Investments in real estate

3 Months Ended

Mar. 31, 2023

Our consolidated investments in real estate, including real estate assets classified as 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 March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
Rental properties:
Land (related to rental properties)	$	4,358,226	$	4,284,731
Buildings and building improvements	18,758,941		18,605,627
Other improvements	2,814,476		2,677,763
Rental properties	25,931,643		25,568,121
Development and redevelopment projects	9,503,420		8,715,335
Gross investments in real estate – North America	35,435,063		34,283,456
Less: accumulated depreciation – North America	(4,557,560)		(4,349,780)
Net investments in real estate – North America	30,877,503		29,933,676
Net investments in real estate – Asia	11,892		11,764
Investments in real estate	$	30,889,395	$	29,945,440

Acquisitions

Our real estate asset acquisitions during the three months ended March 31, 2023 consisted of the following (dollars in thousands):


		Square Footage
Market	Number of Properties	Future Development	Active Development/Redevelopment	Operating With Future Development/Redevelopment	Purchase Price(1)






Canada	1	—	—	247,743	$	100,837
Other	2	715,000	110,717	10,000	71,103
Three months ended March 31, 2023	3	715,000	110,717	257,743	$	171,940

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

Based upon our evaluation of each acquisition, we determined that substantially all of the fair value related to each acquisition was concentrated in a single identifiable asset or a group of similar identifiable assets or was associated with a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis.

During the three months ended March 31, 2023, we acquired three properties for an aggregate purchase price of $171.9 million. In connection with our acquisitions, we recorded in-place lease assets aggregating $11.1 million and below-market lease liabilities in which we are the lessor aggregating $5.9 million. As of March 31, 2023, the total and weighted-average amortization period remaining on our in-place leases and below-market leases acquired during the three months ended March 31, 2023 was 2.8 years.