Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

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
	2024		2023		2024		2023		2024		2023
Operating properties:
Buildings and improvements		643,929		630,955		2,987		2,960	$	54,840,666	$	52,626,191
Improved land										23,438,687		22,809,306
Development portfolio, including land costs:
Prestabilized		5,387		13,369		19		45		813,029		1,838,805
Properties under development		18,306		26,438		66		85		2,016,584		2,528,650
Land (1)										4,453,522		3,775,553
Other real estate investments (2)										5,683,688		5,088,070
Total investments in real estate properties										91,246,176		88,666,575
Less accumulated depreciation										12,758,159		10,931,485
Net investments in real estate properties									$	78,488,017	$	77,735,090

(1)At December 31, 2024, and 2023, our land was comprised of 8,708 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) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; (iii) non-strategic real estate assets that we do not intend to operate long term; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.

Schedule of Acquisitions of Properties Excluding Duck Transaction

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

	2024 (1)		2023 (2)		2022
Number of operating properties		54		85		23
Square feet		11,047		17,503		5,169
Acres of land		889		1,620		2,218
Acquisition cost of net investments in real estate, excluding other real estate      investments	$	2,144,303	$	4,194,468	$	1,828,256
Acquisition cost of other real estate investments	$	596,607	$	101,382	$	641,168

(1)In 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, we entered a new market in India 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 for the years ended December 31 (dollars and square feet in thousands):

	2024		2023		2022
Dispositions of development properties and land, net (1)
Number of properties		29		22		21
Square feet		8,243		8,437		7,676
Net proceeds	$	1,479,217	$	1,449,644	$	1,398,585
Gains on dispositions of development properties and land, net	$	413,743	$	462,270	$	597,745
Other dispositions of investments in real estate, net (2)
Number of properties		104		25		103
Square feet		22,799		2,794		8,718
Net proceeds	$	3,326,124	$	641,214	$	1,271,639
Gains on other dispositions of investments in real estate, net	$	904,136	$	161,039	$	589,391

(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 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.