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Investments in real estate (Tables) | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Schedule of Real Estate Properties | Our consolidated investments in real estate, including real estate assets classified as held for sale as described in Note 15 – “Assets classified as held for sale” to our unaudited consolidated financial statements, consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Rental properties: |  |  |  |
Land (related to rental properties) |  | $ | 4,424,245 |  |  | $ | 4,284,731 |
Buildings and building improvements |  | 19,486,528 |  |  | 18,605,627 |
Other improvements |  | 3,137,310 |  |  | 2,677,763 |
Rental properties |  | 27,048,083 |  |  | 25,568,121 |
Development and redevelopment projects |  | 9,516,928 |  |  | 8,715,335 |
Gross investments in real estate – North America |  | 36,565,011 |  |  | 34,283,456 |
Less: accumulated depreciation – North America |  | (4,852,280) |  |  | (4,349,780) |
Net investments in real estate – North America |  | 31,712,731 |  |  | 29,933,676 |
Net investments in real estate – Asia |  | — |  |  | 11,764 |
Investments in real estate |  | $ | 31,712,731 |  |  | $ | 29,945,440 |
Real estate assets acquisitions | Our real estate asset acquisitions during the nine months ended September 30, 2023 consisted of the following (dollars in thousands):
|  |  |  | Square Footage |  |  |
Market |  | Number of Properties |  | Future Development |  | Active Development/Redevelopment |  | Operating With Future Development/Redevelopment |  |  |  | Purchase Price(1) |
Canada |  | 1 |  | — |  |  | — |  |  | 247,743 |  |  |  |  | $ | 100,837 |  |
Other |  | 2 |  | 715,000 |  |  | 110,717 |  |  | 10,000 |  |  |  |  | 71,103 |  |
Three months ended March 31, 2023 |  | 3 |  | 715,000 |  |  | 110,717 |  |  | 257,743 |  |  |  |  | 171,940 |  |
Other |  | — |  | 374,349 |  |  | — |  |  | — |  |  |  |  | 54,000 |  |
Three months ended June 30, 2023 |  | — |  | 374,349 |  |  | — |  |  | — |  |  |  |  | 54,000 |  |
Other |  | 2 |  | — |  |  | — |  |  | 175,676 |  |  |  |  | 25,036 |  |
Three months ended September 30, 2023 |  | 2 |  | — |  |  | — |  |  | 175,676 |  |  |  |  | 25,036 |  |
Nine months ended September 30, 2023 |  | 5 |  | 1,089,349 |  |  | 110,717 |  |  | 433,419 |  |  |  |  | $ | 250,976 |  | (1)
(1)Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our unaudited consolidated statements of cash flows due to the timing of payment, closing costs, and other acquisition adjustments such as prorations of rents and expenses.
Real estate assets dispositions | Our completed dispositions of and sales of partial interests in real estate assets during the nine months ended September 30, 2023 consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Gain on Sales of Real Estate |  | Consideration Above/(Below) Book Value(1)
Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  | Sales Price |  |
Partial interest sales(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |
9625 Towne Centre Drive |  | University Town Center/ San Diego |  | 6/21/23 |  | 20.1 | % |  | 163,648 |  |  | $ | 32,261 |  |  | N/A |  | $ | 15,553 |
15 Necco Street |  | Seaport Innovation District/Greater Boston |  | 4/11/23 |  | 18 | % |  | 345,995 |  |  | 66,108 |  |  | N/A |  | (7,761) |
|  |  |  |  |  |  |  |  |  | 98,369 |  |  |  |  | $ | 7,792 |
Dispositions of real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
225, 231, 266, and 275 Second Avenue and 780 and 790 Memorial Drive |  | Route 128 and Cambridge/Inner Suburbs/Greater Boston |  | 6/13/23 |  | 100 | % |  | 428,663 |  |  | 365,226 |  |  | $ | 187,225 |  |  |
11119 North Torrey Pines Road |  | Torrey Pines/San Diego |  | 5/4/23 |  | 100 | % |  | 72,506 |  |  | 86,000 |  |  | 27,585 |  |  |
|  |  |  |  |  |  |  |  |  | 451,226 |  |  | $ | 214,810 |  |  |
421 Park Drive(3) |  | Fenway/Greater Boston |  | 9/19/23 |  | (3) |  | (3) |  | 174,412 |  |  | $ | — |  |  |
275 Grove Street |  | Route 128/Greater Boston |  | 6/27/23 |  | 100 | % |  | 509,702 |  |  | 109,349 |  |  | (4) |  |
Other |  |  |  |  |  |  |  |  |  | 42,092 |  |  | $ | — |  |  |
|  |  |  |  |  |  |  |  |  | $ | 875,448 |  | (5) |  |  |
(1)Related to sales of partial interests in real estate assets over which we retained control and therefore continue to consolidate. We recognized the difference between the consideration received and the book value of partial interests sold in additional paid-in capital, with no gain or loss recognized in earnings. (2)Refer to the “Sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information. (3)Represents the disposition of 268,023 RSF in a 660,034 RSF near-term development at 421 Park Drive. The proceeds from this transaction will help fund the construction of our remaining 392,011 RSF of the project. The buyer will fund the remaining costs to construct its 268,023 RSF, and these costs are not included in our projected construction spending. We will develop and operate the completed project and will earn development fees over the next three years. (4)Refer to the “Impairment charges” section below for information related to impairment charges recognized in connection with this transaction. (5)Represents the aggregate contractual sales price of our sales, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statements of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses.

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