Real Estate (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Schedule of Carrying Value of Properties

The carrying value of these operating properties by type as of December 31, 2017 and 2016 is as follows (in thousands):

	Land		Building
	and Land		and				Accumulated
	Improvements		Improvements		Total		Depreciation
2017
Industrial properties	$	1,001,454	$	3,873,830	$	4,875,284	$	814,301
Office properties	152,226		569,753		721,979		126,312
2017 Total	$	1,153,680	$	4,443,583	$	5,597,263	$	940,613
2016
Industrial properties	$	914,428	$	3,725,331	$	4,639,759	$	719,658
Office properties	145,637		572,681		718,318		127,448
2016 Total	$	1,060,065	$	4,298,012	$	5,358,077	$	847,106

Disposal Group, Including Discontinued Operations

Information on the operating properties the Company sold during the years ended December 31, 2017, 2016 and 2015 is as follows:

2017 Sales

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Gross Proceeds (in thousands)
Chicago/Minneapolis	3	—	136,110	$	8,917
Florida	—	16	—	13,256
Houston	1	42	206,808	36,145
Lehigh/Central PA	2	44	1,683,876	249,045
Southeastern PA	4	3	313,410	56,156
Other	—	8	—	3,739
Total	10	113	2,340,204	$	367,258

2016 Sales

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Gross Proceeds (in thousands)
Chicago/Minneapolis	24	5	2,037,275	$	199,825
Florida	51	12	3,509,641	505,828
Lehigh/Central PA	1	—	120,777	11,200
Philadelphia	—	1	—	2,640
Southeastern PA	31	—	2,165,002	266,821
Other	18	18	1,631,295	224,241
Total	125	36	9,463,990	$	1,210,555

2015 Sales

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Gross Proceeds (in thousands)
Carolinas/Richmond	22	3	1,319,299	$	110,054
Chicago/Minneapolis	2	—	222,642	25,700
Florida	4	—	874,125	55,425
Southeastern PA	46	20	2,724,489	316,583
Other	7	—	569,618	37,371
Total	81	23	5,710,173	$	545,133

A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):

	For the Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015
Revenues	$	34,035		$	36,010		$	34,813
Operating expenses	(14,014		)	(12,989		)	(12,309		)
Depreciation and amortization	(6,753		)	(8,385		)	(8,711		)
Impairment charges - real estate assets	(6,686		)	—			(1,029		)
Interest and other income	58			133			23
Interest expense	(2,239		)	(2,778		)	(2,222		)
Net income before gain on property dispositions	4,401			11,991			10,565
Gain on property dispositions	14,578			—			—
Net income	18,979			11,991			10,565
Noncontrolling interest - operating partnership	(444		)	(282		)	(246		)
Income available to common shareholders	$	18,535		$	11,709		$	10,319

The following table illustrates aggregate balance sheet information for all held-for-sale properties (in thousands):

	December 31, 2017									December 31, 2016
	Included in Continuing Operations			Included in Discontinued Operations			Total			Included in Continuing Operations		Included in Discontinued Operations			Total
Land and land improvements	$	3,476		$	25,848		$	29,324		$	—	$	34,406		$	34,406
Buildings and improvements	80,738			163,195			243,933			—		217,833			217,833
Land held for development	863			—			863			4,548		—			4,548
Accumulated depreciation	(11,785		)	(98,346		)	(110,131		)	—		(106,933		)	(106,933		)
Deferred financing and leasing costs, net	2,210			3,502			5,712			—		6,355			6,355
Other assets	5,137			7,390			12,527			—		8,679			8,679
Total assets held for sale	$	80,639		$	101,589		$	182,228		$	4,548	$	160,340		$	164,888
Total liabilities held for sale	$	1,153		$	3,398		$	4,551		$	—	$	8,079		$	8,079

The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations in this report:

	Held for Sale as of December 31, 2017	Sold during the year ended December 31, 2017	Total
Properties included in discontinued operations	25	2	27
Properties included in continuing operations	2	8	10
Properties sold or classified as held for sale	27	10	37

Schedule of Operating Properties and Land Parcels Acquired

Information on the operating properties and land parcels the Company acquired during the years ended December 31, 2017, 2016 and 2015 is as follows:

2017 Acquisitions

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Purchase Price
				(in thousands)
Carolinas/Richmond	—	11	—	$	1,242
Lehigh/Central PA	—	95	—	17,798
United Kingdom	—	35	—	12,550
Other	8	113	1,861,879	264,808
Total	8	254	1,861,879	$	296,398

2016 Acquisitions

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Purchase Price
				(in thousands)
Carolinas/Richmond	—	13	—	$	2,251
Chicago/Minneapolis	1	6	73,160	11,064
Lehigh/Central PA	—	76	—	15,395
Philadelphia	—	6	—	13,943
Southeastern PA	—	8	—	3,344
Other	—	108	—	14,895
Total	1	217	73,160	$	60,892

2015 Acquisitions

Reportable Segment	Number of Buildings	Acres of Developable Land (unaudited)	Leaseable Square Feet (unaudited)	Purchase Price
				(in thousands)
Carolinas/Richmond	—	94	—	$	1,727
Chicago/Minneapolis	1	188	197,956	24,541
Houston	3	139	921,196	86,497
Lehigh/Central PA	—	281	—	62,402
Other	1	56	410,059	45,248
Total	5	758	1,529,211	$	220,415

Subsequent to December 31, 2017, the Company closed on the acquisition of a 400,000 square foot property in its Southern California segment for a Total Investment of $92.7 million.