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Investments in real estate (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate Properties [Line Items] |
Investments in real estate | Our consolidated investments in real estate, including real estate assets classified as held for sale as described in Note 18 – “Assets classified as held for sale” to our consolidated financial statements, consisted of the following as of December 31, 2023 and 2022 (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Rental properties: |  |  |  |
Land (related to rental properties) |  | $ | 4,385,515 |  |  | $ | 4,284,731 |
Buildings and building improvements |  | 20,320,866 |  |  | 18,605,627 |
Other improvements |  | 3,681,628 |  |  | 2,677,763 |
Rental properties |  | 28,388,009 |  |  | 25,568,121 |
Development and redevelopment projects |  | 8,226,309 |  |  | 8,715,335 |
Gross investments in real estate – North America |  | 36,614,318 |  |  | 34,283,456 |
Less: accumulated depreciation – North America |  | (4,980,807) |  |  | (4,349,780) |
Net investments in real estate – North America |  | 31,633,511 |  |  | 29,933,676 |
Net investments in real estate – Asia |  | — |  |  | 11,764 |
Investments in real estate |  | $ | 31,633,511 |  |  | $ | 29,945,440 |
Real estate assets acquisitions | Our real estate asset acquisitions during the year ended December 31, 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 |
Canada |  | 1 |  | — |  |  | — |  |  | 247,743 |  |  |  |  | $ | 100,837 |  |
Other |  | 4 |  | 1,089,349 |  |  | 110,717 |  |  | 185,676 |  |  |  |  | 158,139 |  |
Total |  | 5 |  | 1,089,349 |  |  | 110,717 |  |  | 433,419 |  |  |  |  | $ | 258,976 |  | (1)
(1)Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our consolidated statements of cash flows due to the timing of payment, closing costs, and other acquisition adjustments such as prorations of rents and expenses.
Real estate assets dispositions | Our completed dispositions of and sales of partial interests in real estate assets during the year ended December 31, 2023 consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Gain on Sales of Real Estate |  | Consideration (Below)/Above Book Value(1)
Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  | Sales Price |  |
Partial interest sales(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |
15 Necco Street |  | Seaport Innovation District/Greater Boston |  | 4/11/23 |  | 18 | % |  | 345,996 |  |  | $ | 66,108 |  |  | N/A |  | $ | (7,761) |
9625 Towne Centre Drive |  | University Town Center/ San Diego |  | 6/21/23 |  | 20.1 | % |  | 163,648 |  |  | 32,261 |  |  | N/A |  | 15,553 |
|  |  |  |  |  |  |  |  |  | 98,369 |  |  |  |  | $ | 7,792 |
Dispositions of real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
11119 North Torrey Pines Road |  | Torrey Pines/San Diego |  | 5/4/23 |  | 100 | % |  | 72,506 |  |  | 86,000 |  |  | $ | 27,585 |  |  |
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 |  |  |
640 Memorial Drive, 100 Beaver Street, and 11025 and 11035 Roselle Street |  | Cambridge and Inner Suburbs and Route 128/Greater Boston and Sorrento Valley/San Diego |  | 12/20/23 |  | 100 | % |  | 361,102 |  |  | 312,244 |  |  | 59,653 |  |  |
380 and 420 E Street |  | Seaport Innovation District/ Greater Boston |  | 12/20/23 |  | 100 | % |  | 195,506 |  |  | 86,969 |  |  | (3) |  |
275 Grove Street |  | Route 128/Greater Boston |  | 6/27/23 |  | 100 | % |  | 509,702 |  |  | 109,349 |  |  | (3) |  |
421 Park Drive |  | Fenway/Greater Boston |  | 9/19/23 |  | (4) |  | (4) |  | 174,412 |  |  | — |  |  |
Other |  |  |  |  |  |  |  |  |  | 81,845 |  |  | 2,574 |  |  |
|  |  |  |  |  |  |  |  |  | 1,216,045 |  |  | $ | 277,037 |  |  |
Total 2023 dispositions |  |  |  |  |  |  |  |  |  | $ | 1,314,414 |  | (5) |  |  |
(1)Related to sales of partial interests in real estate assets for 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 consolidated financial statements for additional information. (3)Refer to the “Impairment charges” subsection below for information related to impairment charges recognized in connection with this transaction. (4)Represents the disposition of 268,023 RSF in a 660,034 RSF active development at 421 Park Drive in our Fenway submarket. 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 as such 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. (5)Represents the aggregate contractual sales price of our dispositions, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statements of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses.
Acquired below-market leases |
Real Estate Properties [Line Items] |
Schedule of Finite-Lived Intangible Assets | The balances of acquired below-market tenant leases existing as of December 31, 2023 and 2022 and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2023 and 2022, were as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Acquired below-market leases |  | $ | 696,875 |  |  | $ | 730,441 |
Accumulated amortization |  | (374,835) |  |  | (312,785) |
|  | $ | 322,040 |  |  | $ | 417,656 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2023 was approximately 6.3 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2023 is as follows (in thousands):
Year |  | Amount
2024 |  | $ | 86,595 |
2025 |  | 38,796 |
2026 |  | 30,526 |
2027 |  | 29,995 |
2028 |  | 18,000 |
Thereafter |  | 118,128 |
Total |  | $ | 322,040 |
Acquired-in-Place Leases |
Real Estate Properties [Line Items] |
Schedule of Finite-Lived Intangible Assets | The balances of acquired in-place leases and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2023 and 2022, were as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Acquired in-place leases |  | $ | 1,115,259 |  |  | $ | 1,150,690 |
Accumulated amortization |  | (653,646) |  |  | (535,052) |
|  | $ | 461,613 |  |  | $ | 615,638 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $160.6 million, $169.5 million, and $146.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.1 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2023 is as follows (in thousands):
Year |  | Amount
2024 |  | $ | 107,883 |
2025 |  | 75,610 |
2026 |  | 58,029 |
2027 |  | 48,279 |
2028 |  | 36,171 |
Thereafter |  | 135,641 |
Total |  | $ | 461,613 |

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