Real Estate Assets, Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Real Estate Assets, Discontinued Operations and Assets Held-for-Sale

Real Estate Assets

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

	September 30, 2019		December 31, 2018
Buildings and tenant improvements	$	5,224,690	$	4,980,003
Land and improvements	2,466,953		2,268,343
Real estate assets	$	7,691,643	$	7,248,346

Discontinued Operations

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

	Held-for-Sale at September 30, 2019	Sold Year-to-Date in 2019	Sold in 2018	Total
Properties sold or classified as held-for-sale	1	27	15	43

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenues	$	—	$	85	$	—	$	117
Operating expenses	—		—		—		(9		)
Operating income	—		85		—		108
Gain on sale of properties	112		136		366		3,157
Income from discontinued operations	$	112	$	221	$	366	$	3,265

The amounts classified in discontinued operations for the three and nine months ended September 30, 2019 and 2018 were comprised of true-up activity related to properties sold in previous years 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Income from continuing operations attributable to common shareholders	$	226,455	$	52,806	$	341,807	$	316,598
Income from discontinued operations attributable to common shareholders	111		219		363		3,235
Net income attributable to common shareholders	$	226,566	$	53,025	$	342,170	$	319,833

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.

Assets Held-for-Sale

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

	Held-for-Sale Properties Included in Continuing Operations
	September 30, 2019			December 31, 2018
Land and improvements	$	1,268		$	—
Buildings and tenant improvements	26,879			—
Undeveloped land	—			1,966
Accumulated depreciation	(7,931		)	(884		)
Deferred leasing and other costs, net	3,057			—
Other assets	466			—
Total assets held-for-sale	$	23,739		$	1,082
Accrued expenses	$	761		$	—
Other liabilities	1,754			—
Total liabilities related to assets held-for-sale	$	2,515		$	—