lxp-20210331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021.


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________________ to ________________

Commission File Number 1-12386

LEXINGTON REALTY TRUST

(Exact name of registrant as specified in its charter)


Maryland			13-3717318
(State or other jurisdiction of incorporation of organization)			(I.R.S. Employer Identification No.)

One Penn Plaza, Suite 4015, New York, NY 10119-4015

(Address of principal executive offices) (zip code)

(212) 692-7200

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock	LXP	New York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share	LXPPRC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth

company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 277,628,373 common shares of beneficial interest, par value $0.0001 per share, as of May 5, 2021.

TABLE OF CONTENTS


PART I. — FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets						3
Condensed Consolidated Statements of Operations						4
Condensed Consolidated Statements of Comprehensive Income (Loss)						5
Condensed Consolidated Statements of Changes in Equity						6
Condensed Consolidated Statements of Cash Flows						7
Notes to Condensed Consolidated Financial Statements						8
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						25
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk						33
ITEM 4. Controls and Procedures						33
PART II — OTHER INFORMATION
ITEM 1. Legal Proceedings						34
ITEM 1A. Risk Factors						34
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds						34
ITEM 3. Defaults Upon Senior Securities						34
ITEM 4. Mine Safety Disclosures						34
ITEM 5. Other Information						34
ITEM 6. Exhibits						35
SIGNATURES						37

WHERE YOU CAN FIND MORE INFORMATION:

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

Table of Contents

PART I. - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)


	March 31, 2021		December 31, 2020
	(unaudited)
Assets:
Real estate, at cost	$	3,523,641	$	3,514,564
Real estate - intangible assets	399,394		409,293
Investments in real estate under construction	88,374		75,906
Real estate, gross	4,011,409		3,999,763
Less: accumulated depreciation and amortization	891,448		884,465
Real estate, net	3,119,961		3,115,298
Assets held for sale	18,383		16,530
Right-of-use assets, net	30,500		31,423

Cash and cash equivalents	142,074		178,795
Restricted cash	28,101		626
Investments in non-consolidated entities	54,185		56,464
Deferred expenses, net	16,730		15,901

Rent receivable – current	2,954		2,899
Rent receivable – deferred	66,680		66,959
Other assets	10,665		8,331
Total assets	$	3,490,233	$	3,493,226

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	131,849	$	136,529

Term loan payable, net	298,069		297,943
Senior notes payable, net	779,607		779,275

Trust preferred securities, net	127,520		127,495
Dividends payable	33,317		35,401
Liabilities held for sale	6		790
Operating lease liabilities	31,508		32,515
Accounts payable and other liabilities	45,018		55,208
Accrued interest payable	7,221		6,334
Deferred revenue - including below-market leases, net	16,680		17,264
Prepaid rent	14,112		13,335
Total liabilities	1,484,907		1,502,089

Commitments and contingencies

SEC Form 10-Q filed by Lexington Realty Trust