v3.26.1
Investments in Real Estate
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
During the three months ended June 30, 2026, the Company acquired the following covered infill industrial redevelopment site:
Market (% owned)Initial Cost
Basis		Primary Lease
Expiration Date		LandBuilding and ImprovementsIn-place Lease IntangibleAbove Market Lease Intangible, net
Phoenix, AZ (100%)(1)
$103,164 03/31$47,300 $21,693 $24,843 $9,328 
Weighted-average life of intangible assets (years)4.9
(1)     The Company views the acquisition as a covered land investment with the potential for future redevelopment into industrial warehouse facilities. As of the acquisition date, the property remains subject to an existing lease, and the timing of any redevelopment is unknown.
As of June 30, 2026, the details of the outstanding development arrangements are as follows (in $000s, except square feet):
Project (% owned)# of BuildingsMarketEstimated
Sq. Ft. 		Estimated Project Cost
GAAP Investment Balance as of 06/30/26(1)
LXP Amount Funded as of 06/30/26(2)
Estimated Base Building Completion Date
% Leased as of 06/30/26
Development Projects
Reems & Olive - Building D (95.5%)
1Phoenix, AZ1,184,591 $121,900 $54,754 $35,800 4Q 2026100.0 %
Redevelopment Projects
Orlando (100.0%)(3)
1Central FL350,990 $9,400 $17,771 $3,559 4Q 2026— %
Richmond (100.0%)(3)
1Richmond, VA252,351 5,000 16,227 4,122 3Q 2026— %
Total Redevelopment Projects2603,341 $14,400 $33,998 $7,681 
Land Infrastructure Improvements
Reems & Olive (95.5%)(4)
N/APhoenix, AZN/A$16,537 $13,670 $15,980 N/AN/A
Total31,787,932 $152,837 $102,422 $59,461 
(1)    Excludes leasing costs, incomplete costs and developer incentive fees or partner promotes if any.
(2)    Excludes noncontrolling interests' share.
(3)    Estimated project costs exclude estimated tenant improvements and leasing costs.
(4)    Represents infrastructure development costs to prepare the land for vertical development.
As of June 30, 2026, the Company's aggregate investment in the ongoing development arrangements was $102,422. This amount included capitalized interest of $569 for the six months ended June 30, 2026 and is presented as Investments in real estate under construction in the accompanying unaudited Condensed Consolidated Balance Sheets. For the six months ended June 30, 2025, capitalized interest for development arrangements was $56.
As of June 30, 2026, the details of the land held for industrial development are as follows (in $000s, except acres):
Project (% owned)Market
Approximate
Acres
GAAP Investment Balance as of
 6/30/2026
LXP Amount Funded as of
6/30/2026(1)
Consolidated
Reems & Olive (95.5%)
Phoenix, AZ240$57,170 $57,077 
Mt. Comfort Phase II (80.0%)
Indianapolis, IN1165,879 4,768 
ATL Fairburn (100.0%)
Atlanta, GA141,732 1,779 
Total Consolidated Land370$64,781 $63,624 
(1)    Excludes noncontrolling interests' share.