Investments in Real Estate

3 Months Ended

Mar. 31, 2023

The Company completed and placed into service the following warehouse/distribution facility during the three months ended March 31, 2023:


Market	Placed into Service Date	Initial Cost Basis		Lease Expiration Date	Land		Building and Improvements
Phoenix, Arizona(1)	March 2023	$	37,118	08/2033	$	7,552	$	29,566

(1) Initial basis excludes certain remaining costs, including developer partner promote, if any.

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, 2023, the details of the development arrangements outstanding are as follows (in $000's, except square feet):


Project (% owned)	# of Buildings	Market	Estimated Sq. Ft. (unaudited)		Estimated Project Cost(1)		GAAP Investment Balance as of 3/31/2023		Amount Funded as of 3/31/2023(2)		Actual/Estimated Building Completion Date	% Leased as of 3/31/2023
The Cubes at Etna East (95%)(3)	1	Columbus, OH	1,074,840		$	72,850	$	61,240	$	59,888	3Q 2022	(4)
Ocala (80%)(3)	1	Central Florida	1,085,280		83,100		76,529		66,593		1Q 2023	—	%
Mt. Comfort (80%)(3)	1	Indianapolis, IN	1,053,360		65,500		61,614		52,119		1Q 2023	—	%

Smith Farms (90%)(5)	2	Greenville-Spartanburg, SC	1,396,772		101,550		85,290		72,690		2Q 2023	—	%
South Shore (100%)	2	Central Florida	270,885		41,200		31,844		26,277		2Q 2023	—	%
Cotton 303 (93%)(6)	1	Phoenix, AZ	488,400		44,100		33,310		31,458		3Q 2023	—	%
	8		$	5,369,537	$	408,300	$	349,827	$	309,025

(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 March 31, 2023.

(4) Subsequent to quarter end, the property was fully leased subject to a 10-year lease with initial annualized rent of approximately $5,213 with 3.5% annual escalations.

(5) Subsequent to quarter end, the base building comprised of 1,091,888 square feet was substantially completed.

(6) Originally a two building project. In March 2023, substantially completed and placed into service a 392,278 square foot facility subject to a 10-year lease. Remaining project ongoing.

As of March 31, 2023, the Company's aggregate investment in development arrangements was $349,827, which included capitalized interest of $1,794 for the three months ended March 31, 2023 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, 2022, capitalized interest for development arrangements was $1,146.

As of March 31, 2023, the details of the land held for industrial development are as follows (in $000's, except acres):


Project (% owned)	Market	Approx. Developable Acres	GAAP Investment Balance as of 3/31/2023		LXP Amount Funded as of 3/31/2023 (1)
Consolidated:
Reems & Olive (95.5%)	Phoenix, AZ	320	$	77,473	$	74,109
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,303		4,250
ATL Fairburn JV (100%)	Atlanta, GA	14	1,731		1,736
		450	$	84,507	$	80,095

(1) Excludes noncontrolling interests' share.