Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 127

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 127
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, or a combination of cash and common shares.A summary of the changes in accumulated other comprehensive income related to the Company's cash flow hedges is as follows:Years ended December 31,20242023Balance at beginning of period$9,483 $17,689 Other comprehensive income before reclassifications7,802 3,654 Amounts of (income) reclassified from accumulated other comprehensive income to interest expense(11,149)(11,860)Balance at end of period$6,136 $9,483 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, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company had determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 1.13 common shares, subject to future adjustments.During 2023 and 2022, 832,571 and 39,747 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate book value of $3,393 and $211, respectively. On December 31, 2023, LCIF was merged with and into the Company and all outstanding OP units were converted into 822,627 common shares for a total of $7,800 on a one to 1.13 basis. The Company was the surviving entity of the merger.

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Table of ContentsLXP INDUSTRIAL TRUST AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS($000, except share/unit data)

The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests:Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests 202420232022Net income attributable to LXP Industrial Trust shareholders$44,534 $30,383 $113,783 Transfers from noncontrolling interests:Increase in additional paid-in-capital for redemption of noncontrolling OP units— 3,393 211 Change from net income attributable to shareholders and transfers from noncontrolling interests$44,534 $33,776 $113