XML 98 R35.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Consolidated and unconsolidated real estate joint ventures (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Consolidated And Unconsolidated Real Estate Joint Venture Properties | From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2023, 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 | % |
| Other joint venture |  | Greater Boston |  | – |  |  | 61.2 | % | (4)
| 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 |  |  | 40.6 | % | (5)
| 601, 611, 651, 681, 685, and 701 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 50.0 | % |
| 751 Gateway Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 51.0 | % |
| 211 and 213 East Grand Avenue |  | San Francisco Bay Area |  | South San Francisco |  |  | 30.0 | % |
| 500 Forbes Boulevard |  | San Francisco Bay Area |  | South San Francisco |  |  | 10.0 | % |
| Alexandria Center® for Life Science – Millbrae |  | San Francisco Bay Area |  | South San Francisco |  |  | 47.1 | % |
| 3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 30.0 | % |
| Campus Point by Alexandria(6) |  | San Diego |  | University Town Center |  |  | 55.0 | % |
| 5200 Illumina Way |  | San Diego |  | University Town Center |  |  | 51.0 | % |
| 9625 Towne Centre Drive |  | San Diego |  | University Town Center |  |  | 30.0 | % |
| SD Tech by Alexandria(7) |  | San Diego |  | Sorrento Mesa |  |  | 50.0 | % |
| Pacific Technology Park |  | San Diego |  | Sorrento Mesa |  |  | 50.0 | % |
| Summers Ridge Science Park(8) |  | San Diego |  | Sorrento Mesa |  |  | 30.0 | % |
| 1201 and 1208 Eastlake Avenue East and 199 East Blaine Street |  | Seattle |  | Lake Union |  |  | 30.0 | % |
| 400 Dexter Avenue North |  | Seattle |  | Lake Union |  |  | 30.0 | % |
| 800 Mercer Street |  | Seattle |  | Lake Union |  |  | 60.0 | % |
Unconsolidated real estate joint ventures(2): |  |  |  |  |  |  |  |
| 1655 and 1725 Third Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 10.0 | % |
| 1401/1413 Research Boulevard |  | Maryland |  | Rockville |  |  | 65.0 | % | (9)
| 1450 Research Boulevard |  | Maryland |  | Rockville |  |  | 73.2 | % | (9)
| 101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 57.9 | % | (9)
(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)Refer to the discussion below and to Note 11 – “Accounts payable, accrued expenses, and other liabilities” and Note 19 – “Subsequent events” to our consolidated financial statements for additional information. (5)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes construction funding to the project over time. (6)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court. (7)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (8)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (9)Represents 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.
Consolidated VIE's balance sheet information | The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2023 and 2022 (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Investments in real estate |  | $ | 8,032,315 |  |  | $ | 6,771,842 |
Cash and cash equivalents |  | 306,475 |  |  | 246,931 |
Other assets |  | 728,390 |  |  | 684,487 |
Total assets |  | $ | 9,067,180 |  |  | $ | 7,703,260 |
Secured notes payable |  | $ | 119,042 |  |  | $ | 58,396 |
Other liabilities |  | 608,665 |  |  | 430,615 |
Mandatorily redeemable noncontrolling interest |  | 35,250 |  | (1) | — |
Total liabilities |  | 762,957 |  |  | 489,011 |
Redeemable noncontrolling interests |  | 6,868 |  |  | — |
Alexandria Real Estate Equities, Inc.’s share of equity |  | 4,162,017 |  |  | 3,513,001 |
Noncontrolling interests’ share of equity |  | 4,135,338 |  |  | 3,701,248 |
Total liabilities and equity |  | $ | 9,067,180 |  |  | $ | 7,703,260 |
(1)Related to the acquisition of our partner’s partial noncontrolling interest in one of our real estate joint ventures, which was paid in full on January 12, 2024. Refer to Note 19 – “Subsequent events” and Note 11 – “Accounts payable, accrued expenses, and other liabilities” to our consolidated financial statements for additional information.
Investment in unconsolidated real estate joint ventures | Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and presented in our consolidated balance sheets, consisted of the following as of December 31, 2023 and 2022 (in thousands):
|  | December 31,
Property |  | 2023 |  | 2022
1655 and 1725 Third Street |  | $ | 11,718 |  | $ | 12,996
1450 Research Boulevard |  | 6,041 |  | 5,625
101 West Dickman Street |  | 9,290 |  | 8,678
Other |  | 10,731 |  | 11,136
|  | $ | 37,780 |  | $ | 38,435
Summary of unconsolidated real estate joint ventures loans | The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2023 (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  |  | At 100% |  | Our Share |
Unconsolidated Joint Venture |  | Maturity Date |  | Stated Rate |  | Interest Rate(1) |  | Aggregate Commitment |  | Debt Balance(2) |  |
1401/1413 Research Boulevard |  |  | 12/23/24 |  |  | 2.70% |  |  | 3.31% |  |  | $ | 28,500 |  |  | $ | 28,331 |  |  | 65.0% |
1655 and 1725 Third Street |  |  | 3/10/25 |  |  | 4.50% |  |  | 4.57% |  |  | 600,000 |  |  | 599,505 |  |  | 10.0% |
101 West Dickman Street |  |  | 11/10/26 |  |  | SOFR + 1.95% | (3) |  | 7.38% |  |  | 26,750 |  |  | 14,762 |  |  | 57.9% |
1450 Research Boulevard |  |  | 12/10/26 |  |  | SOFR + 1.95% | (3) |  | 7.44% |  |  | 13,000 |  |  | 8,280 |  |  | 73.2% |
|  |  |  |  |  |  |  |  |  |  |  | $ | 668,250 |  |  | $ | 650,878 |  |  |  |
(1)Includes interest expense and amortization of loan fees. (2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2023. (3)This loan is subject to a fixed SOFR floor of 0.75%.

X
- Definition Consolidated And Unconsolidated Real Estate Joint Venture Properties [Table Text Block] + References No definition available. + Details
Name: | are_ConsolidatedAndUnconsolidatedRealEstateJointVenturePropertiesTableTextBlock
Namespace Prefix: | are_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of secured construction loans [Table Text Block] + References No definition available. + Details
Name: | are_SummaryOfSecuredConstructionLoansTableTextBlock
Namespace Prefix: | are_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration