XML 55 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Net Real Estate
The Company's real estate, net, consists of the following at December 31, 2024 and 2023:
20242023
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 development82,827 80,743 
Investments in real estate under construction5,947 319,355 
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.
As of December 31, 2024, the details of the land held for industrial development are as follows (in $000's, except acres):
Project (% owned)MarketApproximate 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, AZ315$75,324 $74,175 
Mt. Comfort Phase II (80%)
Indianapolis, IN1165,771 4,658 
ATL Fairburn (100%)
Atlanta, GA141,732 1,768 
445$82,827 $80,601 
(1)Excludes noncontrolling interests' share.
Schedule of Below Market Lease, Future Amortization Income The estimated accretion for the next five years:
Years ending December 31,
Estimated Accretion
2025$2,568 
20261,215 
2027969 
2028681 
2029681 
$6,114 
Schedule Of Acquired Properties
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 ExpirationLandBuilding and ImprovementsLease in-place Value Intangible
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 — 
Savannah, GA (100%)
October 202434,267 01/20345,612 25,602 3,053 
Atlanta, GA (100%)
November 202447,897 08/20272,728 41,180 3,989 
Atlanta, GA (100%)
November 202430,238 05/20292,378 25,861 1,999 
Houston, TX (100%)
November 202445,202 02/20346,084 28,526 10,592 
Greenville/Spartanburg, SC (100%)(4)
December 202466,324 12/20363,163 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 DateInitial
Cost
Basis		Primary Lease ExpirationLandBuilding and Improvements
Phoenix, AZ (100%)(1)
March 2023$37,173 08/2033$7,552 $29,621 
Dallas, TX (100%)
July 202315,018 N/A2,100 12,918 
Columbus, OH (100%)(1)
October 202364,524 10/20336,536 57,988 
Greenville/Spartanburg, SC (100%)(1)
October 202321,676 02/20291,795 19,881 
Central Florida (100%)(1)(2)
December 20237,985 01/20291,961 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.