Real Estate (Tables)

12 Months Ended

Dec. 31, 2011

Real Estate [Abstract]

Real estate assets

	December 31, 2011 (1)		December 31, 2010
Industrial operating portfolio (2):
Improved land	$	4,813,145	$	2,527,972
Buildings and improvements		16,739,403		8,186,827
Development portfolio, including cost of land (3)		860,531		365,362
Land (4)		1,984,233		1,533,611
Other real estate investments (5)		390,225		265,869
Total investments in real estate properties		24,787,537		12,879,641
Less accumulated depreciation		2,157,907		1,595,678
Net investments in properties	$	22,629,630	$	11,283,963

(1) Included in the balances at December 31, 2011 are the real estate properties acquired in connection with the PEPR Acquisition and the Merger. See Note 3 for further details.

(2) At December 31, 2011 and 2010, we had 1,797 and 985 industrial properties consisting of 291.1 million and 168.5 million square feet, respectively. Of the properties owned at December 31, 2011, 628 properties consisting of 76.1 million square feet were acquired in the Merger and 220 properties consisting of 50.2 million square feet were acquired in the PEPR Acquisition.

(3) At December 31, 2011, the development portfolio consisted of 26 properties aggregating 7.2 million square feet under development and four properties aggregating 2.3 million square feet of pre-stabilized completed properties. Of these properties, 8 properties consisting of 2.5 million square feet were acquired in the Merger. At December 31, 2010, 14 properties aggregating 4.9 million square feet were under development. Our total expected investment upon completion of the development portfolio, including pre-stabilized properties, at December 31, 2011 was $1.2 billion, including land, development and leasing costs.

(4) Land consisted of 10,723 acres at December 31, 2011, of which, 2,234 acres were acquired in the Merger and 8,990 acres at December 31, 2010.

(5) Included in other investments are: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land subject to ground leases; (iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs incurred related to future development projects, including purchase options on land; and (vi) earnest money deposits associated with potential acquisitions.

Future minimum rental payments under non-cancelable operating leases

2012	$	24,236
2013		20,894
2014		19,454
2015		18,623
2016		10,726
Thereafter		146,438
Total	$	240,371

2012	$	1,050,141
2013		882,559
2014		710,916
2015		544,487
2016		389,951
Thereafter		1,119,845
	$	4,697,899

Schedule of amortized rental income

	Amortization Expense		Net Charge (Increase) to Rental Income
2012	$	75,855	$	32,040
2013		49,061		48,791
2014		36,408		56,047
2015		27,840		38,734
2016		14,932		25,092
Thereafter		16,506		68,852
Totals	$	220,602	$	269,556