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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate As of March 31, 2025, 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 3/31/2025(1) | LXP Amount Funded as of 3/31/2025(2) | Estimated Base Building Completion Date | % Leased as of 3/31/2025
Redevelopment Project |  |  |  |  |  |
Richmond (100%)(3) | 1 | Richmond, VA | 252,351 |  | $ | 4,700 |  | $ | 11,119 |  | $ | — |  | 1Q 2026 | — | %
Land Infrastructure Improvements |  |  |  |  |  |
Reems & Olive (95.5%)(4) | N/A | Phoenix, AZ | N/A | 11,459 |  | 6,381 |  | 7,036 |  | N/A | N/A
|  |  | 252,351 |  | $ | 16,159 |  | $ | 17,500 |  | $ | 7,036 |  |  |
(1) Excludes leasing costs, incomplete costs, and developer incentive fees or partner promotes, if any. (2) Excludes noncontrolling interests' share. (3) During the first quarter, the tenant vacated the building, which is part of a four building integrated campus, and the Company began redeveloping the property into a standalone warehouse and distribution facility. (4) Represents infrastructure development costs to prepare the land for vertical development. As of March 31, 2025, the Company's aggregate investment in the ongoing development arrangements was $17,500. This amount included capitalized interest of $42 for the three months ended March 31, 2025 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the three months ended March 31, 2024, capitalized interest for development arrangements was $1,211. As of March 31, 2025, 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 3/31/2025 |  | LXP Amount Funded as of 3/31/2025 (1)
Reems & Olive (95.5%) |  | Phoenix, AZ |  | 315 |  | $ | 75,327 |  |  | $ | 74,188 |
Mt. Comfort Phase II (80%) |  | Indianapolis, IN |  | 116 |  | 5,861 |  |  | 4,661 |
ATL Fairburn JV (100%) |  | Atlanta, GA |  | 14 |  | 1,732 |  |  | 1,768 |
|  |  |  | 445 |  | $ | 82,920 |  |  | $ | 80,617 |
(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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