Investment in real estate (Tables)

9 Months Ended

Sep. 30, 2017

Our consolidated investments in real estate consisted of the following as of September 30, 2017, and December 31, 2016 (in thousands):



	September 30, 2017			December 31, 2016
Land (related to rental properties)	$	1,206,152		$	1,131,416
Buildings and building improvements	8,466,889			7,810,269
Other improvements	714,834			584,565
Rental properties	10,387,875			9,526,250
Development and redevelopment of new Class A properties:
Undergoing construction
Development projects – target delivery in 2017	466,047			809,254
Development projects – target delivery in 2018 and 2019	143,038			—
Redevelopment projects – target delivery in 2018 and 2019	59,224			—
Near-term projects undergoing marketing and pre-construction	114,954			—
Intermediate-term developments projects	333,870			—
Future development projects	289,314			253,551
Gross investments in real estate	11,794,322			10,589,055
Less: accumulated depreciation	(1,785,115		)	(1,546,798		)
Net investments in real estate – North America	10,009,207			9,042,257
Net investments in real estate – Asia	37,314			35,715
Investments in real estate	$	10,046,521		$	9,077,972

Real estate assets acquisitions

Our real estate asset acquisitions during the nine months ended September 30, 2017, consisted of the following (dollars in thousands):



	Square Footage
Three Months Ended	Operating	Redevelopment	Future Development	Purchase Price
March 31, 2017	232,470	—	1,508,890	$	218,500
June 30, 2017	272,634	175,000	1,030,000	244,009
September 30, 2017	168,424	104,212	280,000	110,700
	673,528	279,212	2,818,890	$	573,209

Schedule of consolidated joint ventures

The following table aggregates the balance sheet information of our consolidated VIEs as of September 30, 2017, and

December 31, 2016 (in thousands):



	September 30, 2017		December 31, 2016
Investments in real estate	$	979,698	$	993,710
Cash and cash equivalents	29,665		27,498
Other assets	62,886		57,166
Total assets	$	1,072,249	$	1,078,374

Secured notes payable	$	—	$	—
Other liabilities	46,054		66,711
Total liabilities	46,054		66,711
Alexandria Real Estate Equities, Inc.’s share of equity	541,293		538,069
Noncontrolling interests’ share of equity	484,902		473,594
Total liabilities and equity	$	1,072,249	$	1,078,374

- 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 + Details