Investments in Properties

12 Months Ended

Dec. 31, 2023

Investments in Properties

Investments in Properties

6. Investments in Properties

A summary of our investments in properties is below (in thousands):

Property Type	As of December 31, 2023		As of December 31, 2022
Land	$	1,087,278	$	1,061,408
Acquired ground lease		91		6,006
Buildings and improvements		25,388,788		24,287,103
Tenant improvements		830,211		781,540
		27,306,368		26,136,057
Accumulated depreciation and amortization		(7,823,685)		(7,268,981)
Investments in operating properties, net		19,482,683		18,867,076
Construction in progress and space held for development		4,635,215		4,789,134
Land held for future development		118,190		118,452
Investments in properties, net	$	24,236,088	$	23,774,662

In December 2023, the Company and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. The disposition of a portion of our interest in the data center campuses met the criteria under ASC 360 for the assets to qualify as held for sale and contribution. However, the operations are not classified as discontinued operations as a result of our continuing interest in the joint venture. These data center campuses were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy. We closed the first phase of the transaction in 2024. The Company will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees. The second phase is subject to regulatory approvals and is targeted to close later in the year.

As of December 31, 2023, real estate assets, including those mentioned above, that qualified as held for sale had an aggregate carrying value of $478.5 million within total assets and $39.0 million within total liabilities and are shown as Assets held for sale and Obligations associated with assets held for sale on the consolidated balance sheet.