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