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Investments in Properties | 6 Months Ended
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Jun. 30, 2023
Investments in Properties |
Investments in Properties | 2. Investments in Properties ​ A summary of our investments in properties is below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property Type | ​ | As of June 30, 2023 | ​ | ​ | As of December 31, 2022
Land | ​ | $ | 1,121,188 | ​ | ​ | $ | 1,061,408
Acquired ground lease | ​ | ​ | 6,312 | ​ | ​ | ​ | 6,006
Buildings and improvements | ​ | ​ | 25,150,315 | ​ | ​ | ​ | 24,287,103
Tenant improvements | ​ | ​ | 809,954 | ​ | ​ | ​ | 781,540
​ | ​ | ​ | 27,087,769 | ​ | ​ | ​ | 26,136,057
Accumulated depreciation and amortization | ​ | ​ | (7,739,462) | ​ | ​ | ​ | (7,268,981)
Investments in operating properties, net | ​ | ​ | 19,348,307 | ​ | ​ | ​ | 18,867,076
Construction in progress and space held for development | ​ | ​ | 4,635,939 | ​ | ​ | ​ | 4,789,134
Land held for future development | ​ | ​ | 193,936 | ​ | ​ | ​ | 118,452
Investments in properties, net | ​ | $ | 24,178,182 | ​ | ​ | $ | 23,774,662
​ Asset Dispositions On May 15, 2023, the Company closed on the sale of its 100% interest in a non-core data center property located in Dallas, Texas for gross proceeds of approximately $151 million resulting in a net gain on sale of approximately $90 million. The assets and liabilities sold were not representative of a significant component of our portfolio nor did the sale represent a significant shift in our strategy. On July 17, 2023, we formed a joint venture with GI Partners, and GI Partners acquired a 65% interest in two stabilized hyperscale data center buildings in the Chicago metro area that we contributed. We received approximately $743 million of gross proceeds from the contribution of our data centers to the joint venture and the associated financing, and maintained a 35% interest in the joint venture. We have also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus in Chicago. We will continue to manage the day-to-day operations of the assets. The carrying value of the two data centers is classified as assets held for sale on our condensed consolidated balance sheet as of June 30, 2023. The disposition of a portion of our interest in the two data centers met the criteria under ASC 360 for the assets to qualify as held for sale and contribution. However, the operations are not classified as discontinued operations as a result of our continuing interest in the joint venture. As of June 30, 2023, these two data centers had an aggregate carrying value of $608.9 million within total assets and $5.0 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the condensed consolidated balance sheet. On July 27, 2023, we formed a joint venture with TPG Real Estate, and TPG Real Estate acquired an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia that we contributed. We received approximately $1.3 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing, and maintained a 20% interest in the joint venture. We will continue to manage the day‐to‐day operations of the assets.

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