Investments in real estate (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate Properties [Line Items]

Investments in real estate

Our consolidated investments in real estate, including real estate assets held for sale as described in Note 18 – “Assets classified as held for sale” to our consolidated financial statements, consisted of the following as of December 31, 2021 and 2020 (in thousands):

	December 31,
	2021		2020
Rental properties:
Land (related to rental properties)	$	3,782,182	$	2,550,571
Buildings and building improvements	16,312,402		13,364,561
Other improvements	2,109,884		1,508,776
Rental properties	22,204,468		17,423,908
Development and redevelopment of new Class A properties:
Development and redevelopment projects	5,054,632		3,075,453
Future development projects	1,474,008		738,994
Gross investments in real estate	28,733,108		21,238,355
Less: accumulated depreciation	(3,766,758)		(3,178,024)
Net investments in real estate – North America	24,966,350		18,060,331
Net investments in real estate – Asia	14,319		32,041
Investments in real estate	$	24,980,669	$	18,092,372

Real estate assets acquisitions

Our real estate asset acquisitions during the year ended December 31, 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	10	1,870,992	1,497,877	745,209	936,455	$	2,817,748
San Francisco Bay Area	10	1,530,830	—	595,503	—	709,050
San Diego	19	951,235	—	927,334	413,909	519,710
Maryland	5	258,000	94,256	—	595,381	80,382
Research Triangle	—	1,055,000	—	—	—	91,000
Other	43	4,999,768	390,675	1,229,735	1,286,123	1,251,264
Year ended December 31, 2021	87	10,665,825	1,982,808	3,497,781	3,231,868	$	5,469,154	(1)

(1)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.

Acquired below-market leases

Real Estate Properties [Line Items]

Schedule of Finite-Lived Intangible Assets

The balances of acquired below-market tenant leases existing as of December 31, 2021 and 2020, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in thousands):

	December 31,
	2021		2020
Acquired below-market leases	$	579,267	$	477,377
Accumulated amortization	(237,682)		(189,302)
	$	341,585	$	288,075

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2021 was approximately 5.4 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2021 is as follows (in thousands):

Year	Amount
2022	$	55,813
2023	47,836
2024	37,663
2025	31,532
2026	27,761
Thereafter	140,980
Total	$	341,585

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, classified in other assets in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in thousands):

	December 31,
	2021		2020
Acquired in-place leases	$	987,213	$	712,380
Accumulated amortization	(377,341)		(250,056)
	$	609,872	$	462,324

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 $146.6 million, $105.4 million, and $49.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 8.3 years, and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2021 is as follows (in thousands):

Year	Amount
2022	$	137,100
2023	97,299
2024	70,442
2025	56,701
2026	46,568
Thereafter	201,762
Total	$	609,872