Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Schedule of Acquired Properties

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.

Schedule of Real Estate Properties

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 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.