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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company acquired or completed and placed in service the following warehouse/distribution facilities during the nine months ended September 30, 2023:
Market | Acquired/Placed in Service Date | Initial Cost Basis | Lease Expiration Date | Land |  | Building and Improvements |  |  |
Phoenix, Arizona(1) | March 2023 | $ | 37,173 |  | 08/2033 | $ | 7,552 |  |  | $ | 29,621 |  |  |  |
Dallas, Texas | July 2023 | 15,018 |  | N/A | 2,100 |  |  | 12,918 |  |  |  |
|  | $ | 52,191 |  |  | $ | 9,652 |  |  | $ | 42,539 |  |  |  |
(1) Initial cost 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 September 30, 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. | Estimated Project Cost(1) | GAAP Investment Balance as of 9/30/2023(2) | LXP Amount Funded as of 9/30/2023(3) | Actual/Estimated Base Building Completion Date | % Leased as of 9/30/2023 | Estimated Placed in Service Date
Development Projects Leased: |  |  |  |  |  |  |  |
ETNA Cubes (95%) | 1 | Columbus, OH | 1,074,840 |  | $ | 76,600 |  | $ | 64,101 |  | $ | 67,927 |  | 3Q 2022 | 100 | % | 4Q 2023 (4)
Smith Farms (90%) | 1 | Greenville-Spartanburg, SC | 304,884 |  | 25,000 |  | 21,535 |  | 19,745 |  | 2Q 2023 | 100 | % | 4Q 2023
Cotton 303 (93%) | 1 | Phoenix, AZ | 488,400 |  | 55,300 |  | 42,814 |  | 38,814 |  | 4Q 2023 | 100 | % | 1Q 2024
| 3 |  | 1,868,124 |  | $ | 156,900 |  | $ | 128,450 |  | $ | 126,486 |  |  |  |
Development Projects Available for Lease: |  |  |  |  |  |  |
Ocala (80%) | 1 | Central Florida | 1,085,280 |  | $ | 83,900 |  | $ | 79,034 |  | $ | 69,317 |  | 1Q 2023 | — | % | — |
Mt. Comfort (80%) | 1 | Indianapolis, IN | 1,053,360 |  | 66,100 |  | 63,871 |  | 58,071 |  | 1Q 2023 | — | % | — |
Smith Farms (90%) | 1 | Greenville-Spartanburg, SC | 1,091,888 |  | 76,600 |  | 71,644 |  | 65,595 |  | 2Q 2023 | — | % | — |
South Shore (100%) | 2 | Central Florida | 270,885 |  | 42,500 |  | 37,447 |  | 34,808 |  | 2Q 2023 - 3Q 2023 | (5) | — |
| 5 |  | 3,501,413 |  | $ | 269,100 |  | $ | 251,996 |  | $ | 227,791 |  |  |  |
| 8 |  | 5,369,537 |  | $ | 426,000 |  | $ | 380,446 |  | $ | 354,277 |  |  |  |
(1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes leasing costs. (3) Excludes noncontrolling interests' share. (4) Subsequent to September 30, 2023, property placed into service. (5) Subsequent to September 30, 2023, 57,690 square feet was leased for a five-year term. As of September 30, 2023, the Company's aggregate investment in development arrangements was $380,446, which included capitalized interest of $8,170 for the nine months ended September 30, 2023 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, 2022, capitalized interest for development arrangements was $4,888. As of September 30, 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 9/30/2023 |  | LXP Amount Funded as of 9/30/2023 (1)
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 320 |  | $ | 77,653 |  |  | $ | 74,913 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,323 |  |  | 4,279 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,740 |
|  |  |  | 450 |  | $ | 84,708 |  |  | $ | 80,932 |
(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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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