XML 34 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Real Estate Assets, Discontinued Operations and Assets Held for Sale
 6 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Assets Held for Sale Real Estate Assets, Discontinued Operations and Assets Held-for-Sale
Real Estate Assets
Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands):
June 30, 2021December 31, 2020
Buildings and tenant improvements$5,658,306 $5,812,004 
Land and improvements2,981,167 2,883,674 
Other real estate investments (1)54,192 49,477 
Real estate assets$8,693,665 $8,745,155 
(1) Includes underutilized in-fill sites, which may have had buildings/structures on site when we acquired them, that are either (i) under lease to a third party and, after the lease ends, are expected to be redeveloped or will require significant capital expenditures before re-leasing; or (ii) industrial/logistics properties that we intend to re-lease after significant retrofitting and/or environmental remediation is completed.
Allocation of Noncontrolling Interests - General Partner
The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Income from continuing operations attributable to common shareholders$175,817 $39,797 $255,179 $59,206 
Income from discontinued operations attributable to common shareholders— 23 — 70 
Net income attributable to common shareholders$175,817 $39,820 $255,179 $59,276 
Allocation of Noncontrolling Interests - Partnership
Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders.
Assets Held-for-Sale
The following table illustrates the number of sold or held-for-sale properties in this Report:
Held-for-Sale at June 30, 2021Sold Year-to-Date in 2021Sold in 2020Total
 Properties sold or classified as held-for-sale235735

At June 30, 2021, the properties that met the criteria to be classified as held for sale consisted of 23 wholly-owned properties and 15.0 acres of undeveloped land. None of these held-for-sale properties met the criteria to be classified within discontinued operations.
Included within these properties are nine wholly-owned properties leased by our largest tenant, which will be contributed in three separate tranches pursuant to the terms of a newly formed, unconsolidated joint venture, in which we hold a 20% ownership interest. The first tranche of three properties closed on July 27, 2021 (see Note 12) and the remaining six properties are all expected to close by early 2022.
The other properties that met the criteria for held-for-sale classification at June 30, 2021 represented our remaining properties in the St. Louis market and the sale of these properties closed on July 22, 2021 (see Note 12).

The following table illustrates aggregate balance sheet information for held-for-sale properties (in thousands):
Held-for-Sale Properties Included in Continuing Operations
June 30, 2021December 31, 2020
Land and improvements$197,287 $27,954 
Buildings and tenant improvements325,874 44,800 
Construction in progress25 — 
Undeveloped land1,338 — 
Accumulated depreciation(123,696)(5,976)
Deferred leasing and other costs, net18,609 936 
Other assets16,169 232 
Total assets held-for-sale$435,606 $67,946 
Accrued expenses4,296 660 
Other liabilities19,643 7,080 
Total liabilities related to assets held-for-sale$23,939 $7,740