Real Estate (Tables)

12 Months Ended

Dec. 31, 2015

Investments in real estate properties consisted of the following at December 31 (dollars and square feet in thousands):

	Square Feet and Acres (1)				Number of Buildings (1)
	2015		2014		2015		2014		2015		2014
Industrial operating properties:
Improved land	-		-		-		-		$	5,874,052	$	4,227,637
Buildings and improvements		333,830		282,282		1,872		1,607		17,861,693		14,407,815
Development portfolio, including land costs:
Prestabilized		12,598		7,448		28		24		918,099		547,982
Properties under development		19,630		22,844		63		55		954,804		925,998
Land		7,404		9,017	-		-			1,359,794		1,577,786
Other real estate investments (2)										552,926		502,927
Total investments in real estate properties										27,521,368		22,190,145
Less accumulated depreciation										3,274,284		2,790,781
Net investments in real estate properties									$	24,247,084	$	19,399,364

(1)	Items indicated by ‘- -‘ are not applicable.

(2)

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

Summary of Properties Acquired

The following table summarizes our real estate acquisition activity for the years ended December 31 (dollars and square feet in thousands):

	2015		2014		2013
Acquisitions of operating properties from unconsolidated co-investment ventures
Number of industrial operating properties		-		231		58
Square feet		-		45,663		16,319
Real estate acquisition value	$	-	$	2,658,252	$	1,141,128
Gains on revaluation of equity investments upon acquisition of a controlling interest	$	-	$	201,319	$	34,787

Acquisitions of operating properties from third parties
Number of industrial operating properties		52		8		12
Square feet		7,375		1,004		3,262
Real estate acquisition value	$	829,598	$	78,314	$	146,331

Summary of Properties Disposed

The following table summarizes our real estate disposition activity for the years ended December 31 (dollars and square feet in thousands):

	2015		2014		2013
Continuing operations
Contributions to unconsolidated co-investment ventures
Number of properties		31		126		254
Square feet		8,355		25,247		71,503
Net proceeds (1)	$	835,385	$	1,825,311	$	6,479,707
Net gains on contributions (1)	$	148,987	$	188,268	$	555,196
Dispositions to third parties
Number of properties		136		145		-
Square feet		23,024		19,856		-
Net proceeds (1)	$	2,352,645	$	1,365,318	$	177,273
Net gains on dispositions (1)	$	609,900	$	336,203	$	7,673

Discontinued operations
Number of properties		-		-		89
Square feet		-		-		9,196
Net proceeds from dispositions	$	-	$	-	$	608,286
Net gains on dispositions, including related impairment charges and taxes (2)	$	-	$	-	$	116,550

(1)	Includes land parcels.

(2)	We recorded $1.2 million of income tax expense in 2013 related to the disposition of properties in discontinued operations.

Summary of Minimum Lease Payments on Leases

The following table summarizes our minimum lease payments on leases with lease periods greater than one year for space in our operating properties, pre-stabilized development properties and leases of land subject to ground leases at December 31, 2015 (in thousands):

2016	$	1,565,119
2017		1,372,310
2018		1,131,572
2019		886,821
2020		711,827
Thereafter		2,456,484
Total	$	8,124,133

Future Minimum Rental Payments under Non-Cancelable Operating Leases

The following table summarizes our future minimum rental payments under non-cancelable operating leases in effect at December 31, 2015 (in thousands):

2016	$	32,183
2017		29,540
2018		27,769
2019		25,144
2020		24,116
Thereafter		220,625
Total	$	359,377