Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 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):

	December 31, 2021		December 31, 2020
Buildings and tenant improvements	$	6,007,848	$	5,812,004
Land and improvements	3,435,591		2,883,674
Other real estate investments (1)	172,637		49,477
Real estate assets	$	9,616,076	$	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. The leases on these assets are usually short term in nature.

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, 2021, 2020 and 2019, respectively (in thousands):

	2021		2020		2019
Income from continuing operations attributable to common shareholders	$	852,895	$	299,805	$	428,531
Income from discontinued operations attributable to common shareholders	—		110		441
Net income attributable to common shareholders	$	852,895	$	299,915	$	428,972

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 Sold or Held-for-Sale

The following table illustrates the number of sold or held-for-sale properties:

	Held-for-Sale at December 31, 2021	Sold in 2021	Sold in 2020	Sold in 2019	Total
Properties sold or classified as held-for-sale	3	30	7	28	68

These held-for-sale properties were wholly-owned and leased by our largest tenant, which was the third tranche of assets to be contributed to a 20% owned unconsolidated joint venture (see Note 5). The contribution was closed in January 2022 (see Note 14).

At December 31, 2021, three 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, 2021		December 31, 2020
Land and improvements	$	67,818	$	27,954
Buildings and tenant improvements	102,867		44,800
Accumulated depreciation	(36,785)		(5,976)
Deferred leasing and other costs, net	5,392		936
Other assets	5,359		232
Total assets held-for-sale	$	144,651	$	67,946
Accrued expenses	$	43	$	660
Other liabilities	6,235		7,080
Total liabilities held-for-sale	$	6,278	$	7,740