Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate Investments, Net [Abstract]

Schedule of Net Real Estate

The Company's real estate, net, consists of the following at December 31, 2023 and 2022:

	2023		2022
Real estate, at cost:
Buildings and building improvements	$	3,424,334	$	3,335,029
Land, land estates and land improvements	348,133		346,816
Construction in progress	1,772		9,221
Real estate intangibles:
In-place lease values	303,457		309,393
Tenant relationships	10,388		12,519
Above-market leases	680		6,695
Land held for development	80,743		84,412
Investments in real estate under construction	319,355		361,924
	4,488,862		4,466,009
Accumulated depreciation and amortization(1)	(904,709)		(800,470)
Real estate, net	$	3,584,153	$	3,665,539

(1)Includes accumulated amortization of real estate intangible assets of $191,332 and $173,443 in 2023 and 2022, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $26,487 in 2024, $22,558 in 2025, $19,550 in 2026, $14,466 in 2027 and $11,319 in 2028.

As of December 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 12/31/2023(2)		Amount Funded as of 12/31/2023(3)		Building Completion Date (unaudited)	% Leased as of 12/31/2023		Placed in Service Date
Development Projects Leased:
Cotton 303 (93%)(4)	1	Phoenix, AZ	488,400	$	55,300	$	50,716	$	44,523	1Q 2024	100	%	1Q 2024
	1		488,400	$	55,300	$	50,716	$	44,523
Development Projects Available for Lease:
Ocala (80%)	1	Central Florida	1,085,280	$	85,200	$	80,184	$	70,605	1Q 2023	—	%	—
Mt. Comfort (80%)	1	Indianapolis, IN	1,053,360	66,400		64,489		58,736		1Q 2023	—	%	—
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	76,500		72,411		69,244		2Q 2023	—	%	—
South Shore (100%)(5)	2	Central Florida	213,195	33,500		29,739		29,771		2Q 2023 - 3Q 2023	—	%	—
ETNA Building D (100%)(6)	1	Columbus, OH	250,020	30,200		21,816		15,928		1Q 2024	—	%	—
	6		3,693,743	$	291,800	$	268,639	$	244,284
	7		4,182,143	$	347,100	$	319,355	$	288,807

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

(2)Excludes leasing costs.

(3)    Excludes noncontrolling interests' share.

(4)    Subsequent to December 31, 2023, the property was placed in service.

(5)    During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 23% of the total project, was occupied by the tenant and placed in service.

(6)    During the fourth quarter of 2023, a wholly-owned subsidiary of LXP purchased approximately 14 acres of land and the partially completed leasehold improvements from ETNA Park 70.

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

Project (% owned)	Market	Approximate Acres (unaudited)	GAAP Investment Balance as of  12/31/2023		LXP Amount Funded as of 12/31/2023(1)
Consolidated:
Reems & Olive (95.5%)(2)	Phoenix, AZ	320	$	73,683	$	74,308
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,328		4,283
ATL Fairburn (100%)	Atlanta, GA	14	1,732		1,751
		450	$	80,743	$	80,342

(1)Excludes noncontrolling interests' share.

(2)During the fourth quarter of 2023, a perpetual utility easement was granted in exchange for $6,172, which was accounted for as a sale of real estate.

Schedule of Acquired Properties

The Company acquired or completed and placed into service the following assets during 2023 and 2022:

2023:

Market	Acquisition/ Placed in Service Date	Initial Cost Basis		Primary Lease Expiration	Land		Building and Improvements
Phoenix, AZ(1)	March 2023	$	37,173	08/2033	$	7,552	$	29,621
Dallas, TX	July 2023	15,018		N/A	2,100		12,918
Columbus, OH(1)	October 2023	64,524		10/2033	6,536		57,988
Greenville/Spartanburg, SC(1)	October 2023	21,676		02/2029	1,795		19,881
Central Florida(1)(2)	December 2023	7,985		01/2029	1,961		6,024
		$	146,376		$	19,944	$	126,432

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

(2)Represents a portion of the South Shore development project placed into service.

2022:

Market(1)	Acquisition/ Placed in Service Date	Initial Cost Basis		Primary Lease Expiration	Land		Building and Improvements		Lease in-place Value 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
Greenville/Spartanburg, SC(3)	December 2022	64,067		04/2035	2,484		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 in service. Initial basis excludes certain remaining costs, including developer partner promote.