Alexandria Real Estate Equities (ARE) 10-K 30 Jan 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Jan. 13, 2023	Jun. 30, 2022
Cover [Abstract]
Document Annual Report	true
Entity Central Index Key	0001035443
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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			$ 23.5
Entity Common Stock, Shares Outstanding		173,087,087
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 16, 2023.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Assets
Investments in real estate	$ 29,945,440	$ 24,980,669
Investments in unconsolidated real estate joint ventures	38,435	38,483
Cash and cash equivalents	825,193	361,348
Restricted cash	32,782	53,879
Tenant receivables	7,614	7,379
Deferred rent	942,646	839,335
Deferred leasing costs	516,275	402,898
Investments	1,615,074	1,876,564
Other assets	1,599,940	1,658,818
Total assets	35,523,399	30,219,373
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	59,045	205,198
Unsecured senior notes payable	10,100,717	8,316,678
Unsecured senior line of credit and commercial paper	0	269,990
Accounts payable, accrued expenses, and other liabilities	2,471,259	2,210,410
Dividends payable	209,131	183,847
Total liabilities	12,840,152	11,186,123
Commitments and contingencies
Redeemable noncontrolling interests	9,612	9,612
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock, $0.01 par value per share, 400,000,000 and 200,000,000 shares authorized as of December 31, 2022 and 2021, respectively; 170,748,395 and 158,043,880 shares issued and outstanding as of December 31, 2022 and 2021, respectively	1,707	1,580
Additional paid-in capital	18,991,492	16,195,256
Accumulated other comprehensive loss	(20,812)	(7,294)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	18,972,387	16,189,542
Noncontrolling interests	3,701,248	2,834,096
Total equity	22,673,635	19,023,638
Total liabilities, noncontrolling interests, and equity	$ 35,523,399	$ 30,219,373

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals)	Dec. 31, 2022 $ / shares shares
Statement of Financial Position [Abstract]
Shares of common stock authorized	400,000,000
Common stock, outstanding (shares)	170,748,395
Common stock, issued (shares)	170,748,395
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income from rentals	$ 2,588,962	$ 2,114,150	$ 1,885,637
Expenses:
Rental operations	783,153	623,555	530,224
General and administrative	177,278	151,461	133,341
Interest	94,203	142,165	171,609
Depreciation and amortization	1,002,146	821,061	698,104
Impairment of real estate	64,969	52,675	48,078
Loss on early extinguishment of debt	3,317	67,253	60,668
Total expenses	2,125,066	1,858,170	1,642,024
Equity in earnings of unconsolidated real estate joint ventures	645	12,255	8,148
Investment (loss) income	(331,758)	259,477	421,321
Gain on sales of real estate	537,918	126,570	154,089
Net income	670,701	654,282	827,171
Net income attributable to noncontrolling interests	(149,041)	(83,035)	(56,212)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	521,660	571,247	770,959
Net income attributable to unvested restricted stock awards	(8,392)	(7,848)	(10,168)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 513,268	$ 563,399	$ 760,791
Earnings per share - basic (USD per share)	$ 3.18	$ 3.83	$ 6.03
Earnings per share - diluted (USD per share)	$ 3.18	$ 3.82	$ 6.01
Income from rentals
Income from rentals	$ 2,576,040	$ 2,108,249	$ 1,878,208
Other income
Income from rentals	$ 12,922	$ 5,901	$ 7,429

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 670,701	$ 654,282	$ 827,171
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(13,518)	(669)	3,124
Unrealized (losses) gains on foreign currency translation, net	(13,518)	(669)	3,124
Total other comprehensive (loss) income	(13,518)	(669)	3,124
Comprehensive income	657,183	653,613	830,295
Less: comprehensive income attributable to noncontrolling interests	(149,041)	(83,035)	(56,212)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 508,142	$ 570,578	$ 774,083

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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Retained Earnings
Beginning balance (shares) at Dec. 31, 2019		120,800,315
Beginning balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	$ 8,874,367	$ 0	$ (9,749)	$ 1,288,352		$ (2,484)	$ (2,484)
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 and redemption of 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 distributions in excess of earnings			210,791	(210,791)
Ending balance (shares) at Dec. 31, 2020		136,690,329
Ending balance at Dec. 31, 2020	13,432,436	$ 1,367	11,730,970	0	(6,625)	1,706,724
Beginning balance at Dec. 31, 2019							$ 12,300
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							903
Contributions from and sales of noncontrolling interests							281
Distributions to and redemption of noncontrolling interests							(2,142)
Ending balance at Dec. 31, 2020							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 and redemption of noncontrolling interests	(112,465)					(112,465)
Issuance of common stock (in shares)		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 distributions in excess of earnings			(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 and redemption of noncontrolling interests							(2,878)
Ending balance at Dec. 31, 2021	9,612						9,612
Increase (Decrease) in Stockholders' Equity
Net income	669,896			521,660		148,236
Total other comprehensive income (loss)	(13,518)				(13,518)
Contributions from and sales of noncontrolling interests	1,560,129		649,623			910,506
Distributions to and redemption of noncontrolling interests	(191,701)		(111)			(191,590)
Issuance of common stock (in shares)		12,250,645
Issuance of common stock	2,346,444	$ 123	2,346,321
Issuances pursuant to stock plan (in shares)		749,101
Issuance pursuant to stock plan	109,224	$ 7	109,217
Taxes paid related to net settlement of equity awards (in shares)		(295,231)
Taxes related to net settlement of equity awards	(47,451)	$ (3)	(47,448)
Dividends declared on common stock	$ (783,026)			(783,026)
Reclassification of distributions in excess of earnings			(261,366)	261,366
Ending balance (shares) at Dec. 31, 2022	170,748,395	170,748,395
Ending balance at Dec. 31, 2022	$ 22,673,635	$ 1,707	$ 18,991,492	$ 0	$ (20,812)	$ 3,701,248
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							805
Distributions to and redemption of noncontrolling interests							(805)
Ending balance at Dec. 31, 2022	$ 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, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock dividends declared (per share)		$ 4.48	$ 4.24
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 22,673,635	$ 19,023,638	$ 13,432,436	$ 10,154,178
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(22,673,635)	(19,023,638)	(13,432,436)	(10,154,178)
Distributions to noncontrolling interests	(191,701)	(112,465)	(86,663)
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
Additional Paid-In Capital
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	18,991,492	16,195,256	11,730,970	8,874,367
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(18,991,492)	$ (16,195,256)	$ (11,730,970)	$ (8,874,367)
Distributions to noncontrolling interests	$ (111)

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
Common stock dividends declared (per share)	$ 4.24	$ 4.24
Beginning balance (shares) at Dec. 31, 2019		120,800,315
Beginning balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	$ 8,874,367	$ 0	$ (9,749)	$ 1,288,352
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 and redemption of 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 distributions in excess of earnings			210,791	(210,791)
Ending balance (shares) at Dec. 31, 2020		136,690,329
Ending balance at Dec. 31, 2020	$ 13,432,436	$ 1,367	11,730,970	0	(6,625)	1,706,724
Beginning balance at Dec. 31, 2019							$ 12,300
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							903
Contributions from and sales of noncontrolling interests							281
Distributions to and redemption of noncontrolling interests							(2,142)
Ending balance at Dec. 31, 2020							11,342
Common stock dividends declared (per share)	$ 4.48	$ 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 and redemption of noncontrolling interests	(112,465)					(112,465)
Issuance of common stock (in shares)		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 distributions in excess of earnings			(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 and redemption of noncontrolling interests							(2,878)
Ending balance at Dec. 31, 2021	9,612						9,612
Common stock dividends declared (per share)		$ 4.72
Increase (Decrease) in Stockholders' Equity
Net income	669,896			521,660		148,236
Total other comprehensive income (loss)	(13,518)				(13,518)
Contributions from and sales of noncontrolling interests	1,560,129		649,623			910,506
Distributions to and redemption of noncontrolling interests	(191,701)		(111)			(191,590)
Issuance of common stock (in shares)		12,250,645
Issuance of common stock	2,346,444	$ 123	2,346,321
Issuances pursuant to stock plan (in shares)		749,101
Issuance pursuant to stock plan	109,224	$ 7	109,217
Taxes paid related to net settlement of equity awards (in shares)		(295,231)
Taxes related to net settlement of equity awards	(47,451)	$ (3)	(47,448)
Dividends declared on common stock	$ (783,026)			(783,026)
Reclassification of distributions in excess of earnings			(261,366)	261,366
Ending balance (shares) at Dec. 31, 2022	170,748,395	170,748,395
Ending balance at Dec. 31, 2022	$ 22,673,635	$ 1,707	$ 18,991,492	$ 0	$ (20,812)	$ 3,701,248
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							805
Distributions to and redemption of noncontrolling interests							(805)
Ending balance at Dec. 31, 2022	$ 9,612						$ 9,612

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 670,701	$ 654,282	$ 827,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,002,146	821,061	698,104
Impairment of real estate	64,969	52,675	48,078
Gain on sales of real estate	(537,918)	(126,570)	(154,089)
Loss on early extinguishment of debt	3,317	67,253	60,668
Equity in earnings of unconsolidated real estate joint ventures	(645)	(12,255)	(8,148)
Distributions of earnings from unconsolidated real estate joint ventures	3,374	20,350	5,908
Amortization of loan fees	13,549	11,441	10,494
Amortization of debt discounts (premiums)	384	(2,041)	(3,555)
Amortization of acquired above- and below-market leases	(74,346)	(54,780)	(57,244)
Deferred rent	(118,003)	(115,145)	(96,676)
Stock compensation expense	57,740	48,669	43,502
Investment loss (income)	331,758	(259,477)	(421,321)
Changes in operating assets and liabilities:
Tenant receivables	(273)	(44)	2,804
Deferred leasing costs	(181,322)	(131,560)	(61,067)
Other assets	(18,960)	(24,591)	(10,997)
Accounts payable, accrued expenses, and other liabilities	77,850	60,929	(1,122)
Net cash provided by operating activities	1,294,321	1,010,197	882,510
Investing Activities
Proceeds from sales of real estate	994,331	190,576	747,020
Additions to real estate	(3,307,313)	(2,089,849)	(1,445,171)
Purchases of real estate	(2,877,861)	(5,434,652)	(2,570,693)
Change in escrow deposits	155,968	(161,696)	7,408
Sales of interest in unconsolidated real estate joint ventures	0	394,952	0
Acquisitions of interest in unconsolidated real estate joint venture	0	(9,048)	0
Investments in unconsolidated real estate joint ventures	(1,442)	(13,666)	(3,444)
Return of capital from unconsolidated real estate joint ventures	471	0	20,225
Additions to non-real estate investments	(242,932)	(408,564)	(174,655)
Sales of and distributions from non-real estate investments	198,320	424,623	141,149
Net cash used in investing activities	(5,080,458)	(7,107,324)	(3,278,161)
Financing Activities
Borrowings from secured notes payable	49,715	10,005	0
Repayments of borrowings from secured notes payable	(934)	(17,979)	(84,104)
Payment for the defeasance of secured note payable	(198,304)	0	(32,865)
Proceeds from issuances of unsecured senior notes payable	1,793,318	1,743,716	1,697,651
Repayments of unsecured senior notes payable	0	(650,000)	(500,000)
Borrowings from unsecured senior line of credit	1,181,000	3,521,000	2,700,000
Repayments of borrowings from unsecured senior line of credit	(1,181,000)	(3,521,000)	(3,084,000)
Proceeds from issuance under commercial paper program	14,641,500	30,951,300	23,539,400
Repayments of borrowings from commercial paper program	(14,911,500)	(30,781,300)	(23,439,400)
Premium paid for early extinguishment of debt	0	(66,829)	(54,385)
Payments of loan fees	(35,612)	(18,938)	(32,309)
Taxes paid related to net settlement of equity awards	(47,289)	(34,338)	(21,322)
Proceeds from issuance of common stock	2,346,444	3,529,097	2,315,862
Dividends on common stock	(757,742)	(655,968)	(532,980)
Contributions from and sales of noncontrolling interests	1,542,347	2,026,486	367,613
Distributions to and purchases of noncontrolling interests	(192,171)	(118,891)	(88,805)
Net cash provided by financing activities	4,229,772	5,916,361	2,750,356
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(887)	(1,712)	311
Net increase (decrease) in cash, cash equivalents, and restricted cash	442,748	(182,478)	355,016
Cash, cash equivalents, and restricted cash as of the beginning of period	415,227	597,705	242,689
Cash, cash equivalents, and restricted cash as of the end of period	857,975	415,227	597,705
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	63,193	139,471	161,351
Accrued construction for current-period additions to real estate	561,538	474,751	275,454
Right-of-use asset	21,776	103,860	87,554
Lease liability	(21,776)	(103,860)	(87,554)
Contribution of assets from real estate joint venture partner	19,146	118,750	350,000
Issuance of noncontrolling interest to joint venture partner	(19,146)	(118,750)	(292,930)
Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture	0	19,613	0
Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture	0	(14,558)	0
Deferred purchase price in connection with acquisitions of real estate	0	(81,119)	0
Assignment of secured notes payable in connection with sale of real estate	$ 0	$ 28,200	$ 0

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 2022
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 ® life science REIT, is the pioneer of the life science real estate niche since its founding in 1994. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. With approximately 1,000 tenants, Alexandria has a total market capitalization of $35.0 billion and an asset base in North America of 74.6 million SF as of December 31, 2022. 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, 2022
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 accounting 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. 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 information on specific joint ventures that qualify as VIEs and 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 related to acquisitions of real estate or in-substance real estate (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 that 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. Depreciation and amortization The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground lease terms or their estimated useful lives, not to exceed 40 years. Land improvements are depreciated over their estimated useful lives, not to exceed 20 years. Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and equipment is depreciated over the shorter of the lease term or its estimated useful life. The values of the right-of-use assets are amortized on a straight-line basis over the remaining terms of each related lease. 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 consolidated 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. For additional details, refer to Note 18 – “Assets classified as held for sale” to our consolidated financial statements. 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 recognize a gain or loss as if 100% of the asset 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 eight 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 (loss). 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 strategic 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 evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the policy-making process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method of accounting, as described below. Investments accounted for under the equity method 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 that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. 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. 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. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share 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, 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. 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: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV 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 basis. 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 basis, 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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,3

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments in real estate, net	Our consolidated investments in real estate, including real estate assets classified as 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, 2022 and 2021 (in thousands): December 31, 2022 2021 Rental properties: Land (related to rental properties) $ 4,284,731 $ 3,782,182 Buildings and building improvements 18,605,627 16,312,402 Other improvements 2,677,763 2,109,884 Rental properties 25,568,121 22,204,468 Development and redevelopment projects 8,715,335 6,528,640 Gross investments in real estate – North America 34,283,456 28,733,108 Less: accumulated depreciation – North America (4,349,780) (3,766,758) Net investments in real estate – North America 29,933,676 24,966,350 Net investments in real estate – Asia 11,764 14,319 Investments in real estate $ 29,945,440 $ 24,980,669 Acquisitions Our real estate asset acquisitions during the year ended December 31, 2022 consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 5 277,997 664,832 265,965 $ 788,292 San Francisco Bay Area 5 610,000 723,953 70,000 564,000 San Diego 5 1,287,000 234,874 — 231,380 Seattle — 869,000 — — 87,608 Research Triangle 4 1,925,000 69,485 — 179,428 Texas 11 51,038 1,197,071 — 508,400 Other 12 1,644,994 646,132 381,760 459,344 Year ended December 31, 2022 42 6,665,029 3,536,347 717,725 $ 2,818,452 (1) (1) Represents the aggregate contractual purchase price of our acquisitions, which differs 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 was concentrated in a single identifiable asset or a group of similar identifiable assets, or was associated with a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis. During the year ended December 31, 2022, we acquired 42 properties for an aggregate purchase price of $2.8 billion. In connection with our acquisitions, we recorded in-place lease assets aggregating $180.5 million and below-market lease liabilities in which we are the lessor aggregating $156.1 million. As of December 31, 2022, the weighted-average amortization period remaining on our in-place leases and below-market leases acquired during the year ended December 31, 2022 was 7.4 years and 12.2 years, respectively, and 9.7 years in total. Acquired below-market leases The balances of acquired below-market tenant leases existing as of December 31, 2022 and 2021, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Acquired below-market leases $ 730,441 $ 579,267 Accumulated amortization (312,785) (237,682) $ 417,656 $ 341,585 For the years ended December 31, 2022, 2021, and 2020, we recognized in rental revenues approximately $78.0 million, $57.7 million, and $57.8 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, 2022 was approximately 6.4 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2022 is as follows (in thousands): Year Amount 2023 $ 77,462 2024 67,889 2025 45,468 2026 34,061 2027 33,711 Thereafter 159,065 Total $ 417,656 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, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Acquired in-place leases $ 1,150,690 $ 987,213 Accumulated amortization (535,052) (377,341) $ 615,638 $ 609,872 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $169.5 million, $146.6 million, and $105.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.5 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2022 is as follows (in thousands): Year Amount 2023 $ 133,737 2024 99,034 2025 76,530 2026 61,745 2027 49,987 Thereafter 194,605 Total $ 615,638 Sales of real estate assets and impairment charges Our completed dispositions of and sales of partial interests in real estate assets during the year ended December 31, 2022 consisted of the following (dollars in thousands): Gain on Sale of Real Estate Consideration in Excess of Book Value (1) Property Submarket/Market Date of Sale Interest Sold RSF Sales Price Three months ended March 31, 2022: 100 Binney Street Cambridge/Inner Suburbs/Greater Boston 3/30/22 70 % 432,931 $ 713,228 N/A $ 413,615 Three months ended June 30, 2022: 300 Third Street Cambridge/Inner Suburbs/Greater Boston 6/27/22 70 % 131,963 166,485 N/A 113,020 Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive Route 128 and Route 495/Greater Boston 6/8/22 100 % 617,043 334,397 $ 202,325 N/A Other 47,800 11,894 N/A 548,682 214,219 113,020 Three months ended September 30, 2022: 1450 Owens Street Mission Bay/San Francisco Bay Area 7/1/22 20 % 191,000 25,039 N/A 10,083 341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center South San Francisco and Greater Stanford/San Francisco Bay Area 9/15/22 100 % 330,379 383,635 223,127 N/A 3215 Merryfield Row Torrey Pines/San Diego 9/1/22 70 % 170,523 149,940 N/A 42,214 Summers Ridge Science Park Sorrento Mesa/San Diego 9/15/22 70 % 316,531 159,600 N/A 65,097 7330 and 7360 Carroll Road Sorrento Mesa/San Diego 9/15/22 100 % 84,442 59,476 35,463 N/A Other Various 182,696 65,109 N/A 960,386 323,699 117,394 Year ended December 31, 2022 $ 2,222,296 (2) $ 537,918 $ 644,029 (1) Relates to sales of partial interests in real estate assets over which we retained control and therefore continue to consolidate. We recognized the difference between the consideration received and the book value of partial interests sold in additional paid-in capital, with no gain or loss recognized in earnings. (2) Represents the aggregate contractual sales price of our sales, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statements of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses. During the year ended December 31, 2022, we completed dispositions of and sales of partial interests in real estate assets for an aggregate sales price of $2.2 billion, as described below. • We completed dispositions of real estate assets for sales prices aggregating $1.0 billion and recognized gains on sales of real estate aggregating $537.9 million within our consolidated statements of operations. • We completed sales of partial interests in real estate assets for an aggregate sales price of $1.2 billion, where these partial interest sales resulted in proceeds in excess of book values aggregating $644.0 million. We accounted for our sales of partial interests as equity transactions, with the excess recognized in additional paid-in capital within our consolidated statements of changes in stockholders’ equity and no gain or loss recognized in earnings since we continue to consolidate the resulting real estate joint ventures. For more detail, refer to the “Formation of consolidated real estate joint ventures and sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements. Impairment charges During the year ended December 31, 2022, we recognized impairment charges aggregating $65.0 million, as detailed below: • Impairment charges aggregating $44.1 million, which consisted of write-offs of pre-acquisition costs, including the $38.3 million write-off of our entire investment in a future development project aggregating over 600,000 RSF in one of our existing submarkets in California. This impairment was recognized upon our decision to no longer proceed with this project as a result of a deteriorated macroeconomic environment that negatively impacted the financial outlook for this project. • Impairment charges aggregating $20.9 million to reduce the carrying amounts of 10 properties and a land parcel located in multiple submarkets to their respective estimated fair values, less costs to sell, upon their classification as held for sale. We expect to sell these real estate assets in 2023. Refer to Note 18 – “Assets classified as held for sale” to our consolidated financial statements for additional information.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures (Notes)	12 Months Ended
	Dec. 31, 2022
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, 2022, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated real estate joint ventures (2) : 50 and 60 Binney Street Greater Boston Cambridge/Inner Suburbs 34.0 % 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 100 and 225 Binney Street and 300 Third Street Greater Boston Cambridge/Inner Suburbs 30.0 % (3) 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % Alexandria Center ® for Science and Technology – Mission Bay (4) San Francisco Bay Area Mission Bay 25.0 % 1450 Owens Street San Francisco Bay Area Mission Bay 59.7 % (5) 601, 611, 651, 681, 685, and 701 Gateway Boulevard San Francisco Bay Area South San Francisco 50.0 % 751 Gateway Boulevard San Francisco Bay Area South San Francisco 51.0 % 211 and 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0 % 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0 % Alexandria Center ® for Life Science – Millbrae San Francisco Bay Area South San Francisco 45.3 % 3215 Merryfield Row San Diego Torrey Pines 30.0 % Campus Point by Alexandria (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 % Summers Ridge Science Park (8) San Diego Sorrento Mesa 30.0 % 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 % 800 Mercer Street Seattle Lake Union 60.0 % Unconsolidated real estate joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (9) 1450 Research Boulevard Maryland Rockville 73.2 % (10) 101 West Dickman Street Maryland Beltsville 57.9 % (10) (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 real estate joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) 225 Binney Street is owned through a tenancy in common arrangement. We directly own 26.3% of the tenancy in common and a real estate joint venture owns the remaining 73.7% 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 as such, we consolidate this joint venture under the variable interest entity model. (4) Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South. (5) The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes 100% of the remaining cost to complete the project over time. (6) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4150, 4161, 4224, and 4242 Campus Point Court. (7) Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (8) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (9) Represents our ownership interest; our voting interest is limited to 50%. (10) Represents a joint venture with a local real estate operator in which our partner manages the day-to-day activities that significantly affect the economic performance of the joint venture. 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 real estate 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 We have: 100 and 225 Binney Street and 300 Third Street 99 Coolidge Avenue (i) The power to direct the activities of the joint venture that most significantly affect its economic performance; and Alexandria Center ® for Science and Technology – Mission Bay 1450 Owens Street 601, 611, 651, 681, 685, and 701 Gateway Boulevard 751 Gateway Boulevard 211 and 213 East Grand Avenue (ii) Benefits that can be significant to the joint venture. 500 Forbes Boulevard Alexandria Center ® for Life Science – Millbrae 3215 Merryfield Row Campus Point by Alexandria 5200 Illumina Way Therefore, we are the primary beneficiary of each VIE 9625 Towne Centre Drive SD Tech by Alexandria Pacific Technology Park Summers Ridge Science Park 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street 400 Dexter Avenue North 800 Mercer Street 1401/1413 Research Boulevard We do not control the joint venture and are therefore not the primary beneficiary Equity method of accounting 1450 Research Boulevard 101 West Dickman Street 1655 and 1725 Third Street Voting model Does not exceed 50% Our voting interest is 50% or less (1) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other consolidated real estate 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 interests In each of the real estate 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 real estate 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 real estate joint venture should be accounted for as a VIE. We also determined that we are the primary beneficiary of each real estate 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 real estate 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. For a summary of our completed dispositions and sales of partial interests in real estate assets during the year ended December 31, 2022, refer to the “Sales of real estate assets and impairment charges” section in Note 3 – “Investments in real estate” to our consolidated financial statements. 800 Mercer Street In March 2022, we formed a real estate joint venture with an institutional investor to acquire a land parcel aggregating 869,000 SF at 800 Mercer Street in our Lake Union submarket. We have a 60% ownership interest in the joint venture, and our share of the contractual purchase price aggregated $87.6 million. Upon completion of the transaction in March 2022, we determined that we had control over the newly formed real estate joint venture and therefore consolidated the real estate asset. Sales of partial interests Upon completion of each transaction described below, we determined that we had control over each newly formed real estate joint venture and therefore continued to consolidate each property. Accordingly, we accounted for these sales of partial interests as equity transactions, with no gain or loss recognized in earnings. 100 Binney Street In March 2022, we formed a real estate joint venture in our Cambridge/Inner Suburbs submarket by contributing our 100 Binney Street property and sold to our joint venture partner a 70% interest in the joint venture for an aggregate sales price of $713.2 million, or $2,353 per RSF, representing $413.6 million of consideration in excess of the book value of our 70% interest sold. 300 Third Street In June 2022, we sold a 70% interest in our 300 Third Street property located in our Cambridge/Inner Suburbs submarket for an aggregate sales price of $166.5 million, or $1,802 per RSF, representing $113.0 million of consideration in excess of the book value of our 70% interest sold. 1450 Owens Street In July 2022, we formed a real estate joint venture in our Mission Bay submarket by contributing a land parcel aggregating 191,000 SF at 1450 Owens Street with an aggregate fair market value of $125.2 million. At the formation of the joint venture, we received proceeds of $25.0 million from our joint venture partner for a noncontrolling interest share of 20%, which is anticipated to increase to 75% as our partner contributes capital for construction over time. The proceeds represent $10.1 million of consideration in excess of the book value of our 20% interest sold. As of December 31, 2022, the noncontrolling interest share of our joint venture partner was 40.3%. 3215 Merryfield Row In September 2022, we formed a real estate joint venture in our Torrey Pines submarket by selling a 70% interest in our 3215 Merryfield Row property for an aggregate sales price of $149.9 million, or $1,256 per RSF, representing $42.2 million of consideration in excess of the book value of our 70% interest sold. Summers Ridge Science Park In September 2022, we sold a 70% interest in our Summers Ridge Science Park campus at 9965, 9975, 9985, and 9995 Summers Ridge Road located in our Sorrento Mesa submarket for an aggregate sales price of $159.6 million, or $720 per RSF, representing $65.1 million of consideration in excess of the book value of our 70% interest sold, and formed a new real estate joint venture with our institutional partner. Consolidated VIEs’ balance sheet information The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Investments in real estate $ 6,771,842 $ 5,014,842 Cash and cash equivalents 246,931 181,074 Other assets 684,487 509,281 Total assets $ 7,703,260 $ 5,705,197 Secured notes payable $ 58,396 $ 7,991 Other liabilities 430,615 269,605 Total liabilities 489,011 277,596 Alexandria Real Estate Equities, Inc.’s share of equity 3,513,001 2,593,505 Noncontrolling interests’ share of equity 3,701,248 2,834,096 Total liabilities and equity $ 7,703,260 $ 5,705,197 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 real estate joint venture in which the VIE’s secured 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 presented in our consolidated balance sheets as of December 31, 2022 and 2021, consisted of the following (in thousands): December 31, Property 2022 2021 1655 and 1725 Third Street $ 12,996 $ 14,034 1450 Research Boulevard 5,625 4,455 101 West Dickman Street 8,678 8,481 Other 11,136 11,513 $ 38,435 $ 38,483 The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2022 (dollars in thousands): At 100% Our Share Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance (2) 1401/1413 Research Boulevard 12/23/24 2.70% 3.33% $ 28,500 $ 28,146 65.0% 1655 and 1725 Third Street 3/10/25 4.50% 4.57% 600,000 599,081 10.0% 101 West Dickman Street 11/10/26 SOFR + 1.95% (3) 6.38% 26,750 11,575 57.9% 1450 Research Boulevard 12/10/26 SOFR + 1.95% (3) 6.44% 13,000 3,802 73.2% $ 668,250 $ 642,604 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2022. (3) This loan is subject to a fixed SOFR floor rate of 0.75%.

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2022, we had 432 properties aggregating 41.8 million operating RSF locate d in key clusters, 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, 2022, a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease. Our leases are described below. Operating leases As of December 31, 2022, our 432 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 69.9 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, 2022 are outlined in the table below (in thousands): Year Amount 2023 $ 1,755,123 2024 1,874,121 2025 1,865,064 2026 1,822,110 2027 1,743,625 Thereafter 11,736,511 Total $ 20,796,554 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, 2022, we had one direct financing lease agreement, with a net investment balance of $39.4 million, for a parking structure with a remaining lease term of 69.9 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. In May 2022, we completed the sale of land at 9609, 9613, and 9615 Medical Center Drive in our Rockville submarket, which was subject to long-term sales-type leases, for the sales price of $47.8 million and recognized a gain of $11.9 million classified in gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2022. As of December 31, 2022, we had no sales-type leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2022 2021 Gross investment in direct financing and sales-type leases $ 255,186 $ 403,388 Add: estimated unguaranteed residual value of the underlying assets related to sales-type leases — 31,839 Less: unearned income on direct financing lease (212,995) (215,557) 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 $ 39,352 $ 70,656 As of December 31, 2022, 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, 2022. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2022 are outlined in the table below (in thousands): Year Total 2023 $ 1,863 2024 1,919 2025 1,976 2026 2,036 2027 2,097 Thereafter 245,295 Total $ 255,186 Income from rentals Our 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, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals $ 2,576,040 $ 2,108,249 $ 1,878,208 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, 2022 and 2021 (in thousands): December 31, 2022 2021 Deferred leasing costs $ 996,116 $ 857,414 Accumulated amortization (479,841) (454,516) Deferred leasing costs, net $ 516,275 $ 402,898 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, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. 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 accounts payable, accrued expenses, and other liabilities As of December 31, 2022, the present value of the remaining contractual payments aggregating $904.2 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $406.7 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 $558.3 million. As of December 31, 2022, 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 4.6%. 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, 2022, included leases for 40 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 $6.3 million as of December 31, 2022, our ground lease obligations have remaining lease terms ranging from approximately 31 years to 99 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, 2022 is presented in the table below (in thousands): Year Total 2023 $ 24,073 2024 24,389 2025 24,475 2026 24,543 2027 22,866 Thereafter 783,888 Total future payments under our operating leases in which we are the lessee 904,234 Effect of discounting (497,534) Operating lease liability $ 406,700 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 13 years, exclusive of extension options. For the years ended December 31, 2022, 2021, and 2020, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Gross operating lease costs $ 36,527 $ 28,598 $ 23,518 Capitalized lease costs (3,661) (3,167) (3,529) Expenses for operating leases in which we are the lessee $ 32,866 $ 25,431 $ 19,989 For the years ended December 31, 2022, 2021, and 2020, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $55.2 million, $24.7 million, and $20.8 million, respectively. The increase in 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket.
Leases	Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2022, we had 432 properties aggregating 41.8 million operating RSF locate d in key clusters, 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, 2022, a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease. Our leases are described below. Operating leases As of December 31, 2022, our 432 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 69.9 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, 2022 are outlined in the table below (in thousands): Year Amount 2023 $ 1,755,123 2024 1,874,121 2025 1,865,064 2026 1,822,110 2027 1,743,625 Thereafter 11,736,511 Total $ 20,796,554 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, 2022, we had one direct financing lease agreement, with a net investment balance of $39.4 million, for a parking structure with a remaining lease term of 69.9 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. In May 2022, we completed the sale of land at 9609, 9613, and 9615 Medical Center Drive in our Rockville submarket, which was subject to long-term sales-type leases, for the sales price of $47.8 million and recognized a gain of $11.9 million classified in gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2022. As of December 31, 2022, we had no sales-type leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2022 2021 Gross investment in direct financing and sales-type leases $ 255,186 $ 403,388 Add: estimated unguaranteed residual value of the underlying assets related to sales-type leases — 31,839 Less: unearned income on direct financing lease (212,995) (215,557) 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 $ 39,352 $ 70,656 As of December 31, 2022, 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, 2022. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2022 are outlined in the table below (in thousands): Year Total 2023 $ 1,863 2024 1,919 2025 1,976 2026 2,036 2027 2,097 Thereafter 245,295 Total $ 255,186 Income from rentals Our 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, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals $ 2,576,040 $ 2,108,249 $ 1,878,208 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, 2022 and 2021 (in thousands): December 31, 2022 2021 Deferred leasing costs $ 996,116 $ 857,414 Accumulated amortization (479,841) (454,516) Deferred leasing costs, net $ 516,275 $ 402,898 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, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. 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 accounts payable, accrued expenses, and other liabilities As of December 31, 2022, the present value of the remaining contractual payments aggregating $904.2 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $406.7 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 $558.3 million. As of December 31, 2022, 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 4.6%. 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, 2022, included leases for 40 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 $6.3 million as of December 31, 2022, our ground lease obligations have remaining lease terms ranging from approximately 31 years to 99 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, 2022 is presented in the table below (in thousands): Year Total 2023 $ 24,073 2024 24,389 2025 24,475 2026 24,543 2027 22,866 Thereafter 783,888 Total future payments under our operating leases in which we are the lessee 904,234 Effect of discounting (497,534) Operating lease liability $ 406,700 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 13 years, exclusive of extension options. For the years ended December 31, 2022, 2021, and 2020, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Gross operating lease costs $ 36,527 $ 28,598 $ 23,518 Capitalized lease costs (3,661) (3,167) (3,529) Expenses for operating leases in which we are the lessee $ 32,866 $ 25,431 $ 19,989 For the years ended December 31, 2022, 2021, and 2020, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $55.2 million, $24.7 million, and $20.8 million, respectively. The increase in 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket.
Leases	Refer to the “Lease accounting” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2022, we had 432 properties aggregating 41.8 million operating RSF locate d in key clusters, 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, 2022, a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease. Our leases are described below. Operating leases As of December 31, 2022, our 432 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 69.9 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, 2022 are outlined in the table below (in thousands): Year Amount 2023 $ 1,755,123 2024 1,874,121 2025 1,865,064 2026 1,822,110 2027 1,743,625 Thereafter 11,736,511 Total $ 20,796,554 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, 2022, we had one direct financing lease agreement, with a net investment balance of $39.4 million, for a parking structure with a remaining lease term of 69.9 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. In May 2022, we completed the sale of land at 9609, 9613, and 9615 Medical Center Drive in our Rockville submarket, which was subject to long-term sales-type leases, for the sales price of $47.8 million and recognized a gain of $11.9 million classified in gain on sales of real estate within our consolidated statements of operations for the year ended December 31, 2022. As of December 31, 2022, we had no sales-type leases. The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2022 2021 Gross investment in direct financing and sales-type leases $ 255,186 $ 403,388 Add: estimated unguaranteed residual value of the underlying assets related to sales-type leases — 31,839 Less: unearned income on direct financing lease (212,995) (215,557) 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 $ 39,352 $ 70,656 As of December 31, 2022, 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, 2022. For further details, refer to the “Allowance for credit losses” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2022 are outlined in the table below (in thousands): Year Total 2023 $ 1,863 2024 1,919 2025 1,976 2026 2,036 2027 2,097 Thereafter 245,295 Total $ 255,186 Income from rentals Our 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, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals $ 2,576,040 $ 2,108,249 $ 1,878,208 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, 2022 and 2021 (in thousands): December 31, 2022 2021 Deferred leasing costs $ 996,116 $ 857,414 Accumulated amortization (479,841) (454,516) Deferred leasing costs, net $ 516,275 $ 402,898 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, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. 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 accounts payable, accrued expenses, and other liabilities As of December 31, 2022, the present value of the remaining contractual payments aggregating $904.2 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $406.7 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 $558.3 million. As of December 31, 2022, 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 4.6%. 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, 2022, included leases for 40 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 $6.3 million as of December 31, 2022, our ground lease obligations have remaining lease terms ranging from approximately 31 years to 99 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, 2022 is presented in the table below (in thousands): Year Total 2023 $ 24,073 2024 24,389 2025 24,475 2026 24,543 2027 22,866 Thereafter 783,888 Total future payments under our operating leases in which we are the lessee 904,234 Effect of discounting (497,534) Operating lease liability $ 406,700 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 13 years, exclusive of extension options. For the years ended December 31, 2022, 2021, and 2020, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Gross operating lease costs $ 36,527 $ 28,598 $ 23,518 Capitalized lease costs (3,661) (3,167) (3,529) Expenses for operating leases in which we are the lessee $ 32,866 $ 25,431 $ 19,989 For the years ended December 31, 2022, 2021, and 2020, amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $55.2 million, $24.7 million, and $20.8 million, respectively. The increase in 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2022
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Cash and cash equivalents $ 825,193 $ 361,348 Restricted cash: Funds held in trust under the terms of certain secured notes payable — 17,264 Funds held in escrow for real estate acquisitions 30,112 30,000 Other 2,670 6,615 32,782 53,879 Total $ 857,975 $ 415,227

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Investment	We hold strategic 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 evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the policy-making process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method of accounting, as described below. Investments accounted for under the equity method 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. As of December 31, 2022, we had seven investments in limited partnerships aggregating $65.5 million that maintain specific ownership accounts for each investor, which were accounted for under the equity method. Our ownership interest in each of these seven investments was greater than 5%. Investments that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. 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. 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. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share 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, 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. 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: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV 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 basis. 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 basis, 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. Funding commitments to investments in privately held entities that report NAV We are committed to funding approximately $380.7 million for our investments in privately held entities that report NAV. Our funding commitments expire at various dates over the next 12 years, with a weighted-average expiration of 8.6 years as of December 31, 2022. These investments are not redeemable by us, but we may receive distributions from these investments throughout their terms. Our investments in privately held entities that report NAV generally have expected initial terms in excess of 10 years. The weighted-average remaining term during which these investments are expected to be liquidated was 5.4 years as of December 31, 2022. The following tables summarize our investments as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Cost Unrealized Unrealized Carrying Amount Publicly traded companies $ 210,986 $ 96,271 $ (100,118) $ 207,139 Entities that report NAV 452,391 315,071 (7,710) 759,752 Entities that do not report NAV: Entities with observable price changes 100,296 95,062 (1,574) 193,784 Entities without observable price changes 388,940 — — 388,940 Investments accounted for under the equity method N/A N/A N/A 65,459 Total investments $ 1,152,613 $ 506,404 $ (109,402) $ 1,615,074 December 31, 2021 Cost Unrealized Unrealized Carrying Amount Publicly traded companies $ 203,290 $ 309,998 $ (29,471) $ 483,817 Entities that report NAV 385,692 446,586 (2,414) 829,864 Entities that do not report NAV: Entities with observable price changes 56,257 74,279 (1,305) 129,231 Entities without observable price changes 362,064 — — 362,064 Investments accounted for under the equity method N/A N/A N/A 71,588 Total investments $ 1,007,303 $ 830,863 $ (33,190) $ 1,876,564 Cumulative gains and losses (realized and unrealized) on investments in privately held entities that do not report NAV still held as of December 31, 2022 aggregated to a gain of $22.9 million, which consisted of upward adjustments aggregating $95.1 million, downward adjustments aggregating $1.6 million, and impairments aggregating $70.6 million. Our investment (loss) income for the years ended December 31, 2022, 2021, and 2020 consisted of the following (in thousands): Year Ended December 31, 2022 2021 2020 Realized gains $ 80,435 $ 215,845 $ 47,288 Unrealized (losses) gains (412,193) 43,632 374,033 Investment (loss) income $ (331,758) $ 259,477 $ 421,321 During the year ended December 31, 2022, gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2022 aggregated to a loss of $18.3 million, which consisted of upward adjustments aggregating $26.3 million, downward adjustments aggregating $5.8 million, and impairments aggregating $38.8 million. During the year ended December 31, 2021, gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2021 aggregated to a loss of $33.3 million, which consisted of upward adjustments aggregating $32.7 million and downward adjustments and impairments 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 as of December 31, 2020 aggregated to a gain of $3.1 million, which consisted of upward adjustments aggregating $36.7 million and downward adjustments and impairments aggregating $33.6 million. Unrealized gains or losses related to investments still held (excluding investments accounted for under the equity method of accounting) as of December 31, 2022, 2021, and 2020 aggregated to a loss of $276.5 million and gains of $109.4 million and $392.7 million, respectively. Our investment losses for the year ended December 31, 2022 also included $2.1 million of equity in earnings of our equity method investments. Refer to the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information.

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	The following table summarizes the components of other assets as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Acquired in-place leases $ 615,638 $ 609,872 Deferred compensation plan 33,534 38,937 Deferred financing costs – unsecured senior line of credit 31,747 19,294 Deposits 20,805 176,077 Furniture, fixtures, and equipment 23,186 26,429 Net investment in direct financing and sales-type leases (1) 39,352 70,656 Notes receivable 19,875 13,088 Operating lease right-of-use assets 558,255 474,299 Other assets 80,724 53,985 Prepaid expenses 28,294 24,806 Property, plant, and equipment 148,530 151,375 Total $ 1,599,940 $ 1,658,818 (1) We completed the sale of our real estate assets subject to sales-type leases in May 2022. As of December 31, 2022, we had no remaining sales-type leases. Refer to Note 5 – “Leases” to our consolidated financial statements for additional information.

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021. 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, 2022. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2022 $ 207,139 $ 207,139 $ — $ — As of December 31, 2021 $ 483,817 $ 483,817 $ — $ — 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 investment income in our consolidated financial statements. 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, 2022 and 2021, the carrying values of investments in privately held entities that report NAV aggregated $759.8 million and $829.9 million, respectively. These investments are excluded from the fair value hierarchy above as required by the fair value accounting standards. We estimate the fair value of each of our investments in limited partnerships based on the most recent NAV reported by each limited partnership. As a result, the determination of fair values of our investments in privately held entities that report NAV generally does not involve significant estimates, assumptions, or judgments. Assets and liabilities measured at fair value on a nonrecurring basis 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, 2022 and 2021 (in thousands). These investments were measured at various times during the period from January 1, 2018 to December 31, 2022. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Unobservable Inputs (Level 3) (1) Investments in privately held entities that do not report NAV As of December 31, 2022 $ 212,262 $ — $ 193,784 (2) $ 18,478 As of December 31, 2021 $ 138,011 $ — $ 129,231 $ 8,780 (1) These amounts are included in the investments in privately held entities without observable price changes balances aggregating $388.9 million and $362.1 million as of December 31, 2022 and 2021, respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. The aforementioned balances represent the carrying amounts 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 in the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. (2) This balance represents the total carrying amount of our equity investments in privately held entities with observable price changes, included in the investments balance of $1.6 billion in our consolidated balance sheets as of December 31, 2022. For more information, refer to Note 7 – “Investments” 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. Refer to Note 7 – “Investments” to our consolidated financial statements for additional information. 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. As of December 31, 2022, the carrying amounts of our real estate investments classified as held for sale aggregated $116.1 million, which is included in the investments in real estate balance in our consolidated balance sheet. For our assets classified as held for sale during 2022, the estimated fair values were primarily based on unobservable inputs categorized within Level 3 of the fair value hierarchy. During the year ended December 31, 2022, we recognized impairment charges aggregating $20.9 million to reduce the carrying amounts of these assets to their respective estimated fair values less costs to sell. We expect to sell these real estate assets in 2023. Refer to 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 and 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, 2022 and 2021, the book and estimated fair values of our secured notes payable and unsecured senior notes payable, and the 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, 2022 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 59,045 $ — $ 58,811 $ — $ 58,811 Unsecured senior notes payable $ 10,100,717 $ — $ 8,539,015 $ — $ 8,539,015 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ — $ — $ — $ — $ — 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

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured and unsecured senior debt	The following table summarizes our outstanding indebtedness and respective principal payments as of December 31, 2022 (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 2023 2024 2025 2026 2027 Thereafter Principal Total Secured notes payable Greater Boston (3) SOFR+2.70 % 6.75 % 11/19/26 $ — $ — $ — $ 59,717 $ — $ — $ 59,717 (1,321) $ 58,396 San Francisco Bay Area 6.50 % 6.50 7/1/36 30 32 34 36 38 479 649 — 649 Secured debt weighted average interest rate/subtotal 6.75 30 32 34 59,753 38 479 60,366 (1,321) 59,045 Unsecured senior line of credit and commercial paper program (4) (4) N/A (4) 1/22/28 (4) (4) — — — — — (4) — — — Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — 600,000 — — — 600,000 (2,061) 597,939 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — 300,000 — — 300,000 (1,507) 298,493 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — 350,000 — — 350,000 (1,631) 348,369 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — 350,000 — 350,000 (2,074) 347,926 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,152) 422,848 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,469) 298,531 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (2,879) 397,121 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (2,796) 447,204 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (6,290) 693,710 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (5,628) 744,372 Unsecured senior notes payable – green bond 2.00 % 2.12 5/18/32 — — — — — 900,000 900,000 (8,802) 891,198 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (8,840) 991,160 Unsecured senior notes payable – green bond 2.95 % 3.07 3/15/34 — — — — — 800,000 800,000 (8,737) 791,263 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,102) 296,898 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,222 710,222 Unsecured senior notes payable 3.00 % 3.08 5/18/51 — — — — — 850,000 850,000 (11,988) 838,012 Unsecured senior notes payable 3.55 % 3.63 3/15/52 — — — — — 1,000,000 1,000,000 (14,549) 985,451 Unsecured debt weighted average interest rate/subtotal 3.51 — — 600,000 650,000 350,000 8,575,000 10,175,000 (74,283) 10,100,717 Weighted-average interest rate/total 3.53 % $ 30 $ 32 $ 600,034 $ 709,753 $ 350,038 $ 8,575,479 $ 10,235,366 $ (75,604) $ 10,159,762 (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) Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2022, this joint venture has $135.6 million available under 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 “Amendment of our unsecured senior line of credit” and “$2.0 billion commercial paper program” on the next page. The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of December 31, 2022 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 649 $ 58,396 $ 59,045 0.6 % 6.75 % 4.0 Unsecured senior notes payable 10,100,717 — 10,100,717 99.4 3.51 13.3 Unsecured senior line of credit and commercial paper program (2) — — — — N/A 5.1 (3) Total/weighted average $ 10,101,366 $ 58,396 $ 10,159,762 100.0 % 3.53 % 13.2 (3) Percentage of total debt 99.4 % 0.6 % 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) As of December 31, 2022, we had no outstanding balance on our unsecured senior line of credit. Our unsecured senior line of credit has aggregate commitments of $4.0 billion and bears an interest rate of SOFR plus 0.875%. In addition, the rate is subject to a sustainability adjustment of +/- four basis points based upon our ability to achieve certain annual sustainability targets. As of December 31, 2022, we had no commercial paper notes outstanding. (3) We calculate the weighted-average remaining term of our commercial paper notes 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 13.2 years. The commercial paper notes sold during the year ended December 31, 2022 were issued at a weighted-average yield to maturity of 1.91% and had a weighted-average maturity term of 13 days. Unsecured senior notes payable In February 2022, we issued $1.8 billion of unsecured senior notes payable with a weighted-average interest rate of 3.28% and a weighted-average maturity of 22.0 years. The unsecured senior notes consisted of $800.0 million of 2.95% green unsecured senior notes due 2034 and $1.0 billion of 3.55% unsecured senior notes due 2052. Amendment of our unsecured senior line of credit On September 22, 2022, we amended our unsecured senior line of credit, and the key changes are summarized below: New Agreement Change Commitments available for borrowing $4.0 billion Up $1.0 billion Maturity date January 22, 2028 Extended by 2 years Interest rate SOFR+0.875% Converted to SOFR In addition, the interest rate under our amended unsecured senior line of credit is subject to upward or downward adjustments of up to four basis points based upon our ability to achieve certain annual sustainability targets. As of December 31, 2022, we had no outstanding balance on our unsecured senior line of credit. $2.0 billion co mmercial paper program In September 2022, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.0 billion from $1.5 billion. Our commercial paper program provides us with the ability to issue up to $2.0 billion of commercial paper notes that bear interest at short-term fixed rates with a maturity of generally 30 days or less and 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, 2022, we had no outstanding balance under our commercial paper program. Extinguishment of secured notes payable In April 2022, we repaid two secured notes payable aggregating $195.0 million due in 2024 with an effective interest rate of 3.40% and recognized a loss on early extinguishment of debt of $3.3 million, including a prepayment penalty and the write-off of unamortized loan fees. Interest expense The following table summarizes interest expense for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Interest incurred $ 372,848 $ 312,806 $ 297,227 Capitalized interest (278,645) (170,641) (125,618) Interest expense $ 94,203 $ 142,165 $ 171,609

Accounts payable, accrued expen

Accounts payable, accrued expenses, and other liabilities (Notes)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): December 31, 2022 2021 Accounts payable and accrued expenses $ 389,741 $ 513,416 Accrued construction 624,440 438,866 Acquired below-market leases 417,656 341,585 Conditional asset retirement obligations 52,723 59,797 Deferred rent liabilities 18,321 12,384 Operating lease liability 406,700 434,745 Unearned rent and tenant security deposits 449,622 326,924 Other liabilities 112,056 82,693 Total $ 2,471,259 $ 2,210,410

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
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, 2022, 2021, and 2020 (in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Net income $ 670,701 $ 654,282 $ 827,171 Net income attributable to noncontrolling interests (149,041) (83,035) (56,212) Net income attributable to unvested restricted stock awards (8,392) (7,848) (10,168) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 513,268 $ 563,399 $ 760,791 Denominator for basic EPS – weighted-average shares of common stock outstanding 161,659 146,921 126,106 Dilutive effect of forward equity sales agreements — 539 384 Denominator for diluted EPS – weighted-average shares of common stock outstanding 161,659 147,460 126,490 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.18 $ 3.83 $ 6.03 Diluted $ 3.18 $ 3.82 $ 6.01

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	We have elected to be taxed as a REIT, under 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 2021 and 2020 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2022, 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 2022 REIT taxable income when we file our 2022 federal income tax return in 2023. The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Year Ended December 31, 2022 2021 2020 Ordinary income 57.4 % 46.3 % 65.7 % Return of capital — — 13.2 Capital gains at 25% 8.1 3.8 — Capital gains at 20% 34.5 49.9 21.1 Total 100.0 % 100.0 % 100.0 % Dividends declared $ 4.72 $ 4.48 $ 4.24 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 2022 is based upon management’s estimate. Our federal tax return for 2022 is due on or before October 15, 2023, 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, 2022, 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, 2022, 2021, and 2020. The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2021 and 2020 (in thousands and unaudited): Year Ended December 31, 2021 2020 Net income $ 654,282 $ 827,171 Net income attributable to noncontrolling interests (83,035) (56,212) Book/tax differences: Rental revenue recognition (23,306) (165,091) Depreciation and amortization 153,382 220,046 Share-based compensation 34,265 30,695 Interest expense (79,907) (21,174) Sales of property (100,449) (69,048) Impairments 23,130 40,398 Non-real estate investment expense (income) 42,908 (377,820) Other 33,446 22,315 Taxable income before dividend deduction 654,716 451,280 Dividend deduction necessary to eliminate taxable income (1) (654,716) (451,280) Estimated income subject to federal income tax $ — $ — (1) Total common stock dividend distributions paid were approximately $656.0 million and $533.0 million during the years ended December 31, 2021 and 2020, respectively.

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2022
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 $8.7 million, $5.0 million, and $6.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the FDIC insurance coverage of $250,000, and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. Commitments As of December 31, 2022, remaining aggregate costs under contract for the construction of properties undergoing development, redevelopment, and improvements under the terms of leases approximated $3.5 billion. We expect payments for these obligations to occur over one In addition, we have letters of credit and performance obligations aggregating $22.4 million primarily related to deposits for acquisitions in our Greater Boston and San Francisco Bay Area markets.

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' equity	Common equity transactions During the year ended December 31, 2022, our common equity transactions included the following: • In January 2022, we entered into new forward equity sales agreements aggregating $1.7 billion to sell 8.1 million shares of our common stock (including the exercise of an underwriters’ option) at a public offering price of $210.00 per share, before underwriting discounts and commissions. • In March 2022, we settled a portion of our forward equity sales agreements by issuing 3.2 million shares and received net proceeds of $648.2 million. • In September 2022, we settled a portion of our outstanding forward equity agreements by issuing 1.0 million shares and received net proceeds of $199.7 million. • In November 2022, we settled the remaining of our outstanding forward equity agreements by issuing 3.8 million shares and received net proceeds of $763.3 million. • 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. • We entered into new forward equity sales agreements aggregating $858.1 million to sell 4.9 million shares under our ATM program at an average price of $175.12 per share (before underwriting discounts). • During the three months ended December 31, 2022, we settled a portion of our outstanding forward equity agreements by issuing 4.2 million shares and received net proceeds of $737.4 million. • We expect to settle the remaining outstanding forward equity agreements by issuing 699,274 shares and receive net proceeds of approximately $102.4 million in 2023. • As of December 31, 2022, the remaining aggregate amount available under our ATM program for future sales of common stock was $141.9 million. 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, 2022, was entirely due to net unrealized losses of $13.5 million on foreign currency translation related to our operations in Canada and China. Common stock, preferred stock, and excess stock authorizations In May 2022, our stockholders approved an amendment to our charter to increase the authorized number of shares of common stock from 200.0 million to 400.0 million, of which 170.7 million shares were issued and outstanding as of December 31, 2022. 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, 2022. 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, 2022.

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Stock award and incentive plan For the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company, we generally issue share-based compensation in the form of restricted stock, pursuant to our stock award and incentive plan. 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, 2022, there were 3,838,370 shares reserved for the granting of future stock-based awards under our stock award and incentive plan. In addition, our stock award and incentive 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 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 or market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares and in a reversal of previously recognized share-based compensation expense. Failure to satisfy the market condition results in the forfeiture of shares but does not result in a reversal of previously recognized share-based compensation expense, provided that the requisite service has been rendered. Forfeiture of time-based, performance-based, or market-based awards due to the failure to meet the service requirement results in the reversal of previously recognized share-based compensation expense. Departure of co-chief executive officer effective July 31, 2022 On July 1, 2022, Stephen A. Richardson, co-chief executive officer, tendered his resignation from all of his positions with the Company and its subsidiaries, which became effective July 31, 2022, and notified the Company of his intent to retire from full-time employment and his professional career for family and personal reasons. Following the effective date of Mr. Richardson’s resignation, his duties and responsibilities were allocated to other members of the Company’s executive management team. Mr. Richardson continues to assist the Company as a strategic consultant for internal growth. Mr. Richardson’s outstanding unvested stock awards continue to vest pursuant to the terms effective on each respective grant date. Due to the reduction in the level of Mr. Richardson’s services to the Company following his resignation from the co-CEO role, applicable stock compensation accounting standards required the acceleration of unamortized compensation of approximately $7.2 million classified in general and administrative expenses in consolidated statements of operations for the year ended December 31, 2022, representing the difference between compensation expense recognized in connection with the unvested awards and the fair value of these awards. The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands, except per share information): Number of Share Awards Weighted-Average 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 Granted 1,032,731 $ 141.58 Vested (749,101) $ 146.25 Forfeited (19,569) $ 160.83 Outstanding at December 31, 2022 2,087,521 $ 149.96 Year Ended December 31, 2022 2021 2020 Total grant date fair value of stock awards vested $ 109,557 $ 93,359 $ 79,578 Total gross compensation recognized for stock awards $ 104,424 $ 94,748 $ 80,651 Capitalized stock compensation $ 46,684 $ 46,079 $ 37,149 Certain restricted stock awards granted during 2022, 2021, and 2020 are subject to performance and market conditions. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for 2022, 2021, and 2020, respectively: (i) expected term of 2.8 years, 3.0 years, and 3.0 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 30.0%, 29.0%, and 17.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 2.5%, 2.8%, and 2.8%, and (iv) risk-free rate of 2.47%, 0.23%, and 1.63%. As of December 31, 2022, there was $256.5 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 21 months.

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. These entities owned 64 properties as of December 31, 2022 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, 2022 and 2021, we distributed $192.2 million and $112.4 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, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	As of December 31, 2022, we had 10 properties and a land parcel in North America aggregating 297,284 RSF, including eight contiguous properties aggregating 128,870 RSF in a non-core submarket, and one property in Asia aggregating 334,144 RSF, which were classified as held for sale in our consolidated financial statements. The disposal of properties classified as held for sale does not represent a strategic shift and therefore does not meet the criteria for classification as a discontinued operation. We cease depreciation of our properties upon their classification as held for sale. Refer to the “Real estate sales” subsection of the “Investments in real estate” section in Note 2 – “Summary of significant accounting policies” and the “Sales of real estate assets and impairment charges” section in Note 3 – “Investment in real estate” for information about impairment charges related to our assets classified as held for sale recognized during the year ended December 31, 2022. The following is a summary of net assets as of December 31, 2022 and 2021 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2022 2021 Total assets $ 117,197 $ 17,749 Total liabilities (2,034) (1,083) Total accumulated other comprehensive income (loss) 898 (1,750) Net assets classified as held for sale $ 116,061 $ 14,916

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2022
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, 2022 (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 $ — $ 600,178 $ 926,555 $ 1,710,754 $ 600,178 $ 2,637,309 $ 3,237,487 $ (426,360) $ 2,811,127 1981 - 2017 2005 - 2022 Alexandria Center ® at One Kendall Square Greater Boston — 405,164 576,213 791,887 405,164 1,368,100 1,773,264 (181,035) 1,592,229 1985 - 2019 2016 - 2022 Alexandria Technology Square ® Greater Boston — — 619,658 284,297 — 903,955 903,955 (336,004) 567,951 2001 - 2012 2006 The Arsenal on the Charles Greater Boston — 191,797 354,611 430,395 191,797 785,006 976,803 (43,466) 933,337 2000 - 2022 2019 - 2021 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street Greater Boston — 121,533 24,464 118,499 121,533 142,963 264,496 (55,429) 209,067 1962 - 2009 2000 - 2022 99 Coolidge Avenue Greater Boston 58,396 43,125 — 130,650 43,125 130,650 173,775 — 173,775 N/A 2020 640 Memorial Drive Greater Boston — — 174,878 24,172 — 199,050 199,050 (54,855) 144,195 2011 2015 780 and 790 Memorial Drive Greater Boston — — — 55,774 — 55,774 55,774 (28,636) 27,138 2002 2001 Alexandria Center ® for Life Science – Fenway Greater Boston — 912,016 617,552 465,215 912,016 1,082,767 1,994,783 (28,642) 1,966,141 2019 - 2022 2021 380 and 420 E Street Greater Boston — 156,355 9,229 12,671 156,355 21,900 178,255 (2,982) 175,273 2013 2020 5, 10, and 15 Necco Street Greater Boston — 277,554 55,897 189,157 277,554 245,054 522,608 (5,130) 517,478 2019 2019 99 A Street Greater Boston — 31,671 878 17,290 31,671 18,168 49,839 (938) 48,901 1968 2018 One Moderna Way Greater Boston — 67,329 301,000 48,064 67,329 349,064 416,393 (24,103) 392,290 1999 - 2015 2018 - 2021 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street Greater Boston — 141,629 513,901 130,111 141,629 644,012 785,641 (15,206) 770,435 1999 - 2010 2020 - 2022 275 Grove Street Greater Boston — 70,476 150,159 29,516 70,476 179,675 250,151 (10,384) 239,767 2000 2020 225, 266, and 275 Second Avenue Greater Boston — 17,086 69,994 90,202 17,086 160,196 177,282 (41,593) 135,689 2014 - 2018 2014 - 2017 19, 225, and 235 Presidential Way Greater Boston — 32,136 118,391 26,959 32,136 145,350 177,486 (28,312) 149,174 1999 - 2001 2005 - 2022 100 Beaver Street Greater Boston — 1,466 9,046 27,636 1,466 36,682 38,148 (12,984) 25,164 2006 2005 Other Greater Boston — 77,892 218,874 32,756 77,892 251,630 329,522 (2,711) 326,811 Various Various Alexandria Center ® for Science and Technology – Mission Bay San Francisco — 213,014 218,556 576,431 213,014 794,987 1,008,001 (212,667) 795,334 2007 - 2014 2004 - 2017 Alexandria Technology Center ® – Gateway San Francisco — 193,004 364,078 511,319 193,004 875,397 1,068,401 (140,102) 928,299 1984 - 2021 2002 - 2020 Alexandria Center ® for Life Science - Millbrae San Francisco — 69,989 — 182,183 69,989 182,183 252,172 — 252,172 N/A 2021 - 2022 211, 213, 249, 259, 269, and 279 East Grand Avenue San Francisco — 59,199 — 545,180 59,199 545,180 604,379 (113,507) 490,872 2008 - 2019 2004 1122, 1150, and 1178 El Camino Real San Francisco — 330,154 51,145 29,205 330,154 80,350 410,504 (5,257) 405,247 1971 - 2007 2021 - 2022 Alexandria Center ® for Life Science – South San Francisco San Francisco — 32,245 1,287 473,644 32,245 474,931 507,176 (101,983) 405,193 2012 - 2022 2002 - 2017 500 Forbes Boulevard San Francisco — 35,596 69,091 17,503 35,596 86,594 122,190 (33,699) 88,491 2001 2007 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 849/863 Mitten Road/866 Malcolm Road San Francisco $ — $ 3,211 $ 8,665 $ 28,925 $ 3,211 $ 37,590 $ 40,801 $ (16,934) $ 23,867 2012 1998 Alexandria Center ® for Life Science – San Carlos San Francisco — 433,634 28,323 683,113 433,634 711,436 1,145,070 (41,366) 1,103,704 1970 - 2022 2017 - 2021 3825 and 3875 Fabian Way San Francisco — 194,424 54,519 4,734 194,424 59,253 253,677 (9,273) 244,404 1969 - 2014 2019 Alexandria Stanford Life Science District San Francisco — — 571,462 113,539 — 685,001 685,001 (38,801) 646,200 2002 - 2022 2003 - 2022 3330, 3412, 3420, 3440, 3450, and 3460 Hillview Avenue San Francisco — — 332,257 39,911 — 372,168 372,168 (14,892) 357,276 1978 - 2018 2020 - 2021 2100, 2200, 2300, and 2400 Geng Road San Francisco — 72,859 53,309 31,093 72,859 84,402 157,261 (13,640) 143,621 1984 - 2019 2018 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road San Francisco — — 187,472 12,816 — 200,288 200,288 (28,387) 171,901 2000 - 2017 1999 - 2021 2425 Garcia Avenue/2400/2450 Bayshore Parkway San Francisco 649 1,512 21,323 26,281 1,512 47,604 49,116 (26,540) 22,576 2008 1999 3350 West Bayshore Road San Francisco — 4,800 6,693 43,953 4,800 50,646 55,446 (9,921) 45,525 1982 2005 901 California Avenue San Francisco — — — 11,698 — 11,698 11,698 — 11,698 N/A 2021 88 Bluxome Street San Francisco — 148,551 21,514 178,071 148,551 199,585 348,136 (23,098) 325,038 N/A 2017 Alexandria Center ® for Life Science – New York City New York City — — — 1,065,858 — 1,065,858 1,065,858 (261,840) 804,018 2010 - 2016 2006 219 East 42nd Street New York City — 141,266 63,312 4,010 141,266 67,322 208,588 (41,375) 167,213 1995 2018 Alexandria Center ® for Life Science – Long Island City New York City — 22,746 53,093 143,633 22,746 196,726 219,472 (4,735) 214,737 2022 2018 One Alexandria Square and One Alexandria North San Diego — 247,423 192,755 586,559 247,423 779,314 1,026,737 (230,733) 796,004 1980 - 2022 1994 - 2021 ARE Torrey Ridge San Diego — 22,124 152,840 83,386 22,124 236,226 258,350 (61,674) 196,676 2004 - 2021 2016 ARE Nautilus San Diego — 6,684 27,600 127,356 6,684 154,956 161,640 (65,962) 95,678 2009 - 2012 1994 - 1997 Campus Point by Alexandria San Diego — 200,556 396,739 520,759 200,556 917,498 1,118,054 (189,887) 928,167 1988 - 2019 2010 - 2022 5200 Illumina Way San Diego — 39,051 96,606 199,332 39,051 295,938 334,989 (73,658) 261,331 2004 - 2017 2010 University District San Diego — 142,290 48,840 235,312 142,290 284,152 426,442 (118,325) 308,117 1988 - 2018 1998 - 2022 SD Tech by Alexandria San Diego — 81,428 254,069 303,932 81,428 558,001 639,429 (29,314) 610,115 1988 - 2022 2013 - 2020 Sequence District by Alexandria San Diego — 163,610 281,389 16,539 163,610 297,928 461,538 (12,300) 449,238 1997 - 2000 2020 - 2021 Pacific Technology Park San Diego — 96,796 66,660 23,987 96,796 90,647 187,443 (3,833) 183,610 1989 - 1991 2021 Summers Ridge Science Park San Diego — 21,154 102,046 4,278 21,154 106,324 127,478 (13,900) 113,578 2005 2018 Scripps Science Park by Alexandria San Diego — 79,451 59,343 67,546 79,451 126,889 206,340 (899) 205,441 2001 - 2022 2021 - 2022 ARE Portola San Diego — 6,991 25,153 40,315 6,991 65,468 72,459 (21,298) 51,161 2005 - 2012 2007 5810/5820 Nancy Ridge Drive San Diego — 3,492 18,285 33,337 3,492 51,622 55,114 (14,356) 40,758 2021 2004 9877 Waples Street San Diego — 5,092 11,908 12,787 5,092 24,695 29,787 (2,604) 27,183 2020 2020 5871 Oberlin Drive San Diego — 1,349 8,016 20,455 1,349 28,471 29,820 (4,138) 25,682 2021 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 3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard San Diego $ — $ 18,177 $ 42,723 $ 33,696 $ 18,177 $ 76,419 $ 94,596 $ (41,391) $ 53,205 2007 - 2015 2010 - 2019 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street San Diego — 4,156 11,571 49,735 4,156 61,306 65,462 (18,736) 46,726 2006 - 2014 1997 - 2014 Other San Diego — 131,174 92,292 85,824 131,174 178,116 309,290 (22,540) 286,750 Various Various The Eastlake Life Science Campus by Alexandria Seattle — 53,758 83,012 814,762 53,758 897,774 951,532 (204,217) 747,315 1997 - 2021 2002 - 2022 Alexandria Center ® for Life Science – South Lake Union Seattle — 229,607 1,128 370,610 229,607 371,738 601,345 (45,771) 555,574 1984 - 2017 2007 - 2022 219 Terry Avenue North Seattle — 1,819 2,302 20,450 1,819 22,752 24,571 (9,296) 15,275 2012 2007 830 and 1010 4th Avenue South Seattle — 52,700 12,062 11,711 52,700 23,773 76,473 (665) 75,808 1995 2020 3000/3018 Western Avenue Seattle — 1,432 7,497 24,859 1,432 32,356 33,788 (25,427) 8,361 2000 1998 410 West Harrison Street and 410 Elliott Avenue West Seattle — 3,857 1,989 19,360 3,857 21,349 25,206 (8,394) 16,812 2006 - 2008 2004 Alexandria Center ® for Advanced Technologies – Canyon Park Seattle — 133,558 206,374 15,223 133,558 221,597 355,155 (8,718) 346,437 1985 - 2007 2021 - 2022 Alexandria Center ® for Advanced Technologies – Monte Villa Parkway Seattle — 52,464 64,753 41,093 52,464 105,846 158,310 (1,410) 156,900 1994 - 1997 2020 Other Seattle — 78,900 931 9,156 78,900 10,087 88,987 (821) 88,166 Various Various Alexandria Center ® for Life Science – Shady Grove Maryland — 85,365 253,567 465,521 85,365 719,088 804,453 (127,332) 677,121 1988 - 2022 2004 - 2021 1330 Piccard Drive Maryland — 2,800 11,533 37,666 2,800 49,199 51,999 (23,626) 28,373 2005 1997 1405 Research Boulevard Maryland — 899 21,946 15,638 899 37,584 38,483 (18,336) 20,147 2006 1997 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 10,582 1,523 18,313 19,836 (11,079) 8,757 1995 - 2003 1997 5 Research Place Maryland — 1,466 5,708 30,996 1,466 36,704 38,170 (18,247) 19,923 2010 2001 5 Research Court Maryland — 1,647 13,258 24,105 1,647 37,363 39,010 (17,698) 21,312 2007 2004 12301 Parklawn Drive Maryland — 1,476 7,267 1,734 1,476 9,001 10,477 (3,615) 6,862 2007 2004 Alexandria Technology Center ® – Gaithersburg I Maryland — 20,980 121,952 53,024 20,980 174,976 195,956 (55,129) 140,827 1992 - 2019 1997 - 2019 Alexandria Technology Center ® – Gaithersburg II Maryland — 17,134 67,825 102,075 17,134 169,900 187,034 (41,816) 145,218 2000 - 2021 1997 - 2020 20400 Century Boulevard Maryland — 3,641 4,759 20,369 3,641 25,128 28,769 (1,303) 27,466 2022 2021 401 Professional Drive Maryland — 1,129 6,941 11,327 1,129 18,268 19,397 (9,529) 9,868 2007 1996 950 Wind River Lane Maryland — 2,400 10,620 1,050 2,400 11,670 14,070 (4,202) 9,868 2009 2010 620 Professional Drive Maryland — 784 4,705 8,267 784 12,972 13,756 (8,015) 5,741 2012 2005 8000/9000/10000 Virginia Manor Road Maryland — — 13,679 11,436 — 25,115 25,115 (12,541) 12,574 2003 1998 14225 Newbrook Drive Maryland — 4,800 27,639 22,773 4,800 50,412 55,212 (21,550) 33,662 2006 1997 Alexandria Center ® for Life Science – Durham Research Triangle — 190,236 471,263 210,462 190,236 681,725 871,961 (30,992) 840,969 1985 - 2021 2020 - 2022 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 ® for Advanced Technologies – Research Triangle Research Triangle $ — $ 27,784 $ 16,958 $ 242,853 $ 27,784 $ 259,811 $ 287,595 $ (18,477) $ 269,118 2007 - 2022 2012 - 2021 Alexandria Center ® for AgTech Research Triangle — 2,801 6,756 205,945 2,801 212,701 215,502 (17,091) 198,411 2018 - 2022 2017 - 2018 104, 108, 110, 112, 114, and 120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive Research Triangle — 54,047 15,440 60,381 54,047 75,821 129,868 (24,513) 105,355 1966 - 2016 1999 - 2022 Alexandria Technology Center ® – Alston Research Triangle — 1,430 17,482 33,110 1,430 50,592 52,022 (27,787) 24,235 1985 - 2009 1998 6040 George Watts Hill Drive Research Triangle — — — 47,008 — 47,008 47,008 (5,524) 41,484 2015 2014 - 2022 Alexandria Innovation Center ® – Research Triangle Research Triangle — 1,065 21,218 30,954 1,065 52,172 53,237 (23,951) 29,286 2005 - 2008 2000 7 Triangle Drive Research Triangle — 701 — 43,037 701 43,037 43,738 (10,215) 33,523 2022 2005 2525 East NC Highway 54 Research Triangle — 713 12,827 20,729 713 33,556 34,269 (15,179) 19,090 1995 2004 407 Davis Drive Research Triangle — 1,229 17,733 1,104 1,229 18,837 20,066 (5,190) 14,876 1998 2013 601 Keystone Park Drive Research Triangle — 785 11,546 14,956 785 26,502 27,287 (7,664) 19,623 2009 2006 5 Triangle Drive Research Triangle — 161 3,409 12,686 161 16,095 16,256 (8,519) 7,737 1981 1998 6101 Quadrangle Drive Research Triangle — 951 3,982 11,483 951 15,465 16,416 (4,581) 11,835 2012 2008 Alexandria Center ® for NextGen Medicines Research Triangle — 94,184 — 6,106 94,184 6,106 100,290 — 100,290 N/A 2021 Intersection Campus Texas — 159,310 440,295 18,956 159,310 459,251 618,561 (11,606) 606,955 2000 - 2019 2021 - 2022 1020 Red River Street and 1001 Trinity Street Texas — 66,451 61,732 1,212 66,451 62,944 129,395 (387) 129,008 1987 - 1990 2022 8800 Technology Forest Place Texas — 2,116 9,784 72,614 2,116 82,398 84,514 (49) 84,465 2002 - 2003 2020 Other Texas — 110,867 219 16,532 110,867 16,751 127,618 (78) 127,540 Various Various Canada Canada — 31,167 117,076 16,899 31,167 133,975 165,142 (30,097) 135,045 1998 - 2020 2005 - 2022 Various Various — 109,115 87,138 294,271 109,115 381,409 490,524 (66,808) 423,716 Various Various North America 59,045 7,983,861 11,010,270 15,289,325 7,983,861 26,299,595 34,283,456 (4,349,780) 29,933,676 Asia — — — 16,047 — 16,047 16,047 (4,283) 11,764 2015 2008 $ 59,045 $ 7,983,861 $ 11,010,270 $ 15,305,372 $ 7,983,861 $ 26,315,642 $ 34,299,503 $ (4,354,063) $ 29,945,440 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2022 (Dollars in thousands) (1) As of December 31, 2022, the total cost of our real estate assets aggregated $34.3 billion, which exceeded the cost of real estate for federal income tax purposes aggregating $33.7 billion by approximately $562.3 million. (2) The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements. (3) Represents the later of the date of original construction or the date of the latest renovation. Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2022 (In thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2022 2021 2020 Balance at beginning of period $ 28,751,910 $ 21,274,810 $ 17,552,956 Acquisitions (including real estate, land, and joint venture consolidation) 2,722,214 5,405,569 2,825,537 Additions to real estate 3,388,478 2,267,848 1,505,152 Deductions (including dispositions and direct financing leases) (563,099) (196,317) (608,835) Balance at end of period $ 34,299,503 $ 28,751,910 $ 21,274,810 December 31, Accumulated Depreciation 2022 2021 2020 Balance at beginning of period $ 3,771,241 $ 3,182,438 $ 2,708,918 Depreciation expense on properties 751,584 607,927 530,226 Sale of properties (168,762) (19,124) (56,706) Balance at end of period $ 4,354,063 $ 3,771,241 $ 3,182,438

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 accounting 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. 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 information on specific joint ventures that qualify as VIEs and 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 related to acquisitions of real estate or in-substance real estate (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 that 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. Depreciation and amortization The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground lease terms or their estimated useful lives, not to exceed 40 years. Land improvements are depreciated over their estimated useful lives, not to exceed 20 years. Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and equipment is depreciated over the shorter of the lease term or its estimated useful life. The values of the right-of-use assets are amortized on a straight-line basis over the remaining terms of each related lease. 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 consolidated 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. For additional details, refer to Note 18 – “Assets classified as held for sale” to our consolidated financial statements. 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 recognize a gain or loss as if 100% of the asset 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 eight 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 (loss). 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 strategic 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 evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the policy-making process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method of accounting, as described below. Investments accounted for under the equity method 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 that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. 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. 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. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share 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, 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. 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: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV 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 basis. 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 basis, 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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals 2,576,040 2,108,249 1,878,208 Other income 12,922 5,901 7,429 Total revenues $ 2,588,962 $ 2,114,150 $ 1,885,637 During the year ended December 31, 2022, revenues that were subject to the lease accounting standard aggregated $2.5 billion, or 98.0% of our total revenues. During the year ended December 31, 2022, our total revenues also included $51.0 million, or 2.0%, subject to other accounting guidance. Our other income consisted primarily of construction management fees and interest income earned during the year ended December 31, 2022. 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 lease or a 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.
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. For each lease for which we determine that collectibility of future lease payments is not probable, we cease the recognition of income from rentals on a straight-line basis, and limit the recognition of income to the payments collected from the lessee. We do not resume straight-line recognition of income from rentals for these leases until we determine that the collectibility of future payments related to these leases is probable. We also record a general allowance related 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. During the year ended December 31, 2022, we recorded adjustments aggregating $13.6 million , to increase the general allowance balance. As of December 31, 2022, our general allowance balance aggregated $20.4 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 direct financing and sales-type leases for impairment under the current expected credit loss standard. For more information, refer to the “Allowance for credit losses” section within this Note 2 to our consolidated financial statements. On January 1, 2022, we adopted an accounting standard that requires lessors 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 this accounting standard, the lessor does not derecognize the underlying asset and does not recognize a loss upon lease commencement but continues to depreciate the underlying asset over its useful life. We elected a prospective application of this accounting standard to leases that commence or are modified on or after the date this standard was adopted. Historically, substantially all our leases in which we are the lessor have been operating leases; therefore, our adoption of this accounting standard has not had and 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 during the lease term. We classify the right-of-use asset in other assets in our consolidated balance sheets.
Recognition of revenue arising from contracts with customers	Recognition of revenue arising from contracts with customers We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the lease accounting standard discussed in the “Lease accounting” section above, in accordance with the revenue recognition accounting standard. A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer contracts, we use a five-step model to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. We identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. We consider whether we control the goods or services prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of consideration we are entitled to retain in the exchange. Total revenues subject to the revenue recognition accounting standard and classified within income from rentals in our consolidated statements of operations for the years ended December 31, 2022 and 2021 included $38.1 million and $23.4 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, as 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 We are required to estimate and recognize lifetime expected losses, rather than incurred losses, for most of our financial assets measured at amortized cost and certain other instruments, including trade and other receivables (excluding receivables arising from operating leases), 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 recognition of such expected losses, even if the expected risk of credit loss is remote, typically results in earlier recognition of credit losses. 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 our trade receivables. If necessary, we recognize a credit loss adjustment 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.
Income taxes	Income taxes We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually (excluding net capital gains) and meets certain other conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the 2016 through 2021 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. 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 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. As of December 31, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements can be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.
Issuer and guarantor subsidiaries of guaranteed securities	Issuer and guarantor subsidiaries of guaranteed securities Generally, a parent entity must provide separate subsidiary issuer or guarantor financial statements, unless it qualifies for disclosure exceptions. A parent entity may be eligible for disclosure exceptions if it meets the following criteria: (i) The subsidiary issuer or guarantor is a consolidated subsidiary of the parent company, and (ii) 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”) either within the consolidated financial statements or within the “Management’s discussion and analysis of financial condition and results of operations” section in Item 7. We evaluated the criteria and determined that we are eligible for the disclosure exceptions, which allow us to provide alternative disclosures; as such, we present alternative disclosures within the “Management’s discussion and analysis of financial condition and results of operations” section in Item 7.
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 capitalized and 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. However, 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 consolidated balance sheets and the consolidated 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.
Recent accounting pronouncements	On June 30, 2022, the FASB issued an ASU to clarify the guidance on fair value measurement of an equity security that is subject to a contractual sale restriction. Currently, some entities apply a discount to the price of an equity security, subject to a contractual sale restriction, whereas others do not. This update eliminates the diversity in practice by clarifying that a recognition of a discount related to a contractual sale restriction is not permitted. This update does not change the application of existing measurement guidance on share-based compensation. We hold certain equity investments in publicly held entities that are subject to trading restrictions. We do not recognize a discount related to such trading restrictions; therefore, the adoption of this standard will have no impact on our consolidated financial statements. Pursuant to the disclosure requirements of this new standard, the footnotes to our consolidated financial statements will contain incremental disclosures related to equity securities that are subject to contractual sale restrictions, including (i) the fair value of such equity securities reflected in the balance sheet, (ii) the nature and remaining duration of the corresponding restrictions, and (iii) any circumstances that could cause a lapse in the restrictions. The accounting standard will become effective for us on January 1, 2024, with early adoption permitted.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals 2,576,040 2,108,249 1,878,208 Other income 12,922 5,901 7,429 Total revenues $ 2,588,962 $ 2,114,150 $ 1,885,637

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate Properties [Line Items]
Investments in real estate	Our consolidated investments in real estate, including real estate assets classified as 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, 2022 and 2021 (in thousands): December 31, 2022 2021 Rental properties: Land (related to rental properties) $ 4,284,731 $ 3,782,182 Buildings and building improvements 18,605,627 16,312,402 Other improvements 2,677,763 2,109,884 Rental properties 25,568,121 22,204,468 Development and redevelopment projects 8,715,335 6,528,640 Gross investments in real estate – North America 34,283,456 28,733,108 Less: accumulated depreciation – North America (4,349,780) (3,766,758) Net investments in real estate – North America 29,933,676 24,966,350 Net investments in real estate – Asia 11,764 14,319 Investments in real estate $ 29,945,440 $ 24,980,669
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 2022 consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston 5 277,997 664,832 265,965 $ 788,292 San Francisco Bay Area 5 610,000 723,953 70,000 564,000 San Diego 5 1,287,000 234,874 — 231,380 Seattle — 869,000 — — 87,608 Research Triangle 4 1,925,000 69,485 — 179,428 Texas 11 51,038 1,197,071 — 508,400 Other 12 1,644,994 646,132 381,760 459,344 Year ended December 31, 2022 42 6,665,029 3,536,347 717,725 $ 2,818,452 (1) (1) Represents the aggregate contractual purchase price of our acquisitions, which differs 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.
Real estate assets dispositions	Our completed dispositions of and sales of partial interests in real estate assets during the year ended December 31, 2022 consisted of the following (dollars in thousands): Gain on Sale of Real Estate Consideration in Excess of Book Value (1) Property Submarket/Market Date of Sale Interest Sold RSF Sales Price Three months ended March 31, 2022: 100 Binney Street Cambridge/Inner Suburbs/Greater Boston 3/30/22 70 % 432,931 $ 713,228 N/A $ 413,615 Three months ended June 30, 2022: 300 Third Street Cambridge/Inner Suburbs/Greater Boston 6/27/22 70 % 131,963 166,485 N/A 113,020 Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive Route 128 and Route 495/Greater Boston 6/8/22 100 % 617,043 334,397 $ 202,325 N/A Other 47,800 11,894 N/A 548,682 214,219 113,020 Three months ended September 30, 2022: 1450 Owens Street Mission Bay/San Francisco Bay Area 7/1/22 20 % 191,000 25,039 N/A 10,083 341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center South San Francisco and Greater Stanford/San Francisco Bay Area 9/15/22 100 % 330,379 383,635 223,127 N/A 3215 Merryfield Row Torrey Pines/San Diego 9/1/22 70 % 170,523 149,940 N/A 42,214 Summers Ridge Science Park Sorrento Mesa/San Diego 9/15/22 70 % 316,531 159,600 N/A 65,097 7330 and 7360 Carroll Road Sorrento Mesa/San Diego 9/15/22 100 % 84,442 59,476 35,463 N/A Other Various 182,696 65,109 N/A 960,386 323,699 117,394 Year ended December 31, 2022 $ 2,222,296 (2) $ 537,918 $ 644,029 (1) Relates to sales of partial interests in real estate assets over which we retained control and therefore continue to consolidate. We recognized the difference between the consideration received and the book value of partial interests sold in additional paid-in capital, with no gain or loss recognized in earnings. (2) Represents the aggregate contractual sales price of our sales, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statements of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales 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, 2022 and 2021, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Acquired below-market leases $ 730,441 $ 579,267 Accumulated amortization (312,785) (237,682) $ 417,656 $ 341,585
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, 2022 was approximately 6.4 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2022 is as follows (in thousands): Year Amount 2023 $ 77,462 2024 67,889 2025 45,468 2026 34,061 2027 33,711 Thereafter 159,065 Total $ 417,656
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, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Acquired in-place leases $ 1,150,690 $ 987,213 Accumulated amortization (535,052) (377,341) $ 615,638 $ 609,872
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 $169.5 million, $146.6 million, and $105.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.5 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2022 is as follows (in thousands): Year Amount 2023 $ 133,737 2024 99,034 2025 76,530 2026 61,745 2027 49,987 Thereafter 194,605 Total $ 615,638

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated real estate joint ventures (2) : 50 and 60 Binney Street Greater Boston Cambridge/Inner Suburbs 34.0 % 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0 % 100 and 225 Binney Street and 300 Third Street Greater Boston Cambridge/Inner Suburbs 30.0 % (3) 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0 % Alexandria Center ® for Science and Technology – Mission Bay (4) San Francisco Bay Area Mission Bay 25.0 % 1450 Owens Street San Francisco Bay Area Mission Bay 59.7 % (5) 601, 611, 651, 681, 685, and 701 Gateway Boulevard San Francisco Bay Area South San Francisco 50.0 % 751 Gateway Boulevard San Francisco Bay Area South San Francisco 51.0 % 211 and 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0 % 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0 % Alexandria Center ® for Life Science – Millbrae San Francisco Bay Area South San Francisco 45.3 % 3215 Merryfield Row San Diego Torrey Pines 30.0 % Campus Point by Alexandria (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 % Summers Ridge Science Park (8) San Diego Sorrento Mesa 30.0 % 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 % 800 Mercer Street Seattle Lake Union 60.0 % Unconsolidated real estate joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (9) 1450 Research Boulevard Maryland Rockville 73.2 % (10) 101 West Dickman Street Maryland Beltsville 57.9 % (10) (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 real estate joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) 225 Binney Street is owned through a tenancy in common arrangement. We directly own 26.3% of the tenancy in common and a real estate joint venture owns the remaining 73.7% 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 as such, we consolidate this joint venture under the variable interest entity model. (4) Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South. (5) The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes 100% of the remaining cost to complete the project over time. (6) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4150, 4161, 4224, and 4242 Campus Point Court. (7) Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (8) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (9) Represents our ownership interest; our voting interest is limited to 50%. (10) Represents a joint venture with a local real estate operator in which our partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Investments in real estate $ 6,771,842 $ 5,014,842 Cash and cash equivalents 246,931 181,074 Other assets 684,487 509,281 Total assets $ 7,703,260 $ 5,705,197 Secured notes payable $ 58,396 $ 7,991 Other liabilities 430,615 269,605 Total liabilities 489,011 277,596 Alexandria Real Estate Equities, Inc.’s share of equity 3,513,001 2,593,505 Noncontrolling interests’ share of equity 3,701,248 2,834,096 Total liabilities and equity $ 7,703,260 $ 5,705,197
Investment in unconsolidated real estate joint ventures	Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets as of December 31, 2022 and 2021, consisted of the following (in thousands): December 31, Property 2022 2021 1655 and 1725 Third Street $ 12,996 $ 14,034 1450 Research Boulevard 5,625 4,455 101 West Dickman Street 8,678 8,481 Other 11,136 11,513 $ 38,435 $ 38,483
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, 2022 (dollars in thousands): At 100% Our Share Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance (2) 1401/1413 Research Boulevard 12/23/24 2.70% 3.33% $ 28,500 $ 28,146 65.0% 1655 and 1725 Third Street 3/10/25 4.50% 4.57% 600,000 599,081 10.0% 101 West Dickman Street 11/10/26 SOFR + 1.95% (3) 6.38% 26,750 11,575 57.9% 1450 Research Boulevard 12/10/26 SOFR + 1.95% (3) 6.44% 13,000 3,802 73.2% $ 668,250 $ 642,604 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2022. (3) This loan is subject to a fixed SOFR floor rate of 0.75%.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Lessor Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Receivable	Year Amount 2023 $ 1,755,123 2024 1,874,121 2025 1,865,064 2026 1,822,110 2027 1,743,625 Thereafter 11,736,511 Total $ 20,796,554
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, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2022 2021 Gross investment in direct financing and sales-type leases $ 255,186 $ 403,388 Add: estimated unguaranteed residual value of the underlying assets related to sales-type leases — 31,839 Less: unearned income on direct financing lease (212,995) (215,557) 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 $ 39,352 $ 70,656
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable	Year Total 2023 $ 1,863 2024 1,919 2025 1,976 2026 2,036 2027 2,097 Thereafter 245,295 Total $ 255,186
Income from rentals	Our 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, 2022 2021 2020 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 2,534,862 $ 2,081,362 $ 1,854,427 Direct financing and sales-type leases 3,094 3,489 2,469 Revenues subject to the lease accounting standard 2,537,956 2,084,851 1,856,896 Revenues subject to the revenue recognition accounting standard 38,084 23,398 21,312 Income from rentals $ 2,576,040 $ 2,108,249 $ 1,878,208
Summary of deferred leasing costs	The following table summarizes our deferred leasing costs as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Deferred leasing costs $ 996,116 $ 857,414 Accumulated amortization (479,841) (454,516) Deferred leasing costs, net $ 516,275 $ 402,898
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, 2022 is presented in the table below (in thousands): Year Total 2023 $ 24,073 2024 24,389 2025 24,475 2026 24,543 2027 22,866 Thereafter 783,888 Total future payments under our operating leases in which we are the lessee 904,234 Effect of discounting (497,534) Operating lease liability $ 406,700
Lesee operating costs	For the years ended December 31, 2022, 2021, and 2020, our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Gross operating lease costs $ 36,527 $ 28,598 $ 23,518 Capitalized lease costs (3,661) (3,167) (3,529) Expenses for operating leases in which we are the lessee $ 32,866 $ 25,431 $ 19,989

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): December 31, 2022 2021 Cash and cash equivalents $ 825,193 $ 361,348 Restricted cash: Funds held in trust under the terms of certain secured notes payable — 17,264 Funds held in escrow for real estate acquisitions 30,112 30,000 Other 2,670 6,615 32,782 53,879 Total $ 857,975 $ 415,227

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Cost Unrealized Unrealized Carrying Amount Publicly traded companies $ 210,986 $ 96,271 $ (100,118) $ 207,139 Entities that report NAV 452,391 315,071 (7,710) 759,752 Entities that do not report NAV: Entities with observable price changes 100,296 95,062 (1,574) 193,784 Entities without observable price changes 388,940 — — 388,940 Investments accounted for under the equity method N/A N/A N/A 65,459 Total investments $ 1,152,613 $ 506,404 $ (109,402) $ 1,615,074 December 31, 2021 Cost Unrealized Unrealized Carrying Amount Publicly traded companies $ 203,290 $ 309,998 $ (29,471) $ 483,817 Entities that report NAV 385,692 446,586 (2,414) 829,864 Entities that do not report NAV: Entities with observable price changes 56,257 74,279 (1,305) 129,231 Entities without observable price changes 362,064 — — 362,064 Investments accounted for under the equity method N/A N/A N/A 71,588 Total investments $ 1,007,303 $ 830,863 $ (33,190) $ 1,876,564
Schedule of net investment income	Our investment (loss) income for the years ended December 31, 2022, 2021, and 2020 consisted of the following (in thousands): Year Ended December 31, 2022 2021 2020 Realized gains $ 80,435 $ 215,845 $ 47,288 Unrealized (losses) gains (412,193) 43,632 374,033 Investment (loss) income $ (331,758) $ 259,477 $ 421,321

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): December 31, 2022 2021 Acquired in-place leases $ 615,638 $ 609,872 Deferred compensation plan 33,534 38,937 Deferred financing costs – unsecured senior line of credit 31,747 19,294 Deposits 20,805 176,077 Furniture, fixtures, and equipment 23,186 26,429 Net investment in direct financing and sales-type leases (1) 39,352 70,656 Notes receivable 19,875 13,088 Operating lease right-of-use assets 558,255 474,299 Other assets 80,724 53,985 Prepaid expenses 28,294 24,806 Property, plant, and equipment 148,530 151,375 Total $ 1,599,940 $ 1,658,818 (1) We completed the sale of our real estate assets subject to sales-type leases in May 2022. As of December 31, 2022, we had no remaining sales-type leases. Refer to Note 5 – “Leases” to our consolidated financial statements for additional information.

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of 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, 2022 and 2021. 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, 2022. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Investments in publicly traded companies: As of December 31, 2022 $ 207,139 $ 207,139 $ — $ — As of December 31, 2021 $ 483,817 $ 483,817 $ — $ —
Schedule of 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, 2022 and 2021 (in thousands). These investments were measured at various times during the period from January 1, 2018 to December 31, 2022. Fair Value Measurement Using Description Total Quoted Prices in Significant Significant Unobservable Inputs (Level 3) (1) Investments in privately held entities that do not report NAV As of December 31, 2022 $ 212,262 $ — $ 193,784 (2) $ 18,478 As of December 31, 2021 $ 138,011 $ — $ 129,231 $ 8,780 (1) These amounts are included in the investments in privately held entities without observable price changes balances aggregating $388.9 million and $362.1 million as of December 31, 2022 and 2021, respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. The aforementioned balances represent the carrying amounts 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 in the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. (2) This balance represents the total carrying amount of our equity investments in privately held entities with observable price changes, included in the investments balance of $1.6 billion in our consolidated balance sheets as of December 31, 2022. For more information, refer to Note 7 – “Investments” to our consolidated financial statements. As of December 31, 2022 and 2021, the book and estimated fair values of our secured notes payable and unsecured senior notes payable, and the 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, 2022 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Significant Significant Liabilities: Secured notes payable $ 59,045 $ — $ 58,811 $ — $ 58,811 Unsecured senior notes payable $ 10,100,717 $ — $ 8,539,015 $ — $ 8,539,015 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ — $ — $ — $ — $ — 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

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 (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 2023 2024 2025 2026 2027 Thereafter Principal Total Secured notes payable Greater Boston (3) SOFR+2.70 % 6.75 % 11/19/26 $ — $ — $ — $ 59,717 $ — $ — $ 59,717 (1,321) $ 58,396 San Francisco Bay Area 6.50 % 6.50 7/1/36 30 32 34 36 38 479 649 — 649 Secured debt weighted average interest rate/subtotal 6.75 30 32 34 59,753 38 479 60,366 (1,321) 59,045 Unsecured senior line of credit and commercial paper program (4) (4) N/A (4) 1/22/28 (4) (4) — — — — — (4) — — — Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — 600,000 — — — 600,000 (2,061) 597,939 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — 300,000 — — 300,000 (1,507) 298,493 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — 350,000 — — 350,000 (1,631) 348,369 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — 350,000 — 350,000 (2,074) 347,926 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (2,152) 422,848 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (1,469) 298,531 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (2,879) 397,121 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (2,796) 447,204 Unsecured senior notes payable 4.90 % 5.05 12/15/30 — — — — — 700,000 700,000 (6,290) 693,710 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (5,628) 744,372 Unsecured senior notes payable – green bond 2.00 % 2.12 5/18/32 — — — — — 900,000 900,000 (8,802) 891,198 Unsecured senior notes payable 1.875 % 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (8,840) 991,160 Unsecured senior notes payable – green bond 2.95 % 3.07 3/15/34 — — — — — 800,000 800,000 (8,737) 791,263 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,102) 296,898 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,222 710,222 Unsecured senior notes payable 3.00 % 3.08 5/18/51 — — — — — 850,000 850,000 (11,988) 838,012 Unsecured senior notes payable 3.55 % 3.63 3/15/52 — — — — — 1,000,000 1,000,000 (14,549) 985,451 Unsecured debt weighted average interest rate/subtotal 3.51 — — 600,000 650,000 350,000 8,575,000 10,175,000 (74,283) 10,100,717 Weighted-average interest rate/total 3.53 % $ 30 $ 32 $ 600,034 $ 709,753 $ 350,038 $ 8,575,479 $ 10,235,366 $ (75,604) $ 10,159,762 (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) Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2022, this joint venture has $135.6 million available under 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 “Amendment of our unsecured senior line of credit” and “$2.0 billion commercial paper program” on the next page.
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of December 31, 2022 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term Total Percentage Secured notes payable $ 649 $ 58,396 $ 59,045 0.6 % 6.75 % 4.0 Unsecured senior notes payable 10,100,717 — 10,100,717 99.4 3.51 13.3 Unsecured senior line of credit and commercial paper program (2) — — — — N/A 5.1 (3) Total/weighted average $ 10,101,366 $ 58,396 $ 10,159,762 100.0 % 3.53 % 13.2 (3) Percentage of total debt 99.4 % 0.6 % 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) As of December 31, 2022, we had no outstanding balance on our unsecured senior line of credit. Our unsecured senior line of credit has aggregate commitments of $4.0 billion and bears an interest rate of SOFR plus 0.875%. In addition, the rate is subject to a sustainability adjustment of +/- four basis points based upon our ability to achieve certain annual sustainability targets. As of December 31, 2022, we had no commercial paper notes outstanding. (3) We calculate the weighted-average remaining term of our commercial paper notes 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 13.2 years. The commercial paper notes sold during the year ended December 31, 2022 were issued at a weighted-average yield to maturity of 1.91% and had a weighted-average maturity term of 13 days.
Schedule of Interest Incurred	The following table summarizes interest expense for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Interest incurred $ 372,848 $ 312,806 $ 297,227 Capitalized interest (278,645) (170,641) (125,618) Interest expense $ 94,203 $ 142,165 $ 171,609

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 (in thousands): December 31, 2022 2021 Accounts payable and accrued expenses $ 389,741 $ 513,416 Accrued construction 624,440 438,866 Acquired below-market leases 417,656 341,585 Conditional asset retirement obligations 52,723 59,797 Deferred rent liabilities 18,321 12,384 Operating lease liability 406,700 434,745 Unearned rent and tenant security deposits 449,622 326,924 Other liabilities 112,056 82,693 Total $ 2,471,259 $ 2,210,410

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020 (in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Net income $ 670,701 $ 654,282 $ 827,171 Net income attributable to noncontrolling interests (149,041) (83,035) (56,212) Net income attributable to unvested restricted stock awards (8,392) (7,848) (10,168) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 513,268 $ 563,399 $ 760,791 Denominator for basic EPS – weighted-average shares of common stock outstanding 161,659 146,921 126,106 Dilutive effect of forward equity sales agreements — 539 384 Denominator for diluted EPS – weighted-average shares of common stock outstanding 161,659 147,460 126,490 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.18 $ 3.83 $ 6.03 Diluted $ 3.18 $ 3.82 $ 6.01

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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 for the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Year Ended December 31, 2022 2021 2020 Ordinary income 57.4 % 46.3 % 65.7 % Return of capital — — 13.2 Capital gains at 25% 8.1 3.8 — Capital gains at 20% 34.5 49.9 21.1 Total 100.0 % 100.0 % 100.0 % Dividends declared $ 4.72 $ 4.48 $ 4.24
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, 2021 and 2020 (in thousands and unaudited): Year Ended December 31, 2021 2020 Net income $ 654,282 $ 827,171 Net income attributable to noncontrolling interests (83,035) (56,212) Book/tax differences: Rental revenue recognition (23,306) (165,091) Depreciation and amortization 153,382 220,046 Share-based compensation 34,265 30,695 Interest expense (79,907) (21,174) Sales of property (100,449) (69,048) Impairments 23,130 40,398 Non-real estate investment expense (income) 42,908 (377,820) Other 33,446 22,315 Taxable income before dividend deduction 654,716 451,280 Dividend deduction necessary to eliminate taxable income (1) (654,716) (451,280) Estimated income subject to federal income tax $ — $ — (1) Total common stock dividend distributions paid were approximately $656.0 million and $533.0 million during the years ended December 31, 2021 and 2020, respectively.

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020 (dollars in thousands, except per share information): Number of Share Awards Weighted-Average 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 Granted 1,032,731 $ 141.58 Vested (749,101) $ 146.25 Forfeited (19,569) $ 160.83 Outstanding at December 31, 2022 2,087,521 $ 149.96 Year Ended December 31, 2022 2021 2020 Total grant date fair value of stock awards vested $ 109,557 $ 93,359 $ 79,578 Total gross compensation recognized for stock awards $ 104,424 $ 94,748 $ 80,651 Capitalized stock compensation $ 46,684 $ 46,079 $ 37,149

Assets Classified As Held for_2

Assets Classified As Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2022 2021 Total assets $ 117,197 $ 17,749 Total liabilities (2,034) (1,083) Total accumulated other comprehensive income (loss) 898 (1,750) Net assets classified as held for sale $ 116,061 $ 14,916

Organization and basis of pre_2

Organization and basis of presentation (Details) property in Thousands, Tenant in Thousands, ft² in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2022 USD ($) ft² Tenant
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of client tenants	1	1
Market capitalization | $	$ 35	$ 35
Area of Real Estate Property | ft²	74.6	74.6

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting policies
Number of reportable segments | segment	1
Maximum expected period of sale of property (in years)	1 year
Cost method investment ownership percentage	10%
Percentage of total revenues	98%
Contract with customer, asset, adjustment for allowance for credit loss	$ 13,600
Contract with customer, asset, allowance for credit loss	$ 20,400
Minimum percentage of taxable income to be distributed	90%
Percent of taxable income, generally distributed as dividend	100%
Income from rentals
Operating leases	$ 2,534,862	$ 2,081,362	$ 1,854,427
Direct financing and sales-type leases	3,094	3,489	2,469
Income from rentals	2,588,962	2,114,150	1,885,637
Revenues subject to the lease accounting standard	2,537,956	2,084,851	1,856,896
Income from rentals
Income from rentals
Income from rentals	2,576,040	2,108,249	1,878,208
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard	38,084	23,398	21,312
Other income
Income from rentals
Income from rentals	$ 12,922	5,901	$ 7,429
Revenues subject to other accounting guidance
Accounting policies
Percentage of total revenues	2%
Income from rentals
Income from rentals	$ 51,000
Canada
Accounting policies
Number of real estate properties | property	8
China
Accounting policies
Number of real estate properties | property	1
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenues subject to the revenue recognition accounting standard	$ 38,100	$ 23,400
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, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Investments in real estate	$ 29,945,440	$ 24,980,669
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	4,284,731	3,782,182
Buildings and building improvements	18,605,627	16,312,402
Other improvements	2,677,763	2,109,884
Rental properties	25,568,121	22,204,468
Development and redevelopment projects	8,715,335	6,528,640
Gross investments in real estate	34,283,456	28,733,108
Less: accumulated depreciation	(4,349,780)	(3,766,758)
Investments in real estate	29,933,676	24,966,350
Asia
Real Estate Properties [Line Items]
Investments in real estate	$ 11,764	$ 14,319

Investments in real estate - Ac

Investments in real estate - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Area of Real Estate Property	74,600,000
Purchase Price | $	$ 2,877,861	$ 5,434,652	$ 2,570,693
Acquired-in-Place Leases
Business Acquisition [Line Items]
Acquired in-place and below-market leases through acquisitions | $	180,500
Below Market Leases
Business Acquisition [Line Items]
Below-market leases | $	$ 156,100
Operating property
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	9 years 8 months 12 days
Operating property | Acquired-in-Place Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	7 years 4 months 24 days
Operating property | Below Market Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	12 years 2 months 12 days
Greater Boston
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	5
Purchase Price | $	$ 788,292
Greater Boston | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	277,997
Greater Boston | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	664,832
Greater Boston | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	265,965
San Francisco Bay Area
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	5
Area of Real Estate Property	600,000
Purchase Price | $	$ 564,000
San Francisco Bay Area | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	610,000
San Francisco Bay Area | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	723,953
San Francisco Bay Area | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	70,000
San Diego
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	5
Purchase Price | $	$ 231,380
San Diego | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	1,287,000
San Diego | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	234,874
San Diego | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0
Seattle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	0
Purchase Price | $	$ 87,608
Seattle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	869,000
Seattle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	0
Seattle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0
Research Triangle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	4
Purchase Price | $	$ 179,428
Research Triangle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	1,925,000
Research Triangle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	69,485
Research Triangle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0
TEXAS
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	11
Purchase Price | $	$ 508,400
TEXAS | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	51,038
TEXAS | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	1,197,071
TEXAS | 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	12
Purchase Price | $	$ 459,344
Other markets | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	1,644,994
Other markets | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	646,132
Other markets | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	381,760
North America
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	42
Area of Real Estate Property	41,800,000
Purchase Price | $	$ 2,818,452
North America | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	6,665,029
North America | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	3,536,347
North America | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	717,725

Investments in real estate - _2

Investments in real estate - Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired below-market leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 78,000	$ 57,700	$ 57,800
Weighted average amortization period	6 years 4 months 24 days
Values of acquired leases
Value of intangible assets, gross	$ 730,441	579,267
Accumulated amortization	(312,785)	(237,682)
Value of intangible assets, net	417,656	341,585
Estimated annual amortization
2023	77,462
2024	67,889
2025	45,468
2026	34,061
2027	33,711
Thereafter	159,065
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 169,500	146,600	$ 105,400
Weighted average amortization period	8 years 6 months
Values of acquired leases
Value of intangible assets, gross	$ 1,150,690	987,213
Accumulated amortization	(535,052)	(377,341)
Value of intangible assets, net	615,638	$ 609,872
Estimated annual amortization
2023	133,737
2024	99,034
2025	76,530
2026	61,745
2027	49,987
Thereafter	$ 194,605

Investments in real estate - Re

Investments in real estate - Real estate asset sales (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($) ft²	Jun. 30, 2022 USD ($) ft²	Mar. 31, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 01, 2022
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				74,600,000
Proceeds from sale of real estate assets and partial interest	$ 960,386	$ 548,682		$ 2,200,000
Proceeds from Noncontrolling Interests				1,542,347	$ 2,026,486	$ 367,613
Gain on sales of real estate	323,699	$ 214,219		537,918	126,570	154,089
Contributions from and sales of noncontrolling interests				1,560,129	2,147,061	717,158
Impairment of real estate				64,969	52,675	48,078
Noncontrolling Interests
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests				910,506	1,157,668	449,726
Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests				$ 649,623	$ 989,393	$ 267,432
100 Binney Street
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²			432,931
Proceeds from Noncontrolling Interests			$ 713,228
100 Binney Street | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests			$ 413,615
300 Third Street
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²		131,963
Proceeds from Noncontrolling Interests		$ 166,485
300 Third Street | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests		$ 113,020
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Blvd, and 20 Walkup Drive
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²		617,043
Real Estate Property, Ownership Interest Sold		100%
Proceeds from sale of real estate		$ 334,397
Gain on sales of real estate		202,325
Other
Real Estate Properties [Line Items]
Proceeds from sale of real estate	182,696	47,800
Gain on sales of real estate	65,109	$ 11,894
1450 Owens Street
Real Estate Properties [Line Items]
Proceeds from Noncontrolling Interests	25,039
1450 Owens Street | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests	$ 10,083
341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and 75 and 125 Shoreway Road
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	330,379
Real Estate Property, Ownership Interest Sold	100%
Proceeds from sale of real estate	$ 383,635
Gain on sales of real estate	$ 223,127
3215 Merryfield Row
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	170,523
Proceeds from Noncontrolling Interests	$ 149,940
3215 Merryfield Row | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests	$ 42,214
Summers Ridge Science Park
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	316,531
Proceeds from Noncontrolling Interests	$ 159,600
Summers Ridge Science Park | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests	$ 65,097
7330 and 7360 Carroll Road
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	84,442
Real Estate Property, Ownership Interest Sold	100%
Proceeds from sale of real estate	$ 59,476
Gain on sales of real estate	$ 35,463
Alexandria | 100 Binney Street | Noncontrolling Interests
Real Estate Properties [Line Items]
Ownership percentage by noncontrolling owners			70%
Alexandria | 300 Third Street | Noncontrolling Interests
Real Estate Properties [Line Items]
Ownership percentage by noncontrolling owners		70%
Alexandria | 1450 Owens Street | Noncontrolling Interests
Real Estate Properties [Line Items]
Ownership percentage by noncontrolling owners				75%
Real Estate Property, Ownership Interest Sold							20%
Alexandria | 3215 Merryfield Row | Noncontrolling Interests
Real Estate Properties [Line Items]
Ownership percentage by noncontrolling owners	70%
Alexandria | Summers Ridge Science Park | Noncontrolling Interests
Real Estate Properties [Line Items]
Ownership percentage by noncontrolling owners	70%
Future development | 1450 Owens Street
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	191,000
North America
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				41,800,000
Proceeds from sale of real estate assets and partial interest				$ 2,222,296
Proceeds from sale of real estate				1,000,000
Proceeds from Noncontrolling Interests				1,200,000
Impairment of real estate				44,100
North America | Additional Paid-In Capital
Real Estate Properties [Line Items]
Contributions from and sales of noncontrolling interests	$ 117,394	$ 113,020		$ 644,029
North America | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				6,665,029
San Francisco Bay Area
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				600,000
Impairment of real estate		$ 38,300
San Francisco Bay Area | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				610,000
Other markets
Real Estate Properties [Line Items]
Impairment of real estate				$ 20,900
Number of properties impaired | property				10
Other markets | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²				1,644,994

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	3 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($) ft²	Jun. 30, 2022 USD ($) ft²	Mar. 31, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 01, 2022
Schedule of Equity Method Investments
Area of Real Estate Property | ft²				74,600,000
Payments to Noncontrolling Interests				$ 192,171,000	$ 118,891,000	$ 88,805,000
Contributions from and sales of noncontrolling interests				1,542,347,000	2,026,486,000	367,613,000
Contributions from and sales of noncontrolling interests				1,560,129,000	2,147,061,000	717,158,000
Contribution of assets from real estate joint venture partner				$ 19,146,000	118,750,000	350,000,000
1655 and 1715 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)				10%
1450 Research Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)				73.20%
101 West Dickman Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)				57.90%
1401/1413 Research Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)				65%
50 and 60 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				34%
75/125 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				40%
100 and 225 Binney Street and 300 Third Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
99 Coolidge Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				75%
Alexandria Center for Science and Technology - Mission Bay | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				25%
1450 Owens Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	$ 25,039,000
Contribution of assets from real estate joint venture partner		$ 125,200,000
1450 Owens Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				59.70%
601, 611, 651, 681, 685, and 701 Gateway Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				50%
751 Gateway Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				51%
213 East Grand Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
500 Forbes Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				10%
Alexandria Center for Life Science – Millbrae | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				45.30%
3215 Merryfield Row
Schedule of Equity Method Investments
Area of Real Estate Property | ft²	170,523
Contributions from and sales of noncontrolling interests	$ 149,940,000
Proceeds from sale of real estate (in dollars per RSF)	$ 1,256
3215 Merryfield Row | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
Campus Point by Alexandria | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				55%
5200 Illumina Way | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				51%
9625 Towne Centre Drive | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				50.10%
SD Tech by Alexandria | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				50%
Pacific Technology Park | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				50%
Summers Ridge Science Park
Schedule of Equity Method Investments
Area of Real Estate Property | ft²	316,531
Contributions from and sales of noncontrolling interests	$ 159,600,000
Proceeds from sale of real estate (in dollars per RSF)	720
Summers Ridge Science Park | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
400 Dexter Avenue North | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
800 Mercer Street
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			869,000
Payments to Noncontrolling Interests			$ 87,600,000
800 Mercer Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent			60%	60%
225 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				30%
225 Binney Street | Tenancy in Common
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent				26.30%
Ownership percentage by noncontrolling owners				73.70%
Ownership interest in joint venture				5%
100 Binney Street
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			432,931
Contributions from and sales of noncontrolling interests			$ 713,228,000
Proceeds from sale of real estate (in dollars per RSF)			2,353
300 Third Street
Schedule of Equity Method Investments
Area of Real Estate Property | ft²		131,963
Contributions from and sales of noncontrolling interests		$ 166,485,000
Proceeds from sale of real estate (in dollars per RSF)		1,802
Additional Paid-In Capital
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests				$ 649,623,000	989,393,000	267,432,000
Additional Paid-In Capital | 1450 Owens Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	10,083,000
Additional Paid-In Capital | 3215 Merryfield Row
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	42,214,000
Additional Paid-In Capital | Summers Ridge Science Park
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	$ 65,097,000
Additional Paid-In Capital | 100 Binney Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests			$ 413,615,000
Additional Paid-In Capital | 300 Third Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests		$ 113,020,000
Noncontrolling Interests
Schedule of Equity Method Investments
Payments to Noncontrolling Interests				192,200,000	112,400,000
Contributions from and sales of noncontrolling interests				$ 910,506,000	$ 1,157,668,000	$ 449,726,000
Noncontrolling Interests | 1450 Owens Street | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners				75%
Real Estate Property, Ownership Interest Sold							20%
Noncontrolling Interests | 1450 Owens Street | Alexandria | Partially Owned Properties
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners				40.30%
Noncontrolling Interests | 3215 Merryfield Row | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners	70%
Noncontrolling Interests | Summers Ridge Science Park | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners	70%
Noncontrolling Interests | 100 Binney Street | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners			70%
Noncontrolling Interests | 300 Third Street | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners		70%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments in real estate	$ 29,945,440	$ 24,980,669
Cash and cash equivalents	825,193	361,348
Other assets	1,599,940	1,658,818
Total assets	35,523,399	30,219,373
Secured notes payable	59,045	205,198
Total liabilities	12,840,152	11,186,123
Redeemable noncontrolling interests	9,612	9,612
Alexandria Real Estate Equities, Inc.'s share of equity	18,972,387	16,189,542
Noncontrolling interests’ share of equity	3,701,248	2,834,096
Total liabilities, noncontrolling interests, and equity	35,523,399	30,219,373
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	6,771,842	5,014,842
Cash and cash equivalents	246,931	181,074
Other assets	684,487	509,281
Total assets	7,703,260	5,705,197
Secured notes payable	58,396	7,991
Other liabilities	430,615	269,605
Total liabilities	489,011	277,596
Alexandria Real Estate Equities, Inc.'s share of equity	3,513,001	2,593,505
Noncontrolling interests’ share of equity	3,701,248	2,834,096
Total liabilities, noncontrolling interests, and equity	$ 7,703,260	$ 5,705,197

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 38,435	$ 38,483
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period	3.53%
Long-term Debt	$ 10,159,762
1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Venture Debt
Equity interest percentage (in percent)	65%
1450 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 5,625	4,455
Unconsolidated Real Estate Joint Venture Debt
Equity interest percentage (in percent)	73.20%
101 West Dickman Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 8,678	8,481
Unconsolidated Real Estate Joint Venture Debt
Equity interest percentage (in percent)	57.90%
1655 and 1715 Third Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 12,996	14,034
Unconsolidated Real Estate Joint Venture Debt
Equity interest percentage (in percent)	10%
Other unconsolidated real estate joint ventures
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 11,136	$ 11,513
Secured debt maturing on 12/23/24 | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Dec. 23, 2024
Stated interest rate (as a percent)	2.70%
Weighted Average Interest Rate at End of Period	3.33%
Debt instrument, borrowing capacity	$ 28,500
Long-term Debt	$ 28,146
Secured debt maturing on 3/10/25 | 1655 and 1715 Third Street
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Mar. 10, 2025
Stated interest rate (as a percent)	4.50%
Weighted Average Interest Rate at End of Period	4.57%
Debt instrument, borrowing capacity	$ 600,000
Long-term Debt	$ 599,081
Secured debt maturing on 11/10/26 | 101 West Dickman Street
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Nov. 10, 2026
Weighted Average Interest Rate at End of Period	6.38%
Debt instrument, borrowing capacity	$ 26,750
Long-term Debt	$ 11,575
Secured debt maturing on 11/10/26 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 101 West Dickman Street
Unconsolidated Real Estate Joint Venture Debt
Stated interest rate (as a percent)	1.95%
Secured debt maturing on 12/10/26 | 1450 Research Boulevard
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Dec. 10, 2026
Debt instrument, borrowing capacity	$ 13,000
Long-term Debt	$ 3,802
Secured debt maturing on 12/10/26 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 1450 Research Boulevard
Unconsolidated Real Estate Joint Venture Debt
Stated interest rate (as a percent)	1.95%
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Debt instrument, borrowing capacity	$ 668,250
Long-term Debt	$ 642,604
1450 Research Boulevard | Secured debt maturing on 12/10/26
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period	6.44%

Leases Lessor (Details)

Leases Lessor (Details) $ in Thousands, ft² in Millions		3 Months Ended		12 Months Ended
	Oct. 01, 2017	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² property directFinancingLease landParcel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessor, Lease, Description [Line Items]
Area of Real Estate Property | ft²				74.6
Operating Lease
Land parcel subject to lease agreement that contains a purchase option | landParcel				2
Rent Commence Date	Oct. 01, 2017
Operating Leases, Future Minimum Payments Receivable [Abstract]
2023				$ 1,755,123
2024				1,874,121
2025				1,865,064
2026				1,822,110
2027				1,743,625
Thereafter				11,736,511
Total				$ 20,796,554
Direct Financing and Sales-Type Lease
Number of direct financing leases | directFinancingLease				1
Net investment in direct financing lease				$ 39,400
Lessee option to purchase underlying asset, option exercise period				30 days
Direct financing lease, remaining lease term				69 years 10 months 24 days
Gain on sales of real estate		$ 323,699	$ 214,219	$ 537,918	$ 126,570	$ 154,089
Direct financing lease, allowance for credit loss				2,800
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease				255,186	403,388
Add: estimated unguaranteed residual value of the underlying assets related to sales-type leases				0	31,839
Less: unearned income on direct financing lease				(212,995)	(215,557)
Less: effect of discounting on sales-type leases				0	(146,175)
Less: allowance for credit losses				(2,839)	(2,839)
Net investment in direct financing and sales-type leases				39,352	70,656
Direct Financing Leases, Future Minimum Payments Receivable
2023				1,863
2024				1,919
2025				1,976
2026				2,036
2027				2,097
Thereafter				245,295
Income from rentals
Operating leases				2,534,862	2,081,362	1,854,427
Direct financing and sales-type leases				3,094	3,489	2,469
Revenues subject to the lease accounting standard				2,537,956	2,084,851	1,856,896
Income from rentals				2,588,962	2,114,150	$ 1,885,637
Deferred Costs, Leasing, Net
Deferred leasing costs				996,116	857,414
Accumulated amortization				(479,841)	(454,516)
Deferred leasing costs, net				$ 516,275	$ 402,898
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]				Income from rentals	Income from rentals	Income from rentals
Purchase Option Term One
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement				15 years
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement				15 years
Purchase Option Term Two
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement				30 years
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement				30 years
Purchase Option Term Three
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement				74 years 6 months
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement				74 years 6 months
North America
Lessor, Lease, Description [Line Items]
Number of real estate properties | property				432
Area of Real Estate Property | ft²				41.8
Direct Financing and Sales-Type Lease
Proceeds from sale of real estate				$ 1,000,000
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining Lease Term				69 years 10 months 24 days
9609, 9613, 9615 Medical Center Drive
Direct Financing and Sales-Type Lease
Proceeds from sale of real estate			47,800
Gain on sales of real estate			$ 11,900
Income from rentals
Income from rentals
Income from rentals				$ 2,576,040	$ 2,108,249	$ 1,878,208
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard				$ 38,084	$ 23,398	$ 21,312

Leases Lessee (Details)

Leases Lessee (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts payable, accrued expenses, and other liabilities	Accounts payable, accrued expenses, and other liabilities
Ground and Operating Lease Obligation Due		$ 904,200
Operating lease liability		406,700	$ 434,745
Operating lease right-of-use assets		$ 558,255	474,299
Operating lease discount rate		4.60%
Number of Properties Subject to Ground Leases | property		40
Percentage of Properties Subject to Ground Leases		9%
Remaining lease term for operating lease obligations		13 years
Operating lease costs - cash rents		$ 55,200	24,700	$ 20,800
Operating Lease Liabilities, Payment Due
2023		24,073
2024		24,389
2025		24,475
2026		24,543
2027		22,866
Thereafter		783,888
Total future payments under our operating leases in which we are the lessee		904,234
Effect of discounting		(497,534)
Operating lease liability		406,700	434,745
Lessee operating costs
Gross operating lease costs		36,527	28,598	23,518
Capitalized lease costs		(3,661)	(3,167)	(3,529)
Expenses for operating leases in which we are lessee		$ 32,866	$ 25,431	$ 19,989
San Francisco Bay Area
Lessee, Lease, Description [Line Items]
Operating lease costs - cash rents	$ 26,300
Number of properties associated with lease extensions executed | property	2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation		31 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation		99 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term		42 years
Operating Property With Ground Lease
Lessee, Lease, Description [Line Items]
Number of Properties Subject to Ground Leases | property		1
Net book value for the exclusion of one ground lease related to one operating property		$ 6,300

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 825,193	$ 361,348
Restricted cash	32,782	53,879
Cash, cash equivalents, and restricted cash	857,975	415,227	$ 597,705	$ 242,689
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents [Line Items]
Restricted cash	0	17,264
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	30,112	30,000
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 2,670	$ 6,615

Investments - Summary of Invest

Investments - Summary of Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Investments [Line Items]
Cost method investment ownership percentage	10%
Number Of Equity Method Investments | investment	7
Investments accounted for under the equity method	$ 65,459	$ 71,588
Investment commitments	$ 415,400
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 4 months 24 days
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Investment in privately held entities that do not report NAV, downward price adjustment	$ (1,600)
Investments in privately held entities that do not report NAV, cumulative impairment loss	(70,600)
Unrealized (losses) gains	(412,193)	43,632	$ 374,033
Equity in earnings of unconsolidated real estate joint ventures	645	12,255	8,148
Summary of Investment [Abstract]
Investment at fair value, cost	1,152,613	1,007,303
Cumulative unrealized gains on investments	506,404	830,863
Cumulative unrealized losses on investments	(109,402)	(33,190)
Total investments held at adjusted carrying value or fair value	1,615,074	1,876,564
Fair Value, Investments, Privately Held Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	380,700
Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated real estate joint ventures	2,100
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	210,986	203,290
Cumulative unrealized gains on investments	96,271	309,998
Cumulative unrealized losses on investments	(100,118)	(29,471)
Investment at fair value, book value	$ 207,139	483,817
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Weighted-average remaining liquidation term (in years)	8 years 7 months 6 days
Summary of Investment [Abstract]
Investment at fair value, cost	$ 452,391	385,692
Cumulative unrealized gains on investments	315,071	446,586
Cumulative unrealized losses on investments	(7,710)	(2,414)
Investment at fair value, book value	759,752	829,864
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	22,900
Investment in privately held entities that do not report NAV, upward price adjustment	95,100
Annual adjustments recognized on investments in privately held entities that do not report NAV	(18,300)	(33,300)	(3,100)
Investments in privately held entities that do not report NAV, annual upward price adjustment	26,300	32,700	36,700
Investments in privately held entities that do not report NAV, annual downward price adjustment	(5,800)	(66,000)	(33,600)
Investments in privately held entities that do not report NAV, impairment loss	38,800
Summary of Investment [Abstract]
Investment at fair value, cost	100,296	56,257
Cumulative unrealized gains on investments	95,062	74,279
Cumulative unrealized losses on investments	(1,574)	(1,305)
Investment in privately held entities that do not report fair value, book value	193,784	129,231
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	388,940	362,064
Cumulative unrealized gains on investments	0	0
Cumulative unrealized losses on investments	0	0
Investment in privately held entities that do not report fair value, book value	388,940	362,064
Total investments held
Schedule of Investments [Line Items]
Unrealized (losses) gains	$ (276,500)	$ 109,400	$ 392,700

Investments - Investment Income

Investments - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income
Realized gains	$ 80,435	$ 215,845	$ 47,288
Unrealized (losses) gains	(412,193)	43,632	374,033
Investment (loss) income	(331,758)	259,477	421,321
Total investments held
Net Investment Income
Unrealized (losses) gains	$ (276,500)	$ 109,400	$ 392,700

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired in-place leases	$ 615,638	$ 609,872
Deferred compensation plan	33,534	38,937
Deferred financing costs – unsecured senior line of credit	31,747	19,294
Deposits	20,805	176,077
Furniture, fixtures, and equipment	23,186	26,429
Net investment in direct financing and sales-type leases(1)	39,352	70,656
Notes receivable	19,875	13,088
Operating lease right-of-use assets	558,255	474,299
Other assets	80,724	53,985
Prepaid expenses	28,294	24,806
Property, plant, and equipment	148,530	151,375
Other assets	$ 1,599,940	$ 1,658,818

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities on Recurring Basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	1,615,074,000	$ 1,876,564,000
Secured notes payable	59,045,000	205,198,000
Unsecured senior notes payable	10,100,717,000	8,316,678,000
Unsecured senior line of credit and commercial paper	0	269,990,000
Disposal Group, Including Assets Held for Sale Not Qualifying as Discontinued Operations, Net Assets	116,061,000	14,916,000
Book Value
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Secured notes payable	59,045,000	205,198,000
Unsecured senior notes payable	10,100,717,000	8,316,678,000
Book Value | Commercial paper program
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Commercial paper program	0	269,990,000
Book Value | Unsecured senior line of credit
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Unsecured senior line of credit and commercial paper	0	0
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
Secured notes payable, fair value	58,811,000	214,097,000
Unsecured senior notes payable, fair value	8,539,015,000	8,995,913,000
Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Commercial paper program, fair value	0	269,994,000
Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Unsecured senior line of credit, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Commercial paper program, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Unsecured senior line of credit, fair value	0	0
Significant Other Observable Inputs (Level 2) | 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
Secured notes payable, fair value	58,811,000	214,097,000
Unsecured senior notes payable, fair value	8,539,015,000	8,995,913,000
Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Commercial paper program, fair value	0	269,994,000
Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Unsecured senior line of credit, fair value	0	0
Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Commercial paper program, fair value	0	0
Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Unsecured senior line of credit, fair value	0	0
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	207,139,000	483,817,000
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	207,139,000	483,817,000
Investments in publicly traded companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | 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	207,139,000	483,817,000
Investments in publicly traded companies | Significant Other Observable Inputs (Level 2) | Fair Value | 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 | 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	759,752,000	829,864,000
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	388,940,000	362,064,000
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	212,262,000	138,011,000
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	193,784,000	129,231,000
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	$ 18,478,000	$ 8,780,000

Detail of secured and unsecured

Detail of secured and unsecured senior debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Effective rate (as a percent)	3.53%	3.53%
Future principal payments due on secured and unsecured debt
2023	$ 30	$ 30
2024	32	32
2025	600,034	600,034
2026	709,753	709,753
2027	350,038	350,038
Thereafter	8,575,479	8,575,479
Outstanding Balance	10,235,366	10,235,366
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(75,604)	(75,604)
Total Consolidated	$ 10,159,762	$ 10,159,762
Alexandria | 99 Coolidge Avenue
Debt Instrument [Line Items]
Noncontrolling interest, ownership percentage by parent	75%	75%
Secured notes payable
Debt Instrument [Line Items]
Effective rate (as a percent)	6.75%	6.75%
Future principal payments due on secured and unsecured debt
2023	$ 30	$ 30
2024	32	32
2025	34	34
2026	59,753	59,753
2027	38	38
Thereafter	479	479
Outstanding Balance	60,366	60,366
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,321)	(1,321)
Total Consolidated	$ 59,045	$ 59,045
Secured notes payable maturing on 11/19/26
Debt Instrument [Line Items]
Effective rate (as a percent)	6.75%	6.75%
Maturity date		Nov. 19, 2026
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	59,717	59,717
2027	0	0
Thereafter	0	0
Outstanding Balance	59,717	59,717
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,321)	(1,321)
Total Consolidated	58,396	58,396
Secured notes payable maturing on 11/19/26 | 99 Coolidge Avenue
Debt Instrument [Line Items]
Debt instrument, borrowing capacity	$ 135,600	$ 135,600
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.50%	6.50%
Effective rate (as a percent)	6.50%	6.50%
Maturity date		Jul. 01, 2036
Future principal payments due on secured and unsecured debt
2023	$ 30	$ 30
2024	32	32
2025	34	34
2026	36	36
2027	38	38
Thereafter	479	479
Outstanding Balance	649	649
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0	0
Total Consolidated	$ 649	$ 649
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)	3.51%	3.51%
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	600,000	600,000
2026	650,000	650,000
2027	350,000	350,000
Thereafter	8,575,000	8,575,000
Outstanding Balance	10,175,000	10,175,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(74,283)	(74,283)
Total Consolidated	10,100,717	$ 10,100,717
Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date		Jan. 22, 2028
Future principal payments due on secured and unsecured debt
Total Consolidated	$ 0	$ 0
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%	3.45%
Effective rate (as a percent)	3.62%	3.62%
Maturity date		Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	600,000	600,000
2026	0	0
2027	0	0
Thereafter	0	0
Outstanding Balance	600,000	600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,061)	(2,061)
Total Consolidated	$ 597,939	$ 597,939
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.30%	4.30%
Effective rate (as a percent)	4.50%	4.50%
Maturity date		Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	300,000	300,000
2027	0	0
Thereafter	0	0
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,507)	(1,507)
Total Consolidated	$ 298,493	$ 298,493
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.80%	3.80%
Effective rate (as a percent)	3.96%	3.96%
Maturity date		Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	350,000	350,000
2027	0	0
Thereafter	0	0
Outstanding Balance	350,000	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,631)	(1,631)
Total Consolidated	$ 348,369	$ 348,369
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%	3.95%
Effective rate (as a percent)	4.13%	4.13%
Maturity date		Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	350,000	350,000
Thereafter	0	0
Outstanding Balance	350,000	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,074)	(2,074)
Total Consolidated	$ 347,926	$ 347,926
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%	3.95%
Effective rate (as a percent)	4.07%	4.07%
Maturity date		Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	425,000	425,000
Outstanding Balance	425,000	425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,152)	(2,152)
Total Consolidated	$ 422,848	$ 422,848
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%	4.50%
Effective rate (as a percent)	4.60%	4.60%
Maturity date		Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	300,000	300,000
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,469)	(1,469)
Total Consolidated	$ 298,531	$ 298,531
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%	2.75%
Effective rate (as a percent)	2.87%	2.87%
Maturity date		Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	400,000	400,000
Outstanding Balance	400,000	400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,879)	(2,879)
Total Consolidated	$ 397,121	$ 397,121
4.70% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%	4.70%
Effective rate (as a percent)	4.81%	4.81%
Maturity date		Jul. 01, 2030
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	450,000	450,000
Outstanding Balance	450,000	450,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,796)	(2,796)
Total Consolidated	$ 447,204	$ 447,204
4.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.90%	4.90%
Effective rate (as a percent)	5.05%	5.05%
Maturity date		Dec. 15, 2030
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	700,000	700,000
Outstanding Balance	700,000	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(6,290)	(6,290)
Total Consolidated	$ 693,710	$ 693,710
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%	3.375%
Effective rate (as a percent)	3.48%	3.48%
Maturity date		Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	750,000	750,000
Outstanding Balance	750,000	750,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(5,628)	(5,628)
Total Consolidated	$ 744,372	$ 744,372
2.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2%	2%
Effective rate (as a percent)	2.12%	2.12%
Maturity date		May 18, 2032
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	900,000	900,000
Outstanding Balance	900,000	900,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(8,802)	(8,802)
Total Consolidated	$ 891,198	$ 891,198
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.875%	1.875%
Effective rate (as a percent)	1.97%	1.97%
Maturity date		Feb. 01, 2033
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	1,000,000	1,000,000
Outstanding Balance	1,000,000	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(8,840)	(8,840)
Total Consolidated	$ 991,160	$ 991,160
2.95% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%	2.95%
Effective rate (as a percent)	3.07%	3.07%
Maturity date		Mar. 15, 2034
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	800,000	800,000
Outstanding Balance	800,000	800,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(8,737)	(8,737)
Total Consolidated	$ 791,263	$ 791,263
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.85%	4.85%
Effective rate (as a percent)	4.93%	4.93%
Maturity date		Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	300,000	300,000
Outstanding Balance	300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(3,102)	(3,102)
Total Consolidated	$ 296,898	$ 296,898
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4%	4%
Effective rate (as a percent)	3.91%	3.91%
Maturity date		Feb. 01, 2050
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	700,000	700,000
Outstanding Balance	700,000	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	10,222	10,222
Total Consolidated	$ 710,222	$ 710,222
3.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3%	3%
Effective rate (as a percent)	3.08%	3.08%
Maturity date		May 18, 2051
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	850,000	850,000
Outstanding Balance	850,000	850,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(11,988)	(11,988)
Total Consolidated	$ 838,012	$ 838,012
3.55% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.55%	3.55%
Effective rate (as a percent)	3.63%	3.63%
Maturity date		Mar. 15, 2052
Future principal payments due on secured and unsecured debt
2023	$ 0	$ 0
2024	0	0
2025	0	0
2026	0	0
2027	0	0
Thereafter	1,000,000	1,000,000
Outstanding Balance	1,000,000	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(14,549)	(14,549)
Total Consolidated	985,451	985,451
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance	2,000,000	2,000,000	$ 1,500,000
Future principal payments due on secured and unsecured debt
Outstanding Balance	0	$ 0
Commercial paper program | Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date		Jan. 22, 2028
Future principal payments due on secured and unsecured debt
2024	0	$ 0
2025	0	0
2026	0	0
2027	0	0
Thereafter	0	0
Outstanding Balance	0	0
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0	0
Total Consolidated	$ 0	$ 0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured notes payable maturing on 11/19/26
Debt Instrument [Line Items]
Applicable margin (as a percent)		2.70%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured senior line of credit
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.875%	0.875%

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Sep. 22, 2022
Debt Instrument [Line Items]
Fixed rate debt	$ 10,101,366	$ 10,101,366
Variable-rate debt	58,396	58,396
Total Consolidated	$ 10,159,762	$ 10,159,762
Percentage of Total	100%	100%
Weighted Average Interest Rate at End of Period	3.53%	3.53%
Weighted Average Remaining Terms (in years)		13 years 2 months 12 days
Percentage of fixed rate to total debt	99.40%	99.40%
Percentage of variable-rate to total debt	0.60%	0.60%
Outstanding Balance	$ 10,235,366	$ 10,235,366
Secured notes payable
Debt Instrument [Line Items]
Fixed rate debt	649	649
Variable-rate debt	58,396	58,396
Total Consolidated	$ 59,045	$ 59,045
Percentage of Total	0.60%	0.60%
Weighted Average Interest Rate at End of Period	6.75%	6.75%
Weighted Average Remaining Terms (in years)		4 years
Outstanding Balance	$ 60,366	$ 60,366
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate debt	10,100,717	10,100,717
Variable-rate debt	0	0
Total Consolidated	$ 10,100,717	$ 10,100,717
Percentage of Total	99.40%	99.40%
Weighted Average Interest Rate at End of Period	3.51%	3.51%
Weighted Average Remaining Terms (in years)		13 years 3 months 18 days
Unsecured senior line of credit
Debt Instrument [Line Items]
Total Consolidated	$ 0	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000	$ 4,000,000
Debt Instrument, Interest Rate Adjustment Amount, Maximum			0.04%
Unsecured senior line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.875%	0.875%
Commercial paper program
Debt Instrument [Line Items]
Weighted Average Remaining Terms (in years)		13 years 2 months 12 days
Outstanding Balance	$ 0	$ 0
Weighted-average yield to maturity, commercial paper		1.91%
Weighted-average remaining maturity term, commercial paper		13 days
Commercial paper program | 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%	0%
Weighted Average Remaining Terms (in years)		5 years 1 month 6 days
Outstanding Balance	$ 0	$ 0

Unsecured senior notes payable

Unsecured senior notes payable (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Outstanding Balance			$ 10,235,366
Number of Loan Repayments | loan		2
Repayments of Secured Debt			$ 934	$ 17,979	$ 84,104
Effective rate (as a percent)			3.53%
Loss on early extinguishment of debt			$ 3,317	$ 67,253	$ 60,668
Total issuance of unsecured senior notes in Feb 2022
Debt Instrument [Line Items]
Total issuance of unsecured senior notes	$ 1,800,000
Weighted Average Effective Interest Rate	3.28%
Weighted average maturity years	22 years
2.95% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance			$ 800,000
Stated interest rate (as a percent)			2.95%
Effective rate (as a percent)			3.07%
3.55% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance			$ 1,000,000
Stated interest rate (as a percent)			3.55%
Effective rate (as a percent)			3.63%
Secured notes payable maturing on 2/6/24
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 195,000
Effective rate (as a percent)		3.40%
Loss on early extinguishment of debt		$ (3,300)

Commercial paper program (Detai

Commercial paper program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 10,235,366	$ 10,235,366
Effective rate (as a percent)	3.53%	3.53%
Unsecured senior line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000	$ 4,000,000
Maturity date		Jan. 22, 2028
Unsecured senior line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.875%	0.875%
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance	$ 2,000,000	$ 2,000,000	$ 1,500,000
Outstanding Balance	0	$ 0
Commercial paper program | Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date		Jan. 22, 2028
Outstanding Balance	$ 0	$ 0
Maximum | Commercial paper program
Debt Instrument [Line Items]
Debt Instrument, Term		397 days
Minimum | Commercial paper program
Debt Instrument [Line Items]
Debt Instrument, Term		30 days

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Costs Incurred [Abstract]
Interest incurred	$ 372,848	$ 312,806	$ 297,227
Capitalized interest			(125,618)
Interest expense	94,203	142,165	$ 171,609
Interest Costs Capitalized Adjustment	$ (278,645)	$ (170,641)

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 389,741	$ 513,416
Accrued construction	624,440	438,866
Acquired below-market leases	417,656	341,585
Conditional asset retirement obligations	52,723	59,797
Deferred rent liabilities	18,321	12,384
Operating lease liability	406,700	434,745
Unearned rent and tenant security deposits	449,622	326,924
Other liabilities	112,056	82,693
Accounts Payable and Accrued Liabilities	$ 2,471,259	$ 2,210,410

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of basic and diluted EPS
Net income	$ 670,701	$ 654,282	$ 827,171
Net income attributable to noncontrolling interests	(149,041)	(83,035)	(56,212)
Net income attributable to unvested restricted stock awards	(8,392)	(7,848)	(10,168)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 513,268	$ 563,399	$ 760,791
Denominator for basic EPS – weighted-average shares of common stock outstanding	161,659	146,921	126,106
Dilutive effect of forward equity sales agreements	0	539	384
Denominator for diluted EPS – weighted-average shares of common stock outstanding	161,659	147,460	126,490
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)	$ 3.18	$ 3.83	$ 6.03
Earnings per share - diluted (USD per share)	$ 3.18	$ 3.82	$ 6.01

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Minimum percentage of taxable income to be distributed	90%
Percent of taxable income, generally distributed as dividend	100%

Income Tax Treatment of Distrib

Income Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Treatment of Distributions and Dividends [Line Items]
Common stock dividends declared (per share)		$ 4.48	$ 4.24
Common Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	57.40%	46.30%	65.70%
Return of capital	0%	0%	13.20%
Capital gains at 25%	8.10%	3.80%	0%
Capital gains at 20%	34.50%	49.90%	21.10%
Total	100%	100%	100%
Common stock dividends declared (per share)	$ 4.72	$ 4.48	$ 4.24

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net income	$ 670,701	$ 654,282	$ 827,171
Net income attributable to noncontrolling interests	$ (149,041)	(83,035)	(56,212)
Rental revenue recognition		(23,306)	(165,091)
Depreciation and amortization		153,382	220,046
Share-based compensation		34,265	30,695
Interest expense		(79,907)	(21,174)
Sales of property		(100,449)	(69,048)
Impairments		23,130	40,398
Non-real estate investment expense (income)		42,908	(377,820)
Other		33,446	22,315
Taxable income before dividend deduction		654,716	451,280
Dividend deduction necessary to eliminate taxable income		(654,716)	(451,280)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 656,000	$ 533,000

Commitments and contingencies_2

Commitments and contingencies (Details) property in Thousands, Lease in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Lease	Dec. 31, 2022 USD ($) Tenant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations			$ 8.7				$ 5	$ 6.2
Concentration of credit risk
Number of leases held | Lease				1
Number of client tenants		1			1,000
Commitments
Remaining aggregate costs under contracts, under terms of leases	$ 3,500	$ 3,500	3,500	$ 3,500	$ 3,500	$ 3,500
Letters of credit and performance obligations	22.4	22.4	22.4	22.4	22.4	22.4
Investment commitments	$ 415.4	$ 415.4	$ 415.4	$ 415.4	$ 415.4	$ 415.4
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 4 months 24 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 | Tenant					3
Concentration risk, percentage						8.60%
First Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage						3.50%
Second Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage						2.60%
Third Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage						2.50%
Investments in privately held entities that report NAV
Commitments
Weighted-average remaining liquidation term (in years)	8 years 7 months 6 days

Stockholders' equity - ATM comm

Stockholders' equity - ATM common stock offering program and forward equity sales agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of common stock					$ 2,346,444	$ 3,529,097	$ 2,315,862
Shares of common stock authorized		400,000,000			400,000,000	200,000,000
Forward Equity Sales Agreement Entered in January 2022
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 1,700,000	$ 763,300	$ 199,700	$ 648,200
Shares of common stock authorized	8,100,000
Average issue price per share	$ 210
Issuance of common stock (in shares)		3,800,000	1,000,000	3,200,000
Forward Equity Sales Agreements Entered Under ATM Program
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 737,400			$ 858,100
Shares of common stock authorized		4,900,000			4,900,000
Average issue price per share		$ 175.12			$ 175.12
Issuance of common stock (in shares)		4,200,000
All Forward Equity Sales Agreements Outstanding
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		699,274			699,274
Expected net proceeds from issuance of common stock					$ 102,400
ATM Common Stock Offering Program, Established December 2021
Class of Stock [Line Items]
Common Stock Value Available for Future Issuance (in dollars)		$ 141,900			$ 141,900	$ 1,000,000

Stockholders' equity (Details)

Stockholders' equity (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Shares of common stock authorized	400,000,000	200,000,000
Shares of common stock issued and outstanding	170,748,395	158,043,880
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

Stockholders' equity - Accumula

Stockholders' equity - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ (13,518)	$ (669)	$ 3,124

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total grant date fair value of stock awards vested	$ 109,557	$ 93,359	$ 79,578
Total gross compensation recognized for stock awards	104,424	94,748	80,651
Capitalized stock compensation	$ 46,684	$ 46,079	$ 37,149
Shares reserved for granting of future options and share awards	3,838,370
Vesting period	4 years
Fair value assumptions, expected term	2 years 9 months 18 days	3 years	3 years
Fair value assumptions, weighted average volatility rate (percent)	30%	29%	17%
Fair value assumptions, expected dividend rate (percent)	2.50%	2.80%	2.80%
Fair value assumptions, risk free interest rate (percent)	2.47%	0.23%	1.63%
Unrecognized compensation related to nonvested share awards	$ 256,500
Unrecognized compensation recognition period (in years)	4 years
Weighted average period recognition period for unrecognized compensation	21 months
General and Administrative Expense
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Payment Arrangement, Accelerated Cost	$ 7,200
Restricted Stock
Share-based Payment Arrangement, Noncash Expense [Abstract]
Holding period	1 year
Restricted Stock issued prior to March 23, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Decrease in share reserve for each restricted share issued (in shares)	3
Restricted Stock issued on or after March 23, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Decrease in share reserve for each restricted share issued (in shares)	1
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)	1,823,460	1,825,280	1,799,685
Number of shares granted	1,032,731	740,920	753,473
Number of shares vested	(749,101)	(709,737)	(688,599)
Number of shares forfeited	(19,569)	(33,003)	(39,279)
Outstanding, ending balance (in shares)	2,087,521	1,823,460	1,825,280
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	$ 150.89	$ 132.95	$ 119.59
Weighed average grant date fair value per share, granted	141.58	174.32	147.71
Weighed average grant date fair value per share, vested	146.25	131.54	115.57
Weighed average grant date fair value per share, forfeited	160.83	99.55	117.76
Weighed average grant date fair value per share, outstanding ending balance	$ 149.96	$ 150.89	$ 132.95

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 192,171	$ 118,891	$ 88,805
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest | property	64
Payments to Noncontrolling Interests	$ 192,200	$ 112,400

Assets Classified As Held for_3

Assets Classified As Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($)
Net assets from asset held for sale
Total assets	$ 117,197	$ 17,749
Total liabilities	(2,034)	(1,083)
Total accumulated other comprehensive income (loss)	898	(1,750)
Net assets classified as held for sale	$ 116,061	$ 14,916
Other markets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties impaired | property	10
Assets held for sale - area of real estate | ft²	297,284
Non-core submarket
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Properties Held For Sale | property	8
Assets held for sale - area of real estate | ft²	128,870
China
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Properties Held For Sale | property	1
Assets held for sale - area of real estate | ft²	334,144

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 59,045,000
Initial Costs
Land		7,983,861,000
Buildings & Improvements		11,010,270,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,305,372,000
Total Costs
Land		7,983,861,000
Buildings & Improvements		26,315,642,000
Total		34,299,503,000		$ 28,751,910,000	$ 21,274,810,000	$ 17,552,956,000
Accumulated Depreciation		(4,354,063,000)	[1]	$ (3,771,241,000)	$ (3,182,438,000)	$ (2,708,918,000)
Net Cost Basis		29,945,440,000
Investment in Real Estate, Federal Income Tax Basis		33,700,000,000
Investment in real estate over cost basis of real estate for federal income tax purpose		$ 562,300,000
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		$ 59,045,000
Initial Costs
Land		7,983,861,000
Buildings & Improvements		11,010,270,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,289,325,000
Total Costs
Land		7,983,861,000
Buildings & Improvements		26,299,595,000
Total		34,283,456,000
Accumulated Depreciation	[1]	(4,349,780,000)
Net Cost Basis		29,933,676,000
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		600,178,000
Buildings & Improvements		926,555,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,710,754,000
Total Costs
Land		600,178,000
Buildings & Improvements		2,637,309,000
Total		3,237,487,000
Accumulated Depreciation	[1]	(426,360,000)
Net Cost Basis		2,811,127,000
Alexandria Center at One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		405,164,000
Buildings & Improvements		576,213,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		791,887,000
Total Costs
Land		405,164,000
Buildings & Improvements		1,368,100,000
Total		1,773,264,000
Accumulated Depreciation	[1]	(181,035,000)
Net Cost Basis		1,592,229,000
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		284,297,000
Total Costs
Land		0
Buildings & Improvements		903,955,000
Total		903,955,000
Accumulated Depreciation	[1]	(336,004,000)
Net Cost Basis		567,951,000
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		430,395,000
Total Costs
Land		191,797,000
Buildings & Improvements		785,006,000
Total		976,803,000
Accumulated Depreciation	[1]	(43,466,000)
Net Cost Basis		933,337,000
480 Arsenal Way and 446, 458, 500, and 550 Arsenal Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		121,533,000
Buildings & Improvements		24,464,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		118,499,000
Total Costs
Land		121,533,000
Buildings & Improvements		142,963,000
Total		264,496,000
Accumulated Depreciation		(55,429,000)
Net Cost Basis		209,067,000
99 Coolidge Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		58,396,000
Initial Costs
Land		43,125,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		130,650,000
Total Costs
Land		43,125,000
Buildings & Improvements		130,650,000
Total		173,775,000
Accumulated Depreciation		0
Net Cost Basis		173,775,000
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		24,172,000
Total Costs
Land		0
Buildings & Improvements		199,050,000
Total		199,050,000
Accumulated Depreciation	[1]	(54,855,000)
Net Cost Basis		144,195,000
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		55,774,000
Total Costs
Land		0
Buildings & Improvements		55,774,000
Total		55,774,000
Accumulated Depreciation	[1]	(28,636,000)
Net Cost Basis		27,138,000
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		465,215,000
Total Costs
Land		912,016,000
Buildings & Improvements		1,082,767,000
Total		1,994,783,000
Accumulated Depreciation	[1]	(28,642,000)
Net Cost Basis		1,966,141,000
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		12,671,000
Total Costs
Land		156,355,000
Buildings & Improvements		21,900,000
Total		178,255,000
Accumulated Depreciation	[1]	(2,982,000)
Net Cost Basis		175,273,000
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		189,157,000
Total Costs
Land		277,554,000
Buildings & Improvements		245,054,000
Total		522,608,000
Accumulated Depreciation	[1]	(5,130,000)
Net Cost Basis		517,478,000
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		17,290,000
Total Costs
Land		31,671,000
Buildings & Improvements		18,168,000
Total		49,839,000
Accumulated Depreciation	[1]	(938,000)
Net Cost Basis		48,901,000
One Moderna 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		48,064,000
Total Costs
Land		67,329,000
Buildings & Improvements		349,064,000
Total		416,393,000
Accumulated Depreciation	[1]	(24,103,000)
Net Cost Basis		392,290,000
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		141,629,000
Buildings & Improvements		513,901,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		130,111,000
Total Costs
Land		141,629,000
Buildings & Improvements		644,012,000
Total		785,641,000
Accumulated Depreciation		(15,206,000)
Net Cost Basis		770,435,000
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		29,516,000
Total Costs
Land		70,476,000
Buildings & Improvements		179,675,000
Total		250,151,000
Accumulated Depreciation	[1]	(10,384,000)
Net Cost Basis		239,767,000
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		90,202,000
Total Costs
Land		17,086,000
Buildings & Improvements		160,196,000
Total		177,282,000
Accumulated Depreciation	[1]	(41,593,000)
Net Cost Basis		135,689,000
19, 225, and 235 Presidential Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,136,000
Buildings & Improvements		118,391,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,959,000
Total Costs
Land		32,136,000
Buildings & Improvements		145,350,000
Total		177,486,000
Accumulated Depreciation		(28,312,000)
Net Cost Basis		149,174,000
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		27,636,000
Total Costs
Land		1,466,000
Buildings & Improvements		36,682,000
Total		38,148,000
Accumulated Depreciation	[1]	(12,984,000)
Net Cost Basis		25,164,000
Other - Greater Boston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		77,892,000
Buildings & Improvements		218,874,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,756,000
Total Costs
Land		77,892,000
Buildings & Improvements		251,630,000
Total		329,522,000
Accumulated Depreciation	[1]	(2,711,000)
Net Cost Basis		326,811,000
Alexandria Center for Science and Technology - Mission Bay
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		213,014,000
Buildings & Improvements		218,556,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		576,431,000
Total Costs
Land		213,014,000
Buildings & Improvements		794,987,000
Total		1,008,001,000
Accumulated Depreciation	[1]	(212,667,000)
Net Cost Basis		795,334,000
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		511,319,000
Total Costs
Land		193,004,000
Buildings & Improvements		875,397,000
Total		1,068,401,000
Accumulated Depreciation	[1]	(140,102,000)
Net Cost Basis		928,299,000
Alexandria Center for Life Science – Millbrae
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		69,989,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		182,183,000
Total Costs
Land		69,989,000
Buildings & Improvements		182,183,000
Total		252,172,000
Accumulated Depreciation		0
Net Cost Basis		252,172,000
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		545,180,000
Total Costs
Land		59,199,000
Buildings & Improvements		545,180,000
Total		604,379,000
Accumulated Depreciation	[1]	(113,507,000)
Net Cost Basis		490,872,000
1122, 1150, and 1178 El Camino Real
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		330,154,000
Buildings & Improvements		51,145,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		29,205,000
Total Costs
Land		330,154,000
Buildings & Improvements		80,350,000
Total		410,504,000
Accumulated Depreciation		(5,257,000)
Net Cost Basis		405,247,000
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		473,644,000
Total Costs
Land		32,245,000
Buildings & Improvements		474,931,000
Total		507,176,000
Accumulated Depreciation	[1]	(101,983,000)
Net Cost Basis		405,193,000
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		122,190,000
Accumulated Depreciation	[1]	(33,699,000)
Net Cost Basis		88,491,000
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		28,925,000
Total Costs
Land		3,211,000
Buildings & Improvements		37,590,000
Total		40,801,000
Accumulated Depreciation	[1]	(16,934,000)
Net Cost Basis		23,867,000
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		683,113,000
Total Costs
Land		433,634,000
Buildings & Improvements		711,436,000
Total		1,145,070,000
Accumulated Depreciation	[1]	(41,366,000)
Net Cost Basis		1,103,704,000
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		4,734,000
Total Costs
Land		194,424,000
Buildings & Improvements		59,253,000
Total		253,677,000
Accumulated Depreciation	[1]	(9,273,000)
Net Cost Basis		244,404,000
Alexandria Stanford Life Science District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		571,462,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		113,539,000
Total Costs
Land		0
Buildings & Improvements		685,001,000
Total		685,001,000
Accumulated Depreciation	[1]	(38,801,000)
Net Cost Basis		646,200,000
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		39,911,000
Total Costs
Land		0
Buildings & Improvements		372,168,000
Total		372,168,000
Accumulated Depreciation	[1]	(14,892,000)
Net Cost Basis		357,276,000
2100, 2200, 2300, and 2400 Geng Road
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		31,093,000
Total Costs
Land		72,859,000
Buildings & Improvements		84,402,000
Total		157,261,000
Accumulated Depreciation		(13,640,000)
Net Cost Basis		143,621,000
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		187,472,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,816,000
Total Costs
Land		0
Buildings & Improvements		200,288,000
Total		200,288,000
Accumulated Depreciation		(28,387,000)
Net Cost Basis		171,901,000
2425 Garcia Avenue & 2450 Bayshore Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		649,000
Initial Costs
Land		1,512,000
Buildings & Improvements		21,323,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,281,000
Total Costs
Land		1,512,000
Buildings & Improvements		47,604,000
Total		49,116,000
Accumulated Depreciation	[1]	(26,540,000)
Net Cost Basis		22,576,000
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		43,953,000
Total Costs
Land		4,800,000
Buildings & Improvements		50,646,000
Total		55,446,000
Accumulated Depreciation	[1]	(9,921,000)
Net Cost Basis		45,525,000
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		11,698,000
Total Costs
Land		0
Buildings & Improvements		11,698,000
Total		11,698,000
Accumulated Depreciation	[1]	0
Net Cost Basis		11,698,000
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		178,071,000
Total Costs
Land		148,551,000
Buildings & Improvements		199,585,000
Total		348,136,000
Accumulated Depreciation	[1]	(23,098,000)
Net Cost Basis		325,038,000
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		1,065,858,000
Total Costs
Land		0
Buildings & Improvements		1,065,858,000
Total		1,065,858,000
Accumulated Depreciation	[1]	(261,840,000)
Net Cost Basis		804,018,000
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		4,010,000
Total Costs
Land		141,266,000
Buildings & Improvements		67,322,000
Total		208,588,000
Accumulated Depreciation	[1]	(41,375,000)
Net Cost Basis		167,213,000
Alexandria Center for Life Science - Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,746,000
Buildings & Improvements		53,093,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		143,633,000
Total Costs
Land		22,746,000
Buildings & Improvements		196,726,000
Total		219,472,000
Accumulated Depreciation	[1]	(4,735,000)
Net Cost Basis		214,737,000
One Alexandria Square and One Alexandria North
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		586,559,000
Total Costs
Land		247,423,000
Buildings & Improvements		779,314,000
Total		1,026,737,000
Accumulated Depreciation		(230,733,000)
Net Cost Basis		796,004,000
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		83,386,000
Total Costs
Land		22,124,000
Buildings & Improvements		236,226,000
Total		258,350,000
Accumulated Depreciation	[1]	(61,674,000)
Net Cost Basis		196,676,000
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		127,356,000
Total Costs
Land		6,684,000
Buildings & Improvements		154,956,000
Total		161,640,000
Accumulated Depreciation	[1]	(65,962,000)
Net Cost Basis		95,678,000
Campus Point by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		200,556,000
Buildings & Improvements		396,739,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		520,759,000
Total Costs
Land		200,556,000
Buildings & Improvements		917,498,000
Total		1,118,054,000
Accumulated Depreciation	[1]	(189,887,000)
Net Cost Basis		928,167,000
5200 Illumina Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		39,051,000
Buildings & Improvements		96,606,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		199,332,000
Total Costs
Land		39,051,000
Buildings & Improvements		295,938,000
Total		334,989,000
Accumulated Depreciation	[1]	(73,658,000)
Net Cost Basis		261,331,000
University District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		142,290,000
Buildings & Improvements		48,840,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		235,312,000
Total Costs
Land		142,290,000
Buildings & Improvements		284,152,000
Total		426,442,000
Accumulated Depreciation	[1]	(118,325,000)
Net Cost Basis		308,117,000
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		303,932,000
Total Costs
Land		81,428,000
Buildings & Improvements		558,001,000
Total		639,429,000
Accumulated Depreciation	[1]	(29,314,000)
Net Cost Basis		610,115,000
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		16,539,000
Total Costs
Land		163,610,000
Buildings & Improvements		297,928,000
Total		461,538,000
Accumulated Depreciation	[1]	(12,300,000)
Net Cost Basis		449,238,000
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		23,987,000
Total Costs
Land		96,796,000
Buildings & Improvements		90,647,000
Total		187,443,000
Accumulated Depreciation	[1]	(3,833,000)
Net Cost Basis		183,610,000
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		4,278,000
Total Costs
Land		21,154,000
Buildings & Improvements		106,324,000
Total		127,478,000
Accumulated Depreciation	[1]	(13,900,000)
Net Cost Basis		113,578,000
Scripps Science Park by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		79,451,000
Buildings & Improvements		59,343,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		67,546,000
Total Costs
Land		79,451,000
Buildings & Improvements		126,889,000
Total		206,340,000
Accumulated Depreciation		(899,000)
Net Cost Basis		205,441,000
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		40,315,000
Total Costs
Land		6,991,000
Buildings & Improvements		65,468,000
Total		72,459,000
Accumulated Depreciation	[1]	(21,298,000)
Net Cost Basis		51,161,000
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		33,337,000
Total Costs
Land		3,492,000
Buildings & Improvements		51,622,000
Total		55,114,000
Accumulated Depreciation	[1]	(14,356,000)
Net Cost Basis		40,758,000
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		12,787,000
Total Costs
Land		5,092,000
Buildings & Improvements		24,695,000
Total		29,787,000
Accumulated Depreciation	[1]	(2,604,000)
Net Cost Basis		27,183,000
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		20,455,000
Total Costs
Land		1,349,000
Buildings & Improvements		28,471,000
Total		29,820,000
Accumulated Depreciation	[1]	(4,138,000)
Net Cost Basis		25,682,000
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		33,696,000
Total Costs
Land		18,177,000
Buildings & Improvements		76,419,000
Total		94,596,000
Accumulated Depreciation	[1]	(41,391,000)
Net Cost Basis		53,205,000
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		49,735,000
Total Costs
Land		4,156,000
Buildings & Improvements		61,306,000
Total		65,462,000
Accumulated Depreciation	[1]	(18,736,000)
Net Cost Basis		46,726,000
Other - San Diego
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		131,174,000
Buildings & Improvements		92,292,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		85,824,000
Total Costs
Land		131,174,000
Buildings & Improvements		178,116,000
Total		309,290,000
Accumulated Depreciation	[1]	(22,540,000)
Net Cost Basis		286,750,000
The Eastlake Life Science Campus by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		53,758,000
Buildings & Improvements		83,012,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		814,762,000
Total Costs
Land		53,758,000
Buildings & Improvements		897,774,000
Total		951,532,000
Accumulated Depreciation	[1]	(204,217,000)
Net Cost Basis		747,315,000
Alexandria Center at South Lake Union
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		229,607,000
Buildings & Improvements		1,128,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		370,610,000
Total Costs
Land		229,607,000
Buildings & Improvements		371,738,000
Total		601,345,000
Accumulated Depreciation	[1]	(45,771,000)
Net Cost Basis		555,574,000
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		20,450,000
Total Costs
Land		1,819,000
Buildings & Improvements		22,752,000
Total		24,571,000
Accumulated Depreciation	[1]	(9,296,000)
Net Cost Basis		15,275,000
830 4th Avenue South
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		52,700,000
Buildings & Improvements		12,062,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,711,000
Total Costs
Land		52,700,000
Buildings & Improvements		23,773,000
Total		76,473,000
Accumulated Depreciation	[1]	(665,000)
Net Cost Basis		75,808,000
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		24,859,000
Total Costs
Land		1,432,000
Buildings & Improvements		32,356,000
Total		33,788,000
Accumulated Depreciation	[1]	(25,427,000)
Net Cost Basis		8,361,000
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		19,360,000
Total Costs
Land		3,857,000
Buildings & Improvements		21,349,000
Total		25,206,000
Accumulated Depreciation	[1]	(8,394,000)
Net Cost Basis		16,812,000
Alexandria Center for Advanced Technologies - Canyon Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		133,558,000
Buildings & Improvements		206,374,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,223,000
Total Costs
Land		133,558,000
Buildings & Improvements		221,597,000
Total		355,155,000
Accumulated Depreciation		(8,718,000)
Net Cost Basis		346,437,000
Alexandria Center for Advanced Technologies - Monte Villa Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		52,464,000
Buildings & Improvements		64,753,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		41,093,000
Total Costs
Land		52,464,000
Buildings & Improvements		105,846,000
Total		158,310,000
Accumulated Depreciation		(1,410,000)
Net Cost Basis		156,900,000
Other - Seattle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		78,900,000
Buildings & Improvements		931,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,156,000
Total Costs
Land		78,900,000
Buildings & Improvements		10,087,000
Total		88,987,000
Accumulated Depreciation	[1]	(821,000)
Net Cost Basis		88,166,000
Alexandria Center for Life Science - Shady Grove
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		85,365,000
Buildings & Improvements		253,567,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		465,521,000
Total Costs
Land		85,365,000
Buildings & Improvements		719,088,000
Total		804,453,000
Accumulated Depreciation	[1]	(127,332,000)
Net Cost Basis		677,121,000
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		37,666,000
Total Costs
Land		2,800,000
Buildings & Improvements		49,199,000
Total		51,999,000
Accumulated Depreciation	[1]	(23,626,000)
Net Cost Basis		28,373,000
1405 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		899,000
Buildings & Improvements		21,946,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,638,000
Total Costs
Land		899,000
Buildings & Improvements		37,584,000
Total		38,483,000
Accumulated Depreciation		(18,336,000)
Net Cost Basis		20,147,000
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		10,582,000
Total Costs
Land		1,523,000
Buildings & Improvements		18,313,000
Total		19,836,000
Accumulated Depreciation	[1]	(11,079,000)
Net Cost Basis		8,757,000
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		30,996,000
Total Costs
Land		1,466,000
Buildings & Improvements		36,704,000
Total		38,170,000
Accumulated Depreciation	[1]	(18,247,000)
Net Cost Basis		19,923,000
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		24,105,000
Total Costs
Land		1,647,000
Buildings & Improvements		37,363,000
Total		39,010,000
Accumulated Depreciation	[1]	(17,698,000)
Net Cost Basis		21,312,000
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		1,734,000
Total Costs
Land		1,476,000
Buildings & Improvements		9,001,000
Total		10,477,000
Accumulated Depreciation	[1]	(3,615,000)
Net Cost Basis		6,862,000
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		53,024,000
Total Costs
Land		20,980,000
Buildings & Improvements		174,976,000
Total		195,956,000
Accumulated Depreciation	[1]	(55,129,000)
Net Cost Basis		140,827,000
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		102,075,000
Total Costs
Land		17,134,000
Buildings & Improvements		169,900,000
Total		187,034,000
Accumulated Depreciation	[1]	(41,816,000)
Net Cost Basis		145,218,000
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		20,369,000
Total Costs
Land		3,641,000
Buildings & Improvements		25,128,000
Total		28,769,000
Accumulated Depreciation	[1]	(1,303,000)
Net Cost Basis		27,466,000
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		11,327,000
Total Costs
Land		1,129,000
Buildings & Improvements		18,268,000
Total		19,397,000
Accumulated Depreciation	[1]	(9,529,000)
Net Cost Basis		9,868,000
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		14,070,000
Accumulated Depreciation	[1]	(4,202,000)
Net Cost Basis		9,868,000
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		8,267,000
Total Costs
Land		784,000
Buildings & Improvements		12,972,000
Total		13,756,000
Accumulated Depreciation	[1]	(8,015,000)
Net Cost Basis		5,741,000
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		11,436,000
Total Costs
Land		0
Buildings & Improvements		25,115,000
Total		25,115,000
Accumulated Depreciation	[1]	(12,541,000)
Net Cost Basis		12,574,000
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		22,773,000
Total Costs
Land		4,800,000
Buildings & Improvements		50,412,000
Total		55,212,000
Accumulated Depreciation	[1]	(21,550,000)
Net Cost Basis		33,662,000
Alexandria Center for Life Science - Durham
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		190,236,000
Buildings & Improvements		471,263,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		210,462,000
Total Costs
Land		190,236,000
Buildings & Improvements		681,725,000
Total		871,961,000
Accumulated Depreciation	[1]	(30,992,000)
Net Cost Basis		840,969,000
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		242,853,000
Total Costs
Land		27,784,000
Buildings & Improvements		259,811,000
Total		287,595,000
Accumulated Depreciation	[1]	(18,477,000)
Net Cost Basis		269,118,000
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		205,945,000
Total Costs
Land		2,801,000
Buildings & Improvements		212,701,000
Total		215,502,000
Accumulated Depreciation	[1]	(17,091,000)
Net Cost Basis		198,411,000
104 and 108/110/112/114/120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		54,047,000
Buildings & Improvements		15,440,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		60,381,000
Total Costs
Land		54,047,000
Buildings & Improvements		75,821,000
Total		129,868,000
Accumulated Depreciation		(24,513,000)
Net Cost Basis		105,355,000
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		33,110,000
Total Costs
Land		1,430,000
Buildings & Improvements		50,592,000
Total		52,022,000
Accumulated Depreciation	[1]	(27,787,000)
Net Cost Basis		24,235,000
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		47,008,000
Total Costs
Land		0
Buildings & Improvements		47,008,000
Total		47,008,000
Accumulated Depreciation	[1]	(5,524,000)
Net Cost Basis		41,484,000
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		30,954,000
Total Costs
Land		1,065,000
Buildings & Improvements		52,172,000
Total		53,237,000
Accumulated Depreciation		(23,951,000)
Net Cost Basis		29,286,000
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		43,037,000
Total Costs
Land		701,000
Buildings & Improvements		43,037,000
Total		43,738,000
Accumulated Depreciation	[1]	(10,215,000)
Net Cost Basis		33,523,000
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		20,729,000
Total Costs
Land		713,000
Buildings & Improvements		33,556,000
Total		34,269,000
Accumulated Depreciation		(15,179,000)
Net Cost Basis		19,090,000
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		1,104,000
Total Costs
Land		1,229,000
Buildings & Improvements		18,837,000
Total		20,066,000
Accumulated Depreciation	[1]	(5,190,000)
Net Cost Basis		14,876,000
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		14,956,000
Total Costs
Land		785,000
Buildings & Improvements		26,502,000
Total		27,287,000
Accumulated Depreciation	[1]	(7,664,000)
Net Cost Basis		19,623,000
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		12,686,000
Total Costs
Land		161,000
Buildings & Improvements		16,095,000
Total		16,256,000
Accumulated Depreciation	[1]	(8,519,000)
Net Cost Basis		7,737,000
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		11,483,000
Total Costs
Land		951,000
Buildings & Improvements		15,465,000
Total		16,416,000
Accumulated Depreciation	[1]	(4,581,000)
Net Cost Basis		11,835,000
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		6,106,000
Total Costs
Land		94,184,000
Buildings & Improvements		6,106,000
Total		100,290,000
Accumulated Depreciation	[1]	0
Net Cost Basis		100,290,000
Intersection Campus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		159,310,000
Buildings & Improvements		440,295,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,956,000
Total Costs
Land		159,310,000
Buildings & Improvements		459,251,000
Total		618,561,000
Accumulated Depreciation		(11,606,000)
Net Cost Basis		606,955,000
1020 Red Rive Street and 1001 Trinity Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		66,451,000
Buildings & Improvements		61,732,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,212,000
Total Costs
Land		66,451,000
Buildings & Improvements		62,944,000
Total		129,395,000
Accumulated Depreciation		(387,000)
Net Cost Basis		129,008,000
8800 Technology Forest Place
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,116,000
Buildings & Improvements		9,784,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		72,614,000
Total Costs
Land		2,116,000
Buildings & Improvements		82,398,000
Total		84,514,000
Accumulated Depreciation		(49,000)
Net Cost Basis		84,465,000
Other - Texas
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		110,867,000
Buildings & Improvements		219,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,532,000
Total Costs
Land		110,867,000
Buildings & Improvements		16,751,000
Total		127,618,000
Accumulated Depreciation		(78,000)
Net Cost Basis		127,540,000
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,167,000
Buildings & Improvements		117,076,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,899,000
Total Costs
Land		31,167,000
Buildings & Improvements		133,975,000
Total		165,142,000
Accumulated Depreciation	[1]	(30,097,000)
Net Cost Basis		135,045,000
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		109,115,000
Buildings & Improvements		87,138,000
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		294,271,000
Total Costs
Land		109,115,000
Buildings & Improvements		381,409,000
Total		490,524,000
Accumulated Depreciation	[1]	(66,808,000)
Net Cost Basis		423,716,000
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		16,047,000
Total Costs
Land		0
Buildings & Improvements		16,047,000
Total		16,047,000
Accumulated Depreciation	[1]	(4,283,000)
Net Cost Basis		$ 11,764,000
[1]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, 2022		Dec. 31, 2021	Dec. 31, 2020
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 28,751,910,000		$ 21,274,810,000	$ 17,552,956,000
Acquisitions (including real estate, land, and joint venture consolidation)	2,722,214,000		5,405,569,000	2,825,537,000
Additions to real estate	3,388,478,000		2,267,848,000	1,505,152,000
Deductions (including dispositions and direct financing leases)	(563,099,000)		(196,317,000)	(608,835,000)
Balance at end of period	34,299,503,000		28,751,910,000	21,274,810,000
Accumulated Depreciation
Balance at beginning of period	3,771,241,000		3,182,438,000	2,708,918,000
Depreciation expense on properties	751,584,000		607,927,000	530,226,000
Sale of properties	(168,762,000)		(19,124,000)	(56,706,000)
Balance at end of period	$ 4,354,063,000	[1]	$ 3,771,241,000	$ 3,182,438,000
[1]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.