June 30,

December 31,

2011

2010

Land (related to rental properties)

$

472,977

$

456,940

Buildings and building improvements

4,139,115

3,906,689

Other improvements

184,600

183,140

Rental properties

4,796,692

4,546,769

Less: accumulated depreciation

(679,081

)

(616,007

)

Rental properties, net

4,117,611

3,930,762

Construction in progress (“CIP”)/current value-added projects:

Active redevelopment

296,225

248,651

Active development

238,433

134,758

Projects in India and China

107,934

98,327

642,592

481,736

Land/future value-added projects:

Land held for future development

534,618

431,838

Land undergoing preconstruction activities (additional CIP)

521,753

563,800

1,056,371

995,638

Investment in unconsolidated real estate entity

38,778

36,678

Investments in real estate, net

$

5,855,352

$

5,444,814