LXP(US:LXP)2021-02-18 21:30Financial Performance - Total gross revenues for 2020 were $330.448 million, a slight increase from $325.969 million in 2019, representing a growth of approximately 0.15%[348] - Net income attributable to Lexington Realty Trust shareholders for 2020 was $176.788 million, down from $273.225 million in 2019, reflecting a decrease of about 35.3%[348] - Comprehensive income attributable to Lexington Realty Trust shareholders for 2020 was $167.267 million, down from $277.906 million in 2019, a decrease of about 39.9%[351] - The net income for the year ended December 31, 2020, was $186.4 million, a decrease from $285.3 million in 2019[363] - Net income attributable to common shareholders for 2020 was $176.8 million, a decrease of 35.3% from $273.2 million in 2019[411] - Net income attributable to shareholders for 2020 was $183,302, a decrease from $279,910 in 2019[482] - Net income attributable to common shareholders increased significantly to $105,222 in Q4 2020, compared to $83,574 in Q4 2019, reflecting a year-over-year growth of approximately 26%[507] Assets and Liabilities - As of December 31, 2020, the company's total real estate assets were valued at $3.1 billion, with impairment charges recorded amounting to $14.5 million during the year[330] - Total assets increased to $3.493 billion in 2020 from $3.180 billion in 2019, marking a growth of approximately 9.8%[346] - Total liabilities rose to $1.502 billion in 2020, compared to $1.456 billion in 2019, indicating an increase of about 3.2%[346] - The company had a net cash position of $179.4 million at the end of 2020, up from $129.3 million at the end of 2019[363] - The company reported a total equity of $1.7 billion as of December 31, 2019, an increase from $1.3 billion in 2018[360] - Total shareholders' equity increased to $1.971 billion in 2020 from $1.705 billion in 2019, reflecting a growth of approximately 15.6%[346] Debt and Interest Rates - The company's consolidated aggregate principal variable-rate indebtedness was $129.1 million, representing 9.5% of total consolidated indebtedness, with a weighted-average interest rate of 2.4%[316] - The fair value of the company's fixed-rate debt was estimated at $1.3 billion as of December 31, 2020, which accounted for 90.5% of total consolidated indebtedness[317] - The company had four interest rate swap agreements in place as of December 31, 2020, all set to expire in January 2025, to manage interest rate risk[318] - The weighted-average interest rate on mortgages and notes payable was approximately 4.5% as of December 31, 2020[433] - Total interest expense for 2020 was $55,201, down from $65,095 in 2019, with a loss recognized on derivatives in cash flow hedging relationships of $(19,422) in 2020[447] Real Estate Investments - The company invested $611.8 million in real estate, including intangible assets, in 2020, down from $662.0 million in 2019[363] - The Company completed acquisitions totaling $611,800 in 2020, with a weighted-average life of intangible assets of 8.7 years[413] - The Company disposed of properties for a gross disposition price of $432,843 in 2020, resulting in gains on sales of $139,039[417] - The Company had investments in real estate under construction totaling $75,906, which included capitalized interest of $1,053[414] - The Company recognized net debt satisfaction gains of $34,450 in 2020 related to properties conveyed to lenders[418] Shareholder Activities - Dividends attributable to preferred shares - Series C remained constant at $6.290 million for both 2020 and 2019[348] - Dividends to common and preferred shareholders amounted to $118.4 million in 2020, slightly down from $122.8 million in 2019[363] - Total dividends per share for common stock decreased from $0.485 in 2019 to $0.420 in 2020, representing a decline of approximately 13.4%[496] - The Company issued 5,950,882 common shares under its At-The-Market offering program in 2020, generating net proceeds of $60,977[471] - The Company issued 17,250,000 common shares in an underwritten offering at a price of $9.60 per share, generating approximately $164,000 in net proceeds[473] Impairment and Valuation - The company experienced impairment charges of $14.5 million in 2020, compared to $5.3 million in 2019[363] - The Company evaluates the carrying value of real estate assets for impairment based on future cash flows, which are highly subjective and could differ materially from actual results[382] - The Company measured $18,661 of impaired real estate assets based on discounted cash flow analysis, indicating a significant valuation assessment[421] - Aggregate impairment charges on real estate properties were recognized at $14,460 in 2020, primarily due to a reduction in the anticipated holding period for those properties[420] Cash Flow and Operating Activities - Total cash provided by operating activities for 2020 was $201.8 million, compared to $192.2 million in 2019[363] - Cash and cash equivalents increased to $178.795 million in 2020 from $122.666 million in 2019, representing a growth of approximately 45.7%[346] - The Company paid $52,059 in interest during 2020, a decrease from $59,018 in 2019[503] Accounting and Reporting - The company’s financial statements were audited and presented fairly in all material respects for the years ended December 31, 2020, 2019, and 2018[323] - The company maintained effective internal control over financial reporting as of December 31, 2020, according to the audit opinion[338] - The Company adopted new accounting standards in 2020, including ASU No. 2016-13 for credit losses, which did not have a material impact on its consolidated financial statements[403] Lease and Revenue Recognition - The Company recognizes lease revenue on a straight-line basis over the lease term, with revenue recognized on a cash basis when collectability is not probable[375] - Fixed rental revenue for the year ended December 31, 2020, was $293,457, with total rental revenue of $325,811, compared to $320,622 in 2019[458] - Future fixed rental receipts total $2,331,285, with $272,621 expected in 2021[459]