Investments in Real Estate

9 Months Ended

Sep. 30, 2022

The Company acquired the following warehouse/distribution facilities during the nine months ended September 30, 2022(1):


Market	Acquisition Date	Initial Cost Basis		Primary Lease Expiration at Acquisition Date	Land		Building and Improvements		Lease in-place Intangible
Cincinnati/Dayton, OH(2)	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) A land parcel located in Hebron, OH was also purchased for $747.

(2) 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 September 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 9/30/2022		LXP Amount Funded as of 9/30/2022(2)		Estimated Building Completion Date	% Leased as of 9/30/2022
The Cubes at Etna East (95%)(3)	1	Columbus, OH	1,074,840	$	72,100	$	59,713	$	53,095	3Q 2022	—	%
Ocala (80%)	1	Central Florida	1,085,280	83,100		66,556		54,866		4Q 2022	—	%
Mt. Comfort (80%)	1	Indianapolis, IN	1,053,360	65,500		48,354		38,278		4Q 2022	—	%
Smith Farms (90%)(4)	3	Greenville-Spartanburg, SC	2,194,820	170,400		123,582		97,906		4Q 2022 - 2Q 2023	36	%
Cotton 303 (93%)(5)	2	Phoenix, AZ	880,678	84,200		56,554		49,000		1Q 2023	45	%
South Shore (100%)	2	Central Florida	270,885	40,500		13,724		10,435		2Q 2023	—	%
				$	515,800	$	368,483	$	303,580

(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) Base building achieved substantial completion on September 30, 2022. Property not in service as of September 30, 2022.

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

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

As of September 30, 2022, the Company's aggregate investment in the development arrangements was $368,483, which included capitalized interest of $4,888 for the nine months ended September 30, 2022 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the nine months ended September 30, 2021, capitalized interest for development arrangements was $1,806.

As of September 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 9/30/2022		LXP Amount Funded as of 9/30/2022 (1)
Consolidated:
Reems & Olive (95.5%)	Phoenix, AZ	420	$	101,412	$	96,961
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,236		4,165
ATL Fairburn JV (100%)	Atlanta, GA	14	$	1,731	$	1,728
		550	$	108,379	$	102,854

(1) Excludes noncontrolling interests' share.