Real Estate (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020		2021		2020
Operating properties:
Buildings and improvements		443,999		441,336		2,277		2,261	$	31,877,915	$	31,489,943
Improved land										12,120,699		12,017,676
Development portfolio, including land costs:
Prestabilized		2,594		6,076		13		24		268,579		553,266
Properties under development		24,863		22,004		67		61		1,905,509		1,329,345
Land ⁽¹⁾										1,960,962		1,606,358
Other real estate investments ⁽²⁾										3,388,899		3,387,740
Total investments in real estate properties										51,522,563		50,384,328
Less accumulated depreciation										7,108,954		6,539,156
Net investments in real estate properties									$	44,413,609	$	43,845,172

(1)	At June 30, 2021 and December 31, 2020, our land was comprised of 5,080 and 5,304 acres, respectively.

(2)

Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) real estate assets that we intend to redevelop into industrial properties; (iii) land parcels we own and lease to third parties; 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, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020 ⁽¹⁾
Number of operating properties		10		1		11		138
Square feet		2,088		20		2,113		20,276
Acres of land		445		188		706		455
Acquisition cost of net investments in real estate	$	809,622	$	147,893	$	1,038,672	$	2,541,660

(1)

On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $2.0 billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As we consolidate USLV, the number of operating properties, square feet and acquisition cost for the properties acquired by USLV are included in the consolidated acquisition activity.

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Dispositions of development properties and land, net ⁽¹⁾
Number of properties		11		9		19		20
Square feet		5,174		3,990		9,461		8,626
Net proceeds	$	676,387	$	340,266	$	1,446,200	$	973,829
Gains on dispositions of development properties and land, net	$	187,361	$	86,416	$	361,004	$	249,166

Other dispositions of investments in real estate, net
Number of properties		42		5		43		23
Square feet		5,778		1,772		6,254		4,077
Net proceeds	$	572,430	$	193,755	$	595,772	$	354,312
Gains on other dispositions of investments in real estate, net	$	127,167	$	43,939	$	143,790	$	75,430

(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.