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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Schedule of Acquired Properties | The Company placed in service the following facilities during the nine months ended September 30, 2024:
Market (% owned) | Placed in Service Date | Initial Cost Basis(1) | Lease Expiration Date | Land |  | Building and Improvements |  |  |
Phoenix, AZ (100%) | 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 |  |  |  |
Greenville/Spartanburg, SC (90%) (2) | April 2024 | 73,414 |  | N/A | 6,765 |  |  | 66,649 |  |  |  |
Central Florida (100%) (2) | June 2024 | 19,021 |  | N/A | 4,493 |  |  | 14,528 |  |  |  |
Central Florida (100%) (3) | July 2024 | 12,401 |  | N/A | 2,752 |  |  | 9,649 |  |  |  |
Columbus, OH (100%) | August 2024 | 23,879 |  | 10/2029 | 3,113 |  |  | 20,766 |  |  |  |
|  | $ | 326,592 |  |  | $ | 42,316 |  |  | $ | 284,276 |  |  |  |
(1) Initial cost basis excludes certain remaining costs, such as tenant improvements, lease costs and developer incentive fees or partner promotes, if any. (2) The facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy. (3) During the third quarter of 2024, the remaining portion of the facility, representing 58% of the facility, was placed in service vacant one year after the completion of base building construction. During the fourth quarter of 2023, a 57,690 square foot portion of the facility, representing 42% of the facility, was occupied by a tenant and placed into service.
Schedule of Real Estate Properties | As of September 30, 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 | GAAP Investment Balance as of 9/30/2024(1) | LXP Amount Funded as of 9/30/2024 | Estimated Base Building Completion Date | % Leased as of 9/30/2024
Build-to-Suit Development Projects Leased |  |  |  |  |  |
Piedmont (100%)(2) | 1 | Greenville/Spartanburg, SC | 625,238 |  | $ | 74,400 |  | $ | 59,878 |  | $ | 54,526 |  | 4Q 2024 | 100 | %
Land Infrastructure Improvements |  |  |  |  |  |
Reems & Olive (95.5%) | N/A | Phoenix, AZ | N/A | $ | 10,120 |  | $ | 7,083 |  | $ | 5,807 |  | N/A | N/A
|  |  | 625,238 |  | $ | 84,520 |  | $ | 66,961 |  | $ | 60,333 |  |  |
(1) Excludes leasing costs, incomplete costs, and developer incentive fees or partner promotes, if any. (2) During the nine months ended September 30, 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 facility subject to a 12-year lease, which is estimated to commence January 2025. As of September 30, 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 9/30/2024 |  | LXP Amount Funded as of 9/30/2024 (1)
Reems & Olive (95.5%)(2) |  | Phoenix, AZ |  | 315 |  | $ | 75,278 |  |  | $ | 74,149 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,749 |  |  | 4,307 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,757 |
|  |  |  | 445 |  | $ | 82,759 |  |  | $ | 80,213 |
(1) Excludes noncontrolling interests' share. (2) The cost of infrastructure improvements to prepare for vertical development are included in the development table on page 12.

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