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Investments in real estate (Tables)
 12 Months Ended
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, and 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 the 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