LXP(US:LXP)2023-02-16 18:35Financial Performance - Total gross revenues for 2022 were $321,245,000, a decrease of 6.6% from $343,997,000 in 2021[368] - Net income attributable to common shareholders for 2022 was $107,307,000, down 71.5% from $375,848,000 in 2021[368] - The company reported a comprehensive income of $140,190,000 for 2022, compared to $396,796,000 in 2021, indicating a decline of 64.7%[371] - Rental revenue for 2022 was $313,992,000, down 7.6% from $339,944,000 in 2021[368] - Net income for 2022 was $116,243, a decrease of 69.8% compared to $385,091 in 2021[382] - Total cash provided by operating activities in 2022 was $194,269, down from $220,346 in 2021[382] - The company recorded a decrease in the weighted-average interest rate on variable-rate debt from 3.5% in 2022 to 1.7% in 2021, reflecting changes in market conditions[338] - Basic earnings per share for 2022 was $0.38, down from $1.35 in 2021[430] - Diluted earnings per share for 2022 was $0.38, compared to $1.34 in 2021[432] Assets and Liabilities - As of December 31, 2022, the company's total real estate assets were valued at $3.7 billion, with impairment charges recorded amounting to $3.0 million during the year[353] - Total assets increased to $4,053,847,000 in 2022 from $4,005,558,000 in 2021, reflecting a growth of 1.2%[366] - Total liabilities decreased to $1,662,844,000 in 2022 from $1,682,330,000 in 2021, a reduction of 1.2%[366] - The total shareholders' equity increased to $2,352,734,000 in 2022 from $2,290,858,000 in 2021, an increase of 2.7%[366] - The total assets of consolidated variable interest entities (VIEs) increased to $1,125,558,000 as of December 31, 2022, compared to $952,611,000 in 2021, reflecting a growth of approximately 18.2%[391] - Real estate assets, net, for consolidated VIEs reached $1,027,009,000 as of December 31, 2022, up from $810,087,000 in 2021, indicating a year-over-year increase of about 26.8%[391] Debt and Interest Rates - The company's consolidated aggregate principal variable-rate indebtedness was $129.1 million, representing 8.6% of total consolidated indebtedness, with a weighted-average interest rate of 3.5%[338] - The fair value of the company's fixed-rate debt was estimated at $1.2 billion as of December 31, 2022, with fixed-rate debt constituting 91.4% of total indebtedness[339] - The company had four interest rate swap agreements in place as of December 31, 2022, all set to expire in January 2025, to manage interest rate risk[340] - If the weighted-average interest rate had increased by 100 basis points, the company's interest expense would have risen by $2.3 million for 2022[338] - The fair value of the company's debt as of December 31, 2022, was estimated at $1,293,239, compared to a carrying amount of $1,488,051, reflecting a potential market value discount[458] - Mortgages and notes payable amounted to $73,154 as of December 31, 2022, down from $84,429 in 2021[494] - The Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 at an issuance price of 99.758%, with a debt satisfaction loss of $12,948 recognized from the redemption of $188,756 of 4.25% Senior Notes due 2023[500] Real Estate and Development - As of December 31, 2022, the Company owned approximately 116 consolidated properties across 21 states, primarily net leased to tenants in various industries[384] - The company acquired real estate and intangible assets totaling $132,026 in 2022, significantly lower than $758,371 in 2021[382] - The company has ongoing development projects with estimated costs totaling $447,700, with significant portions funded as of December 31, 2022[440] - The company completed a 797,936 square foot facility in December 2022, subject to a 12-year lease[441] - The company held land for industrial development totaling 450 developable acres, with a GAAP investment balance of $84,412 as of December 31, 2022[443] Shareholder Information - The company declared dividends of $0.485 per common share in 2022, totaling $144,716,000[374] - The weighted-average common shares outstanding for basic earnings per share increased to 279,887,760 in 2022 from 277,640,835 in 2021[368] - The Company repurchased 12,102,074 common shares at an average price of $10.78 per share during 2022, with 6,874,241 shares remaining available for repurchase[520] - The Company issued 3,649,023 common shares in 2022, receiving $38,492 of net proceeds from forward sales contracts[515] - As of December 31, 2022, the Company had 1,935,400 shares of Series C Preferred Stock outstanding, with a liquidation preference of $96,770[521] Impairment and Valuation - The company’s management is responsible for evaluating real estate assets for impairment, which involves significant assumptions regarding future cash flows and market conditions[351] - The Company evaluates the carrying value of real estate assets for impairment when events indicate that the carrying value may not be recoverable[401] - The company reported aggregate impairment charges on real estate properties of $3,037, $5,541, and $14,460 for the years ended December 31, 2022, 2021, and 2020, respectively, indicating a significant reduction in impairment charges over the years[453] - The Company utilizes income and market valuation techniques to estimate the fair value of its real estate assets, which may include discounted cash flow models[405] Internal Controls and Reporting - The company maintained effective internal control over financial reporting as of December 31, 2022, according to the audit opinion[358] - The company’s consolidated financial statements were audited and presented fairly in all material respects for the years ended December 31, 2022, 2021, and 2020[345]