v3.25.2
Investments in real estate (Tables)
 6 Months Ended
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)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 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.