Investments in Real Estate

6 Months Ended

Jun. 30, 2022

The Company acquired the following warehouse/distribution facilities during the six months ended June 30, 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
Phoenix, AZ	April 2022	59,140		05/2037	5,366		50,281		3,493


		$	131,182		$	11,573	$	112,597	$	7,012

(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 June 30, 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(1)		GAAP Investment Balance as of 6/30/2022		LXP Amount Funded as of 6/30/2022(2)		Estimated Building Completion Date	% Leased as of 6/30/2022
The Cubes at Etna East (95%)	1	Columbus, OH	1,074,840	$	72,100	$	52,136	$	44,449	3Q 2022	—	%
Ocala (80%)	1	Central Florida	1,085,280	83,100		60,483		49,711		4Q 2022	—	%
Cotton 303 (93%)(3)	2	Phoenix, AZ	880,678	84,200		47,798		39,150		4Q 2022	45	%
Mt. Comfort (80%)	1	Indianapolis, IN	1,053,360	65,500		38,598		29,581		4Q 2022	—	%
Smith Farms (90%)(4)	3	Greenville-Spartanburg, SC	2,194,820	170,400		85,704		60,704		4Q 2022 - 2Q 2023	36	%
South Shore (100%)	2	Central Florida	270,885	40,500		9,680		9,367		2Q 2023	—	%
				$	515,800	$	294,399	$	232,962

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

(2) Excludes noncontrolling interests' share.

(3) Pre-leased 392,278 square foot facility subject to a 10-year lease commencing upon substantial completion of the facility.

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

As of June 30, 2022, the Company's aggregate investment in the development arrangements was $294,399, which included capitalized interest of $2,800 for the six months ended June 30, 2022 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the six months ended June 30, 2021, capitalized interest for development arrangements was $1,141.

As of June 30, 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 6/30/2022		LXP Amount Funded as of 6/30/2022 (1)
Consolidated:
Reems & Olive (95.5%)	Phoenix, AZ	420	$	101,227	$	96,788
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,076		4,033
ATL Fairburn JV (100%)	Atlanta, GA	14	$	1,729	$	1,727
		550	$	108,032	$	102,548

(1) Excludes noncontrolling interests' share.