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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2022
Real Estate Investments, Net [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2022 and 2021:
|  | 2022 |  | 2021
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,335,029 |  |  | $ | 3,235,601 |
Land, land estates and land improvements |  | 346,816 |  |  | 342,895 |
Construction in progress |  | 9,221 |  |  | 5,482 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 309,393 |  |  | 320,847 |
Tenant relationships |  | 12,519 |  |  | 13,205 |
Above-market leases |  | 6,695 |  |  | 7,351 |
Land held for development |  | 84,412 |  |  | 104,160 |
Investments in real estate under construction |  | 361,924 |  |  | 161,165 |
|  | 4,466,009 |  |  | 4,190,706 |
Accumulated depreciation and amortization(1) |  | (800,470) |  |  | (655,740) |
Real estate, net |  | $ | 3,665,539 |  |  | $ | 3,534,966 |
(1)Includes accumulated amortization of real estate intangible assets of $173,443 and $151,041 in 2022 and 2021, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $31,971 in 2023, $26,487 in 2024, $22,558 in 2025, $19,550 in 2026 and $14,466 in 2027. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $11,214 and $14,401, respectively, as of December 31, 2022 and 2021. The estimated accretion for the next five years is $1,830 in 2023, $1,830 in 2024, $1,740 in 2025, $1,538 in 2026 and $1,292 in 2027. The Company acquired or completed and placed into service the following assets during 2022 and 2021: 2022:
| Market(1) | Acquisition/Completion Date | Initial Cost Basis | Primary Lease Expiration at Acquisition | 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 into service. Initial basis excludes certain remaining costs, including developer partner promote. 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. 2021:
| Market(1) | Acquisition/Completion Date | Initial Cost Basis | Primary Lease Expiration at Acquisition | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  | Above (Below) Market Lease Intangible
| Indianapolis, IN | January 2021 | $ | 14,310 |  | 12/2024 | $ | 1,208 |  |  | $ | 12,052 |  |  | $ | 1,035 |  |  | $ | 15 |
| Indianapolis, IN | January 2021 | 14,120 |  | 08/2025 | 1,162 |  |  | 11,825 |  |  | 1,133 |  |  | — |
| Central Florida | January 2021 | 22,358 |  | 05/2031 | 1,416 |  |  | 19,910 |  |  | 1,032 |  |  | — |
| Columbus, OH(2) | March 2021 | 19,531 |  | 03/2024 | 2,800 |  |  | 16,731 |  |  | — |  |  | — |
| Houston, TX | May 2021 | 28,293 |  | 08/2028 | 4,272 |  |  | 22,296 |  |  | 1,725 |  |  | — |
| Houston, TX | May 2021 | 37,686 |  | 12/2026 | 6,489 |  |  | 28,470 |  |  | 2,727 |  |  | — |
| Houston, TX | May 2021 | 11,512 |  | 08/2024 | 1,792 |  |  | 9,089 |  |  | 631 |  |  | — |
| Cincinnati/Dayton, OH | June 2021 | 18,674 |  | 06/2023 | 1,109 |  |  | 16,477 |  |  | 1,088 |  |  | — |
| Central Florida | June 2021 | 48,593 |  | N/A | 2,610 |  |  | 45,983 |  |  | — |  |  | — |
| Greenville-Spartanburg, SC | June 2021 | 36,903 |  | 09/2025 | 2,376 |  |  | 32,121 |  |  | 2,406 |  |  | — |
| Greenville-Spartanburg, SC | June 2021 | 23,812 |  | 06/2026 | 1,329 |  |  | 21,419 |  |  | 1,064 |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 29,421 |  | 04/2029 | 2,819 |  |  | 24,508 |  |  | 2,094 |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 26,106 |  | 12/2029 | 1,169 |  |  | 23,070 |  |  | 1,867 |  |  | — |
| Greenville-Spartanburg, SC(3) | July 2021 | 18,394 |  | N/A | 1,020 |  |  | 17,374 |  |  | — |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 31,646 |  | 09/2026 | 1,710 |  |  | 27,817 |  |  | 2,119 |  |  | — |
| Columbus, OH | August 2021 | 29,265 |  | 11/2029 | 2,251 |  |  | 25,184 |  |  | 1,830 |  |  | — |
| Indianapolis, IN | October 2021 | 16,315 |  | 12/2026 | 741 |  |  | 14,488 |  |  | 1,086 |  |  | — |
| Indianapolis, IN | October 2021 | 44,479 |  | 03/2031 | 1,991 |  |  | 39,338 |  |  | 3,150 |  |  | — |
| Indianapolis, IN | October 2021 | 15,644 |  | 12/2026 | 695 |  |  | 13,958 |  |  | 991 |  |  | — |
| Atlanta, GA(2)(4) | November 2021 | 47,568 |  | 10/2028 | 7,209 |  |  | 40,359 |  |  | — |  |  | — |
| Phoenix, AZ(2) | November 2021 | 61,490 |  | 11/2036 | 11,732 |  |  | 49,758 |  |  | — |  |  | — |
| Phoenix, AZ | December 2021 | 83,517 |  | 12/2031 | 8,027 |  |  | 73,650 |  |  | 1,840 |  |  | — |
| Indianapolis, IN | December 2021 | 93,899 |  | 11/2031 | 8,335 |  |  | 80,051 |  |  | 5,513 |  |  | — |
| Atlanta, GA | December 2021 | 37,625 |  | 07/2031 | 2,006 |  |  | 33,276 |  |  | 2,343 |  |  | — |
| Atlanta, GA | December 2021 | 47,618 |  | 09/2031 | 2,497 |  |  | 42,255 |  |  | 2,866 |  |  | — |
| Atlanta, GA | December 2021 | 26,838 |  | 09/2025 | 1,465 |  |  | 23,649 |  |  | 1,724 |  |  | — |
|  |  | $ | 885,617 |  |  | $ | 80,230 |  |  | $ | 765,108 |  |  | $ | 40,264 |  |  | $ | 15 |
| Weighted-average life of intangible assets (years) |  |  |  |  |  | 7.3 |  | 3.5
(1)A land parcel located in Hebron, OH was also purchased for $371. (2)Development project substantially completed and placed into service. (3)Subsequent to acquisition, property fully leased for 5.5 years. (4)Initial basis excludes certain remaining costs, including developer partner promote. As of December 31, 2022, 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 12/31/2022 | Amount Funded as of 12/31/2022(2) | Actual/Estimated Building Completion Date (unaudited) | % Leased as of 12/31/2022 |
The Cubes at Etna East (95%)(3) | 1 | Columbus, OH | 1,074,840 |  | $ | 72,850 |  | $ | 61,171 |  | $ | 58,455 |  | 3Q 2022 | — | % |
Ocala (80%) | 1 | Central Florida | 1,085,280 |  | 83,100 |  | 73,737 |  | 63,388 |  | 1Q 2023 | — | % |
Mt. Comfort (80%) | 1 | Indianapolis, IN | 1,053,360 |  | 65,500 |  | 59,379 |  | 49,848 |  | 1Q 2023 | — | % |
South Shore (100%) | 2 | Central Florida | 270,885 |  | 40,500 |  | 25,782 |  | 13,553 |  | 2Q 2023 | — | % |
Cotton 303 (93%)(4) | 2 | Phoenix, AZ | 880,678 |  | 84,200 |  | 64,682 |  | 56,570 |  | 1Q 2023 - 2Q 2023 | 45 | % |
Smith Farms (90%)(5) | 2 | Greenville-Spartanburg, SC | 1,396,884 |  | 101,550 |  | 77,173 |  | 67,780 |  | 1Q 2023 - 2Q 2023 | — | % |
|  |  |  | $ | 447,700 |  | $ | 361,924 |  | $ | 309,594 |  |  |  |
(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. Property not in service as of December 31, 2022. (4) Pre-leased 392,278 square foot facility with a 10-year lease commencing upon substantial completion of the facility and notice to the tenant. (5) In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing. As of December 31, 2022, the Company's aggregate investment in development arrangements was $361,924, which included capitalized interest of $6,330 for the year ended December 31, 2022 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. For the year ended December 31, 2021, capitalized interest for development arrangements was $1,114. As of December 31, 2022, the details of the land held for industrial development are as follows (in $000's, except acres):
Project (% owned) |  | Market |  | Approx. Developable Acres (unaudited) |  | GAAP Investment Balance as of 12/31/2022 |  | LXP Amount Funded as of 12/31/2022(1)
Consolidated: |  |  |  |  |  |  |  |
Reems & Olive (95.5%)(2) |  | Phoenix, AZ |  | 320 |  | $ | 77,379 |  |  | $ | 73,957 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,301 |  |  | 4,213 |
ATL Fairburn (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,736 |
|  |  |  | 450 |  | $ | 84,412 |  |  | $ | 79,906 |
(1)Excludes noncontrolling interests' share. (2)Ground leased approximately 100 acres of the original 420 acre development land parcel located in the Phoenix, Arizona market, subject to a 20-year ground lease (with three, 10-year extension options). The initial annual rental payments are $5,228 and escalate by 4% annually.

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- 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
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