| Real estate assets |
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June 30, |
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December 31, |
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2012 |
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2011 |
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Industrial operating properties (1):
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Improved land
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$ |
5,525,407 |
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$ |
4,813,145 |
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Buildings and improvements
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17,916,987 |
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16,739,403 |
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Development portfolio, including cost of land (2)
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656,561 |
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860,531 |
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Land (3)
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1,881,062 |
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1,984,233 |
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Other real estate investments (4)
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442,280 |
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390,225 |
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Total investments in real estate properties
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26,422,297 |
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24,787,537 |
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Less accumulated depreciation
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2,256,101 |
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2,157,907 |
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Net investments in properties
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$ |
24,166,196 |
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$ |
22,629,630 |
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| (1) |
At June 30, 2012 and December 31, 2011, we had 1,927 and 1,797 industrial properties consisting of 328.0 million square feet and 291.1 million
square feet, respectively. Included at June 30, 2012 were 180 properties totaling $2.1 billion that were acquired in connection with the Q1 Venture Acquisitions. |
| (2) |
At June 30, 2012, the development portfolio consisted of 30 properties aggregating 10.6 million square feet. At December 31, 2011, we had 30 properties
aggregating 9.5 million square feet in the development portfolio. Our total expected investment upon completion of the properties currently in the development portfolio at June 30, 2012 was $1.0 billion, including land, development and
leasing costs. |
| (3) |
Land consisted of 10,508 acres and 10,723 acres at June 30, 2012 and December 31, 2011, respectively, and included land parcels that we may develop or sell
depending on market conditions and other factors. |
| (4) |
Included in other investments are: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land ground leased to third
parties; (iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; and (vi) earnest money deposits associated
with potential acquisitions. |
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