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	2,859		43,824		46,683		14,596
2018 Total	$	1,236,514	$	4,397,049	$	5,633,563	$	941,299
2017
Industrial properties	$	1,000,810	$	3,867,834	$	4,868,644	$	810,044
Office properties	2,405		26,883		29,288		12,025
2017 Total	$	1,003,215	$	3,894,717	$	4,897,932	$	822,069

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
United Kingdom	—	—	—	65,334		(1)
Other	37	—	3,130,785	657,708
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
Other	4	10.2	313,410	59,895
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
Dallas	1	—	197,600	12,000
Florida	51	12.1	3,509,641	505,828
Lehigh/Central PA	1	—	120,777	11,200
Philadelphia	—	1.0	—	2,640
Other	48	18.0	3,598,697	479,062
Total	125	36.4	9,463,990	$	1,210,555

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		$	113,080		$	114,381		$	3,476		$	176,312		$	179,788
Buildings and improvements	5,638			384,737			390,375			80,738			712,061			792,799
Development in progress	—			9,597			9,597			—			84,463			84,463
Land held for development	26,253			—			26,253			863			—			863
Accumulated depreciation	(1,546		)	(70,242		)	(71,788		)	(11,785		)	(216,890		)	(228,675		)
Deferred financing and leasing costs, net	58			13,697			13,755			2,210			27,010			29,220
Other assets	164			19,470			19,634			5,137			50,362			55,499
Assets held for sale	$	31,868		$	470,339		$	502,207		$	80,639		$	833,318		$	913,957
Liabilities held for sale	$	141		$	20,990		$	21,131		$	1,153		$	33,068		$	34,221

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	22	37	2	61
Properties included in continuing operations	1	2	8	11
Properties sold or classified as held for sale	23	39	10	72

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
Chicago/Minneapolis	1	—	—
Florida	3	—	—
Houston	—	—	1
Philadelphia	9	—	—
United Kingdom	2	—	—
Other	7	37	1
Total	22	37	2

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	$	70,315		$	83,696		$	67,288
Operating expense reimbursement	20,670			33,650			27,835
Total Revenue	90,985			117,346			95,123
Expenses
Rental property	12,717			23,104			18,575
Real estate taxes	8,970			12,910			7,964
Other operating expense	100			(182		)	218
Interest expense	7,800			8,916			12,119
Depreciation and amortization	13,192			25,805			19,312
Impairment charges - real estate assets	7,257			6,686			—
Total Expense	50,036			77,239			58,188
Interest and other income	(185		)	(280		)	(104		)
Gain on property dispositions	303,159			14,578			—
Income taxes	(106		)	(99		)	(97		)
Income from discontinued operations	343,817			54,306			36,734
Noncontrolling interest - operating partnership	(8,011		)	(1,271		)	(856		)
Noncontrolling interest – consolidated joint ventures	(495		)	(511		)	(258		)
Income available to common shareholders	$	335,311		$	52,524		$	35,620

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)
Dallas	1	—	900,043	$	52,491
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	3	29.2	584,569	89,011
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
Dallas	—	88.0	—	7,985
Lehigh/Central PA	—	76.0	—	15,395
Philadelphia	—	6.2	—	13,943
Southern California	—	8.1	—	4,041
Other	—	19.8	—	6,213
Total	1	216.4	73,160	$	60,892