Real Estate Assets, Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2020

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):

	March 31, 2020		December 31, 2019
Buildings and tenant improvements	$	5,386,928	$	5,295,336
Land and improvements	2,543,415		2,532,541
Other real estate investments (1)	170,602		165,500
Real estate assets	$	8,100,945	$	7,993,377

(1) Consists of underutilized in-fill sites, which may have had buildings/structures on site when we acquired them, that are either (i) under lease to a third party and, after the lease ends, are expected to be redeveloped or will require significant capital expenditures before re-leasing; or (ii) industrial/logistics properties that we intend to re-lease after significant retrofitting and/or environmental remediation is completed.

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 March 31, 2020	Sold Year-to-Date in 2020	Sold in 2019	Total
Properties sold or classified as held-for-sale	—	1	28	29

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,
	2020		2019
Income from continuing operations attributable to common shareholders	$	19,408	$	44,397
Income from discontinued operations attributable to common shareholders	48		154
Net income attributable to common shareholders	$	19,456	$	44,551

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
	March 31, 2020		December 31, 2019
Land and improvements	$	—	$	4,561
Buildings and tenant improvements	—		18,840
Undeveloped land	—		—
Accumulated depreciation	—		(7,132		)
Deferred leasing and other costs, net	—		2,100
Other assets	—		94
Total assets held-for-sale	$	—	$	18,463
Total liabilities related to assets held-for-sale	$	—	$	887