Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

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,
	2022		2021		2022		2021		2022		2021
Operating properties:
Buildings and improvements		446,572		444,413		2,308		2,310	$	32,417,344	$	32,159,514
Improved land										12,333,782		12,294,246
Development portfolio, including land costs:
Prestabilized		8,752		6,325		27		16		974,598		710,091
Properties under development		30,429		28,638		97		83		2,294,107		2,019,249
Land ⁽¹⁾										2,513,854		2,519,590
Other real estate investments ⁽²⁾										3,009,333		3,302,500
Total investments in real estate properties										53,543,018		53,005,190
Less accumulated depreciation										7,941,540		7,668,187
Net investments in real estate properties									$	45,601,478	$	45,337,003

(1)	At March 31, 2022 and December 31, 2021, our land was comprised of 6,196 and 6,227 acres, respectively.

(2)

Included in other real estate investments were: (i) non-strategic real estate assets acquired that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (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,
	2022		2021
Number of operating properties		1		1
Square feet		303		25
Acquisition cost of net investments in real estate, excluding land and other real estate investments	$	82,201	$	5,043

Acres of land		578		261
Acquisition cost of land	$	182,284	$	224,007

Acquisition cost of other real estate investments	$	223,411	$	-

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 March 31,
	2022		2021
Dispositions of development properties and land, net ⁽¹⁾
Number of properties		7		8
Square feet		2,583		4,287
Net proceeds	$	442,555	$	769,813
Gains on dispositions of development properties and land, net	$	210,206	$	173,643

Other dispositions of investments in real estate, net
Number of properties		102		1
Square feet		8,676		476
Net proceeds	$	1,264,280	$	23,342
Gains on other dispositions of investments in real estate, net	$	584,835	$	16,623

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