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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Schedule of Acquired Properties | 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.
Schedule of Real Estate Properties | 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 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.

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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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