Real Estate (Tables)

9 Months Ended

Sep. 30, 2026

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,
	2026		2025		2026		2025		2026		2025
Operating properties:
Buildings and improvements		682,214		647,904		3,066		2,979	$	58,467,158	$	56,365,572
Improved land										24,860,792		24,195,448
Development portfolio, including land costs:
Prestabilized		3,261		6,749		15		27		859,581		1,026,688
Properties under development		20,362		17,297		59		50		2,308,982		1,992,321
Land (1)										4,794,539		4,888,153
Other real estate investments (2)										7,468,798		6,661,174
Total investments in real estate properties										98,759,850		95,129,356
Less accumulated depreciation										16,359,720		14,729,149
Net investments in real estate properties									$	82,400,130	$	80,400,207

(1)

At September 30, 2026 and December 31, 2025, our land was comprised of 7,984 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 September 30,				Nine Months Ended September 30,
	2026 (1)		2025		2026 (1)		2025
Number of operating properties		9		1		100		11
Square feet		4,941		600		34,075		3,883
Acres of land		282		38		724		486
Acquisition cost of net investments in real estate, excluding other real estate investments	$	800,841	$	77,360	$	2,522,383	$	1,012,134

Acquisition cost of other real estate investments	$	59,579	$	15,391	$	236,956	$	295,764

(1)

In April and July 2026, we acquired our partners' interests in two previously unconsolidated entities, resulting in consolidation of the underlying properties. The April acquisition related to a co-investment venture in Asia comprising 74 operating properties aggregating 23 million square feet, while the July acquisition related to an other venture in the U.S.

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Dispositions of development properties and land, net (1)(2)
Number of properties		3		1		18		2
Square feet		1,641		57		8,703		459
Acres of land		18		-		302		46
Net proceeds	$	111,538	$	49,661	$	1,324,175	$	150,938
Gains on dispositions of development properties and land, net	$	51,538	$	15,435	$	423,717	$	53,363

Other dispositions of investments in real estate, net
Number of properties		5		1		34		7
Square feet		402		284		5,259		1,308
Net proceeds	$	69,601	$	42,328	$	875,530	$	211,487
Gains on other dispositions of investments in real estate, net	$	56,435	$	32,235	$	359,924	$	116,078

(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 2026, we contributed real estate properties and land to three new unconsolidated co-investment ventures: two development vehicles in the U.S. in the first quarter and one stabilized vehicle in Europe in the second quarter.