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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2026
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, |
| 2026 |  | 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025 |
Operating properties: |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements |  | 649,821 |  |  | 647,904 |  |  | 2,980 |  |  | 2,979 |  | $ | 56,556,856 |  | $ | 56,365,572 |
Improved land |  |  |  |  |  |  |  |  |  | 24,318,875 |  |  | 24,195,448 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |
Prestabilized |  | 6,111 |  |  | 6,749 |  |  | 23 |  |  | 27 |  |  | 922,387 |  |  | 1,026,688 |
Properties under development |  | 11,529 |  |  | 17,297 |  |  | 42 |  |  | 50 |  |  | 1,569,774 |  |  | 1,992,321 |
Land (1) |  |  |  |  |  |  |  |  |  | 4,684,949 |  |  | 4,888,153 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  | 7,188,604 |  |  | 6,661,174 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  | 95,241,445 |  |  | 95,129,356 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  | 15,298,353 |  |  | 14,729,149 |
Net investments in real estate properties |  |  |  |  |  |  |  |  | $ | 79,943,092 |  | $ | 80,400,207 |
(1) At March 31, 2026 and December 31, 2025, our land was comprised of 8,323 and 8,815 acres, respectively. (2) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar, electric vehicle charging and energy storage; (iii) newly developed and stabilized data centers; (iv) non-strategic real estate assets that we do not intend to operate long term; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.
Schedule of Acquisitions of Properties Including Energy Assets | The following table summarizes our real estate acquisition activity (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Number of operating properties |  |  | 3 |  |  |  | 7 |
Square feet |  |  | 1,733 |  |  |  | 2,258 |
Acres of land |  |  | 14 |  |  |  | 122 |
Acquisition cost of net investments in real estate, excluding other real estate investments |  | $ | 155,289 |  |  | $ | 739,476 |
Acquisition cost of other real estate investments |  | $ | 88,245 |  |  | $ | 59,894 |
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, |
|  | 2026 |  |  | 2025 |
Dispositions of development properties and land, net (1)(2) |  |  |  |  |  |
Number of properties |  |  | 4 |  |  |  | 1 |
Square feet |  |  | 4,110 |  |  |  | 402 |
Acres of land |  |  | 262 |  |  |  | - |
Net proceeds |  | $ | 689,497 |  |  | $ | 68,210 |
Gains on dispositions of development properties and land, net |  | $ | 292,983 |  |  | $ | 27,451 |
Other dispositions of investments in real estate, net |  |  |  |  |  |
Number of properties |  |  | 9 |  |  |  | 3 |
Square feet |  |  | 1,527 |  |  |  | 537 |
Net proceeds |  | $ | 219,046 |  |  | $ | 105,455 |
Gains on other dispositions of investments in real estate, net |  | $ | 91,040 |  |  | $ | 36,799 |
(1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. (2) During the three months ended March 31, 2026, we contributed land and development properties to two new unconsolidated co-investment ventures in the U.S. that are focused on development.

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