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 June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Rental properties:
Land (related to rental properties)	$	4,568,668	$	4,284,731
Buildings and building improvements	19,056,860		18,605,627
Other improvements	2,974,944		2,677,763
Rental properties	26,600,472		25,568,121
Development and redevelopment projects	9,220,247		8,715,335
Gross investments in real estate – North America	35,820,719		34,283,456
Less: accumulated depreciation – North America	(4,642,665)		(4,349,780)
Net investments in real estate – North America	31,178,054		29,933,676
Net investments in real estate – Asia	—		11,764
Investments in real estate	$	31,178,054	$	29,945,440


		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

Other	—	374,349	—	—	54,000
Three months ended June 30, 2023	—	374,349	—	—	54,000






Six months ended June 30, 2023	3	1,089,349	110,717	257,743	$	225,940	(1)

(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 six months ended June 30, 2023, we acquired three properties for an aggregate purchase price of $225.9 million. In connection with our acquisitions, we recorded in-place lease assets aggregating $11.3 million and below-market lease liabilities in which we are the lessor aggregating $5.9 million. As of June 30, 2023, the total and weighted-average amortization period remaining on our in-place leases and below-market leases acquired during the six months ended June 30, 2023 was 2.5 years.

Our completed dispositions of and sales of partial interests in real estate assets during the six months ended June 30, 2023 consisted of the following (dollars in thousands):


									Gain on Sale of Real Estate		Consideration Above/(Below) Book Value(1)
Property	Submarket/Market	Date of Sale	Interest Sold		RSF	Sales Price
225, 231, 266, and 275 Second Avenue and 780 and 790 Memorial Drive	Route 128 and Cambridge/Inner Suburbs/Greater Boston	6/13/23	100	%	428,663	$	365,226		$	187,225	N/A
11119 North Torrey Pines Road	Torrey Pines/San Diego	5/4/23	100	%	72,506	86,000			27,585		N/A
						451,226			214,810		N/A

275 Grove Street	Route 128/Greater Boston	6/27/23	100	%	509,702	109,349			(2)		N/A
Other						42,092			—		N/A

Partial interest sales(3):
9625 Towne Centre Drive	University Town Center/ San Diego	6/21/23	20.1	%	163,648	32,261			N/A		$	15,553
15 Necco Street	Seaport Innovation District/Greater Boston	4/11/23	18	%	345,995	66,108			N/A		(7,761)
						$	701,036	(4)	$	214,810	$	7,792

(1)Relates to sales of partial interests in real estate assets over which we retained control and therefore continue to consolidate. We recognized the difference between the consideration received and the book value of partial interests sold in additional paid-in capital, with no gain or loss recognized in earnings.

(3)Refer to the “Sales of partial interests” section in Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information.

(4)Represents the aggregate contractual sales price of our sales, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statements of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses.

In January 2020, we acquired a three-building office campus aggregating 509,702 RSF at 275 Grove Street in our Route 128 submarket. At the time of our acquisition, the campus was fully occupied with a weighted-average remaining lease term of 6.1 years. We had intended to convert the campus into laboratory space through redevelopment upon the expiration of the acquired in-place leases.

Since our acquisition, the macroeconomic environment and demand for office space have deteriorated considerably. In April 2023, upon meeting the criteria for classification as held for sale, we recognized a real estate impairment charge aggregating $138.9 million to reduce our investment in this campus to its estimated fair value less costs to sell. In June 2023, we recognized an additional impairment adjustment of $6.5 million to reduce the carrying amount of this asset to its updated fair value less costs to sell. These impairment charges aggregating $145.4 million were classified in impairment of real estate in our consolidated statements of operations. We completed the sale in June 2023 with no gain or loss recognized in earnings.