| Real Estate Assets |
Investments in real estate properties are presented at cost, and
consisted of the following (square feet and dollars in
thousands):
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Square Feet / Acres (1) |
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No. of Buildings (1) |
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Investment Balance |
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September 30,
2014 |
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December 31,
2013 |
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September 30,
2014 |
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December 31,
2013 |
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September 30,
2014 |
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December 31,
2013 |
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Industrial operating properties:
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Improved land
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-- |
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-- |
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-- |
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-- |
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$ |
3,641,571 |
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$ |
4,074,647 |
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Buildings and improvements
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241,104 |
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267,097 |
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1,415 |
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1,610 |
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12,514,097 |
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13,726,417 |
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Development portfolio, including land costs:
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Pre-stabilized
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5,105 |
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4,491 |
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15 |
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11 |
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391,055 |
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204,022 |
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Properties under development
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21,158 |
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18,587 |
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51 |
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46 |
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925,415 |
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816,995 |
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Land
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9,226 |
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9,747 |
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-- |
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-- |
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1,533,590 |
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1,516,166 |
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Other real estate investments (2)
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-- |
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-- |
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-- |
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-- |
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460,854 |
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486,230 |
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Total investments in real estate properties
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19,466,582 |
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20,824,477 |
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Less accumulated depreciation
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2,695,745 |
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2,568,998 |
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Net investments in real estate properties
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$ |
16,770,837 |
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$ |
18,255,479 |
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| (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) land parcels
that are 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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| Summary of Properties Acquired |
Real estate acquisition activity for the nine months ended
September 30, was as follows (square feet and dollars in
thousands):
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2014 |
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2013 |
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Acquisitions of properties from unconsolidated co-investment
ventures
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Number of properties
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— |
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32 |
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Square feet
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— |
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9,958 |
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Real estate acquisition value
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$ |
— |
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$ |
731,644 |
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Net gains
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$ |
— |
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$ |
35,886 |
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Building acquisitions from third parties
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Number of properties
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8 |
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4 |
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Square feet
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1,004 |
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1,134 |
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Real estate acquisition value
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$ |
78,314 |
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$ |
48,922 |
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| Summary of Properties Disposed |
Real estate disposition activity for the nine months ended
September 30, was as follows (square feet and dollars in
thousands):
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2014 |
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2013 |
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Continuing Operations
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Contributions to co-investment ventures
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Number of properties
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115 |
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221 |
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Square feet
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22,806 |
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62,213 |
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Net proceeds
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$ |
1,627,424 |
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$ |
5,205,322 |
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Net gains on contributions
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$ |
156,746 |
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$ |
407,788 |
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Dispositions to third parties
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Number of properties
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106 |
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— |
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Square feet
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14,663 |
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— |
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Net proceeds (1)
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$ |
955,240 |
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$ |
84,518 |
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Net gains on dispositions (1)
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$ |
180,949 |
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$ |
2,280 |
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Discontinued Operations
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Number of properties
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— |
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39 |
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Square feet
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— |
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4,802 |
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Net proceeds from dispositions
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$ |
— |
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$ |
297,465 |
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Net gains from dispositions, including taxes
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$ |
— |
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$ |
59,598 |
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| (1) |
Dispositions to third parties include
land sales. |
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