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v3.23.1

Investments in Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2023
Real Estate [Abstract] |
Schedule of Acquired Properties | The Company completed and placed into service the following warehouse/distribution facility during the three months ended March 31, 2023:
Market | Placed into Service Date | Initial Cost Basis | Lease Expiration Date | Land |  | Building and Improvements |  |  |  |
Phoenix, Arizona(1) | March 2023 | $ | 37,118 |  | 08/2033 | $ | 7,552 |  |  | $ | 29,566 |  |  |  |  |
(1) Initial basis excludes certain remaining costs, including developer partner promote, if any.
Schedule of Real Estate Properties | As of March 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 3/31/2023 | Amount Funded as of 3/31/2023(2) | Actual/Estimated Building Completion Date | % Leased as of 3/31/2023
The Cubes at Etna East (95%)(3) | 1 | Columbus, OH | 1,074,840 |  | $ | 72,850 |  | $ | 61,240 |  | $ | 59,888 |  | 3Q 2022 | (4) |
Ocala (80%)(3) | 1 | Central Florida | 1,085,280 |  | 83,100 |  | 76,529 |  | 66,593 |  | 1Q 2023 | — | %
Mt. Comfort (80%)(3) | 1 | Indianapolis, IN | 1,053,360 |  | 65,500 |  | 61,614 |  | 52,119 |  | 1Q 2023 | — | %
Smith Farms (90%)(5) | 2 | Greenville-Spartanburg, SC | 1,396,772 |  | 101,550 |  | 85,290 |  | 72,690 |  | 2Q 2023 | — | %
South Shore (100%) | 2 | Central Florida | 270,885 |  | 41,200 |  | 31,844 |  | 26,277 |  | 2Q 2023 | — | %
Cotton 303 (93%)(6) | 1 | Phoenix, AZ | 488,400 |  | 44,100 |  | 33,310 |  | 31,458 |  | 3Q 2023 | — | %
| 8 |  | $ | 5,369,537 |  | $ | 408,300 |  | $ | 349,827 |  | $ | 309,025 |  |  |
(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 March 31, 2023. (4) Subsequent to quarter end, the property was fully leased subject to a 10-year lease with initial annualized rent of approximately $5,213 with 3.5% annual escalations. (5) Subsequent to quarter end, the base building comprised of 1,091,888 square feet was substantially completed. (6) Originally a two building project. In March 2023, substantially completed and placed into service a 392,278 square foot facility subject to a 10-year lease. Remaining project ongoing. As of March 31, 2023, 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 3/31/2023 |  | LXP Amount Funded as of 3/31/2023 (1)
Consolidated: |  |  |  |  |  |  |  |
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 320 |  | $ | 77,473 |  |  | $ | 74,109 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,303 |  |  | 4,250 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | 1,731 |  |  | 1,736 |
|  |  |  | 450 |  | $ | 84,507 |  |  | $ | 80,095 |
(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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