Real Estate Assets, Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Real Estate Assets

Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands):

	March 31, 2017	December 31, 2016
Buildings and tenant improvements	$5,043,559	$4,970,891
Land and improvements	1,549,020	1,511,264
Real estate assets	$6,592,579	$6,482,155

Discontinued Operations

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

	Held-for-Sale at March 31, 2017	Sold Year-to-Date in 2017	Sold in 2016	Total
Total properties included in discontinued operations	0	0	0	0
Properties excluded from discontinued operations	11	7	32	50
Total properties sold or classified as held-for-sale	11	7	32	50

The following table illustrates the operational results of the buildings reflected in discontinued operations (in thousands):

	Three Months Ended March 31,
	2017		2016
Revenues	$	—	$	229
Operating expenses	—		8
Operating income	—		237
Gain on sale of depreciable properties	—		(86		)
Income from discontinued operations	$	—	$	151

The amounts classified in discontinued operations for the three months ended March 31, 2016 were comprised of true-up activity related to 2015 property sales that were classified as discontinued operations.

Allocation of Noncontrolling Interests - General Partner

The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands):

	Three Months Ended March 31,
	2017		2016
Income from continuing operations attributable to common shareholders	$	70,200	$	43,157
Income from discontinued operations attributable to common shareholders	—		150
Net income attributable to common shareholders	$	70,200	$	43,307

Allocation of Noncontrolling Interests - Partnership

Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders.

Properties Held-for-Sale

At March 31, 2017, eleven in-service properties were classified as held-for-sale but did not meet the criteria to be classified within discontinued operations. The following table illustrates aggregate balance sheet information for all held-for-sale properties (in thousands):

	Held-for-Sale Properties Included in Continuing Operations
	March 31, 2017			December 31, 2016
Land and improvements	$	8,874		$	3,631
Buildings and tenant improvements	76,073			37,495
Undeveloped land	—			22,657
Accumulated depreciation	(13,632		)	(18,581		)
Deferred leasing and other costs, net	7,257			3,091
Other assets	2,991			3,334
Total assets held-for-sale	$	81,563		$	51,627
Accrued expenses	$	1,396		$	1,363
Other liabilities	1,312			298
Total liabilities held-for-sale	$	2,708		$	1,661