XML 84 R30.htm IDEA: XBRL DOCUMENT
v3.23.3

Leases (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Lessor |
Operating Lease - Schedule of Future Minimum Lease Receivable | Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2023 are outlined in the table below (in thousands):
Year |  | Amount
2023 |  | $ | 449,129 |
2024 |  | 1,890,662 |
2025 |  | 1,889,185 |
2026 |  | 1,826,408 |
2027 |  | 1,732,266 |
Thereafter |  | 11,630,149 |
Total |  | $ | 19,417,799 |
Net investment in direct financing and sales-type leases | The components of our aggregate net investment in our direct financing lease as of September 30, 2023 and December 31, 2022 are summarized in the table below (in thousands):
| September 30, 2023 |  | December 31, 2022
Gross investment in direct financing lease | $ | 253,791 |  |  | $ | 255,186 |
Less: unearned income on direct financing lease | (211,044) |  |  | (212,995) |
Less: allowance for credit losses | (2,839) |  |  | (2,839) |
Net investment in direct financing lease | $ | 39,908 |  |  | $ | 39,352 |
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable | Future lease payments to be received under the terms of our direct financing lease as of September 30, 2023 are outlined in the table below (in thousands):
Year |  | Total
2023 |  | $ | 468 |
2024 |  | 1,919 |
2025 |  | 1,976 |
2026 |  | 2,036 |
2027 |  | 2,097 |
Thereafter |  | 245,295 |
Total |  | $ | 253,791 |
Income from rentals | Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Income from rentals: |  |  |  |  |  |  |  |
Revenues subject to the lease accounting standard: |  |  |  |  |  |  |  |
Operating leases |  | $ | 696,601 |  |  | $ | 646,662 |  |  | $ | 2,069,042 |  |  | $ | 1,879,534 |
Direct financing and sales-type leases(1) |  | 653 |  |  | 642 |  |  | 1,951 |  |  | 2,449 |
Revenues subject to the lease accounting standard |  | 697,254 |  |  | 647,304 |  |  | 2,070,993 |  |  | 1,881,983 |
Revenues subject to the revenue recognition accounting standard |  | 10,277 |  |  | 9,549 |  |  | 28,826 |  |  | 28,383 |
Income from rentals |  | $ | 707,531 |  |  | $ | 656,853 |  |  | $ | 2,099,819 |  |  | $ | 1,910,366 |
(1)We completed the sale of our real estate assets subject to sales-type leases in May 2022 and have had no sales-type leases since then.
Lessee |
Operating Lease - Schedule of Future Minimum Lease Payable | The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating lease liability reflected in our unaudited consolidated balance sheet as of September 30, 2023 is presented in the table below (in thousands):
Year |  | Total
2023 |  | $ | 5,374 |
2024 |  | 21,651 |
2025 |  | 21,682 |
2026 |  | 21,843 |
2027 |  | 20,892 |
Thereafter |  | 764,444 |
Total future payments under our operating leases in which we are the lessee |  | 855,886 |
Effect of discounting |  | (470,928) |
Operating lease liability |  | $ | 384,958 |
Lessee Operating Costs | For the three and nine months ended September 30, 2023 and 2022, our costs for operating leases in which we are the lessee were as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Gross operating lease costs |  | $ | 9,005 |  |  | $ | 9,349 |  |  | $ | 30,277 |  |  | $ | 26,843 |
Capitalized lease costs |  | (688) |  |  | (847) |  |  | (4,906) |  |  | (2,699) |
Expenses for operating leases in which we are the lessee |  | $ | 8,317 |  |  | $ | 8,502 |  |  | $ | 25,371 |  |  | $ | 24,144 |

X
- Definition [Table Text Block] for Income from rentals [Table] + References No definition available. + Details
Name: | are_IncomefromrentalsTableTextBlock
Namespace Prefix: | are_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Net investment in direct financing and sales-type leases + References No definition available. + Details
Name: | are_NetInvestmentInDirectFinancingAndSalesTypeLeasesTableTextBlock
Namespace Prefix: | are_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LessorDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-12 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-10 + Details
Name: | us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration