Investments in Properties

3 Months Ended

Mar. 31, 2021

Investments in Properties

Investments in Properties

3. Investments in Properties

A summary of our investments in properties as of March 31, 2021 and December 31, 2020 is below:

Property Type	As of March 31, 2021		As of December 31, 2020
Land	$	1,050,305	$	1,106,392
Acquired ground lease		6,847		10,308
Buildings and improvements		21,024,542		21,335,396
Tenant improvements		680,582		690,892
		22,762,276		23,142,988
Accumulated depreciation and amortization		(5,649,019)		(5,555,221)
Investments in operating properties, net		17,113,257		17,587,767
Construction in progress and space held for development		2,904,645		2,768,325
Land held for future development		192,896		226,862
Investments in properties, net	$	20,210,798	$	20,582,954

Disposition

On March 16, 2021 we sold a portfolio of 11 data centers in Europe (four in the United Kingdom, three in the Netherlands, three in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT for total purchase consideration of approximately $680.0 million (subject to customary final adjustments for working capital and other items). The total gain recorded as a result of this sale was approximately $333.3 million. We will provide transitional property management services for one year from the closing date at a customary market rate. The assets and liabilities sold were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy.