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Investments in real estate (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate Properties [Line Items] |
Investments in real estate | Our consolidated investments in real estate consisted of the following as of December 31, 2024 and 2023 (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Rental properties: |  |  |  |
Land (related to rental properties) |  | $3,863,027 |  | $4,296,048
Buildings and building improvements |  | 20,377,935 |  | 20,153,572
Other improvements |  | 4,354,785 |  | 3,674,251
Rental properties |  | 28,595,747 |  | 28,123,871
Development and redevelopment projects |  | 8,618,727 |  | 8,220,672
Gross investments in real estate |  | 37,214,474 |  | 36,344,543
Less: accumulated depreciation |  | (5,477,082) |  | (4,896,479)
Investments in real estate assets held for sale(1) |  | 372,647 |  | 185,447
Investments in real estate |  | $32,110,039 |  | $31,633,511
(1)See “Assets held for sale” below.
Assets held for sale | The following is a summary of net assets as of December 31, 2024 and 2023 for our real estate investments that were classified as held for sale as of each respective date (in thousands):
| December 31,
| 2024 |  | 2023
Investments in real estate | $372,647 |  | $185,447
Other assets | 9,488 |  | 8,776
Total assets | 382,135 |  | 194,223
Total liabilities | (13,462) |  | (4,750)
Total accumulated other comprehensive income | 2,584 |  | 1,960
Net assets classified as held for sale | $371,257 |  | $191,433
Real estate assets acquisitions | Our real estate asset acquisitions during the year ended December 31, 2024 consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | Square Footage |  |
Property |  | Submarket/Market |  | Date of Purchase |  | Number of Properties |  | Future Development |  | Operating With Future Development/ Redevelopment |  | Purchase Price(1)
285, 299, 307, and 345 Dorchester Avenue(2) |  | Seaport Innovation District/Greater Boston |  | 1/30/24 |  | — |  | 1,040,000 |  | — |  | $155,321
428 Westlake Avenue North |  | Lake Union/Seattle |  | 10/1/24 |  | 1 |  | — |  | 90,626 |  | 47,600
Other |  |  |  |  |  |  |  |  |  |  |  | 46,490
Total |  |  |  |  |  |  |  | 1,040,000 |  | 90,626 |  | $249,411
(1)Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our 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 consolidated financial statements for additional details.
Real estate assets dispositions | Our completed dispositions of real estate assets during the year ended December 31, 2024 consisted of the following (dollars in thousands):
Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | RSF |  | Land and Future SF |  | Sales Price |  | Gain on Sales of Real Estate |
4755 and 4757 Nexus Center Drive and 4796 Executive Drive |  | University Town Center/San Diego |  | 12/30/24 |  | 100% |  | 177,804 |  | — |  | $120,000 | (1) | $47,511 |
14225 Newbrook Drive |  | Northern Virginia/Maryland |  | 10/15/24 |  | 100% |  | 248,186 |  | — |  | 80,500 |  | 37,074 |
1165 Eastlake Avenue East |  | Lake Union/Seattle |  | 9/12/24 |  | 100% |  | 100,086 |  | — |  | 149,985 |  | 21,535 |
9444 Waples Street (50% consolidated JV) |  | Sorrento Mesa/San Diego |  | 12/23/24 |  | 100% |  | — |  | 149,000 |  | 31,000 | (2) | 8,175 | (2)
6040 George Watts Hill Drive |  | Research Triangle/Research Triangle |  | 12/10/24 |  | 100% |  | 149,585 |  | — |  | 93,500 |  | 5,004 |
100 Minuteman Road |  | Other/Greater Boston |  | 11/15/24 |  | 100% |  | 308,970 |  | — |  | 67,300 |  | 4,042 |
849 and 863 Mitten Road and 866 Malcolm Road |  | South San Francisco/San Francisco Bay Area |  | 11/20/24 |  | 100% |  | 103,857 |  | — |  | 24,000 |  | — |
99 A Street |  | Seaport Innovation District/ Greater Boston |  | 3/8/24 |  | 100% |  | — |  | 235,000 |  | 13,350 |  | — |
219 East 42nd Street |  | New York City/New York City |  | 7/9/24 |  | 100% |  | 349,947 |  | — |  | 60,000 |  | — |
6101 Quadrangle Drive |  | Research Triangle/Research Triangle |  | 12/16/24 |  | 100% |  | 31,600 |  | — |  | 11,310 |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  | 38,617 |  | 5,971 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $129,312 |
One Moderna Way |  | Route 128/Greater Boston |  | 12/17/24 |  | 100% |  | 722,130 |  | — |  | 369,439 |  | (3) |
215 First Street, 150 Second Street, and 11 Hurley Street |  | Cambridge/Greater Boston |  | 12/20/24 |  | 100% |  | 552,513 |  | — |  | 245,539 |  |
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard |  | Sorrento Mesa/San Diego |  | 12/20/24 |  | 100% |  | — |  | 444,041 |  | 55,000 | (1) |
|  |  |  |  |  |  |  |  |  |  |  | $1,359,540 | (4) |  |
1401/1413 Research Boulevard (65% unconsolidated JV) |  | Rockville/Maryland |  | 10/31/24 |  | 100% |  | (5) |  | — |  | $22,913 | (5) | $3,328 | (5)
(1)As part of the transaction, we provided partial seller financing. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information. (2)Our share of the sales price is $15.5 million, a nd our share of gain on sale is $3.2 million. (3)Refer to “Impairment charges” below for details on impairments recognized in connection with these transactions during the year ended December 31, 2024. (4)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 statement of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses. (5)The unconsolidated real estate joint venture completed the sale of a retail shopping center aggregating 84,837 RSF. We received cash proceeds, net of our $18.6 million share of the debt balance, approximating our $3.3 million share of the gain on sale, which is classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional information.
Acquired below-market leases |
Real Estate Properties [Line Items] |
Schedule of Finite-Lived Intangible Assets | The balances of acquired below-market tenant leases existing as of December 31, 2024 and 2023 and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2024 and 2023, were as follows (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Acquired below-market leases |  | $652,757 |  | $696,875
Accumulated amortization |  | (472,350) |  | (374,835)
|  | $180,407 |  | $322,040
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2024 was approximately 7.0 years, and t he estimated annual amortization of the value of acquired below-market leases as of December 31, 2024 is as follows (in thousands):
Year |  | Amount
2025 |  | $38,074
2026 |  | 25,502
2027 |  | 24,674
2028 |  | 12,822
2029 |  | 10,333
Thereafter |  | 69,002
Total |  | $180,407
Acquired-in-Place Leases |
Real Estate Properties [Line Items] |
Schedule of Finite-Lived Intangible Assets | The balances of acquired in-place leases and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2024 and 2023, were as follows (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Acquired in-place leases |  | $1,032,744 |  | $1,115,259
Accumulated amortization |  | (727,600) |  | (653,646)
|  | $305,144 |  | $461,613
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $108.7 million, $160.6 million, and $169.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 6.8 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2024 is as follows (in thousands):
Year |  | Amount
2025 |  | $71,513
2026 |  | 58,706
2027 |  | 46,211
2028 |  | 33,983
2029 |  | 28,407
Thereafter |  | 66,324
Total |  | $305,144

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