XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Investments in Real Estate | 9 Months Ended
--- | ---
Sep. 30, 2022
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company acquired the following warehouse/distribution facilities during the nine months ended September 30, 2022(1):
Market | Acquisition Date | Initial Cost Basis | Primary Lease Expiration at Acquisition Date | Land |  | Building and Improvements |  | Lease in-place 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 |  |  |
|  | $ | 131,182 |  |  | $ | 11,573 |  |  | $ | 112,597 |  |  | $ | 7,012 |  |  |
(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. 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, 2022, the details of the warehouse/distribution real estate under construction 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 9/30/2022 | LXP Amount Funded as of 9/30/2022(2) | Estimated Building Completion Date | % Leased as of 9/30/2022
The Cubes at Etna East (95%)(3) | 1 | Columbus, OH | 1,074,840 |  | $ | 72,100 |  | $ | 59,713 |  | $ | 53,095 |  | 3Q 2022 | — | %
Ocala (80%) | 1 | Central Florida | 1,085,280 |  | 83,100 |  | 66,556 |  | 54,866 |  | 4Q 2022 | — | %
Mt. Comfort (80%) | 1 | Indianapolis, IN | 1,053,360 |  | 65,500 |  | 48,354 |  | 38,278 |  | 4Q 2022 | — | %
Smith Farms (90%)(4) | 3 | Greenville-Spartanburg, SC | 2,194,820 |  | 170,400 |  | 123,582 |  | 97,906 |  | 4Q 2022 - 2Q 2023 | 36 | %
Cotton 303 (93%)(5) | 2 | Phoenix, AZ | 880,678 |  | 84,200 |  | 56,554 |  | 49,000 |  | 1Q 2023 | 45 | %
South Shore (100%) | 2 | Central Florida | 270,885 |  | 40,500 |  | 13,724 |  | 10,435 |  | 2Q 2023 | — | %
|  |  |  | $ | 515,800 |  | $ | 368,483 |  | $ | 303,580 |  |  |
(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 on September 30, 2022. Property not in service as of September 30, 2022. (4) Pre-leased 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility. (5) Pre-leased 392,278 square foot facility subject to a 10-year lease commencing upon substantial completion of the facility. As of September 30, 2022, the Company's aggregate investment in the development arrangements was $368,483, which included capitalized interest of $4,888 for the nine months ended September 30, 2022 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, 2021, capitalized interest for development arrangements was $1,806. As of September 30, 2022, the details of the land held for development are as follows (in $000's, except acres):
Project (% owned) |  | Market |  | Approx. Developable Acres |  | GAAP Investment Balance as of 9/30/2022 |  | LXP Amount Funded as of 9/30/2022 (1)
Consolidated: |  |  |  |  |  |  |  |
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 420 |  | $ | 101,412 |  |  | $ | 96,961 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,236 |  |  | 4,165 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | $ | 1,731 |  |  | $ | 1,728 |
|  |  |  | 550 |  | $ | 108,379 |  |  | $ | 102,854 |
(1) Excludes noncontrolling interests' share.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration