Real Estate Assets, Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2019

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, 2019		December 31, 2018
Buildings and tenant improvements	$	5,092,973	$	4,980,003
Land and improvements	2,335,435		2,268,343
Real estate assets	$	7,428,408	$	7,248,346

Discontinued Operations

The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations in this report:

	Held-for-Sale at March 31, 2019	Sold Year-to-Date in 2019	Sold in 2018	Total
Total properties included in discontinued operations	—	—	—	—
Properties excluded from discontinued operations	—	—	15	15
Total properties sold or classified as held-for-sale	—	—	15	15

The following table illustrates the operational results of the buildings reflected in discontinued operations (in thousands):  

	Three Months Ended March 31,
	2019		2018
Revenues	$	—	$	5
Operating expenses	—		(13		)
Operating loss	—		(8		)
Gain on sale of properties	155		132
Income from discontinued operations	$	155	$	124

The amounts classified in discontinued operations for the three months ended March 31, 2019 and 2018 were comprised of true-up activity related to properties sold in previous years that were classified as discontinued operations.

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,
	2019		2018
Income from continuing operations attributable to common shareholders	$	44,397	$	72,840
Income from discontinued operations attributable to common shareholders	154		123
Net income attributable to common shareholders	$	44,551	$	72,963

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 aggregate balance sheet information for assets held-for-sale (in thousands):

	Held-for-Sale Properties Included in Continuing Operations
	March 31, 2019			December 31, 2018
Land and improvements	$	1,989		$	—
Buildings and tenant improvements	855			—
Undeveloped land	—			1,966
Accumulated depreciation	(1,025		)	(884		)
Deferred leasing and other costs, net	42			—
Other assets	79			—
Total assets held-for-sale	$	1,940		$	1,082
Total liabilities related to assets held-for-sale	$	41		$	—