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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company placed in service the following warehouse/distribution facilities during the three months ended March 31, 2024:
Market (% owned) | Placed in Service Date | Initial Cost Basis(1) | Lease Expiration Date | Land |  | Building and Improvements |  |  |
Phoenix, AZ (93%) | February 2024 | $ | 52,767 |  | 01/2031 | $ | 9,449 |  |  | $ | 43,318 |  |  |  |
Central Florida (80%) (2) | February 2024 | 80,825 |  | N/A | 10,618 |  |  | 70,207 |  |  |  |
Indianapolis, IN (80%)(2) | February 2024 | 64,285 |  | N/A | 5,126 |  |  | 59,159 |  |  |  |
|  | $ | 197,877 |  |  | $ | 25,193 |  |  | $ | 172,684 |  |  |  |
(1) Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer fee or developer partner promote, if any. (2) The warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy. As of March 31, 2024, 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 3/31/2024(2) | LXP Amount Funded as of 3/31/2024(3) | Actual/Estimated Base Building Completion Date | % Leased as of 3/31/2024
Build-to-Suit Development Projects Leased |  |  |  |  |  |
Piedmont (100%)(4) | 1 | Greenville-Spartanburg, SC | 625,200 |  | $ | 74,400 |  | $ | 26,069 |  | $ | 5,354 |  | 4Q 2024 | 100 | %
Development Projects Available for Lease(5) |  |  |  |  |  |
Smith Farms (90%) | 1 | Greenville-Spartanburg, SC | 1,091,888 |  | $ | 76,900 |  | $ | 73,242 |  | $ | 70,266 |  | 2Q 2023 | — | %
South Shore (100%) (6) | 2 | Central Florida | 213,195 |  | 33,500 |  | 30,439 |  | 30,295 |  | 2Q 2023 - 3Q 2023 | — | %
Etna Building D (100%) | 1 | Columbus, OH | 250,000 |  | 30,200 |  | 23,431 |  | 22,964 |  | 1Q 2024 | — | %
| 4 |  | 1,555,083 |  | $ | 140,600 |  | $ | 127,112 |  | $ | 123,525 |  |  |
| 5 |  | 2,180,283 |  | $ | 215,000 |  | $ | 153,181 |  | $ | 128,879 |  |  |
(1) Estimated project cost includes estimated tenant improvements and leasing costs. (2) Excludes leasing costs and incomplete costs. (3) Excludes noncontrolling interests' share. (4) During the three months ended March 31, 2024, the Company acquired a 59.1 acre land parcel for a purchase price of $3,416 and commenced construction of a build-to-suit warehouse/distribution facility subject to a 12-year lease, which is estimated to commence in January 2025. (5) Estimated project cost excludes potential developer fee or partner promote, if any. (6) During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 21% of the total project, was occupied by the tenant and placed in service. As of March 31, 2024, the Company's aggregate investment in the ongoing development arrangements was $153,181. This amount included capitalized interest of $1,211 for the three months ended March 31, 2024 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, 2023, capitalized interest for development arrangements was $1,794. As of March 31, 2024, 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 3/31/2024 |  | LXP Amount Funded as of 3/31/2024 (1)
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 320 |  | $ | 73,973 |  |  | $ | 74,610 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,329 |  |  | 4,284 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,755 |
|  |  |  | 450 |  | $ | 81,034 |  |  | $ | 80,649 |
(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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