Investments in Real Estate

6 Months Ended

Jun. 30, 2024

The Company placed in service the following warehouse/distribution facilities during the six months ended June 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
		$	290,312		$	36,451	$	253,861

(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 warehouse/distribution facility was placed in service vacant one year after the completion of base building construction in accordance with the Company's policy.

As of June 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(1)		GAAP Investment Balance as of 6/30/2024(2)		LXP Amount Funded as of 6/30/2024		Actual/Estimated Base Building Completion Date	% Leased as of 6/30/2024
Build-to-Suit Development Projects Leased
Piedmont (100%) (3)	1	Greenville/Spartanburg, SC	625,238	$	74,400	$	48,578	$	34,540	4Q 2024	100	%

Development Projects Available for Lease (4)
South Shore Building B (100%) (5)	1	Central Florida	80,983	$	12,700	$	12,122	$	11,919	3Q 2023	—	%
Etna Building D (100%)	1	Columbus, OH	250,020	30,200		23,743		25,021		1Q 2024	—	%
	2		331,003	$	42,900	$	35,865	$	36,940

	3		956,241	$	117,300	$	84,443	$	71,480

(1) Excludes leasing costs, incomplete costs, and developer incentive fees or partner promotes, if any.

(2) Excludes leasing costs and incomplete costs.

(3) During the six months ended June 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 warehouse/distribution facility subject to a 12-year lease, which is estimated to commence January 2025.

(4) Estimated project cost excludes potential developer incentive fees or partner promotes, if any.

(5) During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 42% of the facility was occupied by a tenant and placed in service.

As of June 30, 2024, the Company's aggregate investment in the ongoing development arrangements was $84,443. This amount included capitalized interest of $869 for the six months ended June 30, 2024 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet. For the six months ended June 30, 2023, capitalized interest for development arrangements was $5,194.

As of June 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 6/30/2024		LXP Amount Funded as of 6/30/2024 (1)

Reems & Olive (95.5%)	Phoenix, AZ	315	$	79,338	$	74,610
Mt. Comfort Phase II (80%)	Indianapolis, IN	116	5,331		4,295
ATL Fairburn JV (100%)	Atlanta, GA	14	1,732		1,757
		445	$	86,401	$	80,662

(1) Excludes noncontrolling interests' share.