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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2023
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate 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. 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 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 Company's aggregate investment in development arrangements was $349,827, which included capitalized interest of $1,794 for the three months ended March 31, 2023 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, 2022, capitalized interest for development arrangements was $1,146. 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 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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