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Investments in Real Estate
 12 Months Ended
Dec. 31, 2022
Real Estate Investments, Net [Abstract]  
Investments in Real Estate Investments in Real Estate
The Company's real estate, net, consists of the following at December 31, 2022 and 2021:
20222021
Real estate, at cost:
Buildings and building improvements
$3,335,029 $3,235,601 
Land, land estates and land improvements
346,816 342,895 
Construction in progress
9,221 5,482 
Real estate intangibles:
In-place lease values
309,393 320,847 
Tenant relationships
12,519 13,205 
Above-market leases
6,695 7,351 
Land held for development84,412 104,160 
Investments in real estate under construction361,924 161,165 
4,466,009 4,190,706 
Accumulated depreciation and amortization(1)
(800,470)(655,740)
Real estate, net $3,665,539 $3,534,966 
(1)Includes accumulated amortization of real estate intangible assets of $173,443 and $151,041 in 2022 and 2021, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $31,971 in 2023, $26,487 in 2024, $22,558 in 2025, $19,550 in 2026 and $14,466 in 2027.

The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $11,214 and $14,401, respectively, as of December 31, 2022 and 2021. The estimated accretion for the next five years is $1,830 in 2023, $1,830 in 2024, $1,740 in 2025, $1,538 in 2026 and $1,292 in 2027.
The Company acquired or completed and placed into service the following assets during 2022 and 2021:
2022:
Market(1)
Acquisition/Completion DateInitial
Cost
Basis		Primary Lease Expiration at AcquisitionLandBuilding and ImprovementsLease in-place Value Intangible
Cincinnati/Dayton, OH(2)
February 2022$23,382 N/A$2,010 $21,372 $— 
Cincinnati/Dayton, OHFebruary 202248,660 04/20324,197 40,944 3,519 
Phoenix, AZApril 202259,140 05/20375,366 50,281 3,493 
Greenville-Spartanburg, SC(3)
December 202264,067 04/20352,484 61,583 — 
$195,249 $14,057 $174,180 $7,012 
Weighted-average life of intangible assets (years)12.7
(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.
(3)Development project substantially completed and placed into service. Initial basis excludes certain remaining costs, including developer partner promote.

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.
2021:
Market(1)
Acquisition/Completion DateInitial
Cost
Basis		Primary Lease Expiration at AcquisitionLandBuilding and ImprovementsLease in-place Value IntangibleAbove (Below) Market Lease Intangible
Indianapolis, INJanuary 2021$14,310 12/2024$1,208 $12,052 $1,035 $15 
Indianapolis, INJanuary 202114,120 08/20251,162 11,825 1,133 — 
Central FloridaJanuary 202122,358 05/20311,416 19,910 1,032 — 
Columbus, OH(2)
March 202119,531 03/20242,800 16,731 — — 
Houston, TXMay 202128,293 08/20284,272 22,296 1,725 — 
Houston, TXMay 202137,686 12/20266,489 28,470 2,727 — 
Houston, TXMay 202111,512 08/20241,792 9,089 631 — 
Cincinnati/Dayton, OHJune 202118,674 06/20231,109 16,477 1,088 — 
Central FloridaJune 202148,593 N/A2,610 45,983 — — 
Greenville-Spartanburg, SCJune 202136,903 09/20252,376 32,121 2,406 — 
Greenville-Spartanburg, SCJune 202123,812 06/20261,329 21,419 1,064 — 
Greenville-Spartanburg, SCJuly 202129,421 04/20292,819 24,508 2,094 — 
Greenville-Spartanburg, SCJuly 202126,106 12/20291,169 23,070 1,867 — 
Greenville-Spartanburg, SC(3)
July 202118,394 N/A1,020 17,374 — — 
Greenville-Spartanburg, SCJuly 202131,646 09/20261,710 27,817 2,119 — 
Columbus, OHAugust 202129,265 11/20292,251 25,184 1,830 — 
Indianapolis, INOctober 202116,315 12/2026741 14,488 1,086 — 
Indianapolis, IN October 202144,479 03/20311,991 39,338 3,150 — 
Indianapolis, INOctober 202115,644 12/2026695 13,958 991 — 
Atlanta, GA(2)(4)
November 202147,568 10/20287,209 40,359 — — 
Phoenix, AZ(2)
November 202161,490 11/203611,732 49,758 — — 
Phoenix, AZ December 202183,517 12/20318,027 73,650 1,840 — 
Indianapolis, INDecember 202193,899 11/20318,335 80,051 5,513 — 
Atlanta, GADecember 202137,625 07/20312,006 33,276 2,343 — 
Atlanta, GADecember 202147,618 09/20312,497 42,255 2,866 — 
Atlanta, GADecember 202126,838 09/20251,465 23,649 1,724 — 
$885,617 $80,230 $765,108 $40,264 $15 
Weighted-average life of intangible assets (years)7.33.5
(1)A land parcel located in Hebron, OH was also purchased for $371.
(2)Development project substantially completed and placed into service.
(3)Subsequent to acquisition, property fully leased for 5.5 years.
(4)Initial basis excludes certain remaining costs, including developer partner promote.
As of December 31, 2022, the details of the development arrangements outstanding are as follows (in $000's, except square feet):
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. (unaudited)
Estimated Project Cost(1)
GAAP Investment Balance as of
12/31/2022
Amount Funded as of
12/31/2022(2)
Actual/Estimated Building Completion Date (unaudited)% Leased as of
12/31/2022
The Cubes at Etna East (95%)(3)
1Columbus, OH1,074,840 $72,850 $61,171 $58,455 3Q 2022— %
Ocala (80%)
1Central Florida1,085,280 83,100 73,737 63,388 1Q 2023— %
Mt. Comfort (80%)
1Indianapolis, IN1,053,360 65,500 59,379 49,848 1Q 2023— %
South Shore (100%)
2Central Florida270,885 40,500 25,782 13,553 2Q 2023— %
Cotton 303 (93%)(4)
2Phoenix, AZ880,678 84,200 64,682 56,570 1Q 2023 - 2Q 202345 %
Smith Farms (90%)(5)
2Greenville-Spartanburg, SC1,396,884 101,550 77,173 67,780 1Q 2023 - 2Q 2023— %
$447,700 $361,924 $309,594 
(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. Property not in service as of December 31, 2022.
(4)    Pre-leased 392,278 square foot facility with a 10-year lease commencing upon substantial completion of the facility and notice to the tenant.
(5)    In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing.
As of December 31, 2022, the Company's aggregate investment in development arrangements was $361,924, which included capitalized interest of $6,330 for the year ended December 31, 2022 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. For the year ended December 31, 2021, capitalized interest for development arrangements was $1,114.
As of December 31, 2022, the details of the land held for industrial development are as follows (in $000's, except acres):

Project (% owned)MarketApprox. Developable Acres (unaudited)GAAP Investment Balance as of
 12/31/2022
LXP Amount Funded
as of
12/31/2022(1)
Consolidated:
Reems & Olive (95.5%)(2)
Phoenix, AZ320$77,379 $73,957 
Mt. Comfort Phase II (80%)
Indianapolis, IN1165,301 4,213 
ATL Fairburn (100%)
Atlanta, GA141,732 1,736 
450$84,412 $79,906 
(1)Excludes noncontrolling interests' share.
(2)Ground leased approximately 100 acres of the original 420 acre development land parcel located in the Phoenix, Arizona market, subject to a 20-year ground lease (with three, 10-year extension options). The initial annual rental payments are $5,228 and escalate by 4% annually.