v3.26.3
Investments in real estate (Tables)
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Schedule of Real Estate Properties Our consolidated investments in real estate consisted of the following as of September 30, 2026 and December 31, 2025 (in
thousands):
September 30, 2026
December 31, 2025
Rental properties:
Land (related to rental properties)
$3,677,185
$3,204,479
Buildings and building improvements
21,200,081
19,738,825
Other improvements
4,861,970
4,371,720
Rental properties
29,739,236
27,315,024
Current and future development and redevelopment projects
4,627,533
6,788,464
Gross investments in real estate
34,366,769
34,103,488
Less: accumulated depreciation
(6,521,199)
(5,970,171)
Investments in real estate assets held for sale, less accumulated depreciation(1)
581,429
556,679
Investments in real estate
$28,426,999
$28,689,996
(1)Refer to “Assets held for sale” below.
Assets held for sale The following table presents the components of net assets related to real estate investments that met the criteria for
classification as held for sale as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026
December 31, 2025
Investments in real estate, less accumulated depreciation
$581,429
$556,679
Other assets
122,913
37,859
Total assets
704,342
594,538
Total liabilities
(3,767)
(12,235)
Total accumulated other comprehensive loss (income)
2,205
(566)
Net assets classified as held for sale
$702,780
$581,737
Real estate assets dispositions Our completed dispositions of real estate assets during the nine months ended September 30, 2026 and in October 2026
consisted of the following (dollars in thousands):
Square Footage
Sales Price
(Our Share)
Property
Submarket/Market
Date of
Sale
Interest
Sold
Operating
Land and
Future
Completed during nine months ended September 30, 2026:
3825 and 3875 Fabian Way
Palo Alto/San Francisco Bay Area
7/14/26
100%
228,000
250,000
$163,000
One Hampshire Street
Cambridge/Greater Boston
8/21/26
100%
104,956
—
44,900
3911, 3931, 4025, 4031, 4045, and 4075
Sorrento Valley Boulevard
Sorrento Valley/San Diego
9/23/26
100%
95,814
144,000
26,500
Other
Various
7,350
241,750
(1)
Completed in October 2026:
Campus Point by Alexandria(2)
University Town Center/San Diego
10/23/26
(2)
1,586,697
366,816
475,000
$716,750
(1)Represents the aggregate contractual sales price of our dispositions, which differs from the sum of sales proceeds disclosed in our consolidated statement of cash flows
under “Investing activities” (proceeds from sales of real estate), amounts under “Financing activities” (contributions from and sales of noncontrolling interests), and
amounts under “Supplemental disclosure and non-cash investing and financing activities” (non-cash consideration) primarily due to the timing of payment, closing costs,
and other sales adjustments such as prorations of rents and expenses.
(2)Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for additional details.