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Investments in Real Estate
 9 Months Ended
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		LandBuilding and Improvements
Phoenix, AZ (100%)
February 2024$52,767 01/2031$9,449 $43,318 
Central Florida (80%) (2)
February 202480,825 N/A10,618 70,207 
Indianapolis, IN (80%)(2)
February 202464,285 N/A5,126 59,159 
Greenville/Spartanburg, SC (90%) (2)
April 202473,414 N/A6,765 66,649 
Central Florida (100%) (2)
June 202419,021 N/A4,493 14,528 
Central Florida (100%) (3)
July 202412,401 N/A2,752 9,649 
Columbus, OH (100%)
August 202423,879 10/20293,113 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 BuildingsMarketEstimated
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)
1Greenville/Spartanburg, SC625,238 $74,400 $59,878 $54,526 4Q 2024100 %
Land Infrastructure Improvements
Reems & Olive (95.5%)
N/APhoenix, AZN/A$10,120 $7,083 $5,807 N/AN/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, AZ315$75,278 $74,149 
Mt. Comfort Phase II (80%)
Indianapolis, IN1165,749 4,307 
ATL Fairburn JV (100%)
Atlanta, GA141,732 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.