0001035443-24-000225 | 10-Q | XBRL Viewer | Alexandria Real Estate Equities INC

Consolidated and unconsolidated real estate joint ventures

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, 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%
	99 Coolidge Avenue	Greater Boston	Cambridge/Inner Suburbs		75.0%
	15 Necco Street	Greater Boston	Seaport Innovation District		56.7%
	285, 299, 307, and 345 Dorchester Avenue	Greater Boston	Seaport Innovation District		60.0%
	Alexandria Center® for Science and Technology – Mission Bay(3)	San Francisco Bay Area	Mission Bay		25.0%
	1450 Owens Street	San Francisco Bay Area	Mission Bay		26.3%	(4)
	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		47.7%
	3215 Merryfield Row	San Diego	Torrey Pines		30.0%
	Campus Point by Alexandria(5)	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		30.0%
	SD Tech by Alexandria(6)	San Diego	Sorrento Mesa		50.0%
	Pacific Technology Park	San Diego	Sorrento Mesa		50.0%
	Summers Ridge Science Park(7)	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%	(8)
	1450 Research Boulevard	Maryland	Rockville		73.2%	(8)
	101 West Dickman Street	Maryland	Beltsville		58.2%	(8)

(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)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(4)During the six months ended June 30, 2024, our equity ownership decreased from 40.6% to 26.3% based on continued funding of construction costs by our joint venture

partner and a reallocation of equity to our joint venture partner of $30.2 million from us. The noncontrolling interest share of our joint venture partner is anticipated to

increase to 75% and ours to decrease to 25% as our partner contributes additional equity to fund the construction of the project.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(6)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(8)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic

performance of the joint venture.

Our consolidation policy is described under “Consolidation” in Note 2 – “Summary of significant accounting policies” to our

unaudited 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
15 Necco Street
285, 299, 307, and 345 Dorchester Avenue
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			(ii)
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.
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

We evaluated each of our real estate joint ventures described below under the consolidation framework outlined above and

further detailed in “Consolidation” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements.

Refer to “Consolidation” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements for additional information. For a summary of our completed dispositions of and sales of partial interests in real estate assets

during the six months ended June 30, 2024, refer to “Sales of real estate assets and impairment charges” in Note 3 – “Investments in

real estate” to our unaudited consolidated financial statements.

285, 299, 307, and 345 Dorchester Avenue

During the three months ended March 31, 2024, we formed real estate joint ventures to develop a life science mega campus.

We contributed $155.3 million to these real estate joint ventures, and our partner’s share of contributed real estate assets aggregated

$103.5 million. As of March 31, 2024, these joint ventures owned four land parcels at 285, 299, 307, and 345 Dorchester Avenue in our

Seaport Innovation District submarket, with future development opportunities aggregating 1.0 million SF. We determined that we have

control over these real estate joint ventures, and we therefore consolidate the joint ventures.

As of June 30, 2024, we have a 60% ownership interest in the joint ventures.

Consolidated VIEs’ balance sheet information

We, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our financial

statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spend, and our

joint venture partners may also contribute equity into these entities for financing-related activities.

The table below aggregates the balance sheet information of our consolidated VIEs as of June 30, 2024 and December 31,

2023 (in thousands):


	June 30, 2024	December 31, 2023
Investments in real estate	$8,635,462	$8,032,315
Cash and cash equivalents	277,985	306,475
Other assets	791,836	728,390
Total assets	$9,705,283	$9,067,180

Secured notes payable	$134,323	$119,042
Other liabilities	636,200	608,665
Mandatorily redeemable noncontrolling interest	—	35,250
Total liabilities	770,523	762,957
Redeemable noncontrolling interests	6,828	6,868
Alexandria Real Estate Equities, Inc.’s share of equity	4,536,126	4,162,017
Noncontrolling interests’ share of equity	4,391,806	4,135,338
Total liabilities and equity	$9,705,283	$9,067,180

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. Refer to Note 10 –

“Secured and unsecured senior debt” to our unaudited consolidated financial statements for additional information.

Unconsolidated real estate joint ventures

Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE, except for our 1450 Research

Boulevard and 101 West Dickman Street unconsolidated real estate joint ventures in which we guarantee up to $6.7 million of the

outstanding balance related to each VIE’s secured loan. Our investments in unconsolidated real estate joint ventures, accounted for

under the equity method and classified in investments in unconsolidated real estate joint ventures in our consolidated balance sheets,

consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


Property	June 30, 2024	December 31, 2023
1655 and 1725 Third Street	$11,161	$11,718
1450 Research Boulevard	9,129	6,041
101 West Dickman Street	9,703	9,290
Other	10,542	10,731
	$40,535	$37,780

The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of June 30,

2024 (dollars in thousands):


					Interest Rate(1)	At 100%		Our Share
Unconsolidated Joint Venture	Maturity Date		Stated Rate		Interest Rate(1)	Aggregate Commitment	Debt Balance(2)	Our Share
1401/1413 Research Boulevard		12/23/24	2.70%		3.31%	$28,500	$28,417	65.0%
1655 and 1725 Third Street(3)		3/10/25	4.50%		4.57%	600,000	599,718	10.0%
101 West Dickman Street		11/10/26	SOFR+1.95%	(4)	7.39%	26,750	18,558	58.2%
1450 Research Boulevard		12/10/26	SOFR+1.95%	(4)	7.45%	13,000	8,598	73.2%
						$668,250	$655,291

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2024.

(3)The unconsolidated joint venture is early in the process of working with prospective lenders to refinance this secured non-recourse loan. In the event that all or a portion

of the debt cannot be refinanced, we may consider contributing additional equity into this unconsolidated joint venture.

(4)This loan is subject to a fixed SOFR floor of 0.75%.

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenues subject to new revenue recognition and lease ASUs

The table below provides details of our consolidated total revenues for the three and six months ended June 30, 2024 and

2023 (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$745,626	$695,019	$1,491,687	$1,372,441
Direct financing leases	662	650	1,321	1,298
Revenues subject to the lease accounting standard	746,288	695,669	1,493,008	1,373,739
Revenues subject to the revenue recognition accounting standard	8,874	8,670	17,705	18,549
Income from rentals	755,162	704,339	1,510,713	1,392,288
Other income	11,572	9,561	25,129	22,407
Total revenues	$766,734	$713,900	$1,535,842	$1,414,695

Investments in real estate - Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate
Investments in real estate	$ 32,673,839	$ 31,633,511
North America
Real Estate
Land (related to rental properties)	4,375,145	4,385,515
Buildings and building improvements	20,636,599	20,320,866
Other improvements	4,166,935	3,681,628
Rental properties	29,178,679	28,388,009
Development and redevelopment projects	8,952,574	8,226,309
Gross investments in real estate	38,131,253	36,614,318
Less: accumulated depreciation	(5,457,414)	(4,980,807)
Investments in real estate	$ 32,673,839	$ 31,633,511

Leases - Lessor (Details) $ in Thousands, ft² in Millions		3 Months Ended		6 Months Ended
Leases - Lessor (Details) $ in Thousands, ft² in Millions	Oct. 01, 2017	Jun. 30, 2024 USD ($) ft² property directFinancingLease landParcel	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² property directFinancingLease landParcel	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Operating Lease
Land parcel subject to lease agreement that contains a purchase option \| landParcel		2		2
Rent commence date	Oct. 01, 2017
Operating Leases, Future Minimum Payments Receivable
2024		$ 973,926		$ 973,926
2025		1,911,248		1,911,248
2026		1,852,109		1,852,109
2027		1,769,872		1,769,872
2028		1,631,328		1,631,328
Thereafter		11,045,840		11,045,840
Total		$ 19,184,323		$ 19,184,323
Direct Financing and Sales-Type Lease
Number of direct financing leases \| directFinancingLease		1		1
Direct financing lease, net investment in lease, before allowance for credit loss		$ 40,500		$ 40,500
Direct financing lease, remaining lease term				68 years 4 months 24 days
Lessee option to purchase underlying asset, option exercise period				30 days
Direct financing lease, allowance for credit loss		2,800		$ 2,800
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease		252,368		252,368		$ 253,324
Less: unearned income on direct financing lease		(209,067)		(209,067)		(210,388)
Less: allowance for credit losses		(2,839)		(2,839)		(2,839)
Net investment in direct financing lease		40,462		40,462		40,097
Direct Financing and Sales-Type Leases, Future Minimum Payments Receivable
2024		963		963
2025		1,976		1,976
2026		2,036		2,036
2027		2,097		2,097
2028		2,160		2,160
Thereafter		243,136		243,136
Total		252,368		252,368		$ 253,324
Income from rentals
Operating leases		745,626	$ 695,019	1,491,687	$ 1,372,441
Direct financing and sales-type leases		662	650	1,321	1,298
Revenues subject to the lease accounting standard		746,288	695,669	1,493,008	1,373,739
Income from rentals		$ 766,734	713,900	$ 1,535,842	1,414,695
Purchase Option Term One
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
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
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
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining lease term				68 years 4 months 24 days
North America
Lessor, Lease, Description [Line Items]
Number of real estate properties \| property		408		408
Area of real estate property \| ft²		42.1		42.1
Income from rentals
Income from rentals
Revenues subject to the revenue recognition accounting standard		$ 8,900		$ 17,700
Income from rentals		755,162	704,339	1,510,713	1,392,288
Income from rentals \| Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard		$ 8,874	$ 8,670	$ 17,705	$ 18,549

Unsecured senior notes payable, LOC, and commercial paper (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
	Jul. 22, 2024	Feb. 29, 2024	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Sep. 22, 2022
Debt Instrument
Principal				$ 12,510,267
Debt Balance at 100%				$ 12,424,055
Commercial Paper
Debt Instrument
Weighted Average Interest Rate				5.57%
Principal				$ 199,600
Commercial paper, maximum issuance				$ 2,500,000
Weighted-average yield to maturity, commercial paper				5.59%
Weighted-average remaining maturity term, commercial paper				16 days
Commercial Paper \| Minimum
Debt Instrument
Debt Instrument, Term				30 days
Commercial Paper \| Maximum
Debt Instrument
Debt Instrument, Term				397 days
Total issuance of unsecured senior notes in Feb 2024
Debt Instrument
Total issuance of unsecured senior notes		$ 1,000,000
Weighted Average Interest Rate		5.48%
Weighted average maturity years		23 years 1 month 6 days
5.25% Unsecured Senior Notes Payable
Debt Instrument
Principal		$ 400,000		$ 400,000
Stated interest rate (as a percent)		5.25%		5.25%
Debt Balance at 100%				$ 395,720
Maturity Date				May 15, 2036
5.625% Unsecured Senior Notes Payable
Debt Instrument
Principal		$ 600,000		$ 600,000
Stated interest rate (as a percent)		5.625%		5.625%
Debt Balance at 100%				$ 593,199
Maturity Date				May 15, 2054
Unsecured senior line of credit
Debt Instrument
Line of Credit Facility, Maximum Borrowing Capacity				$ 5,000,000
Applicable margin (as a percent)				0.855%	0.875%
Annual facility fee (as a percent)				0.145%	0.15%
Interest rate adjustment amount, maximum						0.04%
Facility fee rate adjustment amount, maximum						0.01%
Interest rate adjustment amount, decrease			0.02%
Facility fee rate adjustment amount, decrease			0.005%
Debt Balance at 100%				$ 0
Unsecured senior line of credit \| Commercial Paper
Debt Instrument
Principal				200,000
Debt Balance at 100%				$ 199,552
Maturity Date				Jan. 22, 2028
Unsecured senior line of credit \| Commercial Paper \| Subsequent Event
Debt Instrument
Maturity Date	Jan. 22, 2030

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 46,702	$ 89,937	$ 217,247	$ 167,799

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Dividends declared on common stock	$ 227,408	$ 222,100	$ 214,555	$ 449,542	$ 423,901
Dividends declared on common stock (per share)	$ 1.30	$ 1.27	$ 1.24		$ 2.45
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ (3,895)		$ 3,947	$ (11,814)	$ 4,223
Shares of common stock authorized	400,000,000.0			400,000,000.0
Shares of common stock issued and outstanding	172,000,000.0			172,000,000.0
Shares of preferred stock authorized	100,000,000.0			100,000,000.0
Shares of preferred stock issued and outstanding	0			0
Number of "excess stock" authorized (in shares)	200,000,000.0			200,000,000.0
Number of excess stock authorized issued and outstanding (in shares)	0			0

Secured and unsecured senior debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Secured and unsecured senior debt

The following table summarizes our outstanding indebtedness and respective principal payments remaining as of June 30, 2024 (dollars in thousands):


	Stated Rate	Interest Rate(1)		Maturity Date(2)		Principal Payments Remaining for the Periods Ending December 31,							Unamortized (Deferred Financing Cost), (Discount)/ Premium
Debt	Stated Rate	Interest Rate(1)		Maturity Date(2)		2024	2025	2026	2027	2028	Thereafter	Principal	Unamortized (Deferred Financing Cost), (Discount)/ Premium	Total
Secured notes payable
Greater Boston(3)	SOFR+2.70%	8.14%		11/19/26		$—	$—	$134,648	$—	$—	$—	$134,648	$(325)	$134,323
San Francisco Bay Area	6.50%	6.50		7/1/36		32	34	36	38	41	438	619	—	619
Secured debt weighted-average interest rate/ subtotal		8.13				32	34	134,684	38	41	438	135,267	(325)	134,942

Unsecured senior line of credit and commercial paper program(4)	(4)	5.57	(4)	1/22/28	(4)	—	—	—	—	200,000	—	200,000	(448)	199,552
Unsecured senior notes payable	3.45%	3.62		4/30/25		—	600,000	—	—	—	—	600,000	(739)	599,261
Unsecured senior notes payable	4.30%	4.50		1/15/26		—	—	300,000	—	—	—	300,000	(778)	299,222
Unsecured senior notes payable	3.80%	3.96		4/15/26		—	—	350,000	—	—	—	350,000	(899)	349,101
Unsecured senior notes payable	3.95%	4.13		1/15/27		—	—	—	350,000	—	—	350,000	(1,321)	348,679
Unsecured senior notes payable	3.95%	4.07		1/15/28		—	—	—	—	425,000	—	425,000	(1,523)	423,477
Unsecured senior notes payable	4.50%	4.60		7/30/29		—	—	—	—	—	300,000	300,000	(1,138)	298,862
Unsecured senior notes payable	2.75%	2.87		12/15/29		—	—	—	—	—	400,000	400,000	(2,269)	397,731
Unsecured senior notes payable	4.70%	4.81		7/1/30		—	—	—	—	—	450,000	450,000	(2,241)	447,759
Unsecured senior notes payable	4.90%	5.05		12/15/30		—	—	—	—	—	700,000	700,000	(5,121)	694,879
Unsecured senior notes payable	3.375%	3.48		8/15/31		—	—	—	—	—	750,000	750,000	(4,669)	745,331
Unsecured senior notes payable	2.00%	2.12		5/18/32		—	—	—	—	—	900,000	900,000	(7,428)	892,572
Unsecured senior notes payable	1.875%	1.97		2/1/33		—	—	—	—	—	1,000,000	1,000,000	(7,543)	992,457
Unsecured senior notes payable	2.95%	3.07		3/15/34		—	—	—	—	—	800,000	800,000	(7,613)	792,387
Unsecured senior notes payable	4.75%	4.88		4/15/35		—	—	—	—	—	500,000	500,000	(5,185)	494,815
Unsecured senior notes payable	5.25%	5.38		5/15/36		—	—	—	—	—	400,000	400,000	(4,280)	395,720
Unsecured senior notes payable	4.85%	4.93		4/15/49		—	—	—	—	—	300,000	300,000	(2,929)	297,071
Unsecured senior notes payable	4.00%	3.91		2/1/50		—	—	—	—	—	700,000	700,000	10,049	710,049
Unsecured senior notes payable	3.00%	3.08		5/18/51		—	—	—	—	—	850,000	850,000	(11,417)	838,583
Unsecured senior notes payable	3.55%	3.63		3/15/52		—	—	—	—	—	1,000,000	1,000,000	(13,892)	986,108
Unsecured senior notes payable	5.15%	5.26		4/15/53		—	—	—	—	—	500,000	500,000	(7,702)	492,298
Unsecured senior notes payable	5.625%	5.71		5/15/54		—	—	—	—	—	600,000	600,000	(6,801)	593,199
Unsecured debt weighted-average interest rate/ subtotal		3.84				—	600,000	650,000	350,000	625,000	10,150,000	12,375,000	(85,887)	12,289,113
Weighted-average interest rate/total		3.89%				$32	$600,034	$784,684	$350,038	$625,041	$10,150,438	$12,510,267	$(86,212)	$12,424,055

(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 for 99 Coolidge Avenue, of which we own a 75.0% interest. As of June 30, 2024, this joint venture has $60.7 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 “$5.0 billion unsecured senior line of credit” and “$2.5 billion commercial paper program” on the following page. In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of

credit to, among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control. We expect that the amendment and restatement will become effective in September 2024

upon the satisfaction of certain conditions.

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 June 30, 2024 (dollars in thousands):


	Fixed-Rate Debt	Variable-Rate Debt				Weighted-Average
						Interest		Remaining Term (in years)
			Total		Percentage	Rate(1)		Remaining Term (in years)
Secured notes payable	$619	$134,323	$134,942		1.1%	8.13%		2.4
Unsecured senior notes payable	12,089,561	—	12,089,561		97.3	3.81		13.3
Unsecured senior line of credit and commercial paper program	—	199,552	199,552	(2)	1.6	5.57	(2)	3.6	(3)
Total/weighted average	$12,090,180	$333,875	$12,424,055		100.0%	3.89%		13.0	(3)
Percentage of total debt	97.3%	2.7%	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 June 30, 2024, we had no outstanding balance on our unsecured senior line of credit and $199.6 million of commercial paper notes outstanding with a weighted-

average interest rate of 5.57%.

(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 notes, the consolidated weighted-average maturity of our debt is 13.0 years. The commercial paper notes sold during the six

months ended June 30, 2024 were issued at a weighted-average yield to maturity of 5.59% and had a weighted-average maturity term of 16 days.

Unsecured senior notes payable

In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48%

and a weighted-average maturity of 23.1 years. The unsecured senior notes consisted of $400.0 million of 5.25% unsecured senior

notes due 2036 and $600.0 million of 5.625% unsecured senior notes due 2054.

$5.0 billion unsecured senior line of credit

As of June 30, 2024, our unsecured senior line of credit had aggregate commitments of $5.0 billion and bore an interest rate of

SOFR plus 0.855%. In addition to the cost of borrowing, the unsecured senior line of credit is subject to an annual facility fee of 0.145%

based on the aggregate commitments outstanding. Based upon our ability to achieve certain annual sustainability metrics, the interest

rate and facility fee rate are also subject to upward or downward adjustments of up to four basis points with respect to the interest rate

and up to one basis point with respect to the facility fee rate.

Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit

agreement, the borrowing rate was reduced for a one-year period by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%,

and the facility fee was reduced by 0.5 basis point to 0.145% from 0.15%. As of June 30, 2024, we had no outstanding balance on our

unsecured line of credit.

In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of credit to,

among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control.

We expect that the amendment and restatement will become effective in September 2024 upon the satisfaction of certain conditions.

$2.5 billion commercial paper program

Our commercial paper program provides us with the ability to issue up to $2.5 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. During the six months ended June 30, 2024, the commercial paper notes

were issued at a weighted-average yield to maturity of 5.59% and had a weighted-average maturity term of 16 days. As of June 30,

2024, the outstanding balance under our commercial paper program was $199.6 million with a weighted-average interest rate of 5.57%.

Interest expense

The following table summarizes interest expense for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Interest incurred	$126,828	$108,746	$249,508	$209,570
Capitalized interest	(81,039)	(91,674)	(162,879)	(178,744)
Interest expense	$45,789	$17,072	$86,629	$30,826

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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-Topic 470
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+ Details

Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023. 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 six

months ended June 30, 2024.


		Fair Value Measurement Using
Description	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investments in publicly traded companies:
As of June 30, 2024	$153,191	$153,191	$—	$—
As of December 31, 2023	$159,566	$159,566	$—	$—

Schedule of assets and liabilities measure 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 June 30, 2024 and December 31, 2023 (in thousands).


			Fair Value Measurement Using
Description	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Real estate assets held for sale with carrying values adjusted to fair value less costs to sell:
As of June 30, 2024	$104,765	(1)	$—	$—		$104,765	(2)
As of December 31, 2023	$133,885	(1)	$—	$—		$133,885	(2)
Investments in privately held entities that do not report NAV:
As of June 30, 2024	$194,165		$—	$173,111	(3)	$21,054	(4)
As of December 31, 2023	$188,689		$—	$174,268	(3)	$14,421	(4)

(1)These amounts are included in the total balances of our net assets classified as held for sale aggregating $136.3 million and $191.4 million as of June 30, 2024 and

December 31, 2023, respectively, disclosed in Note 15 – “Assets classified as held for sale,” and represent assets held for sale as of June 30, 2024 and December 31,

2023, respectively, for which impairments were recognized. Refer to Note 3 – “Investments in real estate” and Note 15 – “Assets classified as held for sale” to our

unaudited consolidated financial statements for additional information.

(2)Represent aggregate carrying amounts of assets held for sale after adjustments to their respective fair values less costs to sell based on executed purchase and sale

agreements, letters of intent, or valuations provided by third-party real estate brokers.

(3)These amounts represent the total carrying amounts of our equity investments in privately held entities with observable price changes, which are included in the

investments balances of $1.5 billion and $1.4 billion, respectively, in our unaudited consolidated balance sheets as of June 30, 2024 and December 31, 2023,

respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements.

(4)These amounts are included in the investments in privately held entities without observable price changes balances aggregating $389.1 million and $368.7 million as of

June 30, 2024 and December 31, 2023, respectively, disclosed in Note 7 – “Investments” to our unaudited 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 “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements.

As of June 30, 2024 and December 31, 2023, 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):


	June 30, 2024
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Secured notes payable	$134,942	$—	$134,422	$—	$134,422
Unsecured senior notes payable	$12,089,561	$—	$10,344,795	$—	$10,344,795
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$199,552	$—	$199,926	$—	$199,926


	December 31, 2023
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Secured notes payable	$119,662	$—	$118,660	$—	$118,660
Unsecured senior notes payable	$11,096,028	$—	$9,708,930	$—	$9,708,930
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$99,952	$—	$99,915	$—	$99,915

Consolidated and unconsolidated real estate joint ventures - Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity
Investments in real estate	$ 32,673,839		$ 31,633,511
Cash and cash equivalents	561,021		618,190
Other assets	1,356,503		1,421,894
Total assets	37,847,865		36,771,402
Secured notes payable	134,942		119,662
Total liabilities	15,180,998		14,148,409
Redeemable noncontrolling interests	16,440		16,480
Alexandria Real Estate Equities, Inc.’s share of equity	18,258,621		18,471,175
Noncontrolling interests’ share of equity	4,391,806		4,135,338
Total liabilities, noncontrolling interests, and equity	37,847,865		36,771,402
Redeemable Noncontrolling Interests
Variable Interest Entity
Redeemable noncontrolling interests	16,440	$ 16,620	16,480	$ 52,628	$ 44,862	$ 9,612
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Investments in real estate	8,635,462		8,032,315
Cash and cash equivalents	277,985		306,475
Other assets	791,836		728,390
Total assets	9,705,283		9,067,180
Secured notes payable	134,323		119,042
Other liabilities	636,200		608,665
Total liabilities	770,523		762,957
Redeemable noncontrolling interests	6,828		6,868
Alexandria Real Estate Equities, Inc.’s share of equity	4,536,126		4,162,017
Noncontrolling interests’ share of equity	4,391,806		4,135,338
Total liabilities, noncontrolling interests, and equity	9,705,283		9,067,180
Variable Interest Entity, Primary Beneficiary \| Redeemable Noncontrolling Interests
Variable Interest Entity
Mandatorily redeemable noncontrolling interest	$ 0		$ 35,250

Assets classified as held for sale

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets classified as held for sale

As of June 30, 2024, we had five properties aggregating 808,692 RSF that 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 that has (or will have) a major effect

on our operations or financial results 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.

The following is a summary of net assets as of June 30, 2024 and December 31, 2023 for our real estate investments that

were classified as held for sale as of each respective date (in thousands):


	June 30, 2024	December 31, 2023
Total assets	$137,370	$194,223
Total liabilities	(3,386)	(4,750)
Total accumulated other comprehensive income	2,306	1,960
Net assets classified as held for sale	$136,290	$191,433

Assets classified as held for sale (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of net assets of discontinued operations and (loss) income from discontinued operations, net

The following is a summary of net assets as of June 30, 2024 and December 31, 2023 for our real estate investments that

were classified as held for sale as of each respective date (in thousands):


	June 30, 2024	December 31, 2023
Total assets	$137,370	$194,223
Total liabilities	(3,386)	(4,750)
Total accumulated other comprehensive income	2,306	1,960
Net assets classified as held for sale	$136,290	$191,433

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Alexandria Technology Square® ground lease amendment In July 2024, we executed an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega campus aggregating 1.2 million RSF in our Cambridge submarket to extend the term by 24 years from January 1, 2065 to December 31, 2088. The amendment requires that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments during the fourth quarter of 2024 and the first quarter of 2025. This amount will be amortized on a straight-line basis over the remaining lease term from July 2024 through December 2088, and the amended operating lease will result in an incremental annual rent expense of approximately $3.6 million. Alexandria Technology Square® is a foundational mega campus in the heart of the global life science ecosystem in Cambridge and is the Greater Boston base of operations of key strategic long-tenured tenants such as Novartis AG, GlaxoSmithKline plc, Massachusetts Institute of Technology, and Mass General Brigham. Securing this ground lease through December 2088 significantly enhances the long-term value of our investment in this critical mega campus. Unsecured senior line of credit amendment In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of credit to, among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control. We expect that the amendment and restatement will become effective in September 2024 upon the satisfaction of certain conditions.

Cash, cash equivalents, and restricted cash (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (in

thousands):


	June 30, 2024	December 31, 2023
Cash and cash equivalents	$561,021	$618,190
Restricted cash:
Funds held in escrow for real estate acquisitions	—	37,434
Other	4,832	5,147
	4,832	42,581
Total	$565,853	$660,771

Organization and basis of presentation (Details) ft² in Millions, $ in Billions	Jun. 30, 2024 USD ($) ft²
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Market capitalization \| $	$ 32.5
North America
Real Estate Properties
Area of real estate property	42.1
North America \| Active Development/Redevelopment
Real Estate Properties
Area of real estate property	5.3
North America \| Operating Properties
Real Estate Properties
Area of real estate property	42.1

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Summary of investments

The following tables summarize our investments as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$201,321	$42,052	$(90,182)	$153,191
Entities that report NAV	510,335	162,559	(33,254)	639,640
Entities that do not report NAV:
Entities with observable price changes	94,509	79,609	(1,007)	173,111
Entities without observable price changes	389,124	—	—	389,124
Investments accounted for under the equity method	N/A	N/A	N/A	139,282
Total investments	$1,195,289	$284,220	$(124,443)	$1,494,348


	December 31, 2023
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$203,467	$50,377	$(94,278)	$159,566
Entities that report NAV	507,059	192,468	(27,995)	671,532
Entities that do not report NAV:
Entities with observable price changes	97,892	77,600	(1,224)	174,268
Entities without observable price changes	368,654	—	—	368,654
Investments accounted for under the equity method	N/A	N/A	N/A	75,498
Total investments	$1,177,072	$320,445	$(123,497)	$1,449,518

Schedule of net investment income

Our investment income (loss) for the three and six months ended June 30, 2024 and 2023 consisted of the following (in

thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024		2023
Realized gains (losses)	$20,578	(1)	$(371)	$34,704	(1)	$20,373
Unrealized losses	(64,238)		(77,897)	(35,080)		(143,752)
Investment loss	$(43,660)		$(78,268)	$(376)		$(123,379)

(1)Consists of realized gains of $33.4 million and $62.2 million, partially offset by impairment charges of $12.8 million and $27.5 million during the three and six months

ended June 30, 2024, respectively.

Organization and basis of presentation	6 Months Ended
Organization and basis of presentation	Jun. 30, 2024
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 mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2024, Alexandria has a total market capitalization of $32.5 billion and an asset base in North America that includes 42.1 million RSF of operating properties and 5.3 million RSF of Class A/ A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years. As used in this quarterly report on Form 10-Q, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying unaudited 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. We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC. In our opinion, these interim consolidated financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. Any references to our total 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 outside the scope of our independent registered public accounting firm’s procedures.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate	$ 32,673,839	$ 31,633,511
Investments in unconsolidated real estate joint ventures	40,535	37,780
Cash and cash equivalents	561,021	618,190
Restricted cash	4,832	42,581
Tenant receivables	6,822	8,211
Deferred rent	1,190,336	1,050,319
Deferred leasing costs	519,629	509,398
Investments	1,494,348	1,449,518
Other assets	1,356,503	1,421,894
Total assets	37,847,865	36,771,402
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	134,942	119,662
Unsecured senior notes payable	12,089,561	11,096,028
Unsecured senior line of credit and commercial paper	199,552	99,952
Accounts payable, accrued expenses, and other liabilities	2,529,535	2,610,943
Dividends payable	227,408	221,824
Total liabilities	15,180,998	14,148,409
Commitments and contingencies
Redeemable noncontrolling interests	16,440	16,480
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock	1,720	1,719
Additional paid-in capital	18,284,611	18,485,352
Accumulated other comprehensive loss	(27,710)	(15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	18,258,621	18,471,175
Noncontrolling interests	4,391,806	4,135,338
Total equity	22,650,427	22,606,513
Total liabilities, noncontrolling interests, and equity	$ 37,847,865	$ 36,771,402

Investments - Summary of Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments
Cost method investment ownership percentage	10.00%		10.00%
Number of equity method investments \| investment	10		10
Fair Value, Investments, Privately Held Entities that Calculate NAV, Unfunded Commitments	$ 402,000		$ 402,000
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
Equity Securities, FV-NI, Realized Gain	33,400		$ 62,200
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	(12,800)		(27,500)
Equity in earnings of unconsolidated real estate joint ventures	130	$ 181	285	$ 375
Summary of Investment [Abstract]
Investment at fair value, cost	1,195,289		1,195,289		$ 1,177,072
Cumulative unrealized gains on investments	284,220		284,220		320,445
Cumulative unrealized losses on investments	(124,443)		(124,443)		(123,497)
Investments accounted for under the equity method	139,282		139,282		75,498
Total investments held at adjusted carrying value or fair value	1,494,348		1,494,348		1,449,518
Investment Income, Net [Abstract]
Realized gains (losses)	20,578	(371)	34,704	20,373
Unrealized losses	(64,238)	(77,897)	(35,080)	(143,752)
Investment loss	(43,660)	$ (78,268)	(376)	(123,379)
Equity Method Investments
Schedule of Investments
Equity in earnings of unconsolidated real estate joint ventures			(700)
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	201,321		201,321		203,467
Cumulative unrealized gains on investments	42,052		42,052		50,377
Cumulative unrealized losses on investments	(90,182)		(90,182)		(94,278)
Investments at fair value, book value	153,191		$ 153,191		159,566
Investments in privately held entities that report NAV
Schedule of Investments
Weighted-average remaining liquidation term (in years)			8 years 3 months 18 days
Summary of Investment [Abstract]
Investment at fair value, cost	510,335		$ 510,335		507,059
Cumulative unrealized gains on investments	162,559		162,559		192,468
Cumulative unrealized losses on investments	(33,254)		(33,254)		(27,995)
Investments at fair value, book value	639,640		639,640		671,532
Investments in privately held entities that do not report NAV \| Entities with observable price change
Schedule of Investments
Investment in privately held entities that do not report NAV, cumulative price adjustments	(59,600)		(59,600)
Investments in privately held entities that do not report NAV, cumulative upward price adjustment	79,600		79,600
Investments in privately held entities that do not report NAV, cumulative downward price adjustment	(1,000)		(1,000)
Investments in privately held entities that do not report NAV, cumulative impairment loss	(138,200)		(138,200)
Equity Securities without Readily Determinable Fair Value, Net Upward (Downward) Price Adjustment, Annual Amount			(13,700)	(23,300)
Investments in privately held entities that do not report NAV, annual upward price adjustment			15,700	3,800
Investments in privately held entities that do not report NAV, annual downward price adjustment			29,400	27,100
Summary of Investment [Abstract]
Investment at fair value, cost	94,509		94,509		97,892
Cumulative unrealized gains on investments	79,609		79,609		77,600
Cumulative unrealized losses on investments	(1,007)		(1,007)		(1,224)
Investments in privately held entities that do not report fair value, book value	173,111		173,111		174,268
Investments in privately held entities that do not report NAV \| Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	389,124		389,124		368,654
Cumulative unrealized gains on investments	0		0		0
Cumulative unrealized losses on investments	0		0		0
Investments in privately held entities that do not report fair value, book value	$ 389,124		389,124		$ 368,654
Total investments held
Investment Income, Net [Abstract]
Unrealized losses			$ (1,800)	$ (47,600)

Schedule of interest expense incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest expense incurred
Interest incurred	$ 126,828	$ 108,746	$ 249,508	$ 209,570
Capitalized interest	(81,039)	(91,674)	(162,879)	(178,744)
Interest	$ 45,789	$ 17,072	$ 86,629	$ 30,826

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Detail of secured and unsecured debt (Details) - USD ($) $ in Thousands		6 Months Ended	9 Months Ended
	Jul. 22, 2024	Jun. 30, 2024	Sep. 30, 2023	Feb. 29, 2024
Debt Instrument
Effective rate (as a percent)		3.89%
Future principal payments due on secured and unsecured debt
2024		$ 32
2025		600,034
2026		784,684
2027		350,038
2028		625,041
Thereafter		10,150,438
Principal		12,510,267
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(86,212)
Total Consolidated		$ 12,424,055
99 Coolidge Avenue \| Alexandria
Debt Instrument
Noncontrolling Interest, Ownership Percentage by Parent		75.00%
Secured notes payable
Debt Instrument
Effective rate (as a percent)		8.13%
Future principal payments due on secured and unsecured debt
2024		$ 32
2025		34
2026		134,684
2027		38
2028		41
Thereafter		438
Principal		135,267
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(325)
Total Consolidated		$ 134,942
Secured notes payable maturing on 11/19/26
Debt Instrument
Applicable margin (as a percent)		2.70%
Effective rate (as a percent)		8.14%
Maturity Date		Nov. 19, 2026
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		134,648
2027		0
2028		0
Thereafter		0
Principal		134,648
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(325)
Total Consolidated		134,323
Secured notes payable maturing on 11/19/26 \| 99 Coolidge Avenue
Debt Instrument
Debt instrument, borrowing capacity		$ 60,700
Secured Notes Payable Maturing on 7/1/36
Debt Instrument
Stated interest rate (as a percent)		6.50%
Effective rate (as a percent)		6.50%
Maturity Date		Jul. 01, 2036
Future principal payments due on secured and unsecured debt
2024		$ 32
2025		34
2026		36
2027		38
2028		41
Thereafter		438
Principal		619
Unamortized (Deferred Financing Cost), (Discount)/ Premium		0
Total Consolidated		$ 619
Unsecured Debt
Debt Instrument
Effective rate (as a percent)		3.84%
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		600,000
2026		650,000
2027		350,000
2028		625,000
Thereafter		10,150,000
Principal		12,375,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(85,887)
Total Consolidated		$ 12,289,113
Unsecured senior line of credit
Debt Instrument
Applicable margin (as a percent)		0.855%	0.875%
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000
Future principal payments due on secured and unsecured debt
Total Consolidated		$ 0
3.45% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.45%
Effective rate (as a percent)		3.62%
Maturity Date		Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		600,000
2026		0
2027		0
2028		0
Thereafter		0
Principal		600,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(739)
Total Consolidated		$ 599,261
4.30% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.30%
Effective rate (as a percent)		4.50%
Maturity Date		Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		300,000
2027		0
2028		0
Thereafter		0
Principal		300,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(778)
Total Consolidated		$ 299,222
3.80% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.80%
Effective rate (as a percent)		3.96%
Maturity Date		Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		350,000
2027		0
2028		0
Thereafter		0
Principal		350,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(899)
Total Consolidated		$ 349,101
3.95% Unsecured Senior Notes Payable Due in 2027
Debt Instrument
Stated interest rate (as a percent)		3.95%
Effective rate (as a percent)		4.13%
Maturity Date		Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		350,000
2028		0
Thereafter		0
Principal		350,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(1,321)
Total Consolidated		$ 348,679
3.95% Unsecured Senior Notes Payable Due in 2028
Debt Instrument
Stated interest rate (as a percent)		3.95%
Effective rate (as a percent)		4.07%
Maturity Date		Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		425,000
Thereafter		0
Principal		425,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(1,523)
Total Consolidated		$ 423,477
4.50% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.50%
Effective rate (as a percent)		4.60%
Maturity Date		Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		300,000
Principal		300,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(1,138)
Total Consolidated		$ 298,862
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument
Stated interest rate (as a percent)		2.75%
Effective rate (as a percent)		2.87%
Maturity Date		Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		400,000
Principal		400,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(2,269)
Total Consolidated		$ 397,731
4.70% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.70%
Effective rate (as a percent)		4.81%
Maturity Date		Jul. 01, 2030
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		450,000
Principal		450,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(2,241)
Total Consolidated		$ 447,759
4.90% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.90%
Effective rate (as a percent)		5.05%
Maturity Date		Dec. 15, 2030
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		700,000
Principal		700,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(5,121)
Total Consolidated		$ 694,879
3.375% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.375%
Effective rate (as a percent)		3.48%
Maturity Date		Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		750,000
Principal		750,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(4,669)
Total Consolidated		$ 745,331
2.00% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		2.00%
Effective rate (as a percent)		2.12%
Maturity Date		May 18, 2032
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		900,000
Principal		900,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(7,428)
Total Consolidated		$ 892,572
1.875% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		1.875%
Effective rate (as a percent)		1.97%
Maturity Date		Feb. 01, 2033
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		1,000,000
Principal		1,000,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(7,543)
Total Consolidated		$ 992,457
2.95% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		2.95%
Effective rate (as a percent)		3.07%
Maturity Date		Mar. 15, 2034
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		800,000
Principal		800,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(7,613)
Total Consolidated		$ 792,387
4.75% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.75%
Effective rate (as a percent)		4.88%
Maturity Date		Apr. 15, 2035
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		500,000
Principal		500,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(5,185)
Total Consolidated		$ 494,815
5.25% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		5.25%		5.25%
Effective rate (as a percent)		5.38%
Maturity Date		May 15, 2036
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		400,000
Principal		400,000		$ 400,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(4,280)
Total Consolidated		$ 395,720
4.85% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.85%
Effective rate (as a percent)		4.93%
Maturity Date		Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		300,000
Principal		300,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(2,929)
Total Consolidated		$ 297,071
4.00% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		4.00%
Effective rate (as a percent)		3.91%
Maturity Date		Feb. 01, 2050
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		700,000
Principal		700,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		10,049
Total Consolidated		$ 710,049
3.00% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.00%
Effective rate (as a percent)		3.08%
Maturity Date		May 18, 2051
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		850,000
Principal		850,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(11,417)
Total Consolidated		$ 838,583
3.55% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.55%
Effective rate (as a percent)		3.63%
Maturity Date		Mar. 15, 2052
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		1,000,000
Principal		1,000,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(13,892)
Total Consolidated		$ 986,108
5.15% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		5.15%
Effective rate (as a percent)		5.26%
Maturity Date		Apr. 15, 2053
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		500,000
Principal		500,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(7,702)
Total Consolidated		$ 492,298
5.625% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		5.625%		5.625%
Effective rate (as a percent)		5.71%
Maturity Date		May 15, 2054
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Thereafter		600,000
Principal		600,000		$ 600,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(6,801)
Total Consolidated		593,199
Commercial Paper
Debt Instrument
Commercial paper, maximum issuance		2,500,000
Future principal payments due on secured and unsecured debt
Principal		$ 199,600
Commercial Paper \| Unsecured senior line of credit
Debt Instrument
Effective rate (as a percent)		5.57%
Maturity Date		Jan. 22, 2028
Future principal payments due on secured and unsecured debt
2024		$ 0
2025		0
2026		0
2027		0
2028		200,000
Thereafter		0
Principal		200,000
Unamortized (Deferred Financing Cost), (Discount)/ Premium		(448)
Total Consolidated		$ 199,552
Commercial Paper \| Unsecured senior line of credit \| Subsequent Event
Debt Instrument
Maturity Date	Jan. 22, 2030

Investments in real estate - Real estate asset sales (Details)		3 Months Ended			6 Months Ended
	Jul. 22, 2024 USD ($) ft² property	Jun. 30, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² property	Jun. 30, 2023 USD ($)
Real Estate Properties
Proceeds from sales of real estate					$ 16,670,000	$ 592,630,000
Gain on sales of real estate		$ 0		$ 214,810,000	392,000	214,810,000
Impairment of real estate		$ 30,763,000	$ 36,100,000	$ 168,575,000	30,763,000	168,575,000
Payments to acquire real estate					$ 201,049,000	$ 233,317,000
Potential Asset Acquisition, Area of Real Estate \| ft²		1,400,000			1,400,000
Potential Acquisition, Payments to Acquire Real Estate					$ 366,800,000
Subsequent Event
Real Estate Properties
Area of real estate property \| ft²	349,947
Proceeds from sales of real estate	$ 60,000,000.0
Gain on sales of real estate	$ 0
Number of real estate properties \| property	1
North America
Real Estate Properties
Area of real estate property \| ft²		42,100,000			42,100,000
Proceeds from sales of real estate					$ 17,213,000
Number of real estate properties \| property		408			408
Payments to acquire real estate					$ 201,800,000
99 A Street
Real Estate Properties
Real Estate Property, Ownership Interest Sold		100.00%			100.00%
Area of real estate property \| ft²		235,000			235,000
Proceeds from sales of real estate					$ 13,350,000
Gain on sales of real estate					0
Other markets
Real Estate Properties
Proceeds from sales of real estate					3,863,000
Gain on sales of real estate					$ 392,000

Stockholders' equity - ATM common stock offering program and Forward Equity Sales Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Jun. 25, 2024	Jun. 30, 2024	Feb. 15, 2024
Class of Stock
Shares of common stock authorized		400,000
ATM Common Stock Offering Program. Established February 2024
Class of Stock
Common stock available for future issuance (in dollars)		$ 1,470.0	$ 1,500.0
ATM Common Stock Offering Program. Established February 2024 \| Forward Equity Sales Agreements Entered in June 2024
Class of Stock
Proceeds from issuance of common stock	$ 27.8
Shares of common stock authorized	230
Average issue price per share	$ 122.32

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Reconciliation
Net income	$ 94,049	$ 133,705	$ 313,225	$ 255,398
Net income attributable to noncontrolling interests	(47,347)	(43,768)	(95,978)	(87,599)
Net income attributable to unvested restricted stock awards	(3,785)	(2,677)	(7,444)	(5,283)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 42,917	$ 87,260	$ 209,803	$ 162,516
Denominator for basic EPS – weighted-average shares of common stock outstanding	172,013	170,864	171,981	170,824
Dilutive effect of forward equity sales agreements	0	0	0	0
Denominator for diluted EPS – weighted-average shares of common stock outstanding	172,013	170,864	171,981	170,824
Earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted:
Earnings (loss) per share – basic (USD per share)	$ 0.25	$ 0.51	$ 1.22	$ 0.95
Earnings (loss) per share - diluted (USD per share)	$ 0.25	$ 0.51	$ 1.22	$ 0.95

Noncontrolling interests	6 Months Ended
Noncontrolling interests	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. As of June 30, 2024, these entities owned 68 properties, which are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the six months ended June 30, 2024 and 2023, we distributed $119.9 million and $134.6 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. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information.

Summary of significant accounting policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Maximum expected period of sale of property (in years)			1 year
Cost method investment ownership percentage	10.00%		10.00%
Percentage of total revenues	97.30%	97.40%	97.20%	97.10%
Contract with customer, asset, allowance for credit loss	$ 21,300		$ 21,300		$ 21,400
Minimum percentage of taxable income to be distributed			90.00%
Percent of taxable income, generally distributed as dividend			100.00%
Income from rentals
Operating leases	745,626	$ 695,019	$ 1,491,687	$ 1,372,441
Direct financing and sales-type leases	662	650	1,321	1,298
Revenues subject to the new lease accounting standard	746,288	695,669	1,493,008	1,373,739
Revenue	$ 766,734	713,900	$ 1,535,842	1,414,695
Land improvements \| Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life	20 years		20 years
Buildings and building improvements \| Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life	40 years		40 years
Canada
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of real estate properties \| property	12		12
Income from rentals
Income from rentals
Revenues subject to the revenue recognition accounting standard	$ 8,900		$ 17,700
Revenue	755,162	704,339	1,510,713	1,392,288
Income from rentals \| Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard	8,874	8,670	17,705	18,549
Other income
Income from rentals
Revenue	$ 11,572	$ 9,561	$ 25,129	$ 22,407

Other assets (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following table summarizes the components of other assets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024	December 31, 2023
Acquired in-place leases	$398,033	$461,613
Deferred compensation plan	46,223	40,365
Deferred financing costs – unsecured senior line of credit	27,113	30,897
Deposits	28,221	25,863
Furniture, fixtures, and equipment	32,775	26,560
Net investment in direct financing lease	40,462	40,097
Notes receivable	16,975	15,841
Operating lease right-of-use assets	510,075	516,452
Other assets	92,515	88,453
Prepaid expenses	21,042	30,969
Property, plant, and equipment	143,069	144,784
Total	$1,356,503	$1,421,894

Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. 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 investee’s 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, 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 June 30, 2024, we had 10 investments in limited partnerships maintaining specific ownership accounts for each investor,

which were accounted for under the equity method. These investments aggregated $139.3 million. Our ownership interest in each of

these 10 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 classified in investment income (loss) in our

consolidated statements of operations. 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 classified

in investment income (loss) in our consolidated statements of operations.

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

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 in

investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent:

(i)changes in fair value for investments in publicly traded companies;

(ii)changes in NAV 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 $402.0 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 8.3 years as of June 30,

2024. 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 June 30, 2024.

The following tables summarize our investments as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$201,321	$42,052	$(90,182)	$153,191
Entities that report NAV	510,335	162,559	(33,254)	639,640
Entities that do not report NAV:
Entities with observable price changes	94,509	79,609	(1,007)	173,111
Entities without observable price changes	389,124	—	—	389,124
Investments accounted for under the equity method	N/A	N/A	N/A	139,282
Total investments	$1,195,289	$284,220	$(124,443)	$1,494,348


	December 31, 2023
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$203,467	$50,377	$(94,278)	$159,566
Entities that report NAV	507,059	192,468	(27,995)	671,532
Entities that do not report NAV:
Entities with observable price changes	97,892	77,600	(1,224)	174,268
Entities without observable price changes	368,654	—	—	368,654
Investments accounted for under the equity method	N/A	N/A	N/A	75,498
Total investments	$1,177,072	$320,445	$(123,497)	$1,449,518

Cumulative gains and losses (realized and unrealized) on investments in privately held entities that do not report NAV still held

as of June 30, 2024 aggregated to a loss of $59.6 million, which consisted of upward adjustments aggregating $79.6 million, downward

adjustments aggregating $1.0 million, and impairments aggregating $138.2 million.

Our investment income (loss) for the three and six months ended June 30, 2024 and 2023 consisted of the following (in

thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024		2023
Realized gains (losses)	$20,578	(1)	$(371)	$34,704	(1)	$20,373
Unrealized losses	(64,238)		(77,897)	(35,080)		(143,752)
Investment loss	$(43,660)		$(78,268)	$(376)		$(123,379)

(1)Consists of realized gains of $33.4 million and $62.2 million, partially offset by impairment charges of $12.8 million and $27.5 million during the three and six months

ended June 30, 2024, respectively.

During the six months ended June 30, 2024, gains and losses on investments in privately held entities that do not report NAV

still held as of June 30, 2024 aggregated to a loss of $13.7 million, which consisted of upward adjustments aggregating $15.7 million

and downward adjustments and impairments aggregating $29.4 million.

During the six months ended June 30, 2023, gains and losses on investments in privately held entities that do not report NAV

still held as of June 30, 2023 aggregated to a loss of $23.3 million, which consisted of upward adjustments aggregating $3.8 million and

downward adjustments and impairments aggregating $27.1 million.

Unrealized gains or losses related to investments still held (excluding investments accounted for under the equity method) as

of June 30, 2024 and 2023 aggregated to losses of $1.8 million and $47.6 million during the six months ended June 30, 2024 and 2023,

respectively.

Our investment loss of $0.4 million for the six months ended June 30, 2024 also included $0.7 million of equity in losses of our

equity method investments.

Refer to “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements for additional information

Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per share

From time to time, we enter into forward equity sales agreements, which are discussed in Note 13 – “Stockholders’ equity” to

our unaudited 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 below reconciles the numerators and denominators of the basic and diluted EPS computations for the three and six

months ended June 30, 2024 and 2023 (in thousands, except per share amounts):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Net income	$94,049	$133,705	$313,225	$255,398
Net income attributable to noncontrolling interests	(47,347)	(43,768)	(95,978)	(87,599)
Net income attributable to unvested restricted stock awards	(3,785)	(2,677)	(7,444)	(5,283)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$42,917	$87,260	$209,803	$162,516

Denominator for basic EPS – weighted-average shares of common stock outstanding	172,013	170,864	171,981	170,824
Dilutive effect of forward equity sales agreements	—	—	—	—
Denominator for diluted EPS – weighted-average shares of common stock outstanding	172,013	170,864	171,981	170,824
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic	$0.25	$0.51	$1.22	$0.95
Diluted	$0.25	$0.51	$1.22	$0.95

Summary of secured and unsecured debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument
Long-term debt	$ 12,090,180
Long-term debt, percentage bearing variable interest, amount, net	333,875
Total Consolidated	$ 12,424,055
Percentage of Total	100.00%
Interest Rate	3.89%
Weighted Average Remaining Terms (in years)	13 years
Percentage of fixed rate/hedged total debt	97.30%
Percentage of unhedged floating rate total debt	2.70%
Principal	$ 12,510,267
Commercial Paper
Debt Instrument
Weighted Average Remaining Terms (in years)	13 years
Principal	$ 199,600
Weighted Average Interest Rate	5.57%
Weighted-average yield to maturity, commercial paper	5.59%
Weighted-average remaining maturity term, commercial paper	16 days
Secured notes payable
Debt Instrument
Long-term debt	$ 619
Long-term debt, percentage bearing variable interest, amount, net	134,323
Total Consolidated	$ 134,942
Percentage of Total	1.10%
Interest Rate	8.13%
Weighted Average Remaining Terms (in years)	2 years 4 months 24 days
Principal	$ 135,267
Unsecured senior notes payable
Debt Instrument
Long-term debt	12,089,561
Long-term debt, percentage bearing variable interest, amount, net	0
Total Consolidated	$ 12,089,561
Percentage of Total	97.30%
Interest Rate	3.81%
Weighted Average Remaining Terms (in years)	13 years 3 months 18 days
Unsecured senior line of credit
Debt Instrument
Total Consolidated	$ 0
Unsecured senior line of credit \| Commercial Paper
Debt Instrument
Long-term debt	0
Long-term debt, percentage bearing variable interest, amount, net	199,552
Total Consolidated	$ 199,552
Percentage of Total	1.60%
Interest Rate	5.57%
Weighted Average Remaining Terms (in years)	3 years 7 months 6 days
Principal	$ 200,000

Stockholders' equity	6 Months Ended
Stockholders' equity	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' equity	Common equity transactions In February 2024, we entered into a new ATM common stock offering program that allows us to sell up to an aggregate of $1.5 billion of our common stock. During the three months ended June 30, 2024, we entered into new forward equity sales agreements aggregating $27.8 million to sell 230 thousand shares of common stock under our ATM program at an average price of $122.32 (before underwriting discounts). As of June 30, 2024, none of these agreements were settled. As of June 30, 2024, the remaining aggregate amount available under our ATM program for future sales of common stock was $1.47 billion. Dividends During the three months ended March 31, 2024, we declared cash dividends on our common stock aggregating $222.1 million, or $1.27 per share. In April 2024, we paid the cash dividends on our common stock declared for the three months ended March 31, 2024. During the three months ended June 30, 2024, we declared cash dividends on our common stock aggregating $227.4 million, or $1.30 per share. In July 2024, we paid the cash dividends on our common stock declared for the three months ended June 30, 2024. Accumulated other comprehensive loss The change in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the six months ended June 30, 2024 was entirely due to net unrealized losses of $11.8 million on foreign currency translation related to our operations primarily in Canada. Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 400.0 million shares of common stock, of which 172.0 million shares were issued and outstanding as of June 30, 2024. 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 June 30, 2024. 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 June 30, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Consolidated and unconsolidated real estate joint ventures - Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 6,700
Investments in unconsolidated real estate joint ventures	$ 40,535	$ 37,780
Unconsolidated Real Estate Joint Ventures Debt
Interest Rate	3.89%
Debt Balance at 100%	$ 12,424,055
Fixed SOFR floor rate	0.75%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Unconsolidated Real Estate Joint Ventures Debt
Debt instrument, borrowing capacity	$ 668,250
Debt Balance at 100%	655,291
1655 and 1725 Third Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 11,161	11,718
Equity Method Investment, Ownership Percentage	10.00%
1450 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 9,129	6,041
Equity Method Investment, Ownership Percentage	73.20%
101 West Dickman Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 9,703	9,290
Equity Method Investment, Ownership Percentage	58.20%
Other unconsolidated real estate joint ventures
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 10,542	$ 10,731
1401/1413 Research Boulevard
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	65.00%
Secured debt maturing on 12/23/24 \| 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Dec. 23, 2024
Stated interest rate (as a percent)	2.70%
Interest Rate	3.31%
Debt instrument, borrowing capacity	$ 28,500
Debt Balance at 100%	$ 28,417
Secured debt maturing on 3/10/25 \| 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Mar. 10, 2025
Stated interest rate (as a percent)	4.50%
Interest Rate	4.57%
Debt instrument, borrowing capacity	$ 600,000
Debt Balance at 100%	$ 599,718
Secured debt maturing on 11/10/26 \| 101 West Dickman Street
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Nov. 10, 2026
Applicable margin (as a percent)	1.95%
Interest Rate	7.39%
Debt instrument, borrowing capacity	$ 26,750
Debt Balance at 100%	$ 18,558
Secured debt maturing on 12/10/26 \| 1450 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Dec. 10, 2026
Applicable margin (as a percent)	1.95%
Interest Rate	7.45%
Debt instrument, borrowing capacity	$ 13,000
Debt Balance at 100%	$ 8,598

Subsequent events (Details) $ in Millions		6 Months Ended
Subsequent events (Details) $ in Millions	Jul. 22, 2024 USD ($) ft²	Jun. 30, 2024 ft²
Alexandria Technology Square
Subsequent Event [Line Items]
Area of real estate property \| ft²		1,200,000
Lease Expiration Date		Jan. 01, 2065
Subsequent Event
Subsequent Event [Line Items]
Area of real estate property \| ft²	349,947
Subsequent Event \| Alexandria Technology Square
Subsequent Event [Line Items]
Ground Lease Contractual Term Extension, Years	24 years
Lease Expiration Date	Dec. 31, 2088
Prepaid Rent \| $	$ 270.0
Incremental Straight-Line Rent \| $	$ 3.6

Accounts payable, accrued expenses, and other liabilities

6 Months Ended

Jun. 30, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Accounts payable, accrued expenses, and other liabilities

The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of June 30,

2024 and December 31, 2023 (in thousands):


	June 30, 2024	December 31, 2023
Accounts payable and accrued expenses	$434,668	$524,439
Accrued construction	612,663	606,333
Acquired below-market leases	267,137	322,040
Conditional asset retirement obligations	55,709	53,083
Deferred rent liabilities	12,223	15,183
Operating lease liability	379,223	382,883
Unearned rent and tenant security deposits	583,625	548,529
Other liabilities	184,287	158,453
Total	$2,529,535	$2,610,943

As of June 30, 2024 and December 31, 2023, our conditional asset retirement obligations liability primarily consisted of the soil

and groundwater remediation liabilities associated with certain of our properties. Some of our properties may contain asbestos or may

be subjected to other hazardous or toxic substances, which, under certain conditions, requires remediation. We engage independent

environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment

generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface

sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos)

when the fair value of the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and

potentially us, to liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their

operations at our properties. These assessments and investigations of our properties have not to date revealed any additional

environmental liability we believe would have a material adverse effect on our business and financial statements or that would require

additional disclosures or recognition in our consolidated financial statements.

Fair value measurements - Assets and Liabilities on Recurring and Nonrecurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) transfer	Dec. 31, 2023 USD ($)
Assets and liabilities measured at fair value
Transfers in Fair Value Hierarchy \| transfer	0
Disposal Group, Including Assets Held For Sale Not Qualifying As Discontinued Operations, Net Assets	$ 136,300	$ 191,400
Investments	1,494,348	1,449,518
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Secured notes payable	134,942	119,662
Unsecured senior notes payable	12,089,561	11,096,028
Unsecured senior lines of credit	199,552	99,952
Book value
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Secured notes payable	134,942	119,662
Unsecured senior notes payable	12,089,561	11,096,028
Book value \| Commercial Paper
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Commercial paper program	199,552	99,952
Book value \| Unsecured senior line of credit
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Unsecured senior lines of credit	0	0
Fair Value \| Fair value measured on nonrecurring basis
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Real Estate, Held-for-Sale	104,765	133,885
Secured notes payable, fair value	134,422	118,660
Unsecured senior notes payable, fair value	10,344,795	9,708,930
Fair Value \| Fair value measured on nonrecurring basis \| Commercial Paper
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Commercial paper, fair value disclosure	199,926	99,915
Fair Value \| Fair value measured on nonrecurring basis \| Unsecured senior line of credit
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Unsecured senior lines of credit, fair value	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Quoted prices in active markets for identical assets (Level 1)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Secured notes payable, fair value	0	0
Unsecured senior notes payable, fair value	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Commercial Paper
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Commercial paper, fair value disclosure	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Unsecured senior line of credit
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Unsecured senior lines of credit, fair value	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Significant other observable inputs (Level 2)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Secured notes payable, fair value	134,422	118,660
Unsecured senior notes payable, fair value	10,344,795	9,708,930
Fair Value \| Fair value measured on nonrecurring basis \| Significant other observable inputs (Level 2) \| Commercial Paper
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Commercial paper, fair value disclosure	199,926	99,915
Fair Value \| Fair value measured on nonrecurring basis \| Significant other observable inputs (Level 2) \| Unsecured senior line of credit
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Unsecured senior lines of credit, fair value	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Significant unobservable input (Level 3)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	104,765	133,885
Secured notes payable, fair value	0	0
Unsecured senior notes payable, fair value	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Significant unobservable input (Level 3) \| Commercial Paper
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Commercial paper, fair value disclosure	0	0
Fair Value \| Fair value measured on nonrecurring basis \| Significant unobservable input (Level 3) \| Unsecured senior line of credit
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Unsecured senior lines of credit, fair value	0	0
Investments in publicly traded companies
Assets and liabilities measured at fair value
Investments at fair value	153,191	159,566
Investments in publicly traded companies \| Fair Value \| Fair value measured on recurring basis
Assets and liabilities measured at fair value
Investments at fair value	153,191	159,566
Investments in publicly traded companies \| Fair Value \| Fair value measured on recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets and liabilities measured at fair value
Investments at fair value	153,191	159,566
Investments in publicly traded companies \| Fair Value \| Fair value measured on recurring basis \| Significant other observable inputs (Level 2)
Assets and liabilities measured at fair value
Investments at fair value	0	0
Investments in publicly traded companies \| Fair Value \| Fair value measured on recurring basis \| Significant unobservable input (Level 3)
Assets and liabilities measured at fair value
Investments at fair value	0	0
Investments in privately held entities that report NAV
Assets and liabilities measured at fair value
Investments at fair value	639,640	671,532
Entities without observable price changes \| Investments in privately held entities that do not report NAV
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Investments in privately held entities that do not report fair value, book value	389,124	368,654
Entities without observable price changes \| Investments in privately held entities that do not report NAV \| Fair Value \| Fair value measured on nonrecurring basis
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Investments in privately held entities that do not report fair value, book value	194,165	188,689
Entities without observable price changes \| Investments in privately held entities that do not report NAV \| Fair Value \| Fair value measured on nonrecurring basis \| Quoted prices in active markets for identical assets (Level 1)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Investments in privately held entities that do not report fair value, book value	0	0
Entities without observable price changes \| Investments in privately held entities that do not report NAV \| Fair Value \| Fair value measured on nonrecurring basis \| Significant other observable inputs (Level 2)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Investments in privately held entities that do not report fair value, book value	173,111	174,268
Entities without observable price changes \| Investments in privately held entities that do not report NAV \| Fair Value \| Fair value measured on nonrecurring basis \| Significant unobservable input (Level 3)
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Investments in privately held entities that do not report fair value, book value	$ 21,054	$ 14,421

Leases - Lessee (Details) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lessee (Details) $ in Thousands	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 379,223		$ 379,223		$ 382,883
Operating lease right-of-use assets	$ 510,075		$ 510,075		516,452
Operating lease discount rate	4.60%		4.60%
Number of properties subject to ground leases \| property	36		36
Percentage of properties subject to ground leases	9.00%		9.00%
Remaining lease term for operating lease obligations			12 years
Operating lease costs - cash rents			$ 16,400	$ 18,000
Operating Lease Liabilities, Payments Due
2024	$ 10,819		10,819
2025	22,671		22,671
2026	22,865		22,865
2027	21,946		21,946
2028	21,614		21,614
Thereafter	737,191		737,191
Total future payments under our operating leases in which we are the lessee	837,106		837,106
Effect of discounting	(457,883)		(457,883)
Operating lease liability	379,223		379,223		$ 382,883
Leasee operating costs
Gross operating lease costs	9,930	$ 11,815	19,141	21,272
Capitalized lease costs	(518)	(3,297)	(1,046)	(4,218)
Expenses for operating leases in which we are the lessee	$ 9,412	$ 8,518	$ 18,095	$ 17,054
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation			30 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation			98 years
Ground and operating leases
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	41 years		41 years
Operating Property with Ground Lease
Lessee, Lease, Description [Line Items]
Number of properties subject to ground leases \| property	1		1
Net book value for the exclusion of one ground lease related to one operating property	$ 5,800		$ 5,800

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of significant accounting policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESConsolidation

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 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 characteristics below 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.

For an entity, including our real estate joint ventures, structured as a limited partnership or a limited liability company, our

evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack

the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members

(the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows:

•Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating

decisions made in the ordinary course of business that most significantly influence the entity’s economic performance.

•Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.

If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of

a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that

the entity is a VIE and evaluate it for consolidation under the variable interest model.

Variable interest model

If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is

a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the

power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power) and (ii) we have the

obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We

consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real

estate joint ventures” and Note 7 – “Investments” to our unaudited consolidated financial statements for information on specific entities

that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the

equity method.

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 (or own a majority of the

limited partnership’s kick-out rights through voting interests), and that other equity holders do not have substantive participating rights.

Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for

information on specific 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.

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. Refer to Note 15 – “Assets

classified as held for sale” to our unaudited consolidated financial statements for additional details.

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 12 properties in Canada. The functional currency for our subsidiaries

operating in the U.S. is the U.S. dollar. The local currency of a foreign subsidiary serves as its functional currency. 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 (loss) when realized upon the sale of our investment or upon the complete or substantially

complete liquidation of our investment.