances 5,950,882 $61,032 During the nine months ended September 30, 2021, the Company settled 3,875,751 common shares previously sold on a forward basis on the maturity date of the contracts and received $41,933 of net proceeds. There were no forward share settlements during the nine months ended September 30, 2020. As of September 30, 2021, an aggregate of 4,763,989 common shares were sold in forward sales contracts that have not been settled and had an aggregate settlement price of $50,721, which is subject to adjustment in accordance with the forward sales contracts. The Company expects to settle the forward sales contracts by the maturity dates in February 2022. In February 2021, the Company amended the terms of its ATM offering program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of September 30, 2021, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program. Underwritten equity offerings. In May 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering that have not yet settled. Subject to the Company's rights to elect cash or net share settlement, the Company expects to settle the forward sales contracts by the maturity date in May 2022. As of September 30, 2021, the forward sales contracts had an aggregate settlement price of $189,777, which is subject to adjustment in accordance with the forward sales contracts. During 2020, the Company issued 17,250,000 common shares at a public offering price of $9.60 per common share in an underwritten equity offering and generated net proceeds of approximately $164,000. The proceeds were used for general corporate purposes, including acquisitions, and pending the application of the proceeds were used to pay down all of the then outstanding balance under the Company's revolving credit facility. Nonemployee Stock Based Compensation. During the nine months ended September 30, 2021 and 2020, the Company issued 38,803 and 35,880, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $437 and $375, respectively. Share Repurchase Program. In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and increased this authorization by 10,000,000 in 2018. This share repurchase program has no expiration date. During the nine months ended September 30, 2020, the Company repurchased and retired 1,329,940 common shares at an average price of $8.28 per common share under the share repurchase program. There were no common shares repurchased during the nine months ended September 30, 2021. As of September 30, 2021, 8,976,315 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at September 30, 2021. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of September 30, 2021, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of period $ (17,963) $ (1,928) Other comprehensive gain (loss) before reclassifications 3,381 (19,934) Amounts of loss reclassified from accumulated other comprehensive income to interest expense 3,691 2,175 Balance at end of period $ (10,891) $ (19,687) 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 nine months ended September 30, 2021, LCIF redeemed and cancelled 1,598,906 OP units in connection with the disposition of three properties. As of September 30, 2021, there were approximately 824,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Nine Months Ended September 30, 2021 2020 Net income attributable to Lexington Realty Trust shareholders $ 120,358 $ 78,924 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests 435 — Increase in additional paid-in-capital for redemption of noncontrolling OP units 670 632 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 121,463 $ 79,556

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThere 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	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In addition to the commitments and contingencies disclosed elsewhere, 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. 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 September 30, 2021, the Company has committed to develop six consolidated development projects and expects to incur approximately $99,776, $153,024 and $38,675 in 2021, 2022 and 2023, respectively, excluding noncontrolling interests' share, to substantially complete the construction of the projects. The remaining two development projects are owned by non-consolidated joint ventures. Due to the early stage of development of each non-consolidated project and the uncertainty of construction schedules at such stage, the Company is unable to estimate the timing of the required fundings for the non-consolidated development projects. The Company and LCIF are parties to a funding agreement under which the Company may be required to fund distributions made on account of LCIF's OP units. Pursuant to the funding agreement, the parties agreed that, if LCIF does not have sufficient cash available to make a quarterly distribution to its limited partners in an amount in accordance with the partnership agreement, Lexington will fund the shortfall. Payments under the agreement will be made in the form of loans to LCIF and will bear interest at prevailing rates as determined by the Company in its discretion but, no less than the applicable federal rate. LCIF's right to receive these loans will expire if no OP units remain outstanding and all such loans are repaid. No amounts have been advanced under this agreement.

Supplemental Disclosure of Stat

Supplemental Disclosure of Statement of Cash Flow Information	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020, the Company paid $35,515 and $34,818, respectively, for interest and $1,273 and $1,525, respectively, for income taxes. As a result of the foreclosure of two office properties located in South Carolina and Kansas, during the nine months ended September 30, 2020, there was a non-cash change of $38,942 and $14,188 in mortgages and notes payable, net, and real estate, net, respectively. During the nine months ended September 30, 2021 and 2020, the Company exercised extension options on leases that resulted in a non-cash increase of $438 and $719, respectively, to the related operating lease liability and right of use asset. During the nine months ended September 30, 2021, LCIF disposed of three real estate assets. The consideration included the redemption of OP units valued at $22,305 and the assumption of the aggregate related non-recourse mortgage debt of $11,610.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to September 30, 2021, the Company: • acquired three industrial properties for an aggregate cost of approximately $76,400; and,

The Company and Financial Sta_2

The Company and Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
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 GAAP. The financial statements reflect the accounts of the Company and its consolidated subsidiaries.
Variable Interest Entity	The Company consolidates the wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) 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 a primary beneficiary are accounted for under appropriate GAAP.
Revenue Recognition	Revenue Recognition . The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. The Company evaluates the collectability of its rental payments and recognizes revenue on a cash basis when the Company believes it is no longer probable that it will receive substantially all of the remaining lease payments. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably certain. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred on the unaudited condensed consolidated balance sheets.
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. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, 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 and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee and the useful lives of long-lived assets. Actual results could differ materially from those estimates.
Cost Capitalization	Cost Capitalization. The Company capitalizes interest and direct and indirect project costs associated with the initial construction of a property up to the time the property is substantially complete and ready for its intended use within investments in real estate under construction in the unaudited condensed consolidated balance sheets. In addition, the Company capitalizes operating costs, including real estate taxes, insurance and utilities, that have been allocated to vacant space based on the square footage of the portion of the building not held available for immediate occupancy during the extended lease-up periods after the construction of the building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction has been completed on a vacant space, project costs are no longer capitalized.
Restricted Cash	Restricted Cash . Restricted cash is comprised primarily of cash balances held by lenders and operating cash reserves held at one property.
Fair Value Measurements	Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("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.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Lessor	Lessor Lexington’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased industrial and office real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectable, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the nine months ended September 30, 2020, the Company wrote off a deferred rent receivable balance of $615, as a reduction of rental revenue, related to a tenant that dissolved and surrendered its leased premises in an industrial property located in the Columbus, Ohio market. Certain tenants have been experiencing financial difficulties as a result of the COVID-19 pandemic. During the nine months ended September 30, 2020, the Company wrote off an aggregate deferred rent receivable balance of $1,383, as a reduction of rental revenue, related to tenants with rent collectability concerns. During the nine months ended September 30, 2021 and 2020, the Company wrote off an aggregate of $463 and $177, respectively, accounts receivable relating to certain tenants suffering from the current economic conditions. The Company determined that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its unaudited condensed consolidated statements of operations. The primary non-lease service is included within rental revenue is CAM services provided as part of the Company’s real estate leases. Topic 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of September 30, 2020, the Company incurred $67 of costs that were not incremental to the execution of leases, which are included in property operating expenses on its unaudited condensed consolidated statements of operations. The Company incurred no leasing costs that were not incremental for the execution of leases as of September 30, 2021. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties.
Lessee	Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of September 30, 2021. The leases have remaining lease terms of up to 42 years, some of which include options to extend the leases in 5 to 10-year increments for up to 52 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases.

The Company and Financial Sta_3

The Company and Financial Statement Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Below is a summary of selected financial data of the consolidated VIEs for which the Company is the primary beneficiary included in the unaudited condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Real estate, net $ 655,464 $ 569,461 Total assets $ 706,320 $ 679,786 Mortgages and notes payable, net $ 25,616 $ 25,600 Total liabilities $ 47,065 $ 40,974

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine months ended September 30, 2021 2020 2021 2020 BASIC Net income attributable to common shareholders $ 5,028 $ 40,285 $ 115,470 $ 74,088 Weighted-average number of common shares outstanding - basic 278,124,204 274,696,046 276,379,718 264,211,668 Net income attributable to common shareholders - per common share basic $ 0.02 $ 0.15 $ 0.42 $ 0.28 DILUTED Net income attributable to common shareholders $ 5,028 $ 40,285 $ 115,470 $ 74,088 Weighted-average common shares outstanding - basic 278,124,204 274,696,046 276,379,718 264,211,668 Effect of dilutive securities: Shares issuable under forward sales agreements 2,765,030 — 1,290,968 — Unvested share-based payment awards and options 1,159,224 1,326,716 911,163 1,234,553 Weighted-average common shares outstanding - diluted 282,048,458 276,022,762 278,581,849 265,446,221 Net income attributable to common shareholders - per common share diluted $ 0.02 $ 0.15 $ 0.41 $ 0.28

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Acquired Properties	The Company completed the following warehouse/distribution acquisition and development transactions during the nine months ended September 30, 2021: Market (1) Acquisition/Completion Initial Primary Land Building and Improvements Lease in-place Value Intangible Above (Below) Market Lease Intangible, net Indianapolis, IN January 2021 $ 14,310 12/2024 $ 1,208 $ 12,052 $ 1,035 $ 15 Indianapolis, IN January 2021 14,120 08/2025 1,162 11,825 1,133 — Central Florida January 2021 22,358 05/2031 1,416 19,910 1,032 — Columbus, OH (2) March 2021 (2) 19,517 03/2024 2,800 16,717 — — Houston, TX May 2021 28,292 08/2028 4,272 22,295 1,725 — Houston, TX May 2021 37,686 12/2026 6,489 28,470 2,727 — Houston, TX May 2021 11,512 08/2024 1,792 9,089 631 — Cincinnati/Dayton, OH June 2021 18,674 06/2023 1,109 16,477 1,088 — Central Florida June 2021 48,593 N/A 2,610 45,983 — — Greenville-Spartanburg, SC June 2021 36,903 09/2025 2,376 32,121 2,406 — Greenville-Spartanburg, SC June 2021 23,812 06/2026 1,329 21,419 1,064 — Greenville-Spartanburg, SC July 2021 29,421 04/2029 2,819 24,508 2,094 — Greenville-Spartanburg, SC July 2021 26,106 12/2029 1,169 23,070 1,867 — Greenville-Spartanburg, SC (3) July 2021 18,394 N/A 1,020 17,374 — — Greenville-Spartanburg, SC July 2021 31,646 09/2026 1,710 27,817 2,119 — Columbus, OH August 2021 29,265 11/2029 2,251 25,184 1,830 — $ 410,609 $ 35,532 $ 354,311 $ 20,751 $ 15 (1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service in March 2021.
Schedule of Real Estate Properties Development	As of September 30, 2021, the details of the warehouse/distribution real estate under construction are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of 9/30/2021 Amount Funded as of 9/30/2021 (3) Estimated Building Completion Date % Leased as of 9/30/2021 Approximate Lease Term (Years) Fairburn (87%) (1)(2) 1 Atlanta, GA 907,675 $ 53,800 $ 47,551 $ 43,900 2Q 2021 — % TBD KeHE Distributors, BTS (100%) 1 Phoenix, AZ 468,182 72,000 60,044 52,329 4Q 2021 100 % 15 Mt. Comfort (80%) (1) 1 Indianapolis, IN 1,053,360 60,300 15,808 9,912 2Q 2022 — % TBD Smith Farms (90%) (1) 3 Greenville-Spartansburg, SC 1,939,524 132,800 17,609 13,396 2Q 2022 — % TBD Cotton 303 (93%) (1) 2 Phoenix, AZ 880,678 84,200 23,636 20,339 2Q 2022 — % TBD Ocala (80%) (1) 1 Central Florida 1,085,280 80,900 21,056 15,093 3Q 2022 — % TBD $ 484,000 $ 185,704 $ 154,969 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote. (2) Base building substantially completed during the second quarter of 2021. Property not placed into service as of September 30, 2021. Subsequent to September 30, 2021, signed a seven (3) Excludes noncontrolling interests' share.

Dispositions and Impairment (Ta

Dispositions and Impairment (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Assets and liabilities of the held for sale properties as of September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 Assets: Real estate, at cost $ 37,406 $ 32,629 Real estate, intangible assets 6,417 7,941 Accumulated depreciation and amortization (14,246) (24,312) Other 568 272 $ 30,145 $ 16,530 Liabilities: Accounts payable and other liabilities $ 1,122 $ 790

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 measured at fair value on a recurring and non-recurring basis as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Balance Fair Value Measurements Using Description September 30, 2021 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (10,891) $ — $ (10,891) $ — Impaired real estate assets (1) $ 2,980 $ — $ — $ 2,980 Balance Fair Value Measurements Using Description December 31, 2020 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (17,963) $ — $ (17,963) $ — Impaired real estate assets (2) $ 21,141 $ — $ 2,480 $ 18,661 (1) Represents non-recurring fair value measurement as of the impairment date. The fair value is calculated as of the impairment date. The Company measured the $2,980 fair value based on a discounted cash flow analysis, using a discount rate and residual capitalization rate of 8.0%, respectively. As significant inputs to the discounted cash flow models are unobservable, the Company determined that the value determined for this property falls within Level 3 of the fair value reporting hierarchy. (2) Represents non-recurring fair value measurement as of the impairment date. The fair value is calculated as of the impairment date. $2,480 was based on an observable contract thus Level 2. The Company measured $18,661 of these fair values based on discounted cash flow analysis, using a discount rate of 9.0% and residual capitalization rates ranging from 8.0% to 9.0%. As significant inputs to the discounted cash flow models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.
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, excluding held for sale assets, as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 Carrying Fair Value Carrying Fair Value Liabilities Debt $ 1,529,113 $ 1,533,534 $ 1,341,242 $ 1,368,151

Investments in Non-Consolidat_2

Investments in Non-Consolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of Investments in Non-consolidated Entities	Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Investment September 30, 2021 September 30, 2021 December 31, 2020 NNN Office JV LP ("NNN JV") (1) 20% $ 26,030 $ 31,615 Etna Park 70 LLC (2) 90% 12,857 12,514 Etna Park East LLC (3) 90% 7,979 7,484 BSH Lessee L.P. (4) 25% 4,155 4,851 $ 51,021 $ 56,464 (1) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company. (2) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary. (3) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. The Company determined that it is not the primary beneficiary.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company had the following mortgages and notes payable outstanding as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Mortgages and notes payable $ 117,275 $ 138,412 Unamortized debt issuance costs (1,642) (1,883) Mortgages and notes payable, net $ 115,633 $ 136,529
Debt Instrument Redemption	The Company had the following senior notes outstanding as of September 30, 2021 and December 31, 2020: Issue Date September 30, 2021 December 31, 2020 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ — 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % June 2013 — 188,756 4.25 % June 2023 99.026 % 998,932 787,688 Unamortized debt discount (3,760) (3,491) Unamortized debt issuance cost (7,582) (4,922) Senior notes payable, net $ 987,590 $ 779,275
Schedule of Line of Credit Facilities	The maturity dates and interest rates as of September 30, 2021, are as follows: Maturity Date Current $600,000 Revolving Credit Facility (1) February 2023 LIBOR + 0.90% $300,000 Term Loan (2) January 2025 LIBOR + 1.00% (1) Maturity date of the revolving credit facility can be extended to February 2024 at the Company's option. The interest rate ranges from LIBOR plus 0.775% to 1.45%. At September 30, 2021, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The LIBOR portion of the interest rate was swapped to obtain a current fixed rate of 2.732% per annum. The aggregate unamortized debt issuance costs for the term loan was $1,680 and $2,057 as of September 30, 2021 and December 31, 2020, respectively.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000
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 September 30, 2021 As of December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Swaps Accounts Payable and Other Liabilities $ (10,891) Accounts Payable and Other Liabilities $ (17,963)
Effect of the Company's Derivative Financial Instruments on the Statements of Operation	The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2021 and 2020. Derivatives in Cash Flow Amount of Gain (Loss) Amount of Loss Hedging Relationships 2021 2020 2021 2020 Interest Rate Swaps $ 3,381 $ (19,934) $ 3,691 $ 2,175 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statement of operations.

Lease Accounting (Tables)

Lease Accounting (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Operating Lease, Lease Income	The following table presents the Company’s classification of rental revenue for its operating leases for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended Classification September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Fixed $ 71,357 $ 74,902 $ 213,929 $ 219,542 Variable (1)(2) 10,996 8,690 40,641 23,879 Total $ 82,353 $ 83,592 $ 254,570 $ 243,421 (1) Primarily comprised of tenant reimbursements. (2) Variable income contains termination income of $14,105 and $662 for the nine months ended September 30, 2021 and 2020, respectively. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's Durham, New Hampshire industrial property.
Lessor, Operating Lease, Payments to be Received, Maturity	Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of September 30, 2021 were as follows: 2021 - remainder $ 68,554 2022 277,267 2023 277,523 2024 241,780 2025 211,975 2026 188,128 Thereafter 767,235 Total $ 2,032,462
Assets and Liabilities, Lessee	Supplemental information related to operating leases is as follows: Nine Months Ended September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases (years) 11.3 12.3 Weighted-average discount rate Operating leases 4.1 % 4.2 %
Lease, Cost	The components of lease expense for the nine months ended September 30, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2021: Property operating $ 2,734 $ 2 $ 2,736 General and administrative 1,037 24 1,061 Total $ 3,771 $ 26 $ 3,797 2020: Property operating $ 2,985 $ — $ 2,985 General and administrative 1,012 76 1,088 Total $ 3,997 $ 76 $ 4,073
Lessee, Operating Lease, Liability, Maturity	The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2021: Operating Leases 2021 - remainder $ 1,192 2022 5,005 2023 5,155 2024 5,021 2025 5,021 2026 3,985 Thereafter 13,486 Total lease payments $ 38,865 Less: Imputed interest (8,756) Present value of operating lease liabilities $ 30,109

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of common share issuance	The following table summarizes common share issuances under the ATM program for the nine months ended September 30, 2021 and September 30, 2020, respectively: Nine Months Ended September 30, 2021 Shares Sold Net Proceeds 2021 ATM Issuances 1,052,800 $13,574 Nine Months Ended September 30, 2020 Shares Sold Net Proceeds 2020 ATM Issuances 5,950,882 $61,032
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of period $ (17,963) $ (1,928) Other comprehensive gain (loss) before reclassifications 3,381 (19,934) Amounts of loss reclassified from accumulated other comprehensive income to interest expense 3,691 2,175 Balance at end of period $ (10,891) $ (19,687)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Nine Months Ended September 30, 2021 2020 Net income attributable to Lexington Realty Trust shareholders $ 120,358 $ 78,924 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests 435 — Increase in additional paid-in-capital for redemption of noncontrolling OP units 670 632 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 121,463 $ 79,556

The Company and Financial Sta_4

The Company and Financial Statement Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021propertyjoint_venturestate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties | property	140
Number of states in which entity has interests | state	28
Joint Ventures with Developers | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of joint ventures acquired | joint_venture	4
Joint Ventures with Developers | Variable Interest Entity, Primary Beneficiary | Minimum
Variable Interest Entity [Line Items]
VIE, ownership percentage	80.00%
Joint Ventures with Developers | Variable Interest Entity, Primary Beneficiary | Maximum
Variable Interest Entity [Line Items]
VIE, ownership percentage	93.00%
LCIF | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
VIE, ownership percentage	99.00%
Fairburn JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
VIE, ownership percentage	87.00%

The Company and Financial Sta_5

The Company and Financial Statement Presentation - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Real estate, net	$ 3,398,529	$ 3,115,298
Total assets	3,758,477	3,493,226
Total liabilities	1,690,115	1,502,089
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate, net	655,464	569,461
Total assets	706,320	679,786
Mortgages and notes payable, net	25,616	25,600
Total liabilities	$ 47,065	$ 40,974

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
BASIC
Net income attributable to common shareholders	$ 5,028	$ 40,285	$ 115,470	$ 74,088
Weighted-average number of common shares outstanding - basic	278,124,204	274,696,046	276,379,718	264,211,668
Net income attributable to common shares - per common share basic (in dollars per share)	$ 0.02	$ 0.15	$ 0.42	$ 0.28
DILUTED
Net income attributable to common shareholders, diluted	$ 5,028	$ 40,285	$ 115,470	$ 74,088
Effect of dilutive securities:
Shares issuable under forward sale agreements (in shares)	2,765,030	0	1,290,968	0
Unvested share-based payment awards and options (in shares)	1,159,224	1,326,716	911,163	1,234,553
Weighted-average common shares outstanding - diluted (in shares)	282,048,458	276,022,762	278,581,849	265,446,221
Net income attributable to common shareholders - per common share diluted (in dollars per share)	$ 0.02	$ 0.15	$ 0.41	$ 0.28

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Real Estate Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Real Estate [Line Items]
Initial Cost Basis	$ 410,609
Land	35,532
Building and Improvements	354,311
Lease in-place Value Intangible	20,751
Above (Below) Market Lease Intangible, net	15
Payments to acquire land parcel	392,586	$ 429,834
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Dec 2024
Real Estate [Line Items]
Initial Cost Basis	14,310
Land	1,208
Building and Improvements	12,052
Lease in-place Value Intangible	1,035
Above (Below) Market Lease Intangible, net	15
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Aug 2025
Real Estate [Line Items]
Initial Cost Basis	14,120
Land	1,162
Building and Improvements	11,825
Lease in-place Value Intangible	1,133
Above (Below) Market Lease Intangible, net	0
Central Florida | Industrial Property | Central Florida Industrial Property Expiring May 2031
Real Estate [Line Items]
Initial Cost Basis	22,358
Land	1,416
Building and Improvements	19,910
Lease in-place Value Intangible	1,032
Above (Below) Market Lease Intangible, net	0
Central Florida | Industrial Property | Central Florida Property, Lease Expiration Date Not Available
Real Estate [Line Items]
Initial Cost Basis	48,593
Land	2,610
Building and Improvements	45,983
Lease in-place Value Intangible	0
Above (Below) Market Lease Intangible, net	0
Columbus, Ohio | Industrial Property | Columbus, OH Industrial Property Expiring Mar 2024
Real Estate [Line Items]
Initial Cost Basis	19,517
Land	2,800
Building and Improvements	16,717
Lease in-place Value Intangible	0
Above (Below) Market Lease Intangible, net	0
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Aug 2028
Real Estate [Line Items]
Initial Cost Basis	28,292
Land	4,272
Building and Improvements	22,295
Lease in-place Value Intangible	1,725
Above (Below) Market Lease Intangible, net	0
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Dec 2026
Real Estate [Line Items]
Initial Cost Basis	37,686
Land	6,489
Building and Improvements	28,470
Lease in-place Value Intangible	2,727
Above (Below) Market Lease Intangible, net	0
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Aug 2024
Real Estate [Line Items]
Initial Cost Basis	11,512
Land	1,792
Building and Improvements	9,089
Lease in-place Value Intangible	631
Above (Below) Market Lease Intangible, net	0
Cincinnati/Dayton, OH | Industrial Property | Cincinnati/Dayton, OH Industrial Property Expiring June 2023
Real Estate [Line Items]
Initial Cost Basis	18,674
Land	1,109
Building and Improvements	16,477
Lease in-place Value Intangible	1,088
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring Sept 2025
Real Estate [Line Items]
Initial Cost Basis	36,903
Land	2,376
Building and Improvements	32,121
Lease in-place Value Intangible	2,406
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring June 2026
Real Estate [Line Items]
Initial Cost Basis	23,812
Land	1,329
Building and Improvements	21,419
Lease in-place Value Intangible	1,064
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring April 2029
Real Estate [Line Items]
Initial Cost Basis	29,421
Land	2,819
Building and Improvements	24,508
Lease in-place Value Intangible	2,094
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring Dec 2029
Real Estate [Line Items]
Initial Cost Basis	26,106
Land	1,169
Building and Improvements	23,070
Lease in-place Value Intangible	1,867
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiration Date Not Available
Real Estate [Line Items]
Initial Cost Basis	18,394
Land	1,020
Building and Improvements	17,374
Lease in-place Value Intangible	0
Above (Below) Market Lease Intangible, net	$ 0
Lease term	5 years 6 months
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring Sept 2026
Real Estate [Line Items]
Initial Cost Basis	$ 31,646
Land	1,710
Building and Improvements	27,817
Lease in-place Value Intangible	2,119
Above (Below) Market Lease Intangible, net	0
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring Nov 2029
Real Estate [Line Items]
Initial Cost Basis	29,265
Land	2,251
Building and Improvements	25,184
Lease in-place Value Intangible	1,830
Above (Below) Market Lease Intangible, net	0
Hebron, OH | Industrial Property
Real Estate [Line Items]
Payments to acquire land parcel	$ 371

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Real Estate Properties Development (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 04, 2021ft²	Sep. 30, 2021USD ($)ft²building	Dec. 31, 2020USD ($)
Real Estate [Line Items]
GAAP Investment Balance as of 9/30/2021		$ 185,704	$ 75,906
Real Estate Investment
Real Estate [Line Items]
Estimated Project Cost		484,000
GAAP Investment Balance as of 9/30/2021		185,704
Amount Funded as of 9/30/2021		$ 154,969
Atlanta, Georgia | Fairburn
Real Estate [Line Items]
Project (% owned)		87.00%
Atlanta, Georgia | Real Estate Investment | Fairburn
Real Estate [Line Items]
# of Buildings | building		1
Estimated Sq. Ft. | ft²		907,675
Estimated Project Cost		$ 53,800
GAAP Investment Balance as of 9/30/2021		47,551
Amount Funded as of 9/30/2021		$ 43,900
% Leased as of 9/30/2021		0.00%
Atlanta, Georgia | Real Estate Investment | Fairburn | Subsequent Event
Real Estate [Line Items]
Approximate Lease Term (Years)	7 years
Leased area | ft²	907,675
Phoenix, AZ | KeHE Distributors, BTS
Real Estate [Line Items]
Project (% owned)		100.00%
Phoenix, AZ | Cotton 303
Real Estate [Line Items]
Project (% owned)		93.00%
Phoenix, AZ | Real Estate Investment | KeHE Distributors, BTS
Real Estate [Line Items]
# of Buildings | building		1
Estimated Sq. Ft. | ft²		468,182
Estimated Project Cost		$ 72,000
GAAP Investment Balance as of 9/30/2021		60,044
Amount Funded as of 9/30/2021		$ 52,329
% Leased as of 9/30/2021		100.00%
Approximate Lease Term (Years)		15 years
Phoenix, AZ | Real Estate Investment | Cotton 303
Real Estate [Line Items]
# of Buildings | building		2
Estimated Sq. Ft. | ft²		880,678
Estimated Project Cost		$ 84,200
GAAP Investment Balance as of 9/30/2021		23,636
Amount Funded as of 9/30/2021		$ 20,339
% Leased as of 9/30/2021		0.00%
Indianapolis, IN | Mt. Comfort
Real Estate [Line Items]
Project (% owned)		80.00%
Indianapolis, IN | Real Estate Investment | Mt. Comfort
Real Estate [Line Items]
# of Buildings | building		1
Estimated Sq. Ft. | ft²		1,053,360
Estimated Project Cost		$ 60,300
GAAP Investment Balance as of 9/30/2021		15,808
Amount Funded as of 9/30/2021		$ 9,912
% Leased as of 9/30/2021		0.00%
Greenville-Spartanburg, SC | Smith Farms
Real Estate [Line Items]
Project (% owned)		90.00%
Greenville-Spartanburg, SC | Real Estate Investment | Smith Farms
Real Estate [Line Items]
# of Buildings | building		3
Estimated Sq. Ft. | ft²		1,939,524
Estimated Project Cost		$ 132,800
GAAP Investment Balance as of 9/30/2021		17,609
Amount Funded as of 9/30/2021		$ 13,396
% Leased as of 9/30/2021		0.00%
Central Florida | Ocala
Real Estate [Line Items]
Project (% owned)		80.00%
Central Florida | Real Estate Investment | Ocala
Real Estate [Line Items]
# of Buildings | building		1
Estimated Sq. Ft. | ft²		1,085,280
Estimated Project Cost		$ 80,900
GAAP Investment Balance as of 9/30/2021		21,056
Amount Funded as of 9/30/2021		$ 15,093
% Leased as of 9/30/2021		0.00%

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate [Abstract]
Investments in real estate under construction	$ 185,704		$ 75,906
Capitalized interest	$ 1,806	$ 578

Dispositions and Impairment - A

Dispositions and Impairment - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)propertyshares	Sep. 30, 2020USD ($)impairment_chargeproperty	Jul. 12, 2021property	Dec. 31, 2020property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Redemption of OP units (in units) | shares			1,598,906
Non-cash charge in mortgage			$ 11,610
Note receivable, stated interest rate	6.00%		6.00%
Number of properties disposed | property	140		140
Number of real estate properties held for sale | property	4		4			2
Number of impairment charges | impairment_charge				2
Impairment charges	$ 2,048	$ 6,175	$ 2,048	$ 7,792
Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable	1,497		1,497
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross disposition price	218,796	$ 140,573	218,796	140,573
Gain on sale of properties			104,767	$ 41,876
Properties in Charleston, SC And Overland Park, KS | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property		2		2
Debt satisfaction gain				$ 29,016
Properties Disposed by LCIF | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate gross disposition price	$ 35,369		$ 35,369
Number of properties sold | property			3
Number of disposed properties encumbered with mortgage loan | property	2		2		2
Office Property | Mcdonough, Georgia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 2,048
Office Property | Houston, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges				1,617
Industrial Property | Kalamazoo, Michigan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges				$ 6,175

Dispositions and Impairment - S

Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Real estate, at cost	$ 37,406	$ 32,629
Real estate, intangible assets	6,417	7,941
Accumulated depreciation and amortization	(14,246)	(24,312)
Other	568	272
Assets held for sale	30,145	16,530
Liabilities:
Accounts payable and other liabilities	$ 1,122	$ 790

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Fair Value Measurements Inputs (Details) $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, measurement input	0.080	0.090
Capitalization Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, measurement input	0.080
Capitalization Rates | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, measurement input		0.080
Capitalization Rates | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held-for-sale, measurement input		0.090
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liabilities	$ (10,891)	$ (17,963)
Fair Value, Recurring | Fair Value Measurements Using Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liabilities	0	0
Fair Value, Recurring | Fair Value Measurements Using Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liabilities	(10,891)	(17,963)
Fair Value, Recurring | Fair Value Measurements Using Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liabilities	0	0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	2,980	21,141
Fair Value, Nonrecurring | Fair Value Measurements Using Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	0	0
Fair Value, Nonrecurring | Fair Value Measurements Using Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	0	2,480
Fair Value, Nonrecurring | Fair Value Measurements Using Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	$ 2,980	$ 18,661

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - Fair Value Measurements Using Level 3 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount
Liabilities
Carrying value of debt	$ 1,529,113	$ 1,341,242
Fair Value
Liabilities
Fair value of debt	$ 1,533,534	$ 1,368,151

Investments in Non-Consolidat_3

Investments in Non-Consolidated Entities - Schedule of Investment in Non-Consolidated Entities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)officeAsset	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Investments in and Advances to Affiliates [Line Items]
Investment balance		$ 51,021	$ 56,464
NNN Office JV LP
Investments in and Advances to Affiliates [Line Items]
Ownership percentage		20.00%
Investment balance		$ 26,030	31,615
Etna Park 70 LLC
Investments in and Advances to Affiliates [Line Items]
Ownership percentage		90.00%
Investment balance		$ 12,857	12,514
Etna Park East LLC
Investments in and Advances to Affiliates [Line Items]
Ownership percentage		90.00%
Investment balance		$ 7,979	7,484
BSH Lessee L.P.
Investments in and Advances to Affiliates [Line Items]
Ownership percentage		25.00%
Investment balance		$ 4,155	$ 4,851
Mortgages | NNN Office JV LP
Investments in and Advances to Affiliates [Line Items]
Non-recourse mortgage loan	$ 40,800
NNN Office Joint Venture Properties | NNN Office JV LP
Investments in and Advances to Affiliates [Line Items]
Number of properties sold | officeAsset	2
Aggregate gain on sale of properties	$ 557
Aggregate gross disposition price	$ 8,504

Debt - Schedule of Mortgages an

Debt - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages and notes payable	$ 117,275	$ 138,412
Unamortized debt issuance costs	(1,642)	(1,883)
Mortgages and notes payable, net	$ 115,633	$ 136,529

Debt - Additional Information (

Debt - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Aug. 31, 2021USD ($)	Jul. 12, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2007USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ (13,222,000)	$ 17,557,000	$ (13,222,000)	$ 18,950,000
Debt repayment costs and fees			12,217,000	9,477,000
Capitalized interest			$ 2,124,000	$ 1,112,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Disposed by LCIF
Debt Instrument [Line Items]
Number of disposed properties encumbered with mortgage loan | property	2		2			2
Mortgages and Notes Payable
Debt Instrument [Line Items]
Weighted average interest rate	4.30%		4.30%				4.50%
Mortgages and notes payable	$ 117,275,000		$ 117,275,000				$ 138,412,000
Mortgage Loan | LCIF
Debt Instrument [Line Items]
Face amount of debt instrument						$ 11,610,000
Trust Preferred Securities | 6.804% Trust Preferred Securities
Debt Instrument [Line Items]
Face amount of debt instrument								$ 200,000,000
Interest rate, effective percentage	1.829%		1.829%
Principal amount outstanding	$ 129,120,000		$ 129,120,000				129,120,000
Unamortized debt issuance costs	1,550,000		$ 1,550,000				1,625,000
Trust Preferred Securities | London Interbank Offered Rate (LIBOR) | 6.804% Trust Preferred Securities
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Senior Notes
Debt Instrument [Line Items]
Mortgages and notes payable	998,932,000		$ 998,932,000				787,688,000
Initial discount	$ 3,760,000		$ 3,760,000				3,491,000
Senior Notes | Senior Notes Due 2031
Debt Instrument [Line Items]
Stated interest rate	2.375%		2.375%		2.375%
Mortgages and notes payable	$ 400,000,000		$ 400,000,000		$ 400,000,000		0
Percentage of issuance price	99.758%		99.758%		99.758%
Initial discount					$ 968,000
Senior Notes | Senior Notes Due 2023 and Senior Notes Due 2024
Debt Instrument [Line Items]
Accrued and unpaid interest		1,024,000
Gain (loss) on extinguishment of debt		10,066,000
Debt repayment costs and fees		9,477,000
Senior Notes | Senior Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate	4.25%		4.25%
Mortgages and notes payable	$ 0		$ 0				188,756,000
Percentage of issuance price	99.026%		99.026%
Aggregate principal of debt redeemed	$ 188,756,000	$ 61,244,000
Repayment of debt, make-whole premium	12,191,000
Accrued and unpaid interest	2,028,000
Gain (loss) on extinguishment of debt	12,948,000
Senior Notes | Senior Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate		4.40%		4.40%
Mortgages and notes payable	$ 198,932,000		$ 198,932,000				198,932,000
Percentage of issuance price	99.883%		99.883%
Aggregate principal of debt redeemed		$ 51,068,000
Senior Notes | Senior Notes Due 2030
Debt Instrument [Line Items]
Stated interest rate	2.70%		2.70%
Mortgages and notes payable	$ 400,000,000		$ 400,000,000				$ 400,000,000
Percentage of issuance price	99.233%		99.233%
Initial discount	$ 3,068,000		$ 3,068,000
Minimum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Stated interest rate	3.50%		3.50%				3.50%
Maximum | Mortgages and Notes Payable
Debt Instrument [Line Items]
Stated interest rate	5.40%		5.40%				6.30%

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instrument Redemption (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2021	Aug. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Face amount of senior notes	$ 998,932		$ 787,688
Unamortized debt discount	(3,760)		(3,491)
Unamortized debt issuance costs	(7,582)		(4,922)
Senior notes payable, net	987,590		779,275
Senior Notes Due 2031
Debt Instrument [Line Items]
Face amount of senior notes	$ 400,000	$ 400,000	0
Stated interest rate	2.375%	2.375%
Percentage of issuance price	99.758%	99.758%
Unamortized debt discount		$ (968)
Senior Notes Due 2030
Debt Instrument [Line Items]
Face amount of senior notes	$ 400,000		400,000
Stated interest rate	2.70%
Percentage of issuance price	99.233%
Unamortized debt discount	$ (3,068)
Senior Notes Due 2024
Debt Instrument [Line Items]
Face amount of senior notes	$ 198,932		198,932
Stated interest rate				4.40%
Percentage of issuance price	99.883%
Senior Notes Due 2023
Debt Instrument [Line Items]
Face amount of senior notes	$ 0		$ 188,756
Stated interest rate	4.25%
Percentage of issuance price	99.026%

Debt - Schedule of Credit Agree

Debt - Schedule of Credit Agreement Terms (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000
Revolving credit facility borrowings	0
Remaining borrowing capacity	600,000,000
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Face amount of debt instrument	$ 300,000,000
Stated interest rate	2.732%
Unamortized debt issuance costs	$ 1,680,000	$ 2,057,000
London Interbank Offered Rate (LIBOR) | Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
London Interbank Offered Rate (LIBOR) | Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
London Interbank Offered Rate (LIBOR) | Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
London Interbank Offered Rate (LIBOR) | Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jul. 31, 2019USD ($)instrument
Derivative [Line Items]
Gain (loss) to be reclassified during next 12 months	$ 4,863		$ 4,863
Interest expense	12,210	$ 13,649	35,170	$ 42,610
Interest Rate Swap | Designated as Hedging Instrument | Accounts Payable and Other Liabilities
Derivative [Line Items]
Derivative liability	$ (10,891)		(10,891)		$ (17,963)
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of instruments | instrument						4
Notional amount						$ 300,000
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Interest Expense
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives			3,381	(19,934)
Amount of loss reclassified from accumulated OCI into income			$ 3,691	$ 2,175

Lease Accounting - Additional I

Lease Accounting - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Receivable deemed uncollectable		$ 615
Lease execution costs	$ 0	67
Remaining lease term	42 years
Renewal term	52 years
Sublease income	$ 2,569	2,824
COVID-19 Pandemic
Lessee, Lease, Description [Line Items]
Receivables writeoff		1,383
Receivable deemed uncollectable	$ 463	$ 177
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

Lease Accounting - Lease Income

Lease Accounting - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Fixed	$ 71,357	$ 74,902	$ 213,929	$ 219,542
Variable	10,996	8,690	40,641	23,879
Total	$ 82,353	$ 83,592	254,570	243,421
Termination fee income			$ 14,105	$ 662

Lease Accounting - Future Fixed

Lease Accounting - Future Fixed Rental Receipts (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 - remainder	$ 68,554
2022	277,267
2023	277,523
2024	241,780
2025	211,975
2026	188,128
Thereafter	767,235
Total	$ 2,032,462

Lease Accounting - Supplemental

Lease Accounting - Supplemental Balance Sheet Information (Details)	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	11 years 3 months 18 days	12 years 3 months 18 days
Weighted-average discount rate, operating leases	4.10%	4.20%

Lease Accounting - Components o

Lease Accounting - Components of Lease Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Fixed	$ 3,771	$ 3,997
Variable	26	76
Total	3,797	4,073
Property Operating Expense
Lessee, Lease, Description [Line Items]
Fixed	2,734	2,985
Variable	2	0
Total	2,736	2,985
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Fixed	1,037	1,012
Variable	24	76
Total	$ 1,061	$ 1,088

Lease Accounting - Operating Le

Lease Accounting - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 - remainder	$ 1,192
2022	5,005
2023	5,155
2024	5,021
2025	5,021
2026	3,985
Thereafter	13,486
Total lease payments	38,865
Less: Imputed interest	(8,756)
Present value of operating lease liabilities	$ 30,109	$ 32,515

Equity - Schedule of ATM Offeri

Equity - Schedule of ATM Offering Program (Details) - At-The-Market Program - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity [Line Items]
Number of shares sold (in shares)	1,052,800	5,950,882
Proceeds from sale of stock	$ 13,574	$ 61,032

Equity - Additional Information

Equity - Additional Information (Details)	1 Months Ended	9 Months Ended		12 Months Ended
	May 31, 2021$ / sharesshares	Sep. 30, 2021USD ($)property$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Feb. 28, 2021USD ($)	Dec. 31, 2018shares	Jul. 31, 2015shares
Equity [Line Items]
Authorized amount (in shares)						10,000,000	10,000,000
Treasury stock acquired (in shares)		0	1,329,940
Treasury stock acquired, average cost (in dollars per share) | $ / shares			$ 8.28
Shares remaining available for repurchase (in shares)		8,976,315
Series C cumulative convertible preferred, shares outstanding (in shares)		1,935,400		1,935,400
Series C cumulative convertible preferred, liquidation preference | $		$ 96,770,000		$ 96,770,000
OP unit equivalent in common shares		1.13
Redemption of OP units (in units)		1,598,906
Partners' capital account (in units)		824,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Disposed by LCIF
Equity [Line Items]
Number of properties sold | property		3
LCIF
Equity [Line Items]
Redemption of OP units (in units)		1,598,906
LCIF | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Disposed by LCIF
Equity [Line Items]
Number of properties sold | property		3
Series C Cumulative Convertible Preferred Stock
Equity [Line Items]
Series C cumulative convertible preferred, shares outstanding (in shares)		1,935,400
Preferred stock, dividend per annum (in dollars per share) | $ / shares		$ 3.25
Series C cumulative convertible preferred, liquidation preference | $		$ 96,770,000
Convertible preferred stock, conversion ratio		2.4339
Preferred stock conversion, threshold conversion price percentage (at least)		1.25
Forward Contracts
Equity [Line Items]
Number of shares sold (in shares)		3,875,751
Proceeds from sale of stock | $		$ 41,933,000	$ 0
Share-based Payment Arrangement
Equity [Line Items]
Shares granted (in shares)		38,803	35,880
Grant date fair value | $		$ 437,000	$ 375,000
At-The-Market Program
Equity [Line Items]
Number of shares sold (in shares)		1,052,800	5,950,882
Proceeds from sale of stock | $		$ 13,574,000	$ 61,032,000
Sale of stock, authorized amount (up to) | $					$ 350,000,000
Common shares amount available for issuance | $		$ 294,985,000
At-The-Market Program | Forward Contracts
Equity [Line Items]
Number of shares to be settled on a forward basis (in shares)		4,763,989	0
Shares to be settled on forward basis, aggregate value | $		$ 50,721,000
Underwritten Offering
Equity [Line Items]
Number of shares sold (in shares)				17,250,000
Proceeds from sale of stock | $				$ 164,000,000
Sale of stock (in dollars per share) | $ / shares				$ 9.60
Underwritten Offering | Forward Contracts
Equity [Line Items]
Number of shares to be settled on a forward basis (in shares)	16,000,000
Shares to be settled on forward basis, aggregate value | $		$ 189,777,000
Sale of stock (in dollars per share) | $ / shares	$ 12.11

Equity - Changes in Other Compr

Equity - Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 1,991,137	$ 1,724,719
Ending Balance	2,068,362	1,914,349
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(17,963)	(1,928)
Ending Balance	(10,891)	(19,687)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive gain (loss) before reclassifications	3,381	(19,934)
Amounts of loss reclassified from accumulated other comprehensive income to interest expense	$ 3,691	$ 2,175

Equity - Effects of Changes in

Equity - Effects of Changes in Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Net income attributable to Lexington Realty Trust shareholders	$ 6,638	$ 41,904	$ 120,358	$ 78,924
Transfers from noncontrolling interests:
Increase in additional paid-in-capital for reallocation of noncontrolling interests			435	0
Increase in additional paid-in-capital for redemption of noncontrolling OP units			670	632
Change from net income attributable to shareholders and transfers from noncontrolling interests			$ 121,463	$ 79,556

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2023USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021project
Consolidated Properties
Real Estate Properties [Line Items]
Number of development projects				6
Consolidated Properties | Forecast
Real Estate Properties [Line Items]
Real estate investment property, estimated cost | $	$ 38,675	$ 153,024	$ 99,776
Unconsolidated Properties
Real Estate Properties [Line Items]
Number of development projects				2

Supplemental Disclosure of St_2

Supplemental Disclosure of Statement of Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Other Significant Noncash Transactions [Line Items]
Interest paid	$ 35,515	$ 34,818
Income taxes paid, net	1,273	$ 1,525
Number of foreclosed real estate properties | property		2
Non-cash charge in mortgage	11,610
Lease obligation incurred	438	$ 719
Non-Recourse Mortgage | LCIF
Other Significant Noncash Transactions [Line Items]
Non-cash charge in mortgage	$ 11,610
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Disposed by LCIF
Other Significant Noncash Transactions [Line Items]
Number of properties sold | property	3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Properties Disposed by LCIF | LCIF
Other Significant Noncash Transactions [Line Items]
Number of properties sold | property	3
Proceeds from sale of real estate, noncash transaction	$ 22,305
RR Ocala 44, LLC
Other Significant Noncash Transactions [Line Items]
Noncontrolling interest liability assumed	489
Noncash increase to real estate investments under construction	489
South Carolina and Kansas
Other Significant Noncash Transactions [Line Items]
Non-cash charge in mortgage		38,942
Non-cash charge in notes payable and real estate		14,188
Owensboro, Kentucky
Other Significant Noncash Transactions [Line Items]
Right-of-use asset obtained	$ 438	$ 719

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 04, 2021USD ($)property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Payments to acquire land parcel		$ 392,586	$ 429,834
Subsequent Event
Subsequent Event [Line Items]
Payments to acquire land parcel	$ 76,400
Number of properties disposed | property	2
Proceeds from sale of properties	$ 25,400
Subsequent Event | Industrial Property
Subsequent Event [Line Items]
Number of real estate properties acquired | property	3