Real Estate Assets, Discontinued Operations and Assets Held for Sale

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Real Estate Assets and Assets Held-for-Sale

Real Estate Assets

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

	June 30, 2022		December 31, 2021
Buildings and tenant improvements	$	6,122,986	$	6,007,848
Land and improvements	3,595,779		3,435,591
Other real estate investments (1)	275,681		172,637
Real estate assets	$	9,994,446	$	9,616,076

(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.

Assets Held-for-Sale

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

	Held-for-Sale at June 30, 2022	Sold Year-to-Date in 2022	Sold in 2021	Total
Properties sold or classified as held-for-sale	—	5	30	35

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

	Held-for-Sale Properties
	June 30, 2022		December 31, 2021
Land and improvements	$	—	$	67,818
Buildings and tenant improvements	—		102,867
Accumulated depreciation	—		(36,785)
Deferred leasing and other costs, net	—		5,392
Other assets	—		5,359
Total assets held-for-sale	$	—	$	144,651
Accrued expenses	—		43
Other liabilities	—		6,235
Total liabilities related to assets held-for-sale	$	—	$	6,278