| Activity In Real Estate Facilities |
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Buildings and |
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Accumulated |
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Land |
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Improvements |
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Depreciation |
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Total |
Balances at December 31, 2017 |
$ |
708,706 |
|
$ |
1,921,379 |
|
$ |
(1,012,798) |
|
$ |
1,617,287 |
Acquisition of real estate facilities |
|
25,806 |
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|
112,230 |
|
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— |
|
|
138,036 |
Consolidation of joint venture |
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21,814 |
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|
84,903 |
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— |
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|
106,717 |
Capital expenditures |
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— |
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|
38,904 |
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— |
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|
38,904 |
Disposals (1) |
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— |
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(17,345) |
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|
17,345 |
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— |
Depreciation and amortization expense |
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— |
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— |
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(96,732) |
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|
(96,732) |
Transfer to properties held for sale |
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— |
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(4,208) |
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|
6,252 |
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|
2,044 |
Balances at December 31, 2018 |
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756,326 |
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|
2,135,863 |
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(1,085,933) |
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|
1,806,256 |
Acquisition of real estate facilities |
|
88,093 |
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|
44,313 |
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— |
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|
132,406 |
Capital expenditures |
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— |
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|
40,092 |
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— |
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|
40,092 |
Disposals (1) |
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— |
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(15,796) |
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|
15,796 |
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— |
Depreciation and amortization expense |
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— |
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— |
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(93,416) |
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|
(93,416) |
Transfer to properties held for sale |
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— |
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(1,164) |
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|
5,064 |
|
|
3,900 |
Balances at December 31, 2019 (2) |
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844,419 |
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2,203,308 |
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(1,158,489) |
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|
1,889,238 |
Acquisition of real estate facilities |
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30,261 |
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|
27,168 |
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— |
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|
57,429 |
Capital expenditures |
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— |
|
|
36,328 |
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— |
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|
36,328 |
Disposals (1) |
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— |
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(19,399) |
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|
19,399 |
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— |
Depreciation and amortization expense |
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— |
|
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— |
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|
(90,058) |
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|
(90,058) |
Transfer to properties held for sale |
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— |
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(16) |
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|
46 |
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|
30 |
Balances at December 31, 2020 |
$ |
874,680 |
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$ |
2,247,389 |
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$ |
(1,229,102) |
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$ |
1,892,967 |
____________________________
(1)Disposals primarily represent the book value of tenant improvements that have been removed upon the customer vacating their space.
(2)Land, building and improvements, and accumulated depreciation, respectively, totaling $2.2 million, $2.8 million, and $1.2 million were reclassified as of December 31, 2019 to “properties held for sale, net” representing two industrial buildings totaling 40,000 square feet located in Redmond, Washington, which were subject to an eminent domain process and sold in 2020.
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| Summary Of Real Estate Assets Acquired And Liabilities Assumed |
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2020 |
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2019 |
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2018 |
Land |
$ |
30,261 |
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$ |
88,093 |
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$ |
25,806 |
Buildings and improvements |
|
27,168 |
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|
44,313 |
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|
112,230 |
Other assets (above-market in-place rents) |
|
523 |
|
|
— |
|
|
1,487 |
Accrued and other liabilities (below-market in-place rents) |
|
(557) |
|
|
(1,241) |
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|
(1,790) |
Other assets (in-place lease intangible) |
|
2,700 |
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|
3,777 |
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|
6,033 |
Total purchase price |
|
60,095 |
|
|
134,942 |
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|
143,766 |
Net operating assets acquired and liabilities assumed |
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(76) |
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(664) |
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(1,367) |
Total cash paid |
$ |
60,019 |
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$ |
134,278 |
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$ |
142,399 |
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