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Subsequent events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Alexandria Technology Square® ground lease amendment
In July 2024, we executed an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega
campus aggregating 1.2 million RSF in our Cambridge submarket to extend the term by 24 years from January 1, 2065 to
December 31, 2088. The amendment requires that we prepay our entire rent obligation for the extended lease term aggregating
$270.0 million in two equal installments during the fourth quarter of 2024 and the first quarter of 2025. This amount will be amortized on
a straight-line basis over the remaining lease term from July 2024 through December 2088, and the amended operating lease will result
in an incremental annual rent expense of approximately $3.6 million.
Alexandria Technology Square® is a foundational mega campus in the heart of the global life science ecosystem in Cambridge
and is the Greater Boston base of operations of key strategic long-tenured tenants such as Novartis AG, GlaxoSmithKline plc,
Massachusetts Institute of Technology, and Mass General Brigham. Securing this ground lease through December 2088 significantly
enhances the long-term value of our investment in this critical mega campus.
Unsecured senior line of credit amendment
In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of credit to,
among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control.
We expect that the amendment and restatement will become effective in September 2024 upon the satisfaction of certain conditions.