Real Estate (Tables)

6 Months Ended

Jun. 30, 2018

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

	Square Feet				Number of Buildings
	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017		2018		2017
Operating properties (1):
Buildings and improvements		287,393		294,811		1,477		1,525	$	16,658,627	$	16,849,349
Improved land										5,608,507		5,735,978
Development portfolio, including land costs:
Prestabilized		6,024		7,345		20		22		471,491		546,173
Properties under development		21,317		22,216		63		63		1,184,404		1,047,316
Land (1) (2)										1,111,185		1,154,383
Other real estate investments (3)										521,129		505,445
Total investments in real estate properties										25,555,343		25,838,644
Less accumulated depreciation										4,283,877		4,059,348
Net investments in real estate properties									$	21,271,466	$	21,779,296

(1)	During the six months ended June 30, 2018, we acquired 808 acres of land for $211.2 million and 3 operating properties for $103.1 million.

(2)	Included in our investments in real estate at June 30, 2018 and December 31, 2017, were 5,220 and 5,191 acres of land, respectively.

(3)

Included in other real estate investments were: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate headquarters; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions.

Summary of Real Estate Disposition Activity

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Contributions to unconsolidated co-investment ventures
Number of properties		3		5		11		10
Square feet		1,164		875		4,242		3,644
Net proceeds (1)	$	125,917	$	115,617	$	665,739	$	513,106
Gains on contributions, net (1) (2)	$	33,527	$	37,702	$	201,253	$	126,068
Dispositions to third parties
Number of properties		7		20		18		38
Square feet		4,139		3,720		5,442		6,038
Net proceeds (1) (3)	$	314,141	$	216,290	$	402,122	$	459,679
Gains on dispositions, net (1) (3)	$	60,734	$	45,304	$	88,119	$	54,263

Total gains on dispositions of investments in real estate, net	$	94,261	$	83,006	$	289,372	$	180,331

(1)	Includes the contribution and disposition of land parcels.

(2)

Amounts in 2018 reflect the adoption of the new revenue recognition standard under which we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. Amounts in 2017 reflect our prior recognition of the gain to the extent of the third-party ownership in the unconsolidated entity acquiring the property with the deferral of a portion of the gain related to our ownership.

(3)	Includes the sale of our investment in Europe Logistics Venture 1 during the six months ended June 30, 2017.