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ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Notes)
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
3. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Assets Held For Sale
The Company classifies a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets.
As of December 31, 2019, all of our wholly-owned properties, which consisted of 236 industrial buildings, that are part of the Asset Sale met the criteria to be classified as held for sale. The following table summarizes the amounts held for sale as of December 31, 2019 and 2018. We subsequently completed the Asset Sale in January 2020. See “Note 14” for additional information regarding the completion of the Asset Sale.
 
 
As of
(in thousands)
 
December 31, 2019
 
December 31, 2018
Land
 
$
784,469

 
$
789,840

Building and improvements
 
1,976,044

 
1,956,788

Intangible lease assets
 
192,957

 
208,234

Construction in progress
 
24,308

 
16,071

Accumulated depreciation and amortization
 
(381,271
)
 
(310,135
)
Net investment in real estate properties
 
2,596,507

 
2,660,798

Straight-line and tenant receivables, net
 
32,350

 
28,838

Other assets
 
13,272

 
8,392

Assets held for sale
 
$
2,642,129

 
$
2,698,028

Accounts payable and accrued expenses
 
$
16,655

 
$
20,478

Mortgage notes, net
 
716,470

 
717,940

Other liabilities
 
38,448

 
39,053

Liabilities related to assets held for sale
 
$
771,573

 
777,471



Discontinued Operations
The Company classifies the results of operations and the respective aggregate net gain (loss) as discontinued operations when the disposal of a property or a group of properties represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. Discontinued operations are reflected on the consolidated statements of operations when such property or group of properties have been disposed of or meet the criteria to be classified as held for sale.
Discontinued operations for the periods presented below include the results of operations for the properties classified as held for sale (as described above) as of December 31, 2019. The following table summarizes the amounts included in discontinued operations in the consolidated statements of operations:
 
 
For the Year Ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Rental revenues
 
$
250,715

 
$
241,299

 
$
223,358

Rental expenses
 
(66,476
)
 
(63,670
)
 
(58,053
)
Real estate-related depreciation and amortization
 
(96,402
)
 
(111,868
)
 
(111,619
)
Asset management fees, related party
 
(23,194
)
 
(23,247
)
 
(21,963
)
Interest expense
 
(52,133
)
 
(50,401
)
 
(41,750
)
Income (loss) from discontinued operations
 
$
12,510

 
$
(7,887
)
 
$
(10,027
)
The following table summarizes the significant cash flows related to discontinued operations in the consolidated statements of cash flows:
 
 
For the Year Ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Real estate-related depreciation and amortization
 
$
96,402

 
$
111,868

 
$
111,619

Straight-line rent and amortization of above- and below-market leases
 
$
(6,279
)
 
$
(9,922
)
 
$
(12,118
)
Capital expenditures and development activities
 
(47,745
)
 
(43,916
)
 
(43,236
)