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Real Estate (Tables)

3 Months Ended

Mar. 31, 2026

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.