Investments in Real Estate

6 Months Ended

Jun. 30, 2023

The Company completed and placed in service the following warehouse/distribution facility during the six months ended June 30, 2023:


Market	Placed in 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 June 30, 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.	Estimated Project Cost(1)		GAAP Investment Balance as of 6/30/2023(2)		LXP Amount Funded as of 6/30/2023(3)		Actual/Estimated Base Building Completion Date	% Leased as of 6/30/2023		Estimated Placed in Service Date
Development Projects Leased:
ETNA Cubes(95%)	1	Columbus, OH	1,074,840	$	76,600	$	63,370	$	66,148	3Q 2022	100	%	4Q 2023
Cotton 303 (93%)	1	Phoenix, AZ	488,400	55,300		39,182		32,652		3Q 2023	100	%	1Q 2024
	2		1,563,240	$	131,900	$	102,552	$	98,800
Development Projects Available for Lease:
Ocala (80%)	1	Central Florida	1,085,280	$	83,200	$	77,209	$	67,984	1Q 2023	—	%	—
Mt. Comfort (80%)	1	Indianapolis, IN	1,053,360	65,900		63,790		55,312		1Q 2023	—	%	—
Smith Farms (90%)	2	Greenville-Spartanburg, SC	1,396,772	101,600		92,213		79,975		2Q 2023	—	%	—
South Shore (100%)	2	Central Florida	270,885	42,500		36,578		30,313		2Q 2023 - 3Q 2023	—	%	—
	6		3,806,297	$	293,200	$	269,790	$	233,584

	8		5,369,537	$	425,100	$	372,342	$	332,384

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

(2) Excludes leasing costs.

(3) Excludes noncontrolling interests' share.

As of June 30, 2023, the Company's aggregate investment in development arrangements was $372,342, which included capitalized interest of $5,194 for the six months ended June 30, 2023 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, 2022, capitalized interest for development arrangements was $2,800.

As of June 30, 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 6/30/2023		LXP Amount Funded as of 6/30/2023 (1)

Reems & Olive (95.5%)	Phoenix, AZ	320	$	77,538	$	74,177
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,321		4,266
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,737
		450	$	84,591	$	80,180

(1) Excludes noncontrolling interests' share.