Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

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

	Square Feet				Number of Buildings
	Sep 30,		Dec 31,		Sep 30,		Dec 31,		Sep 30,		Dec 31,
	2022		2021		2022		2021		2022		2021
Operating properties:
Buildings and improvements		461,668		444,413		2,365		2,310	$	33,800,162	$	32,159,514
Improved land										12,825,512		12,294,246
Development portfolio, including land costs:
Prestabilized		7,464		6,325		21		16		903,862		710,091
Properties under development		36,756		28,638		101		83		2,537,938		2,019,249
Land ⁽¹⁾										2,677,988		2,519,590
Other real estate investments ⁽²⁾										3,209,408		3,302,500
Total investments in real estate properties										55,954,870		53,005,190
Less accumulated depreciation										8,558,576		7,668,187
Net investments in real estate properties									$	47,396,294	$	45,337,003

(1)	At September 30, 2022 and December 31, 2021, our land was comprised of 6,579 and 6,227 acres, respectively.

(2)

Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets acquired that we do not intend to operate long-term; (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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Number of operating properties		9		15		22		26
Square feet		1,952		3,910		3,746		6,023
Acres of land		590		685		1,796		1,391
Acquisition cost of net investments in real estate, excluding other real estate investments ⁽¹⁾	$	314,736	$	707,209	$	1,562,962	$	1,572,074

Acquisition cost of other real estate investments	$	33,627	$	50,502	$	636,841	$	224,309

(1)	Included in the three and nine months ended September 30, 2021, is our acquisition of additional ownership interest in certain unconsolidated other ventures that we acquired from our partners and subsequently resulted in the consolidation of the real estate assets.

Number of Properties Disposed Including Minor Adjustments

The following table summarizes our dispositions of net investments in real estate that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Dispositions of development properties and land, net ⁽²⁾
Number of properties		7		12		18		31
Square feet		1,203		2,876		4,966		12,337
Net proceeds	$	168,601	$	368,131	$	846,350	$	1,814,331
Gains on dispositions of development properties and land, net	$	74,678	$	139,406	$	390,686	$	500,410

Other dispositions of investments in real estate, net
Number of properties		-		31		102		74
Square feet		-		5,806		8,676		12,060
Net proceeds ⁽¹⁾	$	-	$	738,396	$	1,264,280	$	1,334,168
Gains on other dispositions of investments in real estate, net ⁽¹⁾	$	1,019	$	214,390	$	585,854	$	358,180

(1)	Included in the three and nine months ended September 30, 2021, is the sale of our ownership interest in an unconsolidated other venture.

(2)	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.