Investments in Real Estate

3 Months Ended

Mar. 31, 2022

The Company completed the following warehouse/distribution acquisition transactions during the three months ended March 31, 2022:


Market	Acquisition Date	Initial Cost Basis		Primary Lease Expiration at Acquisition Date	Land		Building and Improvements		Lease in-place Intangible
Cincinnati/Dayton, OH(1)	February 2022	$	23,382	N/A	$	2,010	$	21,372	$	—
Cincinnati/Dayton, OH	February 2022	48,660		04/2032	4,197		40,944		3,519



		$	72,042		$	6,207	$	62,316	$	3,519

(1) Subsequent to acquisition, property was fully leased for approximately nine years.

In 2022, the Company purchased the remaining 13% of equity owned by a noncontrolling interest in the Fairburn, Georgia warehouse/distribution facility for $27,958. As the Company previously consolidated its interest in the joint venture which owned the property, the acquisition of the noncontrolling ownership interest was recorded as an equity transaction with the difference between the purchase price and carrying balance of $25,058 recorded as a reduction in additional paid-in-capital.

As of March 31, 2022, the details of the warehouse/distribution real estate under construction are as follows (in $000's, except square feet):


Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost		GAAP Investment Balance as of 3/31/2022		LXP Amount Funded as of 3/31/2022(3)		Estimated Building Completion Date	% Leased as of 3/31/2022
The Cubes at Etna East (95%)(1)	1	Columbus, OH	1,074,840	$	72,100	$	44,205	$	37,446	3Q 2022	—	%
Ocala (80%)(1)	1	Central Florida	1,085,280	81,200		51,808		36,151		3Q 2022	—	%
Cotton 303 (93%)(1)	2	Phoenix, AZ	880,678	84,200		40,176		35,306		4Q 2022	—	%
Mt. Comfort (80%)(1)	1	Indianapolis, IN	1,053,360	66,400		32,388		24,462		4Q 2022	—	%
Smith Farms (90%)(1)(2)	3	Greenville-Spartanburg, SC	2,194,820	162,500		62,681		46,968		4Q 2022 - 2Q 2023	36	%

				$	466,400	$	231,258	$	180,333

(1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote.

(2) Pre-leased 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility.

(3) Excludes noncontrolling interests' share.

As of March 31, 2022, the Company's aggregate investment in the development arrangements was $231,258, which included capitalized interest of $1,146 for the three months ended March 31, 2022 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the three months ended March 31, 2021, capitalized interest for development arrangements was $502.

As of March 31, 2022, the details of the land held for development are as follows (in $000's, except acres):


Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance as of 3/31/2022		LXP Amount Funded as of 3/31/2022 (1)
Consolidated:
Reems & Olive (95.5%)	Phoenix, AZ	420	$	101,047	$	96,544
Mt. Comfort Phase II (80%)	Indianapolis, IN	70	3,300		2,612
		490	$	104,347	$	99,156

(1) Excludes noncontrolling interests' share.