XML 71 R27.htm IDEA: XBRL DOCUMENT v3.25.3
Investments in real estate (Tables)
 9 Months Ended
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)As 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 unaudited consolidated financial statements for additional information.
(2)$94.4 million of the sales price represents non-cash consideration. 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.