Alexandria Real Estate Equities (ARE) 10-K 31 Jan 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Jan. 14, 2022	Jun. 30, 2021
Cover [Abstract]
Document Annual Report	true
Entity Central Index Key	0001035443
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Type	10-K
Document Period End Date	Dec. 31, 2021
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 Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 27.5
Entity Common Stock, Shares Outstanding		159,943,331
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 17, 2022.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Investments in real estate	$ 24,980,669	$ 18,092,372
Investments in unconsolidated real estate joint ventures	38,483	332,349
Cash and cash equivalents	361,348	568,532
Restricted cash	53,879	29,173
Tenant receivables	7,379	7,333
Deferred rent	839,335	722,751
Deferred leasing costs	402,898	272,673
Investments	1,876,564	1,611,114
Other assets	1,658,818	1,191,581
Total assets	30,219,373	22,827,878
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	205,198	230,925
Unsecured senior notes payable	8,316,678	7,232,370
Unsecured senior line of credit and commercial paper	269,990	99,991
Accounts payable, accrued expenses, and other liabilities	2,210,410	1,669,832
Dividends payable	183,847	150,982
Total liabilities	11,186,123	9,384,100
Commitments and contingencies
Redeemable noncontrolling interests	9,612	11,342
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, 2021 and 2020; 158,043,880 and 136,690,329 shares issued and outstanding as of December 31, 2021 and 2020, respectively	1,580	1,367
Additional paid-in capital	16,195,256	11,730,970
Accumulated other comprehensive loss	(7,294)	(6,625)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	16,189,542	11,725,712
Noncontrolling interests	2,834,096	1,706,724
Total equity	19,023,638	13,432,436
Total liabilities, noncontrolling interests, and equity	$ 30,219,373	$ 22,827,878

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals)	Dec. 31, 2021$ / sharesshares
Statement of Financial Position [Abstract]
Shares of common stock authorized	200,000,000
Common stock, outstanding (shares)	158,043,880
Common stock, issued (shares)	158,043,880
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from rentals	$ 2,114,150	$ 1,885,637	$ 1,531,296
Expenses:
Rental operations	623,555	530,224	445,492
General and administrative	151,461	133,341	108,823
Interest	142,165	171,609	173,675
Depreciation and amortization	821,061	698,104	544,612
Impairment of real estate	52,675	48,078	12,334
Loss on early extinguishment of debt	67,253	60,668	47,570
Total expenses	1,858,170	1,642,024	1,332,506
Equity in earnings of unconsolidated real estate joint ventures	(12,255)	(8,148)	(10,136)
Investment income	259,477	421,321	194,647
Gain on sales of real estate	126,570	154,089	474
Net income	654,282	827,171	404,047
Net income attributable to noncontrolling interests	(83,035)	(56,212)	(40,882)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	571,247	770,959	363,165
Dividends on preferred stock	0	0	(3,204)
Preferred stock redemption charge	0	0	(2,580)
Net income attributable to unvested restricted stock awards	(7,848)	(10,168)	(6,386)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 563,399	$ 760,791	$ 350,995
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ 3.83	$ 6.03	$ 3.13
Earnings per share - diluted (USD per share)	$ 3.82	$ 6.01	$ 3.12
Income from rentals
Income from rentals	$ 2,108,249	$ 1,878,208	$ 1,516,864
Other income
Income from rentals	$ 5,901	$ 7,429	$ 14,432

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 654,282	$ 827,171	$ 404,047
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge losses during the period	0	0	(1,763)
Reclassification of amortization to interest expense included in net income	0	0	(1,777)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net income	0	0	1,702
Unrealized losses on interest rate hedge agreements, net	0	0	(1,838)
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(669)	3,124	2,524
Unrealized (losses) gains on foreign currency translation, net	(669)	3,124	2,524
Total other comprehensive (loss) income	(669)	3,124	686
Comprehensive income	653,613	830,295	404,733
Less: comprehensive income attributable to noncontrolling interests	(83,035)	(56,212)	(40,882)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 570,578	$ 774,083	$ 363,851

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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Beginning balance (shares) at Dec. 31, 2018		111,011,816
Beginning balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	$ 7,286,954	$ 0	$ (10,435)	$ 541,963			$ 64,336			$ (3,525)	$ (3,525)
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 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)
Reclassification of earnings in excess of distributions			(110,108)	110,108
Ending balance (shares) at Dec. 31, 2019		120,800,315
Ending balance at Dec. 31, 2019	10,154,178	$ 1,208	8,874,367	0	(9,749)	1,288,352			0			$ (2,484)	$ (2,484)
Beginning balance at Dec. 31, 2018							$ 10,786
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
Increase (Decrease) in Stockholders' Equity
Conversion of 7.00% Series D preferred stock (in shares)		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 related to net settlement of equity awards	(21,322)	$ (1)	(21,321)
Dividends declared on common stock	$ (557,684)			(557,684)
Reclassification of earnings in excess of distributions			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			$ 0
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
Increase (Decrease) in Stockholders' Equity
Net income	653,416			571,247		82,169
Total other comprehensive income (loss)	(669)				(669)
Contributions from and sales of noncontrolling interests	2,147,061		989,393			1,157,668
Distributions to noncontrolling interests	$ (112,465)					(112,465)
Issuance of common stock (in shares)	20,800,000	20,827,052
Issuance of common stock	$ 3,529,097	$ 208	3,528,889
Issuances pursuant to stock plan (in shares)		709,737
Issuance pursuant to stock plan	97,933	$ 7	97,926
Taxes paid related to net settlement of equity awards (in shares)		(183,238)
Taxes related to net settlement of equity awards	(34,338)	$ (2)	(34,336)
Dividends declared on common stock	$ (688,833)			(688,833)
Reclassification of earnings in excess of distributions			(117,586)	117,586
Ending balance (shares) at Dec. 31, 2021	158,043,880	158,043,880
Ending balance at Dec. 31, 2021	$ 19,023,638	$ 1,580	$ 16,195,256	$ 0	$ (7,294)	$ 2,834,096
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							866
Contributions from and sales of noncontrolling interests							282
Distributions to noncontrolling interests							(2,878)
Ending balance at Dec. 31, 2021	$ 9,612						$ 9,612

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2018
Common stock dividends declared (per share)	$ 4.24	$ 4
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 13,432,436	$ 10,154,178	$ 19,023,638	$ 7,883,928
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(13,432,436)	(10,154,178)	(19,023,638)	(7,883,928)
Retained Earnings
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	0	0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 0	$ 0	$ 0	$ 0
Series D Convertible Preferred Stock
Preferred stock dividends declared (per share)		$ 1.3125

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)	$ 4	$ 4							$ 1.3125
Preferred stock dividends declared (per share)								$ 1.3125
Beginning balance (shares) at Dec. 31, 2018		111,011,816
Beginning balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	$ 7,286,954	$ 0	$ (10,435)	$ 541,963			$ 64,336
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 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)
Reclassification of earnings in excess of distributions			(110,108)	110,108
Ending balance (shares) at Dec. 31, 2019		120,800,315
Ending balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	8,874,367	0	(9,749)	1,288,352			0
Beginning balance at Dec. 31, 2018							$ 10,786
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
Common stock dividends declared (per share)	$ 4.24	$ 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 related to net settlement of equity awards	(21,322)	$ (1)	(21,321)
Dividends declared on common stock	$ (557,684)			(557,684)
Reclassification of earnings in excess of distributions			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			$ 0
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
Common stock dividends declared (per share)		$ 4.48
Increase (Decrease) in Stockholders' Equity
Net income	653,416			571,247		82,169
Total other comprehensive income (loss)	(669)				(669)
Contributions from and sales of noncontrolling interests	2,147,061		989,393			1,157,668
Distributions to noncontrolling interests	$ (112,465)					(112,465)
Issuance of common stock (in shares)	20,800,000	20,827,052
Issuance of common stock	$ 3,529,097	$ 208	3,528,889
Issuances pursuant to stock plan (in shares)		709,737
Issuance pursuant to stock plan	97,933	$ 7	97,926
Taxes paid related to net settlement of equity awards (in shares)		(183,238)
Taxes related to net settlement of equity awards	(34,338)	$ (2)	(34,336)
Dividends declared on common stock	$ (688,833)			(688,833)
Reclassification of earnings in excess of distributions			(117,586)	117,586
Ending balance (shares) at Dec. 31, 2021	158,043,880	158,043,880
Ending balance at Dec. 31, 2021	$ 19,023,638	$ 1,580	$ 16,195,256	$ 0	$ (7,294)	$ 2,834,096
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							866
Contributions from and sales of noncontrolling interests							282
Distributions to noncontrolling interests							(2,878)
Ending balance at Dec. 31, 2021	$ 9,612						$ 9,612

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income	$ 654,282	$ 827,171	$ 404,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	821,061	698,104	544,612
Impairment of real estate	52,675	48,078	12,334
Gain on sales of real estate	(126,570)	(154,089)	(474)
Loss on early extinguishment of debt	67,253	60,668	47,570
Equity in earnings of unconsolidated real estate joint ventures	(12,255)	(8,148)	(10,136)
Distributions of earnings from unconsolidated real estate joint ventures	20,350	5,908	2,796
Amortization of loan fees	11,441	10,494	9,105
Amortization of debt premiums	(2,041)	(3,555)	(3,777)
Amortization of acquired above- and below-market leases	(54,780)	(57,244)	(29,813)
Deferred rent	(115,145)	(96,676)	(104,235)
Stock compensation expense	48,669	43,502	43,640
Investment income	(259,477)	(421,321)	(194,647)
Changes in operating assets and liabilities:
Tenant receivables	(44)	2,804	(897)
Deferred leasing costs	(131,560)	(61,067)	(54,455)
Other assets	(24,591)	(10,997)	(20,825)
Accounts payable, accrued expenses, and other liabilities	60,929	(1,122)	39,012
Net cash provided by operating activities	1,010,197	882,510	683,857
Investing Activities
Proceeds from sales of real estate	190,576	747,020	6,619
Additions to real estate	(2,089,849)	(1,445,171)	(1,224,541)
Purchases of real estate	(5,434,652)	(2,570,693)	(2,259,778)
Change in escrow deposits	(161,696)	7,408	(18,107)
Sales of interest in unconsolidated real estate joint ventures	394,952	0	0
Acquisitions of interest in unconsolidated real estate joint venture	(9,048)	0	0
Investments in unconsolidated real estate joint ventures	(13,666)	(3,444)	(102,081)
Return of capital from unconsolidated real estate joint ventures	0	20,225	14
Additions to non-real estate investments	(408,564)	(174,655)	(190,778)
Sales of and distributions from non-real estate investments	424,623	141,149	147,332
Net cash used in investing activities	(7,107,324)	(3,278,161)	(3,641,320)
Financing Activities
Borrowings from secured notes payable	10,005	0	0
Repayments of borrowings from secured notes payable	(17,979)	(84,104)	(306,199)
Payment for the defeasance of secured note payable	0	(32,865)	0
Proceeds from issuance of unsecured senior notes payable	1,743,716	1,697,651	2,721,169
Repayments of unsecured senior notes payable	(650,000)	(500,000)	(950,000)
Borrowings from unsecured senior line of credit	3,521,000	2,700,000	5,056,000
Repayments of borrowings from unsecured senior line of credit	(3,521,000)	(3,084,000)	(4,880,000)
Proceeds from issuance under commercial paper program	30,951,300	23,539,400	2,233,000
Repayments of borrowings from commercial paper program	(30,781,300)	(23,439,400)	(2,233,000)
Repayments of borrowings from unsecured senior bank term loan	0	0	(350,000)
Premium paid for early extinguishment of debt	(66,829)	(54,385)	(41,351)
Payments of loan fees	(18,938)	(32,309)	(27,182)
Taxes paid related to net settlement of equity awards	(34,338)	(21,322)	(25,477)
Repurchase of 7.00% Series D cumulative convertible preferred stock	0	0	(9,240)
Proceeds from issuance of common stock	3,529,097	2,315,862	1,216,445
Dividends on common stock	(655,968)	(532,980)	(447,029)
Dividends on preferred stock	0	0	(4,141)
Contributions from and sales of noncontrolling interests	2,026,486	367,613	1,022,712
Distributions to and purchases of noncontrolling interests	(118,891)	(88,805)	(48,225)
Net cash provided by financing activities	5,916,361	2,750,356	2,927,482
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(1,712)	311	540
Net (decrease) increase in cash, cash equivalents, and restricted cash	(182,478)	355,016	(29,441)
Cash, cash equivalents, and restricted cash as of the beginning of period	597,705	242,689	272,130
Cash, cash equivalents, and restricted cash as of the end of period	415,227	597,705	242,689
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	139,471	161,351	146,165
Accrued construction for current-period additions to real estate	474,751	275,454	220,773
Assumption of secured notes payable in connection with purchase of properties	0	0	(28,200)
Right-of-use asset	103,860	87,554	269,189
Lease liability	(103,860)	(87,554)	(275,175)
Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture	19,613	0	0
Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture	(14,558)	0	0
Deferred purchase price in connection with acquisitions of real estate	(81,119)	0	0
Assignment of secured notes payable in connection with sale of real estate	28,200	0	0
Contribution of assets from real estate joint venture partner	118,750	350,000	115,167
Issuance of noncontrolling interest to joint venture partner	(118,750)	(292,930)	0
Issuance of common stock for conversion of 7.00% Series D preferred stock	$ 0	$ 0	$ 57,461

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	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, agtech, and technology campuses in AAA innovation cluster locations, with a total market capitalization of $44.0 billion as of December 31, 2021, and an asset base in North America of 67.0 million SF. 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	12 Months Ended
	Dec. 31, 2021
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 life science, agtech, and technology tenants. 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 the right-of-use assets are amortized on a straight-line basis over the remaining lease term. 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 or 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 of the asset 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 asset 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, which 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 six 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 (loss) 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 (loss) 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, agtech, and technology industries. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10%. We account for our investments as follows: 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 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 companies Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held entities that report NAV per share, and (ii) investments in privately held entities that do not report NAV per share. These investments are accounted for as follows: Investments in privately held entities that report NAV per share 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 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. 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. Investments accounted for under the equity method We account for investments under the equity method whenever we are deemed to have significant influence over the investee’s operating and financial policies. To evaluate whether we exert significant influence over an entity, we consider the following criteria, among others: the extent of our ownership and voting rights, whether we have a board seat, and whether we participate in the policy-making process. Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary impairments. For more information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to our consolidated financial statements. Investments in privately held entities that do not report NAV per share and equity method investments We monitor investments in privately held entities that do not report NAV per share and equity method investments 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, (iv) significant concerns about the investee’s ability to continue as a going concern, or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we estimate the investment’s fair value and recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investment income/loss recognition and classification We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified within investment income. Unrealized gains and losses represent: (1) changes in fair value for investments in publicly traded companies; (2) changes in NAV as a practical expedient to estimate fair value for investments in privately held entities that report NAV per share; (3) observable price changes for investments in privately held entities that do not report NAV per share; and (4) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. 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 and equity method investments, if impairments are deemed other than temporary, to their estimated fair value. Revenues The table below provides details of our consolidated total revenues for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals 2,108,249 1,878,208 1,516,864 Other income 5,901 7,429 14,432 Total revenues $ 2,114,150 $ 1,885,637 $ 1,531,296 During the year ended December 31, 2021, revenues that were subject to the lease accounting standard aggregated $2.1 billion and represented 98.6% of our total revenues. During the year ended December 31, 2021, our total revenues also included $29.3 million, or 1.4%, subject to other accounting guidance. Our other income consisted primarily of construction management fees and interest income earned during the year ended December 31, 2021. 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 Definition and classification of a lease When we enter into a contract or amend an existing contract,

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Rental properties: Land (related to rental properties) $ 3,782,182 $ 2,550,571 Buildings and building improvements 16,312,402 13,364,561 Other improvements 2,109,884 1,508,776 Rental properties 22,204,468 17,423,908 Development and redevelopment of new Class A properties: Development and redevelopment projects 5,054,632 3,075,453 Future development projects 1,474,008 738,994 Gross investments in real estate 28,733,108 21,238,355 Less: accumulated depreciation (3,766,758) (3,178,024) Net investments in real estate – North America 24,966,350 18,060,331 Net investments in real estate – Asia 14,319 32,041 Investments in real estate $ 24,980,669 $ 18,092,372 Acquisitions Our real estate asset acquisitions during the year ended December 31, 2021 consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Development/ Redevelopment Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 10 1,870,992 1,497,877 745,209 936,455 $ 2,817,748 San Francisco Bay Area 10 1,530,830 — 595,503 — 709,050 San Diego 19 951,235 — 927,334 413,909 519,710 Maryland 5 258,000 94,256 — 595,381 80,382 Research Triangle — 1,055,000 — — — 91,000 Other 43 4,999,768 390,675 1,229,735 1,286,123 1,251,264 Year ended December 31, 2021 87 10,665,825 1,982,808 3,497,781 3,231,868 $ 5,469,154 (1) (1) 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 the timing of payment, 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 tangible and intangible assets and liabilities acquired on a relative fair value basis. During the year ended December 31, 2021, we acquired 87 properties for an aggregate purchase price of $5.5 billion. In connection with our acquisitions, we recorded in-place lease assets aggregating $306.9 million and below-market lease liabilities in which we are the lessor aggregating $120.2 million. As of December 31, 2021, the weighted-average amortization period remaining on our in-place leases and below-market leases acquired during the year ended December 31, 2021 was 8.8 years and 9.7 years, respectively, and 9.1 years in aggregate. In January 2022, we completed acquisitions in our key life science cluster submarkets aggregating 4.5 million SF, comprising 4.1 million RSF of future development and redevelopment opportunities and 381,760 RSF of operating space, for an aggregate purchase price of $1.2 billion. For the discussion of the formation of our consolidated real estate joint venture, refer to the “Formation of consolidated real estate joint ventures and sales of partial interest” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements. Purchase of partner’s interest in an unconsolidated real estate joint venture in March 2021 As of December 31, 2020, we had a 56.8% interest in an unconsolidated real estate joint venture that owned an operating property aggregating 80,032 RSF located at 704 Quince Orchard Road in our Gaithersburg submarket of Maryland. We accounted for this joint venture under the equity method of accounting. On March 25, 2021, we acquired the remaining 43.2% interest in this real estate joint venture for $9.4 million and fully repaid the outstanding secured loan with principal and accrued interest aggregating $14.6 million as of March 25, 2021. As a result of this acquisition, we now own 100% of this property and consolidate its results in our consolidated financial statements. The acquired property did not meet the definition of a business and the transaction was accounted for as an asset acquisition. Under our existing accounting policy election, we follow the asset acquisition cost accumulation and allocation model. Accordingly, we did not remeasure our previously held equity interest at fair value and did not recognize a gain or loss in our consolidated statements of operations. The acquisition consideration and the carrying amount of our existing equity interest were allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Refer to Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for more information about our evaluation of applicability of accounting guidance on asset acquisitions or business combinations. Acquired below-market leases The balances of acquired below-market tenant leases existing as of December 31, 2021 and 2020, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Acquired below-market leases $ 579,267 $ 477,377 Accumulated amortization (237,682) (189,302) $ 341,585 $ 288,075 For the years ended December 31, 2021, 2020, and 2019, we recognized in rental revenues approximately $57.7 million, $57.8 million, and $30.3 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, 2021 was approximately 5.4 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2021 is as follows (in thousands): Year Amount 2022 $ 55,813 2023 47,836 2024 37,663 2025 31,532 2026 27,761 Thereafter 140,980 Total $ 341,585 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, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Acquired in-place leases $ 987,213 $ 712,380 Accumulated amortization (377,341) (250,056) $ 609,872 $ 462,324 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $146.6 million, $105.4 million, and $49.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.3 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2021 is as follows (in thousands): Year Amount 2022 $ 137,100 2023 97,299 2024 70,442 2025 56,701 2026 46,568 Thereafter 201,762 Total $ 609,872 Sales of real estate assets and impairment charges Sales of real estate and related gains/losses During the three months ended September 30, 2021, we completed the sales of three office properties located in our San Francisco Bay Area and Seattle markets for an aggregate purchase price of $73.1 million and recognized a loss on sales of real estate aggregating $435 thousand. In December 2021, we completed the sale of our 2301 5th Avenue property aggregating 197,135 RSF, located in our Lake Union submarket of Seattle, for a sales price of $118.7 million, or $602 per RSF, and recognized a gain on sale of real estate of $23.2 million. In December 2021, we competed the sale of our entire 49.0% interest in the Menlo Gateway unconsolidated real estate joint venture, located in our Greater Stanford submarket of San Francisco Bay Area. We sold our interest for a contractual price of $397.9 million which consisted of sales price of $541.5 million less our share of debt held by the unconsolidated real estate joint venture assumed by the buyer, aggregating $143.6 million. In connection with the sale, we recognized a gain of $101.1 million, which is classified within gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2021. The aforementioned gains and losses were classified in gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2021. For the discussion of our sales of partial interests completed during the year ended December 31, 2021, refer to the “Formation of consolidated real estate joint ventures and sales of partial interest” and “Unconsolidated real estate joint ventures” sections within Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements. Impairment charges During the year ended December 31, 2021, we recognized real estate asset impairments of office-related properties aggregating $52.7 million, primarily consisting of the following: • Impairment charge of $22.5 million during the three months ended September 30, 2021, upon classification as held for sale of an option to purchase a land parcel in our SoMa submarket for the development of an office property, to reduce the option’s carrying amount to its estimated fair value less costs to sell. We completed the sale of the option during the three months ended December 31, 2021, at no gain or loss. • Impairment charge of $18.6 million during the three months ended September 30, 2021, to reduce the carrying amount of a property located in a non-core submarket to its estimated fair value less costs to sell, upon our review of the current local market conditions. • Impairment charges aggregating $6.9 million during the six months ended June 30, 2021, to reduce the carrying amounts of three office properties located in our San Francisco Bay Area and Seattle markets to their estimated fair values less costs to sell, based on the sales price negotiated for each property during this period. We completed the sales of these properties during the three months ended September 30, 2021. Refer to the “Impairment of long-lived assets” section within Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures (Notes)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
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, 2021, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 50 and 60 Binney Greater Boston Cambridge/Inner Suburbs 34.0 % (3) 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 225 Binney Street Greater Boston Cambridge/Inner Suburbs 30.0 % (4) 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % 409 and 499 Illinois Street San Francisco Bay Area Mission Bay 25.0 % (3) 1500 Owens Street San Francisco Bay Area Mission Bay 25.0 % (3) 1700 Owens Street San Francisco Bay Area Mission Bay 25.0 % (3) 455 Mission Bay Boulevard South San Francisco Bay Area Mission Bay 25.0 % (3) Alexandria Technology Center ® – Gateway (5) San Francisco Bay Area South San Francisco 49.9 % 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0 % (3) 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0 % Alexandria Center ® for Life Science – Millbrae Station San Francisco Bay Area South San Francisco 40.3 % Alexandria Point (6) 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 (7) San Diego Sorrento Mesa 50.0 % Pacific Technology Park San Diego Sorrento Mesa 50.0 % (3) 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street Seattle Lake Union 30.0 % 400 Dexter Avenue North Seattle Lake Union 30.0 % (3) Unconsolidated joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (8) 1450 Research Boulevard Maryland Rockville 73.2 % (9) 101 West Dickman Street Maryland Beltsville 57.9 % (9) (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 three other consolidated joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) Refer to the “Formation of consolidated real estate joint ventures and sales of partial interest” section within this Note 4 for additional information. (4) 225 Binney Street is owned through a tenancy in common arrangement. We directly own 26.316% of the tenancy in common and a real estate joint venture owns the remaining 73.684% of the tenancy in common. We own 5% of this real estate joint venture, resulting in an aggregate ownership of 30% of this property. We determined that we are the primary beneficiary of the real estate joint venture and we consolidate this joint venture under the variable interest model. (5) Includes 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard in our South San Francisco submarket. (6) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242 Campus Point Court in our University Town Center submarket. (7) Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055 and 10065 Barnes Canyon Road in our Sorrento Mesa submarket. (8) Represents our ownership interest; our voting interest is limited to 50%. (9) Represent joint ventures with local real estate operators. Each of these joint ventures operates one office property which are expected to be redeveloped into office/lab. Our investments into 101 West Dickman Street and 1450 Research Boulevard joint ventures were $8.3 million and $4.0 million, respectively. The joint ventures each have a construction loan in place which is expected to fund future redevelopment cost; therefore, we expect minimal equity contributions to be required in the future. Our partners manage the day-to-day activities that most significantly affect the economic performance of each joint venture; therefore, we account for these investments under the equity method of accounting. Our consolidation policy is 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 50 and 60 Binney Street VIE model Not applicable under VIE model Consolidated 75/125 Binney Street 225 Binney Street We have: 99 Coolidge Avenue 409 and 499 Illinois Street 1500 Owens Street (i) The power to direct the activities of the joint venture that most significantly affect its economic performance; and 1700 Owens Street 455 Mission Bay Boulevard South Alexandria Technology Center ® – Gateway 213 East Grand Avenue 500 Forbes Boulevard (ii) Benefits that can be significant to the joint venture. Alexandria Center ® for Life Science – Millbrae Station Alexandria Point 5200 Illumina Way Therefore, we are the primary beneficiary of each VIE 9625 Towne Centre Drive SD Tech by Alexandria Pacific Technology Park 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street 400 Dexter Avenue North 1450 Research Boulevard We do not control the joint venture and are therefore not the primary beneficiary Equity method of accounting 101 West Dickman Street 1401/1413 Research Boulevard 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 three other consolidated joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. Formation of consolidated real estate joint ventures and sales of partial interest In each of the joint ventures described below, we are contractually responsible for activities that most significantly impact the economic performance of the joint venture. In addition, our joint venture partner(s) in each of the following joint ventures 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 each joint venture should be accounted for as a VIE. We also determined that we are the primary beneficiary of each joint venture because we are responsible for activities that most significantly impact their economic performance, and also have the obligation to absorb losses of, or the right to receive benefits from, each joint venture that could potentially be significant to the joint venture. Accordingly, we consolidate each 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. 213 East Grand Avenue In April 2021, we sold a 70% interest in our 213 East Grand Avenue property located in our South San Francisco submarket for a sales price of $301.0 million, or $1,429 per RSF. We control the newly formed real estate joint venture and therefore continue to consolidate this property. Accordingly, we accounted for the $103.7 million difference between the consideration received and the book value of the 70% interest sold as an equity transaction, with no gain or loss recognized in earnings. 400 Dexter Avenue North In July 2021, we sold a 70% interest in our 400 Dexter Avenue North property located in our Lake Union submarket for a sales price of $254.8 million, or $1,255 per RSF. We control the newly formed real estate joint venture and therefore continue to consolidate this property. Accordingly, we accounted for the $95.5 million difference between the consideration received and the book value of the 70% interest sold as an equity transaction, with no gain or loss recognized in earnings. 9444 Waples Street and Pacific Technology Park In August 2021, we formed a real estate joint venture in our Sorrento Mesa submarket to own and operate our recently acquired 9444 Waples Street property and a collection of five adjacent properties owned by the joint venture partner also located on Waples Street. We own a 50% interest in this joint venture and our partner owns the remaining 50% interest. Concurrently with the formation of the joint venture, we: (i) sold to our partner a 50% interest in our recently acquired 9444 Waples Street property, aggregating 88,380 RSF, for a sales price of $11.5 million, or $260 per RSF; and (ii) acquired from our partner a 50% interest in Pacific Technology Park, aggregating 544,352 RSF, located at 9389, 9393, 9401, 9455, and 9477 Waples Street, for a purchase price of $85.8 million. We control the newly formed real estate joint venture and therefore continue to consolidate 9444 Waples Street and have begun consolidating the Pacific Technology Park properties owned by the joint venture. The sales price we received for our sale of the 50% interest in 9444 Waples Street approximated 50% of the value paid for the property when initially acquired during the three months ended June 30, 2021. Therefore, there was no difference between the consideration received and the book value of the 50% interest sold. 409 and 499 Illinois Street In October 2021, an investor acquired a 75% interest in our consolidated joint venture at 409 and 499 Illinois Street located in our Mission Bay submarket, which consisted of a 35% partial interest sold by us and a 40% interest held by our previous joint venture partner, for an aggregate sales price of $495.6 million. Our portion of the sales price was $231.0 million, representing $92.4 million of consideration in excess of the book value of our 35% interest sold. Upon completion of the sale, our ownership interest in the joint venture is 25%. We control the newly formed real estate joint venture and therefore continue to consolidate these properties. Accordingly, we accounted for the difference between the consideration received and the book value of our interest sold as an equity transaction, with no gain or loss recognized in earnings. 1500 Owens Street In October 2021, an investor acquired a 75% interest in our consolidated joint venture at 1500 Owens Street located in our Mission Bay submarket, which consisted of a 25.1% partial interest sold by us and a 49.9% interest held by our previous joint venture partner, for an aggregate sales price of $130.5 million. Our portion of the sales price was $43.7 million, representing $21.3 million of consideration in excess of the book value of our 25.1% interest sold. Upon completion of the sale, our ownership interest in the joint venture is 25%. We control the newly formed real estate joint venture and therefore continue to consolidate this property. Accordingly, we accounted for the difference between the consideration received and the book value of our interest sold as an equity transaction, with no gain or loss recognized in earnings. 50 and 60 Binney Street In December 2021, we formed a real estate joint venture in our Cambridge submarket and sold to our joint venture partner a 66.0% interest in our 50 and 60 Binney Street properties for a sales price of $782.3 million, or $2,226 per RSF. We control the newly formed real estate joint venture and therefore continue to consolidate these properties. Accordingly, we accounted for the $457.5 million difference between the consideration received and the book value of the 66.0% interest sold as an equity transaction, with no gain or loss recognized in earnings. 1700 Owens Street and 455 Mission Bay Boulevard South In December 2021, we formed two real estate joint ventures in our Mission Bay submarket and sold to our partner in both joint ventures a 75.0% interest in our properties at 1700 Owens Street and 455 Mission Bay Boulevard South in our Mission Bay submarket for an aggregate sales price of $381.4 million, or $1,295 per RSF. We control the newly formed real estate joint ventures and therefore continue to consolidate the properties owned by these joint ventures. Accordingly, we accounted for the $221.9 million difference between the consideration received and the aggregate book value of the 75.0% interests sold as an equity transaction, with no gain or loss recognized in earnings. Consolidated VIEs’ balance sheet information The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Investments in real estate $ 5,014,842 $ 3,196,215 Cash and cash equivalents 181,074 95,565 Other assets 509,281 341,524 Total assets $ 5,705,197 $ 3,633,304 Secured notes payable $ 7,991 $ — Other liabilities 269,605 183,237 Total liabilities 277,596 183,237 Redeemable noncontrolling interests — 1,731 Alexandria Real Estate Equities, Inc.’s share of equity 2,593,505 1,742,039 Noncontrolling interests’ share of equity 2,834,096 1,706,297 Total liabilities and equity $ 5,705,197 $ 3,633,304 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, and our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE, except for our 99 Coolidge Avenue joint venture in which the VIE’s construction loan is guaranteed by us. For additional information, refer to Note 10 – “Secured and unsecured senior debt” to our consolidated financial statements. 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 as presented in our consolidated balance sheets of December 31, 2021 and 2020, consisted of the following (in thousands): December 31, Property 2021 2020 Menlo Gateway (1) $ — $ 300,622 1655 and 1725 Third Street 14,034 14,939 1450 Research Boulevard 4,455 — 101 West Dickman Street 8,481 — 704 Quince Orchard Road — 4,961 Other 11,513 11,827 $ 38,483 $ 332,349 (1) During the three months ended December 31, 2021, we sold our entire 49.0% equity interest in this unconsolidated real estate joint venture. 704 Quince Orchard Road During the year ended December 31, 2021, we acquired our partner’s ownership interest in our unconsolidated real estate joint venture that holds our property located at 704 Quince Orchard Road. For additional information, refer to the “Purchase of partner’s interest in an unconsolidated real estate joint venture in March 2021” subsection of the “Acquisitions” section in Note 3 – “Investments in real estate” to our consolidated financial statements. Menlo Gateway In December 2021, we sold our entire 49.0% equity interest in our unconsolidated real estate joint venture at Menlo Gateway, aggregating 772,983 RSF of tech office space located in our Greater Stanford submarket of the San Francisco Bay Area for a sales price of $541.5 million, or $1,430 per RSF. We received $397.9 million in proceeds, which consisted of a sales price of $541.5 million less our share of debt held by the unconsolidated real estate joint venture assumed by the buyer, aggregating $143.6 million. In connection with the sale, we recognized a gain of $101.1 million, which is classified within gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2021. 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 construction loan that is non-recourse to us. Since its formation, we accounted for this investment under the equity method of accounting as we do not have a controlling interest. In March 2020, as a result of the impact of the COVID-19 pandemic, we evaluated the recoverability of our investment and recognized a $7.6 million impairment charge to lower the carrying amount of our investment balance to zero and eliminated this investment from our consolidated balance sheet. We continue to hold our economic interest in this joint venture. However, as the investment balance was carried at zero dollars, we discontinued applying the equity method recognition of losses in excess of our capital commitments to the joint venture. The equity method of accounting continues to remain suspended until a point where either (i) the joint venture accumulates operating profits in excess of losses accumulated or (ii) additional financial support is contributed by us to the joint venture. In June 2021, as a result of improving economic conditions for this retail center, we contributed capital aggregating $578 thousand to the joint venture to become current with required capital contributions and maintain our 65.0% equity interest in this joint venture. This contribution increased our investment in the joint venture, but this was offset by the recognition of our share of operating losses of the joint venture that occurred while our equity method accounting was suspended. In June 2021, concurrently with the additional financial support contributed to the joint venture, we recognized equity in losses of unconsolidated real estate joint ventures equal to the $578 thousand, resulting in a carrying amount of our investment in the joint venture of zero dollars as of June 30, 2021. 101 West Dickman Street and 1450 Research Boulevard In October 2021, we formed a real estate joint venture with two partners holding a 135,423 RSF property located at 101 West Dickman Street in our Maryland market, in which we acquired a 57.9% ownership interest for $8.3 million. In addition, in December 2021, we formed a real estate joint venture with a partner holding a 42,679 RSF property located at 1450 Research Boulevard in our Maryland market, in which we acquired a 73.2% ownership interest for $4.0 million. Each of these joint ventures operates one office property which are expected to be redeveloped into office/lab. The joint ventures have construction loans in place which are expected to fund future redevelopment costs and therefore we expect minimal additional future equity contributions from us to be required. Our joint venture partners manage the day-to-day activities that most significantly affect the economic performance of each joint venture. Therefore, we account for our investments under the equity method of accounting. The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2021 (dollars in thousands): Unconsolidated Joint Venture Our Share Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance at 100% (2) 1401/1413 Research Boulevard 65.0% 12/23/24 2.70% 3.14% $ 28,500 $ 28,124 1655 and 1725 Third Street 10.0% 3/10/25 4.50% 4.57% 600,000 598,657 101 West Dickman Street 57.9% 11/10/26 SOFR + 1.95% (3) 2.81% 26,750 9,947 1450 Research Boulevard 73.2% 12/10/26 SOFR + 1.95% (3) N/A 13,000 — $ 668,250 $ 636,728 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2021. (3) This loan is subject to a fixed SOFR floor rate of 0.75%.

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
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, 2021, we had 414 properties aggregating 38.8 million operating RSF locate d in key locations, including Greater Boston, the San Francisco Bay Area, 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, agtech, and technology 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, 2021, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease and two sales-type leases. Our operating, direct financing, and sales-type leases are described below. Operating leases As of December 31, 2021, our 414 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 70.9 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, 2021 are outlined in the table below (in thousands): Year Amount 2022 $ 1,539,355 2023 1,623,950 2024 1,600,255 2025 1,530,227 2026 1,464,150 Thereafter 10,131,628 Total $ 17,889,565 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 and sales-type leases As of December 31, 2021, we had one direct financing lease agreement, with a net investment balance of $38.6 million, for a parking structure with a remaining lease term of 70.9 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. During the year ended December 31, 2021, we acquired two sales-type ground lease agreements. As of December 31, 2021, these leases had a net investment balance of $32.1 million and a weighted-average remaining lease term of 87.9 years. Upon recognition of the two sales-type ground leases during the year ended December 31, 2021, the present value of future lease payments approximated our carrying value of the leased assets; therefore, no profit or loss was recognized in connection with these leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2021 and 2020, are summarized in the table below (in thousands): December 31, 2021 2020 Gross investment in direct financing and sales-type leases $ 403,388 $ 258,751 Add: estimated unguaranteed residual value of the underlying assets 31,839 — Less: unearned income on direct financing lease (215,557) (218,072) Less: effect of discounting on sales-type leases (146,175) — Less: allowance for credit losses (2,839) (2,839) Net investment in direct financing and sales-type leases $ 70,656 $ 37,840 As of December 31, 2021, our estimated credit loss related to our direct financing lease was $2.8 million. No adjustment to the estimated credit loss balance was required during the year ended December 31, 2021. We determined our two sales-type leases were not financial assets purchased with credit deterioration, and as such did not recognize an initial credit loss reserve, based on our experience with leases that included similar collateral and tenant creditworthiness. At December 31, 2021, we reassessed the collectability of these leases and determined that no credit loss adjustment was necessary. 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 and sales-type leases as of December 31, 2021 are outlined in the table below, in aggregate (in thousands): Year Total 2022 $ 3,066 2023 3,120 2024 3,176 2025 3,371 2026 3,459 Thereafter 387,196 Total $ 403,388 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 the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals $ 2,108,249 $ 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. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Deferred leasing costs $ 857,414 $ 679,300 Accumulated amortization (454,516) (406,627) Deferred leasing costs, net $ 402,898 $ 272,673 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, 2021, the present value of the remaining contractual payments aggregating $953.3 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $434.7 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 $474.3 million. As of December 31, 2021, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 42 years, and the weighted-average discount rate was 4.57%. 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, 2021, included leases for 39 of our properties, which accounted for approximately 9% 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 $6.9 million as of December 31, 2021, our ground lease obligations have remaining lease terms ranging from approximately 32 years to 93 years, including extension options which 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, 2021 is presented in the table below (in thousands): Year Total 2022 $ 48,499 2023 22,245 2024 22,478 2025 22,500 2026 22,501 Thereafter 815,064 Total future payments under our operating leases in which we are the lessee 953,287 Effect of discounting (518,542) Operating lease liability $ 434,745 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, 2021, 2020, and 2019, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross operating lease costs $ 28,598 $ 23,518 $ 19,740 Capitalized lease costs (3,167) (3,529) (1,452) Expenses for operating leases in which we are the lessee $ 25,431 $ 19,989 $ 18,288 For the years ended December 31, 2021, 2020, and 2019, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $24.7 million, $20.8 million, and $17.7 million, respectively.
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, 2021, we had 414 properties aggregating 38.8 million operating RSF locate d in key locations, including Greater Boston, the San Francisco Bay Area, 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, agtech, and technology 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, 2021, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease and two sales-type leases. Our operating, direct financing, and sales-type leases are described below. Operating leases As of December 31, 2021, our 414 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 70.9 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, 2021 are outlined in the table below (in thousands): Year Amount 2022 $ 1,539,355 2023 1,623,950 2024 1,600,255 2025 1,530,227 2026 1,464,150 Thereafter 10,131,628 Total $ 17,889,565 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 and sales-type leases As of December 31, 2021, we had one direct financing lease agreement, with a net investment balance of $38.6 million, for a parking structure with a remaining lease term of 70.9 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. During the year ended December 31, 2021, we acquired two sales-type ground lease agreements. As of December 31, 2021, these leases had a net investment balance of $32.1 million and a weighted-average remaining lease term of 87.9 years. Upon recognition of the two sales-type ground leases during the year ended December 31, 2021, the present value of future lease payments approximated our carrying value of the leased assets; therefore, no profit or loss was recognized in connection with these leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2021 and 2020, are summarized in the table below (in thousands): December 31, 2021 2020 Gross investment in direct financing and sales-type leases $ 403,388 $ 258,751 Add: estimated unguaranteed residual value of the underlying assets 31,839 — Less: unearned income on direct financing lease (215,557) (218,072) Less: effect of discounting on sales-type leases (146,175) — Less: allowance for credit losses (2,839) (2,839) Net investment in direct financing and sales-type leases $ 70,656 $ 37,840 As of December 31, 2021, our estimated credit loss related to our direct financing lease was $2.8 million. No adjustment to the estimated credit loss balance was required during the year ended December 31, 2021. We determined our two sales-type leases were not financial assets purchased with credit deterioration, and as such did not recognize an initial credit loss reserve, based on our experience with leases that included similar collateral and tenant creditworthiness. At December 31, 2021, we reassessed the collectability of these leases and determined that no credit loss adjustment was necessary. 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 and sales-type leases as of December 31, 2021 are outlined in the table below, in aggregate (in thousands): Year Total 2022 $ 3,066 2023 3,120 2024 3,176 2025 3,371 2026 3,459 Thereafter 387,196 Total $ 403,388 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 the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals $ 2,108,249 $ 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. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Deferred leasing costs $ 857,414 $ 679,300 Accumulated amortization (454,516) (406,627) Deferred leasing costs, net $ 402,898 $ 272,673 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, 2021, the present value of the remaining contractual payments aggregating $953.3 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $434.7 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 $474.3 million. As of December 31, 2021, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 42 years, and the weighted-average discount rate was 4.57%. 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, 2021, included leases for 39 of our properties, which accounted for approximately 9% 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 $6.9 million as of December 31, 2021, our ground lease obligations have remaining lease terms ranging from approximately 32 years to 93 years, including extension options which 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, 2021 is presented in the table below (in thousands): Year Total 2022 $ 48,499 2023 22,245 2024 22,478 2025 22,500 2026 22,501 Thereafter 815,064 Total future payments under our operating leases in which we are the lessee 953,287 Effect of discounting (518,542) Operating lease liability $ 434,745 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, 2021, 2020, and 2019, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross operating lease costs $ 28,598 $ 23,518 $ 19,740 Capitalized lease costs (3,167) (3,529) (1,452) Expenses for operating leases in which we are the lessee $ 25,431 $ 19,989 $ 18,288 For the years ended December 31, 2021, 2020, and 2019, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $24.7 million, $20.8 million, and $17.7 million, respectively.
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, 2021, we had 414 properties aggregating 38.8 million operating RSF locate d in key locations, including Greater Boston, the San Francisco Bay Area, 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, agtech, and technology 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, 2021, a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease and two sales-type leases. Our operating, direct financing, and sales-type leases are described below. Operating leases As of December 31, 2021, our 414 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 70.9 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, 2021 are outlined in the table below (in thousands): Year Amount 2022 $ 1,539,355 2023 1,623,950 2024 1,600,255 2025 1,530,227 2026 1,464,150 Thereafter 10,131,628 Total $ 17,889,565 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 and sales-type leases As of December 31, 2021, we had one direct financing lease agreement, with a net investment balance of $38.6 million, for a parking structure with a remaining lease term of 70.9 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. During the year ended December 31, 2021, we acquired two sales-type ground lease agreements. As of December 31, 2021, these leases had a net investment balance of $32.1 million and a weighted-average remaining lease term of 87.9 years. Upon recognition of the two sales-type ground leases during the year ended December 31, 2021, the present value of future lease payments approximated our carrying value of the leased assets; therefore, no profit or loss was recognized in connection with these leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2021 and 2020, are summarized in the table below (in thousands): December 31, 2021 2020 Gross investment in direct financing and sales-type leases $ 403,388 $ 258,751 Add: estimated unguaranteed residual value of the underlying assets 31,839 — Less: unearned income on direct financing lease (215,557) (218,072) Less: effect of discounting on sales-type leases (146,175) — Less: allowance for credit losses (2,839) (2,839) Net investment in direct financing and sales-type leases $ 70,656 $ 37,840 As of December 31, 2021, our estimated credit loss related to our direct financing lease was $2.8 million. No adjustment to the estimated credit loss balance was required during the year ended December 31, 2021. We determined our two sales-type leases were not financial assets purchased with credit deterioration, and as such did not recognize an initial credit loss reserve, based on our experience with leases that included similar collateral and tenant creditworthiness. At December 31, 2021, we reassessed the collectability of these leases and determined that no credit loss adjustment was necessary. 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 and sales-type leases as of December 31, 2021 are outlined in the table below, in aggregate (in thousands): Year Total 2022 $ 3,066 2023 3,120 2024 3,176 2025 3,371 2026 3,459 Thereafter 387,196 Total $ 403,388 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 the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals $ 2,108,249 $ 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. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Deferred leasing costs $ 857,414 $ 679,300 Accumulated amortization (454,516) (406,627) Deferred leasing costs, net $ 402,898 $ 272,673 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, 2021, the present value of the remaining contractual payments aggregating $953.3 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $434.7 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 $474.3 million. As of December 31, 2021, the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 42 years, and the weighted-average discount rate was 4.57%. 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, 2021, included leases for 39 of our properties, which accounted for approximately 9% 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 $6.9 million as of December 31, 2021, our ground lease obligations have remaining lease terms ranging from approximately 32 years to 93 years, including extension options which 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, 2021 is presented in the table below (in thousands): Year Total 2022 $ 48,499 2023 22,245 2024 22,478 2025 22,500 2026 22,501 Thereafter 815,064 Total future payments under our operating leases in which we are the lessee 953,287 Effect of discounting (518,542) Operating lease liability $ 434,745 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, 2021, 2020, and 2019, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross operating lease costs $ 28,598 $ 23,518 $ 19,740 Capitalized lease costs (3,167) (3,529) (1,452) Expenses for operating leases in which we are the lessee $ 25,431 $ 19,989 $ 18,288 For the years ended December 31, 2021, 2020, and 2019, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $24.7 million, $20.8 million, and $17.7 million, respectively.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 361,348 $ 568,532 Restricted cash: Funds held in trust under the terms of certain secured notes payable 17,264 17,256 Funds held in escrow related to construction projects and investing activities 30,000 4,580 Other 6,615 7,337 53,879 29,173 Total $ 415,227 $ 597,705

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Investment	We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. Our accounting for non-real estate investments is summarized below. Refer to the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. 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 privately held 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. 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. These investments continue to be evaluated on the basis of a qualitative assessment for indicators of impairment by utilizing the 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, including the research and development of technology and products that the investee is bringing or attempting to bring to the market; (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. 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 accounted for under the equity method We account for our investments under the equity method whenever we are deemed to have significant influence over the investee’s operating and financial policies. Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of the investee’s earnings or losses, distributions received, and other-than-temporary impairments. Refer to the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information on the criteria used to determine whether an investment should be accounted for under the equity method, and for our impairment assessment of our equity method investments. As of December 31, 2021, we had six investments in privately held entities aggregating $71.6 million accounted for under the equity method. Our ownership interest in each of our investments accounted for under the equity method of accounting is less than 20%. Our equity in earnings or losses of our equity method investees is recognized in each period for which these earnings or losses are reported by the investee, and is classified within investment income in our consolidated statements of operations. 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 per share; (iii) observable price changes for investments in privately held entities that do not report NAV per share; and (iv) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. 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 and equity method investments, if impairments are deemed other than temporary to their estimated fair value. The following tables summarize our investments as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Cost Unrealized Carrying Amount Publicly traded companies $ 203,290 $ 280,527 $ 483,817 Entities that report NAV 385,692 444,172 829,864 Entities that do not report NAV: Entities with observable price changes 56,257 72,974 129,231 Entities without observable price changes 362,064 — 362,064 Investments accounted for under the equity method N/A N/A 71,588 Total investments $ 1,007,303 $ 797,673 1,876,564 December 31, 2020 Cost Unrealized Carrying Amount 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 Cumulative gains and losses (realized and unrealized) on investments in privately held entities that do not report NAV still held as of December 31, 2021 aggregated to a gain of $31.2 million, which consisted of upward adjustments of $74.3 million, downward adjustments of $1.3 million, and impairments of $41.8 million. Our investment income for the years ended December 31, 2021, 2020, and 2019 consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Realized gains $ 215,845 $ 47,288 $ 33,158 Unrealized gains 43,632 374,033 161,489 Investment income $ 259,477 $ 421,321 $ 194,647 During the year ended December 31, 2021, gains and losses on investments in privately held entities that do not report NAV still held at December 31, 2021 aggregated to a loss of $33.3 million, which consisted of upward adjustments of $32.7 million and downward adjustments primarily related to observable prices changes aggregating $66.0 million. 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 upward adjustments of $5.2 million and downward adjustments and impairments of $18.0 million. Unrealized gains related to investments still held (excluding investments accounted for under the equity method of accounting) at December 31, 2021, 2020, and 2019 aggregated $109.4 million, $392.7 million, and $184.6 million during the years ended December 31, 2021, 2020, and 2019, respectively. Our investment income for the year ended December 31, 2021 also included $19.7 million of equity in earnings of our equity method investments. Commitments on investments in privately held entities that report NAV

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Acquired in-place leases $ 609,872 $ 462,324 Deferred compensation plan 38,937 31,057 Deferred financing costs – unsecured senior line of credit 19,294 24,124 Deposits 176,077 13,861 Furniture, fixtures, and equipment 26,429 31,130 Net investment in direct financing and sales-type leases 70,656 37,840 Notes receivable 13,088 3,424 Operating lease right-of-use asset 474,299 335,920 Other assets 53,985 30,620 Prepaid expenses 24,806 67,667 Property, plant, and equipment 151,375 153,614 Total $ 1,658,818 $ 1,191,581

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
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, 2021 and 2020. 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, 2021. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2021 $ 483,817 $ 483,817 $ — $ — As of December 31, 2020 $ 559,830 $ 559,830 $ — $ — 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, 2021 and 2020, the carrying values of investments in privately held entities that report NAV aggregated $829.9 million and $662.1 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 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, 2021 and 2020 (in thousands). These investments were measured at various times during the period from January 1, 2018 to December 31, 2021. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in privately held entities that do not report NAV As of December 31, 2021 $ 138,011 $ — $ 129,231 (1) $ 8,780 (2) As of December 31, 2020 $ 157,871 $ — $ 144,404 $ 13,467 (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 $1.9 billion in our consolidated balance sheets as of December 31, 2021. For more information, refer to Note 7 – “Investments” to our consolidated financial statements. (2) This amount is included in the $362.1 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 adjusted 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. Our real estate assets classified as held for sale are measured at fair value less cost to sell, with changes recognized in net income. We evaluate these assets utilizing an agreed-upon contractual sales price and available comparable market information. If this information is not available, we use estimated replacement costs or estimated cash flow projections that utilize appropriate discount and capitalization rates. Refer to 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 additional information. 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, and the amounts outstanding on our unsecured senior line of credit, and commercial paper program 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, 2021 and 2020, the book and estimated fair values of our secured notes payable, unsecured senior notes payable, and amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands): December 31, 2021 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 205,198 $ — $ 214,097 $ — $ 214,097 Unsecured senior notes payable $ 8,316,678 $ — $ 8,995,913 $ — $ 8,995,913 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 269,990 $ — $ 269,994 $ — $ 269,994 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

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured and unsecured senior debt	The following table summarizes our outstanding indebtedness and respective principal payments as of December 31, 2021 (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 2022 2023 2024 2025 2026 Thereafter Principal Total Secured notes payable Greater Boston 4.82 % 3.40 % 2/6/24 $ 3,564 $ 3,742 $ 183,527 $ — $ — $ — $ 190,833 5,696 $ 196,529 Greater Boston (3) SOFR + 2.70 % 3.10 11/19/26 — — — — 10,002 — 10,002 (2,011) 7,991 San Francisco Bay Area 6.50 % 6.50 7/1/36 28 30 32 34 36 518 678 — 678 Secured debt weighted average interest rate/subtotal 4.74 % 3.40 3,592 3,772 183,559 34 10,038 518 201,513 3,685 205,198 Commercial paper program (4) 0.29 % (4) 0.29 (4) (4) (4) — — — 270,000 (4) — 270,000 (10) 269,990 Unsecured senior line of credit L+0.815 % (5) N/A 1/6/26 — — — — — — — — — Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — 600,000 — — 600,000 (2,934) 597,066 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — 300,000 — 300,000 (1,987) 298,013 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — 350,000 — 350,000 (2,116) 347,884 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (2,570) 347,430 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,569) 422,431 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,689) 298,311 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (3,284) 396,716 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,167) 446,833 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (7,067) 692,933 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (6,264) 743,736 Unsecured senior notes payable – green bond 2.00 % 2.12 5/18/32 — — — — — 900,000 900,000 (9,712) 890,288 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (9,701) 990,299 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,217) 296,783 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,320 710,320 Unsecured senior notes payable 3.00 % 3.08 5/18/51 — — — — — 850,000 850,000 (12,365) 837,635 Unsecured debt weighted average interest rate/subtotal 3.44 — — — 600,000 920,000 7,125,000 8,645,000 (58,332) 8,586,668 Weighted-average interest rate/total 3.44 % $ 3,592 $ 3,772 $ 183,559 $ 600,034 $ 930,038 $ 7,125,518 $ 8,846,513 $ (54,647) $ 8,791,866 (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) Relates to our real estate joint venture at 99 Coolidge Avenue, of which we own 75.0%. As of December 31, 2021, this joint venture has a $185.3 million availability under the existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. (4) Refer to footnote 2 on the next page. (5) During the year ended December 31, 2020, we achieved certain sustainability measures, as described in our unsecured senior line of credit agreement, which reduced the borrowing rate by one basis point for a one-year period. The following table summarizes our secured and unsecured senior debt and amounts outstanding under our commercial paper program as of December 31, 2021 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 195,196 $ 10,002 $ 205,198 2.3 % 3.40 % 2.2 Unsecured senior notes payable 8,316,678 — 8,316,678 94.6 3.54 12.6 Unsecured senior line of credit — — — — N/A 4.0 Commercial paper program — 269,990 269,990 3.1 0.29 (2) Total/weighted average $ 8,511,874 $ 279,992 $ 8,791,866 100.0 % 3.44 % 12.1 (2) Percentage of total debt 97 % 3 % 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, 2021 matured on January 18, 2022. 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+0.815%. As such, we calculate the weighted-average remaining term of our commercial paper by 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 is 11.9 years as of December 31, 2021. The commercial paper notes sold during the three months ended December 31, 2021 were issued at a weighted-average yield to maturity of 0.24% and had a weighted-average maturity term of 12 days. Unsecured senior notes payable In February 2021, we opportunistically issued $1.75 billion of unsecured senior notes payable with a weighted-average interest rate of 2.49% and a weighted-average maturity of 20.4 years. The unsecured senior notes consisted of $900.0 million of 2.00% unsecured senior notes due 2032 (“2.00% Unsecured Senior Notes”) and $850.0 million of 3.00% unsecured senior notes due 2051 (“3.00% Unsecured Senior Notes”). The proceeds from our 2.00% Unsecured Senior Notes are expected to be allocated to eligible green projects and were initially used to refinance $650.0 million of our 4.00% unsecured senior notes payable due in 2024 pursuant to a partial cash tender offer completed on February 10, 2021, and a subsequent call for redemption for the remaining outstanding amounts that settled on March 12, 2021. As a result of this refinancing, we recognized a loss on early extinguishment of debt of $67.2 million, including the write-off of unamortized loan fees and premiums. $1.5 billion co mmercial paper program Our commercial paper program provides us with the ability to issue up to $1.5 billion of commercial paper with a maturity of generally 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. As of December 31, 2021, we had $270.0 million of notes outstanding under our commercial paper program. Interest expense The following table summarizes interest expense for the years ended December 31, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Interest incurred $ 312,806 $ 297,227 $ 262,238 Capitalized interest (170,641) (125,618) (88,563) Interest expense $ 142,165 $ 171,609 $ 173,675

Accounts payable, accrued expen

Accounts payable, accrued expenses, and other liabilities (Notes)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Accounts payable and accrued expenses $ 513,416 $ 285,021 Accrued construction 438,866 333,271 Acquired below-market leases 341,585 288,075 Conditional asset retirement obligations 59,797 47,070 Deferred rent liabilities 12,384 4,495 Operating lease liability 434,745 345,750 Unearned rent and tenant security deposits 326,924 276,751 Other liabilities 82,693 89,399 Total $ 2,210,410 $ 1,669,832

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2021
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 consider 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. 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) 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 reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Net income $ 654,282 $ 827,171 $ 404,047 Net income attributable to noncontrolling interests (83,035) (56,212) (40,882) Dividends on preferred stock — — (3,204) Preferred stock redemption charge — — (2,580) Net income attributable to unvested restricted stock awards (7,848) (10,168) (6,386) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 563,399 $ 760,791 $ 350,995 Denominator for basic EPS – weighted-average shares of common stock outstanding 146,921 126,106 112,204 Dilutive effect of forward equity sales agreements 539 384 320 Denominator for diluted EPS – weighted-average shares of common stock outstanding 147,460 126,490 112,524 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.83 $ 6.03 $ 3.13 Diluted $ 3.82 $ 6.01 $ 3.12

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2021
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, (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 2020 and 2019 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2021, we expect to distribute all of our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2021 REIT taxable income when we file our 2021 federal income tax return in 2022. 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, 2021, 2020, and 2019 was as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Year Ended December 31, 2021 2020 2019 2019 Ordinary income 46.3 % 65.7 % 62.4 % 64.4 % Return of capital — 13.2 3.2 — Capital gains at 25% 3.8 — 2.2 2.2 Capital gains at 20% 49.9 21.1 32.2 33.4 Total 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.48 $ 4.24 $ 4.00 $ 1.3125 (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 2021 is based upon management’s estimate. Our federal tax return for 2021 is due on or before October 15, 2022, 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, 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, 2021, 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, 2021, 2020, and 2019. The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2020 and 2019 (in thousands and unaudited): Year Ended December 31, 2020 2019 Net income $ 827,171 $ 404,047 Net income attributable to noncontrolling interests (56,212) (40,882) Book/tax differences: Rental revenue recognition (165,091) (132,979) Depreciation and amortization 220,046 177,627 Share-based compensation 30,695 30,756 Interest expense (21,174) (13,687) Sales of property (69,048) 66,717 Impairments 40,398 12,334 Non-real estate investment income (377,820) (96,353) Other 22,315 7,565 Taxable income before dividend deduction 451,280 415,145 Dividend deduction necessary to eliminate taxable income (1) (451,280) (415,145) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $533.0 million and $451.2 million during the years ended December 31, 2020 and 2019, respectively.

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2021
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 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 $5.0 million, $6.2 million, and $4.9 million for the years ended December 31, 2021, 2020, and 2019, 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. one three

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' equity	STOCKHOLDERS’ EQUITY Common equity transactions During the year ended December 31, 2021, we completed issuances and executed forward equity sales agreements for an aggregate 20.8 million shares of common stock, including the exercise of underwriters’ option, for an aggregate net proceeds of approximately $3.5 billion, as follows: • In January 2021 and June 2021, we entered into forward equity sales agreements aggregating $1.1 billion and $1.5 billion, respectively, to sell an aggregate of 6.9 million and 8.1 million of our common stock, respectively, including the exercise of underwriters’ options, at pubic offering price of $164.00 and $184.00, respectively, before underwriting discounts and commissions. During 2021, we issued all 15.0 million shares under these forward equity sales agreements and received net proceeds of $2.5 billion. • In March 2021, we issued the remaining 362 thousand shares of common stock to settle our forward equity sales agreements that were outstanding as of December 31, 2020 and received net proceeds of $56.2 million. • In February 2021, we entered into a new ATM common stock offering program, which allowed us to sell up to an aggregate of $1.0 billion of our common stock. • We issued 5.5 million shares under our ATM program and received net proceeds of $984.6 million. • As of December 31, 2021, we have no amounts remaining under this ATM program. • In December 2021, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.0 billion of our common stock. As of December 31, 2021, the full amount remains available for future sales of our common stock. In January 2022, we entered into forward equity sales agreements to sell 8.1 million shares of our common stock (including the exercise of underwriters’ option) aggregating $1.7 billion at a public offering price of $210.00 per share, before underwriting discounts and commissions. 7.00% Series D cumulative convertible preferred stock repurchases and conversion As of December 31, 2021, 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. 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. Accumulated other comprehensive loss The change in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the year ended December 31, 2021, was entirely due to net unrealized losses of $669 thousand on foreign currency translation related to our operations in Canada and China. Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 158.0 million shares were issued and outstanding as of December 31, 2021. 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, 2021. 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, 2021.

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
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, 2021, there were 2,556,301 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 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 share 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, 2021, 2020, and 2019: Number of Share Awards Weighted-Average 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 Granted 740,920 $ 174.32 Vested (709,737) $ 131.54 Forfeited (33,003) $ 99.55 Outstanding at December 31, 2021 1,823,460 $ 150.89 Year Ended December 31, (In thousands) 2021 2020 2019 Total grant date fair value of stock awards vested $ 93,359 $ 79,578 $ 64,530 Total gross compensation recognized for stock awards $ 94,748 $ 80,651 $ 68,036 Capitalized stock compensation $ 46,079 $ 37,149 $ 24,396 Certain restricted stock awards granted during each year from 2018 to 2021 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 2021, 2020, and 2019, 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 29.0%, 17.0%, and 18.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 2.8%, 2.8%, and 3.2%, and (iv) risk-free rate of 0.23%, 1.63%, and 2.60%. As of December 31, 2021, there was $222.3 million of unrecognized compensation related to unvested share awards under the equity incentive plan, which is expected to be recognized over the next four years and has a weighted-average vesting period of approximately 19 months.

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 2021
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 54 properties as of December 31, 2021 and 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, 2021 and 2020, we distributed $112.4 million and $87.3 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.

Assets Classified As Held for S

Assets Classified As Held for Sale (Notes)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	ASSETS CLASSIFIED AS HELD FOR SALE As of December 31, 2021, one property aggregating 334,144 RSF was classified as held for sale in our consolidated financial statements. We ceased depreciation of this property upon its classification as held for sale. This property did not meet the criteria for classification as a discontinued operation. Upon classification of an asset as held for sale, we recognize an impairment charge if the carrying amount of the long-lived asset exceeds its fair value less cost to sell. Subsequently, as a result of our quarterly assessment, we recognize an incremental impairment charge for any decrease in the asset’s fair value less cost to sell. Conversely, a gain is recognized for a subsequent increase in fair value less cost to sell, limited to the cumulative net loss previously recognized. Refer to the “Impairment of long-lived assets” section within Note 2 – “Summary of significant account policies” and the “Sales of real estate assets and impairment charges” section within Note 3 – “Investments in real estate” to our consolidated financial statements for information about impairment charges related to our assets held for sale recognized during the year ended December 31, 2021. The following is a summary of net assets as of December 31, 2021 and 2020 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2021 2020 Total assets $ 17,749 $ 117,879 Total liabilities (1,083) (33,081) Total accumulated other comprehensive loss (1,750) (841) Net assets classified as held for sale $ 14,916 $ 83,957

Subsequent events (Notes)

Subsequent events (Notes)	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS For transactions completed in January 2022, refer to the following notes to our consolidated financial statements: • For completed acquisitions, refer to the “Acquisitions” section in Note 3 – “Investments in real estate.” • For the formation of consolidated joint ventures, refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures.” • For equity transactions, refer to the “Common equity transactions” section of Note 15 – “Stockholders’ equity.”

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2021
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, 2021 (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 $ — $ 511,875 $ 822,706 $ 1,470,329 $ 511,875 $ 2,293,035 $ 2,804,910 $ (362,489) $ 2,442,421 1995 - 2017 2005 - 2021 Alexandria Center ® at One Kendall Square Greater Boston 196,529 349,952 483,816 509,540 349,952 993,356 1,343,308 (143,728) 1,199,580 1985 - 2019 2016 - 2017 Alexandria Technology Square ® Greater Boston — — 619,658 277,958 — 897,616 897,616 (306,522) 591,094 2001 - 2012 2006 The Arsenal on the Charles Greater Boston — 191,797 354,611 221,488 191,797 576,099 767,896 (16,705) 751,191 2000 - 2021 2019 - 2021 480 Arsenal Way and 500 and 550 Arsenal Street Greater Boston — 104,628 21,623 106,026 104,628 127,649 232,277 (48,239) 184,038 2001 - 2009 2000 - 2021 640 Memorial Drive Greater Boston — — 174,878 1,390 — 176,268 176,268 (51,565) 124,703 2011 2015 780 and 790 Memorial Drive Greater Boston — — — 55,236 — 55,236 55,236 (27,307) 27,929 2002 2001 167 Sidney Street and 99 Erie Street Greater Boston — — 12,613 13,909 — 26,522 26,522 (8,783) 17,739 2006 - 2012 2005 - 2006 79/96 13th Street (Charlestown Navy Yard) Greater Boston — — 6,247 8,762 — 15,009 15,009 (6,817) 8,192 2012 1998 Alexandria Center ® for Life Science – Fenway Greater Boston — 912,016 617,552 164,634 912,016 782,186 1,694,202 (11,927) 1,682,275 2019 2021 380 and 420 E Street Greater Boston — 156,355 9,229 7,418 156,355 16,647 173,002 (1,556) 171,446 2013 2020 5, 10, and 15 Necco Street Greater Boston — 277,554 55,897 73,345 277,554 129,242 406,796 (3,442) 403,354 2019 2019 99 A Street Greater Boston — 31,671 878 15,480 31,671 16,358 48,029 (938) 47,091 1968 2018 One Upland Road, 100 Tech Drive, and One Investors Way Greater Boston — 67,329 301,000 3,541 67,329 304,541 371,870 (16,100) 355,770 1999 - 2015 2018 - 2021 Reservoir Woods Greater Boston — 88,840 214,038 11,440 88,840 225,478 314,318 (7,139) 307,179 2009 - 2010 2020 275 Grove Street Greater Boston — 70,476 150,159 14,052 70,476 164,211 234,687 (6,713) 227,974 2000 2020 Alexandria Park at 128 Greater Boston — 10,439 41,596 82,097 10,439 123,693 134,132 (52,060) 82,072 1997 - 2010 1998 - 2008 225, 266, and 275 Second Avenue Greater Boston — 17,086 69,994 84,475 17,086 154,469 171,555 (34,655) 136,900 2014 - 2018 2014 - 2017 19 Presidential Way Greater Boston — 12,833 27,333 25,230 12,833 52,563 65,396 (23,044) 42,352 1999 2005 840 Winter Street Greater Boston — 12,470 44,395 23,290 12,470 67,685 80,155 (1,362) 78,793 1999 2021 100 Beaver Street Greater Boston — 1,466 9,046 26,736 1,466 35,782 37,248 (10,453) 26,795 2006 2005 285 Bear Hill Road Greater Boston — 422 3,538 7,094 422 10,632 11,054 (2,926) 8,128 2013 2011 111 and 130 Forbes Boulevard Greater Boston — 3,146 15,725 4,574 3,146 20,299 23,445 (7,296) 16,149 2006 2006 - 2007 20 Walkup Drive Greater Boston — 2,261 7,099 9,029 2,261 16,128 18,389 (4,710) 13,679 2012 2006 Other Greater Boston 7,991 92,156 137,831 46,099 92,156 183,930 276,086 (144) 275,942 Various Various Alexandria Center ® for Science and Technology – Mission Bay San Francisco — 211,450 210,211 493,396 211,450 703,607 915,057 (184,410) 730,647 2007 - 2014 2004 - 2017 Alexandria Technology Center ® – Gateway San Francisco $ — $ 193,004 $ 364,078 $ 303,215 $ 193,004 $ 667,293 $ 860,297 $ (106,956) $ 753,341 1984 - 2021 2002 - 2020 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 213, 249, 259, 269, and 279 East Grand Avenue San Francisco $ — $ 59,199 $ — $ 545,037 $ 59,199 $ 545,037 $ 604,236 $ (91,206) $ 513,030 2008 - 2019 2004 Alexandria Center ® for Life Science – South San Francisco San Francisco — 32,245 1,287 458,833 32,245 460,120 492,365 (71,668) 420,697 2012 2002 - 2017 1122 and 1178 El Camino Real San Francisco — 231,707 5,224 4,370 231,707 9,594 241,301 (3) 241,298 1971 - 1972 2021 500 Forbes Boulevard San Francisco — 35,596 69,091 17,503 35,596 86,594 122,190 (31,522) 90,668 2001 2007 7000 Shoreline Court San Francisco — 7,038 39,704 27,993 7,038 67,697 74,735 (24,327) 50,408 2001 2004 341 and 343 Oyster Point Boulevard San Francisco — 7,038 — 44,189 7,038 44,189 51,227 (21,280) 29,947 2009 - 2013 2000 849/863 Mitten Road/866 Malcolm Road San Francisco — 3,211 8,665 30,162 3,211 38,827 42,038 (15,731) 26,307 2012 1998 Alexandria Center ® for Life Science – San Carlos San Francisco — 433,634 28,323 601,498 433,634 629,821 1,063,455 (15,576) 1,047,879 1970 - 2021 2017 - 2021 3825 and 3875 Fabian Way San Francisco — 194,424 54,519 3,007 194,424 57,526 251,950 (6,175) 245,775 1969 - 2014 2019 Alexandria Stanford Life Science District San Francisco — — 260,931 79,029 — 339,960 339,960 (22,084) 317,876 1998 - 2019 2003 - 2020 3330, 3412, 3420, 3440, 3450, and 3460 Hillview Avenue San Francisco — — 332,257 9,730 — 341,987 341,987 (7,873) 334,114 1978 - 2018 2020 - 2021 Alexandria PARC San Francisco — 72,859 53,309 28,972 72,859 82,281 155,140 (9,575) 145,565 1984 - 2019 2018 2475 and 2625/2627/2631 Hanover Street San Francisco — — 103,005 12,661 — 115,666 115,666 (13,257) 102,409 2000 - 2003 1999 - 2021 2425 Garcia Avenue/2400/2450 Bayshore Parkway San Francisco 678 1,512 21,323 26,261 1,512 47,584 49,096 (25,242) 23,854 2008 1999 Shoreway Science Center San Francisco — 20,049 48,554 252 20,049 48,806 68,855 (3,828) 65,027 2016 2019 1450 Page Mill Road San Francisco — — 84,467 110 — 84,577 84,577 (9,908) 74,669 2017 2017 3350 West Bayshore Road San Francisco — 4,800 6,693 38,494 4,800 45,187 49,987 (7,956) 42,031 1982 2005 901 California Avenue San Francisco — — — 3,797 — 3,797 3,797 — 3,797 N/A 2021 88 Bluxome Street San Francisco — 148,551 21,514 153,615 148,551 175,129 323,680 (23,098) 300,582 N/A 2017 Other San Francisco — 32,111 8,345 85,104 32,111 93,449 125,560 (5,989) 119,571 Various Various Alexandria Center ® for Life Science – New York City New York City — — — 1,007,571 — 1,007,571 1,007,571 (229,709) 777,862 2010 - 2016 2006 219 East 42nd Street New York City — 141,266 63,312 3,363 141,266 66,675 207,941 (31,730) 176,211 1995 2018 Alexandria Center ® for Life Science – Long Island City New York City — 47,746 53,093 112,855 47,746 165,948 213,694 (2,213) 211,481 1926 - 1942 2018 - 2019 One Alexandria Square San Diego — 247,423 192,755 500,972 247,423 693,727 941,150 (207,633) 733,517 1980 - 2021 1994 - 2021 ARE Torrey Ridge San Diego — 22,124 152,840 83,741 22,124 236,581 258,705 (52,130) 206,575 2004 - 2021 2016 ARE Nautilus San Diego — 6,684 27,600 124,705 6,684 152,305 158,989 (61,040) 97,949 2009 - 2012 1994 - 1997 Alexandria Point San Diego — 88,016 393,713 482,841 88,016 876,554 964,570 (159,767) 804,803 1988 - 2019 2010 - 2019 5200 Illumina Way San Diego — 38,340 96,606 196,915 38,340 293,521 331,861 (65,439) 266,422 2004 - 2017 2010 University District San Diego — 61,753 49,692 219,059 61,753 268,751 330,504 (104,500) 226,004 1989 - 2018 1998 - 2020 SD Tech by Alexandria San Diego $ — $ 81,428 $ 254,069 $ 192,032 $ 81,428 $ 446,101 $ 527,529 $ (17,119) $ 510,410 1988 - 2015 2013 - 2020 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 Sequence District by Alexandria San Diego $ — $ 163,610 $ 281,389 $ 9,270 $ 163,610 $ 290,659 $ 454,269 $ (4,941) $ 449,328 1997 - 2000 2020 - 2021 Pacific Technology Park San Diego — 96,796 66,660 22,112 96,796 88,772 185,568 (1,205) 184,363 1989 - 1991 2021 Summers Ridge Science Park San Diego — 21,154 102,046 3,685 21,154 105,731 126,885 (11,016) 115,869 2005 2018 ARE Portola San Diego — 6,991 25,153 40,038 6,991 65,191 72,182 (18,338) 53,844 2005 - 2012 2007 7330 and 7360 Carroll Road San Diego — 4,674 24,012 2,125 4,674 26,137 30,811 (9,978) 20,833 1983 - 2007 2010 - 2021 5810/5820 Nancy Ridge Drive San Diego — 3,492 18,285 32,750 3,492 51,035 54,527 (11,990) 42,537 2021 2004 9877 Waples Street San Diego — 5,092 11,908 12,080 5,092 23,988 29,080 (1,180) 27,900 2020 2020 5871 Oberlin Drive San Diego — 1,349 8,016 20,320 1,349 28,336 29,685 (3,103) 26,582 2021 2010 3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard San Diego — 18,177 42,723 28,584 18,177 71,307 89,484 (37,143) 52,341 2007 - 2015 2010 - 2019 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street San Diego — 4,156 11,571 46,247 4,156 57,818 61,974 (16,879) 45,095 2006 - 2014 1997 - 2014 Other San Diego — 117,866 155,803 79,722 117,866 235,525 353,391 (28,341) 325,050 Various Various The Eastlake Life Science Campus by Alexandria Seattle — 51,750 83,012 707,183 51,750 790,195 841,945 (175,538) 666,407 1997 - 2021 2002 - 2020 Alexandria Center ® at South Lake Union Seattle — 76,070 1,128 288,917 76,070 290,045 366,115 (38,986) 327,129 1984 - 2017 2007 - 2019 219 Terry Avenue North Seattle — 1,819 2,302 20,166 1,819 22,468 24,287 (8,686) 15,601 2012 2007 830 4th Avenue South Seattle — 6,500 12,062 1,656 6,500 13,718 20,218 (358) 19,860 1995 2020 3000/3018 Western Avenue Seattle — 1,432 7,497 24,583 1,432 32,080 33,512 (22,314) 11,198 2000 1998 410 West Harrison Street and 410 Elliott Avenue West Seattle — 3,857 1,989 17,559 3,857 19,548 23,405 (6,765) 16,640 2006 - 2008 2004 1010 4th Avenue Seattle — 46,200 — 5,195 46,200 5,195 51,395 — 51,395 N/A 2020 Other Seattle — 245,754 224,600 18,153 245,754 242,753 488,507 (4,120) 484,387 Various Various Alexandria Center ® for Life Science – Shady Grove Maryland — 88,157 261,626 311,686 88,157 573,312 661,469 (113,427) 548,042 1985 - 2021 2004 - 2021 1330 Piccard Drive Maryland — 2,800 11,533 36,302 2,800 47,835 50,635 (22,015) 28,620 2005 1997 1405 and 1450 Research Boulevard Maryland — 2,788 24,507 10,988 2,788 35,495 38,283 (17,324) 20,959 1980 - 2006 1997 - 2021 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 10,485 1,523 18,216 19,739 (10,247) 9,492 1995 - 2003 1997 5 Research Place Maryland — 1,466 5,708 30,706 1,466 36,414 37,880 (17,079) 20,801 2010 2001 5 Research Court Maryland — 1,647 13,258 24,099 1,647 37,357 39,004 (16,591) 22,413 2007 2004 12301 Parklawn Drive Maryland — 1,476 7,267 1,697 1,476 8,964 10,440 (3,388) 7,052 2007 2004 Alexandria Technology Center ® – Gaithersburg I Maryland — 20,980 121,952 49,525 20,980 171,477 192,457 (49,941) 142,516 1992 - 2019 1997 - 2019 Alexandria Technology Center ® – Gaithersburg II Maryland — 17,134 67,825 101,016 17,134 168,841 185,975 (36,064) 149,911 2000 - 2021 1997 - 2020 20400 Century Boulevard Maryland — 3,641 4,759 7,817 3,641 12,576 16,217 — 16,217 2017 2021 401 Professional Drive Maryland — 1,129 6,941 11,130 1,129 18,071 19,200 (8,602) 10,598 2007 1996 950 Wind River Lane Maryland $ — $ 2,400 $ 10,620 $ 1,050 $ 2,400 $ 11,670 $ 14,070 $ (3,919) $ 10,151 2009 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 620 Professional Drive Maryland $ — $ 784 $ 4,705 $ 8,235 $ 784 $ 12,940 $ 13,724 $ (7,165) $ 6,559 2012 2005 8000/9000/10000 Virginia Manor Road Maryland — — 13,679 10,238 — 23,917 23,917 (11,662) 12,255 2003 1998 14225 Newbrook Drive Maryland — 4,800 27,639 22,535 4,800 50,174 54,974 (19,918) 35,056 2006 1997 Alexandria Center ® for Life Science – Durham Research Triangle — 90,686 471,263 128,949 90,686 600,212 690,898 (14,556) 676,342 1985 - 2021 2020 - 2021 Alexandria Center ® for Advanced Technologies Research Triangle — 27,784 16,958 138,532 27,784 155,490 183,274 (14,375) 168,899 2007 - 2012 2012 - 2021 Alexandria Center ® for AgTech Research Triangle — 2,801 6,756 180,881 2,801 187,637 190,438 (9,807) 180,631 2018 2017 - 2018 Alexandria Technology Center ® – Alston Research Triangle — 1,430 17,482 32,662 1,430 50,144 51,574 (26,489) 25,085 1985 - 2009 1998 108/110/112/114 TW Alexander Drive Research Triangle — — 376 44,943 — 45,319 45,319 (22,969) 22,350 2000 1999 Alexandria Innovation Center ® – Research Triangle Research Triangle — 1,065 21,218 30,583 1,065 51,801 52,866 (22,564) 30,302 2005 - 2008 2000 7 Triangle Drive Research Triangle — 701 — 32,612 701 32,612 33,313 (9,084) 24,229 2011 2005 2525 East NC Highway 54 Research Triangle — 713 12,827 20,700 713 33,527 34,240 (13,280) 20,960 1995 2004 407 Davis Drive Research Triangle — 1,229 17,733 1,028 1,229 18,761 19,990 (4,609) 15,381 1998 2013 601 Keystone Park Drive Research Triangle — 785 11,546 7,314 785 18,860 19,645 (7,211) 12,434 2009 2006 6040 George Watts Hill Drive Research Triangle — — — 27,900 — 27,900 27,900 (4,725) 23,175 2015 2014 5 Triangle Drive Research Triangle — 161 3,409 12,678 161 16,087 16,248 (7,230) 9,018 1981 1998 6101 Quadrangle Drive Research Triangle — 951 3,982 11,419 951 15,401 16,352 (4,161) 12,191 2012 2008 Alexandria Center ® for NextGen Medicines Research Triangle — 94,184 — 1,872 94,184 1,872 96,056 — 96,056 N/A 2021 Canada Canada — 22,801 99,693 15,410 22,801 115,103 137,904 (29,408) 108,496 1998 - 2020 2005 - 2021 Various Various — 200,590 265,065 237,136 200,590 502,201 702,791 (52,503) 650,288 Various Various Total – North America 205,198 6,811,325 9,824,856 12,096,927 6,811,325 21,921,783 28,733,108 (3,766,758) 24,966,350 Asia — — — 18,802 — 18,802 18,802 (4,483) 14,319 2015 2008 $ 205,198 $ 6,811,325 $ 9,824,856 $ 12,115,729 $ 6,811,325 $ 21,940,585 $ 28,751,910 $ (3,771,241) $ 24,980,669 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2021 (Dollars in thousands) (1) As of December 31, 2021, the total cost of our real estate assets aggregated $28.8 billion, which was less than the cost of real estate for federal income tax purposes aggregating $29.3 billion by approximately $578.4 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, 2021 (In thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2021 2020 2019 Balance at beginning of period $ 21,274,810 $ 17,552,956 $ 14,181,780 Acquisitions (including real estate, land, and joint venture consolidation) 5,405,569 2,825,537 2,240,376 Additions to real estate 2,267,848 1,505,152 1,143,035 Deductions (including dispositions and direct financing leases) (196,317) (608,835) (12,235) Balance at end of period $ 28,751,910 $ 21,274,810 $ 17,552,956 December 31, Accumulated Depreciation 2021 2020 2019 Balance at beginning of period $ 3,182,438 $ 2,708,918 $ 2,268,087 Depreciation expense on properties 607,927 530,226 448,661 Sale of properties (19,124) (56,706) (7,830) Balance at end of period $ 3,771,241 $ 3,182,438 $ 2,708,918

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 life science, agtech, and technology tenants. 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 the right-of-use assets are amortized on a straight-line basis over the remaining lease term. 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 or 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 of the asset 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 asset 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, which 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 six 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 (loss) 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 (loss) 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, agtech, and technology industries. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10%. We account for our investments as follows: 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 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 companies Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held entities that report NAV per share, and (ii) investments in privately held entities that do not report NAV per share. These investments are accounted for as follows: Investments in privately held entities that report NAV per share 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 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. 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. Investments accounted for under the equity method We account for investments under the equity method whenever we are deemed to have significant influence over the investee’s operating and financial policies. To evaluate whether we exert significant influence over an entity, we consider the following criteria, among others: the extent of our ownership and voting rights, whether we have a board seat, and whether we participate in the policy-making process. Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary impairments. For more information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to our consolidated financial statements. Investments in privately held entities that do not report NAV per share and equity method investments We monitor investments in privately held entities that do not report NAV per share and equity method investments 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, (iv) significant concerns about the investee’s ability to continue as a going concern, or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we estimate the investment’s fair value and recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investment income/loss recognition and classification We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified within investment income. Unrealized gains and losses represent: (1) changes in fair value for investments in publicly traded companies; (2) changes in NAV as a practical expedient to estimate fair value for investments in privately held entities that report NAV per share; (3) observable price changes for investments in privately held entities that do not report NAV per share; and (4) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. 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 and equity method investments, if impairments are deemed other than temporary, to their estimated fair value.
Revenues	Revenues The table below provides details of our consolidated total revenues for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals 2,108,249 1,878,208 1,516,864 Other income 5,901 7,429 14,432 Total revenues $ 2,114,150 $ 1,885,637 $ 1,531,296 During the year ended December 31, 2021, revenues that were subject to the lease accounting standard aggregated $2.1 billion and represented 98.6% of our total revenues. During the year ended December 31, 2021, our total revenues also included $29.3 million, or 1.4%, subject to other accounting guidance. Our other income consisted primarily of construction management fees and interest income earned during the year ended December 31, 2021. 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 Definition and classification 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. We classify our leases as either finance leases or operating leases if we are the lessee, or sales-type, direct financing, or operating leases if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type or direct financing lease (as a lessor): (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 we meet any of the above criteria, we account for the lease as a finance, a sales-type, or a direct financing lease. If we do not meet any of the criteria, we account for the lease as an operating lease. A lease is accounted for as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease is accounted for as a direct financing lease if risks and rewards are conveyed without the transfer of control, which is normally indicated by the existence of a residual value guarantee from an unrelated third party other than the lessee. This classification will determine the method of recognition of the lease: • For an operating lease, we recognize income from rentals if we are the lessor, or rental operations expense if we are the lessee, over the term of the lease on a straight-line basis. • For a sales-type or direct financing lease, we recognize the income from rentals, or for a finance lease, we recognize rental operations expense, over the term of the lease using the effective interest method. • For a sales-type lease, if we determine the fair value of the leased property differs from its carrying amount, a gain or loss may be recognized at inception of the lease.
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. During the year ended December 31, 2021, we recognized an adjustment aggregating $4.9 million to lower our income from rentals 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 year ended December 31, 2021, we also recorded a general allowance of $3.0 million associated with the increase in our annual rental revenue during 2021 as a result of the continued growth of our operations in multiple markets. This general allowance relates to the deferred rent balances that at the portfolio level (not the individual level) are not expected to be collected in full through the lease term. As of December 31, 2021, our general allowance balance aggregated $6.8 million. Direct financing and sales-type leases Income from rentals related to our direct financing and sales-type leases 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 lease. This initial net investment is determined by aggregating the present values of the total future lease payments attributable to the lease and the estimated residual value of the property, less any unearned income related to our direct financing lease. Over the lease term, the investment in the lease accretes in value, producing a constant periodic rate of return on the net investment in the lease. Income from these leases is classified in income from rentals in our consolidated statements of operations. Our net investment is reduced over time as lease payments are received. We evaluate our net investment in the direct financing and sales-type leases for impairment under the current expected credit loss standard that we adopted on January 1, 2020. For more information, refer to the “Allowance for credit losses” section within this Note 2 to our consolidated financial statements. In July 2021, the FASB issued an ASU that will require a lessor to classify a lease with variable lease payments that do not depend on an index or a rate as an operating lease on the commencement date of the lease if both of the following criteria are met: (i) The lease would have been classified as a sales-type lease or direct financing lease under the current lease standard; and (ii) The sales-type lease or direct financing lease classification would have resulted in a selling loss at lease commencement. Under the new lease ASU, the lessor will not derecognize the underlying asset and will not recognize a loss upon lease commencement but will continue to depreciate the underlying asset over its useful life. Upon adoption of this ASU, lessors are expected to classify more of their leases as operating leases as opposed to sales-type leases or direct financing leases. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The ASU can be applied either (i) retrospectively to leases that commenced or were modified on or after the adoption of the lease accounting standard on January 1, 2019 or (ii) prospectively to leases that commence or are modified on or after the date this ASU is adopted. We adopted this ASU prospectively on January 1, 2022. Historically, s ubstantially all our leases in which we are the lessor have been operating leases; therefore, the adoption of this ASU is not expected to have a material effect on our consolidated financial statements
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 over 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, 2021 and 2020, included $23.4 million and $21.3 million, respectively, primarily related to short-term parking revenues associated with long-term lease agreements. Short-term parking revenues do not qualify for the single component accounting policy, 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. At each reporting date, we reassess our credit loss allowances on the aggregate net investment of our direct financing and sales-type leases and 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. Upon adoption of the accounting standard, we had one lease subject to this standard classified as a direct financing lease. 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, in case of the direct financing lease, the expected value of the underlying collateral upon its repossession, and, if necessary, we recognize a credit loss adjustment. 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 in our consolidated balance sheets on January 1, 2020. In addition to our direct financing and sales-type leases, 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 of 1986, as amended (the “Code”). We believe we have qualified and continue to qualify as a REIT. Qualification as a REIT involves the application of highly technical and complex provisions of the Code to our operations and financial results, and the determination of various factual matters and circumstances not entirely within our control. We believe that our current organization and method of operation comply with the rules and regulations promulgated under the Code to enable us to qualify, and continue to qualify, as a REIT. However, it is possible that we have been organized or have operated in a manner that would not allow us to qualify as a REIT, or that our future operations could cause us to fail to qualify. If we fail to qualify as a REIT in any taxable year, then we will be required to pay federal and state income taxes on our taxable income at regular corporate rates. If we lose our REIT status, then our net earnings available for investment or distribution to our stockholders will be significantly reduced for each of the years involved and we will no longer be required to make distributions to our stockholders. 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, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the 2015 through 2020 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 at their fair value 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. 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 if 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, since our adoption of the amendment during the three months ended March 31, 2020, 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.
Distributions from equity method investments	Distributions from equity method investments We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity method non-real estate investments. 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.
Restricted Cash	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, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new accounting standards	The table below provides details of our consolidated total revenues for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals 2,108,249 1,878,208 1,516,864 Other income 5,901 7,429 14,432 Total revenues $ 2,114,150 $ 1,885,637 $ 1,531,296

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Rental properties: Land (related to rental properties) $ 3,782,182 $ 2,550,571 Buildings and building improvements 16,312,402 13,364,561 Other improvements 2,109,884 1,508,776 Rental properties 22,204,468 17,423,908 Development and redevelopment of new Class A properties: Development and redevelopment projects 5,054,632 3,075,453 Future development projects 1,474,008 738,994 Gross investments in real estate 28,733,108 21,238,355 Less: accumulated depreciation (3,766,758) (3,178,024) Net investments in real estate – North America 24,966,350 18,060,331 Net investments in real estate – Asia 14,319 32,041 Investments in real estate $ 24,980,669 $ 18,092,372
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 2021 consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Development/ Redevelopment Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 10 1,870,992 1,497,877 745,209 936,455 $ 2,817,748 San Francisco Bay Area 10 1,530,830 — 595,503 — 709,050 San Diego 19 951,235 — 927,334 413,909 519,710 Maryland 5 258,000 94,256 — 595,381 80,382 Research Triangle — 1,055,000 — — — 91,000 Other 43 4,999,768 390,675 1,229,735 1,286,123 1,251,264 Year ended December 31, 2021 87 10,665,825 1,982,808 3,497,781 3,231,868 $ 5,469,154 (1) (1) 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 the timing of payment, 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, 2021 and 2020, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Acquired below-market leases $ 579,267 $ 477,377 Accumulated amortization (237,682) (189,302) $ 341,585 $ 288,075
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, 2021 was approximately 5.4 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2021 is as follows (in thousands): Year Amount 2022 $ 55,813 2023 47,836 2024 37,663 2025 31,532 2026 27,761 Thereafter 140,980 Total $ 341,585
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, 2021 and 2020 were as follows (in thousands): December 31, 2021 2020 Acquired in-place leases $ 987,213 $ 712,380 Accumulated amortization (377,341) (250,056) $ 609,872 $ 462,324
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 $146.6 million, $105.4 million, and $49.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.3 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2021 is as follows (in thousands): Year Amount 2022 $ 137,100 2023 97,299 2024 70,442 2025 56,701 2026 46,568 Thereafter 201,762 Total $ 609,872

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 50 and 60 Binney Greater Boston Cambridge/Inner Suburbs 34.0 % (3) 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 225 Binney Street Greater Boston Cambridge/Inner Suburbs 30.0 % (4) 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % 409 and 499 Illinois Street San Francisco Bay Area Mission Bay 25.0 % (3) 1500 Owens Street San Francisco Bay Area Mission Bay 25.0 % (3) 1700 Owens Street San Francisco Bay Area Mission Bay 25.0 % (3) 455 Mission Bay Boulevard South San Francisco Bay Area Mission Bay 25.0 % (3) Alexandria Technology Center ® – Gateway (5) San Francisco Bay Area South San Francisco 49.9 % 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0 % (3) 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0 % Alexandria Center ® for Life Science – Millbrae Station San Francisco Bay Area South San Francisco 40.3 % Alexandria Point (6) 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 (7) San Diego Sorrento Mesa 50.0 % Pacific Technology Park San Diego Sorrento Mesa 50.0 % (3) 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street Seattle Lake Union 30.0 % 400 Dexter Avenue North Seattle Lake Union 30.0 % (3) Unconsolidated joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (8) 1450 Research Boulevard Maryland Rockville 73.2 % (9) 101 West Dickman Street Maryland Beltsville 57.9 % (9) (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 three other consolidated joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) Refer to the “Formation of consolidated real estate joint ventures and sales of partial interest” section within this Note 4 for additional information. (4) 225 Binney Street is owned through a tenancy in common arrangement. We directly own 26.316% of the tenancy in common and a real estate joint venture owns the remaining 73.684% of the tenancy in common. We own 5% of this real estate joint venture, resulting in an aggregate ownership of 30% of this property. We determined that we are the primary beneficiary of the real estate joint venture and we consolidate this joint venture under the variable interest model. (5) Includes 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard in our South San Francisco submarket. (6) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242 Campus Point Court in our University Town Center submarket. (7) Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055 and 10065 Barnes Canyon Road in our Sorrento Mesa submarket. (8) Represents our ownership interest; our voting interest is limited to 50%. (9) Represent joint ventures with local real estate operators. Each of these joint ventures operates one office property which are expected to be redeveloped into office/lab. Our investments into 101 West Dickman Street and 1450 Research Boulevard joint ventures were $8.3 million and $4.0 million, respectively. The joint ventures each have a construction loan in place which is expected to fund future redevelopment cost; therefore, we expect minimal equity contributions to be required in the future. Our partners manage the day-to-day activities that most significantly affect the economic performance of each joint venture; therefore, we account for these investments under the equity method of accounting.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Investments in real estate $ 5,014,842 $ 3,196,215 Cash and cash equivalents 181,074 95,565 Other assets 509,281 341,524 Total assets $ 5,705,197 $ 3,633,304 Secured notes payable $ 7,991 $ — Other liabilities 269,605 183,237 Total liabilities 277,596 183,237 Redeemable noncontrolling interests — 1,731 Alexandria Real Estate Equities, Inc.’s share of equity 2,593,505 1,742,039 Noncontrolling interests’ share of equity 2,834,096 1,706,297 Total liabilities and equity $ 5,705,197 $ 3,633,304
Investment in unconsolidated real estate joint ventures	Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting as presented in our consolidated balance sheets of December 31, 2021 and 2020, consisted of the following (in thousands): December 31, Property 2021 2020 Menlo Gateway (1) $ — $ 300,622 1655 and 1725 Third Street 14,034 14,939 1450 Research Boulevard 4,455 — 101 West Dickman Street 8,481 — 704 Quince Orchard Road — 4,961 Other 11,513 11,827 $ 38,483 $ 332,349
Summary of unconsolidated real estate joint ventures loans	The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2021 (dollars in thousands): Unconsolidated Joint Venture Our Share Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance at 100% (2) 1401/1413 Research Boulevard 65.0% 12/23/24 2.70% 3.14% $ 28,500 $ 28,124 1655 and 1725 Third Street 10.0% 3/10/25 4.50% 4.57% 600,000 598,657 101 West Dickman Street 57.9% 11/10/26 SOFR + 1.95% (3) 2.81% 26,750 9,947 1450 Research Boulevard 73.2% 12/10/26 SOFR + 1.95% (3) N/A 13,000 — $ 668,250 $ 636,728 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2021. (3) This loan is subject to a fixed SOFR floor rate of 0.75%.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 are outlined in the table below (in thousands): Year Amount 2022 $ 1,539,355 2023 1,623,950 2024 1,600,255 2025 1,530,227 2026 1,464,150 Thereafter 10,131,628 Total $ 17,889,565
Net investment in direct financing and sales-type leases	The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2021 and 2020, are summarized in the table below (in thousands): December 31, 2021 2020 Gross investment in direct financing and sales-type leases $ 403,388 $ 258,751 Add: estimated unguaranteed residual value of the underlying assets 31,839 — Less: unearned income on direct financing lease (215,557) (218,072) Less: effect of discounting on sales-type leases (146,175) — Less: allowance for credit losses (2,839) (2,839) Net investment in direct financing and sales-type leases $ 70,656 $ 37,840
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable	Future lease payments to be received under the terms of our direct financing and sales-type leases as of December 31, 2021 are outlined in the table below, in aggregate (in thousands): Year Total 2022 $ 3,066 2023 3,120 2024 3,176 2025 3,371 2026 3,459 Thereafter 387,196 Total $ 403,388
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 the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2021 2020 2019 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,081,362 $ 1,854,427 $ 1,465,692 Direct financing and sales-type leases 3,489 2,469 2,421 Revenues subject to the lease accounting standard 2,084,851 1,856,896 1,468,113 Revenues subject to the revenue recognition accounting standard 23,398 21,312 48,751 Income from rentals $ 2,108,249 $ 1,878,208 $ 1,516,864
Summary of deferred leasing costs	The following table summarizes our deferred leasing costs as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Deferred leasing costs $ 857,414 $ 679,300 Accumulated amortization (454,516) (406,627) Deferred leasing costs, net $ 402,898 $ 272,673
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, 2021 is presented in the table below (in thousands): Year Total 2022 $ 48,499 2023 22,245 2024 22,478 2025 22,500 2026 22,501 Thereafter 815,064 Total future payments under our operating leases in which we are the lessee 953,287 Effect of discounting (518,542) Operating lease liability $ 434,745
Lesee operating costs	For the years ended December 31, 2021, 2020, and 2019, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross operating lease costs $ 28,598 $ 23,518 $ 19,740 Capitalized lease costs (3,167) (3,529) (1,452) Expenses for operating leases in which we are the lessee $ 25,431 $ 19,989 $ 18,288

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 361,348 $ 568,532 Restricted cash: Funds held in trust under the terms of certain secured notes payable 17,264 17,256 Funds held in escrow related to construction projects and investing activities 30,000 4,580 Other 6,615 7,337 53,879 29,173 Total $ 415,227 $ 597,705

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Cost Unrealized Carrying Amount Publicly traded companies $ 203,290 $ 280,527 $ 483,817 Entities that report NAV 385,692 444,172 829,864 Entities that do not report NAV: Entities with observable price changes 56,257 72,974 129,231 Entities without observable price changes 362,064 — 362,064 Investments accounted for under the equity method N/A N/A 71,588 Total investments $ 1,007,303 $ 797,673 1,876,564 December 31, 2020 Cost Unrealized Carrying Amount 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
Schedule of net investment income	Our investment income for the years ended December 31, 2021, 2020, and 2019 consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Realized gains $ 215,845 $ 47,288 $ 33,158 Unrealized gains 43,632 374,033 161,489 Investment income $ 259,477 $ 421,321 $ 194,647

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Acquired in-place leases $ 609,872 $ 462,324 Deferred compensation plan 38,937 31,057 Deferred financing costs – unsecured senior line of credit 19,294 24,124 Deposits 176,077 13,861 Furniture, fixtures, and equipment 26,429 31,130 Net investment in direct financing and sales-type leases 70,656 37,840 Notes receivable 13,088 3,424 Operating lease right-of-use asset 474,299 335,920 Other assets 53,985 30,620 Prepaid expenses 24,806 67,667 Property, plant, and equipment 151,375 153,614 Total $ 1,658,818 $ 1,191,581

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020. 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, 2021. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2021 $ 483,817 $ 483,817 $ — $ — As of December 31, 2020 $ 559,830 $ 559,830 $ — $ —
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, 2021 and 2020 (in thousands). These investments were measured at various times during the period from January 1, 2018 to December 31, 2021. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in privately held entities that do not report NAV As of December 31, 2021 $ 138,011 $ — $ 129,231 (1) $ 8,780 (2) As of December 31, 2020 $ 157,871 $ — $ 144,404 $ 13,467 (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 $1.9 billion in our consolidated balance sheets as of December 31, 2021. For more information, refer to Note 7 – “Investments” to our consolidated financial statements. (2) This amount is included in the $362.1 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, 2021 and 2020, the book and estimated fair values of our secured notes payable, unsecured senior notes payable, and amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands): December 31, 2021 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 205,198 $ — $ 214,097 $ — $ 214,097 Unsecured senior notes payable $ 8,316,678 $ — $ 8,995,913 $ — $ 8,995,913 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 269,990 $ — $ 269,994 $ — $ 269,994 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

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 (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 2022 2023 2024 2025 2026 Thereafter Principal Total Secured notes payable Greater Boston 4.82 % 3.40 % 2/6/24 $ 3,564 $ 3,742 $ 183,527 $ — $ — $ — $ 190,833 5,696 $ 196,529 Greater Boston (3) SOFR + 2.70 % 3.10 11/19/26 — — — — 10,002 — 10,002 (2,011) 7,991 San Francisco Bay Area 6.50 % 6.50 7/1/36 28 30 32 34 36 518 678 — 678 Secured debt weighted average interest rate/subtotal 4.74 % 3.40 3,592 3,772 183,559 34 10,038 518 201,513 3,685 205,198 Commercial paper program (4) 0.29 % (4) 0.29 (4) (4) (4) — — — 270,000 (4) — 270,000 (10) 269,990 Unsecured senior line of credit L+0.815 % (5) N/A 1/6/26 — — — — — — — — — Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — 600,000 — — 600,000 (2,934) 597,066 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — 300,000 — 300,000 (1,987) 298,013 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — 350,000 — 350,000 (2,116) 347,884 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (2,570) 347,430 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,569) 422,431 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,689) 298,311 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (3,284) 396,716 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,167) 446,833 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (7,067) 692,933 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (6,264) 743,736 Unsecured senior notes payable – green bond 2.00 % 2.12 5/18/32 — — — — — 900,000 900,000 (9,712) 890,288 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (9,701) 990,299 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,217) 296,783 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,320 710,320 Unsecured senior notes payable 3.00 % 3.08 5/18/51 — — — — — 850,000 850,000 (12,365) 837,635 Unsecured debt weighted average interest rate/subtotal 3.44 — — — 600,000 920,000 7,125,000 8,645,000 (58,332) 8,586,668 Weighted-average interest rate/total 3.44 % $ 3,592 $ 3,772 $ 183,559 $ 600,034 $ 930,038 $ 7,125,518 $ 8,846,513 $ (54,647) $ 8,791,866 (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) Relates to our real estate joint venture at 99 Coolidge Avenue, of which we own 75.0%. As of December 31, 2021, this joint venture has a $185.3 million availability under the existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. (4) Refer to footnote 2 on the next page. (5) During the year ended December 31, 2020, we achieved certain sustainability measures, as described in our unsecured senior line of credit agreement, which reduced the borrowing rate by one basis point for a one-year period.
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt and amounts outstanding under our commercial paper program as of December 31, 2021 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 195,196 $ 10,002 $ 205,198 2.3 % 3.40 % 2.2 Unsecured senior notes payable 8,316,678 — 8,316,678 94.6 3.54 12.6 Unsecured senior line of credit — — — — N/A 4.0 Commercial paper program — 269,990 269,990 3.1 0.29 (2) Total/weighted average $ 8,511,874 $ 279,992 $ 8,791,866 100.0 % 3.44 % 12.1 (2) Percentage of total debt 97 % 3 % 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, 2021 matured on January 18, 2022. 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+0.815%. As such, we calculate the weighted-average remaining term of our commercial paper by 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 is 11.9 years as of December 31, 2021. The commercial paper notes sold during the three months ended December 31, 2021 were issued at a weighted-average yield to maturity of 0.24% 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, 2021, 2020, and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Interest incurred $ 312,806 $ 297,227 $ 262,238 Capitalized interest (170,641) (125,618) (88,563) Interest expense $ 142,165 $ 171,609 $ 173,675

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Accounts payable and accrued expenses $ 513,416 $ 285,021 Accrued construction 438,866 333,271 Acquired below-market leases 341,585 288,075 Conditional asset retirement obligations 59,797 47,070 Deferred rent liabilities 12,384 4,495 Operating lease liability 434,745 345,750 Unearned rent and tenant security deposits 326,924 276,751 Other liabilities 82,693 89,399 Total $ 2,210,410 $ 1,669,832

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Net income $ 654,282 $ 827,171 $ 404,047 Net income attributable to noncontrolling interests (83,035) (56,212) (40,882) Dividends on preferred stock — — (3,204) Preferred stock redemption charge — — (2,580) Net income attributable to unvested restricted stock awards (7,848) (10,168) (6,386) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 563,399 $ 760,791 $ 350,995 Denominator for basic EPS – weighted-average shares of common stock outstanding 146,921 126,106 112,204 Dilutive effect of forward equity sales agreements 539 384 320 Denominator for diluted EPS – weighted-average shares of common stock outstanding 147,460 126,490 112,524 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.83 $ 6.03 $ 3.13 Diluted $ 3.82 $ 6.01 $ 3.12

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020, and 2019 was as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Year Ended December 31, 2021 2020 2019 2019 Ordinary income 46.3 % 65.7 % 62.4 % 64.4 % Return of capital — 13.2 3.2 — Capital gains at 25% 3.8 — 2.2 2.2 Capital gains at 20% 49.9 21.1 32.2 33.4 Total 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.48 $ 4.24 $ 4.00 $ 1.3125 (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 with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2020 and 2019 (in thousands and unaudited): Year Ended December 31, 2020 2019 Net income $ 827,171 $ 404,047 Net income attributable to noncontrolling interests (56,212) (40,882) Book/tax differences: Rental revenue recognition (165,091) (132,979) Depreciation and amortization 220,046 177,627 Share-based compensation 30,695 30,756 Interest expense (21,174) (13,687) Sales of property (69,048) 66,717 Impairments 40,398 12,334 Non-real estate investment income (377,820) (96,353) Other 22,315 7,565 Taxable income before dividend deduction 451,280 415,145 Dividend deduction necessary to eliminate taxable income (1) (451,280) (415,145) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $533.0 million and $451.2 million during the years ended December 31, 2020 and 2019, respectively.

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020, and 2019: Number of Share Awards Weighted-Average 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 Granted 740,920 $ 174.32 Vested (709,737) $ 131.54 Forfeited (33,003) $ 99.55 Outstanding at December 31, 2021 1,823,460 $ 150.89 Year Ended December 31, (In thousands) 2021 2020 2019 Total grant date fair value of stock awards vested $ 93,359 $ 79,578 $ 64,530 Total gross compensation recognized for stock awards $ 94,748 $ 80,651 $ 68,036 Capitalized stock compensation $ 46,079 $ 37,149 $ 24,396

Assets Classified As Held for_2

Assets Classified As Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2021 2020 Total assets $ 17,749 $ 117,879 Total liabilities (1,083) (33,081) Total accumulated other comprehensive loss (1,750) (841) Net assets classified as held for sale $ 14,916 $ 83,957

Organization and basis of pre_2

Organization and basis of presentation (Details) $ in Millions	Dec. 31, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Market capitalization	$ 44,000
Asset base	$ 67

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
Accounting policies
Maximum expected period of sale of property (in years)	1 year
Cost method investment ownership percentage	10.00%
Percentage of total revenues	98.60%
Revenue with customer, asset, adjustment to allowance for credit loss	$ 4,900
Contract with customer, asset, allowance for credit loss, current	3,000
Contract with customer, asset, allowance for credit loss	6,800
Direct financing lease, net investment in lease, allowance for credit loss	2,800			$ 2,200
Credit loss related to trade receivables	$ 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	$ 2,081,362	$ 1,854,427	$ 1,465,692
Direct financing and sales-type leases	3,489	2,469	2,421
Income from rentals	2,114,150	1,885,637	1,531,296
Revenues subject to the lease accounting standard	2,084,851	1,856,896	1,468,113
Income from rentals
Income from rentals
Income from rentals	2,108,249	1,878,208	1,516,864
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard	23,398	21,312	48,751
Other income
Income from rentals
Income from rentals	$ 5,901	7,429	$ 14,432
Revenues subject to other accounting guidance
Accounting policies
Percentage of total revenues	1.40%
Income from rentals
Income from rentals	$ 29,300
Canada
Accounting policies
Number of real estate properties | property	6
China
Accounting policies
Number of real estate properties | property	1
Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Accounting policies
Receivables from revenue transactions within scope of revenue recognition	$ 16,100
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenues subject to the revenue recognition accounting standard	$ 23,400	$ 21,300
Maximum | Buildings and building improvements
Accounting policies
Estimated useful life	40 years
Maximum | Land improvements
Accounting policies
Estimated useful life	20 years

Investments in real estate - Sc

Investments in real estate - Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Investments in real estate	$ 24,980,669	$ 18,092,372
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	3,782,182	2,550,571
Buildings and building improvements	16,312,402	13,364,561
Other improvements	2,109,884	1,508,776
Rental properties	22,204,468	17,423,908
Development and redevelopment projects	5,054,632	3,075,453
Future development projects	1,474,008	738,994
Gross investments in real estate	28,733,108	21,238,355
Less: accumulated depreciation	(3,766,758)	(3,178,024)
Investments in real estate	24,966,350	18,060,331
Asia
Real Estate Properties [Line Items]
Investments in real estate	$ 14,319	$ 32,041

Investments in real estate - Ac

Investments in real estate - Acquisitions (Details) $ in Thousands	Mar. 25, 2021USD ($)	Jan. 31, 2022USD ($)ft²	Dec. 31, 2021USD ($)ft²property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Purchase Price | $			$ 5,434,652	$ 2,570,693	$ 2,259,778
Weighted average remaining amortization period, acquired in-place and below-market leases			9 years 1 month 6 days
Repayments of Secured Debt | $			$ 17,979	$ 84,104	$ 306,199
704 Quince Orchard Road
Business Acquisition [Line Items]
Area of Real Estate Property			80,032
Purchase Price | $	$ 9,400
Repayments of Secured Debt | $	$ 14,600
704 Quince Orchard Road | Alexandria
Business Acquisition [Line Items]
Noncontrolling interest share (in percentage)	43.20%
Equity Method Investee | 704 Quince Orchard Road
Business Acquisition [Line Items]
Equity interest percentage (in percent)				56.80%
Acquired-in-Place Leases
Business Acquisition [Line Items]
Acquired in-place and below-market leases through acquisitions | $			$ 306,900
Weighted average remaining amortization period, acquired in-place and below-market leases			8 years 9 months 18 days
Acquired below-market leases
Business Acquisition [Line Items]
Acquired in-place and below-market leases through acquisitions | $			$ 120,200
Weighted average remaining amortization period, acquired in-place and below-market leases			9 years 8 months 12 days
Greater Boston
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			10
Purchase Price | $			$ 2,817,748
Greater Boston | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			1,870,992
Greater Boston | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			1,497,877
Greater Boston | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			745,209
Greater Boston | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			936,455
San Francisco Bay Area
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			10
Purchase Price | $			$ 709,050
San Francisco Bay Area | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			1,530,830
San Francisco Bay Area | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			0
San Francisco Bay Area | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			595,503
San Francisco Bay Area | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			0
San Diego
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			19
Purchase Price | $			$ 519,710
San Diego | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			951,235
San Diego | Active development/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			927,334
San Diego | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			413,909
Maryland
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			5
Purchase Price | $			$ 80,382
Maryland | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			258,000
Maryland | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			94,256
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			595,381
Research Triangle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			0
Purchase Price | $			$ 91,000
Research Triangle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			1,055,000
Research Triangle | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			0
Research Triangle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			0
Research Triangle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			0
Other markets
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			43
Purchase Price | $			$ 1,251,264
Other markets | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			4,999,768
Other markets | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			390,675
Other markets | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			1,229,735
Other markets | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			1,286,123
North America
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property			87
Area of Real Estate Property			38,800,000
Purchase Price | $			$ 5,469,154
North America | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property		4,500,000
Purchase Price | $		$ 1,200,000
North America | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			10,665,825
North America | Future development | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property		4,100,000
North America | Active development/redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			1,982,808
North America | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			3,497,781
North America | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			3,231,868
North America | Operating property | Subsequent Event
Business Acquisition [Line Items]
Area of Real Estate Property		381,760

Investments in real estate - _2

Investments in real estate - Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired below-market leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 57,700	$ 57,800	$ 30,300
Weighted average amortization period	5 years 4 months 24 days
Values of acquired leases
Value of intangible assets, gross	$ 579,267	477,377
Accumulated amortization	(237,682)	(189,302)
Value of intangible assets, net	341,585	288,075
Estimated annual amortization
2022	55,813
2023	47,836
2024	37,663
2025	31,532
2026	27,761
Thereafter	140,980
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 146,600	105,400	$ 49,100
Weighted average amortization period	8 years 3 months 18 days
Values of acquired leases
Value of intangible assets, gross	$ 987,213	712,380
Accumulated amortization	(377,341)	(250,056)
Value of intangible assets, net	609,872	$ 462,324
Estimated annual amortization
2022	137,100
2023	97,299
2024	70,442
2025	56,701
2026	46,568
Thereafter	$ 201,762

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
	Dec. 31, 2021USD ($)ft²	Dec. 31, 2021USD ($)ft²	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Impairment of real estate					$ 52,675,000	$ 48,078,000	$ 12,334,000
Long-term Debt	$ 8,791,866,000	$ 8,791,866,000			8,791,866,000
Equity Method Investee
Real Estate Properties [Line Items]
Long-term Debt	$ 636,728,000	$ 636,728,000			$ 636,728,000
2301 5th Avenue
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	197,135	197,135			197,135
Proceeds from Sale of Real Estate	$ 118,700,000
Proceeds from Sale of Real Estate (Per RSF)	602
Gain (Loss) on Sale of Properties	$ 23,200,000
Menlo Gateway | Equity Method Investee
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	772,983	772,983			772,983
Proceeds from Sale of Real Estate		$ 397,900,000
Gain (Loss) on Sale of Properties					$ 101,100,000
Equity interest percentage (in percent)	49.00%	49.00%			49.00%
Contractual Sales Price of Real Estate		$ 541,500,000
Long-term Debt	$ 143,600,000	$ 143,600,000			$ 143,600,000
San Francisco Bay Area
Real Estate Properties [Line Items]
Impairment of real estate			$ 22,500,000
Other markets
Real Estate Properties [Line Items]
Impairment of real estate			18,600,000
San Francisco Bay Area and Seattle
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate			73,100,000
Gain (Loss) on Sale of Properties			$ (435,000)
Impairment of real estate				$ 6,900,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	1 Months Ended					12 Months Ended
	Dec. 31, 2021USD ($)ft²	Oct. 31, 2021USD ($)ft²	Aug. 31, 2021USD ($)ft²	Jul. 31, 2021USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2021
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests						$ 2,147,061,000	$ 717,158,000	$ 1,134,939,000
Contributions from and sales of noncontrolling interests						2,026,486,000	367,613,000	1,022,712,000
Payments to Noncontrolling Interests						$ 118,891,000	88,805,000	48,225,000
50 and 60 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	34.00%					34.00%
Contributions from and sales of noncontrolling interests	$ 782,300,000
Proceeds from sale of real estate, per RSF	$ 2,226
75/125 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	40.00%					40.00%
225 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	30.00%					30.00%
225 Binney Street | Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)	26.316%					26.316%
225 Binney Street | Tenancy in Common
Schedule of Equity Method Investments
Equity interest percentage (in percent)	73.684%					73.684%
99 Coolidge Avenue
Schedule of Equity Method Investments
Equity interest percentage (in percent)	75.00%					75.00%
409/499 Illinois Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	25.00%	25.00%				25.00%			35.00%
Proceeds from Sale of Real Estate		$ 495,600,000
Contributions from and sales of noncontrolling interests		$ 231,000,000
1500 Owens Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	25.00%	25.00%				25.00%			25.10%
Proceeds from Sale of Real Estate		$ 130,500,000
Contributions from and sales of noncontrolling interests		$ 43,700,000
1700 Owens Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	25.00%					25.00%
Contributions from and sales of noncontrolling interests	$ 381,400,000
Proceeds from sale of real estate, per RSF	$ 1,295
455 Mission Bay Boulevard South
Schedule of Equity Method Investments
Equity interest percentage (in percent)	25.00%					25.00%
Contributions from and sales of noncontrolling interests	$ 381,400,000
Proceeds from sale of real estate, per RSF	$ 1,295
Alexandria Technology Center - Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	49.90%					49.90%
213 East Grand Avenue
Schedule of Equity Method Investments
Equity interest percentage (in percent)	30.00%					30.00%
Contributions from and sales of noncontrolling interests					$ 301,000,000
Proceeds from sale of real estate, per RSF					1,429
500 Forbes Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10.00%					10.00%
Alexandria Center for Life Science – Millbrae Station
Schedule of Equity Method Investments
Equity interest percentage (in percent)	40.30%					40.30%
Alexandria Point
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%
Pacific Technology Park
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			544,352
Equity interest percentage (in percent)	50.00%		50.00%			50.00%
Payments to Noncontrolling Interests			$ 85,800,000
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	30.00%					30.00%
400 Dexter Avenue North
Schedule of Equity Method Investments
Equity interest percentage (in percent)	30.00%					30.00%
Contributions from and sales of noncontrolling interests				$ 254,800,000
Proceeds from sale of real estate, per RSF				1,255
9444 Waples Street
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			88,380
Contributions from and sales of noncontrolling interests			$ 11,500,000
Proceeds from sale of real estate, per RSF			$ 260
Equity Method Investee | 1655 and 1715 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10.00%					10.00%
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²	90,000					90,000
Equity interest percentage (in percent)	65.00%					65.00%
Equity Method Investee | 1450 Research Boulevard
Schedule of Equity Method Investments
Area of Real Estate Property | ft²		42,679
Equity interest percentage (in percent)		73.20%
Equity Method Investee | 101 West Dickman Street
Schedule of Equity Method Investments
Area of Real Estate Property | ft²		135,423
Equity interest percentage (in percent)		57.90%
Additional Paid-In Capital
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests						$ 989,393,000	267,432,000	381,162,000
Additional Paid-In Capital | 50 and 60 Binney Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	$ 457,500,000
Additional Paid-In Capital | 409/499 Illinois Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests		$ 92,400,000
Additional Paid-In Capital | 1500 Owens Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests		$ 21,300,000
Additional Paid-In Capital | 1700 Owens Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	221,900,000
Additional Paid-In Capital | 455 Mission Bay Boulevard South
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	$ 221,900,000
Additional Paid-In Capital | 213 East Grand Avenue
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests					$ 103,700,000
Additional Paid-In Capital | 400 Dexter Avenue North
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests				$ 95,500,000
Noncontrolling Interests
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests						1,157,668,000	449,726,000	$ 753,777,000
Payments to Noncontrolling Interests						$ 112,400,000	$ 87,300,000
Noncontrolling Interests | 50 and 60 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)	66.00%					66.00%
Noncontrolling Interests | 409/499 Illinois Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)		75.00%							40.00%
Noncontrolling Interests | 1500 Owens Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)		75.00%							49.90%
Noncontrolling Interests | 1700 Owens Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)	75.00%					75.00%
Noncontrolling Interests | 455 Mission Bay Boulevard South | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)	75.00%					75.00%
Noncontrolling Interests | 213 East Grand Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)					70.00%
Noncontrolling Interests | Pacific Technology Park | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)			50.00%						50.00%
Noncontrolling Interests | 400 Dexter Avenue North | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest share (in percentage)				70.00%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments in real estate	$ 24,980,669	$ 18,092,372
Cash and cash equivalents	361,348	568,532
Other assets	1,658,818	1,191,581
Total assets	30,219,373	22,827,878
Secured notes payable	205,198	230,925
Total liabilities	11,186,123	9,384,100
Redeemable noncontrolling interests	9,612	11,342
Alexandria Real Estate Equities, Inc.'s share of equity	16,189,542	11,725,712
Noncontrolling interests’ share of equity	2,834,096	1,706,724
Total liabilities and equity	30,219,373	22,827,878
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	5,014,842	3,196,215
Cash and cash equivalents	181,074	95,565
Other assets	509,281	341,524
Total assets	5,705,197	3,633,304
Secured notes payable	7,991	0
Other liabilities	269,605	183,237
Total liabilities	277,596	183,237
Redeemable noncontrolling interests	0	1,731
Alexandria Real Estate Equities, Inc.'s share of equity	2,593,505	1,742,039
Noncontrolling interests’ share of equity	2,834,096	1,706,297
Total liabilities and equity	$ 5,705,197	$ 3,633,304

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2021USD ($)ft²	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			$ 38,483,000		$ 38,483,000	$ 332,349,000
Impairment of real estate					$ 52,675,000	48,078,000	$ 12,334,000
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period			3.44%		3.44%
Long-term Debt			$ 8,791,866,000		$ 8,791,866,000
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Debt instrument, borrowing capacity			668,250,000		668,250,000
Long-term Debt			636,728,000		636,728,000
Menlo Gateway | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			0		$ 0	300,622,000
Proceeds from Sale of Real Estate			397,900,000
Proceeds from sale of real estate, per RSF			1,430
Contractual Sales Price of Real Estate			$ 541,500,000
Area of Real Estate Property | ft²			772,983		772,983
Equity interest percentage (in percent)			49.00%		49.00%
Unconsolidated Real Estate Joint Venture Debt
Long-term Debt			$ 143,600,000		$ 143,600,000
1655 and 1715 Third Street | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			$ 14,034,000		$ 14,034,000	14,939,000
Equity interest percentage (in percent)			10.00%		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%		4.50%
Weighted Average Interest Rate at End of Period			4.57%		4.57%
Debt instrument, borrowing capacity			$ 600,000,000		$ 600,000,000
Long-term Debt			598,657,000		598,657,000
1450 Research Boulevard | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			4,455,000		$ 4,455,000	0
Area of Real Estate Property | ft²	42,679
Equity interest percentage (in percent)	73.20%
Payments to Acquire Interest in Joint Venture	$ 4,000,000
1450 Research Boulevard | Equity Method Investee | Secured debt maturing on 12/10/26
Unconsolidated Real Estate Joint Venture Debt
Maturity date					Dec. 10, 2026
Debt instrument, borrowing capacity			13,000,000		$ 13,000,000
Long-term Debt			$ 0		$ 0
1450 Research Boulevard | Equity Method Investee | Secured debt maturing on 12/10/26 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Unconsolidated Real Estate Joint Venture Debt
Stated interest rate (as a percent)			1.95%		1.95%
101 West Dickman Street | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			$ 8,481,000		$ 8,481,000	0
Area of Real Estate Property | ft²	135,423
Equity interest percentage (in percent)	57.90%
Payments to Acquire Interest in Joint Venture	$ 8,300,000
101 West Dickman Street | Equity Method Investee | Secured debt maturing on 11/10/26
Unconsolidated Real Estate Joint Venture Debt
Maturity date					Nov. 10, 2026
Weighted Average Interest Rate at End of Period			2.81%		2.81%
Debt instrument, borrowing capacity			$ 26,750,000		$ 26,750,000
Long-term Debt			$ 9,947,000		$ 9,947,000
101 West Dickman Street | Equity Method Investee | Secured debt maturing on 11/10/26 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Unconsolidated Real Estate Joint Venture Debt
Stated interest rate (as a percent)			1.95%		1.95%
704 Quince Orchard Road
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			80,032		80,032
704 Quince Orchard Road | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			$ 0		$ 0	$ 4,961,000
Equity interest percentage (in percent)						56.80%
1401/1413 Research Boulevard | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures		$ 0		$ 0
Impairment of real estate				$ 7,600,000
Area of Real Estate Property | ft²			90,000		90,000
Equity interest percentage (in percent)			65.00%		65.00%
Payments to Acquire Interest in Joint Venture		$ 578,000
1401/1413 Research Boulevard | Equity Method Investee | Secured debt maturing on 12/23/24
Unconsolidated Real Estate Joint Venture Debt
Maturity date					Dec. 23, 2024
Stated interest rate (as a percent)			2.70%		2.70%
Weighted Average Interest Rate at End of Period			3.14%		3.14%
Debt instrument, borrowing capacity			$ 28,500,000		$ 28,500,000
Long-term Debt			28,124,000		28,124,000
Other unconsolidated real estate joint ventures | Equity Method Investee
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures			$ 11,513,000		$ 11,513,000	$ 11,827,000

Leases Lessor (Details)

Leases Lessor (Details) $ in Thousands, ft² in Millions	Oct. 01, 2017	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
Operating Lease
Land parcel subject to lease agreement that contains a purchase option		2
Rent Commence Date	Oct. 1, 2017
Lessee Option to Purchase Underlying Asset		30
Operating Leases, Future Minimum Payments Receivable [Abstract]
2022		$ 1,539,355
2023		1,623,950
2024		1,600,255
2025		1,530,227
2026		1,464,150
Thereafter		10,131,628
Total		$ 17,889,565
Direct Financing and Sales-Type Lease
Direct financing lease, remaining lease term		70 years 10 months 24 days
Lessee Option to Purchase Underlying Asset		30
Sales-Type Lease, Net Investment in Lease, before Allowance for Credit Loss		$ 32,100
Sales-type lease, remaining lease term		87 years 10 months 24 days
Direct financing lease, net investment in lease, allowance for credit loss		$ 2,800			$ 2,200
Sales-type Lease, Allowance for Credit Loss		0
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease		403,388	$ 258,751
Add: estimated unguaranteed residual value of the underlying assets		31,839	0
Less: unearned income on direct financing lease		(215,557)	(218,072)
Less: effect of discounting on sales-type leases		(146,175)	0
Less: allowance for credit losses		(2,839)	(2,839)
Net investment in direct financing and sales-type leases		70,656	37,840
Net investment in direct financing lease		38,600	37,840
Direct Financing Leases, Future Minimum Payments Receivable
2022		3,066
2023		3,120
2024		3,176
2025		3,371
2026		3,459
Thereafter		387,196
Income from rentals
Operating leases		2,081,362	1,854,427	$ 1,465,692
Direct financing and sales-type leases		3,489	2,469	2,421
Revenues subject to the lease accounting standard		2,084,851	1,856,896	1,468,113
Income from rentals		2,114,150	1,885,637	1,531,296
Deferred Costs, Leasing, Net
Deferred leasing costs		857,414	679,300
Accumulated amortization		(454,516)	(406,627)
Deferred leasing costs, net		$ 402,898	272,673
Minimum
Operating Lease
Lessee Option to Purchase Underlying Asset		15
Direct Financing and Sales-Type Lease
Lessee Option to Purchase Underlying Asset		15
Maximum
Operating Lease
Lessee Option to Purchase Underlying Asset		74.5
Direct Financing and Sales-Type Lease
Lessee Option to Purchase Underlying Asset		74.5
North America
Lessor, Lease, Description [Line Items]
Number of real estate properties		414
Area of Real Estate Property | ft²		38.8
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining Lease Term		70 years 10 months 24 days
Income from rentals
Income from rentals
Income from rentals		$ 2,108,249	1,878,208	1,516,864
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard		$ 23,398	$ 21,312	$ 48,751

Leases Lessee (Details)

Leases Lessee (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Ground and Operating Lease Obligation Due	$ 953,300
Operating lease right-of-use asset	$ 474,300
Operating lease discount rate	4.57%
Number of Properties Subject to Ground Leases | property	39
Net book value for the exclusion of one ground lease related to one operating property	$ 6,900
Operating Lease Obligation Remaining Lease Term	14 years
Operating lease costs - cash rents	$ 24,700	$ 20,800	$ 17,700
Operating Lease Liabilities, Payment Due
2022	48,499
2023	22,245
2024	22,478
2025	22,500
2026	22,501
Thereafter	815,064
Total future payments under our operating leases in which we are the lessee	953,287
Effect of discounting	(518,542)
Lessee operating costs
Gross operating lease costs	28,598	23,518	19,740
Capitalized lease costs	(3,167)	(3,529)	(1,452)
Expenses for operating leases in which we are lessee	25,431	19,989	$ 18,288
Accounts Payable and Accrued Liabilities
Lessee, Lease, Description [Line Items]
Operating lease liability	434,745	345,750
Operating Lease Liabilities, Payment Due
Operating lease liability	$ 434,745	$ 345,750
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	32 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	93 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	42 years

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 361,348	$ 568,532
Restricted cash	53,879	29,173
Cash, cash equivalents, and restricted cash	415,227	597,705	$ 242,689	$ 272,130
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents [Line Items]
Restricted cash	17,264	17,256
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	30,000	4,580
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 6,615	$ 7,337

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investment in privately held entities that do not report NAV, downward price adjustment	$ (1,300)
Investments in privately held entities that do not report NAV, cumulative impairment loss	(41,800)
Unrealized gains	43,632	$ 374,033	$ 161,489
Investment commitments	$ 391,000
Limited Partnership Maximum Expiration Terms	11 years
Weighted-average remaining liquidation term (in years)	5 years 2 months 12 days
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 1,007,303	835,438
Cumulative unrealized gains (losses) on investments	797,673	775,676
Investments accounted for under the equity method	71,588
Total investments held at adjusted carrying value or fair value	1,876,564
Total investments	1,876,564	1,611,114
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	203,290	208,754
Cumulative unrealized gains (losses) on investments	280,527	351,076
Investment at fair value, book value	483,817	559,830
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Investment commitments	$ 358,000
Weighted-average remaining liquidation term (in years)	9 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 385,692	334,341
Cumulative unrealized gains (losses) on investments	444,172	327,741
Investment at fair value, book value	829,864	662,082
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	31,200
Investment in privately held entities that do not report NAV, upward price adjustment	74,300
Annual adjustments recognized on investments in privately held entities that do not report NAV	(33,300)	3,100	(12,700)
Investments in privately held entities that do not report NAV, annual upward price adjustment	32,700	36,700	5,200
Investments in privately held entities that do not report NAV, annual downward price adjustment	(66,000)	(33,600)	(18,000)
Summary of Investment [Abstract]
Investment at fair value, cost	56,257	47,545
Cumulative unrealized gains (losses) on investments	72,974	96,859
Investment in privately held entities that do not report fair value, book value	129,231	144,404
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	362,064	244,798
Cumulative unrealized gains (losses) on investments	0	0
Investment in privately held entities that do not report fair value, book value	362,064	244,798
Total investments held
Schedule of Investments [Line Items]
Unrealized gains	$ 109,400	$ 392,700	$ 184,600

Investments - Investment Income

Investments - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income
Realized gains	$ 215,845	$ 47,288	$ 33,158
Unrealized gains	43,632	374,033	161,489
Investment income	259,477	421,321	194,647
Income from equity method investments	12,255	8,148	10,136
Equity Method Investments
Net Investment Income
Income from equity method investments	19,700
Total investments held
Net Investment Income
Unrealized gains	$ 109,400	$ 392,700	$ 184,600

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Line Items]
Acquired in-place leases	$ 609,872	$ 462,324
Deferred compensation plan	38,937	31,057
Deferred financing costs – unsecured senior line of credit	19,294	24,124
Deposits	176,077	13,861
Furniture, fixtures, and equipment	26,429	31,130
Net investment in direct financing and sales-type leases	70,656	37,840
Notes receivable	13,088	3,424
Operating lease right-of-use asset	474,300
Other assets	53,985	30,620
Prepaid expenses	24,806	67,667
Property, plant, and equipment	151,375	153,614
Other assets	1,658,818	1,191,581
Other Assets
Other Assets [Line Items]
Operating lease right-of-use asset	$ 474,299	$ 335,920

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
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	$ 1,876,564	$ 1,611,114
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	483,817	559,830
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	483,817	559,830
Investments in publicly traded companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | 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	483,817	559,830
Investments in publicly traded companies | Significant Other Observable Inputs (Level 2) | 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	0	0
Investments in publicly traded companies | Significant Unobservable Inputs (Level 3) | 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	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	829,864	662,082
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	362,064	244,798
Investments in privately held entities that do not report NAV | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
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	138,011	157,871
Investments in privately held entities that do not report NAV | Quoted Prices in Active Markets for Identical Assets (Level 1) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
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	0
Investments in privately held entities that do not report NAV | Significant Other Observable Inputs (Level 2) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
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	129,231	144,404
Investments in privately held entities that do not report NAV | Significant Unobservable Inputs (Level 3) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
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	$ 8,780	$ 13,467

Fair value measurements - Book

Fair value measurements - Book and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	$ 205,198	$ 230,925
Unsecured senior notes payable	8,316,678	7,232,370
Unsecured senior line of credit and commercial paper	269,990	99,991
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	205,198	230,925
Unsecured senior notes payable	8,316,678	7,232,370
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	269,990	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	0
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	214,097	249,782
Unsecured senior notes payable, fair value disclosure	8,995,913	8,447,845
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	269,994	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	0
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	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	214,097	249,782
Unsecured senior notes payable, fair value disclosure	8,995,913	8,447,845
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	269,994	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	0
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	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) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Effective rate (as a percent)	3.44%
Future principal payments due on secured and unsecured debt
2022	$ 3,592
2023	3,772
2024	183,559
2025	600,034
2026	930,038
Thereafter	7,125,518
Outstanding Balance	8,846,513
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(54,647)
Total Consolidated	$ 8,791,866
Secured notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.74%
Effective rate (as a percent)	3.40%
Future principal payments due on secured and unsecured debt
2022	$ 3,592
2023	3,772
2024	183,559
2025	34
2026	10,038
Thereafter	518
Outstanding Balance	201,513
Unamortized Discount (Premium) and Debt Issuance Costs, Net	3,685
Total Consolidated	$ 205,198
Secured notes payable maturing on 2/6/24
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.82%
Effective rate (as a percent)	3.40%
Maturity date	Feb. 6, 2024
Future principal payments due on secured and unsecured debt
2022	$ 3,564
2023	3,742
2024	183,527
2025	0
2026	0
Thereafter	0
Outstanding Balance	190,833
Unamortized Discount (Premium) and Debt Issuance Costs, Net	5,696
Total Consolidated	$ 196,529
Secured notes payable maturing on 11/19/26
Debt Instrument [Line Items]
Effective rate (as a percent)	3.10%
Maturity date	Nov. 19, 2026
Debt instrument, borrowing capacity	$ 185,300
Future principal payments due on secured and unsecured debt
2022	0
2023	0
2024	0
2025	0
2026	10,002
Thereafter	0
Outstanding Balance	10,002
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,011)
Total Consolidated	$ 7,991
Secured notes payable maturing on 11/19/26 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin (as a percent)	2.70%
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.50%
Effective rate (as a percent)	6.50%
Maturity date	Jul. 1, 2036
Future principal payments due on secured and unsecured debt
2022	$ 28
2023	30
2024	32
2025	34
2026	36
Thereafter	518
Outstanding Balance	678
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0
Total Consolidated	$ 678
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)	3.44%
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	600,000
2026	920,000
Thereafter	7,125,000
Outstanding Balance	8,645,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(58,332)
Total Consolidated	$ 8,586,668
Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date	Jan. 6, 2026
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Outstanding Balance	0
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0
Total Consolidated	$ 0
Unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.815%
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%
Effective rate (as a percent)	3.62%
Maturity date	Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	600,000
2026	0
Thereafter	0
Outstanding Balance	600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,934)
Total Consolidated	$ 597,066
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.30%
Effective rate (as a percent)	4.50%
Maturity date	Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	300,000
Thereafter	0
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,987)
Total Consolidated	$ 298,013
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.80%
Effective rate (as a percent)	3.96%
Maturity date	Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	350,000
Thereafter	0
Outstanding Balance	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,116)
Total Consolidated	$ 347,884
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%
Effective rate (as a percent)	4.13%
Maturity date	Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	350,000
Outstanding Balance	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,570)
Total Consolidated	$ 347,430
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%
Effective rate (as a percent)	4.07%
Maturity date	Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	425,000
Outstanding Balance	425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,569)
Total Consolidated	$ 422,431
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%
Effective rate (as a percent)	4.60%
Maturity date	Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,689)
Total Consolidated	$ 298,311
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%
Effective rate (as a percent)	2.87%
Maturity date	Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	400,000
Outstanding Balance	400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,284)
Total Consolidated	$ 396,716
4.70% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%
Effective rate (as a percent)	4.81%
Maturity date	Jul. 1, 2030
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	450,000
Outstanding Balance	450,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,167)
Total Consolidated	$ 446,833
4.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.90%
Effective rate (as a percent)	5.05%
Maturity date	Dec. 15, 2030
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	700,000
Outstanding Balance	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,067)
Total Consolidated	$ 692,933
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%
Effective rate (as a percent)	3.48%
Maturity date	Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	750,000
Outstanding Balance	750,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(6,264)
Total Consolidated	$ 743,736
2.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.00%
Effective rate (as a percent)	2.12%
Maturity date	May 18, 2032
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	900,000
Outstanding Balance	900,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(9,712)
Total Consolidated	$ 890,288
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.875%
Effective rate (as a percent)	1.97%
Maturity date	Feb. 1, 2033
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	1,000,000
Outstanding Balance	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(9,701)
Total Consolidated	$ 990,299
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.85%
Effective rate (as a percent)	4.93%
Maturity date	Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,217)
Total Consolidated	$ 296,783
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%
Effective rate (as a percent)	3.91%
Maturity date	Feb. 1, 2050
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	700,000
Outstanding Balance	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	10,320
Total Consolidated	$ 710,320
3.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.00%
Effective rate (as a percent)	3.08%
Maturity date	May 18, 2051
Future principal payments due on secured and unsecured debt
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	850,000
Outstanding Balance	850,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(12,365)
Total Consolidated	$ 837,635
Commercial paper program
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.29%
Effective rate (as a percent)	0.29%
Maturity date	Jan. 18, 2022
Future principal payments due on secured and unsecured debt
2023	$ 0
2024	0
2025	0
2026	270,000
Thereafter	0
Outstanding Balance	270,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(10)
Total Consolidated	$ 269,990

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Fixed rate debt	$ 8,511,874	$ 8,511,874
Variable-rate debt	279,992	279,992
Total Consolidated	$ 8,791,866	$ 8,791,866
Percentage of Total	100.00%	100.00%
Weighted Average Interest Rate at End of Period	3.44%	3.44%
Weighted Average Remaining Terms (in years)		12 years 1 month 6 days
Percentage of fixed rate to total debt	97.00%	97.00%
Percentage of variable-rate to total debt	3.00%	3.00%
Debt Instrument, Weighted Average Remaining Period Including Commercial Paper		11 years 10 months 24 days
Secured notes payable
Debt Instrument [Line Items]
Fixed rate debt	$ 195,196	$ 195,196
Variable-rate debt	10,002	10,002
Total Consolidated	$ 205,198	$ 205,198
Percentage of Total	2.30%	2.30%
Weighted Average Interest Rate at End of Period	3.40%	3.40%
Weighted Average Remaining Terms (in years)		2 years 2 months 12 days
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate debt	$ 8,316,678	$ 8,316,678
Variable-rate debt	0	0
Total Consolidated	$ 8,316,678	$ 8,316,678
Percentage of Total	94.60%	94.60%
Weighted Average Interest Rate at End of Period	3.54%	3.54%
Weighted Average Remaining Terms (in years)		12 years 7 months 6 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)		4 years
Maturity date		Jan. 6, 2026
Unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)		0.815%
Commercial paper program
Debt Instrument [Line Items]
Fixed rate debt	$ 0	$ 0
Variable-rate debt	269,990	269,990
Total Consolidated	$ 269,990	$ 269,990
Percentage of Total	3.10%	3.10%
Weighted Average Interest Rate at End of Period	0.29%	0.29%
Weighted Average Remaining Terms (in years)		12 days
Maturity date		Jan. 18, 2022
Weighted-average yield to maturity, commercial paper	0.24%
Commercial paper program | Maximum
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	Mar. 12, 2021	Feb. 10, 2021	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Balance				$ 8,846,513
Loss on early extinguishment of debt				67,253	$ 60,668	$ 47,570
Total issuance of unsecured senior notes in Feb 2021
Debt Instrument [Line Items]
Total issuance of unsecured senior notes			$ 1,750,000
Weighted Average Effective Interest Rate			2.49%
Weighted average maturity years			20 years 4 months 24 days
2.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance				$ 900,000
Stated interest rate (as a percent)				2.00%
3.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance				$ 850,000
Stated interest rate (as a percent)				3.00%
4.00% unsecured senior note payable
Debt Instrument [Line Items]
Outstanding Balance			$ 650,000
Stated interest rate (as a percent)			4.00%
Cash tender offer settlement date		Feb. 10, 2021
Unsecured senior notes payable redemption date	Mar. 12, 2021
Loss on early extinguishment of debt				$ (67,200)

Commercial paper program (Detai

Commercial paper program (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 8,846,513
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance	1,500,000
Outstanding Balance	$ 270,000
Maximum | Commercial paper program
Debt Instrument [Line Items]
Number of maturity days from date of issuance	397

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Costs Incurred [Abstract]
Gross interest	$ 312,806	$ 297,227	$ 262,238
Capitalized interest	(170,641)	(125,618)	(88,563)
Interest Expense	$ 142,165	$ 171,609	$ 173,675

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts payable, accrued expenses, and other liabilities [Line Items]
Accounts payable and accrued expenses	$ 513,416	$ 285,021
Accrued construction	438,866	333,271
Acquired below-market leases	341,585	288,075
Conditional asset retirement obligations	59,797	47,070
Deferred rent liabilities	12,384	4,495
Unearned rent and tenant security deposits	326,924	276,751
Other liabilities	82,693	89,399
Accounts Payable and Accrued Liabilities	2,210,410	1,669,832
Accounts Payable and Accrued Liabilities
Accounts payable, accrued expenses, and other liabilities [Line Items]
Operating lease liability	$ 434,745	$ 345,750

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of basic and diluted EPS
Net income	$ 654,282	$ 827,171	$ 404,047
Net income attributable to noncontrolling interests	(83,035)	(56,212)	(40,882)
Dividends on preferred stock	0	0	(3,204)
Preferred stock redemption charge	0	0	(2,580)
Net income attributable to unvested restricted stock awards	(7,848)	(10,168)	(6,386)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 563,399	$ 760,791	$ 350,995
Denominator for basic EPS – weighted-average shares of common stock outstanding	146,921	126,106	112,204
Dilutive effect of forward equity sales agreements	539	384	320
Denominator for diluted EPS – weighted-average shares of common stock outstanding	147,460	126,490	112,524
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)	$ 3.83	$ 6.03	$ 3.13
Earnings per share - diluted (USD per share)	$ 3.82	$ 6.01	$ 3.12

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2021
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Treatment of Distributions and Dividends [Line Items]
Common stock dividends declared (per share)		$ 4.24	$ 4
Common Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	46.30%	65.70%	62.40%
Return of capital	0.00%	13.20%	3.20%
Capital gains at 25%	3.80%	0.00%	2.20%
Capital gains at 20%	49.90%	21.10%	32.20%
Total	100.00%	100.00%	100.00%
Common stock dividends declared (per share)	$ 4.48	$ 4.24	$ 4
Preferred Stock | Series D Convertible Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income			64.40%
Return of capital			0.00%
Capital gains at 25%			2.20%
Capital gains at 20%			33.40%
Total			100.00%
Common stock dividends declared (per share)			$ 1.3125

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net income	$ 654,282	$ 827,171	$ 404,047
Net income attributable to noncontrolling interests	$ (83,035)	(56,212)	(40,882)
Rental revenue recognition		(165,091)	(132,979)
Depreciation and amortization		220,046	177,627
Share-based compensation		30,695	30,756
Interest expense		(21,174)	(13,687)
Sales of property		(69,048)	66,717
Impairments		40,398	12,334
Non-real estate investment income		(377,820)	(96,353)
Other		22,315	7,565
Taxable income before dividend deduction		451,280	415,145
Dividend deduction necessary to eliminate taxable income		(451,280)	(415,145)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 533,000	$ 451,200

Commitments and contingencies_2

Commitments and contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)TenantLease	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations	$ 5	$ 6.2	$ 4.9
Concentration of credit risk
Number of leases held | Lease	1,201
Number of client tenants | Tenant	893
Commitments
Remaining aggregate costs under contracts, under terms of leases	$ 2,800
Letters of credit and performance obligations	106.8
Investment commitments	$ 391
Limited Partnership Maximum Expiration Terms	11 years
Weighted-average remaining liquidation term (in years)	5 years 2 months 12 days
Minimum
Commitments
Expected period of payment obligation	1 year
Maximum
Commitments
Expected period of payment obligation	3 years
Three Largest Tenants | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Number of largest tenants	3
Concentration risk, percentage	8.30%
First Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	3.00%
Second Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	3.00%
Third Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	2.30%
Investments in privately held entities that report NAV
Commitments
Investment commitments	$ 358
Weighted-average remaining liquidation term (in years)	9 years

Stockholders' equity - ATM comm

Stockholders' equity - ATM common stock offering program and forward equity sales agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 04, 2022	Jun. 30, 2021	Mar. 31, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2021	Jan. 05, 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)					20,800,000
Proceeds from issuance of common stock					$ 3,529,097	$ 2,315,862	$ 1,216,445
Shares of common stock authorized					200,000,000
Forward Equity Sales Agreements Entered in January 2021
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									$ 164
Forward Equity Sales Agreements Entered in June 2021
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 1,500,000
Shares of common stock authorized		8,100,000
Weighted average price per share		$ 184
Forward Equity Sales Agreements Entered in January and June 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)					15,000,000
Proceeds from issuance of common stock					$ 2,500,000
Forward Equity Sales Agreements Entered in January 2022 | Subsequent Event
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,700,000
Shares of common stock authorized	8,100,000
Weighted average price per share	$ 210
ATM Common Stock Offering Program, Established February 2020
Class of Stock [Line Items]
Issuance of common stock (in shares)			362,000
Proceeds from issuance of common stock			$ 56,200
ATM Common Stock Offering Program, Established February 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)					5,500,000
Proceeds from issuance of common stock					$ 984,600
Common Stock Value Available for Future Issuance								$ 1,000,000
ATM Common Stock Offering Program, Established December 2021
Class of Stock [Line Items]
Common Stock Value Available for Future Issuance					$ 1,000,000

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 29, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019
Preferred stock
Preferred stock redemption charge		$ 0	$ 0	$ (2,580)
Conversion of 7.00% Series D preferred stock (in shares)					578,000
Shares of common stock authorized		200,000,000
Shares of common stock issued and outstanding		158,043,880	136,690,329
Shares of preferred stock authorized		100,000,000
Shares of preferred stock issued and outstanding		0
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	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

Stockholders' equity - Accumula

Stockholders' equity - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Unrealized foreign currency translation (losses) gains arising during the period	$ (669)	$ 3,124	$ 2,524

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total grant date fair value of stock awards vested	$ 93,359	$ 79,578	$ 64,530
Total gross compensation recognized for stock awards	94,748	80,651	68,036
Capitalized stock compensation	$ 46,079	$ 37,149	$ 24,396
Shares reserved for granting of future options and share awards	2,556,301
Fair value assumptions, expected term	3 years	3 years	3 years
Fair value assumptions, weighted average volatility rate (percent)	29.00%	17.00%	18.00%
Fair value assumptions, expected dividend rate (percent)	2.80%	2.80%	3.20%
Fair value assumptions, risk free interest rate (percent)	0.23%	1.63%	2.60%
Unrecognized compensation related to nonvested share awards	$ 222,300
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)	1,825,280	1,799,685	1,712,376
Number of shares granted	740,920	753,473	768,625
Number of shares vested	(709,737)	(688,599)	(666,836)
Number of shares forfeited	(33,003)	(39,279)	(14,480)
Outstanding, ending balance (in shares)	1,823,460	1,825,280	1,799,685
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	$ 132.95	$ 119.59	$ 105.22
Weighed average grant date fair value per share, granted	174.32	147.71	134.70
Weighed average grant date fair value per share, vested	131.54	115.57	96.77
Weighed average grant date fair value per share, forfeited	99.55	117.76	119.88
Weighed average grant date fair value per share, outstanding ending balance	$ 150.89	$ 132.95	$ 119.59

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 118,891	$ 88,805	$ 48,225
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	54
Payments to Noncontrolling Interests	$ 112,400	$ 87,300

Assets Classified As Held for_3

Assets Classified As Held for Sale (Details) $ in Thousands	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale - area of real estate | ft²	334,144
Net assets from asset held for sale
Total assets	$ 17,749	$ 117,879
Total liabilities	(1,083)	(33,081)
Total accumulated other comprehensive loss	(1,750)	(841)
Net assets classified as held for sale	$ 14,916	$ 83,957

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 205,198,000
Initial Costs
Land		6,811,325,000
Buildings & Improvements		9,824,856,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,115,729,000
Total Costs
Land		6,811,325,000
Buildings & Improvements		21,940,585,000
Total		28,751,910,000	[1]	$ 21,274,810,000	$ 17,552,956,000	$ 14,181,780,000
Accumulated Depreciation		(3,771,241,000)	[2]	$ (3,182,438,000)	$ (2,708,918,000)	$ (2,268,087,000)
Net Cost Basis		24,980,669,000
Investment in Real Estate, Federal Income Tax Basis		29,300,000,000
Investment in real estate over cost basis of real estate for federal income tax purpose		$ (578,400,000)
Maximum | Buildings and building improvements
Total Costs
Estimated useful life		40 years
Maximum | Land improvements
Total Costs
Estimated useful life		20 years
North America
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 205,198,000
Initial Costs
Land		6,811,325,000
Buildings & Improvements		9,824,856,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,096,927,000
Total Costs
Land		6,811,325,000
Buildings & Improvements		21,921,783,000
Total	[1]	28,733,108,000
Accumulated Depreciation	[2]	(3,766,758,000)
Net Cost Basis		24,966,350,000
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		511,875,000
Buildings & Improvements		822,706,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,470,329,000
Total Costs
Land		511,875,000
Buildings & Improvements		2,293,035,000
Total	[1]	2,804,910,000
Accumulated Depreciation	[2]	(362,489,000)
Net Cost Basis		2,442,421,000
Alexandria Center at One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		196,529,000
Initial Costs
Land		349,952,000
Buildings & Improvements		483,816,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		509,540,000
Total Costs
Land		349,952,000
Buildings & Improvements		993,356,000
Total	[1]	1,343,308,000
Accumulated Depreciation	[2]	(143,728,000)
Net Cost Basis		1,199,580,000
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		277,958,000
Total Costs
Land		0
Buildings & Improvements		897,616,000
Total	[1]	897,616,000
Accumulated Depreciation	[2]	(306,522,000)
Net Cost Basis		591,094,000
The Arsenal on the Charles
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		191,797,000
Buildings & Improvements		354,611,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		221,488,000
Total Costs
Land		191,797,000
Buildings & Improvements		576,099,000
Total	[1]	767,896,000
Accumulated Depreciation	[2]	(16,705,000)
Net Cost Basis		751,191,000
480/500 Arsenal Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		104,628,000
Buildings & Improvements		21,623,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		106,026,000
Total Costs
Land		104,628,000
Buildings & Improvements		127,649,000
Total	[1]	232,277,000
Accumulated Depreciation	[2]	(48,239,000)
Net Cost Basis		184,038,000
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		1,390,000
Total Costs
Land		0
Buildings & Improvements		176,268,000
Total	[1]	176,268,000
Accumulated Depreciation	[2]	(51,565,000)
Net Cost Basis		124,703,000
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		55,236,000
Total Costs
Land		0
Buildings & Improvements		55,236,000
Total	[1]	55,236,000
Accumulated Depreciation	[2]	(27,307,000)
Net Cost Basis		27,929,000
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		13,909,000
Total Costs
Land		0
Buildings & Improvements		26,522,000
Total	[1]	26,522,000
Accumulated Depreciation	[2]	(8,783,000)
Net Cost Basis		17,739,000
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		8,762,000
Total Costs
Land		0
Buildings & Improvements		15,009,000
Total	[1]	15,009,000
Accumulated Depreciation	[2]	(6,817,000)
Net Cost Basis		8,192,000
Alexandria Center for Life Science - Fenway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		912,016,000
Buildings & Improvements		617,552,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		164,634,000
Total Costs
Land		912,016,000
Buildings & Improvements		782,186,000
Total	[1]	1,694,202,000
Accumulated Depreciation	[2]	(11,927,000)
Net Cost Basis		1,682,275,000
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		7,418,000
Total Costs
Land		156,355,000
Buildings & Improvements		16,647,000
Total	[1]	173,002,000
Accumulated Depreciation	[2]	(1,556,000)
Net Cost Basis		171,446,000
5, 10, and 15 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		277,554,000
Buildings & Improvements		55,897,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		73,345,000
Total Costs
Land		277,554,000
Buildings & Improvements		129,242,000
Total	[1]	406,796,000
Accumulated Depreciation	[2]	(3,442,000)
Net Cost Basis		403,354,000
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		15,480,000
Total Costs
Land		31,671,000
Buildings & Improvements		16,358,000
Total	[1]	48,029,000
Accumulated Depreciation	[2]	(938,000)
Net Cost Basis		47,091,000
One Upland Road, 100 Tech Drive, and One Investors Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		67,329,000
Buildings & Improvements		301,000,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,541,000
Total Costs
Land		67,329,000
Buildings & Improvements		304,541,000
Total	[1]	371,870,000
Accumulated Depreciation	[2]	(16,100,000)
Net Cost Basis		355,770,000
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		11,440,000
Total Costs
Land		88,840,000
Buildings & Improvements		225,478,000
Total	[1]	314,318,000
Accumulated Depreciation	[2]	(7,139,000)
Net Cost Basis		307,179,000
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		14,052,000
Total Costs
Land		70,476,000
Buildings & Improvements		164,211,000
Total	[1]	234,687,000
Accumulated Depreciation	[2]	(6,713,000)
Net Cost Basis		227,974,000
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		82,097,000
Total Costs
Land		10,439,000
Buildings & Improvements		123,693,000
Total	[1]	134,132,000
Accumulated Depreciation	[2]	(52,060,000)
Net Cost Basis		82,072,000
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		84,475,000
Total Costs
Land		17,086,000
Buildings & Improvements		154,469,000
Total	[1]	171,555,000
Accumulated Depreciation	[2]	(34,655,000)
Net Cost Basis		136,900,000
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		25,230,000
Total Costs
Land		12,833,000
Buildings & Improvements		52,563,000
Total	[1]	65,396,000
Accumulated Depreciation	[2]	(23,044,000)
Net Cost Basis		42,352,000
840 Winter Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		12,470,000
Buildings & Improvements		44,395,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		23,290,000
Total Costs
Land		12,470,000
Buildings & Improvements		67,685,000
Total	[1]	80,155,000
Accumulated Depreciation	[2]	(1,362,000)
Net Cost Basis		78,793,000
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		26,736,000
Total Costs
Land		1,466,000
Buildings & Improvements		35,782,000
Total	[1]	37,248,000
Accumulated Depreciation	[2]	(10,453,000)
Net Cost Basis		26,795,000
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		7,094,000
Total Costs
Land		422,000
Buildings & Improvements		10,632,000
Total	[1]	11,054,000
Accumulated Depreciation	[2]	(2,926,000)
Net Cost Basis		8,128,000
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		4,574,000
Total Costs
Land		3,146,000
Buildings & Improvements		20,299,000
Total	[1]	23,445,000
Accumulated Depreciation	[2]	(7,296,000)
Net Cost Basis		16,149,000
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]	(4,710,000)
Net Cost Basis		13,679,000
Other - Greater Boston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		7,991,000
Initial Costs
Land		92,156,000
Buildings & Improvements		137,831,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		46,099,000
Total Costs
Land		92,156,000
Buildings & Improvements		183,930,000
Total	[1]	276,086,000
Accumulated Depreciation	[2]	(144,000)
Net Cost Basis		275,942,000
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		493,396,000
Total Costs
Land		211,450,000
Buildings & Improvements		703,607,000
Total	[1]	915,057,000
Accumulated Depreciation	[2]	(184,410,000)
Net Cost Basis		730,647,000
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		303,215,000
Total Costs
Land		193,004,000
Buildings & Improvements		667,293,000
Total	[1]	860,297,000
Accumulated Depreciation	[2]	(106,956,000)
Net Cost Basis		753,341,000
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		545,037,000
Total Costs
Land		59,199,000
Buildings & Improvements		545,037,000
Total	[1]	604,236,000
Accumulated Depreciation	[2]	(91,206,000)
Net Cost Basis		513,030,000
Alexandria Center for Life Science - South San Francisco
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		458,833,000
Total Costs
Land		32,245,000
Buildings & Improvements		460,120,000
Total	[1]	492,365,000
Accumulated Depreciation	[2]	(71,668,000)
Net Cost Basis		420,697,000
1122 and 1178 El Camino Real
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		231,707,000
Buildings & Improvements		5,224,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,370,000
Total Costs
Land		231,707,000
Buildings & Improvements		9,594,000
Total	[1]	241,301,000
Accumulated Depreciation	[2]	(3,000)
Net Cost Basis		241,298,000
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]	(31,522,000)
Net Cost Basis		90,668,000
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		27,993,000
Total Costs
Land		7,038,000
Buildings & Improvements		67,697,000
Total	[1]	74,735,000
Accumulated Depreciation	[2]	(24,327,000)
Net Cost Basis		50,408,000
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		44,189,000
Total Costs
Land		7,038,000
Buildings & Improvements		44,189,000
Total	[1]	51,227,000
Accumulated Depreciation	[2]	(21,280,000)
Net Cost Basis		29,947,000
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		30,162,000
Total Costs
Land		3,211,000
Buildings & Improvements		38,827,000
Total	[1]	42,038,000
Accumulated Depreciation	[2]	(15,731,000)
Net Cost Basis		26,307,000
Alexandria Center for Life Science - San Carlos
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		433,634,000
Buildings & Improvements		28,323,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		601,498,000
Total Costs
Land		433,634,000
Buildings & Improvements		629,821,000
Total	[1]	1,063,455,000
Accumulated Depreciation	[2]	(15,576,000)
Net Cost Basis		1,047,879,000
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		3,007,000
Total Costs
Land		194,424,000
Buildings & Improvements		57,526,000
Total	[1]	251,950,000
Accumulated Depreciation	[2]	(6,175,000)
Net Cost Basis		245,775,000
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		79,029,000
Total Costs
Land		0
Buildings & Improvements		339,960,000
Total	[1]	339,960,000
Accumulated Depreciation	[2]	(22,084,000)
Net Cost Basis		317,876,000
3330, 3412, 3420, 3440, 3450, and 3460 Hillview Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		332,257,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,730,000
Total Costs
Land		0
Buildings & Improvements		341,987,000
Total	[1]	341,987,000
Accumulated Depreciation	[2]	(7,873,000)
Net Cost Basis		334,114,000
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		28,972,000
Total Costs
Land		72,859,000
Buildings & Improvements		82,281,000
Total	[1]	155,140,000
Accumulated Depreciation	[2]	(9,575,000)
Net Cost Basis		145,565,000
2475 and 2625/2627/2631 Hanover Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		103,005,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,661,000
Total Costs
Land		0
Buildings & Improvements		115,666,000
Total	[1]	115,666,000
Accumulated Depreciation	[2]	(13,257,000)
Net Cost Basis		102,409,000
2425 Garcia Avenue & 2450 Bayshore Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		678,000
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]	(25,242,000)
Net Cost Basis		23,854,000
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		252,000
Total Costs
Land		20,049,000
Buildings & Improvements		48,806,000
Total	[1]	68,855,000
Accumulated Depreciation	[2]	(3,828,000)
Net Cost Basis		65,027,000
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		110,000
Total Costs
Land		0
Buildings & Improvements		84,577,000
Total	[1]	84,577,000
Accumulated Depreciation	[2]	(9,908,000)
Net Cost Basis		74,669,000
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		38,494,000
Total Costs
Land		4,800,000
Buildings & Improvements		45,187,000
Total	[1]	49,987,000
Accumulated Depreciation	[2]	(7,956,000)
Net Cost Basis		42,031,000
901 California Avenue
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		3,797,000
Total Costs
Land		0
Buildings & Improvements		3,797,000
Total	[1]	3,797,000
Accumulated Depreciation	[2]	0
Net Cost Basis		3,797,000
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		153,615,000
Total Costs
Land		148,551,000
Buildings & Improvements		175,129,000
Total	[1]	323,680,000
Accumulated Depreciation	[2]	(23,098,000)
Net Cost Basis		300,582,000
Other - San Francisco
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,111,000
Buildings & Improvements		8,345,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		85,104,000
Total Costs
Land		32,111,000
Buildings & Improvements		93,449,000
Total	[1]	125,560,000
Accumulated Depreciation	[2]	(5,989,000)
Net Cost Basis		119,571,000
Alexandria Center for Life Science - New York City
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		1,007,571,000
Total Costs
Land		0
Buildings & Improvements		1,007,571,000
Total	[1]	1,007,571,000
Accumulated Depreciation	[2]	(229,709,000)
Net Cost Basis		777,862,000
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		3,363,000
Total Costs
Land		141,266,000
Buildings & Improvements		66,675,000
Total	[1]	207,941,000
Accumulated Depreciation	[2]	(31,730,000)
Net Cost Basis		176,211,000
Alexandria Center for Life Science - Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		47,746,000
Buildings & Improvements		53,093,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		112,855,000
Total Costs
Land		47,746,000
Buildings & Improvements		165,948,000
Total	[1]	213,694,000
Accumulated Depreciation	[2]	(2,213,000)
Net Cost Basis		211,481,000
One Alexandria Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		247,423,000
Buildings & Improvements		192,755,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		500,972,000
Total Costs
Land		247,423,000
Buildings & Improvements		693,727,000
Total	[1]	941,150,000
Accumulated Depreciation	[2]	(207,633,000)
Net Cost Basis		733,517,000
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		83,741,000
Total Costs
Land		22,124,000
Buildings & Improvements		236,581,000
Total	[1]	258,705,000
Accumulated Depreciation	[2]	(52,130,000)
Net Cost Basis		206,575,000
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		124,705,000
Total Costs
Land		6,684,000
Buildings & Improvements		152,305,000
Total	[1]	158,989,000
Accumulated Depreciation	[2]	(61,040,000)
Net Cost Basis		97,949,000
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		482,841,000
Total Costs
Land		88,016,000
Buildings & Improvements		876,554,000
Total	[1]	964,570,000
Accumulated Depreciation	[2]	(159,767,000)
Net Cost Basis		804,803,000
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		196,915,000
Total Costs
Land		38,340,000
Buildings & Improvements		293,521,000
Total	[1]	331,861,000
Accumulated Depreciation	[2]	(65,439,000)
Net Cost Basis		266,422,000
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		219,059,000
Total Costs
Land		61,753,000
Buildings & Improvements		268,751,000
Total	[1]	330,504,000
Accumulated Depreciation	[2]	(104,500,000)
Net Cost Basis		226,004,000
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		192,032,000
Total Costs
Land		81,428,000
Buildings & Improvements		446,101,000
Total	[1]	527,529,000
Accumulated Depreciation	[2]	(17,119,000)
Net Cost Basis		510,410,000
Sequence District by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		163,610,000
Buildings & Improvements		281,389,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,270,000
Total Costs
Land		163,610,000
Buildings & Improvements		290,659,000
Total	[1]	454,269,000
Accumulated Depreciation	[2]	(4,941,000)
Net Cost Basis		449,328,000
Pacific Technology Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		96,796,000
Buildings & Improvements		66,660,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,112,000
Total Costs
Land		96,796,000
Buildings & Improvements		88,772,000
Total	[1]	185,568,000
Accumulated Depreciation	[2]	(1,205,000)
Net Cost Basis		184,363,000
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		3,685,000
Total Costs
Land		21,154,000
Buildings & Improvements		105,731,000
Total	[1]	126,885,000
Accumulated Depreciation	[2]	(11,016,000)
Net Cost Basis		115,869,000
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		40,038,000
Total Costs
Land		6,991,000
Buildings & Improvements		65,191,000
Total	[1]	72,182,000
Accumulated Depreciation	[2]	(18,338,000)
Net Cost Basis		53,844,000
7330 and 7360 Carroll Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,674,000
Buildings & Improvements		24,012,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,125,000
Total Costs
Land		4,674,000
Buildings & Improvements		26,137,000
Total	[1]	30,811,000
Accumulated Depreciation	[2]	(9,978,000)
Net Cost Basis		20,833,000
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		32,750,000
Total Costs
Land		3,492,000
Buildings & Improvements		51,035,000
Total	[1]	54,527,000
Accumulated Depreciation	[2]	(11,990,000)
Net Cost Basis		42,537,000
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		12,080,000
Total Costs
Land		5,092,000
Buildings & Improvements		23,988,000
Total	[1]	29,080,000
Accumulated Depreciation	[2]	(1,180,000)
Net Cost Basis		27,900,000
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		20,320,000
Total Costs
Land		1,349,000
Buildings & Improvements		28,336,000
Total	[1]	29,685,000
Accumulated Depreciation	[2]	(3,103,000)
Net Cost Basis		26,582,000
3911, 3931, 3985, 4025, 4031, 4045, and 4075 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		28,584,000
Total Costs
Land		18,177,000
Buildings & Improvements		71,307,000
Total	[1]	89,484,000
Accumulated Depreciation	[2]	(37,143,000)
Net Cost Basis		52,341,000
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		46,247,000
Total Costs
Land		4,156,000
Buildings & Improvements		57,818,000
Total	[1]	61,974,000
Accumulated Depreciation	[2]	(16,879,000)
Net Cost Basis		45,095,000
Other - San Diego
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		117,866,000
Buildings & Improvements		155,803,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		79,722,000
Total Costs
Land		117,866,000
Buildings & Improvements		235,525,000
Total	[1]	353,391,000
Accumulated Depreciation	[2]	(28,341,000)
Net Cost Basis		325,050,000
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		707,183,000
Total Costs
Land		51,750,000
Buildings & Improvements		790,195,000
Total	[1]	841,945,000
Accumulated Depreciation	[2]	(175,538,000)
Net Cost Basis		666,407,000
Alexandria Center at South Lake Union
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		76,070,000
Buildings & Improvements		1,128,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		288,917,000
Total Costs
Land		76,070,000
Buildings & Improvements		290,045,000
Total	[1]	366,115,000
Accumulated Depreciation	[2]	(38,986,000)
Net Cost Basis		327,129,000
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		20,166,000
Total Costs
Land		1,819,000
Buildings & Improvements		22,468,000
Total	[1]	24,287,000
Accumulated Depreciation	[2]	(8,686,000)
Net Cost Basis		15,601,000
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		1,656,000
Total Costs
Land		6,500,000
Buildings & Improvements		13,718,000
Total	[1]	20,218,000
Accumulated Depreciation	[2]	(358,000)
Net Cost Basis		19,860,000
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		24,583,000
Total Costs
Land		1,432,000
Buildings & Improvements		32,080,000
Total	[1]	33,512,000
Accumulated Depreciation	[2]	(22,314,000)
Net Cost Basis		11,198,000
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		17,559,000
Total Costs
Land		3,857,000
Buildings & Improvements		19,548,000
Total	[1]	23,405,000
Accumulated Depreciation	[2]	(6,765,000)
Net Cost Basis		16,640,000
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		5,195,000
Total Costs
Land		46,200,000
Buildings & Improvements		5,195,000
Total	[1]	51,395,000
Accumulated Depreciation	[2]	0
Net Cost Basis		51,395,000
Other - Seattle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		245,754,000
Buildings & Improvements		224,600,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,153,000
Total Costs
Land		245,754,000
Buildings & Improvements		242,753,000
Total	[1]	488,507,000
Accumulated Depreciation	[2]	(4,120,000)
Net Cost Basis		484,387,000
Alexandria Center for Life Science - Shady Grove
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		88,157,000
Buildings & Improvements		261,626,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		311,686,000
Total Costs
Land		88,157,000
Buildings & Improvements		573,312,000
Total	[1]	661,469,000
Accumulated Depreciation	[2]	(113,427,000)
Net Cost Basis		548,042,000
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		36,302,000
Total Costs
Land		2,800,000
Buildings & Improvements		47,835,000
Total	[1]	50,635,000
Accumulated Depreciation	[2]	(22,015,000)
Net Cost Basis		28,620,000
1405 and 1450 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,788,000
Buildings & Improvements		24,507,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,988,000
Total Costs
Land		2,788,000
Buildings & Improvements		35,495,000
Total	[1]	38,283,000
Accumulated Depreciation	[2]	(17,324,000)
Net Cost Basis		20,959,000
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		10,485,000
Total Costs
Land		1,523,000
Buildings & Improvements		18,216,000
Total	[1]	19,739,000
Accumulated Depreciation	[2]	(10,247,000)
Net Cost Basis		9,492,000
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		30,706,000
Total Costs
Land		1,466,000
Buildings & Improvements		36,414,000
Total	[1]	37,880,000
Accumulated Depreciation	[2]	(17,079,000)
Net Cost Basis		20,801,000
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]	(16,591,000)
Net Cost Basis		22,413,000
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		1,697,000
Total Costs
Land		1,476,000
Buildings & Improvements		8,964,000
Total	[1]	10,440,000
Accumulated Depreciation	[2]	(3,388,000)
Net Cost Basis		7,052,000
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		49,525,000
Total Costs
Land		20,980,000
Buildings & Improvements		171,477,000
Total	[1]	192,457,000
Accumulated Depreciation	[2]	(49,941,000)
Net Cost Basis		142,516,000
Alexandria Technology Center - Gaithersburg II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		17,134,000
Buildings & Improvements		67,825,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		101,016,000
Total Costs
Land		17,134,000
Buildings & Improvements		168,841,000
Total	[1]	185,975,000
Accumulated Depreciation	[2]	(36,064,000)
Net Cost Basis		149,911,000
20400 Century Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,641,000
Buildings & Improvements		4,759,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,817,000
Total Costs
Land		3,641,000
Buildings & Improvements		12,576,000
Total	[1]	16,217,000
Accumulated Depreciation	[2]	0
Net Cost Basis		16,217,000
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		11,130,000
Total Costs
Land		1,129,000
Buildings & Improvements		18,071,000
Total	[1]	19,200,000
Accumulated Depreciation	[2]	(8,602,000)
Net Cost Basis		10,598,000
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]	(3,919,000)
Net Cost Basis		10,151,000
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		8,235,000
Total Costs
Land		784,000
Buildings & Improvements		12,940,000
Total	[1]	13,724,000
Accumulated Depreciation	[2]	(7,165,000)
Net Cost Basis		6,559,000
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		10,238,000
Total Costs
Land		0
Buildings & Improvements		23,917,000
Total	[1]	23,917,000
Accumulated Depreciation	[2]	(11,662,000)
Net Cost Basis		12,255,000
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		22,535,000
Total Costs
Land		4,800,000
Buildings & Improvements		50,174,000
Total	[1]	54,974,000
Accumulated Depreciation	[2]	(19,918,000)
Net Cost Basis		35,056,000
Alexandria Center for Life Science - Durham
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		90,686,000
Buildings & Improvements		471,263,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		128,949,000
Total Costs
Land		90,686,000
Buildings & Improvements		600,212,000
Total	[1]	690,898,000
Accumulated Depreciation	[2]	(14,556,000)
Net Cost Basis		676,342,000
Alexandria Center for Advanced Technologies
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		27,784,000
Buildings & Improvements		16,958,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		138,532,000
Total Costs
Land		27,784,000
Buildings & Improvements		155,490,000
Total	[1]	183,274,000
Accumulated Depreciation	[2]	(14,375,000)
Net Cost Basis		168,899,000
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		180,881,000
Total Costs
Land		2,801,000
Buildings & Improvements		187,637,000
Total	[1]	190,438,000
Accumulated Depreciation	[2]	(9,807,000)
Net Cost Basis		180,631,000
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		32,662,000
Total Costs
Land		1,430,000
Buildings & Improvements		50,144,000
Total	[1]	51,574,000
Accumulated Depreciation	[2]	(26,489,000)
Net Cost Basis		25,085,000
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		44,943,000
Total Costs
Land		0
Buildings & Improvements		45,319,000
Total	[1]	45,319,000
Accumulated Depreciation	[2]	(22,969,000)
Net Cost Basis		22,350,000
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		30,583,000
Total Costs
Land		1,065,000
Buildings & Improvements		51,801,000
Total	[1]	52,866,000
Accumulated Depreciation		(22,564,000)
Net Cost Basis		30,302,000
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		32,612,000
Total Costs
Land		701,000
Buildings & Improvements		32,612,000
Total	[1]	33,313,000
Accumulated Depreciation	[2]	(9,084,000)
Net Cost Basis		24,229,000
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		(13,280,000)
Net Cost Basis		20,960,000
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]	(4,609,000)
Net Cost Basis		15,381,000
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		7,314,000
Total Costs
Land		785,000
Buildings & Improvements		18,860,000
Total	[1]	19,645,000
Accumulated Depreciation	[2]	(7,211,000)
Net Cost Basis		12,434,000
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		27,900,000
Total Costs
Land		0
Buildings & Improvements		27,900,000
Total	[1]	27,900,000
Accumulated Depreciation	[2]	(4,725,000)
Net Cost Basis		23,175,000
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		12,678,000
Total Costs
Land		161,000
Buildings & Improvements		16,087,000
Total	[1]	16,248,000
Accumulated Depreciation	[2]	(7,230,000)
Net Cost Basis		9,018,000
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		11,419,000
Total Costs
Land		951,000
Buildings & Improvements		15,401,000
Total	[1]	16,352,000
Accumulated Depreciation	[2]	(4,161,000)
Net Cost Basis		12,191,000
Alexandria Center for NextGen Medicines
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		94,184,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,872,000
Total Costs
Land		94,184,000
Buildings & Improvements		1,872,000
Total	[1]	96,056,000
Accumulated Depreciation	[2]	0
Net Cost Basis		96,056,000
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,801,000
Buildings & Improvements		99,693,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,410,000
Total Costs
Land		22,801,000
Buildings & Improvements		115,103,000
Total	[1]	137,904,000
Accumulated Depreciation	[2]	(29,408,000)
Net Cost Basis		108,496,000
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		200,590,000
Buildings & Improvements		265,065,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		237,136,000
Total Costs
Land		200,590,000
Buildings & Improvements		502,201,000
Total	[1]	702,791,000
Accumulated Depreciation	[2]	(52,503,000)
Net Cost Basis		650,288,000
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		18,802,000
Total Costs
Land		0
Buildings & Improvements		18,802,000
Total	[1]	18,802,000
Accumulated Depreciation	[2]	(4,483,000)
Net Cost Basis		$ 14,319,000
[1]	As of December 31, 2021, the total cost of our real estate assets aggregated $28.8 billion, which was less than the cost of real estate for federal income tax purposes aggregating $29.3 billion by approximately $578.4 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, 2021		Dec. 31, 2020	Dec. 31, 2019
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 21,274,810,000		$ 17,552,956,000	$ 14,181,780,000
Acquisitions (including real estate, land, and joint venture consolidation)	5,405,569,000		2,825,537,000	2,240,376,000
Additions to real estate	2,267,848,000		1,505,152,000	1,143,035,000
Deductions (including dispositions and direct financing leases)	(196,317,000)		(608,835,000)	(12,235,000)
Balance at end of period	28,751,910,000	[1]	21,274,810,000	17,552,956,000
Accumulated Depreciation
Balance at beginning of period	3,182,438,000		2,708,918,000	2,268,087,000
Depreciation expense on properties	607,927,000		530,226,000	448,661,000
Sale of properties	(19,124,000)		(56,706,000)	(7,830,000)
Balance at end of period	$ 3,771,241,000	[2]	$ 3,182,438,000	$ 2,708,918,000
[1]	As of December 31, 2021, the total cost of our real estate assets aggregated $28.8 billion, which was less than the cost of real estate for federal income tax purposes aggregating $29.3 billion by approximately $578.4 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.