Real Estate (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Investments in Real Estate Properties

Investments in real estate properties consisted of the following (dollars and square feet in thousands):

	Square Feet				Number of Buildings
	Mar 31,		Dec 31,		Mar 31,		Dec 31,		Mar 31,		Dec 31,
	2023		2022		2023		2022		2023		2022
Operating properties:
Buildings and improvements		600,985		597,362		2,836		2,825	$	49,020,423	$	48,650,334
Improved land										20,549,061		20,388,461
Development portfolio, including      land costs:
Prestabilized		5,844		4,874		21		15		680,951		597,553
Properties under development		37,600		44,011		102		121		3,571,692		3,614,601
Land (1)										3,444,294		3,338,121
Other real estate investments (2)										5,119,125		5,034,326
Total investments in real estate      properties										82,385,546		81,623,396
Less accumulated depreciation										9,508,351		9,036,085
Net investments in real estate      properties									$	72,877,195	$	72,587,311

(1)At March 31, 2023 and December 31, 2022, our land was comprised of 7,335 and 7,188 acres, respectively.

(2)Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land.

Schedule of Acquisitions of Properties

The following table summarizes our real estate acquisition activity (dollars and square feet in thousands):

	Three Months Ended March 31,
	2023		2022
Number of operating properties		-		1
Square feet		-		303
Acres of land		120		578
Acquisition cost of net investments in real estate, excluding other real estate investments	$	40,474	$	264,485
Acquisition cost of other real estate investments	$	6,185	$	223,411

Number of Properties Disposed Including Minor Adjustments

The following table summarizes our dispositions of net investments in real estate that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):

	Three Months Ended March 31,
	2023		2022
Dispositions of development properties and land, net (1)
Number of properties		-		7
Square feet		-		2,583
Net proceeds	$	-	$	442,555
Gains on dispositions of development properties and land, net	$	-	$	210,206
Other dispositions of investments in real estate, net
Number of properties		5		102
Square feet		360		8,676
Net proceeds	$	57,008	$	1,264,280
Gains on other dispositions of investments in real estate, net	$	4,047	$	584,835

(1)The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party.