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. |