Accounts payable, accrued expenses, and other liabilities

9 Months Ended

Sep. 30, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Accounts payable, accrued expenses, and other liabilities

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of

September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Accounts payable and accrued expenses	$469,970		$524,439
Accrued construction	586,074		606,333
Acquired below-market leases	249,053		322,040
Conditional asset retirement obligations	54,392		53,083
Deferred rent liabilities	12,029		15,183
Operating lease liability	648,338	(1)	382,883
Unearned rent and tenant security deposits	651,814		548,529
Other liabilities	194,216		158,453
Total	$2,865,886		$2,610,943

(1)Includes ground lease liability related to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square® mega

campus. For additional information, refer to “Leases in which we are the lessee” in Note 5 – “Leases” to our unaudited consolidated financial statements.

As of September 30, 2024 and December 31, 2023, our conditional asset retirement obligations liability primarily consisted of

the soil and groundwater remediation liabilities associated with certain of our properties. Some of our properties may contain asbestos

or may be subjected to other hazardous or toxic substances, which, under certain conditions, requires remediation. We engage

independent environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of

assessment generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys;

subsurface sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation (including

asbestos) when the fair value of the liability can be reasonably estimated. In addition, environmental laws and regulations subject our

tenants, and potentially us, to liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of

their operations at our properties. These assessments and investigations of our properties have not to date revealed any additional

environmental liability we believe would have a material adverse effect on our business and financial statements or that would require

additional disclosures or recognition in our consolidated financial statements.