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Real Estate (Tables)
12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Schedule of Carrying Value of Properties
The carrying value of these operating properties by type as of December 31, 2018 and 2017 is as follows (in thousands):
 
 
Land
 
Building
 
 
 
 
 
 
and Land
 
and
 
 
 
Accumulated
 
 
Improvements
 
Improvements
 
Total
 
Depreciation
2018
 
 
 
 
 
 
 
 
Industrial properties
 
$
1,233,655

 
$
4,353,225

 
$
5,586,880

 
$
926,703

Office properties
 
23,051

 
302,559

 
325,610

 
48,269

 
 
 
 
 
 
 
 
 
2018 Total
 
$
1,256,706

 
$
4,655,784

 
$
5,912,490

 
$
974,972

 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
Industrial properties
 
$
1,000,810

 
$
3,867,834

 
$
4,868,644

 
$
810,044

Office properties
 
22,743

 
245,329

 
268,072

 
41,580

 
 
 
 
 
 
 
 
 
2017 Total
 
$
1,023,553

 
$
4,113,163

 
$
5,136,716

 
$
851,624

Schedule of Disposal Groups, Including Discontinued Operations
Information on the operating properties the Company sold during the years ended December 31, 2018, 2017 and 2016 is as follows:
2018 Sales
Reportable Segment
 
Number of Buildings
 
Acres of Developable Land (unaudited)
 
Leaseable Square Feet (unaudited)
 
Gross Proceeds (in thousands)
 
Carolinas/Richmond
 
1

 
1.5

 
80,000

 
$
7,094

 
Chicago/Minneapolis
 

 
8.3

 

 
2,714

 
Lehigh/Central PA
 

 
66.2

 

 
9,700

 
Philadelphia
 
1

 
3.1

 
207,779

 
130,818

 
Southeastern PA
 
32

 

 
2,325,039

 
402,708

 
United Kingdom
 

 

 

 
65,334

(1) 
Other
 
5

 

 
805,746

 
255,000

 
Total
 
39

 
79.1

 
3,418,564

 
$
873,368

 
(1)
The Company sold development rights in Horsham, UK.
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
 

 
16.4

 

 
13,256

Houston
 
1

 
42.2

 
206,808

 
36,145

Lehigh/Central PA
 
2

 
44.3

 
1,683,876

 
249,045

Southeastern PA
 
4

 
3.0

 
313,410

 
56,156

Other
 

 
7.2

 

 
3,739

Total
 
10

 
113.1

 
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

 
5.3

 
2,037,275

 
$
199,825

Florida
 
51

 
12.1

 
3,509,641

 
505,828

Lehigh/Central PA
 
1

 

 
120,777

 
11,200

Philadelphia
 

 
1.0

 

 
2,640

Southeastern PA
 
31

 

 
2,165,002

 
266,821

Other
 
18

 
18.0

 
1,631,295

 
224,241

Total
 
125

 
36.4

 
9,463,990

 
$
1,210,555

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, 2018
 
Sold during the year ended December 31, 2018
 
Sold during the year ended December 31, 2017
 
Total
Properties included in discontinued operations
 
10

 
37

 
2

 
49

Properties included in continuing operations
 
1

 
2

 
8

 
11

Properties sold or classified as held for sale
 
11

 
39

 
10

 
60


The following table illustrates the number of sold or held-for-sale properties included in discontinued operations by reportable segment:
Reportable Segment
 
Held for Sale as of December 31, 2018
 
Sold during the year ended December 31, 2018
 
Sold during the year ended December 31, 2017
Florida
 
3

 

 

Houston
 

 

 
1

Southeastern PA
 
5

 
32

 
1

Other
 
2

 
5

 

Total
 
10

 
37

 
2

The following table illustrates aggregate balance sheet information for all held-for-sale properties (in thousands):
 
December 31, 2018
 
December 31, 2017
 
Included in Continuing Operations
 
Included in Discontinued Operations
 
Total
 
Included in Continuing Operations
 
Included in Discontinued Operations
 
Total
Land and land improvements
$
1,301

 
$
92,889

 
$
94,190

 
$
3,476

 
$
155,974

 
$
159,450

Buildings and improvements
5,638

 
126,001

 
131,639

 
80,738

 
493,615

 
574,353

Development in progress

 

 

 

 
45,035

 
45,035

Land held for development
26,253

 

 
26,253

 
863

 

 
863

Accumulated depreciation
(1,546
)
 
(36,569
)
 
(38,115
)
 
(11,785
)
 
(187,335
)
 
(199,120
)
Deferred financing and leasing costs, net
58

 
2,781

 
2,839

 
2,210

 
15,296

 
17,506

Other assets
164

 
3,575

 
3,739

 
5,137

 
19,351

 
24,488

Assets held for sale
$
31,868

 
$
188,677

 
$
220,545

 
$
80,639

 
$
541,936

 
$
622,575

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities held for sale
$
141

 
$
3,042

 
$
3,183

 
$
1,153

 
$
13,470

 
$
14,623

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, 2018

December 31, 2017

December 31, 2016
 
Revenue
 
 
 
 
 
 
 
   Rental
 
$
43,393


$
61,405


$
48,343

 
   Operating expense reimbursement
 
12,663


27,024


23,042

 
Total Revenue
 
56,056

 
88,429

 
71,385

 
Expenses
 
 
 
 
 
 
 
    Rental property
 
6,959


17,826


13,783

 
    Real estate taxes
 
7,354


11,582


6,873

 
    Other operating expense
 
(9
)

(272
)

110

 
    Interest expense
 
5,812


6,858


9,950

 
    Depreciation and amortization
 
5,356


19,190


13,642

 
    Impairment charges - real estate assets
 
7,257


6,686



 
Total Expense
 
32,729

 
61,870

 
44,358

 
Interest and other income
 
52


102


104

 
Gain on property dispositions
 
303,159


14,578



 
Income taxes
 




(2
)
 
Income from discontinued operations
 
326,538

 
41,239

 
27,129

 
Noncontrolling interest - operating partnership
 
(7,608
)

(965
)
 
(632
)
 
Income available to common shareholders
 
$
318,930

 
$
40,274

 
$
26,497

 
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, 2018, 2017 and 2016 is as follows:
2018 Acquisitions
Reportable Segment
 
Number of Buildings
 
Acres of Developable Land (unaudited)
 
Leaseable Square Feet (unaudited)
 
Purchase Price
 
 
 
 
 
 
 
 
(in thousands)
Florida
 

 
30.8

 

 
$
15,478

Lehigh/Central PA
 

 
170.2

 

 
34,092

Southern California
 
5

 
36.0

 
1,450,041

 
291,916

United Kingdom
 
7

 
8.7

 
1,116,421

 
149,582

Other
 
4

 
29.2

 
1,484,612

 
141,502

Total
 
16

 
274.9

 
4,051,074

 
$
632,570


2017 Acquisitions
Reportable Segment
 
Number of Buildings
 
Acres of Developable Land (unaudited)
 
Leaseable Square Feet (unaudited)
 
Purchase Price
 
 
 
 
 
 
 
 
(in thousands)
Carolinas/Richmond
 

 
10.7

 

 
$
1,242

Lehigh/Central PA
 

 
94.6

 

 
17,798

Southern California
 
3

 

 
1,163,233

 
176,310

United Kingdom
 

 
34.6

 

 
12,550

Other
 
5

 
113.6

 
698,646

 
88,498

Total
 
8

 
253.5

 
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
 

 
12.7

 

 
$
2,251

Chicago/Minneapolis
 
1

 
5.6

 
73,160

 
11,064

Lehigh/Central PA
 

 
76.0

 

 
15,395

Philadelphia
 

 
6.2

 

 
13,943

Southeastern PA
 

 
8.3

 

 
3,344

Southern California
 

 
8.1

 

 
4,041

Other
 

 
99.5

 

 
10,854

Total
 
1

 
216.4

 
73,160

 
$
60,892