Alexandria Real Estate Equities (ARE) 10-K 1 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Jan. 15, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Central Index Key	0001035443
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity File Number	1-12993
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4502084
Entity Address, Address Line One	26 North Euclid Avenue
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91101
City Area Code	626
Local Phone Number	578-0777
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ARE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 20.2
Entity Common Stock, Shares Outstanding		136,692,746
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Documents Incorporated by Reference Part III of this annual report on Form 10-K incorporates certain information by reference from the registrant’s definitive proxy statement to be filed within 120 days of the end of the fiscal year covered by this annual report on Form 10-K in connection with the registrant’s annual meeting of stockholders to be held on or about May 18, 2021.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Investments in real estate	$ 18,092,372	$ 14,844,038
Investments in unconsolidated real estate joint ventures	332,349	346,890
Cash and cash equivalents	568,532	189,681
Restricted cash	29,173	53,008
Tenant receivables	7,333	10,691
Deferred rent	722,751	641,844
Deferred leasing costs	272,673	270,043
Investments	1,611,114	1,140,594
Other assets	1,191,581	893,714
Total assets	22,827,878	18,390,503
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	230,925	349,352
Unsecured senior notes payable	7,232,370	6,044,127
Unsecured senior line of credit and commercial paper	99,991	384,000
Accounts payable, accrued expenses, and other liabilities	1,669,832	1,320,268
Dividends payable	150,982	126,278
Total liabilities	9,384,100	8,224,025
Commitments and contingencies
Redeemable noncontrolling interests	11,342	12,300
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock, $0.01 par value per share, 200,000,000 shares authorized as of December 31, 2020 and 2019; 136,690,329 and 120,800,315 shares issued and outstanding as of December 31, 2020 and 2019, respectively	1,367	1,208
Additional paid-in capital	11,730,970	8,874,367
Accumulated other comprehensive loss	(6,625)	(9,749)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	11,725,712	8,865,826
Noncontrolling interests	1,706,724	1,288,352
Total equity	13,432,436	10,154,178
Total liabilities, noncontrolling interests, and equity	$ 22,827,878	$ 18,390,503

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Shares of common stock authorized	200,000,000	200,000,000
Common stock, outstanding (shares)	136,690,329	120,800,315
Common stock, issued (shares)	136,690,329	120,800,315

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 1,885,637	$ 1,531,296	$ 1,327,459
Expenses:
Rental operations	530,224	445,492	381,120
General and administrative	133,341	108,823	90,405
Interest	171,609	173,675	157,495
Depreciation and amortization	698,104	544,612	477,661
Impairment of real estate	48,078	12,334	6,311
Loss on early extinguishment of debt	60,668	47,570	1,122
Total expenses	1,642,024	1,332,506	1,114,114
Equity in earnings of unconsolidated real estate joint ventures	8,148	10,136	43,981
Investment income	421,321	194,647	136,763
Gain on sales of real estate – rental properties	154,089	474	8,704
Net income	827,171	404,047	402,793
Net income attributable to noncontrolling interests	(56,212)	(40,882)	(23,481)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	770,959	363,165	379,312
Dividends on preferred stock	0	(3,204)	(5,060)
Preferred stock redemption charge	0	(2,580)	(4,240)
Net income attributable to unvested restricted stock awards	(10,168)	(6,386)	(6,029)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 760,791	$ 350,995	$ 363,983
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ 6.03	$ 3.13	$ 3.53
Earnings per share - diluted (USD per share)	$ 6.01	$ 3.12	$ 3.52
Income from rentals
Revenues	$ 1,878,208	$ 1,516,864	$ 1,314,781
Other income
Revenues	$ 7,429	$ 14,432	$ 12,678

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 827,171	$ 404,047	$ 402,793
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains during the period	0	(1,763)	1,622
Reclassification of amortization to interest expense included in net income	0	(1,777)	(4,941)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net income	0	1,702	0
Unrealized gains (losses) on interest rate hedge agreements, net	0	(1,838)	(3,319)
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	3,124	2,524	(7,369)
Unrealized gains (losses) on foreign currency translation, net	3,124	2,524	(7,369)
Total other comprehensive income (loss)	3,124	686	(10,688)
Comprehensive income	830,295	404,733	392,105
Less: comprehensive income attributable to noncontrolling interests	(56,212)	(40,882)	(23,481)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 774,083	$ 363,851	$ 368,624

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Noncontrolling Interests	Series D Convertible Preferred Stock	Series D Convertible Preferred StockPreferred Stock	Series D Convertible Preferred StockAdditional Paid-In Capital	Series D Convertible Preferred StockRetained Earnings
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	$ 6,471,660	$ 998	$ 5,824,258	$ 0	$ 50,024	$ 521,994			$ 74,386
Increase (Decrease) in Stockholders' Equity
Net income	401,930			379,312		22,618
Total other comprehensive income (loss)	(10,688)				(10,688)	0
Reclassification of net unrealized gains on non-real estate investments upon adoption of new ASU on financial instruments on January 1, 2018	90,750			(140,521)	(49,771)
Contributions from and sales of noncontrolling interests	27,418		257			27,161
Distributions to noncontrolling interests	(29,810)					(29,810)
Issuance of common stock (in shares)		10,915,120
Issuance of common stock	1,304,640	$ 109	1,304,531
Issuances pursuant to stock plan (in shares)		313,010
Issuance pursuant to stock plan	45,978	$ 3	45,975
Repurchases of 7.00% Series D preferred stock								$ (13,976)	(10,050)	$ 314	$ (4,240)
Dividends declared on common stock	(398,914)			(398,914)
Dividends declared on preferred stock	(5,060)			(5,060)				(5,100)
Reclassification of distributions in excess of earnings			111,619	(111,619)
Ending balance (shares) at Dec. 31, 2018		111,011,816
Ending balance at Dec. 31, 2018	7,883,928	$ 1,110	7,286,954	0	(10,435)	541,963			64,336
Beginning balance at Dec. 31, 2017							$ 11,509
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							863
Contributions from and sales of noncontrolling interests							857
Redemption of noncontrolling interests							(1,597)
Distributions to noncontrolling interests							(846)
Ending balance at Dec. 31, 2018							10,786
Increase (Decrease) in Stockholders' Equity
Net income	403,172			363,165		40,007
Total other comprehensive income (loss)	686				686
Contributions from and sales of noncontrolling interests	1,134,939		381,162			753,777
Distributions to noncontrolling interests	(47,395)					(47,395)
Issuance of common stock (in shares)		8,723,076
Issuance of common stock	1,216,445	$ 87	1,216,358
Issuances pursuant to stock plan (in shares)		666,836
Issuance pursuant to stock plan	67,913	$ 7	67,906
Taxes paid related to net settlement of equity awards (in shares)		(179,008)
Taxes paid related to net settlement of equity awards	(25,477)	$ (2)	(25,475)
Repurchases of 7.00% Series D preferred stock								(9,240)	(6,875)	215	$ (2,580)
Conversion of 7.00% Series D preferred stock		$ (6)						100	57,461	$ (57,355)
Dividends declared on common stock	(463,964)			(463,964)
Dividends declared on preferred stock	$ (3,204)			(3,204)				$ (3,200)
Reclassification of distributions in excess of earnings			(110,108)	110,108
Ending balance (shares) at Dec. 31, 2019	120,800,315	120,800,315
Ending balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	8,874,367	0	(9,749)	1,288,352			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							875
Contributions from and sales of noncontrolling interests							1,469
Distributions to noncontrolling interests							(830)
Ending balance at Dec. 31, 2019	$ 12,300						12,300
Increase (Decrease) in Stockholders' Equity
Conversion of 7.00% Series D preferred stock (in shares)	578,000	(577,595)
Net income	$ 826,268			770,959		55,309
Total other comprehensive income (loss)	3,124				3,124
Contributions from and sales of noncontrolling interests	717,158		267,432			449,726
Distributions to noncontrolling interests	(86,663)					(86,663)
Issuance of common stock (in shares)		15,337,916
Issuance of common stock	2,315,862	$ 153	2,315,709
Issuances pursuant to stock plan (in shares)		688,599
Issuance pursuant to stock plan	83,999	$ 7	83,992
Taxes paid related to net settlement of equity awards (in shares)		(136,501)
Taxes paid related to net settlement of equity awards	(21,322)	$ (1)	(21,321)
Dividends declared on common stock	$ (557,684)			(557,684)
Reclassification of distributions in excess of earnings			210,791	(210,791)
Ending balance (shares) at Dec. 31, 2020	136,690,329	136,690,329
Ending balance at Dec. 31, 2020	$ 13,432,436	$ 1,367	$ 11,730,970	$ 0	$ (6,625)	$ 1,706,724
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							903
Contributions from and sales of noncontrolling interests							281
Distributions to noncontrolling interests							(2,142)
Ending balance at Dec. 31, 2020	$ 11,342						$ 11,342

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Parentheticals) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Common stock dividends declared (per share)	$ 3.73	$ 4
Series D Convertible Preferred Stock
Preferred stock dividends declared (per share)		$ 1.3125	$ 1.75

Consolidated Statement of Cha_3

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Noncontrolling Interests	Series D Convertible Preferred Stock	Series D Convertible Preferred StockPreferred Stock	Series D Convertible Preferred StockAdditional Paid-In Capital	Series D Convertible Preferred StockRetained Earnings
Common stock dividends declared (per share)		$ 3.73							$ 1.75
Preferred stock dividends declared (per share)								$ 1.75
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	$ 6,471,660	$ 998	$ 5,824,258	$ 0	$ 50,024	$ 521,994			$ 74,386
Increase (Decrease) in Stockholders' Equity
Net income	401,930			379,312		22,618
Total other comprehensive income (loss)	(10,688)				(10,688)	0
Contributions from and sales of noncontrolling interests	27,418		257			27,161
Distributions to noncontrolling interests	(29,810)					(29,810)
Issuance of common stock (in shares)		10,915,120
Issuance of common stock	1,304,640	$ 109	1,304,531
Issuances pursuant to stock plan (in shares)		313,010
Issuance pursuant to stock plan	45,978	$ 3	45,975
Repurchases of 7.00% Series D preferred stock								$ (13,976)	(10,050)	$ 314	$ (4,240)
Dividends declared on common stock	(398,914)			(398,914)
Dividends declared on preferred stock	(5,060)			(5,060)				$ (5,100)
Reclassification of distributions in excess of earnings			111,619	(111,619)
Ending balance (shares) at Dec. 31, 2018		111,011,816
Ending balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	7,286,954	0	(10,435)	541,963			$ 64,336
Beginning balance at Dec. 31, 2017							$ 11,509
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							863
Contributions from and sales of noncontrolling interests							857
Distributions to noncontrolling interests							(846)
Ending balance at Dec. 31, 2018							10,786
Common stock dividends declared (per share)	$ 4	$ 4							$ 1.3125
Preferred stock dividends declared (per share)								$ 1.3125
Increase (Decrease) in Stockholders' Equity
Net income	$ 403,172			363,165		40,007
Total other comprehensive income (loss)	686				686
Contributions from and sales of noncontrolling interests	1,134,939		381,162			753,777
Distributions to noncontrolling interests	(47,395)					(47,395)
Issuance of common stock (in shares)		8,723,076
Issuance of common stock	1,216,445	$ 87	1,216,358
Issuances pursuant to stock plan (in shares)		666,836
Issuance pursuant to stock plan	67,913	$ 7	67,906
Taxes paid related to net settlement of equity awards (in shares)		(179,008)
Taxes paid related to net settlement of equity awards	(25,477)	$ (2)	(25,475)
Repurchases of 7.00% Series D preferred stock								$ (9,240)	$ (6,875)	$ 215	$ (2,580)
Dividends declared on common stock	(463,964)			(463,964)
Dividends declared on preferred stock	$ (3,204)			(3,204)				$ (3,200)
Reclassification of distributions in excess of earnings			(110,108)	110,108
Ending balance (shares) at Dec. 31, 2019	120,800,315	120,800,315
Ending balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	8,874,367	0	(9,749)	1,288,352			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							875
Contributions from and sales of noncontrolling interests							1,469
Distributions to noncontrolling interests							(830)
Ending balance at Dec. 31, 2019	12,300						12,300
Common stock dividends declared (per share)		$ 4.24
Increase (Decrease) in Stockholders' Equity
Net income	826,268			770,959		55,309
Total other comprehensive income (loss)	3,124				3,124
Contributions from and sales of noncontrolling interests	717,158		267,432			449,726
Distributions to noncontrolling interests	(86,663)					(86,663)
Issuance of common stock (in shares)		15,337,916
Issuance of common stock	2,315,862	$ 153	2,315,709
Issuances pursuant to stock plan (in shares)		688,599
Issuance pursuant to stock plan	83,999	$ 7	83,992
Taxes paid related to net settlement of equity awards (in shares)		(136,501)
Taxes paid related to net settlement of equity awards	(21,322)	$ (1)	(21,321)
Dividends declared on common stock	$ (557,684)			(557,684)
Reclassification of distributions in excess of earnings			210,791	(210,791)
Ending balance (shares) at Dec. 31, 2020	136,690,329	136,690,329
Ending balance at Dec. 31, 2020	$ 13,432,436	$ 1,367	$ 11,730,970	$ 0	$ (6,625)	$ 1,706,724
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							903
Contributions from and sales of noncontrolling interests							281
Distributions to noncontrolling interests							(2,142)
Ending balance at Dec. 31, 2020	$ 11,342						$ 11,342

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 827,171	$ 404,047	$ 402,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	698,104	544,612	477,661
Impairment of real estate	48,078	12,334	6,311
Gain on sales of real estate	(154,089)	(474)	(8,704)
Loss on early extinguishment of debt	60,668	47,570	1,122
Equity in earnings of unconsolidated real estate joint ventures	(8,148)	(10,136)	(43,981)
Distributions of earnings from unconsolidated real estate joint ventures	5,908	2,796	430
Amortization of loan fees	10,494	9,105	10,271
Amortization of debt premiums	(3,555)	(3,777)	(2,406)
Amortization of acquired above- and below-market leases	(57,244)	(29,813)	(21,938)
Deferred rent	(96,676)	(104,235)	(93,883)
Stock compensation expense	43,502	43,640	35,019
Investment income	(421,321)	(194,647)	(136,763)
Changes in operating assets and liabilities:
Tenant receivables	2,804	(897)	435
Deferred leasing costs	(61,067)	(54,455)	(57,088)
Other assets	(10,997)	(20,825)	(20,849)
Accounts payable, accrued expenses, and other liabilities	(1,122)	39,012	21,909
Net cash provided by operating activities	882,510	683,857	570,339
Investing Activities
Proceeds from sales of real estate	747,020	6,619	20,190
Additions to real estate	(1,445,171)	(1,224,541)	(927,168)
Purchases of real estate	(2,570,693)	(2,259,778)	(1,037,180)
Change in escrow deposits	7,408	(18,107)	(2,000)
Acquisitions of interest in unconsolidated real estate joint ventures	0	0	(35,922)
Investments in unconsolidated real estate joint ventures	(3,444)	(102,081)	(116,008)
Return of capital from unconsolidated real estate joint ventures	20,225	14	68,592
Additions to non-real estate investments	(174,655)	(190,778)	(235,943)
Sales of non-real estate investments	141,149	147,332	103,679
Net cash used in investing activities	(3,278,161)	(3,641,320)	(2,161,760)
Financing Activities
Borrowings from secured notes payable	0	0	17,784
Repayments of borrowings from secured notes payable	(84,104)	(306,199)	(156,888)
Payment for the defeasance of secured note payable	(32,865)	0	0
Proceeds from issuance of unsecured senior notes payable	1,697,651	2,721,169	899,321
Repayments of unsecured senior notes payable	(500,000)	(950,000)	0
Borrowings from unsecured senior line of credit	2,700,000	5,056,000	4,741,000
Repayments of borrowings from unsecured senior line of credit	(3,084,000)	(4,880,000)	(4,583,000)
Proceeds from issuance under commercial paper program	23,539,400	2,233,000	0
Repayments of borrowings from commercial paper program	(23,439,400)	(2,233,000)	0
Repayments of borrowings from unsecured senior bank term loan	0	(350,000)	(200,000)
Premium paid for early extinguishment of debt	(54,385)	(41,351)	0
Payments of loan fees	(32,309)	(27,182)	(19,292)
Taxes paid related to net settlement of equity awards	(21,322)	(25,477)	0
Repurchase of 7.00% Series D cumulative convertible preferred stock	0	(9,240)	(13,976)
Proceeds from issuance of common stock	2,315,862	1,216,445	1,293,301
Dividends on common stock	(532,980)	(447,029)	(380,632)
Dividends on preferred stock	0	(4,141)	(5,207)
Contributions from and sales of noncontrolling interests	367,613	1,022,712	28,275
Distributions to and purchases of noncontrolling interests	(88,805)	(48,225)	(32,253)
Net cash provided by financing activities	2,750,356	2,927,482	1,588,433
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	311	540	(2,068)
Net increase (decrease) in cash, cash equivalents, and restricted cash	355,016	(29,441)	(5,056)
Cash, cash equivalents, and restricted cash as of the beginning of period	242,689	272,130	277,186
Cash, cash equivalents, and restricted cash as of the end of period	597,705	242,689	272,130
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	161,351	146,165	127,093
Accrued construction for current-period additions to real estate	275,454	220,773	244,147
Assumption of secured notes payable in connection with purchase of properties	0	(28,200)	0
Right-of-use asset	87,554	269,189	0
Lease liability	(87,554)	(275,175)	0
Payable for purchase of real estate	0	0	(65,000)
Contribution of assets from real estate joint venture partner	350,000	115,167	0
Issuance of noncontrolling interest to joint venture partner	(292,930)	0	0
Issuance of common stock for conversion of 7.00% Series D preferred stock	$ 0	$ 57,461	$ 0

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® urban office REIT, is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations. As used in this annual report on Form 10-K, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. Any references to our market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or occupancy percentage, and any amounts derived from these values in these notes to consolidated financial statements are unaudited.

Summary of significant accounti

Summary of significant accounting policies (Notes)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Reportable segment We are engaged in the business of providing space for lease to the life science, technology, and agtech industries. Our properties are similar in that they provide space for lease to the aforementioned industries, consist of improvements that are generic and reusable, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and review financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segment. Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs (such as legal and other third-party services) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis using the shorter of the respective ground lease term, estimated useful life, or up to 40 years, for buildings and building improvements; estimated life, or up to 20 years, for land improvements; the respective lease term or estimated useful life for tenant improvements; and the shorter of the lease term or estimated useful life for equipment. The values of acquired in-place leases and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases as an increase in income from rentals in our statements of operations. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains/losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the transaction price is recognized as revenue as we transfer the related good or service to the buyer. The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the sale of a partial interest of real estate, we would recognize a gain or loss as if 100% of the real estate were sold. Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale. The held for sale impairment model is different from the held and used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale. International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment. We hold investments in publicly traded companies and privately held entities primarily involved in the life science, technology, and agtech industries. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10%. Our equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured as follows: • Investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value recognized in net income. The fair values for our investments in publicly traded companies are determined based on sales prices or quotes available on securities exchanges. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. We use NAV per share reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. We disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse (or indicate if this timing is unknown) if the investee has communicated this information to us or has announced it publicly. • Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV per share, an observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. We monitor investments in privately held entities that do not report NAV per share throughout the year for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: (i) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition, including the research and development of technology and products that the investee is bringing or attempting to bring to the market, or (iv) significant concerns about the investee’s ability to continue as a going concern. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities are accounted for under the equity method, unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We had no non-real estate investments accounted for under the equity method as of December 31, 2020. We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified within investment income. Unrealized gains and losses represent changes in fair value for investments in publicly traded companies, changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV per share, and observable price changes on our investments in privately held entities that do not report NAV per share. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share to their estimated fair value. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. In April 2019, the FASB issued an accounting standard that amends the financial instruments standard by clarifying that all private investments that do not report NAV per share and are adjusted under the measurement alternative (for observable price changes and impairments) described above represent nonrecurring fair value measurement adjustments and therefore require applicable fair value disclosures, including disclosures about the level of the fair value hierarchy within which the fair value measurements are categorized. The accounting standard became effective for us and was adopted on January 1, 2020. Beginning in 2020, pursuant to the requirements of this new standard, we provide incremental fair value disclosures related to our investments in privately held entities that do not report NAV per share in Note 9 – “Fair value measurements” to our consolidated financial statements. Revenues The table below provides detail of our consolidated total revenues for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals 1,878,208 1,516,864 Other income 7,429 14,432 Total revenues $ 1,885,637 $ 1,531,296 During the year ended December 31, 2020, revenues that were subject to the lease accounting standard aggregated $1.9 billion and represented 98.5% of our total revenues. During the year ended December 31, 2020, our total revenues also included $28.7 million, or 1.5%, subject to other accounting guidance. Our other income consisted primarily of construction management fees and interest income earned during the year ended December 31, 2020. For a detailed discussion related to our revenue streams, refer to the “Lease accounting” and “Recognition of revenue arising from contracts with customers” sections within this Note 2 to our consolidated financial statements. Lease accounting Transition On January 1, 2019, we adopted a new lease accounting standard that sets principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). The new lease accounting standard required the use of the modified retrospective transition method. Upon adoption of the new lease accounting standard, we elected the following practical expedients and accounting policies provided by this lease standard: • Package of pra

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Investments in real estate, net	INVESTMENTS IN REAL ESTATE Our consolidated investments in real estate, including real estate assets held for sale as described in Note 18 – “Assets classified as held for sale” to our consolidated financial statements, consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Rental properties: Land (related to rental properties) $ 2,550,571 $ 2,225,785 Buildings and building improvements 13,364,561 11,775,132 Other improvements 1,508,776 1,277,862 Rental properties 17,423,908 15,278,779 Development and redevelopment of new Class A properties: Development and redevelopment projects 3,075,453 2,057,084 Future development projects 738,994 182,746 Gross investments in real estate 21,238,355 17,518,609 Less: accumulated depreciation (3,178,024) (2,704,657) Net investments in real estate – North America 18,060,331 14,813,952 Net investments in real estate – Asia 32,041 30,086 Investments in real estate $ 18,092,372 $ 14,844,038 Acquisitions Our real estate asset acquisitions during the year ended December 31, 2020, consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Redevelopment Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 7 1,890,000 — 710,779 752,784 $ 830,576 San Francisco 10 960,000 — 403,699 686,320 399,198 (1) San Diego 7 1,149,000 — 383,525 334,913 412,448 Seattle — — — — — — Maryland 1 — 169,420 — — 43,000 Research Triangle 16 — 652,381 100,145 1,485,621 590,412 Other 14 1,082,713 277,750 164,656 570,952 287,768 Year ended December 31, 2020 55 5,081,713 1,099,551 1,762,804 3,830,590 $ 2,563,402 (2) (1) In January 2020, we formed a real estate joint venture with subsidiaries of Boston Properties, Inc. Amount excludes our partner’s contributed real estate assets with a total fair market value of $350.0 million. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional information. (2) Represents the aggregate contractual purchase price of our acquisitions, which differ from purchases of real estate in our consolidated statements of cash flows due to closing costs and other acquisition adjustments such as prorations of rents and expenses. Based upon our evaluation of each acquisition, we determined that substantially all of the fair value related to each acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, or is associated with a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis. During the year ended December 31, 2020, we acquired 55 properties for an aggregate purchase price of $2.6 billion. In connection with our acquisitions, we recorded in-place leases aggregating $286.1 million and below-market leases in which we are the lessor aggregating $151.1 million. As of December 31, 2020, the weighted-average amortization period remaining on our in-place and below-market leases acquired during the year ended December 31, 2020, was 8.0 years and 10.1 years, respectively, and 8.8 years in total. For the discussion of our formation of consolidated real estate joint venture, refer to the “Formation of consolidated real estate joint ventures, impairment of an unconsolidated real estate joint venture, and sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements. Real estate assets acquired in January 2021 In January 2021, we acquired 401 Park Drive, 201 Brookline Avenue, and one future development opportunity, aggregating 1.8 million SF, located in the heart of our Greater Boston life science cluster market, for a purchase price of $1.48 billion. The future collaborative life science campus consists of an operating property with a future redevelopment opportunity at 401 Park Drive, aggregating 973,145 RSF, an active development at 201 Brookline Avenue aggregating 510,116 RSF, and a future development opportunity for one office/laboratory building for which we are pursuing net new entitlement rights totaling approximately 400,000 SF. Achievement of entitlement rights greater than 305,000 SF will increase our purchase price by a maximum of $97.9 million. In January 2021, we also completed the acquisitions of three properties for an aggregate purchase price of $118.9 million, comprising 345,678 RSF of operating properties and active redevelopment strategically located across multiple markets. Acquired below-market leases The balances of acquired below-market tenant leases existing as of December 31, 2020 and 2019, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 2019 Acquired below-market leases $ 477,377 $ 326,255 Accumulated amortization (189,302) (131,482) $ 288,075 $ 194,773 For the years ended December 31, 2020, 2019, and 2018, we recognized in rental revenues approximately $57.8 million, $30.3 million, and $22.3 million, respectively, related to the amortization of acquired below-market leases existing as of the end of each respective year. The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2020, was approximately 5.6 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2020, is as follows (in thousands): Year Amount 2021 $ 42,002 2022 34,847 2023 31,112 2024 28,094 2025 24,788 Thereafter 127,232 Total $ 288,075 Acquired in-place leases The balances of acquired in-place leases, and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 2019 Acquired in-place leases $ 712,380 $ 426,280 Accumulated amortization (250,056) (144,630) $ 462,324 $ 281,650 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $105.4 million, $49.1 million, and $34.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.1 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2020, is as follows (in thousands): Year Amount 2021 $ 101,193 2022 70,441 2023 57,368 2024 43,174 2025 35,747 Thereafter 154,401 Total $ 462,324 Sales of real estate assets During the year ended December 31, 2020, we sold partial interests in the following properties: (i) 681, 685, and 701 Gateway Boulevard in our South San Francisco submarket during the three months ended March 31, 2020, (ii) 9808 and 9868 Scranton Road in our Sorrento Mesa submarket during the three months ended June 30, 2020, and (iii) 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street in our Lake Union submarket during the three months ended December 31, 2020. For the discussion of our sales of partial interests, refer to the “Formation of consolidated real estate joint ventures, impairment of an unconsolidated real estate joint venture, and sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements. 510 Townsend Street and 505 Brannan Street In November 2020, we completed the sale of two tech office properties aggregating 443,479 RSF at 510 Townsend Street and 505 Brannan Street in our SoMa submarket for an aggregate sales price of $560.2 million and recognized a gain of $151.9 million. Impairment charges During the year ended December 31, 2020, we recognized impairment charges aggregating $48.1 million, primarily including: • Impairment charges aggregating $15.2 million, which primarily consisted of a $10 million write-off of the pre-acquisition deposit for a previously pending acquisition of an operating tech office property for which our revised economic projections declined from our initial underwriting. We recognized this impairment charge in April 2020 concurrently with the submission of our notice to terminate the transaction. • Impairment charge of $13.5 million recognized during the three months ended December 31, 2020, upon classification of our real estate assets located at 260 Townsend Street in our SoMa submarket as held for sale. We expect to sell this real estate asset during 2021. • Impairment charge of $11.7 million recognized during the three months ended December 31, 2020, upon classification of our real estate asset located at 220 and 240 2nd Avenue South in our SoDo submarket as held for sale. We expect to sell this real estate asset during 2021.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures (Notes)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Consolidated and unconsolidated real estate joint ventures	CONSOLIDATED AND UNCONSOLIDATED REAL ESTATE JOINT VENTURES From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2020, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 225 Binney Street Greater Boston Cambridge/Inner Suburbs 30.0 % 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 57 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % 409 and 499 Illinois Street San Francisco Mission Bay 60.0 % 1500 Owens Street San Francisco Mission Bay 50.1 % Alexandria Technology Center ® – Gateway (3) San Francisco South San Francisco 45.1 % 500 Forbes Boulevard San Francisco South San Francisco 10.0 % Alexandria Point (4) San Diego University Town Center 55.0 % 5200 Illumina Way San Diego University Town Center 51.0 % 9625 Towne Centre Drive San Diego University Town Center 50.1 % SD Tech by Alexandria (5) San Diego Sorrento Mesa 50.0 % The Eastlake Life Science Campus by Alexandria (6) Seattle Lake Union 30.0 % Unconsolidated joint ventures (2) : 1655 and 1725 Third Street San Francisco Mission Bay 10.0 % Menlo Gateway San Francisco Greater Stanford 49.0 % 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (7) (1) Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework. (2) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in five other consolidated joint ventures in North America and we hold an interest in two other insignificant unconsolidated real estate joint ventures in North America. (3) Excludes 600, 630, 650, 901, and 951 Gateway Boulevard in our South San Francisco submarket. (4) Excludes 9880 Campus Point Drive in our University Town Center submarket. (5) Excludes 5505 Morehouse Drive and 10121 and 10151 Barnes Canyon Road in our Sorrento Mesa submarket. (6) Excludes 1165, 1616, and 1551 Eastlake Avenue East, 188 East Blaine Street, and 1600 Fairview Avenue East in our Lake Union submarket. (7) Represents our ownership interest; our voting interest is limited to 50%. Our consolidation policy is fully described under the “Consolidation” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”). We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of income and losses. The table below shows the categorization of our joint ventures under the consolidation framework: Property (1) Consolidation Model Voting Interest Consolidation Analysis Conclusion 225 Binney Street VIE model Not applicable under VIE model We have: Consolidated 75/125 Binney Street (i) The power to direct the activities of the joint venture that most significantly affect its economic performance; and 57 Coolidge Avenue 409 and 499 Illinois Street 1500 Owens Street Alexandria Technology Center ® – Gateway 500 Forbes Boulevard (ii) Benefits that can be significant to the joint venture. Alexandria Point 5200 Illumina Way Therefore, we are the primary beneficiary of each VIE 9625 Towne Centre Drive SD Tech by Alexandria The Eastlake Life Science Campus by Alexandria Menlo Gateway We do not control the joint venture and are therefore not the primary beneficiary Equity method of accounting 704 Quince Orchard Road Voting model Does not exceed 50% Our voting interest is 50% or less 1655 and 1725 Third Street (1) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in five other consolidated joint ventures in North America and we hold an interest in two other insignificant unconsolidated real estate joint ventures in North America. Formation of consolidated real estate joint ventures, impairment of an unconsolidated real estate joint venture, and sales of partial interests 57 Coolidge Avenue In July 2020, we formed a real estate joint venture with a local developer and investor to acquire a land parcel aggregating approximately 275,000 SF at 57 Coolidge Avenue in our Cambridge/Inner Suburbs submarket for a contractual purchase price of approximately $32.6 million. Our ownership interest in the joint venture is 75%. As part of the joint venture agreement, we are responsible for activities that most significantly impact the economic performance of the joint venture. In addition, our joint venture partner lacks kick-out rights over our role as property manager. Therefore, we determined that our joint venture partner does not have a controlling financial interest, and consequently this joint venture should be accounted for as a VIE. We also determined that we are the primary beneficiary of the joint venture because we are responsible for activities that most significantly impact the economic performance of the joint venture, and also have the obligation to absorb losses of or the right to receive benefits from the joint venture that could potentially be significant to the joint venture. Accordingly, we have consolidated the joint venture under the variable interest model. Refer to the “Consolidation” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Alexandria Technology Center ® – Gateway In January 2020, we formed a real estate joint venture with subsidiaries of Boston Properties, Inc. We currently own 45% of the real estate joint venture and are expecting to increase our ownership to 51%. Our partner contributed three office buildings, aggregating 776,003 RSF, at 601, 611, and 651 Gateway Boulevard, and land supporting 260,000 SF of future development with aggregate fair market value of $350.0 million. We contributed one office building, one office/laboratory building, one amenity building, aggregating 313,262 RSF, at 701, 681, and 685 Gateway Boulevard, respectively, and land supporting 377,000 SF of future development with aggregate fair market value of $281.9 million. This future campus in our South San Francisco submarket will aggregate 1.7 million RSF. As part of the joint venture agreement, we are responsible for activities that most significantly impact the economic performance of the joint venture. In addition, our joint venture partner lacks kick-out rights over our role as property manager. Therefore, we determined that our joint venture partner does not have a controlling financial interest, and consequently this joint venture should be accounted for as a VIE. We also determined that we are the primary beneficiary of the joint venture because we are responsible for activities that most significantly impact the economic performance of the joint venture, and also have the obligation to absorb losses of or the right to receive benefits from the joint venture that could potentially be significant to the joint venture. Accordingly, we have consolidated the joint venture under the variable interest model. We retained controlling interests and the contributed properties remain consolidated in our financial statements; therefore, no adjustments were made to the carrying values of these properties, and no gain was recognized in our consolidated statements of operations. We accounted for this transaction as an equity transaction with an adjustment of $55.8 million to our additional paid-in capital. The carrying amounts of our partner’s share of assets and liabilities are reported at historical cost within a noncontrolling interest balance of our consolidated statement of shareholders’ equity. Refer to the “Consolidation” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. 1401/1413 Research Boulevard In January 2015, we formed a joint venture with a local retail developer and operator by contributing a land parcel located in our Rockville submarket of Maryland. The joint venture developed a retail shopping center aggregating approximately 90,000 RSF, which was primarily funded by a $26.2 million construction loan that is non-recourse to us and matures in May 2021. As of December 31, 2019, our investment in this joint venture was $7.7 million, which primarily consisted of the value of the retail shopping center, and was accounted for under the equity method of accounting as we did not have a controlling interest. In March 2020, as a result of the impact of COVID-19 pandemic and the State of Maryland’s shelter-in-place orders, which led to the closure of the retail center, and the near-term debt maturity of the secured loan, we evaluated the recoverability of our investment and recognized a $7.6 million impairment charge to lower the carrying amount of our investment balance, which primarily consisted of real estate, to its estimated fair value less costs to sell. The estimated real estate impairment charge reduced our investment balance in the joint venture to zero dollars and was classified in equity in earnings of unconsolidated real estate joint ventures within our consolidated statements of operations for the year ended December 31, 2020. 9808 and 9868 Scranton Road In April 2020, we completed the sale of properties aggregating 219,628 RSF at 9808 and 9868 Scranton Road in our Sorrento Mesa submarket to the existing SD Tech by Alexandria consolidated real estate joint venture, of which we own 50%. The gross proceeds received from our partner for its 50% interest in the properties were $51.1 million. We continue to control and consolidate this joint venture; therefore, we accounted for the difference between the consideration received and the book value of the interest sold as an equity transaction with no gain recognized in earnings. The Eastlake Life Science Campus by Alexandria In November 2020, we completed the sale of a 70% interest in our properties at 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street, aggregating 321,218 RSF, located in our Lake Union submarket, for an aggregate sales price of $314.5 million. We formed a joint venture with the buyer of the partial interest and hold a 30% ownership interest in this joint venture. As part of the joint venture agreement, we are responsible for activities that most significantly impact the economic performance of the joint venture. In addition, our joint venture partner lacks kick-out rights over our role as property manager. Therefore, we determined that our joint venture partner does not have a controlling financial interest, and consequently this joint venture should be accounted for as a VIE. We also determined that we are the primary beneficiary of the joint venture because we are responsible for activities that most significantly impact the economic performance of the joint venture, and also have the obligation to absorb losses of or the right to receive benefits from the joint venture that could potentially be significant to the joint venture. Accordingly, we have consolidated the joint venture under the variable interest model. We determined that we have a controlling interest in the joint venture, and therefore we continue to consolidate these properties. Accordingly, we accounted for the difference between consideration received and the book value of the interest sold as an equity financing transaction and recorded $211.3 million as an adjustment to additional paid-in capital, with no gain recognized in earnings. This transaction did not qualify as a sale of real estate and did not result in purchase accounting adjustment to the carrying value. Accordingly, the carrying amounts of our partner’s share of assets and liabilities are reported at historical cost within a noncontrolling interest balance of our consolidated statement of shareholders’ equity. Refer to the “Consolidation” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Consolidated VIEs’ balance sheet information The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Investments in real estate $ 3,196,215 $ 2,678,476 Cash and cash equivalents 95,565 81,021 Other assets 341,524 280,343 Total assets $ 3,633,304 $ 3,039,840 Secured notes payable $ — $ — Other liabilities 183,237 149,471 Total liabilities 183,237 149,471 Redeemable noncontrolling interests 1,731 2,388 Alexandria Real Estate Equities, Inc.’s share of equity 1,742,039 1,600,729 Noncontrolling interests’ share of equity 1,706,297 1,287,252 Total liabilities and equity $ 3,633,304 $ 3,039,840 In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the balance sheet information of these entities on an aggregated basis. None of our consolidated VIEs’ assets have restrictions that limit their use to settle specific obligations of the VIE. There are no creditors or other partners of our consolidated VIEs that have recourse to our general credit. Our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE. Unconsolidated real estate joint ventures Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE. Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets of December 31, 2020 and 2019, consisted of the following (in thousands): December 31, Property 2020 2019 Menlo Gateway $ 300,622 $ 288,408 704 Quince Orchard Road 4,961 4,748 1655 and 1725 Third Street 14,939 37,016 Other 11,827 16,718 $ 332,349 $ 346,890 Our unconsolidated real estate joint ventures have the following secured loans that include the following key terms as of December 31, 2020 (dollars in thousands): Unconsolidated Joint Venture Our Share Maturity Date Stated Rate Interest Rate (1) Debt Balance at 100% (2) 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 3.22% (3) $ 12,660 1655 and 1725 Third Street 10.0% 3/10/25 4.50% 4.57% 598,232 Menlo Gateway, Phase II 49.0% 5/1/35 4.53% 4.59% 155,942 Menlo Gateway, Phase I 49.0% 8/10/35 4.15% 4.18% 139,558 $ 906,392 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2020. (3) Includes a 1.00% LIBOR floor on the interest rate.

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LEASES We are subject to the lease accounting standard that sets principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of operations; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Leases in which we are the lessor As of December 31, 2020, we had 338 properties aggregating 31.9 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science, technology, and agtech entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of December 31, 2020, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2020, our 338 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The remaining lease term related to each of the two land parcels is 71.9 years. Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2020, are outlined in the table below (in thousands): Year Amount 2021 $ 1,234,654 2022 1,251,446 2023 1,222,980 2024 1,114,259 2025 1,035,300 Thereafter 6,328,067 Total $ 12,186,706 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2020, we had one direct financing lease agreement for a parking structure with a remaining lease term of 71.9 years. The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The components of net investment in our direct financing lease as of December 31, 2020 and 2019, are summarized in the table below (in thousands): December 31, 2020 2019 Gross investment in direct financing lease $ 258,751 $ 260,457 Less: unearned income (218,072) (220,541) Less: allowance for credit losses (2,839) — Net investment in direct financing lease $ 37,840 $ 39,916 On January 1, 2020, we adopted an accounting standard that requires companies to estimate and recognize expected losses, rather than incurred losses, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. This new accounting standard applies to our direct financing lease described above. Upon adoption of the new standard on January 1, 2020, we recognized a credit loss adjustment related to this direct financing lease aggregating $2.2 million. During the three months ended March 31, 2020, we updated our assessment of the current estimated credit loss related to this direct financing lease and estimated the loss to increase to $2.8 million as of March 31, 2020. As a result, we recognized an additional credit loss adjustment of $614 thousand classified within rental operations in our consolidated statement of operations for the year ended December 31, 2020. No adjustment to the estimated credit loss balance was required during the three months ended June 30, 2020, September 30, 2020, and December 31, 2020. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2020, are outlined in the table below (in thousands): Year Total 2021 $ 1,756 2022 1,809 2023 1,863 2024 1,919 2025 1,976 Thereafter 249,428 Total $ 258,751 Income from rentals Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals $ 1,878,208 $ 1,516,864 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to the “Revenues” and “Recognition of revenue arising from contracts with customers” sections in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. During the year ended December 31, 2020, we executed an agreement with Pinterest, Inc. to terminate our contract related to a future lease of 488,899 RSF at our 88 Bluxome Street development project, which has not commenced vertical construction, located in our SoMa submarket. We expect demolition of the existing building at the site prior to the commencement of vertical construction of the project. We received a contract termination fee of $89.5 million and incurred expenses of $3.3 million, resulting in an aggregate termination fee of $86.2 million. The contract termination fee of $89.5 million was classified within income from rentals, and related expenses of $3.3 million were classified within rental operations in our consolidated statements of operations for the year ended December 31, 2020. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred leasing costs $ 679,300 $ 631,416 Accumulated amortization (406,627) (361,373) Deferred leasing costs, net $ 272,673 $ 270,043 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to the “Lessee accounting” subsection of the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2020, the present value of the remaining contractual payments aggregating $825.8 million, under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $345.8 million. Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $335.9 million. As of December 31, 2020, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 43 years, and the weighted-average discount rate was 4.88%. The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Ground lease obligations as of December 31, 2020, included leases for 36 of our properties, which accounted for approximately 11% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $7.1 million as of December 31, 2020, our ground lease obligations have remaining lease terms ranging from approximately 33 years to 94 years, including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2020, is presented in the table below (in thousands): Year Total 2021 $ 18,903 2022 19,915 2023 20,088 2024 20,334 2025 20,364 Thereafter 726,200 Total future payments under our operating leases in which we are the lessee 825,804 Effect of discounting (480,054) Operating lease liability $ 345,750 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 14 years, exclusive of extension options. For the years ended December 31, 2020, 2019, and 2018, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Gross operating lease costs $ 23,518 $ 19,740 $ 16,102 Capitalized lease costs (3,529) (1,452) (340) Expenses for operating leases in which we are the lessee $ 19,989 $ 18,288 $ 15,762 For the years ended December 31, 2020, 2019, and 2018, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $20.8 million, $17.7 million, and $14.8 million, respectively.
Leases	LEASES We are subject to the lease accounting standard that sets principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of operations; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Leases in which we are the lessor As of December 31, 2020, we had 338 properties aggregating 31.9 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science, technology, and agtech entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of December 31, 2020, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2020, our 338 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The remaining lease term related to each of the two land parcels is 71.9 years. Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2020, are outlined in the table below (in thousands): Year Amount 2021 $ 1,234,654 2022 1,251,446 2023 1,222,980 2024 1,114,259 2025 1,035,300 Thereafter 6,328,067 Total $ 12,186,706 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2020, we had one direct financing lease agreement for a parking structure with a remaining lease term of 71.9 years. The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The components of net investment in our direct financing lease as of December 31, 2020 and 2019, are summarized in the table below (in thousands): December 31, 2020 2019 Gross investment in direct financing lease $ 258,751 $ 260,457 Less: unearned income (218,072) (220,541) Less: allowance for credit losses (2,839) — Net investment in direct financing lease $ 37,840 $ 39,916 On January 1, 2020, we adopted an accounting standard that requires companies to estimate and recognize expected losses, rather than incurred losses, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. This new accounting standard applies to our direct financing lease described above. Upon adoption of the new standard on January 1, 2020, we recognized a credit loss adjustment related to this direct financing lease aggregating $2.2 million. During the three months ended March 31, 2020, we updated our assessment of the current estimated credit loss related to this direct financing lease and estimated the loss to increase to $2.8 million as of March 31, 2020. As a result, we recognized an additional credit loss adjustment of $614 thousand classified within rental operations in our consolidated statement of operations for the year ended December 31, 2020. No adjustment to the estimated credit loss balance was required during the three months ended June 30, 2020, September 30, 2020, and December 31, 2020. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2020, are outlined in the table below (in thousands): Year Total 2021 $ 1,756 2022 1,809 2023 1,863 2024 1,919 2025 1,976 Thereafter 249,428 Total $ 258,751 Income from rentals Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals $ 1,878,208 $ 1,516,864 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to the “Revenues” and “Recognition of revenue arising from contracts with customers” sections in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. During the year ended December 31, 2020, we executed an agreement with Pinterest, Inc. to terminate our contract related to a future lease of 488,899 RSF at our 88 Bluxome Street development project, which has not commenced vertical construction, located in our SoMa submarket. We expect demolition of the existing building at the site prior to the commencement of vertical construction of the project. We received a contract termination fee of $89.5 million and incurred expenses of $3.3 million, resulting in an aggregate termination fee of $86.2 million. The contract termination fee of $89.5 million was classified within income from rentals, and related expenses of $3.3 million were classified within rental operations in our consolidated statements of operations for the year ended December 31, 2020. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred leasing costs $ 679,300 $ 631,416 Accumulated amortization (406,627) (361,373) Deferred leasing costs, net $ 272,673 $ 270,043 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to the “Lessee accounting” subsection of the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2020, the present value of the remaining contractual payments aggregating $825.8 million, under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $345.8 million. Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $335.9 million. As of December 31, 2020, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 43 years, and the weighted-average discount rate was 4.88%. The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Ground lease obligations as of December 31, 2020, included leases for 36 of our properties, which accounted for approximately 11% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $7.1 million as of December 31, 2020, our ground lease obligations have remaining lease terms ranging from approximately 33 years to 94 years, including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2020, is presented in the table below (in thousands): Year Total 2021 $ 18,903 2022 19,915 2023 20,088 2024 20,334 2025 20,364 Thereafter 726,200 Total future payments under our operating leases in which we are the lessee 825,804 Effect of discounting (480,054) Operating lease liability $ 345,750 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 14 years, exclusive of extension options. For the years ended December 31, 2020, 2019, and 2018, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Gross operating lease costs $ 23,518 $ 19,740 $ 16,102 Capitalized lease costs (3,529) (1,452) (340) Expenses for operating leases in which we are the lessee $ 19,989 $ 18,288 $ 15,762 For the years ended December 31, 2020, 2019, and 2018, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $20.8 million, $17.7 million, and $14.8 million, respectively.
Leases	LEASES We are subject to the lease accounting standard that sets principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of operations; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Leases in which we are the lessor As of December 31, 2020, we had 338 properties aggregating 31.9 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science, technology, and agtech entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of December 31, 2020, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2020, our 338 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The remaining lease term related to each of the two land parcels is 71.9 years. Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2020, are outlined in the table below (in thousands): Year Amount 2021 $ 1,234,654 2022 1,251,446 2023 1,222,980 2024 1,114,259 2025 1,035,300 Thereafter 6,328,067 Total $ 12,186,706 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2020, we had one direct financing lease agreement for a parking structure with a remaining lease term of 71.9 years. The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years, 30 years, and 74.5 years after the rent commencement date of October 1, 2017. The components of net investment in our direct financing lease as of December 31, 2020 and 2019, are summarized in the table below (in thousands): December 31, 2020 2019 Gross investment in direct financing lease $ 258,751 $ 260,457 Less: unearned income (218,072) (220,541) Less: allowance for credit losses (2,839) — Net investment in direct financing lease $ 37,840 $ 39,916 On January 1, 2020, we adopted an accounting standard that requires companies to estimate and recognize expected losses, rather than incurred losses, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. This new accounting standard applies to our direct financing lease described above. Upon adoption of the new standard on January 1, 2020, we recognized a credit loss adjustment related to this direct financing lease aggregating $2.2 million. During the three months ended March 31, 2020, we updated our assessment of the current estimated credit loss related to this direct financing lease and estimated the loss to increase to $2.8 million as of March 31, 2020. As a result, we recognized an additional credit loss adjustment of $614 thousand classified within rental operations in our consolidated statement of operations for the year ended December 31, 2020. No adjustment to the estimated credit loss balance was required during the three months ended June 30, 2020, September 30, 2020, and December 31, 2020. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2020, are outlined in the table below (in thousands): Year Total 2021 $ 1,756 2022 1,809 2023 1,863 2024 1,919 2025 1,976 Thereafter 249,428 Total $ 258,751 Income from rentals Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals $ 1,878,208 $ 1,516,864 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to the “Revenues” and “Recognition of revenue arising from contracts with customers” sections in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. During the year ended December 31, 2020, we executed an agreement with Pinterest, Inc. to terminate our contract related to a future lease of 488,899 RSF at our 88 Bluxome Street development project, which has not commenced vertical construction, located in our SoMa submarket. We expect demolition of the existing building at the site prior to the commencement of vertical construction of the project. We received a contract termination fee of $89.5 million and incurred expenses of $3.3 million, resulting in an aggregate termination fee of $86.2 million. The contract termination fee of $89.5 million was classified within income from rentals, and related expenses of $3.3 million were classified within rental operations in our consolidated statements of operations for the year ended December 31, 2020. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred leasing costs $ 679,300 $ 631,416 Accumulated amortization (406,627) (361,373) Deferred leasing costs, net $ 272,673 $ 270,043 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to the “Lessee accounting” subsection of the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2020, the present value of the remaining contractual payments aggregating $825.8 million, under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $345.8 million. Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $335.9 million. As of December 31, 2020, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 43 years, and the weighted-average discount rate was 4.88%. The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Ground lease obligations as of December 31, 2020, included leases for 36 of our properties, which accounted for approximately 11% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $7.1 million as of December 31, 2020, our ground lease obligations have remaining lease terms ranging from approximately 33 years to 94 years, including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2020, is presented in the table below (in thousands): Year Total 2021 $ 18,903 2022 19,915 2023 20,088 2024 20,334 2025 20,364 Thereafter 726,200 Total future payments under our operating leases in which we are the lessee 825,804 Effect of discounting (480,054) Operating lease liability $ 345,750 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 14 years, exclusive of extension options. For the years ended December 31, 2020, 2019, and 2018, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Gross operating lease costs $ 23,518 $ 19,740 $ 16,102 Capitalized lease costs (3,529) (1,452) (340) Expenses for operating leases in which we are the lessee $ 19,989 $ 18,288 $ 15,762 For the years ended December 31, 2020, 2019, and 2018, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $20.8 million, $17.7 million, and $14.8 million, respectively.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2020
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash	CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 568,532 $ 189,681 Restricted cash: Funds held in trust under the terms of certain secured notes payable 17,256 24,331 Funds held in escrow related to construction projects and investing activities 4,580 23,252 Other 7,337 5,425 29,173 53,008 Total $ 597,705 $ 242,689

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Investment	INVESTMENTS We hold investments in publicly traded companies and privately held entities primarily involved in the life science, technology, and agtech industries, as further described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income in our consolidated statements of operations. Investments in privately held companies Our investments in privately held entities consist of (i) investments in entities that report NAV, and (ii) investments in privately held entities that do not report NAV. These investments are accounted for as follows: Investments in privately held entities that report NAV Investments in entities that report NAV, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. We use NAV reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. Investments in privately held entities that do not report NAV Investments in privately held entities that do not report NAV are carried at cost, adjusted for observable price changes and impairments, with changes recognized in net income. These investments continue to be evaluated on the basis of a qualitative assessment for indicators of impairment by utilizing the same monitoring criteria described in the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements, and by monitoring the presence of the following impairment indicators: (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and/or (iv) significant concerns about the investee’s ability to continue as a going concern. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities are accounted for under the equity method, unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We had no non-real estate investments accounted for under the equity method as of December 31, 2020. Investment income/loss recognition and classification We classify unrealized and realized gains and losses on our investments within investment income in our consolidated statements of operations. Unrealized gains and losses represent: (i) changes in fair value for investments in publicly traded companies, (ii) changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV, and/or (iii) observable price changes of our investments in privately held entities that do not report NAV. An observable price arises from an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV to their estimated fair value. The following tables summarize our investments as of December 31, 2020, and 2019 (in thousands): December 31, 2020 Cost Unrealized Carrying Amount Investments: Publicly traded companies $ 208,754 $ 351,076 $ 559,830 Entities that report NAV 334,341 327,741 662,082 Entities that do not report NAV: Entities with observable price changes 47,545 96,859 144,404 Entities without observable price changes 244,798 — 244,798 Total investments $ 835,438 $ 775,676 $ 1,611,114 December 31, 2019 Cost Unrealized Carrying Amount Investments: Publicly traded companies $ 148,109 $ 170,528 $ 318,637 Entities that report NAV 271,276 162,626 433,902 Entities that do not report NAV: Entities with observable price changes 42,045 68,489 110,534 Entities without observable price changes 277,521 — 277,521 Total investments $ 738,951 $ 401,643 $ 1,140,594 Cumulative gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2020, aggregated to a gain of $66.8 million, which consisted of upward adjustments of $97.2 million and downward adjustments and impairments of $30.4 million. Our investment income for the years ended December 31, 2020, 2019, and 2018, consisted of the following (in thousands): Year Ended December 31, 2020 2019 2018 Realized gains $ 47,288 $ 33,158 $ 37,129 Unrealized gains 374,033 161,489 99,634 Investment income $ 421,321 $ 194,647 $ 136,763 During the year ended December 31, 2020, gains and losses on investments in privately held entities that do not report NAV still held at December 31, 2020, aggregated to a gain of $3.1 million, which consisted of upward adjustments of $36.7 million and downward adjustments and impairments of $33.6 million. During the year ended December 31, 2019, gains and losses on investments in privately held entities that do not report NAV still held at December 31, 2019, aggregated to a loss of $12.7 million, which consisted of downward adjustments and impairments of $18.0 million and upward adjustments of $5.2 million. During the year ended December 31, 2018, gains and losses on investments in privately held entities that do not report NAV still held at December 31, 2018, aggregated to a gain of $58.6 million, which consisted of upward adjustments of $64.3 million and downward adjustments and impairments of $5.7 million. Unrealized gains related to investments still held at December 31, 2020, 2019, and 2018, aggregated $392.7 million, $184.6 million, and $114.4 million during the years ended December 31, 2020, 2019, and 2018, respectively. Refer to the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Investments in privately held entities that report NAV

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	OTHER ASSETS The following table summarizes the components of other assets as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Acquired in-place leases $ 462,324 $ 281,650 Deferred compensation plan 31,057 22,225 Deferred financing costs – unsecured senior line of credit 24,124 13,064 Deposits 13,861 31,028 Furniture, fixtures, and equipment 31,130 23,031 Net investment in direct financing lease 37,840 39,916 Notes receivable 3,424 435 Operating lease right-of-use asset 335,920 264,709 Other assets 30,620 32,040 Prepaid expenses 67,667 11,324 Property, plant, and equipment 153,614 174,292 Total $ 1,191,581 $ 893,714

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements	FAIR VALUE MEASUREMENTS We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and liabilities measured at fair value on a recurring basis The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2020, and 2019. In addition, there were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the year ended December 31, 2020. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2020 $ 559,830 $ 559,830 $ — $ — As of December 31, 2019 $ 318,637 $ 318,637 $ — $ — Our investments in publicly traded companies represent investments with readily determinable fair values, and are carried at fair value, with changes in fair value classified in net income. We also hold investments in privately held entities, which consist of (i) investments that report NAV, and (ii) investments that do not report NAV, as further described below. Our investments in privately held entities that report NAV, such as our privately held investments in limited partnerships, are carried at fair value using NAV as a practical expedient, with changes in fair value classified in net income. As of December 31, 2020 and 2019, the carrying values of investments in privately held entities that report NAV aggregated $662.1 million and $433.9 million, respectively. These investments are excluded from the fair value hierarchy above as required by the fair value accounting standards. We estimate the fair value of each of our investments in limited partnerships based on the most recent NAV reported by each limited partnership. As a result, the determination of fair values of our investments in privately held entities that report NAV generally does not involve significant estimates, assumptions, or judgments. Assets and liabilities measured at fair value on a nonrecurring basis On January 1, 2020, we adopted a new accounting standard described within the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Beginning in 2020, in accordance with this new accounting standard, we provide fair value disclosures, including disclosures about the level in the fair value hierarchy, for our investments in privately held entities that do not report NAV, which were adjusted to their fair value by applying the measurement alternative described within the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands). These investments were measured at various times during the period from January 1, 2018, to December 31, 2020. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in privately held entities that do not report NAV $ 157,871 $ — $ 144,404 (1) $ 13,467 (2) (1) This balance represents the total carrying amount of our equity investments in privately held entities with observable price changes, included in our total investments balance of $1.6 billion in our consolidated balance sheets as of December 31, 2020. For more information, refer to Note 7 – “Investments” to our consolidated financial statements. (2) This amount is included in the $244.8 million balance of investments in privately held entities without observable price changes disclosed in Note 7 – “Investments” to our consolidated financial statements and represents the carrying amount of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described within the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Our investments in privately held entities that do not report NAV are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. These investments are evaluated on a nonrecurring basis based on the observable price changes in orderly transactions for the identical or similar investment of the same issuer. Further adjustments are not made until another observable transaction occurs. Therefore, the determination of fair values of our investments in privately held entities that do not report NAV does not involve significant estimates and assumptions or subjective and complex judgments. We also subject our investments in privately held entities that do not report NAV to a qualitative assessment for indicators of impairment. If indicators of impairment are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. The estimates of fair value typically incorporate valuation techniques that include an income approach reflecting a discounted cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated by market participants. In certain instances, we may use multiple valuation techniques for a particular investment and estimate its fair value based on an average of multiple valuation results. Refer to the “Formation of consolidated real estate joint ventures, impairment of an unconsolidated real estate joint venture, and sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures,” Note 7 – “Investments,” and Note 18 – “Assets classified as held for sale” to our consolidated financial statements for further discussion on assets and liabilities measured at fair value on a nonrecurring basis. The carrying values of cash and cash equivalents, restricted cash, tenant receivables, deposits, notes receivable, accounts payable, accrued expenses, and other short-term liabilities approximate their fair value. The fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and commercial paper were estimated using widely accepted valuation techniques, including discounted cash flow analyses using significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Because the valuations of our financial instruments are based on these types of estimates, the actual fair value of our financial instruments may differ materially if our estimates do not prove to be accurate. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. As of December 31, 2020 and 2019, the book and estimated fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and amounts outstanding under our commercial paper program were as follows (in thousands): December 31, 2020 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 230,925 $ — $ 249,782 $ — $ 249,782 Unsecured senior notes payable $ 7,232,370 $ — $ 8,447,845 $ — $ 8,447,845 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 99,991 $ — $ 99,998 $ — $ 99,998 December 31, 2019 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 349,352 $ — $ 363,344 $ — $ 363,344 Unsecured senior notes payable $ 6,044,127 $ — $ 6,571,668 $ — $ 6,571,668 Unsecured senior line of credit $ 384,000 $ — $ 383,928 $ — $ 383,928

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Secured and unsecured senior debt	SECURED AND UNSECURED SENIOR DEBT The following table summarizes our outstanding indebtedness and respective principal payments as of December 31, 2020 (dollars in thousands): Stated Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2021 2022 2023 2024 2025 Thereafter Principal Total Secured notes payable Greater Boston 4.82 % 3.40 % 2/6/24 $ 3,394 $ 3,564 $ 3,742 $ 183,527 $ — $ — $ 194,227 8,344 $ 202,571 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (549) 27,651 San Francisco 6.50 % 6.50 7/1/36 26 28 30 32 34 553 703 — 703 Secured debt weighted average interest rate/subtotal 4.74 % 3.53 3,420 3,592 3,772 183,559 34 28,753 223,130 7,795 230,925 Commercial paper program (3) 0.27 % (3) 0.29 (3) (3) — (3) — — — — 100,000 (3) 100,000 (9) 99,991 Unsecured senior line of credit L+0.825 % N/A 1/6/26 — — — — — — — — — Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — 650,000 — — 650,000 (356) 649,644 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — 600,000 — 600,000 (3,804) 596,196 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (2,465) 297,535 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (2,599) 347,401 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,062) 346,938 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,986) 422,014 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,908) 298,092 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (3,688) 396,312 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,535) 446,465 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (7,843) 692,157 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (6,897) 743,103 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (10,559) 989,441 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,332) 296,668 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,404 710,404 Unsecured debt weighted average interest rate/subtotal 3.76 — — — 650,000 600,000 6,125,000 7,375,000 (42,639) 7,332,361 Weighted-average interest rate/total 3.76 % $ 3,420 $ 3,592 $ 3,772 $ 833,559 $ 600,034 $ 6,153,753 $ 7,598,130 $ (34,844) $ 7,563,286 (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) Refer to footnote 2 on the next page. The following table summarizes our secured and unsecured senior debt as of December 31, 2020 (dollars in thousands): Fixed-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 230,925 $ — $ 230,925 3.1 % 3.53 % 3.4 Unsecured senior notes payable 7,232,370 — 7,232,370 95.6 3.81 10.9 Unsecured senior line of credit — — — — N/A 5.0 Commercial paper program — 99,991 99,991 1.3 0.29 (2) Total/weighted average $ 7,463,295 $ 99,991 $ 7,563,286 100.0 % 3.76 % 10.6 (2) Percentage of total debt 99 % 1 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) The commercial paper notes bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. The commercial paper outstanding as of December 31, 2020, matured on January 13, 2021. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at L+0.825%. As such, we calculate the weighted-average remaining term of our commercial paper using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper, the consolidated weighted-average maturity of our debt remains at 10.6 years. The commercial paper notes sold during the three months ended December 31, 2020, were issued at a weighted-average yield to maturity of 0.26% and had a weighted-average maturity term of 12 days. Unsecured senior line of credit We use our unsecured senior line of credit to fund working capital, construction activities, and, from time to time, acquisition of properties. Borrowings under the unsecured senior line of credit bear interest at a “Eurocurrency Rate,” a “LIBOR Floating Rate,” or a “Base Rate” specified in the amended unsecured senior line of credit agreement plus, in any case, the Applicable Margin. The Eurocurrency Rate specified in the amended unsecured senior line of credit agreement is, as applicable, the rate per annum equal to either (i) the LIBOR or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in a LIBOR quoted currency (i.e., U.S. dollars, euro, sterling, or yen), (ii) the average annual yield rates applicable to Canadian dollar bankers’ acceptances for loans denominated in Canadian dollars, (iii) the Bank Bill Swap Reference Bid rate for loans denominated in Australian dollars, or (iv) the rate designated with respect to the applicable alternative currency for loans denominated in a non-LIBOR quoted currency (other than Canadian or Australian dollars). The LIBOR Floating Rate means, for any day, one-month LIBOR, or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in U.S. dollars. The Base Rate means, for any day, a fluctuating rate per annum equal to the highest of (i) the federal funds rate plus 1/2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (iii) the Eurocurrency Rate plus 1.00%. Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.15% based on the aggregate commitments outstanding. On October 6, 2020, we amended our unsecured senior line of credit and recognized a loss on early extinguishment of debt of $651 thousand related to the write-off of unamortized loan fees. Among other things, the amended credit agreement includes a 0% LIBOR floor on the interest rate and is subject to certain annual sustainability measures entitling us to a temporary reduction in the interest rate margin of one basis point, but not below zero percent per year. Other key changes are summarized below: New Agreement Change Commitments available for borrowing $3.0 billion Increased by $800 million Interest rate LIBOR+0.825% Added a 0% LIBOR floor Maturity date January 6, 2026 Extended 2 years $750 million unsecured senior line of credit In April 2020, we closed an additional unsecured senior line of credit with $750.0 million of available commitments, which had a maturity date of April 14, 2022, and bore interest at LIBOR plus 1.05%. In addition to the cost of borrowing, this line of credit was subject to an annual facility fee of 0.20% based on the aggregate commitment outstanding. The terms of the $750.0 million unsecured senior line of credit agreement required that the outstanding commitments be reduced by 100% of net cash proceeds from certain new debt transactions and 50% of net cash proceeds from new equity offerings as defined in the agreement. In August 2020, we received cash proceeds from the issuance of our $1.0 billion 1.875% Unsecured Senior Notes, and, pursuant to the terms of the $750.0 million unsecured senior line of credit agreement, all outstanding commitments from the additional line of credit were reduced to zero, and we terminated this facility. During the three months ended September 30, 2020, we wrote off unamortized fees related to the terminated facility aggregating $1.9 million, which is classified within loss on early extinguishment of debt in our consolidated statements of operations. $1.5 billion commercial paper program In September 2019, we established a $750.0 million commercial paper program, which received credit ratings of A-2 from S&P Global Ratings and Prime-2 from Moody’s Investors Service. During 2020, we increased the aggregate amount we may issue from time to time under our commercial paper program from $750.0 million to $1.5 billion. Under this program, commercial paper notes can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is backed by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing capacity under our unsecured senior line of credit equal to any outstanding notes issued under our commercial paper program. We use the net proceeds from the issuances of the notes for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. During the three months ended December 31, 2020, we issued commercial paper notes at a weighted-average yield to maturity of 0.26%. As of December 31, 2020, we had $100.0 million of outstanding notes under our commercial paper program. Unsecured senior notes payable As of December 31, 2020, we have unsecured senior notes payable aggregating $7.2 billion, which are unsecured obligations of the Company and are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., a 100% owned subsidiary of the Company. The unsecured senior notes payable rank equally in right of payment with all other senior unsecured indebtedness. However, the unsecured senior notes payable are subordinate to existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Company’s subsidiaries, other than Alexandria Real Estate Equities, L.P. In addition, the terms of the indentures, among other things, limit the ability of the Company, Alexandria Real Estate Equities, L.P., and the Company’s subsidiaries to (i) consummate a merger, or consolidate or sell all or substantially all of the Company’s assets, and (ii) incur certain secured or unsecured indebtedness. In March 2020, we completed an offering of $700.0 million of unsecured senior notes payable due on December 15, 2030, at an interest rate of 4.90% for net proceeds of $691.6 million. The net proceeds were used to reduce the outstanding indebtedness under our unsecured senior line of credit and commercial paper program. In August 2020, we completed an offering of $1.0 billion of unsecured senior notes payable due on February 1, 2033, at an interest rate of 1.875% for net proceeds of $989.1 million (“1.875% Unsecured Senior Notes”). A portion of the proceeds was used to refinance our 3.90% unsecured senior notes payable due in 2023, aggregating $500.0 million, pursuant to a partial cash tender offer completed on August 5, 2020, and a subsequent call for redemption for the remaining outstanding amounts. The redemption was settled on September 4, 2020. The remaining proceeds were used to fund pending and recently completed acquisitions and construction of our highly leased development and redevelopment projects. As a result of our debt refinancing, we recognized a loss on early extinguishment of debt of $50.8 million, including the write-off of unamortized loan fees. Since January 1, 2019, we have completed the issuances of $4.4 billion in unsecured senior notes, with a weighted-average interest rate of 3.48% and a weighted-average maturity of 14.1 years as of December 31, 2020. Extinguishment of unsecured senior notes payable, unsecured senior line of credit, and secured notes payable During the year ended December 31, 2020, we extinguished the following debt and recognized losses on early extinguishment of debt, as described below: • Refinanced our 3.90% unsecured senior notes payable due in 2023 aggregating $500.0 million and recognized a loss on early extinguishment of debt aggregating $50.8 million, including the write-off of unamortized loan fees. • Terminated our $750.0 million unsecured senior line of credit and recognized a loss on early extinguishment of debt aggregating $1.9 million. • Repaid our secured note payable aggregating $78.0 million in December 2020, originally due in 2023 with an effective interest rate of 3.19%, and recognized a loss on early extinguishment of debt aggregating $4.5 million. • Extinguished our secured note payable aggregating $30.2 million due in 2023 with an effective interest rate of 4.90%, which was repaid in December 2020 via a legal defeasance and recognized a loss on early extinguishment of debt of $2.8 million. Interest expense The following table summarizes interest expense for the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Interest incurred $ 297,227 $ 262,238 $ 223,715 Capitalized interest (125,618) (88,563) (66,220) Interest expense $ 171,609 $ 173,675 $ 157,495

Accounts payable, accrued expen

Accounts payable, accrued expenses, and other liabilities (Notes)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Accounts payable and accrued expenses $ 285,021 $ 198,994 Accrued construction 333,271 275,818 Acquired below-market leases 288,075 194,773 Conditional asset retirement obligations 47,070 14,037 Deferred rent liabilities 4,495 2,897 Operating lease liability 345,750 271,808 Unearned rent and tenant security deposits 276,751 275,863 Other liabilities 89,399 86,078 Total $ 1,669,832 $ 1,320,268

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per share	EARNINGS PER SHARE From time to time, we enter into forward equity sales agreements, which are discussed in Note 15 – “Stockholders’ equity” to our consolidated financial statements. We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding – diluted using the treasury stock method. In October 2019, we elected to convert 2.3 million outstanding shares of our 7.00% Series D convertible preferred stock (“Series D Convertible Preferred Stock”) into shares of our common stock. As of December 31, 2020, we had no shares of our Series D Convertible Preferred Stock outstanding. For the period in 2019 during which our Series D Convertible Preferred Stock was outstanding, we calculated the number of weighted-average shares outstanding – diluted using the if-converted method. Shares of Alexandria Real Estate Equities, Inc.’s common shares issued upon conversion, weighted for the period the common shares were outstanding, were included in the denominator for the period after the date of conversion. We account for unvested restricted stock awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Our forward equity sales agreements are not participating securities and are therefore not included in the computation of EPS using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests, dividends on preferred stock, and preferred stock redemption charge) to common stockholders and unvested restricted stock awards by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 827,171 $ 404,047 $ 402,793 Net income attributable to noncontrolling interests (56,212) (40,882) (23,481) Dividends on preferred stock — (3,204) (5,060) Preferred stock redemption charge — (2,580) (4,240) Net income attributable to unvested restricted stock awards (10,168) (6,386) (6,029) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 760,791 $ 350,995 $ 363,983 Denominator for basic EPS – weighted-average shares of common stock outstanding 126,106 112,204 103,010 Dilutive effect of forward equity sales agreements 384 320 311 Denominator for diluted EPS – weighted-average shares of common stock outstanding 126,490 112,524 103,321 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 6.03 $ 3.13 $ 3.53 Diluted $ 6.01 $ 3.12 $ 3.52

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	INCOME TAXES We have elected to be taxed as a REIT, under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its shareholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state, local, and foreign taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. We distributed all of our REIT taxable income in 2019 and 2018 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2020, we expect our distributions to exceed our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2020 REIT taxable income when we file our 2020 federal income tax return in 2021. The income tax treatment of distributions and dividends declared on our common stock and our Series D Convertible Preferred Stock for the years ended December 31, 2020, 2019, and 2018, was as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Year Ended December 31, 2020 2019 2018 2019 2018 Ordinary income 65.7 % 62.4 % 69.9 % 64.4 % 72.7 % Return of capital 13.2 3.2 3.8 — — Capital gains at 25% — 2.2 0.1 2.2 0.1 Capital gains at 20% 21.1 32.2 26.2 33.4 27.2 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.24 $ 4.00 $ 3.73 $ 1.3125 $ 1.75 (1) Refer to Note 15 – “Stockholders’ equity” to our consolidated financial statements for information regarding the conversion of our Series D Convertible Preferred Stock. Beginning in 2018, the Tax Cuts and Jobs Act of 2017 added Section 199A to allow for a new tax deduction based on certain qualified business income. Section 199A provides eligible individual taxpayers a deduction of up to 20% of their qualified REIT dividends. Our dividends declared in a given quarter are generally paid during the subsequent quarter. The taxability information presented above for our dividends paid in 2020 is based upon management’s estimate. Our federal tax return for 2020 is due on or before October 15, 2021, assuming we file for an extension of the due date. Our federal tax returns for previous tax years have not been examined by the IRS. Consequently, the taxability of distributions and dividends is subject to change. In addition to our REIT tax returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations and may be subject to audits, assessments, or other actions by local taxing authorities. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority that has full knowledge of all relevant information. As of December 31, 2020, there were no material unrecognized tax benefits. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Interest expense and penalties, if any, are recognized in the first period during which the interest or penalties begin accruing, according to the provisions of the relevant tax law at the applicable statutory rate of interest. We did not incur any significant tax-related interest expense or penalties for the years ended December 31, 2020, 2019, and 2018. The following reconciles net income (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2019 and 2018 (in thousands and unaudited): Year Ended December 31, 2019 2018 Net income $ 404,047 $ 402,793 Net income attributable to noncontrolling interests (40,882) (23,481) Book/tax differences: Rental revenue recognition (132,979) (65,901) Depreciation and amortization 177,627 161,514 Share-based compensation 30,756 30,771 Interest expense (13,687) (6,414) Sales of property 66,717 (39,393) Impairments 12,334 — Non-real estate investment income (96,353) (110,322) Other 7,565 9,522 Taxable income before dividend deduction 415,145 359,089 Dividend deduction necessary to eliminate taxable income (1) (415,145) (359,089) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $451.2 million and $385.8 million during the years ended December 31, 2019 and 2018, respectively.

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIES Employee retirement savings plan We have a retirement savings plan pursuant to Section 401(k) of the Internal Revenue Code (the “Code) whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company discretionary profit-sharing contributions (subject to statutory limitations), which amounted to approximately $6.2 million, $4.9 million, and $4.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the FDIC insurance coverage of $250,000, and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. Commitments As of December 31, 2020, remaining aggregate costs under contract for the construction of properties undergoing development, redevelopment, and improvements under the terms of leases approximated $1.2 billion. We expect payments for these obligations to occur over one year to three years, subject to capital planning adjustments from time to time. We may have the ability to cease the construction of certain properties, which would result in the reduction of our commitments. In addition, we have letters of credit and performance obligations aggregating $11.1 million primarily related to construction projects.

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' equity	STOCKHOLDERS’ EQUITY Common equity transactions During the year ended December 31, 2020, we completed issuances and executed forward equity sales agreements for an aggregate of 15.7 million shares of common stock, including the exercise of an underwriters’ option, for aggregate net proceeds of approximately $2.4 billion, as follows: • In January 2020 and July 2020, we entered into forward equity sales agreements aggregating $1.0 billion and $1.1 billion, respectively, to sell an aggregate of 6.9 million shares for each offering (13.8 million in aggregate) of our common stock, including the exercise of underwriters’ options, at public offering prices of $155.00 per share and $160.50 per share, respectively, before underwriting discounts. During 2020, we issued all 13.8 million shares under these forward equity sales agreements and received net proceeds of $2.1 billion. • In February 2020, we entered into an ATM common stock offering program, which allowed us to sell up to an aggregate of $850.0 million of our common stock. • We issued 1.5 million shares of common stock under our ATM program at a price of $159.09 per share (before underwriting discounts), and received net proceeds of $235.0 million during 2020. • We have 362 thousand shares under our ATM program subject to forward equity sales agreements that remain outstanding at a price of $159.09 per share (before underwriting discounts) as of December 31, 2020. We expect to settle these forward equity sales agreements in 2021 and receive net proceeds of approximately $56.3 million. • The remaining availability of $547.3 million under this ATM program expired in December 2020 concurrently with the expiration of the associated shelf registration. In January 2021, we filed a new shelf registration and expect to establish a new ATM program soon in 2021. 7.00% Series D cumulative convertible preferred stock repurchases and conversion As of December 31, 2020 and 2019, we had no outstanding shares of our Series D Convertible Preferred Stock. During the year ended December 31, 2019, we repurchased, in privately negotiated transactions, 275,000 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $9.2 million, or $33.60 per share. We recognized a preferred stock redemption charge of $2.6 million during the year ended December 31, 2019, including the write-off of original issuance costs of approximately $215 thousand. Also, in September 2019, we had elected to convert the remaining 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock. The Series D Convertible Preferred Stock became eligible for mandatory conversion at our discretion, at a set conversion rate of 0.2513 shares of common stock to one share of preferred stock, upon our common stock price’s exceeding $149.46 per share for the specified period of time required to cause the mandatory conversion. In October 2019, we converted the Series D Convertible Preferred Stock into 578 thousand shares of common stock. This conversion was accounted for as an equity transaction, and we did not recognize a gain or loss. During the years ended December 31, 2019 and 2018, we declared cash dividends on our Series D Convertible Preferred Stock aggregating $3.2 million, or $1.3125 per share, and $5.1 million, or $1.75 per share, respectively. Accumulated other comprehensive loss The following table presents the changes in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the year ended December 31, 2020, which was entirely due to net unrealized gains on foreign currency translation related to our operations in Canada and China (in thousands): Total Balance as of December 31, 2019 $ (9,749) Other comprehensive income before reclassifications 3,124 Net other comprehensive income 3,124 Balance as of December 31, 2020 $ (6,625) Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 136.7 million shares were issued and outstanding as of December 31, 2020. Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, none of which were issued and outstanding as of December 31, 2020. In addition, 200.0 million shares of “excess stock” (as defined in our charter) are authorized, none of which were issued and outstanding as of December 31, 2020.

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation	SHARE-BASED COMPENSATION Stock plan For the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company, we have historically issued two forms of share-based compensation under our equity incentive plan: (i) options to purchase common stock and (ii) restricted stock. We have not granted any options since 2002. Each restricted share issued reduced our share reserve by three shares (3:1 ratio) prior to March 23, 2018, and by one share (1:1 ratio) on and after March 23, 2018. As of December 31, 2020, there were 3,080,980 shares reserved for the granting of future options and stock awards under the equity incentive plan. In addition, our stock plan permits us to issue share awards to our employees, non-employees, and non-employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Internal Revenue Code. Shares issued generally vest over a four-year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. Certain time-based restricted share awards are also subject to an additional one-year holding period after vesting.The unearned portion of time-based awards is amortized as stock compensation expense on a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels of performance and market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with time-based or performance-based restrictions results in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2020, 2019, and 2018: Number of Share Awards Weighted-Average Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120) $ 103.83 Forfeited (20,330) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Granted 768,625 $ 134.70 Vested (666,836) $ 96.77 Forfeited (14,480) $ 119.88 Outstanding at December 31, 2019 1,799,685 $ 119.59 Granted 753,473 $ 147.71 Vested (688,599) $ 115.57 Forfeited (39,279) $ 117.76 Outstanding at December 31, 2020 1,825,280 $ 132.95 Year Ended December 31, (In thousands) 2020 2019 2018 Total grant date fair value of stock awards vested $ 79,578 $ 64,530 $ 41,854 Total gross compensation recognized for stock awards $ 80,651 $ 68,036 $ 57,341 Capitalized stock compensation $ 37,149 $ 24,396 $ 22,322 Certain restricted stock awards granted during 2017 through 2020 are subject to performance and market conditions. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for 2020, 2019, and 2018, respectively: (i) expected term of 3.0 years, 3.0 years, and 3.0 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 17.0%, 18.0%, and 16.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 2.8%, 3.2%, and 3.1%, and (iv) risk-free rate of 1.63%, 2.60%, and 2.15%.

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling interests	NONCONTROLLING INTERESTS Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. These entities owned 40 properties as of December 31, 2020, which are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the years ended December 31, 2020 and 2019, we distributed $87.3 million and $48.2 million, respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized. During the year ended December 31, 2020, we sold noncontrolling interests in the following properties: • 55% interest in 681, 685, and 701 Gateway Boulevard in our South San Francisco submarket, • 50% interest in 9808 and 9868 Scranton Road in our Sorrento Mesa submarket, and • 70% interest in 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street in our Lake Union submarket.

Assets Classified As Held for S

Assets Classified As Held for Sale (Notes)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	ASSETS CLASSIFIED AS HELD FOR SALE As of December 31, 2020, five properties aggregating 559,993 RSF were classified as held for sale in our consolidated financial statements, none of which met the criteria for classification as discontinued operations. Accordingly, we ceased depreciation of these properties upon their classification as held for sale. During the year ended December 31, 2020, we recognized impairment charges aggregating $48.1 million, including $32.9 million to lower the carrying amounts of our real estate assets classified as held for sale during the year to their estimated fair values less costs to sell. These charges primarily related to the following real estate assets: • Impairment charge of $13.5 million recognized during the three months ended December 31, 2020, upon classification of our real estate assets located at 260 Townsend Street in our SoMa submarket as held for sale. We expect to sell this real estate asset during 2021. • Impairment charge of $11.7 million recognized during the three months ended December 31, 2020, upon classification of our real estate asset located at 220 and 240 2nd Avenue South in our SoDo submarket as held for sale. We expect to sell this real estate asset during 2021. • Impairment charge of $6.8 million recognized during the three months ended September 30, 2020, upon classification of our real estate asset located at 945 Market Street in our SoMa submarket as held for sale. In September 2020, we completed the sale of the real estate asset for a sales price of $198.0 million with no gain or loss. Refer to “Impairment of long-lived assets” in Note 2 – “Summary of significant account policies” to our consolidated financial statements for additional information. The following is a summary of net assets as of December 31, 2020 and 2019, for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2020 2019 Total assets $ 117,879 $ 59,412 Total liabilities (33,081) (2,860) Total accumulated other comprehensive (loss) income (841) 536 Net assets classified as held for sale $ 83,957 $ 57,088

Quarterly financial data (unaud

Quarterly financial data (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial data (unaudited)	QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of consolidated financial information on a quarterly basis for 2020 and 2019 (in thousands, except per share amounts): Quarter 2020 First Second Third Fourth Total revenues $ 439,919 $ 436,956 $ 545,042 $ 463,720 Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 16,840 $ 226,600 $ 79,326 $ 435,923 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 0.14 $ 1.82 $ 0.64 $ 3.26 Diluted (1) $ 0.14 $ 1.82 $ 0.63 $ 3.26 Quarter 2019 First Second Third Fourth Total revenues $ 358,842 $ 373,856 $ 390,484 $ 408,114 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 76,330 $ (49,773) $ 199,618 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.11 $ 0.68 $ (0.44) $ 1.75 Diluted (1) $ 1.11 $ 0.68 $ (0.44) $ 1.74 (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding.

Subsequent events (Notes)

Subsequent events (Notes)	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Real estate assets acquired in January 2021 In January 2021, we completed the acquisitions of five properties for an aggregate purchase price of $1.6 billion, comprising 2.1 million RSF of operating and active redevelopment strategically located across multiple markets. Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information. Forward equity sales agreements in January 2021 In January 2021, we entered into forward equity sales agreements aggregating $1.1 billion to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $164.00 per share, before underwriting discounts and commissions.

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation	Alexandria Real Estate Equities, Inc. and Subsidiaries Schedule III Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in thousands) Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Alexandria Center ® at Kendall Square Greater Boston $ — $ 279,668 $ 205,491 $ 1,454,369 $ 279,668 $ 1,659,860 $ 1,939,528 $ (303,549) $ 1,635,979 2000 - 2017 2005 - 2015 Alexandria Technology Square ® Greater Boston — — 619,658 267,679 — 887,337 887,337 (278,440) 608,897 2001 - 2012 2006 The Arsenal on the Charles Greater Boston — 181,797 354,611 57,573 181,797 412,184 593,981 (8,598) 585,383 2000 - 2017 2019 Alexandria Center ® at One Kendall Square Greater Boston 202,571 349,952 483,816 353,302 349,952 837,118 1,187,070 (111,731) 1,075,339 1985 - 2019 2016 - 2017 480 and 500 Arsenal Street Greater Boston — 9,773 12,773 91,521 9,773 104,294 114,067 (43,922) 70,145 2001 - 2003 2000 - 2001 640 Memorial Drive Greater Boston — — 174,878 967 — 175,845 175,845 (44,074) 131,771 2011 2015 780 and 790 Memorial Drive Greater Boston — — — 54,916 — 54,916 54,916 (25,952) 28,964 2002 2001 167 Sidney Street and 99 Erie Street Greater Boston — — 12,613 13,881 — 26,494 26,494 (8,070) 18,424 2006 - 2012 2005 - 2006 79/96 13th Street (Charlestown Navy Yard) Greater Boston — — 6,247 8,708 — 14,955 14,955 (6,239) 8,716 2012 1998 380 and 420 E Street Greater Boston — 156,355 9,229 2,237 156,355 11,466 167,821 (222) 167,599 2013 2020 5 Necco Street Greater Boston — 41,958 41,546 2,227 41,958 43,773 85,731 (1,299) 84,432 2019 2019 10 Necco Street Greater Boston — 67,743 13,357 9,932 67,743 23,289 91,032 (598) 90,434 N/A 2019 15 Necco Street Greater Boston — 167,853 993 15,610 167,853 16,603 184,456 (1) 184,455 N/A 2019 99 A Street Greater Boston — 31,671 878 13,041 31,671 13,919 45,590 (939) 44,651 1968 2018 Reservoir Woods Greater Boston — 88,840 214,038 2,513 88,840 216,551 305,391 (1,820) 303,571 2009 - 2010 2020 275 Grove Street Greater Boston — 70,476 150,159 1,043 70,476 151,202 221,678 (3,702) 217,976 2000 2020 One Upland Road and 100 Tech Drive Greater Boston — 34,353 206,477 792 34,353 207,269 241,622 (8,552) 233,070 2007 - 2015 2018 - 2020 Alexandria Park at 128 Greater Boston — 10,439 41,596 80,494 10,439 122,090 132,529 (48,078) 84,451 1997 - 2010 1998 - 2008 225, 266, and 275 Second Avenue Greater Boston — 17,086 69,994 62,250 17,086 132,244 149,330 (26,687) 122,643 2014 - 2018 2014 - 2017 19 Presidential Way Greater Boston — 12,833 27,333 24,983 12,833 52,316 65,149 (20,356) 44,793 1999 2005 100 Beaver Street Greater Boston — 1,466 9,046 26,102 1,466 35,148 36,614 (8,478) 28,136 2006 2005 285 Bear Hill Road Greater Boston — 422 3,538 6,910 422 10,448 10,870 (2,671) 8,199 2013 2011 111 and 130 Forbes Boulevard Greater Boston — 3,146 15,725 4,268 3,146 19,993 23,139 (6,777) 16,362 2006 2006 - 2007 20 Walkup Drive Greater Boston — 2,261 7,099 9,029 2,261 16,128 18,389 (4,271) 14,118 2012 2006 Alexandria Center ® for Science and Technology – Mission Bay San Francisco — 211,450 210,211 466,874 211,450 677,085 888,535 (164,476) 724,059 2007 - 2014 2004 - 2017 260 Townsend Street San Francisco 27,651 26,392 33,921 (12,883) 26,392 21,038 47,430 (1,585) 45,845 2017 2019 88 Bluxome Street San Francisco — 148,551 21,514 129,960 148,551 151,474 300,025 (23,098) 276,927 N/A 2017 Alexandria Technology Center ® – Gateway San Francisco — 193,004 364,078 180,021 193,004 544,099 737,103 (82,363) 654,740 1984 - 2019 2002 - 2020 213, 249, 259, 269, and 279 East Grand Avenue San Francisco — 59,199 — 544,282 59,199 544,282 603,481 (68,787) 534,694 2008 - 2019 2004 201 Haskins Way San Francisco — 32,245 1,287 222,460 32,245 223,747 255,992 (1,445) 254,547 N/A 2017 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date 400 and 450 East Jamie Court San Francisco — — — 119,875 — 119,875 119,875 (53,671) 66,204 2012 2002 500 Forbes Boulevard San Francisco — 35,596 69,091 17,503 35,596 86,594 122,190 (29,344) 92,846 2001 2007 7000 Shoreline Court San Francisco — 7,038 39,704 27,196 7,038 66,900 73,938 (21,413) 52,525 2001 2004 341 and 343 Oyster Point Boulevard San Francisco — 7,038 — 43,966 7,038 43,966 51,004 (19,488) 31,516 2009 - 2013 2000 849/863 Mitten Road/866 Malcolm Road San Francisco — 3,211 8,665 27,482 3,211 36,147 39,358 (14,485) 24,873 2012 1998 Alexandria Center ® for Life Science – San Carlos San Francisco — 291,516 5,689 430,199 291,516 435,888 727,404 (6,034) 721,370 1974 - 2020 2017 - 2020 3825 and 3875 Fabian Way San Francisco — 194,424 54,519 2,293 194,424 56,812 251,236 (2,986) 248,250 1969 - 2014 2019 Alexandria Stanford Life Science District San Francisco — — 260,931 38,072 — 299,003 299,003 (15,691) 283,312 1998 - 2019 2003 - 2020 Alexandria PARC San Francisco — 72,859 53,309 22,970 72,859 76,279 149,138 (6,274) 142,864 1984 - 2019 2018 3330, 3412, 3450, and 3460 Hillview Avenue San Francisco — — 161,717 3,366 — 165,083 165,083 (2,859) 162,224 1978 - 2018 2020 2425 Garcia Avenue/2400/2450 Bayshore Parkway San Francisco 703 1,512 21,323 26,261 1,512 47,584 49,096 (23,940) 25,156 2008 1999 Shoreway Science Center San Francisco — 20,049 48,554 183 20,049 48,737 68,786 (2,527) 66,259 2016 2019 1450 Page Mill Road San Francisco — — 84,467 105 — 84,572 84,572 (7,749) 76,823 2017 2017 3350 West Bayshore Road San Francisco — 4,800 6,693 32,398 4,800 39,091 43,891 (6,587) 37,304 1982 2005 2625/2627/2631 Hanover Street San Francisco — — 6,628 11,941 — 18,569 18,569 (11,027) 7,542 2000 1999 Alexandria Center ® for Life Science New York City — — — 869,765 — 869,765 869,765 (199,418) 670,347 2010 - 2016 2006 219 East 42nd Street New York City — 141,266 63,312 3,449 141,266 66,761 208,027 (22,633) 185,394 1995 2018 47-50 30th Street New York City — 22,746 53,093 83,773 22,746 136,866 159,612 (1,080) 158,532 1926 2018 Alexandria Center ® – Long Island City New York City — 25,000 — 4,350 25,000 4,350 29,350 — 29,350 1942 2019 ARE Spectrum San Diego — 32,361 80,957 231,597 32,361 312,554 344,915 (64,571) 280,344 2008 - 2017 2007 - 2012 ARE Torrey Ridge San Diego — 22,124 152,840 58,297 22,124 211,137 233,261 (45,047) 188,214 2003 - 2004 2016 ARE Sunrise San Diego — 5,408 17,947 77,646 5,408 95,593 101,001 (58,692) 42,309 2000 - 2015 1994 - 2004 ARE Nautilus San Diego — 6,684 27,600 124,147 6,684 151,747 158,431 (52,941) 105,490 2009 - 2012 1994 - 1997 11119, 11255, and 11355 North Torrey Pines Road San Diego — 113,931 38,453 37,105 113,931 75,558 189,489 (22,971) 166,518 1980 - 2012 2007 - 2020 3545 Cray Court San Diego — 7,056 53,944 44,298 7,056 98,242 105,298 (40,636) 64,662 1998 2014 Alexandria Point San Diego — 88,016 393,713 460,807 88,016 854,520 942,536 (133,773) 808,763 1988 - 2019 2010 - 2019 5200 Illumina Way San Diego — 38,340 96,606 195,693 38,340 292,299 330,639 (57,220) 273,419 2004 - 2017 2010 University District San Diego — 61,753 49,692 208,922 61,753 258,614 320,367 (93,805) 226,562 1989 - 2018 1998 - 2020 SD Tech by Alexandria San Diego — 81,428 254,069 58,893 81,428 312,962 394,390 (10,487) 383,903 1988 - 2015 2013 - 2020 6420 and 6450 Sequence Drive San Diego — 79,145 87,550 914 79,145 88,464 167,609 (335) 167,274 1998 2020 Summers Ridge Science Park San Diego — 21,154 102,046 3,572 21,154 105,618 126,772 (8,142) 118,630 2005 2018 ARE Portola San Diego — 6,991 25,153 39,960 6,991 65,113 72,104 (15,388) 56,716 2005 - 2012 2007 5810/5820 Nancy Ridge Drive San Diego — 3,492 18,285 12,976 3,492 31,261 34,753 (11,316) 23,437 2000 2004 7330 Carroll Road San Diego — 2,650 19,878 1,931 2,650 21,809 24,459 (7,896) 16,563 2007 2010 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date 9877 Waples Street San Diego — 5,092 11,908 10,403 5,092 22,311 27,403 — 27,403 2020 2020 5871 Oberlin Drive San Diego — 1,349 8,016 18,242 1,349 26,258 27,607 (2,242) 25,365 2004 2010 3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard San Diego — 18,177 42,723 24,997 18,177 67,720 85,897 (28,914) 56,983 2007 - 2015 2010 - 2019 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street San Diego — 4,156 11,571 45,388 4,156 56,959 61,115 (15,222) 45,893 2006 - 2014 1997 - 2014 13112 Evening Creek Drive San Diego — 7,393 27,950 232 7,393 28,182 35,575 (14,889) 20,686 2007 2007 Townsgate by Alexandria San Diego — 16,416 — 6,008 16,416 6,008 22,424 — 22,424 N/A 2018 The Eastlake Life Science Campus by Alexandria Seattle — 51,750 83,012 598,297 51,750 681,309 733,059 (149,713) 583,346 1997 - 2019 2002 - 2020 400 Dexter Avenue North Seattle — 11,342 — 224,090 11,342 224,090 235,432 (31,427) 204,005 2017 2007 2301 5th Avenue Seattle — 6,543 76,180 1,634 6,543 77,814 84,357 (5,212) 79,145 2002 2018 219 Terry Avenue North Seattle — 1,819 2,302 19,975 1,819 22,277 24,096 (8,104) 15,992 2012 2007 601 Dexter Avenue North Seattle — 29,412 408 5,950 29,412 6,358 35,770 — 35,770 1985 2019 701 Dexter Avenue North Seattle — 35,316 719 17,576 35,316 18,295 53,611 (727) 52,884 1984 2018 830 4th Avenue South Seattle — 6,500 12,062 768 6,500 12,830 19,330 (133) 19,197 1995 2020 3000/3018 Western Avenue Seattle — 1,432 7,497 24,294 1,432 31,791 33,223 (19,282) 13,941 2000 1998 410 West Harrison/410 Elliott Avenue West Seattle — 3,857 1,989 12,723 3,857 14,712 18,569 (5,913) 12,656 2006 - 2008 2004 1010 4th Avenue South Seattle — 46,200 — 3,078 46,200 3,078 49,278 — 49,278 N/A 2020 9800, 9804, 9900, 9920, and 9950 Medical Center Drive Maryland — 20,219 112,543 256,636 20,219 369,179 389,398 (84,469) 304,929 1985 - 2018 2004 - 2017 9704, 9708, 9712, and 9714 Medical Center Drive Maryland — 10,258 74,173 1,449 10,258 75,622 85,880 (5,192) 80,688 2015 2018 1330 Piccard Drive Maryland — 2,800 11,533 35,783 2,800 47,316 50,116 (20,507) 29,609 2005 1997 9605 Medical Center Drive Maryland — — 24,911 5,416 — 30,327 30,327 (470) 29,857 2004 2020 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 7,584 1,523 15,315 16,838 (9,756) 7,082 1995 - 2003 1997 14920 and 15010 Broschart Road Maryland — 4,904 15,846 5,847 4,904 21,693 26,597 (6,613) 19,984 1998 - 1999 2004 - 2010 1405 Research Boulevard Maryland — 899 21,946 14,975 899 36,921 37,820 (16,303) 21,517 2006 1997 5 Research Place Maryland — 1,466 5,708 30,340 1,466 36,048 37,514 (15,910) 21,604 2010 2001 5 Research Court Maryland — 1,647 13,258 24,099 1,647 37,357 39,004 (15,484) 23,520 2007 2004 9920 Belward Campus Drive Maryland — 2,732 12,308 86 2,732 12,394 15,126 (847) 14,279 2007 2018 12301 Parklawn Drive Maryland — 1,476 7,267 1,435 1,476 8,702 10,178 (3,168) 7,010 2007 2004 14200 Shady Grove Road Maryland — 25,000 — 3,668 25,000 3,668 28,668 — 28,668 N/A 2019 Alexandria Technology Center ® – Gaithersburg I Maryland — 20,980 121,952 47,454 20,980 169,406 190,386 (41,239) 149,147 1992 - 2019 1997 - 2019 Alexandria Technology Center ® – Gaithersburg II Maryland — 13,942 64,573 42,823 13,942 107,396 121,338 (30,683) 90,655 2000 - 2020 1997 - 2020 401 Professional Drive Maryland — 1,129 6,941 10,477 1,129 17,418 18,547 (7,792) 10,755 2007 1996 950 Wind River Lane Maryland — 2,400 10,620 1,050 2,400 11,670 14,070 (3,633) 10,437 2009 2010 620 Professional Drive Maryland — 784 4,705 7,353 784 12,058 12,842 (6,324) 6,518 2012 2005 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date 8000/9000/10000 Virginia Manor Road Maryland — — 13,679 9,301 — 22,980 22,980 (10,953) 12,027 2003 1998 14225 Newbrook Drive Maryland — 4,800 27,639 21,233 4,800 48,872 53,672 (18,339) 35,333 2006 1997 Alexandria Center ® for Life Science – Durham Research Triangle — 48,652 471,263 27,030 48,652 498,293 546,945 (2,953) 543,992 1985 - 2013 2020 Alexandria Center ® for AgTech Research Triangle — 2,801 6,756 140,316 2,801 147,072 149,873 (5,304) 144,569 2018 2017 - 2018 Alexandria Center ® for Advanced Technologies Research Triangle — 9,029 10,712 51,436 9,029 62,148 71,177 (13,540) 57,637 2012 2012 Alexandria Technology Center ® – Alston Research Triangle — 1,430 17,482 31,646 1,430 49,128 50,558 (24,867) 25,691 1985 - 2009 1998 108/110/112/114 TW Alexander Drive Research Triangle — — 376 43,348 — 43,724 43,724 (21,263) 22,461 2000 1999 Alexandria Innovation Center ® – Research Triangle Research Triangle — 1,065 21,218 30,362 1,065 51,580 52,645 (20,653) 31,992 2005 - 2008 2000 7 Triangle Drive Research Triangle — 701 — 32,516 701 32,516 33,217 (8,183) 25,034 2011 2005 2525 East NC Highway 54 Research Triangle — 713 12,827 20,700 713 33,527 34,240 (11,380) 22,860 1995 2004 407 Davis Drive Research Triangle — 1,229 17,733 1,028 1,229 18,761 19,990 (4,028) 15,962 1998 2013 601 Keystone Park Drive Research Triangle — 785 11,546 7,112 785 18,658 19,443 (6,653) 12,790 2009 2006 6040 George Watts Hill Drive Research Triangle — — — 26,344 — 26,344 26,344 (3,926) 22,418 2015 2014 5 Triangle Drive Research Triangle — 161 3,409 12,578 161 15,987 16,148 (5,947) 10,201 1981 1998 6101 Quadrangle Drive Research Triangle — 951 3,982 11,316 951 15,298 16,249 (3,709) 12,540 2012 2008 Canada Canada — 10,350 43,884 18,382 10,350 62,266 72,616 (27,478) 45,138 2004 - 2012 2005 - 2007 Various Various — 162,537 185,905 306,676 162,537 492,581 655,118 (61,474) 593,644 Various Various Total – North America 230,925 4,200,638 7,319,297 9,718,420 4,200,638 17,037,717 21,238,355 (3,178,024) 18,060,331 Asia — — — 36,455 — 36,455 36,455 (4,414) 32,041 2015 2008 $ 230,925 $ 4,200,638 $ 7,319,297 $ 9,754,875 $ 4,200,638 $ 17,074,172 $ 21,274,810 $ (3,182,438) $ 18,092,372 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2020 (Dollars in thousands) (1) As of December 31, 2020, the total cost of our real estate assets aggregated $21.3 billion, which exceeded the cost of real estate for federal income tax purposes aggregating $20.4 billion by approximately $881.3 million. (2) The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements. (3) Represents the later of the date of original construction or the date of the latest renovation. Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2020 (In thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2020 2019 2018 Balance at beginning of period $ 17,552,956 $ 14,181,780 $ 12,178,255 Acquisitions (including real estate, land, and joint venture consolidation) 2,825,537 2,240,376 1,057,036 Additions to real estate 1,505,152 1,143,035 959,410 Deductions (including dispositions and direct financing leases) (608,835) (12,235) (12,921) Balance at end of period $ 21,274,810 $ 17,552,956 $ 14,181,780 December 31, Accumulated Depreciation 2020 2019 2018 Balance at beginning of period $ 2,708,918 $ 2,268,087 $ 1,880,236 Depreciation expense on properties 530,226 448,661 390,471 Sale of properties (56,706) (7,830) (2,620) Balance at end of period $ 3,182,438 $ 2,708,918 $ 2,268,087

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Reportable segment	Reportable segment We are engaged in the business of providing space for lease to the life science, technology, and agtech industries. Our properties are similar in that they provide space for lease to the aforementioned industries, consist of improvements that are generic and reusable, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and review financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segment.
Investments in real estate	Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs (such as legal and other third-party services) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis using the shorter of the respective ground lease term, estimated useful life, or up to 40 years, for buildings and building improvements; estimated life, or up to 20 years, for land improvements; the respective lease term or estimated useful life for tenant improvements; and the shorter of the lease term or estimated useful life for equipment. The values of acquired in-place leases and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases as an increase in income from rentals in our statements of operations. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains/losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the transaction price is recognized as revenue as we transfer the related good or service to the buyer. The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the sale of a partial interest of real estate, we would recognize a gain or loss as if 100% of the real estate were sold.
Impairment of long-lived assets	Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale. The held for sale impairment model is different from the held and used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale.
International operations	International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science, technology, and agtech industries. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10%. Our equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured as follows: • Investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value recognized in net income. The fair values for our investments in publicly traded companies are determined based on sales prices or quotes available on securities exchanges. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. We use NAV per share reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. We disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse (or indicate if this timing is unknown) if the investee has communicated this information to us or has announced it publicly. • Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV per share, an observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. We monitor investments in privately held entities that do not report NAV per share throughout the year for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: (i) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition, including the research and development of technology and products that the investee is bringing or attempting to bring to the market, or (iv) significant concerns about the investee’s ability to continue as a going concern. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities are accounted for under the equity method, unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We had no non-real estate investments accounted for under the equity method as of December 31, 2020. We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified within investment income. Unrealized gains and losses represent changes in fair value for investments in publicly traded companies, changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV per share, and observable price changes on our investments in privately held entities that do not report NAV per share. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share to their estimated fair value. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. In April 2019, the FASB issued an accounting standard that amends the financial instruments standard by clarifying that all private investments that do not report NAV per share and are adjusted under the measurement alternative (for observable price changes and impairments) described above represent nonrecurring fair value measurement adjustments and therefore require applicable fair value disclosures, including disclosures about the level of the fair value hierarchy within which the fair value measurements are categorized. The accounting standard became effective for us and was adopted on January 1, 2020. Beginning in 2020, pursuant to the requirements of this new standard, we provide incremental fair value disclosures related to our investments in privately held entities that do not report NAV per share in Note 9 – “Fair value measurements” to our consolidated financial statements.
Revenues	Revenues The table below provides detail of our consolidated total revenues for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals 1,878,208 1,516,864 Other income 7,429 14,432 Total revenues $ 1,885,637 $ 1,531,296 During the year ended December 31, 2020, revenues that were subject to the lease accounting standard aggregated $1.9 billion and represented 98.5% of our total revenues. During the year ended December 31, 2020, our total revenues also included $28.7 million, or 1.5%, subject to other accounting guidance. Our other income consisted primarily of construction management fees and interest income earned during the year ended December 31, 2020. For a detailed discussion related to our revenue streams, refer to the “Lease accounting” and “Recognition of revenue arising from contracts with customers” sections within this Note 2 to our consolidated financial statements.
Leases Summary	Lease accounting Transition On January 1, 2019, we adopted a new lease accounting standard that sets principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). The new lease accounting standard required the use of the modified retrospective transition method. Upon adoption of the new lease accounting standard, we elected the following practical expedients and accounting policies provided by this lease standard: • Package of practical expedients – required us not to reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting standard. • Optional transition method practical expedient – required us to apply the new lease accounting standard prospectively from the adoption date of January 1, 2019. • Single component accounting policy – required us to account for lease and nonlease components within a lease under the new lease accounting standard if certain criteria are met. • Land easements practical expedient – required us to continue to account for land easements existing as of January 1, 2019, under the accounting standards applied to them prior to January 1, 2019. • Short-term lease accounting policy – required us not to record the related lease liabilities and right-of-use assets for operating leases in which we are the lessee with a term of 12 months or less. Upon adoption of the new lease accounting standard, we elected the package of practical expedients and the optional transition method, which permitted January 1, 2019, to be our initial application date. Our election of the package of practical expedients and the optional transition method allowed us not to reassess: • Whether any contracts effective prior to January 1, 2019, were leases or contained leases. This practical expedient was primarily applicable to entities that had contracts containing embedded leases. As of December 31, 2018, we had no such contracts; therefore, this practical expedient had no effect on us. • The lease classification for any leases that commenced prior to January 1, 2019. Our election of the package of practical expedients required us not to revisit the classification of our leases that commenced prior to January 1, 2019. For example, all of our leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019, continued to be classified as operating leases after adoption of the new lease standard. • Previously capitalized initial direct costs for any leases that commenced prior to January 1, 2019. Our election of the package of practical expedients and the optional transition method required us not to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease accounting standard in connection with the leases that commenced prior to January 1, 2019, qualified for capitalization under the new lease accounting standard. We applied the package of practical expedients consistently to all leases (i.e., in which we were the lessee or the lessor) that commenced before January 1, 2019. The election of this package permitted us to “run off” our leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease accounting standard to leases commencing or modified after January 1, 2019. For our leases that commenced prior to January 1, 2019, under the package of practical expedients and optional transition method, we were not required to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease accounting standard in connection with such leases qualified for capitalization under the new lease accounting standard. Therefore, we continue to amortize these initial direct leasing costs over their respective lease terms. On January 1, 2019, as required by the new lease accounting standard, we recognized a cumulative adjustment to retained earnings aggregating $3.5 million to write off initial direct leasing costs that were capitalized in connection with leases that were executed but had not commenced before January 1, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019, and would not qualify for capitalization under the new lease accounting standard. Under the package of practical expedients, all of our operating leases existing as of January 1, 2019, in which we were the lessee, continued to be classified as operating leases subsequent to the adoption of the new lease accounting standard. In accordance with the lease accounting standard adopted on January 1, 2019, we classified the present value of the remaining future rental payments associated with these operating leases in our consolidated balance sheets. Consequently, on January 1, 2019, we recognized a lease liability aggregating $218.7 million, which represented the present value of the remaining future rental payments aggregating $590.3 million related to our ground and office leases, in which we were the lessee, existing as of January 1, 2019. This liability was classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and included approximately $27.0 million reclassified out of the deferred rent liabilities balance in accordance with the new lease standard. We have also recognized a corresponding right-of-use asset, which was classified within other assets in our consolidated balance sheets. The present value of the remaining lease payments was calculated for each operating lease existing as of January 1, 2019, in which we were the lessee by using each respective remaining lease term and a corresponding estimated incremental borrowing rate. The incremental borrowing rate is the interest rate that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequent application of the new lease accounting standard Definition of a lease When we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet all three criteria: (i) One party (lessor) must hold an identified asset; (ii) The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and (iii) The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. Lease classification The criteria to determine whether a lease should be accounted for as a finance lease for lessees or a sales-type lease for lessors include any of the following: (i) Ownership is transferred from lessor to lessee by the end of the lease term; (ii) An option to purchase is reasonably certain to be exercised; (iii) The lease term is for the major part of the underlying asset’s remaining economic life; (iv) The present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (v) The underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. Therefore, lessees apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, which corresponds to a similar evaluation performed by lessors.
Leases, lessor accounting	Lessor accounting Costs to execute leases We capitalize initial direct costs, which represent only incremental costs of a lease that would not have been incurred if the lease had not been obtained. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed employee compensation, tax, or legal advice to negotiate lease terms, and other costs, are expensed as incurred. Operating leases We account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires us to account for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single component if two criteria are met: (i) The timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and (ii) The lease component would be classified as an operating lease if it were accounted for separately. Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of rental operating expenses under our triple net lease structure, including recoveries for utilities, repairs and maintenance, and common area expenses. If the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under the lease accounting standard and classify these revenues as income from rentals in our consolidated statements of operations. We commence recognition of income from rentals related to the operating leases at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the respective operating lease terms. We classify amounts expected to be received in later periods as deferred rent in our consolidated balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. Income from rentals related to variable payments includes tenant recoveries, and contingent rental payments. Tenant recoveries, including reimbursements of utilities, repairs and maintenance, common area expenses, real estate taxes and insurance, and other operating expenses, are recognized as revenue in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises. Income from rentals related to other variable payments is recognized when associated contingencies are removed. We assess collectibility from our tenants of future lease payments for each of our operating leases. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that collectibility is not probable, we recognize an adjustment to lower our income from rentals. Furthermore, we may recognize a general allowance at a portfolio level (not the individual level), if we do not expect to collect future lease payments in full. Due to the uncertainties posed to the business and operations of our tenants by the COVID-19 pandemic, during the three months ended March 31, 2020, we recognized an adjustment aggregating $1.6 million to lower our income from rentals and deferred rent related to certain leases where we determined that the collection of future lease payments was not probable. For these leases, we ceased the recognition of income from rentals on a straight-line basis and began the recognition of income from rentals on a cash basis as lease payments are collected. We will not resume straight-line recognition of income from rentals for these leases until we determine that collectibility of future payments related to these leases is probable. During the three months ended June 30, 2020, September 30, 2020, and December 31, 2020, no further adjustments were required. During the year ended December 31, 2020, we also recorded a general allowance aggregating $3.8 million, which was primarily incurred and recognized during the three months ended March 31, 2020, for a pool of deferred rent balances, which at the portfolio level (not the individual level) was not expected to be collected in full through the lease term. We recorded the general allowance as a reduction of our income from rentals and deferred rent balance within our consolidated statements of operations and consolidated balance sheets, respectively. Direct financing and sales-type leases As of December 31, 2020, we had one direct financing lease and no sales-type leases. Income from rentals related to our direct financing lease is recognized over the lease term using the effective interest rate method. At lease commencement, we record an asset within other assets in our consolidated balance sheets, which represents our net investment in the direct financing lease. This initial net investment is determined by aggregating the total future lease payments attributable to the direct financing lease and the estimated residual value of the property less unearned income. Over the lease term, the investment in the direct financing lease is reduced and rental income is recognized as income from rentals in our consolidated statements of operations, producing a constant periodic rate of return on the net investment in the direct financing lease.
Leases, lessee accounting	Lessee accounting We have operating lease agreements in which we are the lessee consisting of ground and office leases. At the lease commencement date (or at the acquisition date if the lease is acquired as part of a real estate acquisition), we are required to recognize a liability to account for our future obligations under these operating leases, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments, including payments during the term under our extension options that we are reasonably certain to exercise. The present value of the future lease payments is calculated for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. We classify the operating lease liability in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. The right-of-use asset is measured based on the corresponding lease liability, adjusted for initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as adjustments to reflect favorable or unfavorable terms of an acquired lease when compared with market terms at the time of acquisition. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. We classify the right-of-use asset in other assets in our consolidated balance sheets.
Recognition of revenue arising from contracts with customers	Recognition of revenue arising from contracts with customers We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the lease accounting standard discussed in the “Lease accounting” section above, in accordance with the revenue recognition accounting standard. A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer contracts, we use a five-step model to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. We identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. We consider whether we control the goods or services prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of consideration we are entitled to retain in the exchange. Total revenues subject to the revenue recognition accounting standard and classified within income from rentals in our consolidated statements of operations for the year ended December 31, 2020, included $21.3 million primarily related to short-term parking revenues associated with long-term lease agreements. During the year ended December 31, 2019, revenues subject to the revenue recognition accounting standard and classified within income from rentals in our consolidated statements of operations were $48.8 million primarily related to short-term parking revenues associated with long-term lease agreements and revenues generated from our transient parking, retail tenants, and amenities. Short-term parking revenues do not qualify for the single lease component practical expedient, discussed in the “Lessor accounting” subsection of the “Lease accounting” section within this Note 2, due to the difference in the timing and pattern of transfer of our parking service obligations and associated lease components within the same lease agreement. We recognize short-term parking revenues in accordance with the revenue recognition accounting standard when the service is provided and the performance obligation is satisfied, which normally occurs at a point in time.
Monitoring of tenant credit quality	Monitoring of tenant credit quality During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news reports regarding our tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.
Allowance for credit losses	Allowance for credit losses On January 1, 2020, we adopted an accounting standard (further clarified in subsequently issued updates) that requires companies to estimate and recognize lifetime expected losses, rather than incurred losses, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. The accounting standard applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases arising from sales-type and direct financing leases, and off-balance-sheet credit exposures (e.g., loan commitments). The standard does not apply to the receivables arising from operating leases. An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on this assessment is governed by the lease accounting standard discussed in the “Lease accounting” section earlier within this Note 2 to our consolidated financial statements. Upon adoption of the accounting standard, we had one lease subject to this standard classified as a direct financing lease with a net investment balance aggregating $39.9 million prior to the credit loss adjustment. In this direct financing lease, the payment obligation of the lessee is collateralized by real estate property. Historically, we have had no collection issues related to this direct financing lease; therefore, we assessed the probability of default on this lease based on the lessee’s financial condition, credit rating, business prospects, remaining lease term, and expected value of the underlying collateral upon its repossession. Based on the aforementioned considerations, we estimated a credit loss adjustment related to this direct financing lease aggregating $2.2 million, which was recognized as a cumulative adjustment to retained earnings and as a reduction of the investment in the direct financing lease balance from $39.9 million to $37.7 million in our consolidated balance sheets on January 1, 2020. Subsequent to the initial recognition, at each reporting date we recognize a credit loss adjustment, if necessary, for our current estimate of expected credit losses, which is classified within rental operations in our consolidated statements of operations. For further details, refer to Note 5 – “Leases” to our consolidated financial statements. In addition to our direct financing lease, the accounting standard on credit losses applies to our receivables that result from revenue transactions within the scope of the revenue recognition accounting standard discussed in the “Recognition of revenue arising from contracts with customers” section earlier within this Note 2. Upon adoption of the standard on January 1, 2020, our receivables resulting from revenue transactions within the scope of revenue recognition accounting standard aggregated $16.1 million. Among other factors, we considered the short-term nature of these receivables, our positive assessment of the financial condition and business prospects of the payors, and minimal historical collectibility issues. Based on the aforementioned considerations, we estimated the credit loss related to our trade receivables to approximate $259 thousand , which was recognized as a cumulative adjustment to retained earnings and as a reduction of the trade receivables balance in our consolidated balance sheets on January 1, 2020.
Income taxes	Income taxes We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually (excluding net capital gains) and meets certain other conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the 2014 through 2019 calendar years.
Employee and non-employee share-based payments	Employee and non-employee share-based payments We have implemented an entity-wide accounting policy to account for forfeitures of share-based awards granted to employees and non-employees when they occur. As a result of this policy, we recognize expense on share-based awards with time-based vesting conditions without reductions for an estimate of forfeitures. This accounting policy only applies to service condition awards. For performance condition awards, we continue to assess the probability that such conditions will be achieved. Expenses related to forfeited awards are reversed as forfeitures occur. In addition, all nonforfeitable dividends paid on share-based payment awards are initially classified in retained earnings and reclassified to compensation cost only if forfeitures of the underlying awards occur. Our employee and non-employee share-based awards are measured on the grant date and recognized over the recipient’s required service period.
Forward equity sales agreements	Forward equity sales agreementsWe account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of December 31, 2020, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements can be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.
Issuer and guarantor subsidiaries of guaranteed securities	Issuer and guarantor subsidiaries of guaranteed securities In March 2020, the SEC issued an amendment to existing guidance to reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. The guidance became effective for filings on or after January 4, 2021, with early adoption permitted. Upon evaluation of the guidance, we elected to early adopt the amendment during the three months ended March 31, 2020. Generally, a parent entity must provide separate subsidiary issuer or guarantor financial statements, unless it qualifies for disclosure exceptions provided in the amendment. Under the previous guidance, a parent entity was required to fully own the subsidiary issuer or guarantor and guarantee its registered security fully and unconditionally to qualify for disclosure exceptions. Pursuant to the amendment, a parent entity may be eligible for disclosure exceptions if it meets the following criteria: • The subsidiary issuer or guarantor is a consolidated subsidiary of the parent company, and • The subsidiary issues a registered security that is: • Issued jointly and severally with the parent company, or • Fully and unconditionally guaranteed by the parent company. A parent entity that meets the above criteria may instead present summarized financial information (“alternative disclosures”). We evaluated the criteria and determined that we are eligible for the disclosure exceptions, which allow us to provide alternative disclosures. The amendment also allows for further simplification of disclosure requirements for entities that qualify for the alternative disclosures. A parent entity was previously required to provide disclosures within the footnotes to the consolidated financial statements. However, the amendment allows for such disclosures to be provided outside of the consolidated financial statements, including within the “Management’s discussion and analysis of financial condition and results of operations” section under Item 7 in this annual report on Form 10-K. As such, our disclosures are no longer presented in our consolidated financial statements and have been relocated to the “Management’s discussion and analysis of financial condition and results of operations” section in Item 7 in this annual report on Form 10-K.
Loan fees	Loan fees Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing on our consolidated balance sheet. Loan fees related to our unsecured senior line of credit are classified within other assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our consolidated statements of operations.
Joint venture distributions	Joint venture distributions We use the “nature of the distribution” approach to determine the classification within our statement of cash flows of cash distributions received from equity method investments, including our unconsolidated joint ventures. Under this approach, distributions are classified based on the nature of the underlying activity that generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities.
Cash and cash equivalents, restricted cash and cash equivalents	Restricted cashWe present cash and cash equivalents separately from restricted cash within our consolidated balance sheets. We include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statements of cash flows. We provide a reconciliation between the balance sheets and statements of cash flows, as required when the balance includes more than one line item for cash, cash equivalents, and restricted cash. We also provide a disclosure of the nature of the restrictions related to material restricted cash balances.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new accounting standards	The table below provides detail of our consolidated total revenues for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals 1,878,208 1,516,864 Other income 7,429 14,432 Total revenues $ 1,885,637 $ 1,531,296

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate Properties [Line Items]
Investments in real estate	Our consolidated investments in real estate, including real estate assets held for sale as described in Note 18 – “Assets classified as held for sale” to our consolidated financial statements, consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Rental properties: Land (related to rental properties) $ 2,550,571 $ 2,225,785 Buildings and building improvements 13,364,561 11,775,132 Other improvements 1,508,776 1,277,862 Rental properties 17,423,908 15,278,779 Development and redevelopment of new Class A properties: Development and redevelopment projects 3,075,453 2,057,084 Future development projects 738,994 182,746 Gross investments in real estate 21,238,355 17,518,609 Less: accumulated depreciation (3,178,024) (2,704,657) Net investments in real estate – North America 18,060,331 14,813,952 Net investments in real estate – Asia 32,041 30,086 Investments in real estate $ 18,092,372 $ 14,844,038
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 2020, consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Redevelopment Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 7 1,890,000 — 710,779 752,784 $ 830,576 San Francisco 10 960,000 — 403,699 686,320 399,198 (1) San Diego 7 1,149,000 — 383,525 334,913 412,448 Seattle — — — — — — Maryland 1 — 169,420 — — 43,000 Research Triangle 16 — 652,381 100,145 1,485,621 590,412 Other 14 1,082,713 277,750 164,656 570,952 287,768 Year ended December 31, 2020 55 5,081,713 1,099,551 1,762,804 3,830,590 $ 2,563,402 (2) (1) In January 2020, we formed a real estate joint venture with subsidiaries of Boston Properties, Inc. Amount excludes our partner’s contributed real estate assets with a total fair market value of $350.0 million. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional information. (2) Represents the aggregate contractual purchase price of our acquisitions, which differ from purchases of real estate in our consolidated statements of cash flows due to closing costs and other acquisition adjustments such as prorations of rents and expenses.
Acquired Below-Market Leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired below-market tenant leases existing as of December 31, 2020 and 2019, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 2019 Acquired below-market leases $ 477,377 $ 326,255 Accumulated amortization (189,302) (131,482) $ 288,075 $ 194,773
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2020, was approximately 5.6 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2020, is as follows (in thousands): Year Amount 2021 $ 42,002 2022 34,847 2023 31,112 2024 28,094 2025 24,788 Thereafter 127,232 Total $ 288,075
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired in-place leases, and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 2019 Acquired in-place leases $ 712,380 $ 426,280 Accumulated amortization (250,056) (144,630) $ 462,324 $ 281,650
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $105.4 million, $49.1 million, and $34.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.1 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2020, is as follows (in thousands): Year Amount 2021 $ 101,193 2022 70,441 2023 57,368 2024 43,174 2025 35,747 Thereafter 154,401 Total $ 462,324

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Consolidated And Unconsolidated Real Estate Joint Venture Properties	From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2020, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 225 Binney Street Greater Boston Cambridge/Inner Suburbs 30.0 % 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 57 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % 409 and 499 Illinois Street San Francisco Mission Bay 60.0 % 1500 Owens Street San Francisco Mission Bay 50.1 % Alexandria Technology Center ® – Gateway (3) San Francisco South San Francisco 45.1 % 500 Forbes Boulevard San Francisco South San Francisco 10.0 % Alexandria Point (4) San Diego University Town Center 55.0 % 5200 Illumina Way San Diego University Town Center 51.0 % 9625 Towne Centre Drive San Diego University Town Center 50.1 % SD Tech by Alexandria (5) San Diego Sorrento Mesa 50.0 % The Eastlake Life Science Campus by Alexandria (6) Seattle Lake Union 30.0 % Unconsolidated joint ventures (2) : 1655 and 1725 Third Street San Francisco Mission Bay 10.0 % Menlo Gateway San Francisco Greater Stanford 49.0 % 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (7) (1) Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework. (2) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in five other consolidated joint ventures in North America and we hold an interest in two other insignificant unconsolidated real estate joint ventures in North America. (3) Excludes 600, 630, 650, 901, and 951 Gateway Boulevard in our South San Francisco submarket. (4) Excludes 9880 Campus Point Drive in our University Town Center submarket. (5) Excludes 5505 Morehouse Drive and 10121 and 10151 Barnes Canyon Road in our Sorrento Mesa submarket. (6) Excludes 1165, 1616, and 1551 Eastlake Avenue East, 188 East Blaine Street, and 1600 Fairview Avenue East in our Lake Union submarket. (7) Represents our ownership interest; our voting interest is limited to 50%.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Investments in real estate $ 3,196,215 $ 2,678,476 Cash and cash equivalents 95,565 81,021 Other assets 341,524 280,343 Total assets $ 3,633,304 $ 3,039,840 Secured notes payable $ — $ — Other liabilities 183,237 149,471 Total liabilities 183,237 149,471 Redeemable noncontrolling interests 1,731 2,388 Alexandria Real Estate Equities, Inc.’s share of equity 1,742,039 1,600,729 Noncontrolling interests’ share of equity 1,706,297 1,287,252 Total liabilities and equity $ 3,633,304 $ 3,039,840
Investment in unconsolidated real estate joint ventures	Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets of December 31, 2020 and 2019, consisted of the following (in thousands): December 31, Property 2020 2019 Menlo Gateway $ 300,622 $ 288,408 704 Quince Orchard Road 4,961 4,748 1655 and 1725 Third Street 14,939 37,016 Other 11,827 16,718 $ 332,349 $ 346,890
Summary of unconsolidated real estate joint ventures loans	Our unconsolidated real estate joint ventures have the following secured loans that include the following key terms as of December 31, 2020 (dollars in thousands): Unconsolidated Joint Venture Our Share Maturity Date Stated Rate Interest Rate (1) Debt Balance at 100% (2) 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 3.22% (3) $ 12,660 1655 and 1725 Third Street 10.0% 3/10/25 4.50% 4.57% 598,232 Menlo Gateway, Phase II 49.0% 5/1/35 4.53% 4.59% 155,942 Menlo Gateway, Phase I 49.0% 8/10/35 4.15% 4.18% 139,558 $ 906,392 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2020. (3) Includes a 1.00% LIBOR floor on the interest rate.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Lessor Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Receivable	Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2020, are outlined in the table below (in thousands): Year Amount 2021 $ 1,234,654 2022 1,251,446 2023 1,222,980 2024 1,114,259 2025 1,035,300 Thereafter 6,328,067 Total $ 12,186,706
Net investment in direct financing lease	The components of net investment in our direct financing lease as of December 31, 2020 and 2019, are summarized in the table below (in thousands): December 31, 2020 2019 Gross investment in direct financing lease $ 258,751 $ 260,457 Less: unearned income (218,072) (220,541) Less: allowance for credit losses (2,839) — Net investment in direct financing lease $ 37,840 $ 39,916
Direct Financing Leases - Schedule of Future Minimum Payment Receivable	Future lease payments to be received under the terms of our direct financing lease as of December 31, 2020, are outlined in the table below (in thousands): Year Total 2021 $ 1,756 2022 1,809 2023 1,863 2024 1,919 2025 1,976 Thereafter 249,428 Total $ 258,751
Income from rentals	Our total income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 1,854,427 $ 1,465,692 Direct financing lease 2,469 2,421 Revenues subject to the lease accounting standard 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 21,312 48,751 Income from rentals $ 1,878,208 $ 1,516,864
Summary of deferred leasing costs	The following table summarizes our deferred leasing costs as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Deferred leasing costs $ 679,300 $ 631,416 Accumulated amortization (406,627) (361,373) Deferred leasing costs, net $ 272,673 $ 270,043
Lessee Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Payable	The reconciliation of future lease payments, under noncancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2020, is presented in the table below (in thousands): Year Total 2021 $ 18,903 2022 19,915 2023 20,088 2024 20,334 2025 20,364 Thereafter 726,200 Total future payments under our operating leases in which we are the lessee 825,804 Effect of discounting (480,054) Operating lease liability $ 345,750
Lesee operating costs	For the years ended December 31, 2020, 2019, and 2018, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Gross operating lease costs $ 23,518 $ 19,740 $ 16,102 Capitalized lease costs (3,529) (1,452) (340) Expenses for operating leases in which we are the lessee $ 19,989 $ 18,288 $ 15,762

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2020
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash summary	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 568,532 $ 189,681 Restricted cash: Funds held in trust under the terms of certain secured notes payable 17,256 24,331 Funds held in escrow related to construction projects and investing activities 4,580 23,252 Other 7,337 5,425 29,173 53,008 Total $ 597,705 $ 242,689

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2020, and 2019 (in thousands): December 31, 2020 Cost Unrealized Carrying Amount Investments: Publicly traded companies $ 208,754 $ 351,076 $ 559,830 Entities that report NAV 334,341 327,741 662,082 Entities that do not report NAV: Entities with observable price changes 47,545 96,859 144,404 Entities without observable price changes 244,798 — 244,798 Total investments $ 835,438 $ 775,676 $ 1,611,114 December 31, 2019 Cost Unrealized Carrying Amount Investments: Publicly traded companies $ 148,109 $ 170,528 $ 318,637 Entities that report NAV 271,276 162,626 433,902 Entities that do not report NAV: Entities with observable price changes 42,045 68,489 110,534 Entities without observable price changes 277,521 — 277,521 Total investments $ 738,951 $ 401,643 $ 1,140,594
Schedule of net investment income	Our investment income for the years ended December 31, 2020, 2019, and 2018, consisted of the following (in thousands): Year Ended December 31, 2020 2019 2018 Realized gains $ 47,288 $ 33,158 $ 37,129 Unrealized gains 374,033 161,489 99,634 Investment income $ 421,321 $ 194,647 $ 136,763

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Acquired in-place leases $ 462,324 $ 281,650 Deferred compensation plan 31,057 22,225 Deferred financing costs – unsecured senior line of credit 24,124 13,064 Deposits 13,861 31,028 Furniture, fixtures, and equipment 31,130 23,031 Net investment in direct financing lease 37,840 39,916 Notes receivable 3,424 435 Operating lease right-of-use asset 335,920 264,709 Other assets 30,620 32,040 Prepaid expenses 67,667 11,324 Property, plant, and equipment 153,614 174,292 Total $ 1,191,581 $ 893,714

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2020, and 2019. In addition, there were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the year ended December 31, 2020. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2020 $ 559,830 $ 559,830 $ — $ — As of December 31, 2019 $ 318,637 $ 318,637 $ — $ —
Schedule of fair value of assets and liabilities measured at fair value on a nonrecurring basis by level within the fair value hierarchy	The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands). These investments were measured at various times during the period from January 1, 2018, to December 31, 2020. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in privately held entities that do not report NAV $ 157,871 $ — $ 144,404 (1) $ 13,467 (2) (1) This balance represents the total carrying amount of our equity investments in privately held entities with observable price changes, included in our total investments balance of $1.6 billion in our consolidated balance sheets as of December 31, 2020. For more information, refer to Note 7 – “Investments” to our consolidated financial statements. (2) This amount is included in the $244.8 million balance of investments in privately held entities without observable price changes disclosed in Note 7 – “Investments” to our consolidated financial statements and represents the carrying amount of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described within the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements.
Schedule of the book and fair values	As of December 31, 2020 and 2019, the book and estimated fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and amounts outstanding under our commercial paper program were as follows (in thousands): December 31, 2020 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 230,925 $ — $ 249,782 $ — $ 249,782 Unsecured senior notes payable $ 7,232,370 $ — $ 8,447,845 $ — $ 8,447,845 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 99,991 $ — $ 99,998 $ — $ 99,998 December 31, 2019 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 349,352 $ — $ 363,344 $ — $ 363,344 Unsecured senior notes payable $ 6,044,127 $ — $ 6,571,668 $ — $ 6,571,668 Unsecured senior line of credit $ 384,000 $ — $ 383,928 $ — $ 383,928

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of maturities of secured and unsecured debt	The following table summarizes our outstanding indebtedness and respective principal payments as of December 31, 2020 (dollars in thousands): Stated Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2021 2022 2023 2024 2025 Thereafter Principal Total Secured notes payable Greater Boston 4.82 % 3.40 % 2/6/24 $ 3,394 $ 3,564 $ 3,742 $ 183,527 $ — $ — $ 194,227 8,344 $ 202,571 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (549) 27,651 San Francisco 6.50 % 6.50 7/1/36 26 28 30 32 34 553 703 — 703 Secured debt weighted average interest rate/subtotal 4.74 % 3.53 3,420 3,592 3,772 183,559 34 28,753 223,130 7,795 230,925 Commercial paper program (3) 0.27 % (3) 0.29 (3) (3) — (3) — — — — 100,000 (3) 100,000 (9) 99,991 Unsecured senior line of credit L+0.825 % N/A 1/6/26 — — — — — — — — — Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — 650,000 — — 650,000 (356) 649,644 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — 600,000 — 600,000 (3,804) 596,196 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (2,465) 297,535 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (2,599) 347,401 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,062) 346,938 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,986) 422,014 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,908) 298,092 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (3,688) 396,312 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,535) 446,465 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (7,843) 692,157 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (6,897) 743,103 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (10,559) 989,441 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,332) 296,668 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,404 710,404 Unsecured debt weighted average interest rate/subtotal 3.76 — — — 650,000 600,000 6,125,000 7,375,000 (42,639) 7,332,361 Weighted-average interest rate/total 3.76 % $ 3,420 $ 3,592 $ 3,772 $ 833,559 $ 600,034 $ 6,153,753 $ 7,598,130 $ (34,844) $ 7,563,286 (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) Refer to footnote 2 on the next page.
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of December 31, 2020 (dollars in thousands): Fixed-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 230,925 $ — $ 230,925 3.1 % 3.53 % 3.4 Unsecured senior notes payable 7,232,370 — 7,232,370 95.6 3.81 10.9 Unsecured senior line of credit — — — — N/A 5.0 Commercial paper program — 99,991 99,991 1.3 0.29 (2) Total/weighted average $ 7,463,295 $ 99,991 $ 7,563,286 100.0 % 3.76 % 10.6 (2) Percentage of total debt 99 % 1 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) The commercial paper notes bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. The commercial paper outstanding as of December 31, 2020, matured on January 13, 2021. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at L+0.825%. As such, we calculate the weighted-average remaining term of our commercial paper using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper, the consolidated weighted-average maturity of our debt remains at 10.6 years. The commercial paper notes sold during the three months ended December 31, 2020, were issued at a weighted-average yield to maturity of 0.26% and had a weighted-average maturity term of 12 days.
Schedule of Interest Incurred	The following table summarizes interest expense for the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Interest incurred $ 297,227 $ 262,238 $ 223,715 Capitalized interest (125,618) (88,563) (66,220) Interest expense $ 171,609 $ 173,675 $ 157,495

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Summary of components of accounts payable, accrued expenses, and tenant security deposits	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Accounts payable and accrued expenses $ 285,021 $ 198,994 Accrued construction 333,271 275,818 Acquired below-market leases 288,075 194,773 Conditional asset retirement obligations 47,070 14,037 Deferred rent liabilities 4,495 2,897 Operating lease liability 345,750 271,808 Unearned rent and tenant security deposits 276,751 275,863 Other liabilities 89,399 86,078 Total $ 1,669,832 $ 1,320,268

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 827,171 $ 404,047 $ 402,793 Net income attributable to noncontrolling interests (56,212) (40,882) (23,481) Dividends on preferred stock — (3,204) (5,060) Preferred stock redemption charge — (2,580) (4,240) Net income attributable to unvested restricted stock awards (10,168) (6,386) (6,029) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 760,791 $ 350,995 $ 363,983 Denominator for basic EPS – weighted-average shares of common stock outstanding 126,106 112,204 103,010 Dilutive effect of forward equity sales agreements 384 320 311 Denominator for diluted EPS – weighted-average shares of common stock outstanding 126,490 112,524 103,321 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 6.03 $ 3.13 $ 3.53 Diluted $ 6.01 $ 3.12 $ 3.52

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of income tax treatment of distribution and dividends declared	The income tax treatment of distributions and dividends declared on our common stock and our Series D Convertible Preferred Stock for the years ended December 31, 2020, 2019, and 2018, was as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Year Ended December 31, 2020 2019 2018 2019 2018 Ordinary income 65.7 % 62.4 % 69.9 % 64.4 % 72.7 % Return of capital 13.2 3.2 3.8 — — Capital gains at 25% — 2.2 0.1 2.2 0.1 Capital gains at 20% 21.1 32.2 26.2 33.4 27.2 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.24 $ 4.00 $ 3.73 $ 1.3125 $ 1.75 (1) Refer to Note 15 – “Stockholders’ equity” to our consolidated financial statements for information regarding the conversion of our Series D Convertible Preferred Stock.
Reconciliation of GAAP net income to taxable income as filed with the IRS	The following reconciles net income (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2019 and 2018 (in thousands and unaudited): Year Ended December 31, 2019 2018 Net income $ 404,047 $ 402,793 Net income attributable to noncontrolling interests (40,882) (23,481) Book/tax differences: Rental revenue recognition (132,979) (65,901) Depreciation and amortization 177,627 161,514 Share-based compensation 30,756 30,771 Interest expense (13,687) (6,414) Sales of property 66,717 (39,393) Impairments 12,334 — Non-real estate investment income (96,353) (110,322) Other 7,565 9,522 Taxable income before dividend deduction 415,145 359,089 Dividend deduction necessary to eliminate taxable income (1) (415,145) (359,089) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $451.2 million and $385.8 million during the years ended December 31, 2019 and 2018, respectively.

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the year ended December 31, 2020, which was entirely due to net unrealized gains on foreign currency translation related to our operations in Canada and China (in thousands): Total Balance as of December 31, 2019 $ (9,749) Other comprehensive income before reclassifications 3,124 Net other comprehensive income 3,124 Balance as of December 31, 2020 $ (6,625)

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of nonvested share award activity	The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2020, 2019, and 2018: Number of Share Awards Weighted-Average Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120) $ 103.83 Forfeited (20,330) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Granted 768,625 $ 134.70 Vested (666,836) $ 96.77 Forfeited (14,480) $ 119.88 Outstanding at December 31, 2019 1,799,685 $ 119.59 Granted 753,473 $ 147.71 Vested (688,599) $ 115.57 Forfeited (39,279) $ 117.76 Outstanding at December 31, 2020 1,825,280 $ 132.95 Year Ended December 31, (In thousands) 2020 2019 2018 Total grant date fair value of stock awards vested $ 79,578 $ 64,530 $ 41,854 Total gross compensation recognized for stock awards $ 80,651 $ 68,036 $ 57,341 Capitalized stock compensation $ 37,149 $ 24,396 $ 22,322

Assets Classified As Held for_2

Assets Classified As Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of net assets of discontinued operations and income from discontinued operations, net	The following is a summary of net assets as of December 31, 2020 and 2019, for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2020 2019 Total assets $ 117,879 $ 59,412 Total liabilities (33,081) (2,860) Total accumulated other comprehensive (loss) income (841) 536 Net assets classified as held for sale $ 83,957 $ 57,088

Quarterly financial data (una_2

Quarterly financial data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of summary of consolidated financial information on a quarterly basis	The following is a summary of consolidated financial information on a quarterly basis for 2020 and 2019 (in thousands, except per share amounts): Quarter 2020 First Second Third Fourth Total revenues $ 439,919 $ 436,956 $ 545,042 $ 463,720 Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 16,840 $ 226,600 $ 79,326 $ 435,923 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 0.14 $ 1.82 $ 0.64 $ 3.26 Diluted (1) $ 0.14 $ 1.82 $ 0.63 $ 3.26 Quarter 2019 First Second Third Fourth Total revenues $ 358,842 $ 373,856 $ 390,484 $ 408,114 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 76,330 $ (49,773) $ 199,618 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.11 $ 0.68 $ (0.44) $ 1.75 Diluted (1) $ 1.11 $ 0.68 $ (0.44) $ 1.74 (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding.

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	Jan. 01, 2019USD ($)	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
Accounting policies
Maximum expected period of sale of property (in years)										1 year
Cost method investment ownership percentage		10.00%								10.00%
Percentage of total revenues										98.50%
Write-off of lease origination costs that were capitalized in connection with leases executed prior to 1/1/19	$ 3,500
Ground and Operating Lease Obligation Due	590,300	$ 825,800								$ 825,800
Reclassification of deferred rent liabilities	27,000
Revenue with Customer, Asset, Adjustment to Allowance for Credit Loss		0	$ 0	$ 0	$ 1,600
Contract with Customer, Asset, Allowance for Credit Loss		3,800								3,800
Finance Lease, Right-of-Use Asset, after Accumulated Amortization						$ 39,900					$ 39,900		$ 37,700
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss					2,800								$ 2,200
Credit loss related to trade receivables		259								$ 259
Minimum percentage of taxable income to be distributed										90.00%
Percent of taxable income, generally distributed as dividend										100.00%
Income from rentals
Operating leases income										$ 1,854,427	1,465,692
Direct financing lease income										2,469	2,421
Revenues subject to the new lease accounting standard										1,856,896	1,468,113
Revenues		463,720	$ 545,042	$ 436,956	$ 439,919	408,114	$ 390,484	$ 373,856	$ 358,842	1,885,637	1,531,296	$ 1,327,459
Accounts Payable and Accrued Liabilities
Accounting policies
Operating lease liability	$ 218,700	$ 345,750				$ 271,808				$ 345,750	271,808
Maximum | Buildings and building improvements
Accounting policies
Estimated useful life										40 years
Maximum | Land improvements
Accounting policies
Estimated useful life										20 years
Canada
Accounting policies
Number of Real Estate Properties | property		3								3
China
Accounting policies
Number of Real Estate Properties | property		1								1
Income from rentals
Income from rentals
Revenues										$ 1,878,208	1,516,864	1,314,781
Other income
Income from rentals
Revenues										$ 7,429	14,432	$ 12,678
Revenues subject to other accounting guidance
Accounting policies
Percentage of total revenues										1.50%
Income from rentals
Revenues										$ 28,700
Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Accounting policies
Receivables From Revenue Transactions Within Scope Of Revenue Recognition		$ 16,100								16,100
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenues subject to the revenue recognition ASU										$ 21,312	$ 48,751

Investments in real estate - Sc

Investments in real estate - Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Investments in real estate	$ 18,092,372	$ 14,844,038
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	2,550,571	2,225,785
Buildings and building improvements	13,364,561	11,775,132
Other improvements	1,508,776	1,277,862
Rental properties	17,423,908	15,278,779
Development and redevelopment projects	3,075,453	2,057,084
Future development projects	738,994	182,746
Gross investments in real estate	21,238,355	17,518,609
Less: accumulated depreciation	(3,178,024)	(2,704,657)
Investments in real estate	18,060,331	14,813,952
Asia
Real Estate Properties [Line Items]
Investments in real estate	$ 32,041	$ 30,086

Investments in real estate - Ac

Investments in real estate - Acquisitions (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 01, 2021USD ($)ft²property	Mar. 31, 2020USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020property	Dec. 31, 2020ft²	Dec. 31, 2020
Business Acquisition [Line Items]
Purchase Price | $			$ 2,570,693,000	$ 2,259,778,000	$ 1,037,180,000
Contribution of assets from real estate joint venture partner | $			350,000,000	115,167,000	$ 0
Acquired in-place leases | $			286,100,000
Below-market leases | $			$ 151,100,000
Weighted average remaining amortization period, acquired in-place and below-market leases			8 years 9 months 18 days
Subsequent Event
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	3
Area of Real Estate Property	2,100,000
Purchase Price | $	$ 1,600,000,000
Acquired-in-Place Leases
Business Acquisition [Line Items]
Acquired in-place leases | $			$ 712,380,000	426,280,000
Weighted average remaining amortization period, acquired in-place and below-market leases			8 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Acquired in-place leases | $			$ 477,377,000	$ 326,255,000
Weighted average remaining amortization period, acquired in-place and below-market leases			10 years 1 month 6 days
BXP Gateway - 601, 611, 651 Gateway Boulevard
Business Acquisition [Line Items]
Area of Real Estate Property		776,003
Contribution of assets from real estate joint venture partner | $		$ 350,000,000
401 Park Drive and 201 Brookline Avenue | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property	1,800,000
Purchase Price | $	$ 1,480,000,000
401 Park Drive | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property	973,145
201 Brookline Avenue | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property	510,116
January 2021 acquisitions | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property	345,678
Purchase Price | $	$ 118,900,000
Future development | BXP Gateway - 601, 611, 651 Gateway Boulevard
Business Acquisition [Line Items]
Area of Real Estate Property		260,000
Future development | 401 Park Drive and 201 Brookline Avenue | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property	400,000
Greater Boston
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						7
Purchase Price | $			$ 830,576,000
Greater Boston | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							1,890,000
Greater Boston | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
Greater Boston | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							710,779
Greater Boston | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							752,784
San Francisco
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						10
Purchase Price | $			399,198,000
San Francisco | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							960,000
San Francisco | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
San Francisco | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							403,699
San Francisco | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							686,320
San Diego
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						7
Purchase Price | $			412,448,000
San Diego | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							1,149,000
San Diego | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
San Diego | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							383,525
San Diego | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							334,913
Seattle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						0
Purchase Price | $			0
Seattle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							0
Seattle | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
Seattle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
Seattle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							0
Maryland
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						1
Purchase Price | $			43,000,000
Maryland | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							0
Maryland | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							169,420
Maryland | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							0
Maryland | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							0
Research Triangle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						16
Purchase Price | $			590,412,000
Research Triangle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							0
Research Triangle | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							652,381
Research Triangle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							100,145
Research Triangle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							1,485,621
Other markets
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property						14
Purchase Price | $			287,768,000
Other markets | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							1,082,713
Other markets | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							277,750
Other markets | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							164,656
Other markets | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							570,952
North America
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired						55		55
Area of Real Estate Property							31,900,000
Purchase Price | $			$ 2,563,402,000
North America | Future development
Business Acquisition [Line Items]
Area of Real Estate Property							5,081,713
North America | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							1,099,551
North America | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property							1,762,804
North America | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property							3,830,590

Investments in real estate - _2

Investments in real estate - Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Values of acquired leases
Value of intangible assets, gross	$ 286,100
Acquired Below-Market Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 57,800	$ 30,300	$ 22,300
Weighted average amortization period	5 years 7 months 6 days
Values of acquired leases
Value of intangible assets, gross	$ 477,377	326,255
Accumulated amortization	(189,302)	(131,482)
Value of intangible assets, net	288,075	194,773
Estimated annual amortization
2021	42,002
2022	34,847
2023	31,112
2024	28,094
2025	24,788
Thereafter	127,232
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 105,400	49,100	$ 34,300
Weighted average amortization period	8 years 1 month 6 days
Values of acquired leases
Value of intangible assets, gross	$ 712,380	426,280
Accumulated amortization	(250,056)	(144,630)
Value of intangible assets, net	462,324	$ 281,650
Estimated annual amortization
2021	101,193
2022	70,441
2023	57,368
2024	43,174
2025	35,747
Thereafter	$ 154,401

Investments in real estate - Re

Investments in real estate - Real estate asset sales (Details)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 01, 2021USD ($)ft²	Nov. 30, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Purchase Price						$ 2,570,693,000	$ 2,259,778,000	$ 1,037,180,000
Gain on sales of real estate – rental properties						154,089,000	474,000	8,704,000
Impairment of real estate					$ 15,200,000	$ 48,078,000	$ 12,334,000	$ 6,311,000
Subsequent Event
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	2,100,000
Purchase Price	$ 1,600,000,000
510 Townsend Street and 505 Brannan Street
Real Estate Properties [Line Items]
Number of properties sold		2
Area of Real Estate Property | ft²			443,479			443,479
Proceeds from Sale of Real Estate			$ 560,200,000
Gain on sales of real estate – rental properties			151,900,000
Pending acquisition
Real Estate Properties [Line Items]
Impairment of real estate					$ 10,000,000
260 Townsend Street
Real Estate Properties [Line Items]
Impairment of real estate			13,500,000
220 and 240 2nd Avenue South
Real Estate Properties [Line Items]
Impairment of real estate			$ 11,700,000
945 Market Street
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate				$ 198,000,000
Impairment of real estate				$ 6,800,000
January 2021 acquisitions | Subsequent Event
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	345,678
Purchase Price	$ 118,900,000
401 Park Drive and 201 Brookline Avenue | Subsequent Event
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,800,000
Purchase Price	$ 1,480,000,000
401 Park Drive and 201 Brookline Avenue | Subsequent Event | Additional entitlement rights for development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	305,000
Purchase Price	$ 97,900,000
401 Park Drive and 201 Brookline Avenue | Subsequent Event | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	400,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details) $ in Thousands	Apr. 20, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Sep. 30, 2020USD ($)ft²	Mar. 31, 2020USD ($)ft²	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 30, 2020ft²	Apr. 30, 2020ft²
Schedule of Equity Method Investments
Contribution of assets from real estate joint venture partner						$ 350,000	$ 115,167	$ 0
Contributions from and sales of noncontrolling interests						717,158	1,134,939	27,418
Long-term Debt		$ 7,563,286				7,563,286
Investments in unconsolidated real estate joint ventures		$ 332,349				332,349	346,890
Impairment of real estate					$ 15,200	$ 48,078	12,334	6,311
225 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)		30.00%				30.00%
75/125 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)		40.00%				40.00%
57 Coolidge Avenue
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			275,000
Payments to Acquire Real Estate and Real Estate Joint Ventures			$ 32,600
Equity interest percentage (in percent)		75.00%				75.00%
409/499 Illinois Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)		60.00%				60.00%
1500 Owens Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)		50.10%				50.10%
Alexandria Technology Center - Gateway
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				1,700,000
Equity interest percentage (in percent)				51.00%
Alexandria Technology Center - Gateway | Initial ownership interest [Member]
Schedule of Equity Method Investments
Equity interest percentage (in percent)		45.10%	45.00%			45.10%
500 Forbes Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)		10.00%				10.00%
Campus Pointe by Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)		55.00%				55.00%
5200 Illumina Way
Schedule of Equity Method Investments
Equity interest percentage (in percent)		51.00%				51.00%
9625 Towne Centre Drive
Schedule of Equity Method Investments
Equity interest percentage (in percent)		50.10%				50.10%
SD Tech by Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)		50.00%				50.00%
The Eastlake Life Science Campus by Alexandria
Schedule of Equity Method Investments
Area of Real Estate Property | ft²									321,218
Equity interest percentage (in percent)		30.00%				30.00%
Proceeds from Sale of Real Estate		$ 314,500
BXP Gateway - 601, 611, 651 Gateway Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				776,003
Contribution of assets from real estate joint venture partner				$ 350,000
BXP Gateway - 681, 701, 751 Gateway Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				313,262
Contribution of Property				$ 281,900
9808 and 9868 Scranton Road
Schedule of Equity Method Investments
Area of Real Estate Property | ft²										219,628
Proceeds from Sale of Real Estate	$ 51,100
Equity Method Investee
Schedule of Equity Method Investments
Long-term Debt		$ 906,392				$ 906,392
Equity Method Investee | 1655 and 1715 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)		10.00%				10.00%
Investments in unconsolidated real estate joint ventures		$ 14,939				$ 14,939	37,016
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)		49.00%				49.00%
Investments in unconsolidated real estate joint ventures		$ 300,622				$ 300,622	288,408
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Equity interest percentage (in percent)		56.80%				56.80%
Investments in unconsolidated real estate joint ventures		$ 4,961				$ 4,961	4,748
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²		90,000				90,000
Long-term Debt		$ 26,200				$ 26,200
Investments in unconsolidated real estate joint ventures		0				0	7,700
Impairment of real estate				7,600
Additional Paid-In Capital
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests						267,432	381,162	257
Additional Paid-In Capital | Alexandria Technology Center - Gateway
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests				$ 55,800
Additional Paid-In Capital | The Eastlake Life Science Campus by Alexandria
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests		$ 211,300
Noncontrolling Interests
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests						$ 449,726	$ 753,777	$ 27,161
Noncontrolling Interests | The Eastlake Life Science Campus by Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)		70.00%				70.00%			70.00%
Future development | BXP Gateway - 601, 611, 651 Gateway Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				260,000
Future development | BXP Gateway - 681, 701, 751 Gateway Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				377,000

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in real estate	$ 18,092,372	$ 14,844,038
Cash and cash equivalents	568,532	189,681
Other assets	1,191,581	893,714
Total assets	22,827,878	18,390,503
Secured notes payable	230,925	349,352
Total liabilities	9,384,100	8,224,025
Redeemable noncontrolling interests	11,342	12,300
Alexandria Real Estate Equities, Inc.'s share of equity	11,725,712	8,865,826
Noncontrolling interests’ share of equity	1,706,724	1,288,352
Total liabilities and equity	22,827,878	18,390,503
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	3,196,215	2,678,476
Cash and cash equivalents	95,565	81,021
Other assets	341,524	280,343
Total assets	3,633,304	3,039,840
Secured notes payable	0	0
Other liabilities	183,237	149,471
Total liabilities	183,237	149,471
Redeemable noncontrolling interests	1,731	2,388
Alexandria Real Estate Equities, Inc.'s share of equity	1,742,039	1,600,729
Noncontrolling interests’ share of equity	1,706,297	1,287,252
Total liabilities and equity	$ 3,633,304	$ 3,039,840

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 332,349	$ 346,890
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period	3.76%
Long-term Debt	$ 7,563,286
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Long-term Debt	906,392
Menlo Gateway | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 300,622	288,408
Equity interest percentage (in percent)	49.00%
Menlo Gateway | Equity Method Investee | Secured debt maturing on 5/1/35
Unconsolidated Real Estate Joint Venture Debt
Maturity date	May 1, 2035
Stated interest rate (as a percent)	4.53%
Weighted Average Interest Rate at End of Period	4.59%
Long-term Debt	$ 155,942
Menlo Gateway | Equity Method Investee | Secured debt maturing on 8/10/35
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Aug. 10, 2035
Stated interest rate (as a percent)	4.15%
Weighted Average Interest Rate at End of Period	4.18%
Long-term Debt	$ 139,558
704 Quince Orchard Road | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 4,961	4,748
Equity interest percentage (in percent)	56.80%
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Mar. 16, 2023
Weighted Average Interest Rate at End of Period	3.22%
Long-term Debt	$ 12,660
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)	1.95%
1655 and 1715 Third Street | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 14,939	37,016
Equity interest percentage (in percent)	10.00%
1655 and 1715 Third Street | Equity Method Investee | Secured debt maturing on 3/10/25
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Mar. 10, 2025
Stated interest rate (as a percent)	4.50%
Weighted Average Interest Rate at End of Period	4.57%
Long-term Debt	$ 598,232
Other unconsolidated real estate joint ventures | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 11,827	$ 16,718

Leases Lessor (Details)

Leases Lessor (Details) $ in Thousands	Oct. 01, 2017	Dec. 31, 2020USD ($)ft²	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)
Operating Lease
Land parcel subject to lease agreement that contains a purchase option		2								2
Rent Commence Date	Oct. 1, 2017
Lessee Option to Purchase Underlying Asset										30
Operating Leases, Future Minimum Payments Receivable [Abstract]
2021		$ 1,234,654								$ 1,234,654
2022		1,251,446								1,251,446
2023		1,222,980								1,222,980
2024		1,114,259								1,114,259
2025		1,035,300								1,035,300
Thereafter		6,328,067								6,328,067
Total		12,186,706								$ 12,186,706
Direct Financing Lease
Remaining Lease Term										71 years 10 months 24 days
Lessee Option to Purchase Underlying Asset										30
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss					$ 2,800								$ 2,200
Adjustment to credit loss related to trade receivables		614								$ 614
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease		258,751				$ 260,457				258,751	$ 260,457
Less: unearned income		(218,072)				(220,541)				(218,072)	(220,541)
Less: allowance for credit losses		(2,839)				0				(2,839)	0
Net investment in direct financing lease		37,840				39,916				37,840	39,916
Direct Financing Leases, Future Minimum Payments Receivable
2021		1,756								1,756
2022		1,809								1,809
2023		1,863								1,863
2024		1,919								1,919
2025		1,976								1,976
Thereafter		249,428								249,428
Income from rentals
Operating leases income										1,854,427	1,465,692
Direct financing lease income										2,469	2,421
Revenues subject to the new lease accounting standard										1,856,896	1,468,113
Revenues		463,720	$ 545,042	$ 436,956	$ 439,919	408,114	$ 390,484	$ 373,856	$ 358,842	1,885,637	1,531,296	$ 1,327,459
Deferred Costs, Leasing, Net
Deferred leasing costs		679,300				631,416				679,300	631,416
Accumulated amortization		(406,627)				(361,373)				(406,627)	(361,373)
Deferred leasing costs, net		272,673				270,043				272,673	270,043
Accounts Payable and Accrued Liabilities
Deferred Costs, Leasing, Net
Operating lease liability		$ 345,750				$ 271,808				$ 345,750	271,808			$ 218,700
Minimum
Operating Lease
Lessee Option to Purchase Underlying Asset										15
Direct Financing Lease
Lessee Option to Purchase Underlying Asset										15
Maximum
Operating Lease
Lessee Option to Purchase Underlying Asset										74.5
Direct Financing Lease
Lessee Option to Purchase Underlying Asset										74.5
North America
Lessor, Lease, Description [Line Items]
Number of Real Estate Properties		338								338
Area of Real Estate Property | ft²		31,900,000								31,900,000
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining Lease Term										71 years 10 months 24 days
88 Bluxome Street
Lessor, Lease, Description [Line Items]
Area of Real Estate Property | ft²		488,899								488,899
Contract termination fee										$ 89,500
Contract termination fee, related expenses										3,300
Gain (Loss) on Contract Termination										86,200
Income from rentals
Income from rentals
Revenues										1,878,208	1,516,864	$ 1,314,781
Income from rentals | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Income from rentals
Revenues subject to the revenue recognition ASU										$ 21,312	$ 48,751

Leases Lessee (Details)

Leases Lessee (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Ground and Operating Lease Obligation Due	$ 825,800			$ 590,300
Operating lease right-of-use asset	$ 335,920	$ 264,709
Operating lease discount rate	4.88%
Number of Properties Subject to Ground Leases | property	36
Net book value for the exclusion of one ground lease related to one operating property	$ 7,100
Operating Lease Obligation Remaining Lease Term	14 years
Operating lease costs - cash rents	$ 20,800	17,700	$ 14,800
Operating Lease Liabilities, Payment Due
2021	18,903
2022	19,915
2023	20,088
2024	20,334
2025	20,364
Thereafter	726,200
Total future payments under our operating leases in which we are the lessee	825,804
Effect of discounting	(480,054)
Lessee operating costs
Gross operating lease costs	23,518	19,740	16,102
Capitalized lease costs	(3,529)	(1,452)	(340)
Expenses for operating leases in which we are lessee	$ 19,989	$ 18,288	$ 15,762
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	33 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	94 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	43 years

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 568,532	$ 189,681
Restricted cash	29,173	53,008
Cash, cash equivalents, and restricted cash	597,705	242,689	$ 272,130	$ 277,186
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents [Line Items]
Restricted cash	17,256	24,331
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	4,580	23,252
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 7,337	$ 5,425

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investment commitments	$ 210,600
Limited Partnership Maximum Expiration Terms	11 years
Weighted-average remaining liquidation term (in years)	5 years 1 month 6 days
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 835,438	$ 738,951
Cumulative unrealized gains (losses) on investments	775,676	401,643
Total investments	1,611,114	1,140,594
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	208,754	148,109
Cumulative unrealized gains (losses) on investments	351,076	170,528
Investment at fair value, book value	$ 559,830	318,637
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Weighted-average remaining liquidation term (in years)	8 years 3 months 18 days
Summary of Investment [Abstract]
Investment at fair value, cost	$ 334,341	271,276
Cumulative unrealized gains (losses) on investments	327,741	162,626
Investment at fair value, book value	662,082	433,902
Investments in privately held entities that do not report NAV | Entities with observable price change
Schedule of Investments [Line Items]
Investment in privately held entities that do not report NAV, cumulative price adjustment	66,800
Investment in privately held entities that do not report NAV, upward price adjustment	97,200
Investment in privately held entities that do not report NAV, downward price adjustment	(30,400)
Annual adjustments recognized on investments in privately held entities that do not report NAV	3,100	(12,700)	$ 58,600
Investments in privately held entities that do not report NAV, annual upward price adjustment	36,700	5,200	64,300
Investments in privately held entities that do not report NAV, annual downward price adjustment	(33,600)	(18,000)	$ (5,700)
Summary of Investment [Abstract]
Investment at fair value, cost	47,545	42,045
Cumulative unrealized gains (losses) on investments	96,859	68,489
Investment in privately held entities that do not report fair value, book value	144,404	110,534
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	244,798	277,521
Cumulative unrealized gains (losses) on investments	0	0
Investment in privately held entities that do not report fair value, book value	$ 244,798	$ 277,521

Investments - Investment Income

Investments - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income
Investment income, realized gains (losses)	$ 47,288	$ 33,158	$ 37,129
Investment income, unrealized gains (losses)	374,033	161,489	99,634
Investment income	421,321	194,647	136,763
Total investments held
Net Investment Income
Investment income, unrealized gains (losses)	$ 392,700	$ 184,600	$ 114,400

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired in-place leases	$ 462,324	$ 281,650
Deferred compensation plan	31,057	22,225
Deferred financing costs – unsecured senior line of credit	24,124	13,064
Deposits	13,861	31,028
Furniture, fixtures, and equipment	31,130	23,031
Net investment in direct financing lease	37,840	39,916
Notes receivable	3,424	435
Operating lease right-of-use asset	335,920	264,709
Other assets	30,620	32,040
Prepaid expenses	67,667	11,324
Property, plant, and equipment	153,614	174,292
Other assets	$ 1,191,581	$ 893,714

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers In Fair Value Hierarchy	0
Investments	$ 1,611,114	$ 1,140,594
Investments in publicly traded companies
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	559,830	318,637
Investments in publicly traded companies | Fair value measured on recurring basis
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	559,830	318,637
Investments in publicly traded companies | Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	559,830	318,637
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	0	0
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	0	0
Investments in privately held entities that report NAV
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in publicly traded companies	662,082	433,902
Investments in privately held entities that do not report NAV | Entities without observable price changes
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value	244,798	$ 277,521
Investments in privately held entities that do not report NAV | Fair value measured on nonrecurring basis | Entities without observable price changes
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value	157,871
Investments in privately held entities that do not report NAV | Fair value measured on nonrecurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Entities without observable price changes
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value	0
Investments in privately held entities that do not report NAV | Fair value measured on nonrecurring basis | Significant Other Observable Inputs (Level 2) | Entities without observable price changes
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value	144,404
Investments in privately held entities that do not report NAV | Fair value measured on nonrecurring basis | Significant Unobservable Inputs (Level 3) | Entities without observable price changes
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value	$ 13,467

Fair value measurements - Book

Fair value measurements - Book and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	$ 230,925	$ 349,352
Unsecured senior notes payable	7,232,370	6,044,127
Unsecured senior line of credit and commercial paper	99,991	384,000
Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	230,925	349,352
Unsecured senior notes payable	7,232,370	6,044,127
Commercial paper program | Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Commercial Paper	99,991
Unsecured senior line of credit | Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Unsecured senior line of credit and commercial paper	0	384,000
Fair value measured on nonrecurring basis | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable, fair value disclosure	249,782	363,344
Unsecured senior notes payable, fair value disclosure	8,447,845	6,571,668
Fair value measured on nonrecurring basis | Commercial paper program | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Commercial paper, fair value disclosure	99,998
Fair value measured on nonrecurring basis | Unsecured senior line of credit | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Unsecured senior line of credit, fair value disclosure	0	383,928
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on nonrecurring basis | Commercial paper program | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Commercial paper, fair value disclosure	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on nonrecurring basis | Unsecured senior line of credit | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Unsecured senior line of credit, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Fair value measured on nonrecurring basis | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable, fair value disclosure	249,782	363,344
Unsecured senior notes payable, fair value disclosure	8,447,845	6,571,668
Significant Other Observable Inputs (Level 2) | Fair value measured on nonrecurring basis | Commercial paper program | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Commercial paper, fair value disclosure	99,998
Significant Other Observable Inputs (Level 2) | Fair value measured on nonrecurring basis | Unsecured senior line of credit | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Unsecured senior line of credit, fair value disclosure	0	383,928
Significant Unobservable Inputs (Level 3) | Fair value measured on nonrecurring basis | Commercial paper program | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Commercial paper, fair value disclosure	0
Significant Unobservable Inputs (Level 3) | Fair value measured on nonrecurring basis | Unsecured senior line of credit | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Unsecured senior line of credit, fair value disclosure	$ 0	$ 0

Detail of secured and unsecured

Detail of secured and unsecured senior debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Effective rate (as a percent)	3.76%	3.76%
Future principal payments due on secured and unsecured debt
2021	$ 3,420	$ 3,420
2022	3,592	3,592
2023	3,772	3,772
2024	833,559	833,559
2025	600,034	600,034
Thereafter	6,153,753	6,153,753
Outstanding Balance	7,598,130	7,598,130
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(34,844)	(34,844)
Total Consolidated	$ 7,563,286	7,563,286
Loss on early extinguishment of debt		$ (60,668)	$ (47,570)	$ (1,122)
Secured notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.74%	4.74%
Effective rate (as a percent)	3.53%	3.53%
Future principal payments due on secured and unsecured debt
2021	$ 3,420	$ 3,420
2022	3,592	3,592
2023	3,772	3,772
2024	183,559	183,559
2025	34	34
Thereafter	28,753	28,753
Outstanding Balance	223,130	223,130
Unamortized Discount (Premium) and Debt Issuance Costs, Net	7,795	7,795
Total Consolidated	$ 230,925	$ 230,925
Secured notes payable maturing on 2/6/24
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.82%	4.82%
Effective rate (as a percent)	3.40%	3.40%
Maturity date		Feb. 6, 2024
Future principal payments due on secured and unsecured debt
2021	$ 3,394	$ 3,394
2022	3,564	3,564
2023	3,742	3,742
2024	183,527	183,527
2025	0	0
Thereafter	0	0
Outstanding Balance	194,227	194,227
Unamortized Discount (Premium) and Debt Issuance Costs, Net	8,344	8,344
Total Consolidated	$ 202,571	$ 202,571
Secured Notes Payable Maturing on 7/1/26
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.14%	4.14%
Effective rate (as a percent)	4.42%	4.42%
Maturity date		Jul. 1, 2026
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	28,200	28,200
Outstanding Balance	28,200	28,200
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(549)	(549)
Total Consolidated	$ 27,651	$ 27,651
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.50%	6.50%
Effective rate (as a percent)	6.50%	6.50%
Maturity date		Jul. 1, 2036
Future principal payments due on secured and unsecured debt
2021	$ 26	$ 26
2022	28	28
2023	30	30
2024	32	32
2025	34	34
Thereafter	553	553
Outstanding Balance	703	703
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0	0
Total Consolidated	$ 703	$ 703
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)	3.76%	3.76%
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	650,000	650,000
2025	600,000	600,000
Thereafter	6,125,000	6,125,000
Outstanding Balance	7,375,000	7,375,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(42,639)	(42,639)
Total Consolidated	7,332,361	$ 7,332,361
Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date		Jan. 6, 2026
Future principal payments due on secured and unsecured debt
2021	0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	0	0
Outstanding Balance	0	0
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0	0
Total Consolidated	$ 0	$ 0
Unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.825%	0.825%
4.00% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%	4.00%
Effective rate (as a percent)	4.03%	4.03%
Maturity date		Jan. 15, 2024
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	650,000	650,000
2025	0	0
Thereafter	0	0
Outstanding Balance	650,000	650,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(356)	(356)
Total Consolidated	$ 649,644	$ 649,644
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%	3.45%
Effective rate (as a percent)	3.62%	3.62%
Maturity date		Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	600,000	600,000
Thereafter	0	0
Outstanding Balance	600,000	600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,804)	(3,804)
Total Consolidated	$ 596,196	$ 596,196
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.30%	4.30%
Effective rate (as a percent)	4.50%	4.50%
Maturity date		Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	300,000	300,000
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,465)	(2,465)
Total Consolidated	$ 297,535	$ 297,535
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.80%	3.80%
Effective rate (as a percent)	3.96%	3.96%
Maturity date		Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	350,000	350,000
Outstanding Balance	350,000	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,599)	(2,599)
Total Consolidated	$ 347,401	$ 347,401
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%	3.95%
Effective rate (as a percent)	4.13%	4.13%
Maturity date		Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	350,000	350,000
Outstanding Balance	350,000	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,062)	(3,062)
Total Consolidated	$ 346,938	$ 346,938
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%	3.95%
Effective rate (as a percent)	4.07%	4.07%
Maturity date		Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	425,000	425,000
Outstanding Balance	425,000	425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,986)	(2,986)
Total Consolidated	$ 422,014	$ 422,014
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%	4.50%
Effective rate (as a percent)	4.60%	4.60%
Maturity date		Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	300,000	300,000
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,908)	(1,908)
Total Consolidated	$ 298,092	$ 298,092
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%	2.75%
Effective rate (as a percent)	2.87%	2.87%
Maturity date		Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	400,000	400,000
Outstanding Balance	400,000	400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,688)	(3,688)
Total Consolidated	$ 396,312	$ 396,312
4.70% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%	4.70%
Effective rate (as a percent)	4.81%	4.81%
Maturity date		Jul. 1, 2030
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	450,000	450,000
Outstanding Balance	450,000	450,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,535)	(3,535)
Total Consolidated	$ 446,465	$ 446,465
4.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.90%	4.90%
Effective rate (as a percent)	5.05%	5.05%
Maturity date		Dec. 15, 2030
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	700,000	700,000
Outstanding Balance	700,000	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,843)	(7,843)
Total Consolidated	$ 692,157	$ 692,157
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%	3.375%
Effective rate (as a percent)	3.48%	3.48%
Maturity date		Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	750,000	750,000
Outstanding Balance	750,000	750,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(6,897)	(6,897)
Total Consolidated	$ 743,103	$ 743,103
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.875%	1.875%
Effective rate (as a percent)	1.97%	1.97%
Maturity date		Feb. 1, 2033
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	1,000,000	1,000,000
Outstanding Balance	1,000,000	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(10,559)	(10,559)
Total Consolidated	$ 989,441	$ 989,441
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.85%	4.85%
Effective rate (as a percent)	4.93%	4.93%
Maturity date		Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	300,000	300,000
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,332)	(3,332)
Total Consolidated	$ 296,668	$ 296,668
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%	4.00%
Effective rate (as a percent)	3.91%	3.91%
Maturity date		Feb. 1, 2050
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	700,000	700,000
Outstanding Balance	700,000	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	10,404	10,404
Total Consolidated	$ 710,404	$ 710,404
Commercial paper program
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.27%	0.27%
Effective rate (as a percent)	0.29%	0.29%
Maturity date		Jan. 13, 2021
Future principal payments due on secured and unsecured debt
2021	$ 0	$ 0
2022	0	0
2023	0	0
2024	0	0
2025	0	0
Thereafter	100,000	100,000
Outstanding Balance	100,000	100,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(9)	(9)
Total Consolidated	$ 99,991	$ 99,991

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Fixed rate debt	$ 7,463,295	$ 7,463,295
Variable-rate debt	99,991	99,991
Total Consolidated	$ 7,563,286	$ 7,563,286
Percentage of Total	100.00%	100.00%
Weighted Average Interest Rate at End of Period	3.76%	3.76%
Weighted Average Remaining Terms (in years)		10 years 7 months 6 days
Percentage of fixed rate to total debt	99.00%	99.00%
Percentage of variable-rate to total debt	1.00%	1.00%
Debt Instrument, Weighted Average Remaining Period Including Commercial Paper		10 years 7 months 6 days
Secured notes payable
Debt Instrument [Line Items]
Fixed rate debt	$ 230,925	$ 230,925
Variable-rate debt	0	0
Total Consolidated	$ 230,925	$ 230,925
Percentage of Total	3.10%	3.10%
Weighted Average Interest Rate at End of Period	3.53%	3.53%
Weighted Average Remaining Terms (in years)		3 years 4 months 24 days
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate debt	$ 7,232,370	$ 7,232,370
Variable-rate debt	0	0
Total Consolidated	$ 7,232,370	$ 7,232,370
Percentage of Total	95.60%	95.60%
Weighted Average Interest Rate at End of Period	3.81%	3.81%
Weighted Average Remaining Terms (in years)		10 years 10 months 24 days
Unsecured senior line of credit
Debt Instrument [Line Items]
Fixed rate debt	$ 0	$ 0
Variable-rate debt	0	0
Total Consolidated	$ 0	$ 0
Percentage of Total	0.00%	0.00%
Weighted Average Remaining Terms (in years)		5 years
Maturity date		Jan. 6, 2026
Unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.825%	0.825%
Commercial paper program
Debt Instrument [Line Items]
Fixed rate debt	$ 0	$ 0
Variable-rate debt	99,991	99,991
Total Consolidated	$ 99,991	$ 99,991
Percentage of Total	1.30%	1.30%
Weighted Average Interest Rate at End of Period	0.29%	0.29%
Weighted Average Remaining Terms (in years)		12 days
Maturity date		Jan. 13, 2021
Weighted-average yield to maturity, commercial paper	0.26%
Commercial paper program | Maximum
Debt Instrument [Line Items]
Number of maturity days from date of issuance		397

Unsecured senior line of credit

Unsecured senior line of credit and commercial paper program (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 06, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ (60,668)	$ (47,570)	$ (1,122)
Outstanding Balance	$ 7,598,130			$ 7,598,130
Unsecured senior line of credit
Debt Instrument [Line Items]
Annual facility fee (as a percent)				0.15%
Line of Credit Facility, Maximum Borrowing Capacity							$ 3,000,000
Outstanding Balance	0			$ 0
Maturity date				Jan. 6, 2026
Line of Credit, Increase in Incremental Borrowing	$ 800,000			$ 800,000
Unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.825%			0.825%
LIBOR floor, interest rate	0.00%			0.00%
$750 million unsecured senior line of credit
Debt Instrument [Line Items]
Annual facility fee (as a percent)			0.20%
Line of Credit Facility, Maximum Borrowing Capacity			$ 750,000
Loss on early extinguishment of debt		$ 1,900
Maturity date			Apr. 14, 2022
$750 million unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)			1.05%
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance	$ 1,000,000			$ 1,000,000
Maturity date				Feb. 1, 2033
$3.0 billion unsecured senior line of credit [Member]
Debt Instrument [Line Items]
Loss on early extinguishment of debt	651
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance	$ 1,500,000			$ 1,500,000				$ 750,000
Weighted-average yield to maturity, commercial paper	0.26%
Outstanding Balance	$ 100,000			$ 100,000
Maturity date				Jan. 13, 2021
Maximum | Commercial paper program
Debt Instrument [Line Items]
Number of maturity days from date of issuance				397

Unsecured senior notes payable

Unsecured senior notes payable (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended			24 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Debt Instrument [Line Items]
Unsecured senior notes payable			$ 7,200,000			$ 7,200,000
Ownership interest in subsidiary (as a percent)			100.00%
Outstanding Balance			$ 7,598,130			7,598,130
Proceeds from issuance of unsecured senior notes payable			1,697,651	$ 2,721,169	$ 899,321
Loss on early extinguishment of debt			60,668	$ 47,570	$ 1,122
4.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance			$ 700,000			$ 700,000
Maturity date			Dec. 15, 2030
Stated interest rate (as a percent)			4.90%			4.90%
Proceeds from issuance of unsecured senior notes payable		$ 691,600
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance			$ 1,000,000			$ 1,000,000
Maturity date			Feb. 1, 2033
Stated interest rate (as a percent)			1.875%			1.875%
Proceeds from issuance of unsecured senior notes payable	$ 989,100
3.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance	$ 500,000
Stated interest rate (as a percent)	3.90%
Cash tender offer settlement date	Aug. 5, 2020
Unsecured senior notes payable redemption date	Sep. 4, 2020
Loss on early extinguishment of debt	$ (50,800)
Total unsecured senior notes issued since Jan.1, 2019
Debt Instrument [Line Items]
Total issuance of unsecured senior notes						$ 4,400,000
Weighted Average Effective Interest Rate			3.48%			3.48%
Weighted average maturity years			14 years 1 month 6 days

Repayment of debt (Details)

Repayment of debt (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020
Debt Instrument [Line Items]
Outstanding Balance	$ 7,598,130		$ 7,598,130
Loss on early extinguishment of debt			60,668	$ 47,570	$ 1,122
Repayments of Secured Debt			$ 84,104	$ 306,199	$ 156,888
Effective rate (as a percent)	3.76%		3.76%
3.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)		3.90%
Outstanding Balance		$ 500,000
Loss on early extinguishment of debt		(50,800)
$750 million unsecured senior line of credit
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ (1,900)
Line of Credit Facility, Maximum Borrowing Capacity						$ 750,000
Secured notes payable maturing on 3/10/23
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ (4,500)
Repayments of Secured Debt	$ 78,000
Effective rate (as a percent)	3.19%		3.19%
Secured notes payable maturing on 1/1/23
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ (2,800)
Repayments of Secured Debt	$ 30,200
Effective rate (as a percent)	4.90%		4.90%

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Costs Incurred [Abstract]
Gross interest	$ 297,227	$ 262,238	$ 223,715
Capitalized interest	(125,618)	(88,563)	(66,220)
Interest Expense	$ 171,609	$ 173,675	$ 157,495

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Accounts payable, accrued expenses, and other liabilities [Line Items]
Accounts payable and accrued expenses	$ 285,021	$ 198,994
Accrued construction	333,271	275,818
Acquired below-market leases	288,075	194,773
Conditional asset retirement obligations	47,070	14,037
Deferred rent liabilities	4,495	2,897
Unearned rent and tenant security deposits	276,751	275,863
Other liabilities	89,399	86,078
Accounts Payable and Accrued Liabilities	1,669,832	1,320,268
Accounts Payable and Accrued Liabilities
Accounts payable, accrued expenses, and other liabilities [Line Items]
Operating lease liability	$ 345,750	$ 271,808	$ 218,700

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Oct. 29, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of basic and diluted EPS
Net income										$ 827,171	$ 404,047	$ 402,793
Net income attributable to noncontrolling interests										(56,212)	(40,882)	(23,481)
Dividends on preferred stock										0	(3,204)	(5,060)
Preferred stock redemption charge										0	(2,580)	(4,240)
Net income attributable to unvested restricted stock awards										(10,168)	(6,386)	(6,029)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders										$ 760,791	$ 350,995	$ 363,983
Denominator for basic EPS – weighted-average shares of common stock outstanding										126,106,000	112,204,000	103,010,000
Dilutive effect of forward equity sales agreements										384,000	320,000	311,000
Denominator for diluted EPS – weighted-average shares of common stock outstanding										126,490,000	112,524,000	103,321,000
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)		$ 3.26	$ 0.64	$ 1.82	$ 0.14	$ 1.75	$ (0.44)	$ 0.68	$ 1.11	$ 6.03	$ 3.13	$ 3.53
Earnings per share - diluted (USD per share)		$ 3.26	$ 0.63	$ 1.82	$ 0.14	$ 1.74	$ (0.44)	$ 0.68	$ 1.11	$ 6.01	$ 3.12	$ 3.52
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares converted/redeemed	2,300,000										275,000
Preferred Stock, dividend rate (as a percent)											7.00%
Preferred Stock, Shares Outstanding		0				0				0	0
Reconciliation of basic and diluted EPS
Preferred stock redemption charge											$ (2,600)

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Minimum percentage of taxable income to be distributed	90.00%
Percent of taxable income, generally distributed as dividend	100.00%

Income Tax Treatment of Distrib

Income Tax Treatment of Distributions (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Treatment of Distributions and Dividends [Line Items]
Common stock dividends declared (per share)	$ 3.73		$ 4
Common Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income		65.70%	62.40%	69.90%
Return of capital		13.20%	3.20%	3.80%
Capital gains at 25%		0.00%	2.20%	0.10%
Capital gains at 20%		21.10%	32.20%	26.20%
Total		100.00%	100.00%	100.00%
Common stock dividends declared (per share)		$ 4.24	$ 4	$ 3.73
Preferred Stock | Series D Convertible Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income			64.40%	72.70%
Return of capital			0.00%	0.00%
Capital gains at 25%			2.20%	0.10%
Capital gains at 20%			33.40%	27.20%
Total			100.00%	100.00%
Common stock dividends declared (per share)			$ 1.3125	$ 1.75

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net income	$ 827,171	$ 404,047	$ 402,793
Net income attributable to noncontrolling interests	$ (56,212)	(40,882)	(23,481)
Rental revenue recognition		(132,979)	(65,901)
Depreciation and amortization		177,627	161,514
Share-based compensation		30,756	30,771
Interest expense		(13,687)	(6,414)
Sales of property		66,717	(39,393)
Impairments		12,334	0
Non-real estate investment income		(96,353)	(110,322)
Other		7,565	9,522
Taxable income before dividend deduction		415,145	359,089
Dividend deduction necessary to eliminate taxable income		(415,145)	(359,089)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 451,200	$ 385,800

Commitments and contingencies_2

Commitments and contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)LeaseTenant	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations	$ 6.2	$ 4.9	$ 4.1
Concentration of credit risk
Number of leases held | Lease	909
Number of client tenants | Tenant	670
Commitments
Remaining aggregate costs under contracts, under terms of leases	$ 1,200
Letters of credit and performance obligations	11.1
Investment commitments	$ 210.6
Limited Partnership Maximum Expiration Terms	11 years
Weighted-average remaining liquidation term (in years)	5 years 1 month 6 days
Minimum
Commitments
Expected period of payment obligation	1 year
Maximum
Commitments
Expected period of payment obligation	3 years
Single Tenant | Lessee Concentration
Concentration of credit risk
Number of Single Tenant Properties | Tenant	167
Single Tenant Properties as Percentage of Total Properties	49.00%
Three Largest Tenants | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Number of largest tenants	3
Concentration risk, percentage	9.20%
First Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	3.70%
Second Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	2.80%
Third Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	2.70%
Investments in privately held entities that report NAV
Commitments
Weighted-average remaining liquidation term (in years)	8 years 3 months 18 days

Stockholders' equity - ATM comm

Stockholders' equity - ATM common stock offering program and forward equity sales agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 08, 2020	Jan. 06, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 10, 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock				$ 2,315,862	$ 1,216,445	$ 1,293,301
Shares of common stock authorized			200,000,000	200,000,000	200,000,000
Forward Equity Sales Agreement - January and July 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock				$ 2,100,000
Shares of common stock authorized			13,800,000	13,800,000
Forward Equity Sales Agreements Entered in January 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 1,000,000
Shares of common stock authorized		6,900,000
Weighted average price per share		$ 155
Forward Equity Sales Agreements Entered in July 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,100,000
Shares of common stock authorized	6,900,000
Weighted average price per share	$ 160.50
Forward Equity Sales Agreements under ATM Program
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,500,000
Proceeds from issuance of common stock				$ 235,000
Weighted average price per share			$ 159.09	$ 159.09
Expected common stock for issuance (in shares)			362,000	362,000
Expected net proceeds from issuance of common stock			$ 56,300	$ 56,300
ATM Common Stock Offering Program, Established February 2020
Class of Stock [Line Items]
Common Stock Value Available for Future Issuance			$ 547,300	$ 547,300			$ 850,000
ATM Common Stock Offering Program, Established February 2020 | Forward Equity Sales Agreement - January and July 2020
Class of Stock [Line Items]
Issuance of common stock (in shares)				15,700,000
Proceeds from issuance of common stock				$ 2,400,000

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 29, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Preferred stock
Preferred stock redemption charge		$ 0	$ (2,580)	$ (4,240)
Conversion of 7.00% Series D preferred stock (in shares)			578,000
Dividends declared on preferred stock			$ 3,204	5,060
Shares of common stock authorized		200,000,000	200,000,000
Shares of common stock issued and outstanding		136,690,329	120,800,315
Shares of preferred stock issued and outstanding		0
Shares of preferred stock authorized		100,000,000
Number of "excess stock" authorized (in shares)		200,000,000
Number of excess stock authorized issued and outstanding (in shares)		0
Series D Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding		0	0
Number of shares converted/redeemed	2,300,000		275,000
Aggregate price on repurchase of Series D preferred stock			$ 9,200
Aggregate price on repurchase of Series D preferred stock, per share			$ 33.60
Preferred stock redemption charge			$ (2,600)
Write off of Stock Issuance Costs			$ 215
Conversion rate (in shares)			0.2513
Closing sales price per share that the then-applicable conversion price must exceed in order for the shares to be automatically converted			$ 149.46
Dividends declared on preferred stock			$ 3,200	$ 5,100
Preferred stock dividends declared (per share)			$ 1.3125	$ 1.75

Stockholders' equity - Accumula

Stockholders' equity - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2019	$ (9,749)
Unrealized foreign currency translation gains (losses) arising during the period	3,124	$ 2,524	$ (7,369)
Balance as of December 31, 2020	(6,625)	(9,749)
Foreign currency translation
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2019	(9,749)
Net other comprehensive (loss) income	3,124
Balance as of December 31, 2020	$ (6,625)	$ (9,749)

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total grant date fair value of stock awards vested	$ 79,578	$ 64,530	$ 41,854
Total gross compensation recognized for stock awards	80,651	68,036	57,341
Capitalized stock compensation	$ 37,149	$ 24,396	$ 22,322
Shares reserved for granting of future options and share awards	3,080,980
Fair value assumptions, expected term	3 years	3 years	3 years
Fair value assumptions, weighted average volatility rate (percent)	17.00%	18.00%	16.00%
Fair value assumptions, expected dividend rate (percent)	2.80%	3.20%	3.10%
Fair value assumptions, risk free interest rate (percent)	1.63%	2.60%	2.15%
Unrecognized compensation related to nonvested share awards	$ 193,100
Unrecognized compensation recognition period (in years)	4 years
Weighted average period recognition period for unrecognized compensation	19 months
Stock Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	1,799,685	1,712,376	1,394,582
Number of shares granted	753,473	768,625	741,244
Number of shares vested	(688,599)	(666,836)	(403,120)
Number of shares forfeited	(39,279)	(14,480)	(20,330)
Outstanding, ending balance (in shares)	1,825,280	1,799,685	1,712,376
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighed average grant date fair value per share, outstanding beginning balance	$ 119.59	$ 105.22	$ 95.79
Weighed average grant date fair value per share, granted	147.71	134.70	121.20
Weighed average grant date fair value per share, vested	115.57	96.77	103.83
Weighed average grant date fair value per share, forfeited	117.76	119.88	106.38
Weighed average grant date fair value per share, outstanding ending balance	$ 132.95	$ 119.59	$ 105.22

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 30, 2020
Noncontrolling interests
Payments to Noncontrolling Interests	$ 88,805	$ 48,225	$ 32,253
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	40
Payments to Noncontrolling Interests	$ 87,300	$ 48,200
Noncontrolling Interests | Alexandria Technology Center - Gateway
Noncontrolling interests
Noncontrolling interest share (in percentage)	55.00%
Noncontrolling Interests | 9808 and 9868 Scranton Road
Noncontrolling interests
Noncontrolling interest share (in percentage)	50.00%
Noncontrolling Interests | The Eastlake Life Science Campus by Alexandria
Noncontrolling interests
Noncontrolling interest share (in percentage)	70.00%			70.00%

Assets Classified As Held for_3

Assets Classified As Held for Sale (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)ft²	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - area of real estate | ft²	559,993			559,993
Impairment of real estate			$ 15,200	$ 48,078	$ 12,334	$ 6,311
Net assets from asset held for sale
Total assets	$ 117,879			117,879	59,412
Total liabilities	(33,081)			(33,081)	(2,860)
Total accumulated other comprehensive (loss) income	(841)			(841)	536
Net assets classified as held for sale	83,957			83,957	$ 57,088
Four properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate				$ 32,900
945 Market Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate		$ 6,800
Proceeds from Sale of Real Estate		$ 198,000
220 and 240 2nd Avenue South
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate	11,700
260 Townsend Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate	$ 13,500

Quarterly financial data (una_3

Quarterly financial data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 463,720	$ 545,042	$ 436,956	$ 439,919	$ 408,114	$ 390,484	$ 373,856	$ 358,842	$ 1,885,637	$ 1,531,296	$ 1,327,459
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 435,923	$ 79,326	$ 226,600	$ 16,840	$ 199,618	$ (49,773)	$ 76,330	$ 123,598
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ 3.26	$ 0.64	$ 1.82	$ 0.14	$ 1.75	$ (0.44)	$ 0.68	$ 1.11	$ 6.03	$ 3.13	$ 3.53
Earnings per share - diluted (USD per share)	$ 3.26	$ 0.63	$ 1.82	$ 0.14	$ 1.74	$ (0.44)	$ 0.68	$ 1.11	$ 6.01	$ 3.12	$ 3.52

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Jan. 05, 2021USD ($)$ / sharesshares	Feb. 01, 2021USD ($)ft²	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Subsequent Event [Line Items]
Purchase Price			$ 2,570,693	$ 2,259,778	$ 1,037,180
Proceeds from issuance of common stock			$ 2,315,862	$ 1,216,445	$ 1,293,301
Shares of common stock authorized | shares			200,000,000	200,000,000
Subsequent Event
Subsequent Event [Line Items]
Purchase Price		$ 1,600,000
Area of Real Estate Property | ft²		2.1
Forward Equity Sales Agreements Entered in January 2021 | Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 1,100,000
Shares of common stock authorized | shares	6,900,000
Weighted average price per share | $ / shares	$ 164

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 230,925,000
Initial Costs
Land		4,200,638,000
Buildings & Improvements		7,319,297,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,754,875,000
Total Costs
Land		4,200,638,000
Buildings & Improvements		17,074,172,000
Total		21,274,810,000	[1]	$ 17,552,956,000	$ 14,181,780,000	$ 12,178,255,000
Accumulated Depreciation		(3,182,438,000)	[2]	$ (2,708,918,000)	$ (2,268,087,000)	$ (1,880,236,000)
Net Cost Basis		18,092,372,000
Investment in Real Estate, Federal Income Tax Basis		20,400,000,000
Investment in real estate over cost basis of real estate for federal income tax purpose		$ 881,300,000
Maximum | Buildings and building improvements
Total Costs
Property, Plant and Equipment, Useful Life		40 years
Maximum | Land improvements
Total Costs
Property, Plant and Equipment, Useful Life		20 years
North America
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 230,925,000
Initial Costs
Land		4,200,638,000
Buildings & Improvements		7,319,297,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,718,420,000
Total Costs
Land		4,200,638,000
Buildings & Improvements		17,037,717,000
Total	[1]	21,238,355,000
Accumulated Depreciation	[2]	(3,178,024,000)
Net Cost Basis		18,060,331,000
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		279,668,000
Buildings & Improvements		205,491,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,454,369,000
Total Costs
Land		279,668,000
Buildings & Improvements		1,659,860,000
Total	[1]	1,939,528,000
Accumulated Depreciation	[2]	(303,549,000)
Net Cost Basis		1,635,979,000
Alexandria Technology Square®
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		619,658,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		267,679,000
Total Costs
Land		0
Buildings & Improvements		887,337,000
Total	[1]	887,337,000
Accumulated Depreciation	[2]	(278,440,000)
Net Cost Basis		608,897,000
The Arsenal on the Charles
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		181,797,000
Buildings & Improvements		354,611,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		57,573,000
Total Costs
Land		181,797,000
Buildings & Improvements		412,184,000
Total	[1]	593,981,000
Accumulated Depreciation	[2]	(8,598,000)
Net Cost Basis		585,383,000
Alexandria Center at One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		202,571,000
Initial Costs
Land		349,952,000
Buildings & Improvements		483,816,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		353,302,000
Total Costs
Land		349,952,000
Buildings & Improvements		837,118,000
Total	[1]	1,187,070,000
Accumulated Depreciation	[2]	(111,731,000)
Net Cost Basis		1,075,339,000
480/500 Arsenal Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,773,000
Buildings & Improvements		12,773,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		91,521,000
Total Costs
Land		9,773,000
Buildings & Improvements		104,294,000
Total	[1]	114,067,000
Accumulated Depreciation	[2]	(43,922,000)
Net Cost Basis		70,145,000
640 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		174,878,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		967,000
Total Costs
Land		0
Buildings & Improvements		175,845,000
Total	[1]	175,845,000
Accumulated Depreciation	[2]	(44,074,000)
Net Cost Basis		131,771,000
780/790 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		54,916,000
Total Costs
Land		0
Buildings & Improvements		54,916,000
Total	[1]	54,916,000
Accumulated Depreciation	[2]	(25,952,000)
Net Cost Basis		28,964,000
167 Sidney Street/99 Erie Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		12,613,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,881,000
Total Costs
Land		0
Buildings & Improvements		26,494,000
Total	[1]	26,494,000
Accumulated Depreciation	[2]	(8,070,000)
Net Cost Basis		18,424,000
79/96 Thirteenth Street Charlestown Navy Yard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,247,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,708,000
Total Costs
Land		0
Buildings & Improvements		14,955,000
Total	[1]	14,955,000
Accumulated Depreciation	[2]	(6,239,000)
Net Cost Basis		8,716,000
380 and 420 E Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		156,355,000
Buildings & Improvements		9,229,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,237,000
Total Costs
Land		156,355,000
Buildings & Improvements		11,466,000
Total	[1]	167,821,000
Accumulated Depreciation	[2]	(222,000)
Net Cost Basis		167,599,000
5 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		41,958,000
Buildings & Improvements		41,546,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,227,000
Total Costs
Land		41,958,000
Buildings & Improvements		43,773,000
Total	[1]	85,731,000
Accumulated Depreciation	[2]	(1,299,000)
Net Cost Basis		84,432,000
10 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		67,743,000
Buildings & Improvements		13,357,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,932,000
Total Costs
Land		67,743,000
Buildings & Improvements		23,289,000
Total	[1]	91,032,000
Accumulated Depreciation	[2]	(598,000)
Net Cost Basis		90,434,000
15 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		167,853,000
Buildings & Improvements		993,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,610,000
Total Costs
Land		167,853,000
Buildings & Improvements		16,603,000
Total	[1]	184,456,000
Accumulated Depreciation	[2]	(1,000)
Net Cost Basis		184,455,000
99 A Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,671,000
Buildings & Improvements		878,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,041,000
Total Costs
Land		31,671,000
Buildings & Improvements		13,919,000
Total	[1]	45,590,000
Accumulated Depreciation	[2]	(939,000)
Net Cost Basis		44,651,000
Reservoir Woods
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		88,840,000
Buildings & Improvements		214,038,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,513,000
Total Costs
Land		88,840,000
Buildings & Improvements		216,551,000
Total	[1]	305,391,000
Accumulated Depreciation	[2]	(1,820,000)
Net Cost Basis		303,571,000
275 Grove Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		70,476,000
Buildings & Improvements		150,159,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,043,000
Total Costs
Land		70,476,000
Buildings & Improvements		151,202,000
Total	[1]	221,678,000
Accumulated Depreciation	[2]	(3,702,000)
Net Cost Basis		217,976,000
One Upland Road and 100 Tech Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		34,353,000
Buildings & Improvements		206,477,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		792,000
Total Costs
Land		34,353,000
Buildings & Improvements		207,269,000
Total	[1]	241,622,000
Accumulated Depreciation	[2]	(8,552,000)
Net Cost Basis		233,070,000
Alexandria Park at 128
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,439,000
Buildings & Improvements		41,596,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		80,494,000
Total Costs
Land		10,439,000
Buildings & Improvements		122,090,000
Total	[1]	132,529,000
Accumulated Depreciation	[2]	(48,078,000)
Net Cost Basis		84,451,000
225, 266, and 275 Second Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		17,086,000
Buildings & Improvements		69,994,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		62,250,000
Total Costs
Land		17,086,000
Buildings & Improvements		132,244,000
Total	[1]	149,330,000
Accumulated Depreciation	[2]	(26,687,000)
Net Cost Basis		122,643,000
19 Presidential Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		12,833,000
Buildings & Improvements		27,333,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,983,000
Total Costs
Land		12,833,000
Buildings & Improvements		52,316,000
Total	[1]	65,149,000
Accumulated Depreciation	[2]	(20,356,000)
Net Cost Basis		44,793,000
100 Beaver Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466,000
Buildings & Improvements		9,046,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,102,000
Total Costs
Land		1,466,000
Buildings & Improvements		35,148,000
Total	[1]	36,614,000
Accumulated Depreciation	[2]	(8,478,000)
Net Cost Basis		28,136,000
285 Bear Hill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		422,000
Buildings & Improvements		3,538,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,910,000
Total Costs
Land		422,000
Buildings & Improvements		10,448,000
Total	[1]	10,870,000
Accumulated Depreciation	[2]	(2,671,000)
Net Cost Basis		8,199,000
111 and 130 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,146,000
Buildings & Improvements		15,725,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,268,000
Total Costs
Land		3,146,000
Buildings & Improvements		19,993,000
Total	[1]	23,139,000
Accumulated Depreciation	[2]	(6,777,000)
Net Cost Basis		16,362,000
20 Walkup Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,261,000
Buildings & Improvements		7,099,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,029,000
Total Costs
Land		2,261,000
Buildings & Improvements		16,128,000
Total	[1]	18,389,000
Accumulated Depreciation	[2]	(4,271,000)
Net Cost Basis		14,118,000
Alexandria Center for Science and Technology - Mission Bay
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		211,450,000
Buildings & Improvements		210,211,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		466,874,000
Total Costs
Land		211,450,000
Buildings & Improvements		677,085,000
Total	[1]	888,535,000
Accumulated Depreciation	[2]	(164,476,000)
Net Cost Basis		724,059,000
260 Townsend Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		27,651,000
Initial Costs
Land		26,392,000
Buildings & Improvements		33,921,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		(12,883,000)
Total Costs
Land		26,392,000
Buildings & Improvements		21,038,000
Total	[1]	47,430,000
Accumulated Depreciation	[2]	(1,585,000)
Net Cost Basis		45,845,000
88 Bluxome Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		148,551,000
Buildings & Improvements		21,514,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		129,960,000
Total Costs
Land		148,551,000
Buildings & Improvements		151,474,000
Total	[1]	300,025,000
Accumulated Depreciation	[2]	(23,098,000)
Net Cost Basis		276,927,000
Alexandria Technology Center - Gateway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		193,004,000
Buildings & Improvements		364,078,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		180,021,000
Total Costs
Land		193,004,000
Buildings & Improvements		544,099,000
Total	[1]	737,103,000
Accumulated Depreciation	[2]	(82,363,000)
Net Cost Basis		654,740,000
213, 249, 259, 269, and 279 East Grand Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		59,199,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		544,282,000
Total Costs
Land		59,199,000
Buildings & Improvements		544,282,000
Total	[1]	603,481,000
Accumulated Depreciation	[2]	(68,787,000)
Net Cost Basis		534,694,000
201 Haskins Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,245,000
Buildings & Improvements		1,287,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		222,460,000
Total Costs
Land		32,245,000
Buildings & Improvements		223,747,000
Total	[1]	255,992,000
Accumulated Depreciation	[2]	(1,445,000)
Net Cost Basis		254,547,000
400 and 450 East Jamie Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		119,875,000
Total Costs
Land		0
Buildings & Improvements		119,875,000
Total	[1]	119,875,000
Accumulated Depreciation	[2]	(53,671,000)
Net Cost Basis		66,204,000
500 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,596,000
Buildings & Improvements		69,091,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		17,503,000
Total Costs
Land		35,596,000
Buildings & Improvements		86,594,000
Total	[1]	122,190,000
Accumulated Depreciation	[2]	(29,344,000)
Net Cost Basis		92,846,000
7000 Shoreline Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038,000
Buildings & Improvements		39,704,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		27,196,000
Total Costs
Land		7,038,000
Buildings & Improvements		66,900,000
Total	[1]	73,938,000
Accumulated Depreciation	[2]	(21,413,000)
Net Cost Basis		52,525,000
341 and 343 Oyster Point Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		43,966,000
Total Costs
Land		7,038,000
Buildings & Improvements		43,966,000
Total	[1]	51,004,000
Accumulated Depreciation	[2]	(19,488,000)
Net Cost Basis		31,516,000
839/863 Mitten Road/866 Malcolm Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,211,000
Buildings & Improvements		8,665,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		27,482,000
Total Costs
Land		3,211,000
Buildings & Improvements		36,147,000
Total	[1]	39,358,000
Accumulated Depreciation	[2]	(14,485,000)
Net Cost Basis		24,873,000
Alexandria Center for Life Science - San Carlos
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		291,516,000
Buildings & Improvements		5,689,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		430,199,000
Total Costs
Land		291,516,000
Buildings & Improvements		435,888,000
Total	[1]	727,404,000
Accumulated Depreciation	[2]	(6,034,000)
Net Cost Basis		721,370,000
3825 and 3875 Fabian Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		194,424,000
Buildings & Improvements		54,519,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,293,000
Total Costs
Land		194,424,000
Buildings & Improvements		56,812,000
Total	[1]	251,236,000
Accumulated Depreciation	[2]	(2,986,000)
Net Cost Basis		248,250,000
Alexandria Stanford Life Science District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		260,931,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		38,072,000
Total Costs
Land		0
Buildings & Improvements		299,003,000
Total	[1]	299,003,000
Accumulated Depreciation	[2]	(15,691,000)
Net Cost Basis		283,312,000
Alexandria PARC
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		72,859,000
Buildings & Improvements		53,309,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,970,000
Total Costs
Land		72,859,000
Buildings & Improvements		76,279,000
Total	[1]	149,138,000
Accumulated Depreciation	[2]	(6,274,000)
Net Cost Basis		142,864,000
3330, 3412, 3450, and 3460 Hillview
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		161,717,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,366,000
Total Costs
Land		0
Buildings & Improvements		165,083,000
Total	[1]	165,083,000
Accumulated Depreciation	[2]	(2,859,000)
Net Cost Basis		162,224,000
2425 Garcia Avenue & 2450 Bayshore Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		703,000
Initial Costs
Land		1,512,000
Buildings & Improvements		21,323,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,261,000
Total Costs
Land		1,512,000
Buildings & Improvements		47,584,000
Total	[1]	49,096,000
Accumulated Depreciation	[2]	(23,940,000)
Net Cost Basis		25,156,000
Shoreway Science Center
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,049,000
Buildings & Improvements		48,554,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		183,000
Total Costs
Land		20,049,000
Buildings & Improvements		48,737,000
Total	[1]	68,786,000
Accumulated Depreciation	[2]	(2,527,000)
Net Cost Basis		66,259,000
1450 Page Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		84,467,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		105,000
Total Costs
Land		0
Buildings & Improvements		84,572,000
Total	[1]	84,572,000
Accumulated Depreciation	[2]	(7,749,000)
Net Cost Basis		76,823,000
3350 West Bayshore Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800,000
Buildings & Improvements		6,693,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,398,000
Total Costs
Land		4,800,000
Buildings & Improvements		39,091,000
Total	[1]	43,891,000
Accumulated Depreciation	[2]	(6,587,000)
Net Cost Basis		37,304,000
2625, 2627, and 2631 Hanover Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,628,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,941,000
Total Costs
Land		0
Buildings & Improvements		18,569,000
Total	[1]	18,569,000
Accumulated Depreciation	[2]	(11,027,000)
Net Cost Basis		7,542,000
Alexandria Center for Life Science
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		869,765,000
Total Costs
Land		0
Buildings & Improvements		869,765,000
Total	[1]	869,765,000
Accumulated Depreciation	[2]	(199,418,000)
Net Cost Basis		670,347,000
219 East 42nd Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		141,266,000
Buildings & Improvements		63,312,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,449,000
Total Costs
Land		141,266,000
Buildings & Improvements		66,761,000
Total	[1]	208,027,000
Accumulated Depreciation	[2]	(22,633,000)
Net Cost Basis		185,394,000
47-50 30th Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,746,000
Buildings & Improvements		53,093,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		83,773,000
Total Costs
Land		22,746,000
Buildings & Improvements		136,866,000
Total	[1]	159,612,000
Accumulated Depreciation	[2]	(1,080,000)
Net Cost Basis		158,532,000
Alexandria Center - Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		25,000,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,350,000
Total Costs
Land		25,000,000
Buildings & Improvements		4,350,000
Total	[1]	29,350,000
Accumulated Depreciation	[2]	0
Net Cost Basis		29,350,000
ARE Spectrum
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,361,000
Buildings & Improvements		80,957,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		231,597,000
Total Costs
Land		32,361,000
Buildings & Improvements		312,554,000
Total	[1]	344,915,000
Accumulated Depreciation	[2]	(64,571,000)
Net Cost Basis		280,344,000
ARE Torrey Ridge
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,124,000
Buildings & Improvements		152,840,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		58,297,000
Total Costs
Land		22,124,000
Buildings & Improvements		211,137,000
Total	[1]	233,261,000
Accumulated Depreciation	[2]	(45,047,000)
Net Cost Basis		188,214,000
ARE Sunrise
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		5,408,000
Buildings & Improvements		17,947,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		77,646,000
Total Costs
Land		5,408,000
Buildings & Improvements		95,593,000
Total	[1]	101,001,000
Accumulated Depreciation	[2]	(58,692,000)
Net Cost Basis		42,309,000
ARE Nautilus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,684,000
Buildings & Improvements		27,600,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		124,147,000
Total Costs
Land		6,684,000
Buildings & Improvements		151,747,000
Total	[1]	158,431,000
Accumulated Depreciation	[2]	(52,941,000)
Net Cost Basis		105,490,000
11119, 11255, and 11355 North Torrey Pines Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		113,931,000
Buildings & Improvements		38,453,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		37,105,000
Total Costs
Land		113,931,000
Buildings & Improvements		75,558,000
Total	[1]	189,489,000
Accumulated Depreciation	[2]	(22,971,000)
Net Cost Basis		166,518,000
3545 Cray Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,056,000
Buildings & Improvements		53,944,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		44,298,000
Total Costs
Land		7,056,000
Buildings & Improvements		98,242,000
Total	[1]	105,298,000
Accumulated Depreciation	[2]	(40,636,000)
Net Cost Basis		64,662,000
Alexandria Point
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		88,016,000
Buildings & Improvements		393,713,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		460,807,000
Total Costs
Land		88,016,000
Buildings & Improvements		854,520,000
Total	[1]	942,536,000
Accumulated Depreciation	[2]	(133,773,000)
Net Cost Basis		808,763,000
5200 Illumina Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		38,340,000
Buildings & Improvements		96,606,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		195,693,000
Total Costs
Land		38,340,000
Buildings & Improvements		292,299,000
Total	[1]	330,639,000
Accumulated Depreciation	[2]	(57,220,000)
Net Cost Basis		273,419,000
University District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		61,753,000
Buildings & Improvements		49,692,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		208,922,000
Total Costs
Land		61,753,000
Buildings & Improvements		258,614,000
Total	[1]	320,367,000
Accumulated Depreciation	[2]	(93,805,000)
Net Cost Basis		226,562,000
SD Tech by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		81,428,000
Buildings & Improvements		254,069,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		58,893,000
Total Costs
Land		81,428,000
Buildings & Improvements		312,962,000
Total	[1]	394,390,000
Accumulated Depreciation	[2]	(10,487,000)
Net Cost Basis		383,903,000
6420 and 6450 Sequence Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		79,145,000
Buildings & Improvements		87,550,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		914,000
Total Costs
Land		79,145,000
Buildings & Improvements		88,464,000
Total	[1]	167,609,000
Accumulated Depreciation	[2]	(335,000)
Net Cost Basis		167,274,000
Summers Ridge Science Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		21,154,000
Buildings & Improvements		102,046,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,572,000
Total Costs
Land		21,154,000
Buildings & Improvements		105,618,000
Total	[1]	126,772,000
Accumulated Depreciation	[2]	(8,142,000)
Net Cost Basis		118,630,000
ARE Portola
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,991,000
Buildings & Improvements		25,153,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		39,960,000
Total Costs
Land		6,991,000
Buildings & Improvements		65,113,000
Total	[1]	72,104,000
Accumulated Depreciation	[2]	(15,388,000)
Net Cost Basis		56,716,000
5810/5820 Nancy Ridge Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,492,000
Buildings & Improvements		18,285,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,976,000
Total Costs
Land		3,492,000
Buildings & Improvements		31,261,000
Total	[1]	34,753,000
Accumulated Depreciation	[2]	(11,316,000)
Net Cost Basis		23,437,000
7330 Carroll Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,650,000
Buildings & Improvements		19,878,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,931,000
Total Costs
Land		2,650,000
Buildings & Improvements		21,809,000
Total	[1]	24,459,000
Accumulated Depreciation	[2]	(7,896,000)
Net Cost Basis		16,563,000
9877 Waples Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		5,092,000
Buildings & Improvements		11,908,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,403,000
Total Costs
Land		5,092,000
Buildings & Improvements		22,311,000
Total	[1]	27,403,000
Accumulated Depreciation	[2]	0
Net Cost Basis		27,403,000
5871 Oberlin Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,349,000
Buildings & Improvements		8,016,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,242,000
Total Costs
Land		1,349,000
Buildings & Improvements		26,258,000
Total	[1]	27,607,000
Accumulated Depreciation	[2]	(2,242,000)
Net Cost Basis		25,365,000
3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		18,177,000
Buildings & Improvements		42,723,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,997,000
Total Costs
Land		18,177,000
Buildings & Improvements		67,720,000
Total	[1]	85,897,000
Accumulated Depreciation	[2]	(28,914,000)
Net Cost Basis		56,983,000
11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,156,000
Buildings & Improvements		11,571,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		45,388,000
Total Costs
Land		4,156,000
Buildings & Improvements		56,959,000
Total	[1]	61,115,000
Accumulated Depreciation	[2]	(15,222,000)
Net Cost Basis		45,893,000
13112 Evening Creek Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,393,000
Buildings & Improvements		27,950,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		232,000
Total Costs
Land		7,393,000
Buildings & Improvements		28,182,000
Total	[1]	35,575,000
Accumulated Depreciation	[2]	(14,889,000)
Net Cost Basis		20,686,000
Townsgate by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		16,416,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,008,000
Total Costs
Land		16,416,000
Buildings & Improvements		6,008,000
Total	[1]	22,424,000
Accumulated Depreciation	[2]	0
Net Cost Basis		22,424,000
The Eastlake Life Science Campus by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		51,750,000
Buildings & Improvements		83,012,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		598,297,000
Total Costs
Land		51,750,000
Buildings & Improvements		681,309,000
Total	[1]	733,059,000
Accumulated Depreciation	[2]	(149,713,000)
Net Cost Basis		583,346,000
400 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		11,342,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		224,090,000
Total Costs
Land		11,342,000
Buildings & Improvements		224,090,000
Total	[1]	235,432,000
Accumulated Depreciation	[2]	(31,427,000)
Net Cost Basis		204,005,000
2301 5th Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,543,000
Buildings & Improvements		76,180,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,634,000
Total Costs
Land		6,543,000
Buildings & Improvements		77,814,000
Total	[1]	84,357,000
Accumulated Depreciation	[2]	(5,212,000)
Net Cost Basis		79,145,000
219 Terry Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,819,000
Buildings & Improvements		2,302,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,975,000
Total Costs
Land		1,819,000
Buildings & Improvements		22,277,000
Total	[1]	24,096,000
Accumulated Depreciation	[2]	(8,104,000)
Net Cost Basis		15,992,000
601 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		29,412,000
Buildings & Improvements		408,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,950,000
Total Costs
Land		29,412,000
Buildings & Improvements		6,358,000
Total	[1]	35,770,000
Accumulated Depreciation	[2]	0
Net Cost Basis		35,770,000
701 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,316,000
Buildings & Improvements		719,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		17,576,000
Total Costs
Land		35,316,000
Buildings & Improvements		18,295,000
Total	[1]	53,611,000
Accumulated Depreciation	[2]	(727,000)
Net Cost Basis		52,884,000
830 4th Avenue South
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,500,000
Buildings & Improvements		12,062,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		768,000
Total Costs
Land		6,500,000
Buildings & Improvements		12,830,000
Total	[1]	19,330,000
Accumulated Depreciation	[2]	(133,000)
Net Cost Basis		19,197,000
3000/3018 Western Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,432,000
Buildings & Improvements		7,497,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,294,000
Total Costs
Land		1,432,000
Buildings & Improvements		31,791,000
Total	[1]	33,223,000
Accumulated Depreciation	[2]	(19,282,000)
Net Cost Basis		13,941,000
410 West Harrison/410 Elliott Avenue West
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,857,000
Buildings & Improvements		1,989,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,723,000
Total Costs
Land		3,857,000
Buildings & Improvements		14,712,000
Total	[1]	18,569,000
Accumulated Depreciation	[2]	(5,913,000)
Net Cost Basis		12,656,000
1010 4th Avenue South
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		46,200,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,078,000
Total Costs
Land		46,200,000
Buildings & Improvements		3,078,000
Total	[1]	49,278,000
Accumulated Depreciation	[2]	0
Net Cost Basis		49,278,000
9800, 9804, 9900, 9920, and 9950 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,219,000
Buildings & Improvements		112,543,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		256,636,000
Total Costs
Land		20,219,000
Buildings & Improvements		369,179,000
Total	[1]	389,398,000
Accumulated Depreciation	[2]	(84,469,000)
Net Cost Basis		304,929,000
9704, 9708, 9712, and 9714 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,258,000
Buildings & Improvements		74,173,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,449,000
Total Costs
Land		10,258,000
Buildings & Improvements		75,622,000
Total	[1]	85,880,000
Accumulated Depreciation	[2]	(5,192,000)
Net Cost Basis		80,688,000
1330 Piccard Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,800,000
Buildings & Improvements		11,533,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		35,783,000
Total Costs
Land		2,800,000
Buildings & Improvements		47,316,000
Total	[1]	50,116,000
Accumulated Depreciation	[2]	(20,507,000)
Net Cost Basis		29,609,000
9605 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		24,911,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,416,000
Total Costs
Land		0
Buildings & Improvements		30,327,000
Total	[1]	30,327,000
Accumulated Depreciation	[2]	(470,000)
Net Cost Basis		29,857,000
1500 and 1550 East Gude Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,523,000
Buildings & Improvements		7,731,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,584,000
Total Costs
Land		1,523,000
Buildings & Improvements		15,315,000
Total	[1]	16,838,000
Accumulated Depreciation	[2]	(9,756,000)
Net Cost Basis		7,082,000
14920 and 15010 Broschart Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,904,000
Buildings & Improvements		15,846,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,847,000
Total Costs
Land		4,904,000
Buildings & Improvements		21,693,000
Total	[1]	26,597,000
Accumulated Depreciation	[2]	(6,613,000)
Net Cost Basis		19,984,000
1405 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		899,000
Buildings & Improvements		21,946,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		14,975,000
Total Costs
Land		899,000
Buildings & Improvements		36,921,000
Total	[1]	37,820,000
Accumulated Depreciation	[2]	(16,303,000)
Net Cost Basis		21,517,000
5 Research Place
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466,000
Buildings & Improvements		5,708,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,340,000
Total Costs
Land		1,466,000
Buildings & Improvements		36,048,000
Total	[1]	37,514,000
Accumulated Depreciation	[2]	(15,910,000)
Net Cost Basis		21,604,000
5 Research Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,647,000
Buildings & Improvements		13,258,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,099,000
Total Costs
Land		1,647,000
Buildings & Improvements		37,357,000
Total	[1]	39,004,000
Accumulated Depreciation	[2]	(15,484,000)
Net Cost Basis		23,520,000
9920 Belward Campus Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,732,000
Buildings & Improvements		12,308,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		86,000
Total Costs
Land		2,732,000
Buildings & Improvements		12,394,000
Total	[1]	15,126,000
Accumulated Depreciation	[2]	(847,000)
Net Cost Basis		14,279,000
12301 Parklawn Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,476,000
Buildings & Improvements		7,267,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,435,000
Total Costs
Land		1,476,000
Buildings & Improvements		8,702,000
Total	[1]	10,178,000
Accumulated Depreciation	[2]	(3,168,000)
Net Cost Basis		7,010,000
14200 Shady Grove Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		25,000,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,668,000
Total Costs
Land		25,000,000
Buildings & Improvements		3,668,000
Total	[1]	28,668,000
Accumulated Depreciation	[2]	0
Net Cost Basis		28,668,000
Alexandria Technology Center - Gaithersburg I
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,980,000
Buildings & Improvements		121,952,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		47,454,000
Total Costs
Land		20,980,000
Buildings & Improvements		169,406,000
Total	[1]	190,386,000
Accumulated Depreciation	[2]	(41,239,000)
Net Cost Basis		149,147,000
Alexandria Technology Center - Gaithersburg II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		13,942,000
Buildings & Improvements		64,573,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		42,823,000
Total Costs
Land		13,942,000
Buildings & Improvements		107,396,000
Total	[1]	121,338,000
Accumulated Depreciation	[2]	(30,683,000)
Net Cost Basis		90,655,000
401 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,129,000
Buildings & Improvements		6,941,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,477,000
Total Costs
Land		1,129,000
Buildings & Improvements		17,418,000
Total	[1]	18,547,000
Accumulated Depreciation	[2]	(7,792,000)
Net Cost Basis		10,755,000
950 Wind River Lane
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,400,000
Buildings & Improvements		10,620,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,050,000
Total Costs
Land		2,400,000
Buildings & Improvements		11,670,000
Total	[1]	14,070,000
Accumulated Depreciation	[2]	(3,633,000)
Net Cost Basis		10,437,000
620 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		784,000
Buildings & Improvements		4,705,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,353,000
Total Costs
Land		784,000
Buildings & Improvements		12,058,000
Total	[1]	12,842,000
Accumulated Depreciation	[2]	(6,324,000)
Net Cost Basis		6,518,000
8000/9000/10000 Virginia Manor Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		13,679,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,301,000
Total Costs
Land		0
Buildings & Improvements		22,980,000
Total	[1]	22,980,000
Accumulated Depreciation	[2]	(10,953,000)
Net Cost Basis		12,027,000
14225 Newbrook Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800,000
Buildings & Improvements		27,639,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		21,233,000
Total Costs
Land		4,800,000
Buildings & Improvements		48,872,000
Total	[1]	53,672,000
Accumulated Depreciation	[2]	(18,339,000)
Net Cost Basis		35,333,000
Alexandria Center for Life Science - Durham
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		48,652,000
Buildings & Improvements		471,263,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		27,030,000
Total Costs
Land		48,652,000
Buildings & Improvements		498,293,000
Total	[1]	546,945,000
Accumulated Depreciation		(2,953,000)
Net Cost Basis		543,992,000
Alexandria Center for AgTech
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,801,000
Buildings & Improvements		6,756,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		140,316,000
Total Costs
Land		2,801,000
Buildings & Improvements		147,072,000
Total	[1]	149,873,000
Accumulated Depreciation	[2]	(5,304,000)
Net Cost Basis		144,569,000
Alexandria Center for Advanced Technologies
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,029,000
Buildings & Improvements		10,712,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		51,436,000
Total Costs
Land		9,029,000
Buildings & Improvements		62,148,000
Total	[1]	71,177,000
Accumulated Depreciation		(13,540,000)
Net Cost Basis		57,637,000
Alexandria Technology Center - Alston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,430,000
Buildings & Improvements		17,482,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		31,646,000
Total Costs
Land		1,430,000
Buildings & Improvements		49,128,000
Total	[1]	50,558,000
Accumulated Depreciation	[2]	(24,867,000)
Net Cost Basis		25,691,000
108/110/112/114 Alexander Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		376,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		43,348,000
Total Costs
Land		0
Buildings & Improvements		43,724,000
Total	[1]	43,724,000
Accumulated Depreciation	[2]	(21,263,000)
Net Cost Basis		22,461,000
Alexandria Innovation Center - Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,065,000
Buildings & Improvements		21,218,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,362,000
Total Costs
Land		1,065,000
Buildings & Improvements		51,580,000
Total	[1]	52,645,000
Accumulated Depreciation	[2]	(20,653,000)
Net Cost Basis		31,992,000
7 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		701,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,516,000
Total Costs
Land		701,000
Buildings & Improvements		32,516,000
Total	[1]	33,217,000
Accumulated Depreciation	[2]	(8,183,000)
Net Cost Basis		25,034,000
2525 East NC Highway 54
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		713,000
Buildings & Improvements		12,827,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,700,000
Total Costs
Land		713,000
Buildings & Improvements		33,527,000
Total	[1]	34,240,000
Accumulated Depreciation	[2]	(11,380,000)
Net Cost Basis		22,860,000
407 Davis Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,229,000
Buildings & Improvements		17,733,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,028,000
Total Costs
Land		1,229,000
Buildings & Improvements		18,761,000
Total	[1]	19,990,000
Accumulated Depreciation	[2]	(4,028,000)
Net Cost Basis		15,962,000
601 Keystone Park Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		785,000
Buildings & Improvements		11,546,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,112,000
Total Costs
Land		785,000
Buildings & Improvements		18,658,000
Total	[1]	19,443,000
Accumulated Depreciation	[2]	(6,653,000)
Net Cost Basis		12,790,000
6040 George Watts Hill Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,344,000
Total Costs
Land		0
Buildings & Improvements		26,344,000
Total	[1]	26,344,000
Accumulated Depreciation	[2]	(3,926,000)
Net Cost Basis		22,418,000
5 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		161,000
Buildings & Improvements		3,409,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,578,000
Total Costs
Land		161,000
Buildings & Improvements		15,987,000
Total	[1]	16,148,000
Accumulated Depreciation	[2]	(5,947,000)
Net Cost Basis		10,201,000
6101 Quadrangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		951,000
Buildings & Improvements		3,982,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,316,000
Total Costs
Land		951,000
Buildings & Improvements		15,298,000
Total	[1]	16,249,000
Accumulated Depreciation	[2]	(3,709,000)
Net Cost Basis		12,540,000
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,350,000
Buildings & Improvements		43,884,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,382,000
Total Costs
Land		10,350,000
Buildings & Improvements		62,266,000
Total	[1]	72,616,000
Accumulated Depreciation	[2]	(27,478,000)
Net Cost Basis		45,138,000
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		162,537,000
Buildings & Improvements		185,905,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		306,676,000
Total Costs
Land		162,537,000
Buildings & Improvements		492,581,000
Total	[1]	655,118,000
Accumulated Depreciation	[2]	(61,474,000)
Net Cost Basis		593,644,000
China
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		36,455,000
Total Costs
Land		0
Buildings & Improvements		36,455,000
Total	[1]	36,455,000
Accumulated Depreciation	[2]	(4,414,000)
Net Cost Basis		$ 32,041,000
[1]	As of December 31, 2020, the total cost of our real estate assets aggregated $21.3 billion, which exceeded the cost of real estate for federal income tax purposes aggregating $20.4 billion by approximately $881.3 million.
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

Schedule III - Consolidated F_3

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2019	Dec. 31, 2018
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 17,552,956,000		$ 14,181,780,000	$ 12,178,255,000
Acquisitions (including real estate, land, and joint venture consolidation)	2,825,537,000		2,240,376,000	1,057,036,000
Additions to real estate	1,505,152,000		1,143,035,000	959,410,000
Deductions (including dispositions and direct financing leases)	(608,835,000)		(12,235,000)	(12,921,000)
Balance at end of period	21,274,810,000	[1]	17,552,956,000	14,181,780,000
Accumulated Depreciation
Balance at beginning of period	2,708,918,000		2,268,087,000	1,880,236,000
Depreciation expense on properties	530,226,000		448,661,000	390,471,000
Sale of properties	(56,706,000)		(7,830,000)	(2,620,000)
Balance at end of period	$ 3,182,438,000	[2]	$ 2,708,918,000	$ 2,268,087,000
[1]	As of December 31, 2020, the total cost of our real estate assets aggregated $21.3 billion, which exceeded the cost of real estate for federal income tax purposes aggregating $20.4 billion by approximately $881.3 million.
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

Uncategorized Items - are-20201

Label	Element	Value
Cumulative effect of adjustment upon adoption of credit loss ASU	are_CumulativeEffectOfAdjustmentUponAdoptionOfCreditLossASU	$ (2,484,000)
Cumulative effect of adjustments upon adoption of lease ASUs	are_CumulativeEffectOfAdjustmentsUponAdoptionOfLeaseASUs	(3,525,000)
Retained Earnings [Member]
Cumulative effect of adjustment upon adoption of credit loss ASU	are_CumulativeEffectOfAdjustmentUponAdoptionOfCreditLossASU	(2,484,000)
Cumulative effect of adjustments upon adoption of lease ASUs	are_CumulativeEffectOfAdjustmentsUponAdoptionOfLeaseASUs	$ (3,525,000)