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Investments in real estate (Tables)

9 Months Ended

Sep. 30, 2012

Our investments in real estate, net, consisted of the following as of September 30, 2012, and December 31, 2011 (in thousands):

	September 30, 2012			December 31, 2011
	Book Value			Book Value
Land (related to rental properties)	$	506,823		$	510,630
Buildings and building improvements	4,682,998			4,417,093
Other improvements	184,301			185,036
Rental properties	5,374,122			5,112,759
Less: accumulated depreciation	(854,332		)	(742,535		)
Rental properties, net	4,519,790			4,370,224

Construction in progress (“CIP”)/current value-added projects:
Active development in North America	304,619			198,644
Active redevelopment in North America	277,506			281,555
Generic infrastructure/building improvement projects in North America	72,739			92,338
Active development and redevelopment in Asia	95,301			106,775
	750,165			679,312

Subtotal	5,269,955			5,049,536

Land/future value-added projects:
Land held for future development in North America	326,932			305,981
Land undergoing preconstruction activities (additional CIP) in North America	597,631			574,884
Land held for future development/land undergoing preconstruction activities (additional CIP) in Asia	78,511			35,697
	1,003,074			916,562

Investment in unconsolidated real estate entity	26,998			42,342
Investments in real estate, net	$	6,300,027		$	6,008,440

Schedule of real estate assets dispositions

The following table summarizes our real estate asset disposition activities for the nine months ended September 30, 2012 (dollars in thousands, except per square foot amounts):

			Rentable/	Sales
		Date	Developable	Price		Sales			Gain
Description	Location	of Sale	Square Feet	per SF		Price (1)			on Sale
Land parcels and assets with a previous operating component:
1201/1209 Mercer Street (2)	Seattle	September 2012	76,029	$	73	$	5,570		$	54
801 Dexter Avenue North (2)	Seattle	August 2012	120,000	$	72	8,600			$	55
Land parcel	Greater Boston	March 2012	(3)	$	275	31,360			$	1,864
Sale of land parcels and assets with a previous operating component						45,530

Income-producing properties:
200 Lawrence Drive/210 Welsh Pool Road	Pennsylvania	July 2012	210,866	$	94	19,750		(4)	$	103
155 Fortune Boulevard (5)	Route 495/Worcester	July 2012	36,000	$	222	8,000			$	1,350
5110 Campus Drive (5)	Pennsylvania	May 2012	21,000	$	86	1,800			$	2
Sales of income-producing properties						29,550

Total						$	75,080

(1) Represents contractual sales price for assets sold or contractual/estimated sale price for sales in process.

(2) Properties sold to residential developers.

(3) In March 2012, we sold one-half of our 55% interest in a land parcel supporting a project with 414,000 rentable square feet for approximately $31.4 million, or approximately $275 per rentable square foot.

(4) Sales price reflects the near-term lease expiration of a client tenant occupying 38,513 rentable square feet, or 18% of the total rentable square feet, on the date of sale. In connection with the sale, we received an interest-only secured note receivable for $6.1 million due in 2018.

(5) Properties were sold to client tenants.