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Consolidated and unconsolidated real estate joint ventures (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025, our real estate joint ventures held the following properties:
| Property(1) |  | Market |  | Submarket |  | Our Ownership Interest
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% |
| 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% |
| 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 |  |  | 48.5% |
| 3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 30.0% |
| Campus Point by Alexandria(4) |  | San Diego |  | University Town Center |  |  | 55.0% | (5)
| 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% |
| Summers Ridge Science Park(7) |  | San Diego |  | Sorrento Mesa |  |  | 30.0% |
| 1201 and 1208 Eastlake Avenue East |  | 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(8): |  |  |  |  |  |  |  |
| 1655 and 1725 Third Street |  | San Francisco Bay Area |  | Mission Bay |  |  | 10.0% |
| 1450 Research Boulevard |  | Maryland |  | Rockville |  |  | 73.2% | (9)
| 101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 58.4% | (9)
(1)Refer to the table on the next page that shows the categorization of our real estate joint ventures under the consolidation framework. (2)In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in Greater Boston market in which a partner holds a $48.7 million redeemable noncontrolling interest earning a fixed retur n. (3)Includes 409 and 499 Illinois, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South. (4)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court. (5)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner. (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)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture. (9)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 (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Investments in real estate |  | $7,570,226 |  | $8,917,718
Cash and cash equivalents |  | 298,135 |  | 335,223
Other assets |  | 778,271 |  | 777,033
Total assets |  | $8,646,632 |  | $10,029,974
Secured note payable |  | $— |  | $149,321
Other liabilities |  | 424,752 |  | 626,460
Total liabilities |  | 424,752 |  | 775,781
Redeemable noncontrolling interests |  | 49,050 |  | 10,360
Alexandria Real Estate Equities, Inc.’s share of equity |  | 3,752,516 |  | 4,754,386
Noncontrolling interests’ share of equity |  | 4,420,314 |  | 4,489,447
Total liabilities and equity |  | $8,646,632 |  | $10,029,974
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 September 30, 2025 and December 31, 2024 (in thousands):
Property |  | September 30, 2025 |  | December 31, 2024
1655 and 1725 Third Street |  | $19,904 |  | $10,574
1450 Research Boulevard |  | 8,355 |  | 9,193
101 West Dickman Street |  | 9,717 |  | 9,749
Other |  | 1,625 |  | 10,357
|  | $39,601 |  | $39,873
Summary of unconsolidated real estate joint ventures loans | Below are key terms of unconsolidated real estate joint ventures’ secured loans as of September 30, 2025 (dollars in thousands):
|  |  |  |  |  |  |  | Interest Rate(1) |  | At 100% |  | Our Share
Unconsolidated Joint Venture |  | Maturity Date |  | Stated Rate |  |  | Aggregate Commitment |  | Debt Balance(2) |
101 West Dickman Street |  |  | 10/29/26 |  |  | SOFR+1.95% | (3) | 6.20% |  | $26,750 |  | $18,999 |  | 58.4%
1450 Research Boulevard |  |  | 12/6/26 |  |  | SOFR+1.95% | (3) | 6.26% |  | 13,000 |  | 8,932 |  | 73.2%
1655 and 1725 Third Street(4) |  |  | 2/10/35 |  |  | 6.37% |  | 6.44% |  | 500,000 |  | 496,794 |  | 10.0%
|  |  |  |  |  |  |  |  |  | $539,750 |  | $524,725 |  |
(1)Includes interest expense and amortization of loan fees. (2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2025. (3)This loan is subject to a fixed SOFR floor of 0.75%. (4)During the three months ended March 31, 2025, the unconsolidated real estate joint venture refinanced $500 million of its $600 million existing fixed-rate debt with a new secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was repaid through contributions from the unconsolidated joint venture partners, including our share of $10.8 million.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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