Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Investments in Real Estate Properties

Investments in real estate properties consisted of the following at December 31 (dollars and square feet in thousands):

	Square Feet				Number of Buildings
	2023		2022		2023		2022		2023		2022
Operating properties:
Buildings and improvements		630,955		597,362		2,960		2,825	$	52,626,191	$	48,650,334
Improved land										22,809,306		20,388,461
Development portfolio, including land costs:
Prestabilized		13,369		4,874		45		15		1,838,805		597,553
Properties under development		26,438		44,011		85		121		2,528,650		3,614,601
Land (1)										3,775,553		3,338,121
Other real estate investments (2)										5,088,070		5,034,326
Total investments in real estate properties										88,666,575		81,623,396
Less accumulated depreciation										10,931,485		9,036,085
Net investments in real estate properties									$	77,735,090	$	72,587,311

(1)At December 31, 2023, and 2022, our land was comprised of 8,197 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 as industrial properties or other higher use assets; and (iv) energy assets. Energy assets include solar panels, battery storage and mobility solutions.

Schedule of Acquisitions of Properties

The following table summarizes our real estate acquisition activity, excluding the Duke Transaction as discussed in Note 3 and energy assets, for the years ended December 31 (dollars and square feet in thousands):

	2023 (1)		2022		2021 (2)
Number of operating properties		85		23		31
Square feet		17,503		5,169		6,760
Acres of land		1,620		2,218		2,684
Acquisition cost of net investments in real estate, excluding other real estate      investments	$	4,194,468	$	1,828,256	$	2,517,644
Acquisition cost of other real estate investments	$	101,382	$	641,168	$	525,499

(1)Included in 2023 is our acquisition of a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $3.1 billion.

(2)Included in 2021 is our acquisition of additional ownership interest in certain unconsolidated other ventures that we acquired from our partners and subsequently resulted in the consolidation of the real estate assets.

Number of Properties Disposed Including Minor Adjustments

The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties for the years ended December 31 (dollars and square feet in thousands):

	2023		2022		2021
Dispositions of development properties and land, net (1)
Number of properties		22		21		41
Square feet		8,437		7,676		16,482
Net proceeds	$	1,449,644	$	1,398,585	$	2,629,750
Gains on dispositions of development properties and land, net	$	462,270	$	597,745	$	817,017
Other dispositions of investments in real estate, net (2)
Number of properties		25		103		97
Square feet		2,794		8,718		20,806
Net proceeds	$	641,214	$	1,271,639	$	2,536,622
Gains on other dispositions of investments in real estate, net	$	161,039	$	589,391	$	772,570

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

(2)In 2023 and 2021, we sold our ownership interest in unconsolidated joint ventures. The net proceeds and gains from these transactions are included in the table.