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Consolidated and unconsolidated real estate joint ventures (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Consolidated And Unconsolidated Real Estate Joint Venture Properties

From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that

own, develop, and operate real estate properties. As of December 31, 2024, our real estate joint ventures held the following properties:

	Property		Market		Submarket		Our Ownership Interest(1)
Consolidated real estate joint ventures(2):
	50 and 60 Binney Street		Greater Boston		Cambridge/Inner Suburbs			34.0%
	75/125 Binney Street		Greater Boston		Cambridge/Inner Suburbs			40.0%
	100 and 225 Binney Street and 300 Third Street		Greater Boston		Cambridge/Inner Suburbs			30.0%
	99 Coolidge Avenue		Greater Boston		Cambridge/Inner Suburbs			75.0%
	15 Necco Street		Greater Boston		Seaport Innovation District			56.7%
	285, 299, 307, and 345 Dorchester Avenue		Greater Boston		Seaport Innovation District			60.0%
	Alexandria Center® for Science and Technology – Mission Bay(3)		San Francisco Bay Area		Mission Bay			25.0%
	1450 Owens Street		San Francisco Bay Area		Mission Bay			25.1%	(4)
	601, 611, 651, 681, 685, and 701 Gateway Boulevard		San Francisco Bay Area		South San Francisco			50.0%
	751 Gateway Boulevard		San Francisco Bay Area		South San Francisco			51.0%
	211 and 213 East Grand Avenue		San Francisco Bay Area		South San Francisco			30.0%
	500 Forbes Boulevard		San Francisco Bay Area		South San Francisco			10.0%
	Alexandria Center® for Life Science – Millbrae		San Francisco Bay Area		South San Francisco			48.2%
	3215 Merryfield Row		San Diego		Torrey Pines			30.0%
	Campus Point by Alexandria(5)		San Diego		University Town Center			55.0%
	5200 Illumina Way		San Diego		University Town Center			51.0%
	9625 Towne Centre Drive		San Diego		University Town Center			30.0%
	SD Tech by Alexandria(6)		San Diego		Sorrento Mesa			50.0%
	Pacific Technology Park		San Diego		Sorrento Mesa			50.0%
	Summers Ridge Science Park(7)		San Diego		Sorrento Mesa			30.0%
	1201 and 1208 Eastlake Avenue East		Seattle		Lake Union			30.0%
	199 East Blaine Street		Seattle		Lake Union			30.0%
	400 Dexter Avenue North		Seattle		Lake Union			30.0%
	800 Mercer Street		Seattle		Lake Union			60.0%
Unconsolidated real estate joint ventures(2):
	1655 and 1725 Third Street		San Francisco Bay Area		Mission Bay			10.0%
	1450 Research Boulevard		Maryland		Rockville			73.2%	(8)
	101 West Dickman Street		Maryland		Beltsville			58.4%	(8)

(1)Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework.

(2)In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other consolidated real estate joint ventures in North

America and we hold an interest in one insignificant unconsolidated real estate joint venture in North America.

(3)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(4)During the year ended December 31, 2024, our equity ownership decreased from 40.6% to 25.1% based on continued funding of construction costs by our joint venture

partner and a reallocation of equity to our joint venture partner of $30.2 million from us. The noncontrolling interest share of our joint venture partner is anticipated to

increase to 75% and ours to decrease to 25% as our partner contributes additional equity to fund the construction of the project.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(6)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(8)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic

performance of the joint venture.

Consolidated VIE's balance sheet information

The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2024 and 2023 (in

thousands):

		December 31,
		2024		2023
Investments in real estate		$8,917,718		$8,032,315
Cash and cash equivalents		335,223		306,475
Other assets		777,033		728,390
Total assets		$10,029,974		$9,067,180
Secured notes payable		$149,321		$119,042
Other liabilities		626,460		608,665
Mandatorily redeemable noncontrolling interest		—		35,250
Total liabilities		775,781		762,957
Redeemable noncontrolling interests		10,360		6,868
Alexandria Real Estate Equities, Inc.’s share of equity		4,754,386		4,162,017
Noncontrolling interests’ share of equity		4,489,447		4,135,338
Total liabilities and equity		$10,029,974		$9,067,180

Investment in unconsolidated real estate joint ventures

Our investments in unconsolidated real estate joint ventures, accounted for

under the equity method and classified in investments in unconsolidated real estate joint ventures in our consolidated balance sheets,

consisted of the following as of December 31, 2024 and 2023 (in thousands):

		December 31,
Property		2024		2023
1655 and 1725 Third Street		$10,574		$11,718
1450 Research Boulevard		9,193		6,041
101 West Dickman Street		9,749		9,290
Other		10,357		10,731
		$39,873		$37,780

Summary of unconsolidated real estate joint ventures loans

The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of

December 31, 2024 (dollars in thousands):

												At 100%				Our Share
Unconsolidated Joint Venture		Maturity Date				Stated Rate		Interest Rate(1)				Aggregate Commitment		Debt Balance(2)
1655 and 1725 Third Street(3)			3/10/25			4.50%			4.57%			$600,000		$599,930		10.0%
101 West Dickman Street			11/10/26			SOFR + 1.95%	(4)		6.36%			26,750		18,884		58.4%
1450 Research Boulevard			12/10/26			SOFR + 1.95%	(4)		6.42%			13,000		8,637		73.2%
												$639,750		$627,451

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024.

(3)The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected

to close in the first quarter of 2025. The remaining debt balance of approximately $100 million will be repaid through contributions from the joint venture partners. We

expect to contribute our share of approximately $10 million in the first quarter of 2025. As of December 31, 2024, our investment in this unconsolidated real estate joint

venture was $10.6 million.

(4)This loan is subject to a fixed SOFR floor of 0.75%.

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