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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2024 and 2023:
|  | 2024 |  | 2023
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,765,387 |  |  | $ | 3,424,334 |
Land, land estates and land improvements |  | 399,685 |  |  | 348,133 |
Construction in progress |  | 11,222 |  |  | 1,772 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 308,266 |  |  | 303,457 |
Tenant relationships |  | 9,498 |  |  | 10,388 |
Above-market leases |  | 680 |  |  | 680 |
Land held for development |  | 82,827 |  |  | 80,743 |
Investments in real estate under construction |  | 5,947 |  |  | 319,355 |
|  | 4,583,512 |  |  | 4,488,862 |
Accumulated depreciation and amortization(1) |  | (1,047,166) |  |  | (904,709) |
Real estate, net |  | $ | 3,536,346 |  |  | $ | 3,584,153 |
(1)Includes accumulated amortization of real estate intangible assets of $209,172 and $191,332 in 2024 and 2023, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $25,126 in 2025, $21,518 in 2026, $15,964 in 2027, $11,879 in 2028 and $10,737 in 2029. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $6,722 and $9,385, respectively, as of December 31, 2024 and 2023. The estimated accretion for the next five years:
Years ending December 31, |  | Estimated Accretion
2025 |  | $ | 2,568 |
2026 |  | 1,215 |
2027 |  | 969 |
2028 |  | 681 |
2029 |  | 681 |
|  | $ | 6,114 |
The Company acquired or completed and placed into service the following assets during 2024 and 2023: 2024:
| Market (% owned) | Acquisition/ Placed in Service Date | Initial Cost Basis (1) | Primary Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  |
| 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 |  |  | — |  |  |
| Savannah, GA (100%) | October 2024 | 34,267 |  | 01/2034 | 5,612 |  |  | 25,602 |  |  | 3,053 |  |  |
| Atlanta, GA (100%) | November 2024 | 47,897 |  | 08/2027 | 2,728 |  |  | 41,180 |  |  | 3,989 |  |  |
| Atlanta, GA (100%) | November 2024 | 30,238 |  | 05/2029 | 2,378 |  |  | 25,861 |  |  | 1,999 |  |  |
| Houston, TX (100%) | November 2024 | 45,202 |  | 02/2034 | 6,084 |  |  | 28,526 |  |  | 10,592 |  |  |
| Greenville/Spartanburg, SC (100%)(4) | December 2024 | 66,324 |  | 12/2036 | 3,163 |  |  | 63,161 |  |  | — |  |  |
|  |  | $ | 550,520 |  |  | $ | 62,281 |  |  | $ | 468,606 |  |  | $ | 19,633 |  |  |
| Weighted-average life of intangible assets (years) |  |  |  |  |  | 7.3 |  |
(1)Initial 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 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 2023, a 57,690 square foot portion of the facility, representing 42% of the facility, was occupied by a tenant and placed into service. (4)During 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 was occupied by the tenant and placed into service in December 2024. In addition, during 2024, the Company acquired the fee interest in the land underlying its previously ground leased asset in Orlando, Florida and an additional land parcel with a 145,974 square foot tenant-constructed expansion for $7,609. 2023:
| Market (% owned) | Acquisition/ Placed in Service Date | Initial Cost Basis | Primary Lease Expiration | Land |  | Building and Improvements |  |  |  |  |
| Phoenix, AZ (100%)(1) | March 2023 | $ | 37,173 |  | 08/2033 | $ | 7,552 |  |  | $ | 29,621 |  |  |  |  |  |
| Dallas, TX (100%) | July 2023 | 15,018 |  | N/A | 2,100 |  |  | 12,918 |  |  |  |  |  |
| Columbus, OH (100%)(1) | October 2023 | 64,524 |  | 10/2033 | 6,536 |  |  | 57,988 |  |  |  |  |  |
| Greenville/Spartanburg, SC (100%)(1) | October 2023 | 21,676 |  | 02/2029 | 1,795 |  |  | 19,881 |  |  |  |  |  |
| Central Florida (100%)(1)(2) | December 2023 | 7,985 |  | 01/2029 | 1,961 |  |  | 6,024 |  |  |  |  |  |
|  |  | $ | 146,376 |  |  | $ | 19,944 |  |  | $ | 126,432 |  |  |  |  |  |
(1)Initial basis excludes certain remaining costs, such as tenant improvements, lease costs and developer incentive fees or partner promotes, if any. (2)Represents a portion of the Central Florida development project placed into service. At December 31, 2024, the Company incurred $5,947 related to infrastructure development costs at the Reems & Olive project that is recorded in investments in real estate under construction on the consolidated balance sheets. As of December 31, 2024, the details of the land held for industrial development are as follows (in $000's, except acres):
Project (% owned) |  | Market |  | Approximate Acres (unaudited) |  | GAAP Investment Balance as of 12/31/2024 |  | LXP Amount Funded as of 12/31/2024(1)
Consolidated: |  |  |  |  |  |  |  |
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 315 |  | $ | 75,324 |  |  | $ | 74,175 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,771 |  |  | 4,658 |
ATL Fairburn (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,768 |
|  |  |  | 445 |  | $ | 82,827 |  |  | $ | 80,601 |
(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://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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