Real Estate

6 Months Ended

Jun. 30, 2025

NOTE 2. REAL ESTATE

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


	Square Feet				Number of Buildings
	Jun 30,		Dec 31,		Jun 30,		Dec 31,		Jun 30,		Dec 31,
	2025		2024		2025		2024		2025		2024
Operating properties:
Buildings and improvements		650,912		643,929		3,008		2,987	$	56,029,929	$	54,840,666
Improved land										24,085,901		23,438,687
Development portfolio, including land costs:
Prestabilized		8,923		5,387		35		19		1,376,193		813,029
Properties under development		15,698		18,306		49		66		1,514,832		2,016,584
Land (1)										4,826,727		4,453,522
Other real estate investments (2)										6,498,929		5,683,688
Total investments in real estate properties										94,332,511		91,246,176
Less accumulated depreciation										13,827,462		12,758,159
Net investments in real estate properties									$	80,505,049	$	78,488,017

(1)

At June 30, 2025 and December 31, 2024, our land was comprised of 8,647 and 8,708 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, electric vehicle charging and energy storage; (iii) non-strategic real estate assets that we do not intend to operate long term; (iv) data centers; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.

Acquisitions

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Number of operating properties		3		8		10		8
Square feet		1,025		2,277		3,283		2,277
Acres of land		326		122		448		365
Acquisition cost of net investments in real estate, excluding other real estate investments	$	195,298	$	283,507	$	934,774	$	567,531

Acquisition cost of other real estate investments	$	220,479	$	50,076	$	280,373	$	50,243

Dispositions

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Dispositions of development properties and land, net (1)
Number of properties		-		6		1		7
Square feet		-		1,210		402		1,839
Net proceeds	$	33,067	$	241,701	$	101,277	$	378,490
Gains on dispositions of development properties and land, net	$	10,477	$	87,174	$	37,928	$	127,482

Other dispositions of investments in real estate, net
Number of properties		3		51		6		52
Square feet		487		7,627		1,024		7,823
Net proceeds	$	63,704	$	735,222	$	169,159	$	883,058
Gains on other dispositions of investments in real estate, net	$	47,044	$	199,326	$	83,843	$	216,860

(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.

Leases

We recognized lease right-of-use assets of $676.9 million and $707.8 million within Other Assets and lease liabilities of $630.0 million and $615.3 million within Other Liabilities, principally for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at June 30, 2025 and December 31, 2024, respectively.