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Investments in real estate (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Schedule of Real Estate Properties | Our consolidated investments in real estate consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Rental properties: |  |  |  |
Land (related to rental properties) |  | $3,536,029 |  | $3,863,027
Buildings and building improvements |  | 21,218,380 |  | 20,377,935
Other improvements |  | 4,585,085 |  | 4,354,785
Rental properties |  | 29,339,494 |  | 28,595,747
Current and future development and redevelopment projects |  | 8,543,083 |  | 8,618,727
Gross investments in real estate |  | 37,882,577 |  | 37,214,474
Less: accumulated depreciation |  | (6,034,352) |  | (5,477,082)
Investments in real estate assets held for sale(1) |  | 312,375 |  | 372,647
Investments in real estate |  | $32,160,600 |  | $32,110,039
(1)Refer to “Assets held for sale” below.
Assets held for sale | The following is a summary of net assets as of June 30, 2025 and December 31, 2024 for our real estate investments that were classified as held for sale as of each respective date (in thousands):
| June 30, 2025 |  | December 31, 2024
Investments in real estate | $312,375 |  | $372,647
Other assets | 20,274 |  | 9,488
Total assets | 332,649 |  | 382,135
Total liabilities | (11,040) |  | (13,462)
Total accumulated other comprehensive income | 2,057 |  | 2,584
Net assets classified as held for sale | $323,666 |  | $371,257
Real estate assets dispositions | Our completed dispositions of real estate assets during the six months ended June 30, 2025 consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | Square Footage |  |  |  | Gain on Sales of Real Estate
Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | Operating |  | Land and Future |  | Sales Price |
Costa Verde by Alexandria |  | University Town Center/ San Diego |  | 1/31/25 |  | 100% |  | 8,730 |  | 537,000 |  | $124,000 | (1) | $—
2425 Garcia Avenue and 2400/2450 Bayshore Parkway |  | Greater Stanford/San Francisco Bay Area |  | 6/30/25 |  | 100% |  | 95,901 |  | — |  | 11,000 |  | —
Land parcel |  | Texas |  | 5/7/25 |  | 100% |  | — |  | 1,350,000 |  | 73,287 |  | —
Other |  |  |  |  |  |  |  |  |  |  |  | 52,352 |  | 13,165
|  |  |  |  |  |  |  |  |  |  |  | $260,639 | (2) | $13,165
(1)A s part of the transaction, we provided $91.0 million of seller financing during the three months ended March 31, 2025. This note receivable is classified within “Other assets” in our consolidated balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information. (2)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.

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