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Investments in real estate
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Investments in real estate 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 June 30, 2024
and December 31, 2023 (in thousands):
June 30, 2024
December 31, 2023
Rental properties:
Land (related to rental properties)
$4,375,145
$4,385,515
Buildings and building improvements
20,636,599
20,320,866
Other improvements
4,166,935
3,681,628
Rental properties
29,178,679
28,388,009
Development and redevelopment projects
8,952,574
8,226,309
Gross investments in real estate
38,131,253
36,614,318
Less: accumulated depreciation
(5,457,414)
(4,980,807)
Investments in real estate
$32,673,839
$31,633,511
Acquisitions
During the six months ended June 30, 2024, we completed acquisitions with purchase prices aggregating $201.8 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 and impairment charges
Our completed dispositions of and sales of partial interests in real estate assets during the six months ended June 30, 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. We completed the sale during the three months ended March 31, 2024.
In July 2024, we completed the disposition of one office building in our New York City submarket aggregating 349,947 RSF,
which was classified as held for sale as of June 30, 2024, for a sales price of $60.0 million and recognized no gain or loss.
Impairment charges
In 2020 and 2022, we executed purchase agreements for two potential acquisitions in our Greater Boston market, which
aggregated 1.4 million of future development RSF. The total purchase price aggregated $366.8 million, and we initially expected to
close these acquisitions after 2024. Our intent for each site included the demolition of existing buildings upon expiration of the existing
in-place leases and the development of life science properties. During the three months ended June 30, 2024, we decided to no longer
proceed with these acquisitions as a result of the current macroeconomic environment that negatively impacted the financial outlooks
for these projects. As a result, we recognized impairment charges aggregating $30.8 million, primarily consisting of the pre-acquisition
costs related to these potential acquisitions.