Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 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):

	December 31, 2020		December 31, 2019
Buildings and tenant improvements	$	5,812,004	$	5,295,336
Land and improvements	2,883,674		2,532,541
Other real estate investments (1)	49,477		165,500
Real estate assets	$	8,745,155	$	7,993,377

(1) Includes 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.

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 noncontrolling interests, for the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

	2020		2019		2018
Income from continuing operations attributable to common shareholders	$	299,805	$	428,531	$	379,865
Income from discontinued operations attributable to common shareholders	110		441		3,864
Net income attributable to common shareholders	$	299,915	$	428,972	$	383,729

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 the number of sold or held-for-sale properties:

	Held-for-Sale at December 31, 2020	Sold in 2020	Sold in 2019	Sold in 2018	Total
Properties sold or classified as held-for-sale	2	7	28	15	52

At December 31, 2020, two 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 properties held-for-sale (in thousands):

	Held-for-Sale Properties Included in Continuing Operations
	December 31, 2020		December 31, 2019
Land and improvements	$	27,954	$	4,561
Buildings and tenant improvements	44,800		18,840
Accumulated depreciation	(5,976)		(7,132)
Deferred leasing and other costs, net	936		2,100
Other assets	232		94
Total assets held-for-sale	$	67,946	$	18,463
Accrued expenses	$	660	$	643
Other liabilities	7,080		244
Total liabilities held-for-sale	$	7,740	$	887