Investments in real estate (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate Properties [Line Items]

Investments in real estate

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

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

Real estate assets dispositions

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.

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, 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

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, 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

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, 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

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 $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