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