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Investments in real estate (Notes)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Investments in real estate, net Our consolidated investments in real estate consisted of the following as of December 31, 2025 and 2024 (in thousands):
December 31,
2025
2024
Rental properties:
Land (related to rental properties)
$3,204,479
$3,863,027
Buildings and building improvements
19,738,825
20,377,935
Other improvements
4,371,720
4,354,785
Rental properties
27,315,024
28,595,747
Current and future development and redevelopment projects
6,788,464
8,618,727
Gross investments in real estate
34,103,488
37,214,474
Less: accumulated depreciation
(5,970,171)
(5,477,082)
Investments in real estate assets held for sale, less accumulated depreciation(1)
556,679
372,647
Investments in real estate
$28,689,996
$32,110,039
(1)Refer to “Assets held for sale” below.
Assets held for sale
As of December 31, 2025, we had 20 operating properties aggregating 1.6 million RSF and land parcels aggregating
1.9 million SF that were classified as held for sale.
The disposal of properties classified as held for sale does not represent a strategic shift that has, or will have, a major effect on
our operations or financial results, as the dispositions relate to individual assets across multiple markets and do not represent the exit
from any significant market. Accordingly, these assets do not meet the criteria for classification as a discontinued operation. We cease
depreciation of our properties upon their classification as held for sale.
The following is a summary of net assets as of December 31, 2025 and 2024 for our real estate investments that were
classified as held for sale as of each respective date (in thousands):
December 31,
2025
2024
Investments in real estate, less accumulated depreciation
$556,679
$372,647
Other assets
37,859
9,488
Total assets
594,538
382,135
Total liabilities
(12,235)
(13,462)
Total accumulated other comprehensive (loss) income
(566)
2,584
Net assets classified as held for sale
$581,737
$371,257
For additional information, refer to “Real estate sales” in Note 2 – “Summary of significant accounting policies” to our
consolidated financial statements.
Acquired below-market leases
The balances of acquired below-market tenant leases existing as of December 31, 2025 and 2024 and related accumulated
amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of
December 31, 2025 and 2024, were as follows (in thousands):
December 31,
2025
2024
Acquired below-market leases
$715,898
$652,757
Accumulated amortization
(582,865)
(472,350)
$133,033
$180,407
For the years ended December 31, 2025, 2024, and 2023, we recognized in rental revenues approximately $41.3 million,
$89.4 million, and $96.9 million, respectively, related to the amortization of acquired below-market leases existing as of the end of each
respective year.
The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2025
was approximately 7.9 years, and the estimated annual amortization of the value of acquired below-market leases as of December 31,
2025 is as follows (in thousands):
Year
Amount
2026
$24,126
2027
22,721
2028
10,962
2029
8,634
2030
8,164
Thereafter
58,426
Total
$133,033
Acquired in-place leases
The balances of acquired in-place leases and related accumulated amortization, classified in other assets in our consolidated
balance sheets as of December 31, 2025 and 2024, were as follows (in thousands):
December 31,
2025
2024
Acquired in-place leases
$943,097
$1,032,744
Accumulated amortization
(739,089)
(727,600)
$204,008
$305,144
Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of
operations, was approximately $83.0 million, $108.7 million, and $160.6 million for the years ended December 31, 2025, 2024, and
2023, respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 7.8 years, and
the estimated annual amortization of the value of acquired in-place leases as of December 31, 2025 is as follows (in thousands):
Year
Amount
2026
$43,811
2027
33,492
2028
23,946
2029
19,060
2030
16,736
Thereafter
66,963
Total
$204,008
Sales of real estate assets and impairment of real estate
Our completed dispositions of real estate assets during the year ended December 31, 2025 consisted of the following (dollars
in thousands):
Square Footage
Gain on
Sales of
Real Estate
Property
Submarket/Market
Date of
Sale
Interest
Sold
Operating
Land and
Future
Sales Price
550 Arsenal Street
Cambridge/Inner Suburbs/
Greater Boston
10/15/25
100%
249,275
281,592
$99,250
$—
285, 299, 307, and 345 Dorchester
Avenue (consolidated JV)
Seaport Innovation District/
Greater Boston
12/30/25
60%
—
1,040,000
33,500
(1)
—
409 and 499 Illinois Street
(consolidated JV)
Mission Bay/San Francisco
Bay Area
12/17/25
25%
466,297
—
180,273
(2)
416,749
(2)
601, 611, 651, 681, 685, 701, and
751 Gateway Boulevard
(consolidated JVs)
South San Francisco/San
Francisco Bay Area
12/30/25
(3)
1,104,826
528,684
283,173
(3)
—
2425 Garcia Avenue and 2400/2450
Bayshore Parkway
Greater Stanford/San
Francisco Bay Area
6/30/25
100%
95,901
—
11,000
—
ARE Nautilus
Torrey Pines/San Diego
12/10/25
100%
218,640
—
192,000
86,260
Costa Verde by Alexandria
University Town Center/San
Diego
1/31/25
100%
8,730
537,000
124,000
(4)
—
4767 Nexus Center Drive
University Town Center/San
Diego
12/31/25
100%
65,280
—
50,000
(5)
15,330
9363, 9373, and 9393 Towne
Centre Drive
University Town Center/San
Diego
12/18/25
100%
—
230,000
40,000
17,978
Pacific Technology Park
Sorrento Mesa/San Diego
9/9/25
50%
544,352
—
1,570
(6)
9,290
6260 Sequence Drive
Sorrento Mesa/San Diego
12/16/25
100%
130,536
—
70,000
—
5505 Morehouse Drive
Sorrento Mesa/San Diego
8/26/25
100%
79,945
—
45,000
—
5600 Avenida Encinas
Carlsbad/San Diego
12/17/25
100%
182,276
—
64,100
—
21540 30th Drive Southeast
Bothell/Seattle
12/22/25
100%
144,738
—
43,829
—
14 TW Alexander Drive
Research Triangle/Research
Triangle
11/20/25
100%
173,820
—
155,000
78,489
3029 East Cornwallis Road
Research Triangle/Research
Triangle
12/31/25
100%
—
600,000
29,500
—
601 Keystone Park Drive
Research Triangle/Research
Triangle
10/3/25
100%
77,595
—
24,879
4,362
Alexandria Center for Life Science –
Long Island City
New York City/New York
City
12/19/25
100%
179,100
—
34,500
—
Land parcel
Texas
5/7/25
100%
—
1,350,000
73,287
—
Other
Various
258,917
13,987
$1,813,778
(7)
$642,445
(1)Represents sales price of interest sold.
(2)Represents two life science buildings in which we held a 25% ownership interest. At the time of sale, the properties were 40% occupied, with a weighted-average
remaining lease term of 8.3 years. These properties were sold by the joint venture to an existing tenant following its exercise of a purchase right included in its lease
agreement. The gross sales price was $767.1 million ($721.1 million net of seller credits and sales costs), of which our share of the price (after seller credits) was
$180.3 million. Our share of gain on sales of real estate was $103.9 million.
(3)We held a 50% ownership interest at 601, 611, 651, 681, 685, and 701 Gateway Boulevard consolidated joint venture and a 51% interest at 751 Gateway Boulevard
consolidated joint venture. At the time of sale, these properties had operating and redevelopment properties occupancy of 62%, with a weighted-average lease term of
5.1 years. Due to macroeconomic conditions in South San Francisco, including significant new supply, lower life science tenant demand, and ongoing challenges leasing
both laboratory and office space, we reassessed the project’s financial outlook and the substantial capital required to lease vacant space and to complete the
redevelopment of 651 Gateway Boulevard and future development opportunities. As a result, we sold the consolidated joint ventures for a gross price of $600.0 million
($560.4 million net of customary seller credits and sales costs), of which our share of the price (after seller credits) was $283.2 million.
(4)We provided $91.0 million of seller financing during the three months ended March 31, 2025. This note receivable is classified within “Other assets” in our consolidated
balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information.
(5)We provided $33.0 million of seller financing during the three months ended December 31, 2025. This note receivable is classified within “Other assets” in our
consolidated balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information.
(6)$94.4 million of the sales price represents non-cash consideration. Refer to “Pacific Technology Park and 199 East Blaine Street” in Note 4 – “Consolidated and
unconsolidated real estate joint ventures” to our consolidated financial statements for additional information regarding this sale.
(7)Represents our share of the aggregate sales price from our dispositions, less sales credits, which differs from the sum of amounts disclosed in our consolidated
statement of cash flows under “Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests),
and “Supplemental disclosure and non-cash investing and financing activities" (non-cash sales) primarily due to the timing of payments, closing costs, other sales-
related adjustments (including prorations of rents and expenses), and our consolidated joint venture partners’ share of the sales price, aggregating $685.4 million,
reflected in our consolidated statement of cash flows. 
Impairment of real estate
During the year ended December 31, 2025, we recognized impairment charges aggregating $2.20 billion, classified in
impairment of real estate in our consolidated statement of operations, primarily related to the following assets:
Greater Boston market
•Impairment charge of $236.0 million (including our share of $149.7 million) was recognized to reduce the carrying amount of
multiple land parcels aggregating 1.0 million of future development SF owned by a consolidated real estate joint venture in our
Seaport Innovation District submarket of our Greater Boston market, to their estimated fair values less costs to sell. We held a
60% ownership interest in the land parcels. These industrial- and retail-zoned land parcels were originally acquired with the
intent to develop laboratory space. The decision not to proceed with the project reflects a lack of tenant demand for laboratory
space in the Seaport Innovation District submarket and aligns with our strategy to recycle capital into projects with greater
value-creation potential. In December 2025, we completed the sale of our interest in this joint venture for $33.5 million, with no
gain or loss recognized. As of December 31, 2025, we no longer have an ownership interest in this consolidated real estate
joint venture.
•Impairment charge of $43.4 million was recognized to reduce the carrying amount of a retail shopping center aggregating
249,275 RSF with a future development opportunity aggregating 281,592 SF in our Cambridge/Inner Suburbs submarket of
our Greater Boston market to its estimated fair value less costs to sell. This property met the held for sale criteria in September
2025 upon our commitment to dispose of this asset and allocate sales proceeds toward other projects with higher value-
creation opportunities and obtaining all required approvals to sell. In October 2025, we completed the sale of this property for
$99.3 million, with no gain or loss recognized.
•Impairment charge of $262.1 million was recognized to reduce the carrying amount of one development project and one
redevelopment project, aggregating 279,456 RSF in our Cambridge submarket of our Greater Boston market, to their
estimated fair values of approximately $116.4 million less costs to sell. These assets were originally acquired with the intent to
expand our Megacampus ecosystem. Following an updated assessment of the projects’ financial outlook, including the capital
required to complete the development and redevelopment and lease the properties, we decided to sell these assets and
reinvest the sales proceeds in other projects with greater value-creation opportunities. We expect to complete the sale within
the next 12 months.
San Diego market
•Impairment charge of $42.4 million was recognized to reduce the carrying amount of an office property aggregating 182,276
RSF in Carlsbad, San Diego to its estimated fair value less costs to sell. This property met the criteria for classification as held
for sale in April 2025 upon our commitment to sell, at which time we recognized an impairment of $35.4 million based on
negotiations with a potential buyer at that time. Subsequently, we recognized an additional impairment charge of $7.0 million to
adjust the asset’s carrying amount to the currently negotiated reduced sales price less costs to sell. In December 2025, we
completed the sale of this property for $64.1 million, with no gain or loss recognized.
•Impairment charge of $27.8 million was recognized to reduce the carrying amounts of land parcels aggregating 154,308 SF on
a non-Megacampus property in our Sorrento Mesa submarket of our San Diego market to their estimated fair values, less
costs to sell, upon meeting the criteria for classification as held for sale in September 2025. These assets met the criteria for
classification as held for sale upon our reevaluation of their alignment with our Megacampus strategy and our decision to
reallocate capital toward our other projects with greater value-creation opportunities. In November 2025, we completed the
sale of these assets for $14.6 million, with no gain or loss recognized.
•Impairment charge of $17.3 million was recognized to reduce the carrying amounts of two operating properties aggregating
210,481 RSF in our Sorrento Mesa submarket of our San Diego market to their estimated fair values less costs to sell. These
properties met the criteria for classification as held for sale in June 2025, based on negotiations with then‑prospective buyers
and our decision to dispose of these properties. In 2025, we completed the sales of these properties for a sales price
aggregating $115.0 million, with no gain or loss recognized.
•Impairment charge of $31.7 million was recognized to primarily reduce the carrying amounts of seven operating properties
aggregating 330,192 RSF located in non-strategic locations that are not integral to our Megacampus strategy in our University
Town Center and Sorrento Mesa submarkets of our San Diego market, to their estimated fair values less costs to sell of
approximately $117.8 million upon meeting the criteria for classification as held for sale. We expect to complete the sale within
the next 12 months.
San Francisco Bay market
•We held a 50% ownership interest at 601, 611, 651, 681, 685, and 701 Gateway Boulevard consolidated joint venture and a
51% interest at 751 Gateway Boulevard joint venture, which owned seven properties aggregating 1.6 million RSF, located in
our South San Francisco submarket of our San Francisco Bay market.
In December 2025, we recognized impairment charges aggregating $385.0 million (including our share of $206.0 million) to
reduce the carrying amounts of these assets to their aggregate sales price of $560.4 million ($600.0 million agreed upon price
less sales credits) less costs to sell. The decision to sell these Megacampus assets followed a reevaluation of the project’s
financial outlook and the capital required to lease vacant space and redevelop certain properties, leading to our strategic
decision to reinvest the sales proceeds toward other projects with greater value-creation opportunities.
On December 30, 2025, we completed the sales of our interests in these joint ventures for $283.2 million (representing our
share) with no gain or loss recognized. As of December 31, 2025, we no longer have ownership interests in these consolidated
real estate joint ventures.
•Impairment charge of $478.1 million was recognized to reduce the carrying amount of one operating property aggregating
228,000 RSF and two future development projects aggregating 1.3 million SF, in our SoMa and Greater Stanford submarkets
in our San Francisco Bay Area market, to their estimated fair values of approximately $205.8 million less costs to sell. These
assets, acquired in 2017 and 2019 with the intent to develop for life science use, are no longer aligned with our strategy due to
the macroeconomic outlook and our focus on recycling capital into projects with greater value-creation potential. In 2020, we
received a lease termination payment of $89.5 million for one of these properties prior to the commencement of development.
We have begun marketing these properties to residential developers, and we expect to complete the sales within the next 12
months.
Research Triangle market
•Impairment charge of $82.5 million was recognized to reduce the carrying amount of land parcels aggregating 600,000 SF
located in our Research Triangle market to their estimated fair values less costs to sell. The decision to sell these land parcels
reflects lower-than-anticipated biomanufacturing demand at this location, leading to our strategic decision to reinvest the sales
proceeds toward other projects with greater value-creation opportunities. In December 2025, we completed the sale of this
asset for $29.5 million, with no gain or loss recognized.
•Impairment charge of $31.8 million was recognized to reduce the carrying amount of one vacant property aggregating 104,531
RSF in the Research Triangle market to its estimated fair value less costs to sell of approximately $1.2 million upon meeting
the criteria for classification as held for sale in September 2025. The held for sale criteria were met upon our decision to sell
this asset, due to its noncontiguous location relative to most other properties on the Alexandria Center® for Sustainable
Technologies Megacampus, and to allocate the sales proceeds, and other capital necessary to lease the property, toward
other projects with greater value-creation opportunities. We expect to complete the sale within the next 12 months.
New York City market
•Impairment charge of $206.2 million was recognized to reduce the carrying amount of a non-Megacampus property
aggregating 179,100 RSF in Long Island City, a non-core location within our New York City market, to its estimated fair value
less costs to sell. This property met the held for sale criteria in September 2025, when we committed to dispose of it following
our reevaluation of its alignment with our Megacampus strategy and decided to allocate sales proceeds toward other projects
with higher value-creation opportunities. As of September 30, 2025, the property was 52% occupied. In December 2025, we
completed the sale of this property for $34.5 million, with no gain or loss recognized.
Seattle market
•Impairment charge of $28.2 million was recognized to reduce the carrying amounts of three operating properties aggregating
250,132 RSF in our Bothell submarket of Seattle market to their estimated fair values less costs to sell upon meeting the
criteria for classification as held for sale. These assets were classified as held for sale upon our evaluation of their alignment
with our Megacampus strategy and our decision to reallocate substantial near-term capital that the repositioning of these
assets would have otherwise required toward our other projects with greater value-creation opportunities. In December 2025,
we completed the sales of these properties for the sale price of $60.1 million, with no gain or loss recognized.
Canada market
•Impairment charge of $107.1 million was recognized to reduce the carrying amounts of 10 non-Megacampus properties
aggregating 787,698 RSF, located in our Canada market, to their estimated fair values aggregating approximately $140.5
million less costs to sell. This decision reflects our assessment that the next phase of value creation for these assets would
require significant capital investment to generate leasing activity, our strategic decision to reinvest the sales proceeds toward
other projects with greater value-creation opportunities, and our decision to exit the Montreal submarket. The disposition of
these properties will represent our complete exit from the Montreal submarket, leaving us with one remaining asset in Canada.
This disposition does not represent a strategic shift that has, or will have, a major effect on our operations or financial results
and therefore does not meet the criteria for classification as a discontinued operation. We expect to complete the sale within
the next 12 months.
Non-cluster
•Impairment charge of $71.9 million was recognized in connection with four operating properties aggregating 182,626 RSF in
our non-cluster market, reducing their carrying amounts to estimated fair values less costs to sell. These properties were
originally acquired based on their proximity to Amgen, Inc., a large public biotechnology company, and with the intent of
accommodating a pipeline of early-stage tenants. However, demand from these tenants has substantially declined since our
acquisition. As a result, we decided to sell these assets and to reinvest the sales proceeds and other capital necessary to
lease the properties toward other projects with greater value-creation opportunities. In December 2025, we completed the sale
of these properties for $37.5 million, with no gain or loss recognized.
•Impairment charge of $47.3 million was recognized to reduce the carrying amount of land parcels aggregating 374,349 SF in a
non-cluster/other market to its estimated fair value less costs to sell upon meeting the criteria for classification as held for sale.
The held for sale criteria were met in June 2025 based on negotiations with a then‑prospective buyer and our decision to
dispose of this asset. In September 2025, we completed the sale of this asset for a sales price of $30.3 million, with no gain or
loss recognized.
Various
•Impairment charge of $45.1 million was recognized primarily related to a ground lease entered into in 2021 for a future
development opportunity in the San Francisco Bay Area market. Refer to “Lessee operating costs” in Note 5 – “Leases” to our
consolidated financial statements for additional information.
•Additional impairment charges aggregating $59.0 million were recognized in connection with real estate assets across various
markets, to reduce carrying amounts of these assets to their estimated fair values aggregating approximately $129.4 million
less costs to sell. All of these properties were located outside of a Megacampus ecosystem, and their disposition aligns with
our strategy to recycle capital into projects with greater value-creation potential. In 2025, we completed the sales of these
properties for an aggregate sales price of $170.4 million and recognized a gain on sale of real estate of $30.6 million.
Other
In 2006, ARE-East River Science Park, LLC, a subsidiary of Alexandria Real Estate Equities, Inc., was granted an option to
incorporate a land parcel adjacent to and north of the Alexandria Center® for Life Science – New York City (“ACLS-NYC”) campus
(“Option Parcel”) into the existing ground lease of that campus. The Option Parcel will allow ARE-East River Science Park, LLC to
develop a future world-class life science building within the ACLS-NYC campus. ARE-East River Science Park, LLC’s investment in pre-
construction costs related to the development of the Option Parcel, including costs related to design, engineering, environmental,
survey/title, and permitting and legal costs, aggregated $178.1 million as of December 31, 2025.
On August 6, 2024, ARE-East River Science Park, LLC filed a lawsuit in the U.S. District Court for the Southern District of New
York against its landlord, New York City Health + Hospitals Corporation (“H+H”), and the New York City Economic Development
Corporation (“EDC”). On January 24, 2025, ARE-East River Science Park, LLC filed a first amended complaint. The lawsuit alleges two
principal claims against H+H and EDC: fraud in the inducement, and, in the alternative, breach of contract in violation of the implied
covenant of good faith and fair dealing. As alleged in the complaint, ARE-East River Science Park, LLC’s claims arise from H+H’s and
EDC’s misrepresentations and concealment of material facts in connection with a floodwall, which H+H and EDC are seeking to require
ARE-East River Science Park, LLC to integrate into the development of the Option Parcel. ARE-East River Science Park, LLC alleges
that H+H’s and EDC’s misconduct have prevented it from commencing the development of the Option Parcel. In light of the pending
litigation, the closing date for our option and thus the commencement date for construction of the third tower at the campus are
presently indeterminate. Among other things, ARE-East River Science Park, LLC is seeking significant damages and equitable relief
from the court to confirm our understanding that the option is in full force and effect.
This matter exposes us to potential losses ranging from zero to the full amount of our investment in the project aggregating
$178.1 million as of December 31, 2025, depending on any collection of damages and/or the ability to develop the project. We
performed a probability-weighted recoverability analysis based on estimates of various possible outcomes and determined no
impairment was present as of December 31, 2025.