XML 64 R33.htm IDEA: XBRL DOCUMENT

Investments in real estate (Tables)

12 Months Ended

Dec. 31, 2019

Our consolidated investments in real estate, including real estate assets held for sale as described in Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements, consisted of the following as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Rental properties:
Land (related to rental properties)	$	2,225,785		$	1,625,349
Buildings and building improvements	11,775,132			9,986,635
Other improvements	1,277,862			976,627
Rental properties	15,278,779			12,588,611
Development and redevelopment of new Class A properties:
Development and redevelopment projects	2,057,084			1,460,814
Future development projects	182,746			98,802
Gross investments in real estate	17,518,609			14,148,227
Less: accumulated depreciation	(2,704,657		)	(2,263,797		)
Net investments in real estate – North America	14,813,952			11,884,430
Net investments in real estate – Asia	30,086			29,263
Investments in real estate	$	14,844,038		$	11,913,693

Real estate assets acquisitions

Our real estate asset acquisitions during the year ended December 31, 2019, consisted of the following (dollars in thousands):



		Square Footage
Market	Number of Properties	Future Development	Active Redevelopment	Operating With Future Development/Redevelopment	Operating	Purchase Price
Greater Boston	12	668,000	153,157	154,855	615,439	$	858,600
San Francisco	8	—	347,912	478,000	247,770	735,450
New York City	—	135,938	—	—	—	25,000
San Diego	16	869,000	—	93,220	912,419	474,214		⁽¹⁾
Seattle	1	188,400	—	18,680	—	28,500
Maryland	3	435,000	—	—	138,938	76,130
Other	7	54,000	—	134,678	34,534	77,000
Year ended December 31, 2019	47	2,350,338	501,069	879,433	1,949,100	$	2,274,894

(1)

Includes $65.0 million paid in January 2019 for two properties at 10260 Campus Point Drive and 4161 Campus Point Court that we acquired in December 2018. The total purchase price was $80.0 million, of which $15.0 million was paid in December 2018. Also includes $114.8 million related to our partner’s noncontrolling interest in the consolidated real estate joint venture at 4224/4242 Campus Point Court and 10210 Campus Point Drive to reflect the full contractual purchase price.

Acquired Below-Market Leases

Real Estate Properties [Line Items]

Schedule of Finite-Lived Intangible Assets

The balances of acquired below-market tenant leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2019 and 2018, were as follows (in thousands):



	December 31,
	2019			2018
Acquired below-market leases	$	326,255		$	236,026
Accumulated amortization	(131,482		)	(101,218		)
	$	194,773		$	134,808

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The weighted-average amortization period of the value of acquired below-market leases was approximately 5.1 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2019, is as follows (in thousands):



Year	Amount
2020	$	44,269
2021	20,698
2022	19,503
2023	18,635
2024	16,940
Thereafter	74,728
Total	$	194,773

Acquired-in-Place Leases

Real Estate Properties [Line Items]

Schedule of Finite-Lived Intangible Assets

The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in our consolidated balance sheets. As of December 31, 2019 and 2018, these amounts were as follows (in thousands):



	December 31,
	2019			2018
Acquired in-place leases	$	426,280		$	229,095
Accumulated amortization	(144,630		)	(96,189		)
	$	281,650		$	132,906

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $49.1 million, $34.3 million, and $19.6 million for the years ended December 31, 2019, 2018, and 2017, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 5.9 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2019, is as follows (in thousands):



Year	Amount
2020	$	54,757
2021	49,878
2022	37,006
2023	31,885
2024	24,001
Thereafter	84,123
Total	$	281,650