Fixed SOFR floor rate

  
  
4.    CONSOLIDATED AND UNCONSOLIDATED REAL ESTATE JOINT VENTURES (continued)Consolidated VIEs’ balance sheet information  
The table below aggregates the balance sheet information of our consolidated VIEs as of September 30, 2022 and December 31, 2021 (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | September 30, 2022 |  | December 31, 2021 |
| Investments in real estate |  | $ | 6,581,901  |  |  | $ | 5,014,842  |  |
| Cash and cash equivalents |  | 253,426  |  |  | 181,074  |  |
| Other assets |  | 678,889  |  |  | 509,281  |  |
| Total assets |  | $ | 7,514,216  |  |  | $ | 5,705,197  |  |
|  |  |  |  |  |
| Secured notes payable |  | $ | 39,945  |  |  | $ | 7,991  |  |
| Other liabilities |  | 453,619  |  |  | 269,605  |  |
| Total liabilities |  | 493,564  |  |  | 277,596  |  |
| Alexandria Real Estate Equities, Inc.’s share of equity |  | 3,391,220  |  |  | 2,593,505  |  |
| Noncontrolling interests’ share of equity |  | 3,629,432  |  |  | 2,834,096  |  |
| Total liabilities and equity |  | $ | 7,514,216  |  |  | $ | 5,705,197  |  |

  
In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the balance sheet information of these entities on an aggregated basis. None of our consolidated VIEs’ assets have restrictions that limit their use to settle specific obligations of the VIE. There are no creditors or other partners of our consolidated VIEs that have recourse to our general credit, and our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE, except for our 99 Coolidge Avenue joint venture, in which the VIE’s secured construction loan is guaranteed by us. For additional information, refer to Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements.  
Unconsolidated real estate joint ventures  
Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE. Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets as of September 30, 2022 and December 31, 2021, consisted of the following (in thousands):  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Property |  | September 30, 2022 |  | December 31, 2021 |
| 1655 and 1725 Third Street |  | $ | 12,990  |  |  | $ | 14,034 |
| 1450 Research Boulevard |  | 5,532  |  |  | 4,455 |
| 101 West Dickman Street |  | 8,537  |  |  | 8,481 |
| Other |  | 11,226  |  |  | 11,513  |  |
|  |  | $ | 38,285  |  |  | $ | 38,483  |  |

   
The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of September 30, 2022 (dollars in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Interest Rate(1) |  | At 100% |  | Our Share |
| Unconsolidated Joint Venture |  | Maturity Date |  | Stated Rate |  |  | Aggregate Commitment  |  | Debt Balance(2) |  |
| 1401/1413 Research Boulevard |  |  | 12/23/24 |  |  | 2.70% |  | 3.32% |  | $ | 28,500  |  |  | $ | 28,079  |  |  | 65.0% |
| 1655 and 1725 Third Street |  |  | 3/10/25 |  |  | 4.50% |  | 4.57% |  | 600,000  |  |  | 598,974  |  |  | 10.0% |
| 101 West Dickman Street |  |  | 11/10/26 |  |  | SOFR+1.95% | (3) | 4.33% |  | 26,750  |  |  | 10,439  |  |  | 57.9% |
| 1450 Research Boulevard |  |  | 12/10/26 |  |  | SOFR+1.95% | (3) | N/A |  | 13,000  |  |  | —  |  |  | 73.2% |
|  |  |  |  |  |  |  |  |  |  | $ | 668,250  |  |  | $ | 637,492  |  |  |  |

(1)Includes interest expense and amortization of loan fees.(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2022.(3)This loan is subject to a fixed SOFR floor rate of 0.75%.  
  
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