Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 13, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period Ended Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-12386 | ||
Entity Registrant Name | LXP INDUSTRIAL TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-3717318 | ||
Entity Address, Address Line One | One Penn Plaza | ||
Entity Address, Address Line Two | Suite 4015 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10119-4015 | ||
City Area Code | 212 | ||
Local Phone Number | 692-7200 | ||
Entity Well-known Seasoned User | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,797,660,954 | ||
Entity Common Stock, Shares Outstanding (in shares) | 294,289,569 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain information contained in the Definitive Proxy Statement for LXP Industrial Trust's Annual Meeting of Shareholders, or an amendment on Form 10-K/A, is incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14, which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000910108 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock | ||
Trading Symbol | LXP | ||
Security Exchange Name | NYSE | ||
Preferred shares - Series C | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share | ||
Trading Symbol | LXPPRC | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Real estate, at cost | $ 3,774,239 | $ 3,691,066 |
Real estate - intangible assets | 314,525 | 328,607 |
Land held for development | 80,743 | 84,412 |
Investments in real estate under construction | 319,355 | 361,924 |
Real estate, gross | 4,488,862 | 4,466,009 |
Less: accumulated depreciation and amortization | 904,709 | 800,470 |
Real estate, net | 3,584,153 | 3,665,539 |
Assets held for sale | 9,168 | 66,434 |
Right-of-use assets, net | 19,342 | 23,986 |
Cash and cash equivalents | 199,247 | 54,390 |
Restricted cash | 216 | 116 |
Short-term investments | 130,140 | 0 |
Investments in non-consolidated entities | 48,495 | 58,206 |
Deferred expenses (net of accumulated amortization of $21,667 in 2023 and $20,348 in 2022) | 35,008 | 25,207 |
Investment in a sales-type lease, net (allowance for credit loss of $61 in 2023 and $93 in 2022) | 63,464 | 61,233 |
Rent receivable - current | 5,327 | 3,030 |
Rent receivable - deferred | 80,421 | 71,392 |
Other assets | 17,794 | 24,314 |
Total assets | 4,192,775 | 4,053,847 |
Liabilities: | ||
Mortgages and notes payable, net | 60,124 | 72,103 |
Term loan payable, net | 296,764 | 298,959 |
Senior notes payable, net | 1,286,145 | 989,295 |
Trust preferred securities, net | 127,794 | 127,694 |
Dividends payable | 39,610 | 38,416 |
Liabilities held for sale | 417 | 1,150 |
Operating lease liabilities | 20,233 | 25,118 |
Accounts payable and other liabilities | 57,981 | 74,261 |
Accrued interest payable | 11,379 | 9,181 |
Deferred revenue - including below market leases (net of accumulated accretion of $17,259 in 2023 and $15,430 in 2022) | 9,428 | 11,452 |
Prepaid rent | 17,443 | 15,215 |
Total liabilities | 1,927,318 | 1,662,844 |
Commitments and contingencies | ||
Equity: | ||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding | 94,016 | 94,016 |
Common shares, par value $0.0001 per share; authorized 600,000,000 shares, 293,449,088 and 291,719,310 shares issued and outstanding in 2023 and 2022, respectively | 29 | 29 |
Additional paid-in-capital | 3,330,383 | 3,320,087 |
Accumulated distributions in excess of net income | (1,201,824) | (1,079,087) |
Accumulated other comprehensive income | 9,483 | 17,689 |
Total shareholders’ equity | 2,232,087 | 2,352,734 |
Noncontrolling interests | 33,370 | 38,269 |
Total equity | 2,265,457 | 2,391,003 |
Total liabilities and equity | $ 4,192,775 | $ 4,053,847 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Accumulated amortization on deferred expenses | $ 21,667 | $ 20,348 |
Allowance for credit loss, sales-type lease | 61 | 93 |
Liabilities: | ||
Accumulated accretion on deferred revenue | $ 17,259 | $ 15,430 |
Equity: | ||
Preferred shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, liquidation preference | $ 96,770 | $ 96,770 |
Preferred shares, convertible preferred, shares issued (in shares) | 1,935,400 | 1,935,400 |
Preferred shares, redeemable preferred, shares outstanding (in shares) | 1,935,400 | 1,935,400 |
Common shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized shares (in shares) | 600,000,000 | 600,000,000 |
Common shares, shares issued (in shares) | 293,449,088 | 291,719,310 |
Common shares, shares outstanding (in shares) | 293,449,088 | 291,719,310 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross revenues: | |||
Rental revenue | $ 334,220 | $ 313,992 | $ 339,944 |
Other revenue | 6,283 | 7,253 | 4,053 |
Total gross revenues | 340,503 | 321,245 | 343,997 |
Expense applicable to revenues: | |||
Depreciation and amortization | (183,524) | (180,567) | (176,714) |
Property operating | (58,394) | (54,870) | (47,314) |
General and administrative | (36,334) | (38,714) | (35,458) |
Transaction costs | (4) | (4,177) | (432) |
Non-operating income | 2,982 | 935 | 1,364 |
Interest and amortization expense | (46,389) | (45,417) | (46,708) |
Debt satisfaction losses, net | (132) | (119) | (13,894) |
Impairment charges | (16,490) | (3,037) | (5,541) |
Change in allowance for credit loss | 32 | (93) | 0 |
Gains on sales of properties | 33,010 | 59,094 | 367,274 |
Selling profit from sales-type leases | 0 | 47,059 | 0 |
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities | 35,260 | 101,339 | 386,574 |
Provision for income taxes | (703) | (1,102) | (1,293) |
Equity in earnings (losses) of non-consolidated entities | 1,366 | 16,006 | (190) |
Net income | 35,923 | 116,243 | 385,091 |
Less net income attributable to noncontrolling interests | (5,540) | (2,460) | (2,443) |
Net income attributable to LXP Industrial Trust shareholders | 30,383 | 113,783 | 382,648 |
Dividends attributable to preferred shares - Series C | (6,290) | (6,290) | (6,290) |
Allocation to participating securities | (230) | (186) | (510) |
Net income attributable to common shareholders, basic | 23,863 | 107,307 | 375,848 |
Net income attributable to common shareholders, diluted | $ 23,863 | $ 107,307 | $ 375,848 |
Net income attributable to common shareholders - per common share basic (usd per share) | $ 0.08 | $ 0.38 | $ 1.35 |
Weighted-average common shares outstanding - basic (in shares) | 290,245,877 | 279,887,760 | 277,640,835 |
Net income attributable to common shareholders - per common share diluted (usd per share) | $ 0.08 | $ 0.38 | $ 1.34 |
Weighted-average common shares outstanding - diluted (in shares) | 291,193,514 | 282,473,458 | 287,369,742 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,923 | $ 116,243 | $ 385,091 |
Other comprehensive income (loss): | |||
Change in unrealized income (loss) on interest rate swaps, net | (6,847) | 22,576 | 11,705 |
Company's share of other comprehensive income (loss) of non-consolidated entities | (1,359) | 1,371 | 0 |
Other comprehensive income (loss) | (8,206) | 23,947 | 11,705 |
Comprehensive income | 27,717 | 140,190 | 396,796 |
Comprehensive income attributable to noncontrolling interests | (5,540) | (2,460) | (2,443) |
Comprehensive income attributable to LXP Industrial Trust shareholders | $ 22,177 | $ 137,730 | $ 394,353 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in-Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2020 | $ 1,991,137 | $ 94,016 | $ 28 | $ 3,196,315 | $ (1,301,726) | $ (17,963) | $ 20,467 |
Beginning balance (in shares) at Dec. 31, 2020 | 1,935,400 | 277,152,450 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 21,901 | 21,901 | |||||
Redemption of noncontrolling OP units for common shares | 0 | 958 | (958) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 185,270 | ||||||
Redemption of noncontrolling OP units for real estate | (22,305) | (12,919) | (9,386) | ||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 6,993,194 | ||||||
Issuance of common shares and deferred compensation amortization, net | 73,851 | 73,851 | |||||
Repurchase of common shares to settle tax obligations | (6,134) | (6,134) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (567,924) | ||||||
Forfeiture of employee common shares | 2 | 2 | |||||
Forfeiture of employee common shares (in shares) | (10,264) | ||||||
Dividends/distributions ($0.4425 per common share) | (132,020) | (130,358) | (1,662) | ||||
Net income | 385,091 | 382,648 | 2,443 | ||||
Other comprehensive income (loss) | 11,705 | 11,705 | |||||
Company's share of other comprehensive income (loss) of non-consolidated entities | 0 | ||||||
Reallocation of noncontrolling interests | 0 | 435 | (435) | ||||
Balance at end of period at Dec. 31, 2021 | 2,323,228 | $ 94,016 | $ 28 | 3,252,506 | (1,049,434) | (6,258) | 32,370 |
Ending balance (in shares) at Dec. 31, 2021 | 1,935,400 | 283,752,726 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 7,814 | 7,814 | |||||
Redemption of noncontrolling OP units for common shares | 0 | 211 | (211) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 39,747 | ||||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 20,580,816 | ||||||
Issuance of common shares and deferred compensation amortization, net | 229,390 | $ 2 | 229,388 | ||||
Purchase of noncontrolling interest in consolidated joint venture | (27,958) | (25,058) | (2,900) | ||||
Repurchase of common shares | (130,676) | $ (1) | (130,675) | ||||
Repurchase of common shares (in shares) | (12,102,074) | ||||||
Repurchase of common shares to settle tax obligations | (6,285) | (6,285) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (410,958) | ||||||
Forfeiture of employee common shares | 16 | 16 | |||||
Forfeiture of employee common shares (in shares) | (140,947) | ||||||
Dividends/distributions ($0.4425 per common share) | (144,716) | (143,452) | (1,264) | ||||
Net income | 116,243 | 113,783 | 2,460 | ||||
Other comprehensive income (loss) | 22,576 | 22,576 | |||||
Company's share of other comprehensive income (loss) of non-consolidated entities | 1,371 | 1,371 | |||||
Balance at end of period at Dec. 31, 2022 | 2,391,003 | $ 94,016 | $ 29 | 3,320,087 | (1,079,087) | 17,689 | 38,269 |
Ending balance (in shares) at Dec. 31, 2022 | 1,935,400 | 291,719,310 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 714 | 714 | |||||
Redemption of noncontrolling OP units for common shares | (415) | 3,393 | (3,808) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 832,571 | ||||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 1,286,648 | ||||||
Issuance of common shares and deferred compensation amortization, net | 8,979 | 8,979 | |||||
Repurchase of common shares to settle tax obligations | (2,076) | (2,076) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (204,780) | ||||||
Forfeiture of employee common shares | 5 | 5 | |||||
Forfeiture of employee common shares (in shares) | (184,661) | ||||||
Dividends/distributions ($0.4425 per common share) | (160,470) | (153,125) | (7,345) | ||||
Net income | 35,923 | 30,383 | 5,540 | ||||
Other comprehensive income (loss) | (6,847) | (6,847) | |||||
Company's share of other comprehensive income (loss) of non-consolidated entities | (1,359) | (1,359) | |||||
Balance at end of period at Dec. 31, 2023 | $ 2,265,457 | $ 94,016 | $ 29 | $ 3,330,383 | $ (1,201,824) | $ 9,483 | $ 33,370 |
Ending balance (in shares) at Dec. 31, 2023 | 1,935,400 | 293,449,088 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (usd per share) | $ 0.505 | $ 0.485 | $ 0.4425 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 35,923 | $ 116,243 | $ 385,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 186,540 | 183,419 | 179,523 |
Gains on sales of properties | (33,010) | (59,094) | (367,274) |
Change in allowance for credit loss | (32) | 93 | 0 |
Selling profit from sales-type leases | 0 | (47,059) | 0 |
Debt satisfaction (gains) losses, net | 132 | 119 | 13,894 |
Impairment charges | 16,490 | 3,037 | 5,541 |
Straight-line rents | (9,471) | (11,363) | (12,275) |
Amortization of right of use assets | 4,136 | 3,980 | 3,726 |
Other non-cash expense, net | 5,900 | 6,072 | 6,734 |
Equity in (earnings) losses of non-consolidated entities | (1,366) | (16,006) | 190 |
Distributions of accumulated earnings from non-consolidated entities | 4,614 | 17,024 | 0 |
Changes in assets and liabilities | |||
Change in accounts payable and other liabilities: | 4,407 | (1,574) | 7,996 |
Change in rent receivable and prepaid rent, net | (488) | 623 | 1,058 |
Change in accrued interest payable | 2,199 | 700 | 2,138 |
Other adjustments, net | (6,528) | (1,945) | (5,996) |
Net cash provided by operating activities | 209,446 | 194,269 | 220,346 |
Cash flows from investing activities: | |||
Acquisition of real estate, including intangible assets | (15,018) | (132,026) | (758,371) |
Investment in real estate under construction | (120,793) | (276,706) | (288,519) |
Capital expenditures | (17,937) | (32,562) | (15,207) |
Net proceeds from sale of properties | 97,758 | 194,472 | 728,360 |
Investment in loans receivable | 0 | 0 | (1,497) |
Principal payments on loans receivable | 1,462 | 27 | 8 |
Investments in non-consolidated entities, net | (3,648) | (3,225) | (4,533) |
Distributions from non-consolidated entities in excess of accumulated earnings | 10,009 | 19,930 | 8,347 |
Payments of deferred leasing costs | (6,151) | (5,156) | (7,297) |
Investment in held-to-maturity securities | (130,000) | 0 | 0 |
Change in real estate deposits, net | 867 | (1,673) | 947 |
Net cash used in investing activities | (183,451) | (236,919) | (337,762) |
Cash flows from financing activities: | |||
Dividends to common and preferred shareholders | (151,932) | (142,461) | (128,334) |
Principal amortization payments | (12,265) | (11,275) | (13,552) |
Principal payments on debt, excluding normal amortization | 0 | 0 | (14,581) |
Proceeds of mortgages and notes payable | 0 | 0 | 11,610 |
Revolving credit facility borrowings | 125,000 | 280,000 | 555,000 |
Revolving credit facility payments | (125,000) | (280,000) | (555,000) |
Proceeds from issuance of senior notes | 298,269 | 0 | 399,032 |
Repurchase of senior notes | 0 | 0 | (188,756) |
Payments for early extinguishment of debt | 0 | 0 | (12,664) |
Deferred financing costs | (5,818) | (3,626) | (3,977) |
Cash distributions to noncontrolling interests | (7,345) | (1,264) | (1,662) |
Cash contributions from noncontrolling interests | 714 | 7,814 | 21,411 |
Repurchase of common shares | 0 | (130,675) | 0 |
Purchase of noncontrolling interest | 0 | (27,958) | 0 |
Issuance of common shares, net of costs and repurchases to settle tax obligations | (2,661) | 215,574 | 60,575 |
Net cash provided by (used in) financing activities | 118,962 | (93,871) | 129,102 |
Change in cash, cash equivalents and restricted cash | 144,957 | (136,521) | 11,686 |
Less restricted cash classified as held for sale | 0 | 0 | (80) |
Cash, cash equivalents and restricted cash, at beginning of year | 54,506 | 191,027 | 179,421 |
Cash, cash equivalents and restricted cash, at end of year | $ 199,463 | $ 54,506 | $ 191,027 |
The Company and Financial State
The Company and Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Financial Statement Presentation | The Company and Financial Statement Presentation LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties. As of December 31, 2023, the Company had ownership interests in approximately 115 consolidated properties located in 18 states. The properties in which the Company has an interest are primarily net leased to tenants in various industries. The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities. The Company conducts its operations indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (3) joint ventures. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP. As of December 31, 2023, the Company had interests in seven consolidated joint ventures with developers, consisting of five development projects and two land joint ventures, with ownership interests ranging from 80% to 95.5%. Each joint venture owns land parcels with the intention of developing industrial properties. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company's consolidated financial statements. In addition, the Company is the primary beneficiary of certain other VIEs as it has a controlling financial interest in these entities. In 2023, the Company purchased the remaining 0.925% noncontrolling interest owned by Lepercq Corporate Income Fund L.P. (“LCIF”) partnership unit holders. Prior to the merger on December 31, 2023, there were 730,623.5 LCIF operating partnership (“OP”) units which were multiplied by a 1.126 redemption factor, resulting in 822,627 common shares being issued for $9.47 per share, a total value of approximately $7,800. As the Company previously consolidated LCIF, the acquisition of the noncontrolling ownership interest was recorded as an equity transaction with the carrying balance of noncontrolling interest, net of transaction costs, of $3,344 recorded as additional paid-in-capital. There were no LCIF OP units outstanding after the transaction. The assets of each VIE are only available to satisfy such VIE's respective liabilities. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the consolidated balance sheets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Real estate, net $ 535,118 $ 1,027,009 Total assets $ 626,442 $ 1,125,558 Total liabilities $ 19,549 $ 40,200 In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). Revenue Recognition. The Company recognizes operating lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. The Company evaluates the collectability of its rental payments and recognizes revenue on a cash basis when the Company believes it is no longer probable that it will receive substantially all of the remaining lease payments. Renewal options in leases are excluded from the calculation of straight-line rent if the renewals are not reasonably certain. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred on the consolidated balance sheets. Sales-type lease income is recognized on an effective interest rate basis at a constant rate of return over the term of the applicable leases using the rate implicit in the leases. The investment in a sales-type lease balance is increased every period to reflect income on the net investment in the lease and reduced by the amount of lease payments collected during the period. Earnings Per Share . Basic net income (loss) per share is computed under the two-class method by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options and non-vested common shares, unsettled common shares sold in forward sales transactions, OP units and put options of certain convertible securities. Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimate of credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates. Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company's acquisitions are primarily considered asset acquisitions, thus acquisition costs are capitalized. The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. Management generally retains a third party to assist in the allocations. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured based on the lease revenue and market value of lease up costs avoided as a result of having an in-place lease on the acquisition date. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years. Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. Investments in Non-Consolidated Entities . The Company uses the equity method of accounting for those joint ventures where it exercises significant influence but does not have control. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as recent sale contracts (Level 2 inputs) or recent sale offers or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under-estimates forecasted cash out flows (tenant improvements, lease commissions and operating costs) or over-estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. Cost Capitalization. The Company capitalizes direct and indirect project costs associated with construction of a property or improvements, including interest and compensation costs of employees directly contributing to the completion of each construction project, up to the time the property is substantially complete and ready for its intended use. These costs are included within investments in real estate under construction for development projects and in construction in progress within real estate, at cost for improvements in the consolidated balance sheets. If activities and costs incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction is substantially complete on a vacant space and it is ready for its intended use, costs are no longer capitalized. The Company will reclassify a development project to real estate, at cost from investments in real estate under construction once in service upon stabilization. The Company considers stabilization to occur upon the earlier of 90% occupancy of the property or one-year from cessation of major construction activities. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the project is placed into service and depreciation commences. Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the consolidated balance sheets. Properties are held for sale for a period longer than 12 months if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. The operating results of these properties are reflected as discontinued operations in the consolidated statements of operations only if the sale of these assets represents a major strategic shift in operations; if not, the operating results are included in continuing operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Deferred Expenses. Deferred expenses consist primarily of revolving line of credit debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. Investment in Sales-Type Leases . Investments in sales-type leases are accounted for under ASC 842 “Leases” (“ASC 842”). Upon lease commencement or lease modification, the Company assesses lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, the Company separately assesses the land and building components of the property to determine the classification of each component unless the effect of separately accounting for the land component will be insignificant. If the lease is determined to be a direct financing or sales-type lease, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the lease classification and the collectability of the minimum lease payments. Initial direct costs are recognized as an expense if, at the commencement date, the fair value of the underlying asset is different from its carrying amount. If the fair value of the underlying asset equals its carrying amount, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. Allowance for Credit Losses. On January 1, 2020, the Company adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326” or “CECL”), which requires that the Company measures and records current expected credit losses for its investments, the scope of which includes investment in sales-type leases in its consolidated balance sheets. The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires us to develop cash flows which is used to project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within the Company's cash flows are determined by estimating the probability of default of the tenant and their parent guarantors over the term of the lease. The Company evaluates the collectability of its investment in sales-type leases, net based various probability weighted default scenarios that include, but are not limited to, current payment status, the financial strength of its tenant and its parent guarantors, current economic conditions and 20 years of historical information on corporate defaults. The Company is unable to use its historical data to estimate losses as it has no relevant loss history to date. The allowance is recorded as a reduction to our investment in sales-type leases, net, on the consolidated balance sheets. The Company is required to update its allowance on a quarterly basis with the resulting change being recorded in the consolidated statement of operations for the relevant period. The Company regularly evaluates the extent and impact of any credit deterioration that could affect performance and the value its investment in sales-type leases, as well as the financial and operating capability of the tenant. The Company also evaluates the tenant’s competency in managing and operating the secured property and considers the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. If a tenant's credit deteriorates and it defaults under the terms of the sales-type lease, the Company puts the lease in non-accrual status until it is determined that all payments under the lease are probable of being collected. Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. Derivative Financial Instruments . The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging (“Topic 815”). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). The Company also accounts for its share of cash flow hedges from non-consolidated entities as part of investment in non-consolidated entities and accumulated other comprehensive income (loss). Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an ongoing basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. All share-based payments to employees are recognized in the consolidated statements of operations based on their fair values. The Company has made an accounting policy election to account for share-based award forfeitures in compensation costs when they occur. Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Cash and Cash Equivalents. The Company considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. Restricted Cash. Restricted cash is comprised primarily of cash balances held by lenders. Short-Term Investments. Short-term investments classified as held-to-maturity securities consist of term deposits and treasury bills that the Company has the ability and intent to hold to maturity. These short-term investments have an original maturity of greater than three months but less than 12 months and are recorded in short-term investments in the consolidated balance sheet. Held-to-maturity securities are recorded at amortized cost, which approximates fair value. The estimate of expected losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. We do not measure expected credit losses on held-to-maturity securities in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Company has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Company's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2023, the Company was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. Reclassifications . Certain amounts included in prior years' financial statements have been reclassified to conform to the current year's presentation. Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On July 5, 2022, the Company transitioned its benchmark interest rate for its term loan from LIBOR to the Secured Overnight Financing Rate, or SOFR. The Company adopted ASU 2020-04 and the adoption of this standard did not have an impact on the Company's consolidated financial statements. During 2023, the Company's Trust Preferred Securities transitioned from LIBOR to SOFR. The impact on the financial statements was immaterial as a result of the transition. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company will continue to evaluate the impact of the guidance on our consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2023: 2023 2022 2021 BASIC: Net income attributable to common shareholders $ 23,863 $ 107,307 $ 375,848 Weighted-average number of common shares outstanding 290,245,877 279,887,760 277,640,835 Net income attributable to common shareholders - per common share basic $ 0.08 $ 0.38 $ 1.35 2023 2022 2021 DILUTED: Net income attributable to common shareholders - basic $ 23,863 $ 107,307 $ 375,848 Impact of assumed conversions (58) 156 7,962 Net income attributable to common shareholders $ 23,805 $ 107,463 $ 383,810 Weighted-average common shares outstanding - basic 290,245,877 279,887,760 277,640,835 Effect of dilutive securities: Unvested share-based payment awards and options 127,251 457,597 989,177 Shares issuable under forward sales agreements — 1,274,842 2,110,315 Operating Partnership Units 820,386 853,259 1,918,845 Series C Cumulative Convertible Preferred — — 4,710,570 Weighted-average common shares outstanding - diluted 291,193,514 282,473,458 287,369,742 Net income attributable to common shareholders - per common share diluted $ 0.08 $ 0.38 $ 1.34 For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods. Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive for each of the years in the three-year period ended December 31, 2023: Years Ended December 31, 2023 2022 2021 Unvested share-based payment awards — — 44,261 Preferred shares - Series C 4,710,570 4,710,570 — |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investments, Net [Abstract] | |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2023 and 2022: 2023 2022 Real estate, at cost: Buildings and building improvements $ 3,424,334 $ 3,335,029 Land, land estates and land improvements 348,133 346,816 Construction in progress 1,772 9,221 Real estate intangibles: In-place lease values 303,457 309,393 Tenant relationships 10,388 12,519 Above-market leases 680 6,695 Land held for development 80,743 84,412 Investments in real estate under construction 319,355 361,924 4,488,862 4,466,009 Accumulated depreciation and amortization (1) (904,709) (800,470) Real estate, net $ 3,584,153 $ 3,665,539 (1) Includes accumulated amortization of real estate intangible assets of $191,332 and $173,443 in 2023 and 2022, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $26,487 in 2024, $22,558 in 2025, $19,550 in 2026, $14,466 in 2027 and $11,319 in 2028. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $9,385 and $11,214, respectively, as of December 31, 2023 and 2022. The estimated accretion for the next five years is $1,830 in 2024, $1,740 in 2025, $1,538 in 2026, $1,292 in 2027 and $1,004 in 2028. The Company acquired or completed and placed into service the following assets during 2023 and 2022: 2023: Market Acquisition/ Placed in Service Date Initial Primary Lease Expiration Land Building and Improvements Phoenix, AZ (1) March 2023 $ 37,173 08/2033 $ 7,552 $ 29,621 Dallas, TX July 2023 15,018 N/A 2,100 12,918 Columbus, OH (1) October 2023 64,524 10/2033 6,536 57,988 Greenville/Spartanburg, SC (1) October 2023 21,676 02/2029 1,795 19,881 Central Florida (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, including developer partner promote/fee, if any. (2) Represents a portion of the South Shore development project placed into service. 2022: Market (1) Acquisition/ Placed in Service Date Initial Primary Lease Expiration Land Building and Improvements Lease in-place Value Intangible Cincinnati/Dayton, OH (2) February 2022 $ 23,382 N/A $ 2,010 $ 21,372 $ — Cincinnati/Dayton, OH February 2022 48,660 04/2032 4,197 40,944 3,519 Phoenix, AZ April 2022 59,140 05/2037 5,366 50,281 3,493 Greenville/Spartanburg, SC (3) December 2022 64,067 04/2035 2,484 61,583 — $ 195,249 $ 14,057 $ 174,180 $ 7,012 Weighted-average life of intangible assets (years) 12.7 (1) A land parcel located in Hebron, OH was also purchased for $747. (2) Subsequent to acquisition, property was fully leased for approximately nine years. (3) Development project substantially completed and placed in service. Initial basis excludes certain remaining costs, including developer partner promote. In 2022, the Company purchased the remaining 13% of equity owned by a noncontrolling interest in the Fairburn, Georgia warehouse/distribution facility for $27,958. As the Company previously consolidated its interest in the joint venture which owned the property, the acquisition of the noncontrolling ownership interest was recorded as an equity transaction with the difference between the purchase price and carrying balance of $25,058 recorded as a reduction in additional paid-in-capital. As of December 31, 2023, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. (unaudited) Estimated Project Cost (1) GAAP Investment Balance as of 12/31/2023 (2) Amount Funded as of 12/31/2023 (3) Building Completion Date (unaudited) % Leased as of Placed in Service Date Development Projects Leased: Cotton 303 (93%) (4) 1 Phoenix, AZ 488,400 $ 55,300 $ 50,716 $ 44,523 1Q 2024 100 % 1Q 2024 1 488,400 $ 55,300 $ 50,716 $ 44,523 Development Projects Available for Lease: Ocala (80%) 1 Central Florida 1,085,280 $ 85,200 $ 80,184 $ 70,605 1Q 2023 — % — Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 66,400 64,489 58,736 1Q 2023 — % — Smith Farms (90%) 1 Greenville-Spartanburg, SC 1,091,888 76,500 72,411 69,244 2Q 2023 — % — South Shore (100%) (5) 2 Central Florida 213,195 33,500 29,739 29,771 2Q 2023 - 3Q 2023 — % — ETNA Building D (100%) (6) 1 Columbus, OH 250,020 30,200 21,816 15,928 1Q 2024 — % — 6 3,693,743 $ 291,800 $ 268,639 $ 244,284 7 4,182,143 $ 347,100 $ 319,355 $ 288,807 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer fee or partner promote, if any. (2) Excludes leasing costs. (3) Excludes noncontrolling interests' share. (4) Subsequent to December 31, 2023, the property was placed in service. (5) During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 23% of the total project, was occupied by the tenant and placed in service. (6) During the fourth quarter of 2023, a wholly-owned subsidiary of LXP purchased approximately 14 acres of land and the partially completed leasehold improvements from ETNA Park 70. As of December 31, 2023, the Company's aggregate investment in development arrangements was $319,355, which included capitalized interest of $8,134 for the year ended December 31, 2023 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. For the year ended December 31, 2022, capitalized interest for development arrangements was $6,330. As of December 31, 2023, 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 LXP Amount Funded as of 12/31/2023 (1) Consolidated: Reems & Olive (95.5%) (2) Phoenix, AZ 320 $ 73,683 $ 74,308 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,328 4,283 ATL Fairburn (100%) Atlanta, GA 14 1,732 1,751 450 $ 80,743 $ 80,342 (1) Excludes noncontrolling interests' share. (2) During the fourth quarter of 2023, a perpetual utility easement was granted in exchange for $6,172, which was accounted for as a sale of real estate. |
Dispositions and Impairment
Dispositions and Impairment | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Impairment | Dispositions and Impairment For the years ended December 31, 2023, 2022 and 2021, the Company disposed of its interests in various properties for an aggregate gross disposition price of $100,152, $196,989 and $823,966, respectively, which resulted in gains on sales of $33,010, $59,094 and $367,274, respectively, including, in 2021 the sale of 22 special purpose industrial assets to a newly-formed joint venture, NNN MFG Cold JV L.P. (“MFG Cold JV”), with an unaffiliated third-party. Included in the 2021 dispositions are three non-industrial properties with a disposition price of $35,369, which was satisfied through (i) the redemption of 1,598,906 OP units, (ii) the assumption of $11,610 of third party mortgage financing that encumbered two of the properties and (iii) $1,497 of seller financing. The seller financing note receivable has a fixed interest rate of 6.0% per annum which was paid in full during the year ended December 31, 2023. For the years ended December 31, 2023 and December 31, 2022 the Company recognized no debt satisfaction charges relating to properties sold. For the year ended December 31, 2021, the Company recognized net debt satisfaction charges relating to properties sold of $229. The Company had two and three properties classified as held for sale at December 31, 2023 and December 31, 2022, respectively. Assets and liabilities of the held for sale properties consisted of the following: December 31, 2023 December 31, 2022 Assets: Real estate, at cost $ 9,018 $ 131,557 Real estate, intangible assets — 9,942 Accumulated depreciation and amortization — (76,205) Other 150 1,140 Total assets held for sale $ 9,168 $ 66,434 Liabilities: Accounts payable and other liabilities $ 5 $ 637 Deferred revenue 53 143 Prepaid rent 359 370 Total liabilities held for sale $ 417 $ 1,150 The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2023 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 9,471 $ — $ 9,471 $ — Impaired assets held for sale (1) $ 9,170 $ — $ — $ 9,170 (1) The Company estimated the fair value of certain real estate assets throughout the year based on a discounted cash flow analysis using a discount rate of 10.0% and a residual capitalization rate of 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. Fair Value Measurements Using Description 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2023 and 2022, the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy. The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 63,464 $ 62,500 $ 61,233 $ 60,984 Liabilities Debt $ 1,770,827 $ 1,630,066 $ 1,488,051 $ 1,293,239 The fair value of the Company's investment in a sales-type lease, net is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis and an estimate of the unguaranteed residual value. The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low. Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. Cash Equivalents, Restricted Cash, Short-Term Investments, Accounts Receivable and Accounts Payable . The Company estimates that the fair value of cash equivalents, restricted cash, short-term investments, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments. |
Investments in Non-Consolidated
Investments in Non-Consolidated Entities | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Consolidated Entities | Investments in Non-Consolidated Entities Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of December 31, Equity in earnings (losses) of non-consolidated entities Investment December 31, 2023 2023 2022 2023 2022 2021 NNN MFG Cold JV L.P. (“MFG Cold JV”) (1) 20% $ 19,693 $ 26,592 $ (3,300) $ (2,050) $ — NNN Office JV L.P. (“Office JV”) (2) 20% 16,237 12,900 508 18,156 (140) Etna Park 70 LLC (3) 90% 10,320 12,975 (258) (137) (93) Etna Park 70 East LLC (4) 90% 2,245 2,126 (192) (174) (114) BSH Lessee L.P. (5) 25% — 3,613 4,608 211 157 $ 48,495 $ 58,206 $ 1,366 $ 16,006 $ (190) (1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company. (2) Office JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2023 and 2022, Office JV sold one and six assets, respectively, and the Company recognized its share of aggregate gains on sale of $1,010 and $24,513, respectively, within equity in earnings of non-consolidated entities within its consolidated statements of operations. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. In the second quarter of 2023, the joint venture commenced development of a 250,020 square foot industrial speculative development project for an estimated cost of $30,200. As of December 31, 2023, the Company's wholly owned subsidiary purchased the land and building improvements for approximately $15,897 and recorded it in investment in real estate under construction on its consolidated balance sheet. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings of non-consolidated entities within its consolidated statements of operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessor Operating Leases . The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance (“CAM”), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the years ended December 31, 2022 and 2021, the Company wrote off an aggregate of $417 and $370, respectively, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. During the year ended December 31, 2023, no accounts receivable was written off. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the year ended December 31, 2023, the Company incurred a nominal amount of costs that were not incremental to the execution of leases. For the years ended December 31, 2022 and 2021, the Company incurred $2 and $19, respectively, of costs that were not incremental to the execution of leases. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. As of December 31, 2023, the Company had one ground lease for a 100-acre industrial development land parcel in the Phoenix, Arizona market, which is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. The Company recorded $60,984 in investment in a sales-type lease, net and derecognized $24,109 from land held for development in the consolidated balance sheets. The Company recognized $36,875 in selling profit from sales-type leases and $4,119 of direct costs to enter into the lease within transaction costs in the consolidated statements of operations for the year ended December 31, 2022. The interest income earned from sales-type leases is included in rental revenue in the consolidated statements of operations. The residual value of the land parcel at the end of the ground lease is estimated to equal its fair value on the commencement date of the lease of $60,984 because land values typically appreciate over time but the accounting guidance does not allow the residual value at the end of the lease to be in excess of the fair value at the commencement date of the lease. For the year ended December 31, 2023 and 2022, the interest income earned from sales-type leases of $7,427 and $1,936, respectively, is included in rental revenue In 2022, the Company had two tenants that exercised the purchase option within their lease for an aggregate purchase option price of $34,841. The purchase options were not reasonably certain to be exercised at the commencement date of each lease, resulting in modifications of the operating leases. As a result of these modifications to the leases, the Company re-evaluated the lease classifications and classified both leases as sales-type leases. The Company recognized an aggregate of $10,184 in selling profit from sales-type leases in its consolidated statements of operations related to these transactions for the year ended December 31, 2022. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Classification 2023 2022 2021 Fixed $ 275,186 $ 267,644 $ 287,552 Sales-type lease income 7,427 1,936 — Variable (1)(2) 51,607 44,412 52,392 Total $ 334,220 $ 313,992 $ 339,944 (1) Primarily comprised of tenant reimbursements. (2) Variable lease payments include termination revenue of $238 and $15,371 for the years ending December 31, 2022 and 2021, respectively. The Company did not recognize any termination revenue during the year ended December 31, 2023. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2023 were as follows: Year ending December 31, Operating Sales-Type 2024 $ 264,322 $ 5,263 2025 254,347 5,473 2026 237,312 5,692 2027 201,098 5,920 2028 170,950 6,156 Thereafter 572,643 733,006 Total $ 1,700,672 $ 761,510 Difference between undiscounted cash flow and present value (697,985) Investment in a sales-type lease $ 63,525 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably certain. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2023. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Years Ended December 31, 2023 2022 Weighted-average remaining lease term Operating leases (years) 8.7 9.4 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 3,539 $ 7 $ 3,546 General and administrative 1,521 280 1,801 Total $ 5,060 $ 287 $ 5,347 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 The Company recognized sublease income of $3,320 for the years ended December 31, 2023 and 2022 and $3,425 in 2021. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2023: Year ending December 31, Operating Leases 2024 $ 5,169 2025 5,174 2026 4,144 2027 3,643 2028 1,031 Thereafter 5,479 Total lease payments 24,640 Less: Imputed interest (4,407) Present value of lease liabilities $ 20,233 |
Leases | Leases Lessor Operating Leases . The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance (“CAM”), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. During the years ended December 31, 2022 and 2021, the Company wrote off an aggregate of $417 and $370, respectively, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. During the year ended December 31, 2023, no accounts receivable was written off. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. For the year ended December 31, 2023, the Company incurred a nominal amount of costs that were not incremental to the execution of leases. For the years ended December 31, 2022 and 2021, the Company incurred $2 and $19, respectively, of costs that were not incremental to the execution of leases. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. As of December 31, 2023, the Company had one ground lease for a 100-acre industrial development land parcel in the Phoenix, Arizona market, which is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. The Company recorded $60,984 in investment in a sales-type lease, net and derecognized $24,109 from land held for development in the consolidated balance sheets. The Company recognized $36,875 in selling profit from sales-type leases and $4,119 of direct costs to enter into the lease within transaction costs in the consolidated statements of operations for the year ended December 31, 2022. The interest income earned from sales-type leases is included in rental revenue in the consolidated statements of operations. The residual value of the land parcel at the end of the ground lease is estimated to equal its fair value on the commencement date of the lease of $60,984 because land values typically appreciate over time but the accounting guidance does not allow the residual value at the end of the lease to be in excess of the fair value at the commencement date of the lease. For the year ended December 31, 2023 and 2022, the interest income earned from sales-type leases of $7,427 and $1,936, respectively, is included in rental revenue In 2022, the Company had two tenants that exercised the purchase option within their lease for an aggregate purchase option price of $34,841. The purchase options were not reasonably certain to be exercised at the commencement date of each lease, resulting in modifications of the operating leases. As a result of these modifications to the leases, the Company re-evaluated the lease classifications and classified both leases as sales-type leases. The Company recognized an aggregate of $10,184 in selling profit from sales-type leases in its consolidated statements of operations related to these transactions for the year ended December 31, 2022. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Classification 2023 2022 2021 Fixed $ 275,186 $ 267,644 $ 287,552 Sales-type lease income 7,427 1,936 — Variable (1)(2) 51,607 44,412 52,392 Total $ 334,220 $ 313,992 $ 339,944 (1) Primarily comprised of tenant reimbursements. (2) Variable lease payments include termination revenue of $238 and $15,371 for the years ending December 31, 2022 and 2021, respectively. The Company did not recognize any termination revenue during the year ended December 31, 2023. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2023 were as follows: Year ending December 31, Operating Sales-Type 2024 $ 264,322 $ 5,263 2025 254,347 5,473 2026 237,312 5,692 2027 201,098 5,920 2028 170,950 6,156 Thereafter 572,643 733,006 Total $ 1,700,672 $ 761,510 Difference between undiscounted cash flow and present value (697,985) Investment in a sales-type lease $ 63,525 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably certain. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Lessee The Company, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2023. The leases have remaining lease terms of up to 33 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Years Ended December 31, 2023 2022 Weighted-average remaining lease term Operating leases (years) 8.7 9.4 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 3,539 $ 7 $ 3,546 General and administrative 1,521 280 1,801 Total $ 5,060 $ 287 $ 5,347 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 The Company recognized sublease income of $3,320 for the years ended December 31, 2023 and 2022 and $3,425 in 2021. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2023: Year ending December 31, Operating Leases 2024 $ 5,169 2025 5,174 2026 4,144 2027 3,643 2028 1,031 Thereafter 5,479 Total lease payments 24,640 Less: Imputed interest (4,407) Present value of lease liabilities $ 20,233 |
Allowance for Credit Loss
Allowance for Credit Loss | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Loss During 2023 and 2022, the Company recognized $(32) and $93, respectively, of credit loss allowances resulting from an investment in a sales-type lease. There were no allowances for credit losses in 2021. As of December 31, 2023, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status. The following tables detail the allowance for credit loss as of December 31, 2023 and 2022: As of December 31, 2023 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 63,525 $ (61) $ 63,464 0.10 % As of December 31, 2022 Investment in a sales-type lease $ 61,326 $ (93) $ 61,233 0.15 % For the Twelve Months Ended December 31, 2023 Balance at Beginning of Period Write-Offs General Allowance Balance at End of Period Allowance for credit loss $ 93 $ — $ (32) $ 61 For the Twelve Months Ended December 31, 2022 Allowance for credit loss $ — $ — $ 93 $ 93 |
Mortgages and Notes Payable
Mortgages and Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Mortgages and Notes Payable | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Mortgages and notes payable $ 60,888 $ 73,154 Unamortized debt issuance costs (764) (1,051) $ 60,124 $ 72,103 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3% at December 31, 2023 and 2022, respectively, and all mortgages and notes payable mature between 2028 and 2031 as of December 31, 2023. The weighted-average interest rate at December 31, 2023 and 2022 was approximately 4.0%, respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of December 31, 2023, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2027 Term SOFR + 1.00% (1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At December 31, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) In November 2023, the Company amended the agreement governing the $300,000 term loan. The amendment, among other things, extends the maturity of the term loan from January 31, 2025 to January 31, 2027. The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum until January 31, 2025. The Company recognized $132 of debt satisfaction losses in connection with this transaction. The aggregate unamortized debt issuance costs for the term loan were $3,236 and $1,041 as of December 31, 2023 and 2022, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at December 31, 2023. Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 5,373 2025 5,570 2026 5,773 2027 305,984 2028 2,223 Thereafter 35,965 360,888 Unamortized debt issuance costs (4,000) $ 356,888 In addition, the Company capitalized $11,059, $7,235 and $2,974 of interest expense for the years ended 2023, 2022 and 2021, respectively. |
Senior Notes, Convertible Notes
Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Senior Notes, Convertible Notes and Trust Preferred Securities | Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2023 and 2022: Issue Date December 31, 2023 December 31, 2022 Interest Rate Maturity Date Issue Price November 2023 $ 300,000 $ — 6.750 % November 2028 99.423 % August 2021 400,000 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 1,298,932 998,932 Unamortized debt discount (4,489) (3,228) Unamortized debt issuance cost (8,298) (6,409) $ 1,286,145 $ 989,295 Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium. In November 2023, the Company issued $300,000 aggregate principal amount of 6.750% Senior Notes due 2028 (“2028 Senior Notes”) at an issuance price of 99.423% of the principal amount. The Company issued the 2028 Senior Notes at an initial discount of $1,731, which is being recognized as additional interest expense over the term of the 2028 Senior Notes. The Company used the net proceeds to pay down amounts outstanding on its unsecured revolving credit facility and for general corporate purposes. A portion of the proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2014 Senior Notes at or near maturity. In August 2021, the Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 (“2031 Senior Notes”) at an issuance price of 99.758% of the principal amount. The Company issued the 2031 Senior Notes at an initial discount of $968, which is being recognized as additional interest expense over the term of the 2031 Senior Notes. The Company used a portion of the net proceeds from the offering of the 2031 Senior Notes to redeem the $188,756 aggregate principal balance of its outstanding 4.25% Senior Notes due 2023 (“2023 Senior Notes”). The consideration paid included a make-whole premium of $12,191 and $2,028 of accrued and unpaid interest. The Company recognized a $12,948 debt satisfaction loss related to the aggregate redemptions. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, and bear interest at a variable rate of three month SOFR plus 26 basis points through maturity. The interest rate at December 31, 2023 was 7.352%. As of December 31, 2023 and 2022, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,326 and $1,426, respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 198,932 2025 — 2026 — 2027 — 2028 300,000 Thereafter 929,120 1,428,052 Unamortized debt discounts (4,489) Unamortized debt issuance costs (9,624) $ 1,413,939 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives . The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. Cash Flow Hedges of Interest Rate Risk . The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not incur any ineffectiveness during 2023 and 2022. During July 2022, the Company transitioned its four interest rate swap agreements with its counterparties to a benchmark rate of Term SOFR. The swaps were designated as cash flow hedges of the risk in variability attributable to changes in the Term SOFR swap rates on its $300,000 SOFR-indexed variable rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire in January 2025. During the next 12 months, the Company estimates that an additional $8,977 will be reclassified as a decrease to interest expense if the swaps remain outstanding. As of December 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets. As of December 31, 2023 As of December 31, 2022 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Assets $ 9,471 Other Assets $ 16,318 The table below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for 2023 and 2022: Derivatives in Cash Flow Amount of Gain Recognized Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) December 31, Hedging Relationships 2023 2022 2023 2022 Interest Rate Swap $ 3,496 $ 22,578 $ (10,343) $ (2) The Company's share of non-consolidated entity's interest rate cap 158 1,455 (1,517) (84) Total $ 3,654 $ 24,033 $ (11,860) $ (86) (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the consolidated statements of operations. Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded was $46,389 and $45,417 for 2023 and 2022, respectively. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2023, 2022 and 2021, no single tenant represented greater than 10% of rental revenues. Cash and cash equivalent balances and certain short-term investments at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Shareholders' Equity: At-The-Market Offering Program. The Company maintains an At-The-Market offering program (“ATM program”) under which the Company can issue common shares, including through forward sales contracts. During 2023, there were no share issuances under the ATM program. During 2022, the Company issued 3,649,023 common shares previously sold on a forward basis in the first quarter of 2021 on the maturity date of the contracts and received $38,492 of net proceeds. During 2021, the Company amended the terms of its ATM offering program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of December 31, 2023, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program. Underwritten Equity Offerings. During 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering. The forward sale contracts were settled in December 2022, and the Company received $183,419 of net proceeds. The Company did not issue common shares as part of an underwritten offering in 2023. Stock Based Compensation. In addition, during the years ended December 31, 2023, 2022 and 2021, the Company issued 1,284,704, 930,602 and 949,573 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. There were no common shares repurchased during 2023. During 2022, 12,102,074 common shares were repurchased and retired for an average price of $10.78 per share. As of December 31, 2023, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of December 31, 2023. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2023. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of December 31, 2023, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Years ended December 31, 2023 2022 Balance at beginning of period $ 17,689 $ (6,258) Other comprehensive income before reclassifications 3,654 24,033 Amounts of (income) reclassified from accumulated other comprehensive income to interest expense (11,860) (86) Balance at end of period $ 9,483 $ 17,689 Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in LCIF OP units as a form of consideration. All OP units, other than OP units owned by the Company, were redeemable for common shares at certain times, at the option of the holders, and were generally not otherwise mandatorily redeemable by the Company. The OP units were classified as a component of permanent equity as the Company had determined that the OP units were not redeemable securities as defined by GAAP. Each OP unit was redeemable for approximately 1.13 common shares, subject to future adjustments. During 2023, 2022 and 2021, 832,571, 39,747 and 185,270 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate book value of $3,393, $211 and $958, respectively. Included in the 2023 redemptions were 822,627 common shares issued with an aggregate value of approximately $7,800 to redeem the remaining OP units outstanding at December 31, 2023 to complete the Company's merger with LCIF. The Company is the surviving entity of the merger. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests 2023 2022 2021 Net income attributable to LXP Industrial Trust shareholders $ 30,383 $ 113,783 $ 382,648 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests — — 435 Increase in additional paid-in-capital for redemption of noncontrolling OP units 3,393 211 958 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 33,776 $ 113,994 $ 384,041 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Benefit Plans | Benefit Plans Non-vested share activity for the years ended December 31, 2023 and 2022, is as follows: Number of Weighted-Average Grant-Date Fair Balance at December 31, 2021 2,290,644 $ 7.17 Granted 860,665 10.97 Vested (951,472) 7.00 Forfeited (140,947) 9.21 Balance at December 31, 2022 2,058,890 8.70 Granted 1,191,697 7.97 Vested (526,453) 9.08 Forfeited (184,661) 6.34 Balance at December 31, 2023 2,539,473 $ 8.45 During 2023 and 2022, the Company granted common shares to certain employees and trustees as follows: 2023 2022 Performance Shares (1) Shares issued: Index 407,611 282,720 Peer 407,606 282,715 Grant date fair value per share: (2) Index $ 6.96 $ 9.40 Peer $ 6.50 $ 8.78 Non-Vested Common Shares: (3) Shares issued 376,480 295,230 Grant date fair value $ 4,010 $ 4,304 (1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2023, 266,812 of the 443,359 outstanding performance shares issued in 2020 vested. During 2022, all of the 552,121 performance shares issued in 2019 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three-year service period. In addition, during 2023, 2022 and 2021, the Company issued 93,007, 69,937 and 50,245, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $939, $849 and $587, respectively. As of December 31, 2023, of the remaining 2,539,473 non-vested shares, 642,552 are subject to time-based vesting and 1,896,921 are subject to performance-based vesting. At December 31, 2023, there are 2,994,544 awards available for grant. The Company has $9,157 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.7 years. The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officers are deposited. The officer exerts no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2023 and 2022, there were 130,863 common shares in the trust. The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $499, $480 and $426 of contributions are applicable to 2023, 2022 and 2021, respectively. During 2023, 2022 and 2021, the Company recognized $8,210, $6,636 and $6,554, respectively, in expense relating to scheduled vesting of common share grants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions There were no related party transactions other than those disclosed elsewhere in the consolidated financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The Company's provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Current: Federal $ — $ — $ (26) State and local (774) (1,120) (1,267) Deferred federal 71 18 — Total $ (703) $ (1,102) $ (1,293) Net deferred tax asset of $89 and $18 are included in Other assets on the accompanying consolidated balance sheets at December 31, 2023 and 2022, respectively. This net deferred tax asset relates primarily to a net operating loss carryforward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2023 2022 2021 Federal provision at statutory tax rate (21%) $ 71 $ 18 $ (35) State and local taxes, net of federal benefit — — — Other (774) (1,120) (1,258) Total $ (703) $ (1,102) $ (1,293) For the years ended December 31, 2023, 2022 and 2021, the “other” amount is comprised primarily of state franchise taxes of $774, $1,121 and $1,267, respectively. As of December 31, 2023 and 2022, the Company had estimated net operating loss carry forward for income tax reporting purposes of $423 and $84, respectively. A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2023, is as follows: 2023 2022 2021 Total dividends per share $ 0.50 $ 0.48 $ 0.43 Ordinary income 71.67 % 81.26 % 65.89 % Qualifying dividend — % — % 0.1 % Capital gain — % — % — % Return of capital 28.33 % 18.74 % 34.01 % 100.00 % 100.00 % 100.00 % A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2023, is as follows: 2023 2022 2021 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 100.00 % 100.00 % 99.84 % Qualifying dividend — % — % 0.16 % Capital gain — % — % — % Return of capital — % — % — % 100.00 % 100.00 % 100.00 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies. The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. As of December 31, 2023, we expect to incur approximately $53,200, excluding noncontrolling interests' share and potential developer fees or partner buyouts, to substantially fund the consolidated development project commitments. As of December 31, 2023, the Company had interests in various industrial land parcels held for development. The Company is unable to estimate the timing of any required funding for the potential development projects on these parcels. From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations. |
Supplemental Disclosure of Stat
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Statement of Cash Flow Information | Supplemental Disclosure of Statement of Cash Flow Information 2023 2022 2021 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 54,390 $ 190,926 $ 178,795 Restricted cash at beginning of period 116 101 626 Cash, cash equivalents and restricted cash at beginning of period $ 54,506 $ 191,027 $ 179,421 Cash and cash equivalents at end of period $ 199,247 $ 54,390 $ 190,926 Restricted cash at end of period 216 116 101 Cash, cash equivalents and restricted cash at end of period $ 199,463 $ 54,506 $ 191,027 In addition to disclosures discussed elsewhere, during 2023, 2022 and 2021, the Company paid $51,763, $48,675 and $44,234, respectively, for interest and $951, $1,265 and $1,569, respectively, for income taxes. For the year ended December 31, 2023, 2022 and 2021, the Company accrued additions for capital projects of $21,052, $42,962 and $41,100, respectively. In 2023, LCIF merged with and into the Company. The consideration included the conversion of the remaining OP units outstanding valued at approximately $7,800. In 2023, a wholly owned subsidiary of the Company purchased a parcel of land from Etna Park 70, LLC, which the Company has a 90% ownership interest. The transaction generated a gain on sale that the Company recognized as a $1,392 non-cash decrease to the basis acquired. In 2023, the Company's ground lease related to an office property in Palo Alto, California expired and the lease hold improvements were conveyed back to the ground owner resulting in a non-cash decrease in real estate, at cost and accumulated depreciation and amortization of $29,375. In 2021, LCIF disposed of three real estate assets. The consideration included the redemption of OP units valued at $22,305 and the assumption of the aggregate related non-recourse mortgage debt of $11,610. In 2021, as a result of the formation of the MFG Cold JV, the Company recognized a non-cash increase to investments in non-consolidated entities of $28,075 for its 20% interest in MFG Cold JV. Additionally, MFG Cold JV assumed a mortgage loan encumbering one property resulting in a non-cash decrease of $25,850 to mortgages and notes payable, net. The acquisition of the RR Ocala 44, LLC joint venture in 2021 included a $489 non-cash increase to investments in real estate under construction and the noncontrolling interest because a member of the joint venture made a non-cash contribution of the land in exchange for its ownership interest in the joint venture. In 2021, the Company entered into a new lease and exercised an extension option on a lease resulting in an aggregate non-cash increase of $1,589 to the related operating lease liabilities and right of use assets. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed WAREHOUSE/DISTRIBUTION PROPERTIES Stabilized: Industrial Chandler, AZ $ — $ 10,733 $ 69,517 $ 80,250 $ 10,236 Nov-20 Industrial Goodyear, AZ — 5,247 36,115 41,362 8,388 Nov-18 Industrial Goodyear, AZ 40,193 11,970 50,072 62,042 9,099 Nov-19 Industrial Goodyear, AZ — 1,614 16,222 17,836 2,633 Jan-20 Industrial Goodyear, AZ — 11,732 52,840 64,572 4,654 Nov-21 2021 Industrial Goodyear, AZ — 7,552 29,621 37,173 1,304 Sep-21 2023 Industrial Phoenix, AZ — 8,027 78,258 86,285 7,358 Dec-21 Industrial Phoenix, AZ — 5,366 50,281 55,647 3,674 Apr-22 Industrial Tolleson, AZ — 3,311 16,013 19,324 3,001 Oct-19 Industrial Lakeland, FL — 1,416 20,986 22,402 2,612 Jan-21 Industrial Ocala, FL — 4,113 50,034 54,147 7,667 Jun-20 Industrial Orlando, FL — 1,030 10,869 11,899 5,210 Dec-06 Industrial Plant City, FL — 2,610 48,433 51,043 5,454 Dec-21 Industrial Tampa, FL — 2,160 11,109 13,269 8,489 Jul-88 Industrial Adairsville, GA — 1,465 23,950 25,415 2,182 Dec-21 Industrial Austell, GA — 3,251 51,518 54,769 14,361 Jun-19 Industrial Cartersville, GA — 2,497 42,242 44,739 3,802 Dec-21 Industrial Cartersville, GA — 2,006 33,279 35,285 2,919 Dec-21 Industrial Fairburn, GA — 7,209 44,030 51,239 4,288 Nov-21 2021 Industrial McDonough, GA — 5,441 52,790 58,231 14,062 Aug-17 Industrial McDonough, GA — 3,253 31,387 34,640 6,641 Feb-19 Industrial Pooler, GA — 1,690 30,356 32,046 4,997 Apr-20 Industrial Rincon, GA — 3,775 34,357 38,132 4,941 Sep-20 Industrial Savannah, GA — 2,560 25,812 28,372 3,970 Jun-20 Industrial Savannah, GA — 1,070 7,458 8,528 1,151 Jun-20 Industrial Union City, GA — 2,536 22,830 25,366 4,536 Jun-19 Industrial Edwardsville, IL — 4,593 34,817 39,410 10,120 Dec-16 Industrial Edwardsville, IL — 3,649 41,338 44,987 10,253 Jun-18 Industrial Minooka, IL — 1,788 34,301 36,089 5,614 Jan-20 Industrial Minooka, IL — 3,432 40,949 44,381 7,100 Dec-19 Industrial Minooka, IL — 3,681 45,817 49,498 7,746 Jan-20 Industrial Rantoul, IL — 1,304 32,562 33,866 8,947 Jan-14 2014 Industrial Rockford, IL — 371 4,624 4,995 1,282 Dec-06 Industrial Rockford, IL — 509 5,921 6,430 2,548 Dec-06 Industrial Lafayette, IN — 662 15,814 16,476 5,033 Oct-17 Industrial Lebanon, IN — 2,100 29,996 32,096 8,475 Feb-17 Industrial Whiteland, IN — 741 14,486 15,227 1,413 Oct-21 Industrial Whiteland, IN — 1,991 39,334 41,325 3,952 Oct-21 Industrial Whiteland, IN — 695 13,956 14,651 1,359 Oct-21 Industrial Whitestown, IN — 1,162 11,825 12,987 1,510 Jan-21 Industrial Whitestown, IN — 1,954 17,011 18,965 3,663 Jan-19 Industrial Whitestown, IN — 1,208 12,052 13,260 1,543 Jan-21 Industrial Whitestown, IN — 8,335 80,054 88,389 7,391 Dec-21 Industrial New Century, KS — — 13,424 13,424 4,131 Feb-17 Industrial Walton, KY — 2,010 23,837 25,847 1,986 Feb-22 Industrial Walton, KY — 4,197 41,043 45,240 3,312 Feb-22 Industrial Minneapolis, MN — 1,886 1,922 3,808 677 Sep-12 Industrial Byhalia, MS — 1,006 35,795 36,801 11,789 May-11 2011 Industrial Byhalia, MS — 1,751 31,452 33,203 11,269 Sep-17 Industrial Canton, MS — 5,077 71,289 76,366 29,939 Mar-15 Industrial Olive Branch, MS — 2,500 48,907 51,407 11,159 Apr-18 Industrial Olive Branch, MS — 1,958 38,702 40,660 10,289 Apr-18 Industrial Olive Branch, MS — 2,646 40,446 43,092 7,979 May-19 Industrial Olive Branch, MS — 851 15,630 16,481 3,029 May-19 Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed Industrial Shelby, NC — 1,421 18,862 20,283 8,389 Jun-11 2011 Industrial Statesville, NC — 891 21,994 22,885 8,767 Dec-06 Industrial Erwin, NY — 1,648 12,514 14,162 5,424 Sep-12 Industrial Long Island City, NY 20,695 — 42,759 42,759 30,823 Mar-13 2013 Industrial Chillicothe, OH — 735 12,464 13,199 5,175 Oct-11 Industrial Columbus, OH — 2,251 25,349 27,600 2,601 Aug-21 Industrial Etna, OH — 6,536 57,988 64,524 386 Nov-21 2023 Industrial Glenwillow, OH — 2,228 24,530 26,758 10,767 Dec-06 Industrial Hebron, OH — 1,803 15,128 16,931 3,106 Dec-97 Industrial Hebron, OH — 2,052 14,312 16,364 5,098 Dec-01 Industrial Lockbourne, OH — 2,800 16,678 19,478 2,288 Mar-21 2021 Industrial Monroe, OH — 1,109 16,477 17,586 1,855 Dec-21 Industrial Monroe, OH — 544 14,120 14,664 2,617 Sep-19 Industrial Monroe, OH — 3,123 60,702 63,825 11,740 Sep-19 Industrial Monroe, OH — 3,950 88,422 92,372 16,467 Sep-19 Industrial Streetsboro, OH — 2,441 25,351 27,792 13,520 Jun-07 Industrial Bristol, PA — 2,508 15,863 18,371 10,460 Mar-98 Industrial Duncan, SC — 2,819 24,509 27,328 2,646 Jul-21 Industrial Duncan, SC — 1,169 23,070 24,239 2,448 Jul-21 Industrial Duncan, SC — 1,016 18,328 19,344 1,915 Jul-21 Industrial Duncan, SC — 1,705 27,817 29,522 2,971 Jul-21 Industrial Duncan, SC — 1,406 14,282 15,688 2,639 Oct-19 Industrial Duncan, SC — 1,257 13,439 14,696 2,459 Oct-19 Industrial Duncan, SC — 1,615 27,830 29,445 5,747 Apr-19 Industrial Greer, SC — 1,329 22,393 23,722 2,387 Jun-21 Industrial Greer, SC — 6,959 78,405 85,364 13,323 Dec-19 Industrial Greer, SC — 2,376 32,129 34,505 3,437 Jun-21 Industrial Greer, SC — 2,484 62,591 65,075 3,131 Jul-21 2022 Industrial Greer, SC — 1,795 19,881 21,676 133 Jul-21 2023 Industrial Spartanburg,SC — 1,447 23,758 25,205 6,519 Aug-18 Industrial Spartanburg, SC — 1,186 15,820 17,006 2,090 Dec-20 Industrial Antioch, TN — 3,847 17,591 21,438 6,632 May-07 Industrial Cleveland, TN — 1,871 29,743 31,614 8,652 May-17 Industrial Jackson, TN — 1,454 49,134 50,588 13,148 Sep-17 Industrial Lewisburg, TN — 173 10,865 11,038 3,280 May-14 Industrial Millington, TN — 723 20,664 21,387 16,213 Apr-05 Industrial Smyrna, TN — 1,793 93,940 95,733 25,769 Sep-17 Industrial Carrollton, TX — 3,228 16,234 19,462 5,190 Sep-18 Industrial Dallas, TX — 2,420 23,644 26,064 4,621 Apr-19 Industrial Deer Park, TX — 6,489 28,470 34,959 3,312 May-21 Industrial Grand Prairie, TX — 3,166 17,985 21,151 5,069 Jun-17 Industrial Houston, TX — 15,055 57,949 73,004 19,390 Mar-13 Industrial Hutchins, TX — 1,307 8,472 9,779 1,352 May-20 Industrial Lancaster, TX — 3,847 25,037 28,884 3,293 Dec-20 Industrial Missouri City, TX — 14,555 5,895 20,450 5,895 Apr-12 Industrial Northlake, TX — 4,500 71,636 76,136 11,739 Feb-20 Industrial Northlake, TX — 3,938 37,189 41,127 5,129 Dec-20 Industrial Pasadena, TX — 4,272 22,295 26,567 2,567 May-21 Industrial Pasadena, TX — 2,202 17,135 19,337 2,583 Jun-20 Industrial Pasadena, TX — 1,792 9,089 10,881 1,036 May-21 Industrial Pasadena, TX — 4,057 17,810 21,867 4,327 Aug-18 Industrial San Antonio, TX — 1,311 36,644 37,955 10,245 Jun-17 Industrial Chester, VA — 8,544 53,067 61,611 13,391 Dec-18 Industrial Winchester, VA — 1,988 32,536 34,524 8,351 Dec-17 Industrial Winchester, VA — 2,818 24,422 27,240 3,567 Sep-20 Industrial Winchester, VA — 3,823 12,498 16,321 5,857 Jun-07 Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed NON-STABILIZED PROPERTIES Industrial Ruskin, FL — 1,961 6,024 7,985 20 Apr-22 2023 Industrial Lancaster, TX — 2,100 12,918 15,018 284 Jul-23 2023 OTHER PROPERTIES Other Baltimore, MD — 4,605 — 4,605 — Dec-06 Construction in progress 1,772 Deferred loan costs, net (764) $ 60,124 $ 348,133 $ 3,424,334 $ 3,774,239 $ 713,377 (1) Depreciation and amortization expense is calculated on a straight-line basis over the following lives: Building and improvements Up to 40 years Land estates Up to 51 years Tenant improvements Shorter of useful life or term of related lease The initial cost includes the purchase price paid directly or indirectly by the Company. The total cost basis of the Company's properties at December 31, 2023 for federal income tax purposes was approximately $4.4 billion. 2023 2022 2021 Reconciliation of real estate, at cost: Balance at the beginning of year $ 3,691,066 $ 3,583,978 $ 3,514,564 Additions during year 164,489 229,962 860,311 Properties sold and impaired during the year (174,466) (161,393) (653,247) Other reclassifications 93,150 38,519 (137,650) Balance at end of year $ 3,774,239 $ 3,691,066 $ 3,583,978 Reconciliation of accumulated depreciation and amortization: Balance at the beginning of year $ 627,027 $ 504,699 $ 684,468 Depreciation and amortization expense 147,617 144,163 138,879 Accumulated depreciation and amortization of properties sold and impaired during year (100,474) (43,521) (244,751) Other reclassifications 39,207 21,686 (73,897) Balance at end of year $ 713,377 $ 627,027 $ 504,699 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income attributable to LXP Industrial Trust shareholders | $ 30,383 | $ 113,783 | $ 382,648 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). Entities which the Company does not control and entities which are VIEs in which the Company is not a primary beneficiary are accounted for under appropriate GAAP. |
Revenue Recognition | Revenue Recognition. |
Earnings Per Share | Earnings Per Share . Basic net income (loss) per share is computed under the two-class method by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options and non-vested common shares, unsettled common shares sold in forward sales transactions, OP units and put options of certain convertible securities. |
Use of Estimates | Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimate of credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates. |
Acquisition of Real Estate | Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. The Company's acquisitions are primarily considered asset acquisitions, thus acquisition costs are capitalized. The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. Management generally retains a third party to assist in the allocations. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured based on the lease revenue and market value of lease up costs avoided as a result of having an in-place lease on the acquisition date. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years. |
Impairment of Real Estate | Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. |
Investments in Non-Consolidated Entities | Investments in Non-Consolidated Entities . The Company uses the equity method of accounting for those joint ventures where it exercises significant influence but does not have control. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. |
Impairment of Equity Method Investments | Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. |
Fair Value Measurements | Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as recent sale contracts (Level 2 inputs) or recent sale offers or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under-estimates forecasted cash out flows (tenant improvements, lease commissions and operating costs) or over-estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. |
Cost Capitalization | Cost Capitalization. The Company capitalizes direct and indirect project costs associated with construction of a property or improvements, including interest and compensation costs of employees directly contributing to the completion of each construction project, up to the time the property is substantially complete and ready for its intended use. These costs are included within investments in real estate under construction for development projects and in construction in progress within real estate, at cost for improvements in the consolidated balance sheets. If activities and costs incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction is substantially complete on a vacant space and it is ready for its intended use, costs are no longer capitalized. The Company will reclassify a development project to real estate, at cost from investments in real estate under construction once in service upon stabilization. The Company considers stabilization to occur upon the earlier of 90% occupancy of the property or one-year from cessation of major construction activities. If some portions of a development project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize costs for the incomplete portion. When a portion of the development project is substantially complete and ready for its intended use, the project is placed into service and depreciation commences. |
Properties Held For Sale | Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the consolidated balance sheets. Properties are held for sale for a period longer than 12 months if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. The operating results of these properties are reflected as discontinued operations in the consolidated statements of operations only if the sale of these assets represents a major strategic shift in operations; if not, the operating results are included in continuing operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. |
Deferred Expenses | Deferred Expenses. Deferred expenses consist primarily of revolving line of credit debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. |
Investment in Sales-Type Leases | Investment in Sales-Type Leases . Investments in sales-type leases are accounted for under ASC 842 “Leases” (“ASC 842”). Upon lease commencement or lease modification, the Company assesses lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, the Company separately assesses the land and building components of the property to determine the classification of each component unless the effect of separately accounting for the land component will be insignificant. If the lease is determined to be a direct financing or sales-type lease, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the lease classification and the collectability of the minimum lease payments. Initial direct costs are recognized as an expense if, at the commencement date, the fair value of the underlying asset is different from its carrying amount. If the fair value of the underlying asset equals its carrying amount, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. |
Allowance for Credit Losses | Allowance for Credit Losses. On January 1, 2020, the Company adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326” or “CECL”), which requires that the Company measures and records current expected credit losses for its investments, the scope of which includes investment in sales-type leases in its consolidated balance sheets. The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires us to develop cash flows which is used to project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within the Company's cash flows are determined by estimating the probability of default of the tenant and their parent guarantors over the term of the lease. The Company evaluates the collectability of its investment in sales-type leases, net based various probability weighted default scenarios that include, but are not limited to, current payment status, the financial strength of its tenant and its parent guarantors, current economic conditions and 20 years of historical information on corporate defaults. The Company is unable to use its historical data to estimate losses as it has no relevant loss history to date. The allowance is recorded as a reduction to our investment in sales-type leases, net, on the consolidated balance sheets. The Company is required to update its allowance on a quarterly basis with the resulting change being recorded in the consolidated statement of operations for the relevant period. The Company regularly evaluates the extent and impact of any credit deterioration that could affect performance and the value its investment in sales-type leases, as well as the financial and operating capability of the tenant. The Company also evaluates the tenant’s competency in managing and operating the secured property and considers the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. If a tenant's credit deteriorates and it defaults under the terms of the sales-type lease, the Company puts the lease in non-accrual status until it is determined that all payments under the lease are probable of being collected. Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. |
Derivative Financial Instruments | Derivative Financial Instruments . The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging (“Topic 815”). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). The Company also accounts for its share of cash flow hedges from non-consolidated entities as part of investment in non-consolidated entities and accumulated other comprehensive income (loss). Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an ongoing basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. |
Stock Compensation | Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. All share-based payments to employees are recognized in the consolidated statements of operations based on their fair values. The Company has made an accounting policy election to account for share-based award forfeitures in compensation costs when they occur. |
Tax Status | Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash is comprised primarily of cash balances held by lenders. |
Short-Term Investments | Short-Term Investments. |
Environmental Matters | Environmental Matters. |
Segment Reporting | Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. |
Reclassifications | Reclassifications . Certain amounts included in prior years' financial statements have been reclassified to conform to the current year's presentation. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On July 5, 2022, the Company transitioned its benchmark interest rate for its term loan from LIBOR to the Secured Overnight Financing Rate, or SOFR. The Company adopted ASU 2020-04 and the adoption of this standard did not have an impact on the Company's consolidated financial statements. During 2023, the Company's Trust Preferred Securities transitioned from LIBOR to SOFR. The impact on the financial statements was immaterial as a result of the transition. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company will continue to evaluate the impact of the guidance on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the consolidated balance sheets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Real estate, net $ 535,118 $ 1,027,009 Total assets $ 626,442 $ 1,125,558 Total liabilities $ 19,549 $ 40,200 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2023: 2023 2022 2021 BASIC: Net income attributable to common shareholders $ 23,863 $ 107,307 $ 375,848 Weighted-average number of common shares outstanding 290,245,877 279,887,760 277,640,835 Net income attributable to common shareholders - per common share basic $ 0.08 $ 0.38 $ 1.35 2023 2022 2021 DILUTED: Net income attributable to common shareholders - basic $ 23,863 $ 107,307 $ 375,848 Impact of assumed conversions (58) 156 7,962 Net income attributable to common shareholders $ 23,805 $ 107,463 $ 383,810 Weighted-average common shares outstanding - basic 290,245,877 279,887,760 277,640,835 Effect of dilutive securities: Unvested share-based payment awards and options 127,251 457,597 989,177 Shares issuable under forward sales agreements — 1,274,842 2,110,315 Operating Partnership Units 820,386 853,259 1,918,845 Series C Cumulative Convertible Preferred — — 4,710,570 Weighted-average common shares outstanding - diluted 291,193,514 282,473,458 287,369,742 Net income attributable to common shareholders - per common share diluted $ 0.08 $ 0.38 $ 1.34 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive for each of the years in the three-year period ended December 31, 2023: Years Ended December 31, 2023 2022 2021 Unvested share-based payment awards — — 44,261 Preferred shares - Series C 4,710,570 4,710,570 — |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2023 and 2022: 2023 2022 Real estate, at cost: Buildings and building improvements $ 3,424,334 $ 3,335,029 Land, land estates and land improvements 348,133 346,816 Construction in progress 1,772 9,221 Real estate intangibles: In-place lease values 303,457 309,393 Tenant relationships 10,388 12,519 Above-market leases 680 6,695 Land held for development 80,743 84,412 Investments in real estate under construction 319,355 361,924 4,488,862 4,466,009 Accumulated depreciation and amortization (1) (904,709) (800,470) Real estate, net $ 3,584,153 $ 3,665,539 (1) Includes accumulated amortization of real estate intangible assets of $191,332 and $173,443 in 2023 and 2022, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $26,487 in 2024, $22,558 in 2025, $19,550 in 2026, $14,466 in 2027 and $11,319 in 2028. As of December 31, 2023, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. (unaudited) Estimated Project Cost (1) GAAP Investment Balance as of 12/31/2023 (2) Amount Funded as of 12/31/2023 (3) Building Completion Date (unaudited) % Leased as of Placed in Service Date Development Projects Leased: Cotton 303 (93%) (4) 1 Phoenix, AZ 488,400 $ 55,300 $ 50,716 $ 44,523 1Q 2024 100 % 1Q 2024 1 488,400 $ 55,300 $ 50,716 $ 44,523 Development Projects Available for Lease: Ocala (80%) 1 Central Florida 1,085,280 $ 85,200 $ 80,184 $ 70,605 1Q 2023 — % — Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 66,400 64,489 58,736 1Q 2023 — % — Smith Farms (90%) 1 Greenville-Spartanburg, SC 1,091,888 76,500 72,411 69,244 2Q 2023 — % — South Shore (100%) (5) 2 Central Florida 213,195 33,500 29,739 29,771 2Q 2023 - 3Q 2023 — % — ETNA Building D (100%) (6) 1 Columbus, OH 250,020 30,200 21,816 15,928 1Q 2024 — % — 6 3,693,743 $ 291,800 $ 268,639 $ 244,284 7 4,182,143 $ 347,100 $ 319,355 $ 288,807 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer fee or partner promote, if any. (2) Excludes leasing costs. (3) Excludes noncontrolling interests' share. (4) Subsequent to December 31, 2023, the property was placed in service. (5) During the fourth quarter of 2023, a 57,690 square foot portion of the project, representing 23% of the total project, was occupied by the tenant and placed in service. (6) During the fourth quarter of 2023, a wholly-owned subsidiary of LXP purchased approximately 14 acres of land and the partially completed leasehold improvements from ETNA Park 70. As of December 31, 2023, 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 LXP Amount Funded as of 12/31/2023 (1) Consolidated: Reems & Olive (95.5%) (2) Phoenix, AZ 320 $ 73,683 $ 74,308 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,328 4,283 ATL Fairburn (100%) Atlanta, GA 14 1,732 1,751 450 $ 80,743 $ 80,342 (1) Excludes noncontrolling interests' share. (2) During the fourth quarter of 2023, a perpetual utility easement was granted in exchange for $6,172, which was accounted for as a sale of real estate. |
Schedule of Acquired Properties | The Company acquired or completed and placed into service the following assets during 2023 and 2022: 2023: Market Acquisition/ Placed in Service Date Initial Primary Lease Expiration Land Building and Improvements Phoenix, AZ (1) March 2023 $ 37,173 08/2033 $ 7,552 $ 29,621 Dallas, TX July 2023 15,018 N/A 2,100 12,918 Columbus, OH (1) October 2023 64,524 10/2033 6,536 57,988 Greenville/Spartanburg, SC (1) October 2023 21,676 02/2029 1,795 19,881 Central Florida (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, including developer partner promote/fee, if any. (2) Represents a portion of the South Shore development project placed into service. 2022: Market (1) Acquisition/ Placed in Service Date Initial Primary Lease Expiration Land Building and Improvements Lease in-place Value Intangible Cincinnati/Dayton, OH (2) February 2022 $ 23,382 N/A $ 2,010 $ 21,372 $ — Cincinnati/Dayton, OH February 2022 48,660 04/2032 4,197 40,944 3,519 Phoenix, AZ April 2022 59,140 05/2037 5,366 50,281 3,493 Greenville/Spartanburg, SC (3) December 2022 64,067 04/2035 2,484 61,583 — $ 195,249 $ 14,057 $ 174,180 $ 7,012 Weighted-average life of intangible assets (years) 12.7 (1) A land parcel located in Hebron, OH was also purchased for $747. (2) Subsequent to acquisition, property was fully leased for approximately nine years. (3) Development project substantially completed and placed in service. Initial basis excludes certain remaining costs, including developer partner promote. |
Dispositions and Impairment (Ta
Dispositions and Impairment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Held for Sale Properties | Assets and liabilities of the held for sale properties consisted of the following: December 31, 2023 December 31, 2022 Assets: Real estate, at cost $ 9,018 $ 131,557 Real estate, intangible assets — 9,942 Accumulated depreciation and amortization — (76,205) Other 150 1,140 Total assets held for sale $ 9,168 $ 66,434 Liabilities: Accounts payable and other liabilities $ 5 $ 637 Deferred revenue 53 143 Prepaid rent 359 370 Total liabilities held for sale $ 417 $ 1,150 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement Inputs | The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2023 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 9,471 $ — $ 9,471 $ — Impaired assets held for sale (1) $ 9,170 $ — $ — $ 9,170 (1) The Company estimated the fair value of certain real estate assets throughout the year based on a discounted cash flow analysis using a discount rate of 10.0% and a residual capitalization rate of 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. Fair Value Measurements Using Description 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — |
Schedule of Carrying Amounts and Fair Value of Financial Instruments | The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 63,464 $ 62,500 $ 61,233 $ 60,984 Liabilities Debt $ 1,770,827 $ 1,630,066 $ 1,488,051 $ 1,293,239 |
Investments in Non-Consolidat_2
Investments in Non-Consolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Affiliates | Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of December 31, Equity in earnings (losses) of non-consolidated entities Investment December 31, 2023 2023 2022 2023 2022 2021 NNN MFG Cold JV L.P. (“MFG Cold JV”) (1) 20% $ 19,693 $ 26,592 $ (3,300) $ (2,050) $ — NNN Office JV L.P. (“Office JV”) (2) 20% 16,237 12,900 508 18,156 (140) Etna Park 70 LLC (3) 90% 10,320 12,975 (258) (137) (93) Etna Park 70 East LLC (4) 90% 2,245 2,126 (192) (174) (114) BSH Lessee L.P. (5) 25% — 3,613 4,608 211 157 $ 48,495 $ 58,206 $ 1,366 $ 16,006 $ (190) (1) MFG Cold JV is a joint venture formed in 2021 that owns special purpose industrial properties formerly owned by the Company. (2) Office JV is a joint venture formed in 2018 that owns office properties formerly owned by the Company. During 2023 and 2022, Office JV sold one and six assets, respectively, and the Company recognized its share of aggregate gains on sale of $1,010 and $24,513, respectively, within equity in earnings of non-consolidated entities within its consolidated statements of operations. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. In the second quarter of 2023, the joint venture commenced development of a 250,020 square foot industrial speculative development project for an estimated cost of $30,200. As of December 31, 2023, the Company's wholly owned subsidiary purchased the land and building improvements for approximately $15,897 and recorded it in investment in real estate under construction on its consolidated balance sheet. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment which sold its sole single-tenant, net-leased asset in January 2023 and the Company recognized its share of the gain on sale of $4,791 within equity in earnings of non-consolidated entities within its consolidated statements of operations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Classification 2023 2022 2021 Fixed $ 275,186 $ 267,644 $ 287,552 Sales-type lease income 7,427 1,936 — Variable (1)(2) 51,607 44,412 52,392 Total $ 334,220 $ 313,992 $ 339,944 (1) Primarily comprised of tenant reimbursements. |
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2023 were as follows: Year ending December 31, Operating Sales-Type 2024 $ 264,322 $ 5,263 2025 254,347 5,473 2026 237,312 5,692 2027 201,098 5,920 2028 170,950 6,156 Thereafter 572,643 733,006 Total $ 1,700,672 $ 761,510 Difference between undiscounted cash flow and present value (697,985) Investment in a sales-type lease $ 63,525 |
Lease, Cost | Supplemental information related to operating leases is as follows: Years Ended December 31, 2023 2022 Weighted-average remaining lease term Operating leases (years) 8.7 9.4 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: Income Statement Classification Fixed Variable Total 2023: Property operating $ 3,539 $ 7 $ 3,546 General and administrative 1,521 280 1,801 Total $ 5,060 $ 287 $ 5,347 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2023: Year ending December 31, Operating Leases 2024 $ 5,169 2025 5,174 2026 4,144 2027 3,643 2028 1,031 Thereafter 5,479 Total lease payments 24,640 Less: Imputed interest (4,407) Present value of lease liabilities $ 20,233 |
Allowance for Credit Loss (Tabl
Allowance for Credit Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss | The following tables detail the allowance for credit loss as of December 31, 2023 and 2022: As of December 31, 2023 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 63,525 $ (61) $ 63,464 0.10 % As of December 31, 2022 Investment in a sales-type lease $ 61,326 $ (93) $ 61,233 0.15 % For the Twelve Months Ended December 31, 2023 Balance at Beginning of Period Write-Offs General Allowance Balance at End of Period Allowance for credit loss $ 93 $ — $ (32) $ 61 For the Twelve Months Ended December 31, 2022 Allowance for credit loss $ — $ — $ 93 $ 93 |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company had the following mortgages and notes payable outstanding as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Mortgages and notes payable $ 60,888 $ 73,154 Unamortized debt issuance costs (764) (1,051) $ 60,124 $ 72,103 |
Schedule of Line of Credit Facilities | The maturity dates and interest rates as of December 31, 2023, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2027 Term SOFR + 1.00% (1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At December 31, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) In November 2023, the Company amended the agreement governing the $300,000 term loan. The amendment, among other things, extends the maturity of the term loan from January 31, 2025 to January 31, 2027. The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum until January 31, 2025. The Company recognized $132 of debt satisfaction losses in connection with this transaction. The aggregate unamortized debt issuance costs for the term loan were $3,236 and $1,041 as of December 31, 2023 and 2022, respectively. |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 5,373 2025 5,570 2026 5,773 2027 305,984 2028 2,223 Thereafter 35,965 360,888 Unamortized debt issuance costs (4,000) $ 356,888 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 198,932 2025 — 2026 — 2027 — 2028 300,000 Thereafter 929,120 1,428,052 Unamortized debt discounts (4,489) Unamortized debt issuance costs (9,624) $ 1,413,939 |
Senior Notes, Convertible Not_2
Senior Notes, Convertible Notes and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption | The Company had the following Senior Notes outstanding as of December 31, 2023 and 2022: Issue Date December 31, 2023 December 31, 2022 Interest Rate Maturity Date Issue Price November 2023 $ 300,000 $ — 6.750 % November 2028 99.423 % August 2021 400,000 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 1,298,932 998,932 Unamortized debt discount (4,489) (3,228) Unamortized debt issuance cost (8,298) (6,409) $ 1,286,145 $ 989,295 |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 5,373 2025 5,570 2026 5,773 2027 305,984 2028 2,223 Thereafter 35,965 360,888 Unamortized debt issuance costs (4,000) $ 356,888 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2024 $ 198,932 2025 — 2026 — 2027 — 2028 300,000 Thereafter 929,120 1,428,052 Unamortized debt discounts (4,489) Unamortized debt issuance costs (9,624) $ 1,413,939 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of December 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets. As of December 31, 2023 As of December 31, 2022 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Assets $ 9,471 Other Assets $ 16,318 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for 2023 and 2022: Derivatives in Cash Flow Amount of Gain Recognized Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) December 31, Hedging Relationships 2023 2022 2023 2022 Interest Rate Swap $ 3,496 $ 22,578 $ (10,343) $ (2) The Company's share of non-consolidated entity's interest rate cap 158 1,455 (1,517) (84) Total $ 3,654 $ 24,033 $ (11,860) $ (86) (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the consolidated statements of operations. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income Loss | A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Years ended December 31, 2023 2022 Balance at beginning of period $ 17,689 $ (6,258) Other comprehensive income before reclassifications 3,654 24,033 Amounts of (income) reclassified from accumulated other comprehensive income to interest expense (11,860) (86) Balance at end of period $ 9,483 $ 17,689 |
Effects of Changes in the Company's Ownership Interests in Noncontrolling Interests | The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests 2023 2022 2021 Net income attributable to LXP Industrial Trust shareholders $ 30,383 $ 113,783 $ 382,648 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests — — 435 Increase in additional paid-in-capital for redemption of noncontrolling OP units 3,393 211 958 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 33,776 $ 113,994 $ 384,041 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Nonvested Share Activity | Non-vested share activity for the years ended December 31, 2023 and 2022, is as follows: Number of Weighted-Average Grant-Date Fair Balance at December 31, 2021 2,290,644 $ 7.17 Granted 860,665 10.97 Vested (951,472) 7.00 Forfeited (140,947) 9.21 Balance at December 31, 2022 2,058,890 8.70 Granted 1,191,697 7.97 Vested (526,453) 9.08 Forfeited (184,661) 6.34 Balance at December 31, 2023 2,539,473 $ 8.45 |
Schedule of Share-based Compensation, Activity | During 2023 and 2022, the Company granted common shares to certain employees and trustees as follows: 2023 2022 Performance Shares (1) Shares issued: Index 407,611 282,720 Peer 407,606 282,715 Grant date fair value per share: (2) Index $ 6.96 $ 9.40 Peer $ 6.50 $ 8.78 Non-Vested Common Shares: (3) Shares issued 376,480 295,230 Grant date fair value $ 4,010 $ 4,304 (1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2023, 266,812 of the 443,359 outstanding performance shares issued in 2020 vested. During 2022, all of the 552,121 performance shares issued in 2019 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company's provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Current: Federal $ — $ — $ (26) State and local (774) (1,120) (1,267) Deferred federal 71 18 — Total $ (703) $ (1,102) $ (1,293) |
Statutory Accounting Practices Disclosure | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2023 2022 2021 Federal provision at statutory tax rate (21%) $ 71 $ 18 $ (35) State and local taxes, net of federal benefit — — — Other (774) (1,120) (1,258) Total $ (703) $ (1,102) $ (1,293) |
Summary of Average Taxable Nature of Dividends | A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2023, is as follows: 2023 2022 2021 Total dividends per share $ 0.50 $ 0.48 $ 0.43 Ordinary income 71.67 % 81.26 % 65.89 % Qualifying dividend — % — % 0.1 % Capital gain — % — % — % Return of capital 28.33 % 18.74 % 34.01 % 100.00 % 100.00 % 100.00 % A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2023, is as follows: 2023 2022 2021 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 100.00 % 100.00 % 99.84 % Qualifying dividend — % — % 0.16 % Capital gain — % — % — % Return of capital — % — % — % 100.00 % 100.00 % 100.00 % |
Supplemental Disclosure of St_2
Supplemental Disclosure of Statement of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | 2023 2022 2021 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 54,390 $ 190,926 $ 178,795 Restricted cash at beginning of period 116 101 626 Cash, cash equivalents and restricted cash at beginning of period $ 54,506 $ 191,027 $ 179,421 Cash and cash equivalents at end of period $ 199,247 $ 54,390 $ 190,926 Restricted cash at end of period 216 116 101 Cash, cash equivalents and restricted cash at end of period $ 199,463 $ 54,506 $ 191,027 |
The Company and Financial Sta_2
The Company and Financial Statement Presentation (Details) | Dec. 31, 2023 state property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of consolidated properties | property | 115 |
Number of states in which entity has interests | state | 18 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares jointVenture segment $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Joint venture interests | jointVenture | 7 | ||
Redemption of noncontrolling OP units for common shares | $ | $ 415 | $ 0 | $ 0 |
Number of operating segments | segment | 1 | ||
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Maximum useful life of PPE (in years) | 40 years | ||
Variable Interest Entity, Primary Beneficiary | LCIF Partnership | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of ownership purchased | 0.925% | ||
Number of LCIF partnership units converted | shares | 730,623.5 | ||
Redemption factor | shares | 1.126 | ||
Common shares issued (in shares) | shares | 822,627 | ||
Shares issued, price per share (in dollars per share) | $ / shares | $ 9.47 | ||
Value of shares redeemed | $ | $ 7,800 | ||
Redemption of noncontrolling OP units for common shares | $ | $ 3,344 | ||
On-Going Development Projects | |||
Property, Plant and Equipment [Line Items] | |||
Joint venture interests | jointVenture | 5 | ||
Land Joint Ventures | |||
Property, Plant and Equipment [Line Items] | |||
Joint venture interests | jointVenture | 2 | ||
Joint Ventures With Developers | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Joint venture, ownership percentage | 80% | ||
Joint Ventures With Developers | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Joint venture, ownership percentage | 95.50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Real estate, net | $ 3,584,153 | $ 3,665,539 |
Total assets | 4,192,775 | 4,053,847 |
Total liabilities | 1,927,318 | 1,662,844 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate, net | 535,118 | 1,027,009 |
Total assets | 626,442 | 1,125,558 |
Total liabilities | $ 19,549 | $ 40,200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
BASIC: | |||
Net income attributable to common shareholders | $ 23,863 | $ 107,307 | $ 375,848 |
Weighted-average common shares outstanding - basic (in shares) | 290,245,877 | 279,887,760 | 277,640,835 |
Net income attributable to common shareholders - per common share basic (usd per share) | $ 0.08 | $ 0.38 | $ 1.35 |
DILUTED: | |||
Impact of assumed conversions | $ (58) | $ 156 | $ 7,962 |
Net income attributable to common shareholders | $ 23,805 | $ 107,463 | $ 383,810 |
Weighted-average common shares outstanding - basic (in shares) | 290,245,877 | 279,887,760 | 277,640,835 |
Effect of dilutive securities: | |||
Unvested share-based payment awards and options (in shares) | 127,251 | 457,597 | 989,177 |
Shares issuable under forward sales agreements (in shares) | 0 | 1,274,842 | 2,110,315 |
Operating Partnership Units (in shares) | 820,386 | 853,259 | 1,918,845 |
Series C Cumulative Convertible Preferred (in shares) | 0 | 0 | 4,710,570 |
Weighted-average common shares outstanding (in shares) | 291,193,514 | 282,473,458 | 287,369,742 |
Net income attributable to common shareholders - per common share diluted (usd per share) | $ 0.08 | $ 0.38 | $ 1.34 |
Earnings Per Share (Details)_2
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested share-based payment awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive shares excluded from the dilutive earnings per share calculation | 0 | 0 | 44,261 |
Preferred shares - Series C | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive shares excluded from the dilutive earnings per share calculation | 4,710,570 | 4,710,570 | 0 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Net Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Line Items] | ||
Buildings and building improvements | $ 3,424,334 | $ 3,335,029 |
Land, land estates and land improvements | 348,133 | 346,816 |
Construction in progress | 1,772 | 9,221 |
Real estate - intangible assets | 314,525 | 328,607 |
Land held for development | 80,743 | 84,412 |
Investments in real estate under construction | 319,355 | 361,924 |
Real estate, gross | 4,488,862 | 4,466,009 |
Accumulated depreciation and amortization | (904,709) | (800,470) |
Real estate, net | 3,584,153 | 3,665,539 |
Accumulated amortization | 191,332 | 173,443 |
Amortization expense, next 12 months | 26,487 | |
Amortization expense, year 2 | 22,558 | |
Amortization expense, year 3 | 19,550 | |
Amortization expense, year 4 | 14,466 | |
Amortization expense, year 5 | 11,319 | |
In-place lease values | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 303,457 | 309,393 |
Tenant relationships | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 10,388 | 12,519 |
Above-market leases | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | $ 680 | $ 6,695 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate [Line Items] | ||
Below-market leases, net of accretion | $ 9,385 | $ 11,214 |
Future accretion, year 1 | 1,830 | |
Future accretion, year 2 | 1,740 | |
Future accretion, year 3 | 1,538 | |
Future accretion, year 4 | 1,292 | |
Future accretion, year 5 | 1,004 | |
Investments in real estate under construction | 319,355 | 361,924 |
Construction in progress, capitalized interest | $ 8,134 | $ 6,330 |
Fairburn JV | ||
Real Estate [Line Items] | ||
Noncontrolling interest, additional ownership percentage purchased by parent | 13% | |
Payments to acquire interest in joint venture | $ 27,958 | |
Noncontrolling interest in joint ventures | $ 25,058 |
Investments in Real Estate - _2
Investments in Real Estate - Schedule of Acquired Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | |||
Initial Cost Basis | $ 146,376 | $ 195,249 | |
Land | 19,944 | 14,057 | |
Building and Improvements | 126,432 | 174,180 | |
Lease in-place Value Intangible | 7,012 | ||
Payments to acquire real estate | 15,018 | $ 132,026 | $ 758,371 |
Lease in-place Value Intangible | |||
Real Estate [Line Items] | |||
Weighted-average life of intangible assets (years) | 12 years 8 months 12 days | ||
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property Expiring August 2033 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 37,173 | ||
Land | 7,552 | ||
Building and Improvements | 29,621 | ||
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property Expiring May 2037 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 59,140 | ||
Land | 5,366 | ||
Building and Improvements | 50,281 | ||
Lease in-place Value Intangible | 3,493 | ||
Dallas, TX | Industrial Property | Dallas, TX Industrial Property | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 15,018 | ||
Land | 2,100 | ||
Building and Improvements | $ 12,918 | ||
Cincinnati/Dayton, OH [Member] | Industrial Property | Cincinnati/Dayton, OH Industrial Property | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 23,382 | ||
Land | 2,010 | ||
Building and Improvements | 21,372 | ||
Lease in-place Value Intangible | 0 | ||
Lease term | 9 years | ||
Cincinnati/Dayton, OH [Member] | Industrial Property | Cincinnati/Dayton, OH Industrial Property Expiring April 2032 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 48,660 | ||
Land | 4,197 | ||
Building and Improvements | 40,944 | ||
Lease in-place Value Intangible | 3,519 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring April 2029 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 21,676 | ||
Land | 1,795 | ||
Building and Improvements | 19,881 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring April 2035 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 64,067 | ||
Land | 2,484 | ||
Building and Improvements | 61,583 | ||
Lease in-place Value Intangible | 0 | ||
Hebron, OH | Industrial Property | |||
Real Estate [Line Items] | |||
Payments to acquire real estate | $ 747 | ||
Columbus, OH | Industrial Property | Columbus, Ohio Industrial Property Expiring October 2033 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 64,524 | ||
Land | 6,536 | ||
Building and Improvements | 57,988 | ||
Central Florida | Industrial Property | Central Florida Industrial Property, Expiring January 2029 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 7,985 | ||
Land | 1,961 | ||
Building and Improvements | $ 6,024 |
Investments in Real Estate - _3
Investments in Real Estate - Schedule of Real Estate Properties Development (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) ft² a building | Dec. 31, 2022 USD ($) | |
Real Estate [Line Items] | ||
# of Buildings | building | 7 | |
Estimated Sq. Ft. (unaudited) | ft² | 4,182,143 | |
Estimated Project Cost | $ 347,100 | |
GAAP Investment Balance at end of period | 319,355 | $ 361,924 |
Amount Funded as of period end | $ 288,807 | |
Real Estate Investment Property Leased | ||
Real Estate [Line Items] | ||
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 488,400 | |
Estimated Project Cost | $ 55,300 | |
GAAP Investment Balance at end of period | 50,716 | |
Amount Funded as of period end | $ 44,523 | |
Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
# of Buildings | building | 6 | |
Estimated Sq. Ft. (unaudited) | ft² | 3,693,743 | |
Estimated Project Cost | $ 291,800 | |
GAAP Investment Balance at end of period | 268,639 | |
Amount Funded as of period end | $ 244,284 | |
Phoenix, AZ | Cotton 303 | ||
Real Estate [Line Items] | ||
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 488,400 | |
Estimated Project Cost | $ 55,300 | |
GAAP Investment Balance at end of period | 50,716 | |
Amount Funded as of period end | $ 44,523 | |
% Lease as of end of period | 100% | |
Phoenix, AZ | Cotton 303 | Real Estate Investment Property Leased | ||
Real Estate [Line Items] | ||
Project (% owned) | 93% | |
Central Florida | Ocala | Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
Project (% owned) | 80% | |
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,085,280 | |
Estimated Project Cost | $ 85,200 | |
GAAP Investment Balance at end of period | 80,184 | |
Amount Funded as of period end | $ 70,605 | |
% Lease as of end of period | 0% | |
Central Florida | South Shore | Real Estate Investment Property Leased | ||
Real Estate [Line Items] | ||
Estimated Sq. Ft. (unaudited) | a | 57,690 | |
% Lease as of end of period | 23% | |
Central Florida | South Shore | Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
Project (% owned) | 100% | |
# of Buildings | building | 2 | |
Estimated Sq. Ft. (unaudited) | ft² | 213,195 | |
Estimated Project Cost | $ 33,500 | |
GAAP Investment Balance at end of period | 29,739 | |
Amount Funded as of period end | $ 29,771 | |
% Lease as of end of period | 0% | |
Indianapolis, IN | Mt. Comfort | Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
Project (% owned) | 80% | |
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,053,360 | |
Estimated Project Cost | $ 66,400 | |
GAAP Investment Balance at end of period | 64,489 | |
Amount Funded as of period end | $ 58,736 | |
% Lease as of end of period | 0% | |
Columbus, OH | ETNA Building D | Real Estate Investment Property Leased | ||
Real Estate [Line Items] | ||
Number of acres purchased | a | 14 | |
Columbus, OH | ETNA Building D | Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
Project (% owned) | 100% | |
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 250,020 | |
Estimated Project Cost | $ 30,200 | |
GAAP Investment Balance at end of period | 21,816 | |
Amount Funded as of period end | $ 15,928 | |
% Lease as of end of period | 0% | |
Greenville-Spartanburg, SC | Smith Farms | Real Estate Investment Properties Available For Lease | ||
Real Estate [Line Items] | ||
Project (% owned) | 90% | |
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,091,888 | |
Estimated Project Cost | $ 76,500 | |
GAAP Investment Balance at end of period | 72,411 | |
Amount Funded as of period end | $ 69,244 | |
% Lease as of end of period | 0% |
Investments in Real Estate - La
Investments in Real Estate - Land Held for Development (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 USD ($) a | Dec. 31, 2023 USD ($) a | Dec. 31, 2022 USD ($) | |
Real Estate [Line Items] | |||
Approximate Acres (unaudited) | a | 450 | 450 | |
GAAP Investment Balance as of end of period | $ 80,743 | $ 80,743 | $ 84,412 |
LXP Amount Funded as of end of period | $ 80,342 | $ 80,342 | |
Reems & Olive | Phoenix, AZ | |||
Real Estate [Line Items] | |||
Project (% owned) | 95.50% | ||
Approximate Acres (unaudited) | a | 320 | 320 | |
GAAP Investment Balance as of end of period | $ 73,683 | $ 73,683 | |
LXP Amount Funded as of end of period | 74,308 | $ 74,308 | |
Proceeds from sale of real estate | $ 6,172 | ||
Mt. Comfort Phase II | Indianapolis, IN | |||
Real Estate [Line Items] | |||
Project (% owned) | 80% | ||
Approximate Acres (unaudited) | a | 116 | 116 | |
GAAP Investment Balance as of end of period | $ 5,328 | $ 5,328 | |
LXP Amount Funded as of end of period | $ 4,283 | $ 4,283 | |
Fairburn JV | Atlanta, GA | |||
Real Estate [Line Items] | |||
Project (% owned) | 100% | ||
Approximate Acres (unaudited) | a | 14 | 14 | |
GAAP Investment Balance as of end of period | $ 1,732 | $ 1,732 | |
LXP Amount Funded as of end of period | $ 1,751 | $ 1,751 |
Dispositions and Impairment - A
Dispositions and Impairment - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Aggregate gain on sale of properties | $ 33,010 | $ 59,094 | $ 367,274 |
Redemption of units (in shares) | shares | 1,598,906 | ||
Transfer mortgage payable | $ 11,610 | ||
Note receivable, interest rate | 6% | ||
Properties classified as held-for-sale (in number of properties) | property | 2 | 3 | |
Asset impairment charges | $ 16,490 | $ 3,037 | $ 5,541 |
Notes Receivable | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Self financing | 1,497 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of property | 100,152 | 196,989 | 823,966 |
Aggregate gain on sale of properties | 33,010 | 59,094 | 367,274 |
Gain (loss) on debt extinguishment on sale of properties | $ 0 | $ 0 | $ 229 |
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed by LCIF | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | property | 3 | ||
Disposition price | $ 35,369 | ||
Number of disposed properties encumbered with mortgage loan | property | 2 |
Dispositions and Impairment - S
Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Real estate, at cost | $ 9,018 | $ 131,557 |
Real estate, intangible assets | 0 | 9,942 |
Accumulated depreciation and amortization | 0 | (76,205) |
Other | 150 | 1,140 |
Assets held for sale | 9,168 | 66,434 |
Liabilities: | ||
Accounts payable and other liabilities | 5 | 637 |
Deferred revenue | 53 | 143 |
Prepaid rent | 359 | 370 |
Liabilities held for sale | $ 417 | $ 1,150 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) $ in Thousands | Dec. 31, 2023 USD ($) year | Dec. 31, 2022 USD ($) |
Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | year | 0.100 | |
Residual Capitalization Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | year | 0.080 | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | $ 9,471 | $ 16,318 |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 9,170 | |
Fair Value Measurements Using Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 0 | 0 |
Fair Value Measurements Using Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 0 | |
Fair Value Measurements Using Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 9,471 | 16,318 |
Fair Value Measurements Using Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 0 | |
Fair Value Measurements Using Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 0 | $ 0 |
Fair Value Measurements Using Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | $ 9,170 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - Fair Value Measurements Using Level 3 - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Assets: | ||
Investment in a sales-type lease, net | $ 63,464 | $ 61,233 |
Liabilities | ||
Debt | 1,770,827 | 1,488,051 |
Fair Value | ||
Assets: | ||
Investment in a sales-type lease, net | 62,500 | 60,984 |
Liabilities | ||
Debt | $ 1,630,066 | $ 1,293,239 |
Investments in Non-Consolidat_3
Investments in Non-Consolidated Entities - Schedule of Investments in and Non-consolidated Entities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) a officeAsset | Dec. 31, 2022 USD ($) officeAsset | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment Balance as of December 31, | $ 48,495 | $ 58,206 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ 1,366 | 16,006 | $ (190) | |
Acreage of land purchased for development | a | 450 | |||
Aggregate gain on sale of properties | $ 33,010 | 59,094 | $ 367,274 | |
NNN MFG Cold JV L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent ownership at end of period | 20% | 20% | ||
Investment Balance as of December 31, | $ 19,693 | 26,592 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ (3,300) | (2,050) | $ 0 | |
NNN Office JV L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent ownership at end of period | 20% | |||
Investment Balance as of December 31, | $ 16,237 | 12,900 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ 508 | $ 18,156 | (140) | |
NNN Office JV L.P. | NNN Office Joint Venture Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | officeAsset | 1 | 6 | ||
Income (loss) from equity method investments, gain on sale of assets | $ 1,010 | $ 24,513 | ||
Etna Park 70 LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent ownership at end of period | 90% | |||
Investment Balance as of December 31, | $ 10,320 | 12,975 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | (258) | (137) | (93) | |
Estimated construction costs | 30,200 | |||
Construction in process purchased by subsidiary | $ 15,897 | |||
Etna Park 70 East LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent ownership at end of period | 90% | |||
Investment Balance as of December 31, | $ 2,245 | 2,126 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ (192) | (174) | (114) | |
BSH Lessee L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent ownership at end of period | 25% | |||
Investment Balance as of December 31, | $ 0 | 3,613 | ||
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ 4,608 | $ 211 | $ 157 | |
BSH Lessee L.P. | BSH Lessee Joint Venture Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Aggregate gain on sale of properties | $ 4,791 |
Investments in Non-Consolidat_4
Investments in Non-Consolidated Entities - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||
Investment advisory fees | $ | $ 6,283 | $ 7,253 | $ 4,053 |
Estimated Sq. Ft. (unaudited) | 4,182,143 | ||
Real Estate Investment Properties Available For Lease | |||
Investments in and Advances to Affiliates [Line Items] | |||
Estimated Sq. Ft. (unaudited) | 3,693,743 | ||
Real Estate Investment Properties Available For Lease | ETNA Building D | Columbus, OH | |||
Investments in and Advances to Affiliates [Line Items] | |||
Estimated Sq. Ft. (unaudited) | 250,020 | ||
Lexington Reality Advisors Inc | Investment Advice | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment advisory fees | $ | $ 4,337 | $ 5,615 | $ 2,968 |
Leases - Additional information
Leases - Additional information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) a property $ / ft² | Dec. 31, 2022 USD ($) tenant | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Non-incremental costs incurred | $ 2 | $ 19 | |
Number of ground leases | property | 1 | ||
Number of acres, industrial development land parcel | a | 100 | ||
Selling profit from sales-type leases | $ 0 | 47,059 | 0 |
Lease income from sales-type lease | $ 7,427 | $ 1,936 | 0 |
Sales-type lease, lease income, statement of income or comprehensive income | Rental revenue | ||
Number of tenants exercising purchase option | tenant | 2 | ||
Net Investment | $ 63,464 | $ 61,233 | |
Sublease income | 3,320 | 3,320 | 3,425 |
Sales-type lease, net investment in lease, before allowance for credit loss | $ 63,525 | 61,326 | |
Unspecified | |||
Lessee, Lease, Description [Line Items] | |||
Selling profit from sales-type leases | 10,184 | ||
Net Investment | 34,841 | ||
Phoenix, AZ | |||
Lessee, Lease, Description [Line Items] | |||
Purchase option, land, per square foot | $ / ft² | 20 | ||
Derecognized land held-for-development | $ 24,109 | ||
Selling profit from sales-type leases | 36,875 | ||
Sales-type lease, direct cost | 4,119 | ||
Fair Value Measurements Using Level 3 | Fair Value | |||
Lessee, Lease, Description [Line Items] | |||
Investment in a sales-type lease, net | 62,500 | 60,984 | |
Fair Value Measurements Using Level 3 | Fair Value | Phoenix, AZ | |||
Lessee, Lease, Description [Line Items] | |||
Sales-type lease, net investment in lease, before allowance for credit loss | $ 60,984 | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, remaining lease term (up to) | 33 years | ||
COVID-19 Pandemic | |||
Lessee, Lease, Description [Line Items] | |||
Rent revenue reduced | $ 0 | $ 417 | $ 370 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed | $ 275,186 | $ 267,644 | $ 287,552 |
Sales-type lease income | 7,427 | 1,936 | 0 |
Variable | 51,607 | 44,412 | 52,392 |
Total | 334,220 | 313,992 | 339,944 |
Lease termination income | $ 0 | $ 238 | $ 15,371 |
Leases - Future Fixed Rental Re
Leases - Future Fixed Rental Receipts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Total | |
2024 | $ 264,322 |
2025 | 254,347 |
2026 | 237,312 |
2027 | 201,098 |
2028 | 170,950 |
Thereafter | 572,643 |
Total | 1,700,672 |
Sales-Type | |
2024 | 5,263 |
2025 | 5,473 |
2026 | 5,692 |
2027 | 5,920 |
2028 | 6,156 |
Thereafter | 733,006 |
Total | 761,510 |
Difference between undiscounted cash flow and present value | (697,985) |
Investment in a sales-type lease | $ 63,525 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term, operating leases (years) | 8 years 8 months 12 days | 9 years 4 months 24 days |
Weighted-average discount rate, operating leases | 4% | 4% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Fixed | $ 5,060 | $ 5,063 | $ 5,025 |
Variable | 287 | 122 | 73 |
Total | 5,347 | 5,185 | 5,098 |
Property operating | |||
Lessee, Lease, Description [Line Items] | |||
Fixed | 3,539 | 3,543 | 3,645 |
Variable | 7 | 0 | 3 |
Total | 3,546 | 3,543 | 3,648 |
General and administrative | |||
Lessee, Lease, Description [Line Items] | |||
Fixed | 1,521 | 1,520 | 1,380 |
Variable | 280 | 122 | 70 |
Total | $ 1,801 | $ 1,642 | $ 1,450 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 5,169 | |
2025 | 5,174 | |
2026 | 4,144 | |
2027 | 3,643 | |
2028 | 1,031 | |
Thereafter | 5,479 | |
Total lease payments | 24,640 | |
Less: Imputed interest | (4,407) | |
Present value of lease liabilities | $ 20,233 | $ 25,118 |
Allowance for Credit Loss - Nar
Allowance for Credit Loss - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Loss [Abstract] | |||
Change in allowance for credit loss | $ (32) | $ 93 | $ 0 |
Allowance for Credit Loss - Sal
Allowance for Credit Loss - Sales-Type Lease, Allowance (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Credit Loss [Abstract] | |||
Amortized cost | $ 63,525 | $ 61,326 | |
Allowance | (61) | (93) | $ 0 |
Net Investment | $ 63,464 | $ 61,233 | |
Allowance as a % of Amortized Cost | 0.0010 | 0.0015 |
Allowance for Credit Loss - Inv
Allowance for Credit Loss - Investment in Sales-Type Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | ||
Balance at Beginning of Period | $ 93 | $ 0 |
Write-Offs | 0 | 0 |
General Allowance | (32) | 93 |
Balance at End of Period | $ 61 | $ 93 |
Mortgages and Notes Payable - S
Mortgages and Notes Payable - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Mortgages and notes payable | $ 60,888 | $ 73,154 |
Unamortized debt issuance costs | (764) | (1,051) |
Long-term debt | $ 60,124 | $ 72,103 |
Mortgages and Notes Payable - A
Mortgages and Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Interest paid, capitalized | $ 11,059 | $ 7,235 | $ 2,974 |
Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 4% | 4% | |
Minimum | Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Effective interest percentage | 3.50% | 3.50% | |
Maximum | Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Effective interest percentage | 4.30% | 4.30% |
Mortgages and Notes Payable - C
Mortgages and Notes Payable - Credit Agreement Terms (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Write off of deferred debt issuance cost | $ 132 | ||
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | 3,236 | $ 1,041 | |
Unsecured Revolving Credit Facility, Expiring February 2023 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit remaining borrowing capacity | 600,000 | ||
Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | 600,000 | ||
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300,000 | ||
Unsecured Term Loan, Expiring January 2027 | Unsecured Term Loan | Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Fixed interest rate from interest rate swap | 2.722% | ||
SOFR | Unsecured Revolving Credit Facility, Expiring February 2023 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.85% | ||
SOFR | Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1% | ||
SOFR | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, increase (decrease) during period | 0.0010 | ||
SOFR | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.725% | ||
SOFR | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% |
Mortgages and Notes Payable - M
Mortgages and Notes Payable - Maturities of Long-term Debt (Details) - Mortgages, Notes Payable and Term Loan $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 5,373 |
2025 | 5,570 |
2026 | 5,773 |
2027 | 305,984 |
2028 | 2,223 |
Thereafter | 35,965 |
Long-term debt, gross | 360,888 |
Unamortized debt issuance costs | (4,000) |
Long-term debt | $ 356,888 |
Senior Notes, Convertible Not_3
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Long-term Debt Instruments (Details) - Senior Notes - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | Aug. 31, 2021 |
Debt Instrument [Line Items] | ||||
Long-Term Debt, Gross | $ 1,298,932 | $ 998,932 | ||
Unamortized debt discounts | (4,489) | (3,228) | ||
Unamortized debt issuance costs | (8,298) | (6,409) | ||
Long-term debt | 1,286,145 | 989,295 | ||
Senior Notes Due 2028 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, Gross | $ 300,000 | 0 | ||
Unamortized debt discounts | $ (1,731) | |||
Interest rate | 6.75% | 6.75% | ||
Issue Price | 99.423% | 99.423% | ||
Senior Notes Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, Gross | $ 400,000 | 400,000 | ||
Unamortized debt discounts | $ (968) | |||
Interest rate | 2.375% | |||
Issue Price | 99.758% | |||
Senior Notes Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, Gross | $ 400,000 | 400,000 | ||
Interest rate | 2.70% | |||
Issue Price | 99.233% | |||
Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, Gross | $ 198,932 | $ 198,932 | ||
Interest rate | 4.40% | |||
Issue Price | 99.883% |
Senior Notes, Convertible Not_4
Senior Notes, Convertible Notes and Trust Preferred Securities - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2007 | Nov. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt satisfaction losses, net | $ (132) | $ (119) | $ (13,894) | |||
Senior Notes | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, unamortized discount | 4,489 | 3,228 | ||||
Debt issuance costs | $ 8,298 | 6,409 | ||||
Senior Notes | Senior Notes Due 2028 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Face amount | $ 300,000 | |||||
Interest rate | 6.75% | 6.75% | ||||
Issue price | 99.423% | 99.423% | ||||
Debt instrument, unamortized discount | $ 1,731 | |||||
Senior Notes | Senior Notes Due 2031 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Face amount | $ 400,000 | |||||
Interest rate | 2.375% | |||||
Issue price | 99.758% | |||||
Debt instrument, unamortized discount | $ 968 | |||||
Senior Notes | Senior Notes Due 2023 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest rate | 4.25% | |||||
Extinguishment of debt | $ 188,756 | |||||
Extinguishment of debt, make-whole premium | 12,191 | |||||
Extinguishment of debt, accrued and unpaid interest | 2,028 | |||||
Debt satisfaction losses, net | $ 12,948 | |||||
6.804% Trust Preferred Securities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Face amount | $ 200,000 | |||||
Interest rate on Trust Preferred Securities | 7.352% | |||||
Principal amount outstanding on Trust Preferred Securities | $ 129,120 | 129,120 | ||||
Debt issuance costs | $ 1,326 | $ 1,426 | ||||
6.804% Trust Preferred Securities | SOFR | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Basis spread on variable rate | 0.26% |
Senior Notes, Convertible Not_5
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Maturities of Long-term Debt (Details) - Senior Notes, Convertible Notes, and Trust Preferred Securities $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 198,932 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 300,000 |
Thereafter | 929,120 |
Long-term debt, gross | 1,428,052 |
Unamortized debt discounts | (4,489) |
Unamortized debt issuance costs | (9,624) |
Long-term debt | $ 1,413,939 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) financial_instrument | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||||
Amount reclassified as increase to interest expense | $ 8,977 | |||
Interest expense | $ 46,389 | $ 45,417 | $ 46,708 | |
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | 4 | 4 | ||
Derivative notional amount | $ 300,000 | $ 300,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) financial_instrument | Dec. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | |||
Derivative asset, statement of financial position | Other assets | Other assets | |
Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative asset | $ 9,471 | $ (16,318) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 3,654 | 24,033 | |
Amount of (income) loss reclassified from AOCI into income | $ (11,860) | (86) | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Number of derivative instruments held | 4 | 4 | |
Derivative notional amount | $ 300,000 | $ 300,000 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 3,496 | 22,578 | |
Amount of (income) loss reclassified from AOCI into income | (10,343) | (2) | |
Cash Flow Hedging | Interest Rate Cap | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 158 | 1,455 | |
Amount of (income) loss reclassified from AOCI into income | $ (1,517) | $ (84) |
Equity - Additional Information
Equity - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) property shares | Aug. 31, 2022 shares | |
Equity [Line Items] | ||||
Shares issued, net of forfeitures (in shares) | 1,284,704 | 930,602 | 949,573 | |
Number of shares authorized to be repurchased (in shares) | 10,000,000 | |||
Average cost per share (in dollars per share) | $ / shares | $ 10.78 | |||
Remaining authorized repurchase amount (in shares) | 6,874,241 | |||
Preferred shares outstanding (in shares) | 1,935,400 | 1,935,400 | ||
Preferred shares, liquidation preference | $ | $ 96,770,000 | $ 96,770,000 | ||
OP unit equivalent in common shares (in unit per share) | 1.13 | |||
Redemption of units (in shares) | 1,598,906 | |||
Shares issued for units redeemed (in shares) | 832,571 | 39,747 | 185,270 | |
Partners' capital account, exchanges and conversions | $ | $ 3,393,000 | $ 211,000 | $ 958,000 | |
Variable Interest Entity, Primary Beneficiary | LCIF Partnership | ||||
Equity [Line Items] | ||||
Common shares issued (in shares) | 822,627 | |||
Value of shares redeemed | $ | $ 7,800,000 | |||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed by LCIF | ||||
Equity [Line Items] | ||||
Number of properties sold | property | 3 | |||
LCIF | Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed by LCIF | ||||
Equity [Line Items] | ||||
Number of properties sold | property | 3 | |||
Forward Contracts | ||||
Equity [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 3,649,023 | |||
Sale of stock, net proceeds | $ | $ 38,492,000 | |||
Common Stock | ||||
Equity [Line Items] | ||||
Repurchase of common shares (in shares) | 0 | 12,102,074 | ||
Preferred shares - Series C | ||||
Equity [Line Items] | ||||
Preferred shares outstanding (in shares) | 1,935,400 | |||
Dividend rate (usd per share) | $ / shares | $ 3.25 | |||
Preferred shares, liquidation preference | $ | $ 96,770,000 | |||
Convertible preferred stock, conversion ratio | 2.4339 | |||
Preferred stock conversion, threshold conversion price percentage (at least) | 125% | |||
At-The-Market Offering | ||||
Equity [Line Items] | ||||
Sale of stock, authorized amount | $ | $ 350,000,000 | |||
Sale of stock, amount available for issuance | $ | $ 294,985,000 | |||
Underwritten Offering | ||||
Equity [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 16,000,000 | |||
Sale of stock (in dollars per share) | $ / shares | $ 12.11 | |||
Underwritten Offering | Forward Contracts | ||||
Equity [Line Items] | ||||
Common stock, shares to be settled on forward basis, aggregate value | $ | $ 183,419,000 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | $ 2,391,003 | $ 2,323,228 |
Balance at end of period | 2,265,457 | 2,391,003 |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | 17,689 | (6,258) |
Balance at end of period | 9,483 | 17,689 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Changes in Accumulated Other Comprehensive Income | ||
Other comprehensive income before reclassifications | 3,654 | 24,033 |
Amounts of (income) reclassified from accumulated other comprehensive income to interest expense | $ (11,860) | $ (86) |
Equity - Schedule of Effects of
Equity - Schedule of Effects of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Net income attributable to LXP Industrial Trust shareholders | $ 30,383 | $ 113,783 | $ 382,648 |
Increase in additional paid-in-capital for reallocation of noncontrolling interests | 0 | 0 | 435 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 3,393 | 211 | 958 |
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ 33,776 | $ 113,994 | $ 384,041 |
Benefit Plans - Non-Vested Shar
Benefit Plans - Non-Vested Share Activity (Details) - Non-vested Shares - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of shares outstanding, beginning (in shares) | 2,058,890 | 2,290,644 |
Number of shares granted (in shares) | 1,191,697 | 860,665 |
Number of shares vested (in shares) | (526,453) | (951,472) |
Number of shares forfeited (in shares) | (184,661) | (140,947) |
Number of shares outstanding, ending (in shares) | 2,539,473 | 2,058,890 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Value per share outstanding, beginning (usd per share) | $ 8.70 | $ 7.17 |
Value per share granted (usd per share) | 7.97 | 10.97 |
Value per share vested (usd per share) | 9.08 | 7 |
Value per share forfeited (usd per share) | 6.34 | 9.21 |
Value per share outstanding, ending (usd per share) | $ 8.45 | $ 8.70 |
Benefit Plans - Shares Granted
Benefit Plans - Shares Granted to Certain Employees and Trustees (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 443,359 | 552,121 | ||
Measurement period (in years) | 3 years | |||
Number of shares vested (in shares) | 266,812 | 552,121 | ||
Index Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 407,611 | 282,720 | ||
Value per share granted (usd per share) | $ 6.96 | $ 9.40 | ||
Peer Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 407,606 | 282,715 | ||
Value per share granted (usd per share) | $ 6.50 | $ 8.78 | ||
Non-vested Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 376,480 | 295,230 | ||
Grant date fair value (usd per share) | $ 4,010 | $ 4,304 | ||
Vesting period (in years) | 3 years |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Shares held in employee trust (in shares) | 130,863 | 130,863 | |
Initial vesting percentage | 25% | ||
Vesting percentage | 100% | ||
Vesting period (in years) | 4 years | ||
Cost recognized | $ 499 | $ 480 | $ 426 |
Allocated share-based compensation expense | $ 8,210 | $ 6,636 | $ 6,554 |
Non-Management Award Grant | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Shares issued for services (in shares) | 93,007 | 69,937 | 50,245 |
Shares issued for services, value | $ 939 | $ 849 | $ 587 |
Non-vested Shares | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 2,539,473 | 2,058,890 | 2,290,644 |
Number of shares available for grant (in shares) | 2,994,544 | ||
Compensation cost not yet recognized | $ 9,157 | ||
Total compensation cost not yet recognized, period for recognition (in years) | 1 year 8 months 12 days | ||
Shares Subject to Time | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 642,552 | ||
Shares Subject to Performance | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 1,896,921 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 0 | $ 0 | $ (26) |
State and local | (774) | (1,120) | (1,267) |
Deferred federal | 71 | 18 | 0 |
Total | $ (703) | $ (1,102) | $ (1,293) |
Income Taxes - Statutory Federa
Income Taxes - Statutory Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal provision at statutory tax rate (21%) | $ 71 | $ 18 | $ (35) |
State and local taxes, net of federal benefit | 0 | 0 | 0 |
Other | (774) | (1,120) | (1,258) |
Total | $ (703) | $ (1,102) | $ (1,293) |
Effective income tax rate reconciliation, at federal statutory income tax rate (in percent) | 21% | 21% | 21% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 423 | $ 84 | |
Net deferred tax assets | 89 | 18 | |
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
State taxes paid | $ 774 | $ 1,121 | $ 1,267 |
Income Taxes - Summary of Avera
Income Taxes - Summary of Average Taxable Nature of Dividends (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, common (usd per share) | $ 0.50 | $ 0.48 | $ 0.43 |
Taxable percentage allocation on dividends | 100% | 100% | 100% |
Common Stock | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 71.67% | 81.26% | 65.89% |
Common Stock | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0.10% |
Common Stock | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Common Stock | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 28.33% | 18.74% | 34.01% |
Preferred shares - Series C | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, preferred (usd per share) | $ 3.25 | $ 3.25 | $ 3.25 |
Taxable percentage allocation on dividends | 100% | 100% | 100% |
Preferred shares - Series C | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 100% | 100% | 99.84% |
Preferred shares - Series C | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0.16% |
Preferred shares - Series C | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Preferred shares - Series C | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Consolidated Properties | |
Real Estate [Line Items] | |
Estimated construction costs | $ 53,200 |
Supplemental Disclosure of St_3
Supplemental Disclosure of Statement of Cash Flow Information - Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 199,247 | $ 54,390 | $ 190,926 | $ 178,795 |
Restricted cash | 216 | 116 | 101 | 626 |
Cash, cash equivalents, and restricted cash | $ 199,463 | $ 54,506 | $ 191,027 | $ 179,421 |
Supplemental Disclosure of St_4
Supplemental Disclosure of Statement of Cash Flow Information - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) asset property | |
Other Significant Noncash Transactions [Line Items] | |||
Interest paid | $ 51,763 | $ 48,675 | $ 44,234 |
Income taxes paid, net | 951 | 1,265 | 1,569 |
Noncash increase to real estate investments under construction | 21,052 | $ 42,962 | 41,100 |
Transfer mortgage payable | $ 11,610 | ||
Number of properties encumbered | property | 1 | ||
Lease obligation incurred | $ 1,589 | ||
Right-of-use asset obtained | $ 1,589 | ||
Palo Alto Office Property | Palo Alto, California | |||
Other Significant Noncash Transactions [Line Items] | |||
Real estate, cost derecognized | 29,375 | ||
Real estate, accumulated depreciation and amortization derecognized | $ 29,375 | ||
NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Co-venture equity ownership percentage | 20% | 20% | |
Noncash increase in equity method investment | $ 28,075 | ||
Etna Park 70 LLC | |||
Other Significant Noncash Transactions [Line Items] | |||
Co-venture equity ownership percentage | 90% | ||
Gain on purchase of land recognized as a noncash decrease to land basis acquired | $ 1,392 | ||
RR Ocala 44, LLC | |||
Other Significant Noncash Transactions [Line Items] | |||
Noncash increase to real estate investments under construction | 489 | ||
Noncontrolling interest liability assumed | 489 | ||
Variable Interest Entity, Primary Beneficiary | LCIF Partnership | |||
Other Significant Noncash Transactions [Line Items] | |||
Value of shares redeemed | $ 7,800 | ||
Non-Recourse Mortgage | NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | 25,850 | ||
LCIF | Non-Recourse Mortgage | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | $ 11,610 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | asset | 22 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed by LCIF | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | property | 3 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed by LCIF | LCIF | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | property | 3 | ||
Proceeds from sale of real estate, noncash transaction | $ 22,305 |
Subsequent Events (Details)
Subsequent Events (Details) | 2 Months Ended | 12 Months Ended |
Feb. 15, 2024 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | ||
Subsequent Events | Subsequent Events | |
Subsequent Event | The Cubes at Etna East | Columbus, OH | ||
Subsequent Event [Line Items] | ||
Noncontrolling interest, additional ownership percentage purchased by parent | 5% |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land and Land Estates | $ 348,133 | |||
Buildings and Improvements | 3,424,334 | |||
Total | 3,774,239 | $ 3,691,066 | $ 3,583,978 | $ 3,514,564 |
Accumulated depreciation and amortization | 713,377 | $ 627,027 | $ 504,699 | $ 684,468 |
Deferred loan costs, net | 764 | |||
Encumbrances, net of deferred loan costs | $ 60,124 | |||
Building and improvements | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | |||
Land estates | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 51 years | |||
Industrial Property | Chandler, AZ | Chandler, AZ, Industrial Property, Acquired Nov-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Land and Land Estates | 10,733 | |||
Buildings and Improvements | 69,517 | |||
Total | 80,250 | |||
Accumulated depreciation and amortization | 10,236 | |||
Industrial Property | Goodyear, AZ | Goodyear, AZ Industrial Acquired Nov-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,247 | |||
Buildings and Improvements | 36,115 | |||
Total | 41,362 | |||
Accumulated depreciation and amortization | 8,388 | |||
Industrial Property | Goodyear, AZ | Goodyear, AZ Industrial Acquired Nov-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,193 | |||
Land and Land Estates | 11,970 | |||
Buildings and Improvements | 50,072 | |||
Total | 62,042 | |||
Accumulated depreciation and amortization | 9,099 | |||
Industrial Property | Goodyear, AZ | Goodyear, AZ Industrial Acquired Jan-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,614 | |||
Buildings and Improvements | 16,222 | |||
Total | 17,836 | |||
Accumulated depreciation and amortization | 2,633 | |||
Industrial Property | Goodyear, AZ | Goodyear, AZ Industrial Acquired Nov-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 11,732 | |||
Buildings and Improvements | 52,840 | |||
Total | 64,572 | |||
Accumulated depreciation and amortization | 4,654 | |||
Industrial Property | Goodyear, AZ | Goodyear, AZ Industrial Acquired Dec-23 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 7,552 | |||
Buildings and Improvements | 29,621 | |||
Total | 37,173 | |||
Accumulated depreciation and amortization | 1,304 | |||
Industrial Property | Phoenix, AZ | Phoenix, AZ Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,027 | |||
Buildings and Improvements | 78,258 | |||
Total | 86,285 | |||
Accumulated depreciation and amortization | 7,358 | |||
Industrial Property | Phoenix, AZ | Phoenix, AZ Industrial Acquired Apr-22 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,366 | |||
Buildings and Improvements | 50,281 | |||
Total | 55,647 | |||
Accumulated depreciation and amortization | 3,674 | |||
Industrial Property | Tolleson, AZ | Tolleson, AZ Industrial Acquired Oct 19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,311 | |||
Buildings and Improvements | 16,013 | |||
Total | 19,324 | |||
Accumulated depreciation and amortization | 3,001 | |||
Industrial Property | Lakeland, FL | Lakeland, FL Industrial Acquired Jan-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,416 | |||
Buildings and Improvements | 20,986 | |||
Total | 22,402 | |||
Accumulated depreciation and amortization | 2,612 | |||
Industrial Property | Ocala, FL | Ocala, FL, Industrial Property, Acquired Jun-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,113 | |||
Buildings and Improvements | 50,034 | |||
Total | 54,147 | |||
Accumulated depreciation and amortization | 7,667 | |||
Industrial Property | Orlando, FL | Orlando, FL, Industrial Property, Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,030 | |||
Buildings and Improvements | 10,869 | |||
Total | 11,899 | |||
Accumulated depreciation and amortization | 5,210 | |||
Industrial Property | Plant City, FL | Plant City, FL Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,610 | |||
Buildings and Improvements | 48,433 | |||
Total | 51,043 | |||
Accumulated depreciation and amortization | 5,454 | |||
Industrial Property | Tampa, FL | Tampa, FL, Industrial Property, Acquired Jul-88 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,160 | |||
Buildings and Improvements | 11,109 | |||
Total | 13,269 | |||
Accumulated depreciation and amortization | 8,489 | |||
Industrial Property | Adairsville, GA | Adairsville, GA Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,465 | |||
Buildings and Improvements | 23,950 | |||
Total | 25,415 | |||
Accumulated depreciation and amortization | 2,182 | |||
Industrial Property | Austell, GA | Austell, GA, Industrial Property, Acquired Jun-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,251 | |||
Buildings and Improvements | 51,518 | |||
Total | 54,769 | |||
Accumulated depreciation and amortization | 14,361 | |||
Industrial Property | Cartersville, GA | Cartersville, GA Industrial Acquired Dec-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,497 | |||
Buildings and Improvements | 42,242 | |||
Total | 44,739 | |||
Accumulated depreciation and amortization | 3,802 | |||
Industrial Property | Cartersville, GA | Cartersville, GA Industrial Acquired Dec-21 Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,006 | |||
Buildings and Improvements | 33,279 | |||
Total | 35,285 | |||
Accumulated depreciation and amortization | 2,919 | |||
Industrial Property | Fairburn, GA | Fairburn, GA, Industrial Property, Acquired Nov-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 7,209 | |||
Buildings and Improvements | 44,030 | |||
Total | 51,239 | |||
Accumulated depreciation and amortization | 4,288 | |||
Industrial Property | McDonough, GA | McDonough, GA Industrial Acquired Aug-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,441 | |||
Buildings and Improvements | 52,790 | |||
Total | 58,231 | |||
Accumulated depreciation and amortization | 14,062 | |||
Industrial Property | McDonough, GA | McDonough, GA Industrial Acquired Feb-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,253 | |||
Buildings and Improvements | 31,387 | |||
Total | 34,640 | |||
Accumulated depreciation and amortization | 6,641 | |||
Industrial Property | Pooler, GA | Pooler, GA, Industrial Property, Acquired Apr-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,690 | |||
Buildings and Improvements | 30,356 | |||
Total | 32,046 | |||
Accumulated depreciation and amortization | 4,997 | |||
Industrial Property | Rincon, GA | Rincon, GA, Industrial Property, Acquired Sep-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,775 | |||
Buildings and Improvements | 34,357 | |||
Total | 38,132 | |||
Accumulated depreciation and amortization | 4,941 | |||
Industrial Property | Savannah, GA | Savannah, GA, Industrial Property Acquired Jun-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,560 | |||
Buildings and Improvements | 25,812 | |||
Total | 28,372 | |||
Accumulated depreciation and amortization | 3,970 | |||
Industrial Property | Savannah, GA | Savannah, GA, Industrial Property Acquired Jun-20, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,070 | |||
Buildings and Improvements | 7,458 | |||
Total | 8,528 | |||
Accumulated depreciation and amortization | 1,151 | |||
Industrial Property | Union City, GA | Union City, GA, Industrial Property, Acquired Jun-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,536 | |||
Buildings and Improvements | 22,830 | |||
Total | 25,366 | |||
Accumulated depreciation and amortization | 4,536 | |||
Industrial Property | Edwardsville, IL | Edwardsville, IL Industrial Acquired Dec-16 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,593 | |||
Buildings and Improvements | 34,817 | |||
Total | 39,410 | |||
Accumulated depreciation and amortization | 10,120 | |||
Industrial Property | Edwardsville, IL | Edwardsville, IL Industrial Acquired Jun- 18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,649 | |||
Buildings and Improvements | 41,338 | |||
Total | 44,987 | |||
Accumulated depreciation and amortization | 10,253 | |||
Industrial Property | Minooka, IL | Minooka, Illinois, Industrial Property Acquired Jan-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,788 | |||
Buildings and Improvements | 34,301 | |||
Total | 36,089 | |||
Accumulated depreciation and amortization | 5,614 | |||
Industrial Property | Minooka, IL | Minooka, Illinois, Industrial Property Acquired Dec-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,432 | |||
Buildings and Improvements | 40,949 | |||
Total | 44,381 | |||
Accumulated depreciation and amortization | 7,100 | |||
Industrial Property | Minooka, IL | Minooka, Illinois, Industrial Property Acquired Jan-20, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,681 | |||
Buildings and Improvements | 45,817 | |||
Total | 49,498 | |||
Accumulated depreciation and amortization | 7,746 | |||
Industrial Property | Rantoul, IL | Rantoul, IL, Industrial Property, Acquired Jan-14 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,304 | |||
Buildings and Improvements | 32,562 | |||
Total | 33,866 | |||
Accumulated depreciation and amortization | 8,947 | |||
Industrial Property | Rockford, IL | Rockford, IL Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 371 | |||
Buildings and Improvements | 4,624 | |||
Total | 4,995 | |||
Accumulated depreciation and amortization | 1,282 | |||
Industrial Property | Rockford, IL | Rockford, IL Industrial Acquired Dec-06, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 509 | |||
Buildings and Improvements | 5,921 | |||
Total | 6,430 | |||
Accumulated depreciation and amortization | 2,548 | |||
Industrial Property | Lafayette, IN | Lafayette, IN, Industrial Property, Acquired Oct-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 662 | |||
Buildings and Improvements | 15,814 | |||
Total | 16,476 | |||
Accumulated depreciation and amortization | 5,033 | |||
Industrial Property | Lebanon, IN | Lebanon, IN, Industrial Property, Acquired Feb-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,100 | |||
Buildings and Improvements | 29,996 | |||
Total | 32,096 | |||
Accumulated depreciation and amortization | 8,475 | |||
Industrial Property | Whiteland, IN | Whiteland, IN Industrial Acquired Oct-21 Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 741 | |||
Buildings and Improvements | 14,486 | |||
Total | 15,227 | |||
Accumulated depreciation and amortization | 1,413 | |||
Industrial Property | Whiteland, IN | Whiteland, IN Industrial Acquired Oct-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,991 | |||
Buildings and Improvements | 39,334 | |||
Total | 41,325 | |||
Accumulated depreciation and amortization | 3,952 | |||
Industrial Property | Whiteland, IN | Whiteland, IN Industrial Acquired Oct-21 Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 695 | |||
Buildings and Improvements | 13,956 | |||
Total | 14,651 | |||
Accumulated depreciation and amortization | 1,359 | |||
Industrial Property | Whitestown, IN | Whitestown, IN Industrial Acquired Jan-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,162 | |||
Buildings and Improvements | 11,825 | |||
Total | 12,987 | |||
Accumulated depreciation and amortization | 1,510 | |||
Industrial Property | Whitestown, IN | Whitestown, IN Industrial Acquired Jan-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,954 | |||
Buildings and Improvements | 17,011 | |||
Total | 18,965 | |||
Accumulated depreciation and amortization | 3,663 | |||
Industrial Property | Whitestown, IN | Whitestown, IN Industrial Acquired Jan-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,208 | |||
Buildings and Improvements | 12,052 | |||
Total | 13,260 | |||
Accumulated depreciation and amortization | 1,543 | |||
Industrial Property | Whitestown, IN | Whitestown, IN Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,335 | |||
Buildings and Improvements | 80,054 | |||
Total | 88,389 | |||
Accumulated depreciation and amortization | 7,391 | |||
Industrial Property | New Century, KS | New Century, KS, Industrial Property, Acquired Feb-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,424 | |||
Total | 13,424 | |||
Accumulated depreciation and amortization | 4,131 | |||
Industrial Property | Walton, KY | Walton, KY Industrial Acquired Feb-22 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,010 | |||
Buildings and Improvements | 23,837 | |||
Total | 25,847 | |||
Accumulated depreciation and amortization | 1,986 | |||
Industrial Property | Walton, KY | Walton, KY Industrial Acquired Feb-22 Property #2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,197 | |||
Buildings and Improvements | 41,043 | |||
Total | 45,240 | |||
Accumulated depreciation and amortization | 3,312 | |||
Industrial Property | Minneapolis, MN | Minneapolis, MN, Industrial Property, Acquired Sep-12 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,886 | |||
Buildings and Improvements | 1,922 | |||
Total | 3,808 | |||
Accumulated depreciation and amortization | 677 | |||
Industrial Property | Byhalia, MS | Byhalia, MS Industrial Property Acquired May-11 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,006 | |||
Buildings and Improvements | 35,795 | |||
Total | 36,801 | |||
Accumulated depreciation and amortization | 11,789 | |||
Industrial Property | Byhalia, MS | Byhalia, MS Industrial Property Acquired Sep-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,751 | |||
Buildings and Improvements | 31,452 | |||
Total | 33,203 | |||
Accumulated depreciation and amortization | 11,269 | |||
Industrial Property | Canton, MS | Canton, MS, Industrial Property, Acquired Mar-15 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,077 | |||
Buildings and Improvements | 71,289 | |||
Total | 76,366 | |||
Accumulated depreciation and amortization | 29,939 | |||
Industrial Property | Olive Branch, MS | Olive Branch, MS Industrial Acquired Apr- 18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,500 | |||
Buildings and Improvements | 48,907 | |||
Total | 51,407 | |||
Accumulated depreciation and amortization | 11,159 | |||
Industrial Property | Olive Branch, MS | Olive Branch, MS Industrial Acquired Apr- 18, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,958 | |||
Buildings and Improvements | 38,702 | |||
Total | 40,660 | |||
Accumulated depreciation and amortization | 10,289 | |||
Industrial Property | Olive Branch, MS | Olive Branch, MS Industrial Acquired May-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,646 | |||
Buildings and Improvements | 40,446 | |||
Total | 43,092 | |||
Accumulated depreciation and amortization | 7,979 | |||
Industrial Property | Olive Branch, MS | Olive Branch, MS Industrial Acquired May-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 851 | |||
Buildings and Improvements | 15,630 | |||
Total | 16,481 | |||
Accumulated depreciation and amortization | 3,029 | |||
Industrial Property | Shelby, NC | Shelby, NC, Industrial Property, Acquired June-11 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,421 | |||
Buildings and Improvements | 18,862 | |||
Total | 20,283 | |||
Accumulated depreciation and amortization | 8,389 | |||
Industrial Property | Statesville, NC | Statesville, NC Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 891 | |||
Buildings and Improvements | 21,994 | |||
Total | 22,885 | |||
Accumulated depreciation and amortization | 8,767 | |||
Industrial Property | Erwin, NY | Erwin, NY, Industrial Property, Acquired Sep-12 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,648 | |||
Buildings and Improvements | 12,514 | |||
Total | 14,162 | |||
Accumulated depreciation and amortization | 5,424 | |||
Industrial Property | Long Island City, NY | Long Island City, NY, Industrial Property, Acquired Mar-13 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,695 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 42,759 | |||
Total | 42,759 | |||
Accumulated depreciation and amortization | 30,823 | |||
Industrial Property | Chillicothe, OH | Chillicothe, OH, Industrial Property, Acquired Oct-11 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 735 | |||
Buildings and Improvements | 12,464 | |||
Total | 13,199 | |||
Accumulated depreciation and amortization | 5,175 | |||
Industrial Property | Columbus, OH | Columbus, OH, Industrial Property, Acquired Aug-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,251 | |||
Buildings and Improvements | 25,349 | |||
Total | 27,600 | |||
Accumulated depreciation and amortization | 2,601 | |||
Industrial Property | Etna, OH | Etna, OH Industrial, Acquired Dec-23 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,536 | |||
Buildings and Improvements | 57,988 | |||
Total | 64,524 | |||
Accumulated depreciation and amortization | 386 | |||
Industrial Property | Glenwillow, OH | Glenwillow, OH Industrial, Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,228 | |||
Buildings and Improvements | 24,530 | |||
Total | 26,758 | |||
Accumulated depreciation and amortization | 10,767 | |||
Industrial Property | Hebron, OH | Hebron, OH Industrial, Acquired Dec-97 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,803 | |||
Buildings and Improvements | 15,128 | |||
Total | 16,931 | |||
Accumulated depreciation and amortization | 3,106 | |||
Industrial Property | Hebron, OH | Hebron, OH Industrial, Acquired Dec-01 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,052 | |||
Buildings and Improvements | 14,312 | |||
Total | 16,364 | |||
Accumulated depreciation and amortization | 5,098 | |||
Industrial Property | Lockbourne, OH | Lockbourne, OH Industrial Acquired Mar-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,800 | |||
Buildings and Improvements | 16,678 | |||
Total | 19,478 | |||
Accumulated depreciation and amortization | 2,288 | |||
Industrial Property | Monroe, OH | Monroe, OH Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,109 | |||
Buildings and Improvements | 16,477 | |||
Total | 17,586 | |||
Accumulated depreciation and amortization | 1,855 | |||
Industrial Property | Monroe, OH | Monroe, OH Industrial Acquired Sep-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 544 | |||
Buildings and Improvements | 14,120 | |||
Total | 14,664 | |||
Accumulated depreciation and amortization | 2,617 | |||
Industrial Property | Monroe, OH | Monroe, OH Industrial Acquired Sep-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,123 | |||
Buildings and Improvements | 60,702 | |||
Total | 63,825 | |||
Accumulated depreciation and amortization | 11,740 | |||
Industrial Property | Monroe, OH | Monroe, OH Industrial Acquired Sep-19, Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,950 | |||
Buildings and Improvements | 88,422 | |||
Total | 92,372 | |||
Accumulated depreciation and amortization | 16,467 | |||
Industrial Property | Streetsboro, OH | Streetsboro, OH Industrial Acquired Jun-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,441 | |||
Buildings and Improvements | 25,351 | |||
Total | 27,792 | |||
Accumulated depreciation and amortization | 13,520 | |||
Industrial Property | Bristol, PA | Bristol, PA Industrial Acquired Mar-98 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,508 | |||
Buildings and Improvements | 15,863 | |||
Total | 18,371 | |||
Accumulated depreciation and amortization | 10,460 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Jul-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,819 | |||
Buildings and Improvements | 24,509 | |||
Total | 27,328 | |||
Accumulated depreciation and amortization | 2,646 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Jul-21, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,169 | |||
Buildings and Improvements | 23,070 | |||
Total | 24,239 | |||
Accumulated depreciation and amortization | 2,448 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Jul-21 Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,016 | |||
Buildings and Improvements | 18,328 | |||
Total | 19,344 | |||
Accumulated depreciation and amortization | 1,915 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Jul-21, Property 4 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,705 | |||
Buildings and Improvements | 27,817 | |||
Total | 29,522 | |||
Accumulated depreciation and amortization | 2,971 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Oct-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,406 | |||
Buildings and Improvements | 14,282 | |||
Total | 15,688 | |||
Accumulated depreciation and amortization | 2,639 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Oct-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,257 | |||
Buildings and Improvements | 13,439 | |||
Total | 14,696 | |||
Accumulated depreciation and amortization | 2,459 | |||
Industrial Property | Duncan, SC | Duncan, SC Industrial Acquired Apr-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,615 | |||
Buildings and Improvements | 27,830 | |||
Total | 29,445 | |||
Accumulated depreciation and amortization | 5,747 | |||
Industrial Property | Greer, SC | Greer, SC Industrial Acquired Jun-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,329 | |||
Buildings and Improvements | 22,393 | |||
Total | 23,722 | |||
Accumulated depreciation and amortization | 2,387 | |||
Industrial Property | Greer, SC | Greer, SC Industrial Acquired Dec-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,959 | |||
Buildings and Improvements | 78,405 | |||
Total | 85,364 | |||
Accumulated depreciation and amortization | 13,323 | |||
Industrial Property | Greer, SC | Greer, SC Industrial Property Acquired Jun-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,376 | |||
Buildings and Improvements | 32,129 | |||
Total | 34,505 | |||
Accumulated depreciation and amortization | 3,437 | |||
Industrial Property | Greer, SC | Greer, SC Industrial Property, Acquired Dec-22 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,484 | |||
Buildings and Improvements | 62,591 | |||
Total | 65,075 | |||
Accumulated depreciation and amortization | 3,131 | |||
Industrial Property | Greer, SC | Greer, SC, Industrial Property, Acquired Dec-23 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,795 | |||
Buildings and Improvements | 19,881 | |||
Total | 21,676 | |||
Accumulated depreciation and amortization | 133 | |||
Industrial Property | Spartanburg,SC | Spartanburg, SC Industrial Acquired Aug-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,447 | |||
Buildings and Improvements | 23,758 | |||
Total | 25,205 | |||
Accumulated depreciation and amortization | 6,519 | |||
Industrial Property | Spartanburg,SC | Spartanburg, SC Industrial Acquired Dec-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,186 | |||
Buildings and Improvements | 15,820 | |||
Total | 17,006 | |||
Accumulated depreciation and amortization | 2,090 | |||
Industrial Property | Antioch, TN | Antioch, TN, Industrial Property, Acquired May-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 17,591 | |||
Total | 21,438 | |||
Accumulated depreciation and amortization | 6,632 | |||
Industrial Property | Cleveland, TN | Cleveland, TN, Industrial Property, Acquired May-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,871 | |||
Buildings and Improvements | 29,743 | |||
Total | 31,614 | |||
Accumulated depreciation and amortization | 8,652 | |||
Industrial Property | Jackson, TN | Jackson, TN, Industrial Property, Acquired Sep-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,454 | |||
Buildings and Improvements | 49,134 | |||
Total | 50,588 | |||
Accumulated depreciation and amortization | 13,148 | |||
Industrial Property | Lewisburg, TN | Lewisburg, TN, Industrial Property, Acquired May-14 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 173 | |||
Buildings and Improvements | 10,865 | |||
Total | 11,038 | |||
Accumulated depreciation and amortization | 3,280 | |||
Industrial Property | Millington, TN | Millington, TN, Industrial Property, Acquired Apr-05 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 723 | |||
Buildings and Improvements | 20,664 | |||
Total | 21,387 | |||
Accumulated depreciation and amortization | 16,213 | |||
Industrial Property | Smyrna, TN | Smyrna, TN, Industrial Property, Acquired Sep-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,793 | |||
Buildings and Improvements | 93,940 | |||
Total | 95,733 | |||
Accumulated depreciation and amortization | 25,769 | |||
Industrial Property | Carrollton, TX | Carrollton, TX, Industrial Property, Acquired Sep-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,228 | |||
Buildings and Improvements | 16,234 | |||
Total | 19,462 | |||
Accumulated depreciation and amortization | 5,190 | |||
Industrial Property | Dallas, TX | Dallas, TX, Industrial Property, Acquired Apr-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,420 | |||
Buildings and Improvements | 23,644 | |||
Total | 26,064 | |||
Accumulated depreciation and amortization | 4,621 | |||
Industrial Property | Deer Park, TX | Deer Park, TX, Industrial Property, Acquired May-2023 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,489 | |||
Buildings and Improvements | 28,470 | |||
Total | 34,959 | |||
Accumulated depreciation and amortization | 3,312 | |||
Industrial Property | Grand Prairie, TX | Grand Prairie, TX, Industrial Property, Acquired Jun-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,166 | |||
Buildings and Improvements | 17,985 | |||
Total | 21,151 | |||
Accumulated depreciation and amortization | 5,069 | |||
Industrial Property | Houston, TX | Houston, TX Industrial Property, Acquired Mar-13 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 15,055 | |||
Buildings and Improvements | 57,949 | |||
Total | 73,004 | |||
Accumulated depreciation and amortization | 19,390 | |||
Industrial Property | Hutchins, TX | Hutchins, TX, Industrial Property, Acquired May-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,307 | |||
Buildings and Improvements | 8,472 | |||
Total | 9,779 | |||
Accumulated depreciation and amortization | 1,352 | |||
Industrial Property | Lancaster, TX | Lancaster, TX, Industrial Property, Acquired Dec-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 25,037 | |||
Total | 28,884 | |||
Accumulated depreciation and amortization | 3,293 | |||
Industrial Property | Lancaster, TX | Lancaster, TX, Industrial Property, Acquired Jul-2023, Non-Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,100 | |||
Buildings and Improvements | 12,918 | |||
Total | 15,018 | |||
Accumulated depreciation and amortization | 284 | |||
Industrial Property | Missouri City, TX | Missouri City, TX, Industrial Property, Acquired, Apr-12 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 14,555 | |||
Buildings and Improvements | 5,895 | |||
Total | 20,450 | |||
Accumulated depreciation and amortization | 5,895 | |||
Industrial Property | Northlake, TX | Northlake, TX Industrial Acquired Feb-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,500 | |||
Buildings and Improvements | 71,636 | |||
Total | 76,136 | |||
Accumulated depreciation and amortization | 11,739 | |||
Industrial Property | Northlake, TX | Northlake, TX Industrial Acquired Dec-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,938 | |||
Buildings and Improvements | 37,189 | |||
Total | 41,127 | |||
Accumulated depreciation and amortization | 5,129 | |||
Industrial Property | Pasadena, TX | Pasadena, TX Industrial Acquired May-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,272 | |||
Buildings and Improvements | 22,295 | |||
Total | 26,567 | |||
Accumulated depreciation and amortization | 2,567 | |||
Industrial Property | Pasadena, TX | Pasadena, TX Industrial Acquired Jun-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,202 | |||
Buildings and Improvements | 17,135 | |||
Total | 19,337 | |||
Accumulated depreciation and amortization | 2,583 | |||
Industrial Property | Pasadena, TX | Pasadena, TX Industrial Acquired May-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,792 | |||
Buildings and Improvements | 9,089 | |||
Total | 10,881 | |||
Accumulated depreciation and amortization | 1,036 | |||
Industrial Property | Pasadena, TX | Pasadena, TX Industrial Acquired Aug-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,057 | |||
Buildings and Improvements | 17,810 | |||
Total | 21,867 | |||
Accumulated depreciation and amortization | 4,327 | |||
Industrial Property | San Antonio, TX | San Antonio, TX, Industrial Property, Acquired Jun-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,311 | |||
Buildings and Improvements | 36,644 | |||
Total | 37,955 | |||
Accumulated depreciation and amortization | 10,245 | |||
Industrial Property | Chester, VA | Chester, VA, Industrial Property, Acquired, Dec-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,544 | |||
Buildings and Improvements | 53,067 | |||
Total | 61,611 | |||
Accumulated depreciation and amortization | 13,391 | |||
Industrial Property | Winchester, VA | Winchester, VA Industrial Acquired Dec-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,988 | |||
Buildings and Improvements | 32,536 | |||
Total | 34,524 | |||
Accumulated depreciation and amortization | 8,351 | |||
Industrial Property | Winchester, VA | Winchester, VA Industrial Acquired Sept-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,818 | |||
Buildings and Improvements | 24,422 | |||
Total | 27,240 | |||
Accumulated depreciation and amortization | 3,567 | |||
Industrial Property | Winchester, VA | Winchester, VA Industrial Acquired Jun-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,823 | |||
Buildings and Improvements | 12,498 | |||
Total | 16,321 | |||
Accumulated depreciation and amortization | 5,857 | |||
Industrial Property | Ruskin, FL | Ruskin, FL, Industrial Property, Acquired Dec-23, Non-Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,961 | |||
Buildings and Improvements | 6,024 | |||
Total | 7,985 | |||
Accumulated depreciation and amortization | 20 | |||
Other Property | Baltimore, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,605 | |||
Buildings and Improvements | 0 | |||
Total | 4,605 | |||
Accumulated depreciation and amortization | 0 | |||
Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Land and Land Estates | ||||
Buildings and Improvements | ||||
Total | 1,772 | |||
Accumulated depreciation and amortization |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Summary (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Total cost basis for federal income tax purposes | $ 4,400,000,000 | ||
Reconciliation of real estate owned: | |||
Balance at the beginning of year | 3,691,066,000 | $ 3,583,978,000 | $ 3,514,564,000 |
Additions during year | 164,489,000 | 229,962,000 | 860,311,000 |
Properties sold and impaired during the year | (174,466,000) | (161,393,000) | (653,247,000) |
Other reclassifications | 93,150,000 | 38,519,000 | |
Other reclassifications | (137,650,000) | ||
Balance at end of year | 3,774,239,000 | 3,691,066,000 | 3,583,978,000 |
Reconciliation of accumulated depreciation and amortization: | |||
Balance at the beginning of year | 627,027,000 | 504,699,000 | 684,468,000 |
Depreciation and amortization expense | 147,617,000 | 144,163,000 | 138,879,000 |
Accumulated depreciation and amortization of properties sold and impaired during year | (100,474,000) | (43,521,000) | (244,751,000) |
Other reclassifications | 39,207,000 | 21,686,000 | (73,897,000) |
Balance at end of year | $ 713,377,000 | $ 627,027,000 | $ 504,699,000 |