v2.4.1.9

Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2014
Real Estate [Abstract] |
Real Estate Assets | Investments in real estate properties are presented at cost, and consist of the following at December 31 (dollars and square feet in thousands):
|  | Square Feet /Acres (1) |  |  | No. of Buildings (1) |  |  | Investment Balance |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Industrial operating properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Improved land |  |  | - - |  |  |  | - - |  |  |  | - - |  |  |  | - - |  |  | $ | 4,227,637 |  |  | $ | 4,074,647 |
Buildings and improvements |  |  | 282,282 |  |  |  | 267,097 |  |  |  | 1,607 |  |  |  | 1,610 |  |  |  | 14,407,815 |  |  |  | 13,726,417 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-stabilized |  |  | 7,448 |  |  |  | 4,491 |  |  |  | 24 |  |  |  | 11 |  |  |  | 547,982 |  |  |  | 204,022 |
Properties under development |  |  | 22,844 |  |  |  | 18,587 |  |  |  | 55 |  |  |  | 46 |  |  |  | 925,998 |  |  |  | 816,995 |
Land |  |  | 9,017 |  |  |  | 9,747 |  |  |  | - - |  |  |  | - - |  |  |  | 1,577,786 |  |  |  | 1,516,166 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 502,927 |  |  |  | 486,230 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,190,145 |  |  |  | 20,824,477 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,790,781 |  |  |  | 2,568,998 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,399,364 |  |  | $ | 18,255,479 |
(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) certain infrastructure costs related to projects we are developing on behalf of others; (iv) land parcels that are leased to third parties; (v) earnest money deposits associated with potential acquisitions; and (vi) costs related to future development projects, including purchase options on land.
Summary of Properties Acquired | Real estate acquisition activity for the years ended December 31 was as follows (dollars and square feet in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Acquisitions of properties from unconsolidated co-investment ventures |  |  |  |  |  |  |  |  |  |  |  |
Number of industrial operating properties |  |  | 231 |  |  |  | 58 |  |  |  | 215 |
Square feet |  |  | 45,663 |  |  |  | 16,319 |  |  |  | 46,277 |
Real estate acquisition value |  | $ | 2,770,191 |  |  | $ | 1,141,128 |  |  | $ | 2,294,892 |
Gains on revaluation of equity investments upon acquisition of a controlling interest |  | $ | 201,319 |  |  | $ | 34,787 |  |  | $ | 286,335 |
Acquisitions of properties from third parties |  |  |  |  |  |  |  |  |  |  |  |
Number of industrial operating properties |  |  | 8 |  |  |  | 12 |  |  |  | 12 |
Square feet |  |  | 1,004 |  |  |  | 3,262 |  |  |  | 1,622 |
Real estate acquisition value |  | $ | 78,314 |  |  | $ | 146,331 |  |  | $ | 77,397 |
Summary of Properties Disposed | Real estate disposition activity for the years ended December 31 was as follows (dollars and square feet in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Continuing Operations |  |  |  |  |  |  |  |  |  |  |  |
Contributions to unconsolidated co-investment ventures |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 126 |  |  |  | 254 |  |  |  | 25 |
Square feet |  |  | 25,247 |  |  |  | 71,503 |  |  |  | 4,784 |
Net proceeds |  | $ | 1,825,311 |  |  | $ | 6,479,707 |  |  | $ | 380,880 |
Net gains on contributions |  | $ | 188,268 |  |  | $ | 555,196 |  |  | $ | 1,958 |
Dispositions to third parties |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 145 |  |  |  | - |  |  |  | - |
Square feet |  |  | 19,856 |  |  |  | - |  |  |  | - |
Net proceeds (1) |  | $ | 1,365,318 |  |  | $ | 177,273 |  |  | $ | 94,587 |
Net gains on dispositions (1) |  | $ | 336,203 |  |  | $ | 7,673 |  |  | $ | 17,314 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | - |  |  |  | 89 |  |  |  | 200 |
Square feet |  |  | - |  |  |  | 9,196 |  |  |  | 27,169 |
Net proceeds from dispositions |  | $ | - |  |  | $ | 608,286 |  |  | $ | 1,562,189 |
Net gains from dispositions, including related impairment charges and taxes (2) |  | $ | - |  |  | $ | 116,550 |  |  | $ | 35,098 |
(1) | Dispositions to third parties include land sales.
(2) | We recorded $1.2 million and $0.2 million of income tax expense in 2013 and 2012, respectively, related to the disposition of properties in discontinued operations.
Future Minimum Rental Payments under Non-Cancelable Operating Leases | Future minimum rental payments under non-cancelable operating leases in effect at December 31, 2014, were as follows (in thousands):
2015 |  | $ | 32,307 |
2016 |  |  | 30,237 |
2017 |  |  | 27,490 |
2018 |  |  | 25,896 |
2019 |  |  | 25,110 |
Thereafter |  |  | 391,634 |
Total |  | $ | 532,674 |
Operating Properties and Leases | At December 31, 2014, minimum lease payments on leases with lease periods greater than one year for space in our operating properties and leases of land subject to ground leases were as follows (in thousands):
2015 |  | $ | 1,193,676 |
2016 |  |  | 1,025,162 |
2017 |  |  | 798,922 |
2018 |  |  | 601,492 |
2019 |  |  | 427,600 |
Thereafter |  |  | 1,326,106 |
Total |  | $ | 5,372,958 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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