Investments in Real Estate

3 Months Ended

Mar. 31, 2024

The Company placed in service the following warehouse/distribution facilities during the three months ended March 31, 2024:


Market (% owned)	Placed in Service Date	Initial Cost Basis(1)		Lease Expiration Date	Land		Building and Improvements
Phoenix, AZ (93%)	February 2024	$	52,767	01/2031	$	9,449	$	43,318
Central Florida (80%) (2)	February 2024	80,825		N/A	10,618		70,207
Indianapolis, IN (80%)(2)	February 2024	64,285		N/A	5,126		59,159
		$	197,877		$	25,193	$	172,684

(1) Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer fee or developer partner promote, if any.

(2) The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy.

As of March 31, 2024, 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 3/31/2024(2)		LXP Amount Funded as of 3/31/2024(3)		Actual/Estimated Base Building Completion Date	% Leased as of 3/31/2024
Build-to-Suit Development Projects Leased
Piedmont (100%)(4)	1	Greenville-Spartanburg, SC	625,200	$	74,400	$	26,069	$	5,354	4Q 2024	100	%


Development Projects Available for Lease(5)
Smith Farms (90%)	1	Greenville-Spartanburg, SC	1,091,888	$	76,900	$	73,242	$	70,266	2Q 2023	—	%
South Shore (100%) (6)	2	Central Florida	213,195	33,500		30,439		30,295		2Q 2023 - 3Q 2023	—	%
Etna Building D (100%)	1	Columbus, OH	250,000	30,200		23,431		22,964		1Q 2024	—	%
	4		1,555,083	$	140,600	$	127,112	$	123,525

	5		2,180,283	$	215,000	$	153,181	$	128,879

(1) Estimated project cost includes estimated tenant improvements and leasing costs.

(2) Excludes leasing costs and incomplete costs.

(3) Excludes noncontrolling interests' share.

(4) During the three months ended March 31, 2024, the Company acquired a 59.1 acre land parcel for a purchase price of $3,416 and commenced construction of a build-to-suit warehouse/distribution facility subject to a 12-year lease, which is estimated to commence in January 2025.

(5) Estimated project cost excludes potential developer fee or partner promote, if any.

(6) During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 21% of the total project, was occupied by the tenant and placed in service.

As of March 31, 2024, the Company's aggregate investment in the ongoing development arrangements was $153,181. This amount included capitalized interest of $1,211 for the three months ended March 31, 2024 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, 2023, capitalized interest for development arrangements was $1,794.

As of March 31, 2024, 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 3/31/2024		LXP Amount Funded as of 3/31/2024 (1)

Reems & Olive (95.5%)	Phoenix, AZ	320	$	73,973	$	74,610
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,329		4,284
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,755
		450	$	81,034	$	80,649

(1) Excludes noncontrolling interests' share.