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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate 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. In addition, during the third quarter of 2024, the Company acquired the fee interest in the land underlying its Orlando, Florida facility and an additional land parcel with a 145,974 square foot tenant-constructed expansion for $7,609. 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 Company's aggregate investment in the ongoing development arrangements was $66,961. This amount included capitalized interest of $643 for the nine months ended September 30, 2024 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, 2023, capitalized interest for development arrangements was $8,170. 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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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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