Investments in real estate (Tables)

9 Months Ended

Sep. 30, 2021

Our consolidated investments in real estate, including real estate assets held for sale as described in Note 15 – “Assets classified as held for sale” to our unaudited consolidated financial statements, consisted of the following as of September 30, 2021, and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
Rental properties:
Land (related to rental properties)	$	3,719,945	$	2,550,571
Buildings and building improvements	15,846,048		13,364,561
Other improvements	1,933,879		1,508,776
Rental properties	21,499,872		17,423,908
Development and redevelopment of new Class A properties:
Development and redevelopment projects	4,037,309		3,075,453
Future development projects	1,130,464		738,994
Gross investments in real estate	26,667,645		21,238,355
Less: accumulated depreciation	(3,609,994)		(3,178,024)
Net investments in real estate – North America	23,057,651		18,060,331
Net investments in real estate – Asia	13,863		32,041
Investments in real estate	$	23,071,514	$	18,092,372

Real estate assets acquisitions

Our real estate asset acquisitions during the nine months ended September 30, 2021, consisted of the following (dollars in thousands):


		Square Footage
Market	Number of Properties	Future Development	Active Development/Redevelopment	Operating With Future Development/Redevelopment	Operating	Purchase Price
Greater Boston	3	305,000	640,116	311,066	692,088	$	1,541,326




Other	22	69,426	209,295	120,000	741,191	332,424
Three months ended March 31, 2021	25	374,426	849,411	431,066	1,433,279	1,873,750

Greater Boston	2	1,125,000	—	260,867	240,000	235,000
San Francisco Bay Area	7	—	—	187,043	—	217,000
San Diego	5	887,000	—	487,023	—	298,476
Maryland	5	258,000	94,256	—	595,381	80,382
Other	5	1,863,280	37,267	205,983	49,839	247,597
Three months ended June 30, 2021	24	4,133,280	131,523	1,140,916	885,220	1,078,455

Greater Boston	4	440,992	453,869	173,276	—	192,000
San Francisco Bay Area	1	700,000	—	223,232	—	105,250
San Diego	14	64,235	—	440,311	413,909	221,234
Research Triangle	—	1,055,000	—	—	—	91,000
Other	8	1,178,188	—	414,286	307,581	380,213
Three months ended September 30, 2021	27	3,438,415	453,869	1,251,105	721,490	989,697		(1)

Nine months ended September 30, 2021	76	7,946,121	1,434,803	2,823,087	3,039,989	$	3,941,902	(2)

(1)Includes $185.2 million related to deferred purchase price obligations in connection with two acquisitions of real estate. We paid $25.2 million of this balance in October 2021, upon completion of one of the acquisitions.

(2)Represents the aggregate contractual purchase price of our acquisitions, which differ from purchases of real estate in our consolidated statements of cash flows due to the timing of payment, closing costs and other acquisition adjustments such as prorations of rents and expenses.