Real Estate Assets, Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2021

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, 2021		December 31, 2020
Buildings and tenant improvements	$	5,895,683	$	5,812,004
Land and improvements	2,936,382		2,883,674
Other real estate investments (1)	23,922		49,477
Real estate assets	$	8,855,987	$	8,745,155

(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 the noncontrolling interests (in thousands):

	Three Months Ended March 31,
	2021		2020
Income from continuing operations attributable to common shareholders	$	79,362	$	19,408
Income from discontinued operations attributable to common shareholders	—		48
Net income attributable to common shareholders	$	79,362	$	19,456

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 in this Report:

	Held-for-Sale at March 31, 2021	Sold Year-to-Date in 2021	Sold in 2020	Total
Properties sold or classified as held-for-sale	—	2	7	9

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, 2021		December 31, 2020
Land and improvements	$	—	$	27,954
Buildings and tenant improvements	—		44,800
Accumulated depreciation	—		(5,976)
Deferred leasing and other costs, net	—		936
Other assets	—		232
Total assets held-for-sale	$	—	$	67,946
Accrued expenses	—		660
Other liabilities	—		7,080
Total liabilities related to assets held-for-sale	$	—	$	7,740