Investments in real estate

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Rental properties:
Land (related to rental properties)	$	4,440,428	$	4,385,515
Buildings and building improvements	20,532,577		20,320,866
Other improvements	3,898,310		3,681,628
Rental properties	28,871,315		28,388,009
Development and redevelopment projects	8,668,680		8,226,309
Gross investments in real estate	37,539,995		36,614,318
Less: accumulated depreciation	(5,216,857)		(4,980,807)
Investments in real estate	$	32,323,138	$	31,633,511

Acquisitions

During the three months ended March 31, 2024, we made acquisitions with purchase prices aggregating $194.8 million, primarily associated with the newly formed joint venture at 285, 299, 307, and 345 Dorchester Avenue in our Seaport Innovation District submarket. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional details.

Based upon our evaluation of each acquisition, we determined that substantially all of the fair value related to each acquisition was concentrated in a single identifiable asset or a group of similar identifiable assets or was associated with a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis.

Sales of real estate assets

Our completed dispositions of and sales of partial interests in real estate assets during the three months ended March 31, 2024 consisted of the following (dollars in thousands):


								Gain on Sales of Real Estate
Property	Submarket/Market	Date of Sale	Interest Sold		RSF	Sales Price




Dispositions of real estate:
99 A Street(1)	Seaport Innovation District/Greater Boston	3/8/24	100	%	235,000	$	13,350	$	—
Other						3,863		392
						$	17,213	$	392

(1)During the three months ended December 31, 2023, we recognized a real estate impairment charge of $36.1 million to reduce our investment to its current fair value less costs to sell.