“Assets classified as held for sale” to our unaudited consolidated financial statements, consisted of the following as of September 30,


	September 30, 2024	December 31, 2023
Rental properties:
Land (related to rental properties)	$4,267,297	$4,385,515
Buildings and building improvements	20,651,577	20,320,866
Other improvements	4,317,120	3,681,628
Rental properties	29,235,994	28,388,009
Development and redevelopment projects	9,340,425	8,226,309
Gross investments in real estate	38,576,419	36,614,318
Less: accumulated depreciation	(5,624,642)	(4,980,807)
Investments in real estate(1)	$32,951,777	$31,633,511

(1)Balances as of September 30, 2024 and December 31, 2023 include investments in real estate aggregating $228.4 million and $185.4 million, respectively, related to our

assets held for sale as of each respective date. Refer to Note 15 – “Assets held for sale” to our unaudited consolidated financial statements for additional details.

Our real estate asset acquisitions during the nine months ended September 30, 2024 consisted of the following (dollars in


Property	Submarket/Market	Date of Purchase	Number of Properties	Future Development Square Footage	Purchase Price(1)
Property	Submarket/Market	Date of Purchase	Number of Properties	Future Development Square Footage	Purchase Price(1)
285, 299, 307, and 345 Dorchester Avenue(2)	Seaport Innovation District/ Greater Boston	1/30/24	—	1,040,000	$155,321
Other					46,490
					$201,811

(1)Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our unaudited consolidated statements of cash

flows due to the timing of payment, closing costs, and other acquisition adjustments such as prorations of rents and expenses.

(2)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

Our completed dispositions of real estate assets during the nine months ended September 30, 2024 consisted of the following


Property	Submarket/Market	Date of Sale	Interest Sold	RSF	Sales Price		Gain on Sales of Real Estate
99 A Street	Seaport Innovation District/ Greater Boston	3/8/24	100%	235,000	$13,350		$—
1165 Eastlake Avenue East	Lake Union/Seattle	9/12/24	100%	100,086	149,985		21,535
219 East 42nd Street	New York City/New York City	7/9/24	100%	349,947	60,000		—
Other					15,374		5,971
					$238,709	(1)	$27,506

(1)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

During the nine months ended September 30, 2024, we recognized real estate impairment charges aggregating $36.5 million,

•Impairment charges aggregating $30.8 million primarily consisting of the pre-acquisition costs related to two potential

acquisitions aggregating 1.4 million RSF of future development in our Greater Boston market. We executed purchase

agreements for these potential acquisitions with the total purchase price aggregating $366.8 million in 2020 and 2022, 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, due to the existing macroeconomic environment that negatively impacted the financial outlooks for these

projects, we decided to no longer proceed with these acquisitions, resulting in the recognition of impairment charges.

•Impairment charge of $5.7 million to adjust the carrying amount of one property in Canada that continued to meet the held-for-

sale classification to the sales price under negotiation with a potential buyer less costs to sell. We expect to sell this property

In 2006, ARE-East River Science Park, LLC, a subsidiary of Alexandria Real Estate Equities, Inc., was granted an option to

incorporate a land parcel adjacent to and north of the Alexandria Center® for Life Science – New York City (“ACLS-NYC”) campus

(“Option Parcel”) into the existing ground lease of that campus. The Option Parcel will allow ARE-East River Science Park, LLC to

develop a future world-class life science building within the ACLS-NYC campus. ARE-East River Science Park, LLC’s investment in pre-

construction costs related to the development of the Option Parcel, including costs related to design, engineering, environmental,

survey/title, and permitting and legal costs, aggregate $165.1 million as of September 30, 2024.

On August 6, 2024, ARE-East River Science Park, LLC filed a lawsuit in the United States District Court for the Southern

District of New York against its landlord, New York City Health + Hospitals Corporation (“H+H”), and the New York City Economic

Development Corporation (“EDC”). The lawsuit alleges two principal claims against H+H and EDC: fraud in the inducement, and, in the

alternative, breach of contract in violation of the implied covenant of good faith and fair dealing. As alleged in the complaint, ARE-East

River Science Park, LLC’s claims arise from H+H’s and EDC’s misrepresentations and concealment of material facts in connection with

a floodwall, which H+H and EDC are seeking to require ARE-East River Science Park, LLC to integrate into the development of the

Option Parcel. ARE-East River Science Park, LLC alleges that H+H’s and EDC’s misconduct have prevented it from commencing the

development of the Option Parcel. In light of the pending litigation, the closing date for the option and thus the commencement date for

construction of the third tower at the campus are presently indeterminate. Among other things, ARE-East River Science Park, LLC is

This matter exposes us to potential losses ranging from zero to the full amount of the investment in the project aggregating

$165.1 million as of September 30, 2024, depending on any collection of damages and/or the ability to develop the project. We

performed a probability-weighted recoverability analysis based on initial estimates of various possible outcomes and determined no