Investments in Real Estate

9 Months Ended

Sep. 30, 2023

The Company acquired or completed and placed in service the following warehouse/distribution facilities during the nine months ended September 30, 2023:


Market	Acquired/Placed in Service Date	Initial Cost Basis		Lease Expiration Date	Land		Building and Improvements
Phoenix, Arizona(1)	March 2023	$	37,173	08/2033	$	7,552	$	29,621
Dallas, Texas	July 2023	15,018		N/A	2,100		12,918
		$	52,191		$	9,652	$	42,539

(1) Initial cost 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 September 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 9/30/2023(2)		LXP Amount Funded as of 9/30/2023(3)		Actual/Estimated Base Building Completion Date	% Leased as of 9/30/2023		Estimated Placed in Service Date
Development Projects Leased:
ETNA Cubes (95%)	1	Columbus, OH	1,074,840	$	76,600	$	64,101	$	67,927	3Q 2022	100	%	4Q 2023 (4)
Smith Farms (90%)	1	Greenville-Spartanburg, SC	304,884	25,000		21,535		19,745		2Q 2023	100	%	4Q 2023
Cotton 303 (93%)	1	Phoenix, AZ	488,400	55,300		42,814		38,814		4Q 2023	100	%	1Q 2024
	3		1,868,124	$	156,900	$	128,450	$	126,486
Development Projects Available for Lease:
Ocala (80%)	1	Central Florida	1,085,280	$	83,900	$	79,034	$	69,317	1Q 2023	—	%	—
Mt. Comfort (80%)	1	Indianapolis, IN	1,053,360	66,100		63,871		58,071		1Q 2023	—	%	—
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	76,600		71,644		65,595		2Q 2023	—	%	—
South Shore (100%)	2	Central Florida	270,885	42,500		37,447		34,808		2Q 2023 - 3Q 2023	(5)		—
	5		3,501,413	$	269,100	$	251,996	$	227,791

	8		5,369,537	$	426,000	$	380,446	$	354,277

(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.

(4) Subsequent to September 30, 2023, property placed into service.

(5) Subsequent to September 30, 2023, 57,690 square feet was leased for a five-year term.

As of September 30, 2023, the Company's aggregate investment in development arrangements was $380,446, which included capitalized interest of $8,170 for the nine months ended September 30, 2023 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, 2022, capitalized interest for development arrangements was $4,888.

As of September 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 9/30/2023		LXP Amount Funded as of 9/30/2023 (1)

Reems & Olive (95.5%)	Phoenix, AZ	320	$	77,653	$	74,913
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,323		4,279
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,740
		450	$	84,708	$	80,932

(1) Excludes noncontrolling interests' share.