Real Estate (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Real Estate Assets

Investments in real estate properties are presented at cost, and consisted of the following (square feet and dollars in thousands):

	Square Feet / Acres (1)				No. of Buildings (1)				Investment Balance
	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2014		2013		2014		2013		2014		2013
Industrial operating properties:
Improved land		- -		- -		- -		- -	$	3,825,519	$	4,074,647
Buildings and improvements		246,431		267,097		1,457		1,610		12,803,481		13,726,417
Development portfolio, including land costs:
Pre-stabilized		5,104		4,491		12		11		383,072		204,022
Properties under development		16,450		18,587		47		46		736,003		816,995
Land		9,346		9,747		- -		- -		1,579,737		1,516,166
Other real estate investments (2)		- -		- -		- -		- -		454,111		486,230
Total investments in real estate properties										19,781,923		20,824,477
Less accumulated depreciation										2,648,866		2,568,998
Net investments in real estate properties									$	17,133,057	$	18,255,479

(1) Items indicated by ‘- -‘ are not applicable.

(2) Included in other real estate investments are: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) certain infrastructure costs related to projects we are developing on behalf of others; (iv) land parcels that are ground leased to third parties; (v) costs related to future development projects, including purchase options on land; and (vi) earnest money deposits associated with potential acquisitions.

Summary of Properties Disposed

Real estate disposition activity for the six months ended June 30, was as follows (square feet and dollars in thousands):

	2014		2013
Continuing Operations
Contributions to co-investment ventures
Number of properties		110		210
Square feet		20,416		59,911
Net proceeds	$	1,203,815	$	5,047,745
Net gains on contributions	$	59,160	$	393,626
Dispositions to third parties
Number of properties		65		—
Square feet		8,808		—
Net proceeds (1)	$	576,004	$	60,915
Net gains on dispositions (1)	$	127,478	$	6,254
Discontinued Operations
Number of properties		—		20
Square feet		—		1,888
Net proceeds from dispositions	$	—	$	162,703
Net gains from dispositions, including taxes	$	—	$	19,301

(1) Dispositions to third parties include land sales.