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Real Estate (Tables)
 9 Months Ended
Sep. 30, 2024
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

 

 

 

 

Sep 30,

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

 

Operating properties:

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

 

650,111

 

 

630,955

 

 

3,016

 

 

2,960

 

$

55,326,967

 

$

52,626,191

 

Improved land

 

 

 

 

 

 

 

 

 

23,851,292

 

 

22,809,306

 

Development portfolio, including
     land costs:

 

 

 

 

 

 

 

 

 

 

 

 

Prestabilized

 

5,957

 

 

13,369

 

 

21

 

 

45

 

 

855,419

 

 

1,838,805

 

Properties under development

 

21,529

 

 

26,438

 

 

76

 

 

85

 

 

2,288,124

 

 

2,528,650

 

Land (1)

 

 

 

 

 

 

 

 

 

4,395,022

 

 

3,775,553

 

Other real estate investments (2)

 

 

 

 

 

 

 

 

 

5,376,749

 

 

5,088,070

 

Total investments in real estate
     properties

 

 

 

 

 

 

 

 

 

92,093,573

 

 

88,666,575

 

Less accumulated depreciation

 

 

 

 

 

 

 

 

 

12,332,799

 

 

10,931,485

 

Net investments in real estate
     properties

 

 

 

 

 

 

 

 

$

79,760,774

 

$

77,735,090

 

 

(1)
At September 30, 2024 and December 31, 2023, our land was comprised of 8,651 and 8,197 acres, respectively.

 

(2)
Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets.
Schedule of Acquisitions of Properties Including Energy Assets

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

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024 (1)

 

 

2023

 

 

2024 (1)

 

 

2023 (2)

 

Number of operating properties

 

 

46

 

 

 

-

 

 

 

54

 

 

 

76

 

Square feet

 

 

8,770

 

 

 

-

 

 

 

11,047

 

 

 

14,941

 

Acres of land

 

 

342

 

 

 

890

 

 

 

707

 

 

 

1,128

 

Acquisition cost of net investments in real estate, excluding other real
    estate investments

 

$

1,431,598

 

 

$

116,112

 

 

$

1,999,129

 

 

$

3,626,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition cost of other real estate investments

 

$

184,761

 

 

$

37,343

 

 

$

235,004

 

 

$

77,624

 

 

(1)
During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land.

 

(2)
On June 29, 2023, we acquired 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.
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 (dollars and square feet in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dispositions of development properties and land, net (1)

 

 

 

 

 

 

 

 

 

 

 

 

Number of properties

 

 

3

 

 

 

2

 

 

 

10

 

 

 

7

 

Square feet

 

 

1,284

 

 

 

1,530

 

 

 

3,123

 

 

 

3,652

 

Net proceeds

 

$

202,386

 

 

$

272,250

 

 

$

580,876

 

 

$

738,207

 

Gains on dispositions of development properties and land, net

 

$

32,005

 

 

$

89,030

 

 

$

159,487

 

 

$

273,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other dispositions of investments in real estate, net (2)

 

 

 

 

 

 

 

 

 

 

 

 

Number of properties

 

 

19

 

 

 

19

 

 

 

71

 

 

 

24

 

Square feet

 

 

6,131

 

 

 

2,415

 

 

 

13,954

 

 

 

2,775

 

Net proceeds

 

$

893,054

 

 

$

263,567

 

 

$

1,776,112

 

 

$

635,140

 

Gains on other dispositions of investments in real estate, net

 

$

434,446

 

 

$

129,584

 

 

$

651,306

 

 

$

158,392

 

 

(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)
The three and nine months ended September 30, 2024 include the contribution of operating properties to our unconsolidated co-investment venture in the U.S. During the nine months ended September 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.