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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
Investments in Real Estate Properties | 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, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  | 2020 |
Operating properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements |  | 441,737 |  |  |  | 441,336 |  |  |  | 2,265 |  |  |  | 2,261 |  |  | $ | 31,520,177 |  | $ | 31,489,943 |
Improved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,025,439 |  |  | 12,017,676 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prestabilized |  | 5,572 |  |  |  | 6,076 |  |  |  | 18 |  |  |  | 24 |  |  |  | 480,918 |  |  | 553,266 |
Properties under development |  | 22,990 |  |  |  | 22,004 |  |  |  | 62 |  |  |  | 61 |  |  |  | 1,550,798 |  |  | 1,329,345 |
Land (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,699,738 |  |  | 1,606,358 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,182,295 |  |  | 3,387,740 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50,459,365 |  |  | 50,384,328 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,823,824 |  |  | 6,539,156 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 43,635,541 |  | $ | 43,845,172 |
(1) | At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 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) land parcels we own and lease to third parties; (iii) 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, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 (1) |
Number of operating properties |  |  | 1 |  |  |  | 137 |
Square feet |  |  | 25 |  |  |  | 20,256 |
Acres of land |  |  | 261 |  |  |  | 267 |
Acquisition cost of net investments in real estate |  | $ | 229,050 |  |  | $ | 2,393,767 |
(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 USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost 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 March 31, |
|  | 2021 |  |  | 2020 |
Dispositions of development properties and land, net (1) |  |  |  |  |  |  |  |
Number of properties |  |  | 8 |  |  |  | 11 |
Square feet |  |  | 4,287 |  |  |  | 4,636 |
Net proceeds |  | $ | 769,813 |  |  | $ | 633,563 |
Gains on dispositions of development properties and land, net |  | $ | 173,643 |  |  | $ | 162,750 |
Other dispositions of investments in real estate, net |  |  |  |  |  |  |  |
Number of properties |  |  | 1 |  |  |  | 18 |
Square feet |  |  | 476 |  |  |  | 2,305 |
Net proceeds |  | $ | 23,342 |  |  | $ | 160,557 |
Gains on other dispositions of investments in real estate, net |  | $ | 16,623 |  |  | $ | 31,491 |
(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.

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