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Investments in real estate (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Schedule of Real Estate Properties | Our consolidated investments in real estate consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Rental properties: |  |  |  |
Land (related to rental properties) |  | $3,242,824 |  | $3,863,027
Buildings and building improvements |  | 20,715,991 |  | 20,377,935
Other improvements |  | 4,609,447 |  | 4,354,785
Rental properties |  | 28,568,262 |  | 28,595,747
Current and future development and redevelopment projects |  | 8,596,264 |  | 8,618,727
Gross investments in real estate |  | 37,164,526 |  | 37,214,474
Less: accumulated depreciation |  | (6,120,878) |  | (5,477,082)
Investments in real estate assets held for sale(1) |  | 700,269 |  | 372,647
Investments in real estate |  | $31,743,917 |  | $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 September 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):
| September 30, 2025 |  | December 31, 2024
Investments in real estate | $700,269 |  | $372,647
Other assets | 84,515 |  | 9,488
Total assets | 784,784 |  | 382,135
Total liabilities | (20,028) |  | (13,462)
Total accumulated other comprehensive income | 1,877 |  | 2,584
Net assets classified as held for sale | $766,633 |  | $371,257
Real estate assets dispositions | Our completed dispositions of real estate assets during the nine months ended September 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) | $— |
Pacific Technology Park(2) |  | Sorrento Mesa/San Diego |  | 9/9/25 |  | 50% |  | 544,352 |  | — |  | 96,000 | (2) | 9,290 |
5505 Morehouse Drive |  | Sorrento Mesa/San Diego |  | 8/26/25 |  | 100% |  | 79,945 |  | — |  | 45,000 |  | — |
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 |  | Various |  |  |  |  |  |  |  |  |  | 87,584 |  | 13,241 |
|  |  |  |  |  |  |  |  |  |  |  | $436,871 | (3) | $22,531 |
(1)A s part of the transaction, we provided $91.0 million o f 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 unaudited consolidated financial statements for additional information. (2)$94.4 million of the sales price represents non-cash consideratio n. Refer to “Pacific Technology Park and 199 East Blaine Street” in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information regarding this sale. (3)Represents the aggregate contractual sales price of our dispositions, which differs from the sum of amounts disclosed in our consolidated statement of cash flows under “Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests), and “Supplemental disclosure and non-cash investing and financing activities" (non-cash sales) primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses.

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