Investments in Properties

12 Months Ended

Dec. 31, 2020

Investments in Properties

Investments in Properties

5. Investments in Properties

A summary of our investments in properties as of December 31, 2020 and 2019 is as follows:

	As of December 31,
Property Type	2020		2019
Land	$	1,106,392	$	804,830
Acquired ground lease		10,308		10,725
Buildings and improvements		21,335,396		15,449,884
Tenant improvements		690,892		621,153
		23,142,988		16,886,592
Accumulated depreciation and amortization		(5,555,221)		(4,536,169)
Investments in operating properties, net		17,587,767		12,350,423
Construction in progress and space held for development		2,768,325		1,732,555
Land held for future development		226,862		147,597
Investments in properties, net	$	20,582,954	$	14,230,575

Acquisitions

For the year ended December 31, 2020, we acquired real estate for approximately $830.0 million in the aggregate (excluding business combinations discussed in Note 3). Acquisitions for the year ended December 31, 2019 were immaterial to our financial statements – both individually and in the aggregate. The table below reflects the purchase price allocation for the real estate acquired in 2020 (in thousands):

Description	Amount		Weighted average remaining intangible amortization life (in years)
Investment in properties	$	897,181
Customer relationship value and in-place leases		68,850	15
Working capital, net		7,224
Below-market leases		(2,540)	15
Secured debt		(135,000)
Noncontrolling interests in consolidated joint ventures		(5,715)
Acquisition date fair value	$	830,000

Dispositions

We sold the following real estate properties during the years ended December 31, 2020, 2019 and 2018:

2020 Dispositions

				Gross Proceeds		Gain on Sale
Location / Portfolio	Metro Area	Date Sold		(in millions)		(in millions)
Mapletree portfolio (1)	Various		Jan 14, 2020	$	557.0	$	306.5
Liverpoolweg 10	Amsterdam		Jul 17, 2020		21.5		10.4
Naritaweg 52	Amsterdam		Dec 30, 2020		6.1		—
				$	584.6	$	316.9

2019 Dispositions

				Fair Value		Gain on contribution
Location / Portfolio	Metro Area	Date Sold		(in millions)		(in millions)
Mapletree portfolio (2)	Northern Virginia		Nov 1, 2019	$	996.6	$	266.0

2018 Dispositions

					Gross Proceeds		Gain on Sale
Location	Metro Area		Date Sold		(in millions)		(in millions)
200 Quannapowitt Parkway		Boston		Jan 25, 2018	$	15.0	$	(0.4)
34551 Ardenwood Boulevard		Silicon Valley		Feb 9, 2018		73.3		25.3
3065 Gold Camp Drive		Sacramento		Mar 14, 2018		14.2		5.4
11085 Sun Center Drive		Sacramento		Mar 14, 2018		36.8		9.1
Austin Portfolio		Austin		Apr 19, 2018		47.6		12.0
2010 East Centennial Circle		Phoenix		May 22, 2018		5.5		(0.5)
1125 Energy Park Drive		Minneapolis		May 31, 2018		7.0		2.8
360 Spear Street		San Francisco		Sep 21, 2018		92.3		26.7
					$	291.7	$	80.4

(3) On September 16, 2019, we announced the proposed sale of 10 Powered Base Building® properties, which comprise 12 data centers, in North America to Mapletree Investments Pte Ltd (“Mapletree Investments”) and Mapletree Industrial Trust (“MIT” and together with Mapletree Investments, “Mapletree”), at a purchase consideration of approximately $557.0 million. As of December 31, 2019, these 12 data centers had an aggregate carrying value of $229.9 million within total assets and $2.7 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the consolidated balance sheet. The 12 data centers were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy. In January 2020, we closed on the sale of the 12 data centers for a gain of approximately $303.3 million. We provided transitional property management services for one year from the closing date at a customary market rate.

(4) Consists of three data centers that were contributed to a joint venture with Mapletree.