LXP(US:LXP)2021-11-04 20:49Leasing and Property Management - In Q3 2021, Lexington Realty Trust entered into new leases and lease extensions covering 2.6 million square feet, with average fixed rent increasing from $4.78 to $5.07 per square foot[130]. - The company disposed of three consolidated properties for a total gross disposition price of $35.4 million and ten properties for an aggregate gross disposition price of $218.8 million during the nine months ended September 30, 2021[131][136]. - Lexington Realty Trust acquired five industrial properties for a total cost of $134.8 million and invested $57.1 million in six consolidated development projects[134]. - As of September 30, 2021, the company had six consolidated development projects in process with an estimated total cost of $484.0 million, with remaining funding obligations of approximately $291.5 million[136]. - Same-store net operating income (NOI) for the nine months ended September 30, 2021, was $165.9 million, a 0.7% increase from $164.8 million in the same period of 2020[171]. - The company’s same-store square footage leased was 98.7% as of September 30, 2021, down from 99.8% in the same period of 2020, indicating a slight decrease in occupancy[171]. Financial Performance - Cash flows from operations increased to $167.4 million for the nine months ended September 30, 2021, compared to $152.5 million for the same period in 2020[140]. - Total gross revenues increased by $10.4 million for the nine months ended September 30, 2021, primarily due to a $13.4 million increase in termination income, offset by a $2.3 million decrease in rental revenue[162]. - The company reported a net income attributable to common shareholders of $122.3 million for the nine months ended September 30, 2021, compared to $81.2 million for the same period in 2020, indicating a significant increase of 50.8%[174]. - Net income attributable to common shareholders for Q3 2021 was $5.028 million, a decrease of 87.5% from $40.285 million in Q3 2020[178]. - Funds from Operations (FFO) available to common shareholders and unitholders for Q3 2021 was $38.668 million, down 44.5% from $69.741 million in Q3 2020[178]. - Adjusted Company FFO available to all equityholders and unitholders for Q3 2021 was $53.564 million, compared to $53.839 million in Q3 2020, reflecting a slight decrease of 0.5%[178]. Debt and Financing - The company issued $400.0 million of 2.375% Senior Notes due 2031 and repurchased $188.8 million of 4.25% Senior Notes due 2023[134]. - The company incurred a debt satisfaction loss of $12.9 million related to the redemption of the 2023 Senior Notes during the three months ended September 30, 2021[153]. - The company reported a weighted-average interest rate of 1.4% for variable-rate indebtedness in Q3 2021, down from 2.0% in Q3 2020[183]. - Total fixed-rate debt as of September 30, 2021, was $1.4 billion, representing 91.6% of the aggregate principal consolidated indebtedness[183]. - The company had $129.1 million in variable-rate indebtedness not subject to interest rate swaps, accounting for 8.4% of total indebtedness as of September 30, 2021[183]. - The company guaranteed obligations for certain non-consolidated entities with respect to $395.2 million of non-recourse debt, with a low likelihood of payment[180]. - The fair value of fixed-rate indebtedness was estimated at $1.4 billion as of September 30, 2021, reflecting the interest rate environment at that time[184]. - The company had four interest rate swap agreements in place as of September 30, 2021, to manage interest rate risk[185]. Cash and Dividends - At September 30, 2021, cash on hand was $150.1 million, and the company had a borrowing capacity of $600.0 million under its unsecured revolving credit facility[139]. - The company generated net proceeds of $13.9 million from the issuance of 1.1 million common shares under its At-the-Market offering program[134]. - Dividends paid to common and preferred shareholders were $95.9 million for the nine months ended September 30, 2021, compared to $88.0 million for the same period in 2020, reflecting an increase of approximately 2.1%[148]. - The company declared a quarterly dividend of $0.1075 per common share for the three months ended September 30, 2021, up from $0.105 per common share in the same period of 2020, representing a 1.9% increase[149].