| Real estate assets |
| |
|
|
|
|
|
|
|
|
| |
|
December 31,
2011 (1) |
|
|
December 31,
2010 |
|
|
Industrial operating portfolio (2):
|
|
|
|
|
|
|
|
|
|
Improved land
|
|
$ |
4,813,145 |
|
|
$ |
2,527,972 |
|
|
Buildings and improvements
|
|
|
16,739,403 |
|
|
|
8,186,827 |
|
|
Development portfolio, including cost of land (3)
|
|
|
860,531 |
|
|
|
365,362 |
|
|
Land (4)
|
|
|
1,984,233 |
|
|
|
1,533,611 |
|
|
Other real estate investments (5)
|
|
|
390,225 |
|
|
|
265,869 |
|
| |
|
|
|
|
|
|
|
|
|
Total investments in real estate properties
|
|
|
24,787,537 |
|
|
|
12,879,641 |
|
|
Less accumulated depreciation
|
|
|
2,157,907 |
|
|
|
1,595,678 |
|
| |
|
|
|
|
|
|
|
|
|
Net investments in properties
|
|
$ |
22,629,630 |
|
|
$ |
11,283,963 |
|
| (1) |
Included in the balances at December 31, 2011 are the real estate properties acquired in connection with the PEPR Acquisition and the Merger. See Note 3 for
further details. |
| (2) |
At December 31, 2011 and 2010, we had 1,797 and 985 industrial properties consisting of 291.1 million and 168.5 million square feet, respectively. Of the
properties owned at December 31, 2011, 628 properties consisting of 76.1 million square feet were acquired in the Merger and 220 properties consisting of 50.2 million square feet were acquired in the PEPR Acquisition.
|
| (3) |
At December 31, 2011, the development portfolio consisted of 26 properties aggregating 7.2 million square feet under development and four properties
aggregating 2.3 million square feet of pre-stabilized completed properties. Of these properties, 8 properties consisting of 2.5 million square feet were acquired in the Merger. At December 31, 2010, 14 properties aggregating
4.9 million square feet were under development. Our total expected investment upon completion of the development portfolio, including pre-stabilized properties, at December 31, 2011 was $1.2 billion, including land, development and leasing
costs. |
| (4) |
Land consisted of 10,723 acres at December 31, 2011, of which, 2,234 acres were acquired in the Merger and 8,990 acres at December 31, 2010.
|
| (5) |
Included in other investments are: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land subject to ground leases;
(iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs incurred related to future development projects, including purchase options on land; and (vi) earnest money deposits associated
with potential acquisitions. |
|
| Future minimum rental payments under non-cancelable operating leases |
| |
|
|
|
|
|
2012
|
|
$ |
24,236 |
|
|
2013
|
|
|
20,894 |
|
|
2014
|
|
|
19,454 |
|
|
2015
|
|
|
18,623 |
|
|
2016
|
|
|
10,726 |
|
|
Thereafter
|
|
|
146,438 |
|
| |
|
|
|
|
|
Total
|
|
$ |
240,371 |
|
| |
|
|
|
|
|
2012
|
|
$ |
1,050,141 |
|
|
2013
|
|
|
882,559 |
|
|
2014
|
|
|
710,916 |
|
|
2015
|
|
|
544,487 |
|
|
2016
|
|
|
389,951 |
|
|
Thereafter
|
|
|
1,119,845 |
|
| |
|
|
|
|
| |
|
$ |
4,697,899 |
|
|
| Schedule of amortized rental income |
| |
|
|
|
|
|
|
|
|
| |
|
Amortization
Expense |
|
|
Net Charge (Increase)
to Rental Income |
|
|
2012
|
|
$ |
75,855 |
|
|
$ |
32,040 |
|
|
2013
|
|
|
49,061 |
|
|
|
48,791 |
|
|
2014
|
|
|
36,408 |
|
|
|
56,047 |
|
|
2015
|
|
|
27,840 |
|
|
|
38,734 |
|
|
2016
|
|
|
14,932 |
|
|
|
25,092 |
|
|
Thereafter
|
|
|
16,506 |
|
|
|
68,852 |
|
| |
|
|
|
|
|
|
|
|
|
Totals
|
|
$ |
220,602 |
|
|
$ |
269,556 |
|
|