Maryland | 95-4502084 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value per share | ARE | New York Stock Exchange |
Large accelerated filer | ||||||||||||||
Smaller reporting company | ☐ | |||||||||||||
Accelerated filer | ☐ | Emerging growth company | ☐ | |||||||||||
Non-accelerated filer | ☐ |
Page | |||||||||
Consolidated Balance Sheets as of September 30, | |||||||||
Consolidated Financial Statements | |||||||||
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, | |||||||||
At the Market | |||||
CIP | Construction in Progress | ||||
EPS | Earnings per Share | ||||
FFO | Funds | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
Joint Venture | |||||
LEED® | Leadership in Energy and Environmental Design | ||||
LIBOR | London Interbank Offered Rate | ||||
National Association of Real Estate Investment Trusts | |||||
NAV | Net Asset Value | ||||
Real Estate Investment Trust | |||||
RSF | Rentable Square Feet/Foot | ||||
SEC | Securities and Exchange Commission | ||||
SF | Square Feet/Foot | ||||
South of Downtown submarket of Seattle | |||||
SOFR | Secured Overnight Financing Rate | ||||
SoMa | South of Market | ||||
U.S. | United States | ||||
VIE | Variable Interest Entity |
September 30, 2017 | December 31, 2016 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Investments in real estate | $ | 10,046,521 | $ | 9,077,972 | Investments in real estate | $ | 28,771,745 | $ | 24,980,669 | |||||||||
Investments in unconsolidated real estate joint ventures | 33,692 | 50,221 | Investments in unconsolidated real estate joint ventures | 38,285 | 38,483 | |||||||||||||
Cash and cash equivalents | 118,562 | 125,032 | Cash and cash equivalents | 533,824 | 361,348 | |||||||||||||
Restricted cash | 27,713 | 16,334 | Restricted cash | 332,344 | 53,879 | |||||||||||||
Tenant receivables | 9,899 | 9,744 | Tenant receivables | 7,759 | 7,379 | |||||||||||||
Deferred rent | 402,353 | 335,974 | Deferred rent | 918,995 | 839,335 | |||||||||||||
Deferred leasing costs | 208,265 | 195,937 | Deferred leasing costs | 506,864 | 402,898 | |||||||||||||
Investments | 485,262 | 342,477 | Investments | 1,624,921 | 1,876,564 | |||||||||||||
Other assets | 213,056 | 201,197 | Other assets | 1,633,877 | 1,658,818 | |||||||||||||
Total assets | $ | 11,545,323 | $ | 10,354,888 | Total assets | $ | 34,368,614 | $ | 30,219,373 | |||||||||
Liabilities, Noncontrolling Interests, and Equity | Liabilities, Noncontrolling Interests, and Equity | |||||||||||||||||
Secured notes payable | $ | 1,153,890 | $ | 1,011,292 | Secured notes payable | $ | 40,594 | $ | 205,198 | |||||||||
Unsecured senior notes payable | 2,801,290 | 2,378,262 | Unsecured senior notes payable | 10,098,588 | 8,316,678 | |||||||||||||
Unsecured senior line of credit | 314,000 | 28,000 | ||||||||||||||||
Unsecured senior bank term loans | 547,860 | 746,471 | ||||||||||||||||
Accounts payable, accrued expenses, and tenant security deposits | 740,070 | 731,671 | ||||||||||||||||
Unsecured senior line of credit and commercial paper | Unsecured senior line of credit and commercial paper | 386,666 | 269,990 | |||||||||||||||
Accounts payable, accrued expenses, and other liabilities | Accounts payable, accrued expenses, and other liabilities | 2,393,764 | 2,210,410 | |||||||||||||||
Dividends payable | 83,402 | 76,914 | Dividends payable | 193,623 | 183,847 | |||||||||||||
Total liabilities | 5,640,512 | 4,972,610 | Total liabilities | 13,113,235 | 11,186,123 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Redeemable noncontrolling interests | 11,418 | 11,307 | Redeemable noncontrolling interests | 9,612 | 9,612 | |||||||||||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | |||||||||||||||||
7.00% Series D cumulative convertible preferred stock | 74,386 | 86,914 | ||||||||||||||||
6.45% Series E cumulative redeemable preferred stock | — | 130,000 | ||||||||||||||||
Common stock | 943 | 877 | Common stock | 1,626 | 1,580 | |||||||||||||
Additional paid-in capital | 5,287,777 | 4,672,650 | Additional paid-in capital | 17,639,434 | 16,195,256 | |||||||||||||
Accumulated other comprehensive income | 43,864 | 5,355 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (24,725) | (7,294) | |||||||||||||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 5,406,970 | 4,895,796 | Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 17,616,335 | 16,189,542 | |||||||||||||
Noncontrolling interests | 486,423 | 475,175 | Noncontrolling interests | 3,629,432 | 2,834,096 | |||||||||||||
Total equity | 5,893,393 | 5,370,971 | Total equity | 21,245,767 | 19,023,638 | |||||||||||||
Total liabilities, noncontrolling interests, and equity | $ | 11,545,323 | $ | 10,354,888 | Total liabilities, noncontrolling interests, and equity | $ | 34,368,614 | $ | 30,219,373 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Income from rentals | $ | 656,853 | $ | 546,527 | $ | 1,910,366 | $ | 1,533,593 | |||||||||||||||
Other income | 2,999 | 1,232 | 8,315 | 3,634 | |||||||||||||||||||
Total revenues | 659,852 | 547,759 | 1,918,681 | 1,537,227 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Rental operations | 201,189 | 165,995 | 578,801 | 447,838 | |||||||||||||||||||
General and administrative | 49,958 | 37,931 | 134,286 | 109,807 | |||||||||||||||||||
Interest | 22,984 | 35,678 | 76,681 | 107,303 | |||||||||||||||||||
Depreciation and amortization | 254,929 | 210,842 | 737,666 | 581,807 | |||||||||||||||||||
Impairment of real estate | 38,783 | 42,620 | 38,783 | 52,675 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | 3,317 | 67,253 | |||||||||||||||||||
Total expenses | 567,843 | 493,066 | 1,569,534 | 1,366,683 | |||||||||||||||||||
Equity in earnings of unconsolidated real estate joint ventures | 40 | 3,091 | 473 | 9,237 | |||||||||||||||||||
Investment (loss) income | (32,305) | 67,084 | (312,105) | 372,361 | |||||||||||||||||||
Gain (loss) on sales of real estate | 323,699 | (435) | 537,918 | 2,344 | |||||||||||||||||||
Net income | 383,443 | 124,433 | 575,433 | 554,486 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (38,747) | (21,286) | (108,092) | (58,134) | |||||||||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 344,696 | 103,147 | 467,341 | 496,352 | |||||||||||||||||||
Net income attributable to unvested restricted stock awards | (3,257) | (1,883) | (5,866) | (5,750) | |||||||||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 341,439 | $ | 101,264 | $ | 461,475 | $ | 490,602 | |||||||||||||||
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | |||||||||||||||||||||||
Basic | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.39 | |||||||||||||||
Diluted | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.38 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental | $ | 216,021 | $ | 166,591 | $ | 635,156 | $ | 486,505 | |||||||
Tenant recoveries | 67,058 | 58,681 | 188,874 | 165,385 | |||||||||||
Other income | 2,291 | 5,107 | 5,276 | 20,654 | |||||||||||
Total revenues | 285,370 | 230,379 | 829,306 | 672,544 | |||||||||||
Expenses: | |||||||||||||||
Rental operations | 83,469 | 72,002 | 237,536 | 205,164 | |||||||||||
General and administrative | 17,636 | 15,854 | 56,099 | 46,426 | |||||||||||
Interest | 31,031 | 25,850 | 92,563 | 75,730 | |||||||||||
Depreciation and amortization | 107,788 | 77,133 | 309,069 | 218,168 | |||||||||||
Impairment of real estate | — | 8,114 | 203 | 193,237 | |||||||||||
Loss on early extinguishment of debt | — | 3,230 | 670 | 3,230 | |||||||||||
Total expenses | 239,924 | 202,183 | 696,140 | 741,955 | |||||||||||
Equity in earnings (losses) of unconsolidated real estate joint ventures | 14,100 | 273 | 15,050 | (270 | ) | ||||||||||
Gain on sales of real estate – rental properties | — | — | 270 | — | |||||||||||
Gain on sales of real estate – land parcels | — | 90 | 111 | 90 | |||||||||||
Net income (loss) | 59,546 | 28,559 | 148,597 | (69,591 | ) | ||||||||||
Net income attributable to noncontrolling interests | (5,773 | ) | (4,084 | ) | (18,892 | ) | (11,614 | ) | |||||||
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 53,773 | 24,475 | 129,705 | (81,205 | ) | ||||||||||
Dividends on preferred stock | (1,302 | ) | (5,007 | ) | (6,364 | ) | (16,388 | ) | |||||||
Preferred stock redemption charge | — | (13,095 | ) | (11,279 | ) | (25,614 | ) | ||||||||
Net income attributable to unvested restricted stock awards | (1,198 | ) | (921 | ) | (3,498 | ) | (2,807 | ) | |||||||
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 51,273 | $ | 5,452 | $ | 108,564 | $ | (126,014 | ) | ||||||
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – basic and diluted | $ | 0.55 | $ | 0.07 | $ | 1.20 | $ | (1.69 | ) | ||||||
Dividends declared per share of common stock | $ | 0.86 | $ | 0.80 | $ | 2.55 | $ | 2.40 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 383,443 | $ | 124,433 | $ | 575,433 | $ | 554,486 | |||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||||||||
Unrealized (losses) gains on foreign currency translation: | |||||||||||||||||||||||
Unrealized foreign currency translation (losses) gains arising during the period | (12,874) | (1,521) | (17,431) | 596 | |||||||||||||||||||
Unrealized (losses) gains on foreign currency translation, net | (12,874) | (1,521) | (17,431) | 596 | |||||||||||||||||||
Total other comprehensive (loss) income | (12,874) | (1,521) | (17,431) | 596 | |||||||||||||||||||
Comprehensive income | 370,569 | 122,912 | 558,002 | 555,082 | |||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | (38,747) | (21,286) | (108,092) | (58,134) | |||||||||||||||||||
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | $ | 331,822 | $ | 101,626 | $ | 449,910 | $ | 496,948 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 59,546 | $ | 28,559 | $ | 148,597 | $ | (69,591 | ) | ||||||
Other comprehensive income (loss) | |||||||||||||||
Unrealized gains (losses) on available-for-sale equity securities: | |||||||||||||||
Unrealized holding gains (losses) arising during the period | 17,018 | (38,621 | ) | 23,414 | (70,055 | ) | |||||||||
Reclassification adjustment for (gains) losses included in net income (loss) | — | (8,540 | ) | 2,482 | (18,627 | ) | |||||||||
Unrealized gains (losses) on available-for-sale equity securities, net | 17,018 | (47,161 | ) | 25,896 | (88,682 | ) | |||||||||
Unrealized gains (losses) on interest rate hedge agreements: | |||||||||||||||
Unrealized interest rate hedge gains (losses) arising during the period | 145 | 2,982 | 812 | (7,655 | ) | ||||||||||
Reclassification adjustment for amortization of interest expense included in net income (loss) | 198 | 1,702 | 1,810 | 3,725 | |||||||||||
Unrealized gains (losses) on interest rate hedge agreements, net | 343 | 4,684 | 2,622 | (3,930 | ) | ||||||||||
Unrealized gains on foreign currency translation: | |||||||||||||||
Unrealized foreign currency translation gains (losses) arising during the period | 3,836 | (1,322 | ) | 7,592 | 842 | ||||||||||
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation | — | 3,779 | 2,421 | 10,807 | |||||||||||
Unrealized gains on foreign currency translation, net | 3,836 | 2,457 | 10,013 | 11,649 | |||||||||||
Total other comprehensive income (loss) | 21,197 | (40,020 | ) | 38,531 | (80,963 | ) | |||||||||
Comprehensive income (loss) | 80,743 | (11,461 | ) | 187,128 | (150,554 | ) | |||||||||
Less: comprehensive income attributable to noncontrolling interests | (5,783 | ) | (4,081 | ) | (18,914 | ) | (11,587 | ) | |||||||
Comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 74,960 | $ | (15,542 | ) | $ | 168,214 | $ | (162,141 | ) |
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 161,456,046 | $ | 1,615 | $ | 17,149,571 | $ | — | $ | (11,851) | $ | 3,313,189 | $ | 20,452,524 | $ | 9,612 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | 344,696 | — | 38,545 | 383,241 | 202 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | (12,874) | — | (12,874) | — | ||||||||||||||||||||||||||||||||||||||||||
Contributions from and sales of noncontrolling interests | — | — | 125,956 | — | — | 324,957 | 450,913 | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to and redemption of noncontrolling interests | — | — | — | — | — | (47,259) | (47,259) | (202) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1,000,000 | 10 | 199,420 | — | — | — | 199,430 | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance pursuant to stock plan | 269,934 | 3 | 29,198 | — | — | — | 29,201 | — | ||||||||||||||||||||||||||||||||||||||||||
Taxes related to net settlement of equity awards | (106,445) | (2) | (15,784) | — | — | — | (15,786) | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.18 per share) | — | — | — | (193,623) | — | — | (193,623) | — | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of earnings in excess of distributions | — | — | 151,073 | (151,073) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 162,619,535 | $ | 1,626 | $ | 17,639,434 | $ | — | $ | (24,725) | $ | 3,629,432 | $ | 21,245,767 | $ | 9,612 |
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
7.00% Series D Cumulative Convertible Preferred Stock | 6.45% Series E Cumulative Redeemable Preferred Stock | Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 86,914 | $ | 130,000 | 87,665,880 | $ | 877 | $ | 4,672,650 | $ | — | $ | 5,355 | $ | 475,175 | $ | 5,370,971 | $ | 11,307 | ||||||||||||||||||||
Net income | — | — | — | — | — | 129,705 | — | 18,139 | 147,844 | 753 | |||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | — | — | 38,509 | 22 | 38,531 | — | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (16,790 | ) | (16,790 | ) | (642 | ) | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 9,877 | 9,877 | — | |||||||||||||||||||||||||||||
Issuances of common stock | — | — | 6,249,309 | 62 | 705,329 | — | — | — | 705,391 | — | |||||||||||||||||||||||||||||
Issuances pursuant to stock plan | — | — | 409,360 | 4 | 30,638 | — | — | — | 30,642 | — | |||||||||||||||||||||||||||||
Repurchase of 7.00% Series D preferred stock | (12,528 | ) | — | — | — | 391 | (5,797 | ) | — | — | (17,934 | ) | — | ||||||||||||||||||||||||||
Redemption of 6.45% Series E preferred stock | — | (130,000 | ) | — | — | 5,132 | (5,482 | ) | — | — | (130,350 | ) | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | — | — | (238,425 | ) | — | — | (238,425 | ) | — | |||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | (6,364 | ) | — | — | (6,364 | ) | — | |||||||||||||||||||||||||||
Distributions in excess of earnings | — | — | — | — | (126,363 | ) | 126,363 | — | — | — | — | ||||||||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 74,386 | $ | — | 94,324,549 | $ | 943 | $ | 5,287,777 | $ | — | $ | 43,864 | $ | 486,423 | $ | 5,893,393 | $ | 11,418 |
Alexandria Real Estate Equities, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating Activities | |||||||
Net income (loss) | $ | 148,597 | $ | (69,591 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 309,069 | 218,168 | |||||
Loss on early extinguishment of debt | 670 | 3,230 | |||||
Gain on sales of real estate – rental properties | (270 | ) | — | ||||
Impairment of real estate | 203 | 193,237 | |||||
Gain on sales of real estate – land parcels | (111 | ) | (90 | ) | |||
Equity in (earnings) losses of unconsolidated real estate joint ventures | (15,050 | ) | 270 | ||||
Distributions of earnings from unconsolidated real estate joint ventures | 249 | 286 | |||||
Amortization of loan fees | 8,578 | 8,792 | |||||
Amortization of debt premiums | (1,873 | ) | (117 | ) | |||
Amortization of acquired below-market leases | (14,908 | ) | (2,905 | ) | |||
Deferred rent | (74,362 | ) | (30,679 | ) | |||
Stock compensation expense | 18,649 | 19,007 | |||||
Investment gains | (8,425 | ) | (28,721 | ) | |||
Investment losses | 6,418 | 10,670 | |||||
Changes in operating assets and liabilities: | |||||||
Restricted cash | (912 | ) | (278 | ) | |||
Tenant receivables | (224 | ) | 843 | ||||
Deferred leasing costs | (39,925 | ) | (21,621 | ) | |||
Other assets | (10,662 | ) | (14,813 | ) | |||
Accounts payable, accrued expenses, and tenant security deposits | 30,619 | 6,163 | |||||
Net cash provided by operating activities | 356,330 | 291,851 | |||||
Investing Activities | |||||||
Proceeds from sales of real estate | 4,263 | 27,332 | |||||
Additions to real estate | (660,877 | ) | (638,568 | ) | |||
Purchases of real estate | (590,884 | ) | (18,108 | ) | |||
Deposits for investing activities | 4,700 | (54,998 | ) | ||||
Investments in unconsolidated real estate joint ventures | (248 | ) | (6,924 | ) | |||
Return of capital from unconsolidated real estate joint ventures | 38,576 | — | |||||
Additions to investments | (128,190 | ) | (68,384 | ) | |||
Sales of investments | 18,896 | 35,295 | |||||
Repayment of notes receivable | — | 9,054 | |||||
Net cash used in investing activities | $ | (1,313,764 | ) | $ | (715,301 | ) |
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 150,707,878 | $ | 1,507 | $ | 14,194,023 | $ | — | $ | (4,508) | $ | 1,979,228 | $ | 16,170,250 | $ | 11,567 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | 103,147 | — | 21,064 | 124,211 | 222 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | (1,521) | — | (1,521) | — | ||||||||||||||||||||||||||||||||||||||||||
Contributions from and sales of noncontrolling interests | — | — | 95,729 | — | — | 264,822 | 360,551 | 94 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to and redemption of noncontrolling interests | — | — | — | — | — | (27,912) | (27,912) | (202) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 2,452,349 | 24 | 492,057 | — | — | — | 492,081 | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance pursuant to stock plan | 147,162 | 1 | 21,039 | — | — | — | 21,040 | — | ||||||||||||||||||||||||||||||||||||||||||
Taxes related to net settlement of equity awards | (23,879) | — | (4,699) | — | — | — | (4,699) | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.12 per share) | — | — | — | (173,561) | — | — | (173,561) | — | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of distributions in excess of earnings | — | — | (70,414) | 70,414 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 153,283,510 | $ | 1,532 | $ | 14,727,735 | $ | — | $ | (6,029) | $ | 2,237,202 | $ | 16,960,440 | $ | 11,681 |
Alexandria Real Estate Equities, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Financing Activities | |||||||
Borrowings from secured notes payable | $ | 145,272 | $ | 215,330 | |||
Repayments of borrowings from secured notes payable | (2,882 | ) | (234,096 | ) | |||
Proceeds from issuance of unsecured senior notes payable | 424,384 | 348,604 | |||||
Borrowings from unsecured senior line of credit | 2,634,000 | 2,349,000 | |||||
Repayments of borrowings from unsecured senior line of credit | (2,348,000 | ) | (2,084,000 | ) | |||
Repayments of borrowings from unsecured senior bank term loans | (200,000 | ) | (200,000 | ) | |||
Change in restricted cash related to financing activities | (10,467 | ) | 7,742 | ||||
Payment of loan fees | (4,343 | ) | (16,499 | ) | |||
Repurchase of 7.00% Series D cumulative convertible preferred stock | (17,934 | ) | (98,633 | ) | |||
Redemption of 6.45% Series E cumulative redeemable preferred stock | (130,350 | ) | — | ||||
Proceeds from the issuance of common stock | 705,391 | 367,802 | |||||
Dividends on common stock | (229,814 | ) | (177,966 | ) | |||
Dividends on preferred stock | (8,317 | ) | (17,487 | ) | |||
Financing costs paid for sale of noncontrolling interests | — | (8,093 | ) | ||||
Contributions from and sale of noncontrolling interests | 9,877 | 68,621 | |||||
Distributions to and purchase of noncontrolling interests | (17,432 | ) | (62,605 | ) | |||
Net cash provided by financing activities | 949,385 | 457,720 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 1,579 | (1,440 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (6,470 | ) | 32,830 | ||||
Cash and cash equivalents as of the beginning of period | 125,032 | 125,098 | |||||
Cash and cash equivalents as of the end of period | $ | 118,562 | $ | 157,928 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash paid during the period for interest, net of interest capitalized | $ | 86,232 | $ | 58,820 | |||
Non-Cash Investing Activities: | |||||||
Change in accrued construction | $ | (38,767 | ) | $ | 23,023 | ||
Contribution of real estate to an unconsolidated real estate joint venture | $ | 6,998 | $ | — | |||
Non-Cash Financing Activities: | |||||||
Redemption of redeemable noncontrolling interests | $ | — | $ | (5,000 | ) |
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 158,043,880 | $ | 1,580 | $ | 16,195,256 | $ | — | $ | (7,294) | $ | 2,834,096 | $ | 19,023,638 | $ | 9,612 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | 467,341 | — | 107,488 | 574,829 | 604 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | (17,431) | — | (17,431) | — | ||||||||||||||||||||||||||||||||||||||||||
Contributions from and sales of noncontrolling interests | — | — | 652,591 | — | — | 826,929 | 1,479,520 | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to and redemption of noncontrolling interests | — | — | (111) | — | — | (139,081) | (139,192) | (604) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 4,220,000 | 42 | 845,704 | — | — | — | 845,746 | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance pursuant to stock plan | 563,121 | 6 | 86,795 | — | — | — | 86,801 | — | ||||||||||||||||||||||||||||||||||||||||||
Taxes related to net settlement of equity awards | (207,466) | (2) | (34,248) | — | — | — | (34,250) | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($3.51 per share) | — | — | — | (573,894) | — | — | (573,894) | — | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of distributions in excess of earnings | — | — | (106,553) | 106,553 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 162,619,535 | $ | 1,626 | $ | 17,639,434 | $ | — | $ | (24,725) | $ | 3,629,432 | $ | 21,245,767 | $ | 9,612 |
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 136,690,329 | $ | 1,367 | $ | 11,730,970 | $ | — | $ | (6,625) | $ | 1,706,724 | $ | 13,432,436 | $ | 11,342 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | 496,352 | — | 57,475 | 553,827 | 659 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | 596 | — | 596 | — | ||||||||||||||||||||||||||||||||||||||||||
Contributions from and sales of noncontrolling interests | — | — | 199,644 | — | — | 554,327 | 753,971 | 282 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to and redemption of noncontrolling interests | — | — | — | — | — | (81,324) | (81,324) | (602) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 16,215,052 | 162 | 2,758,383 | — | — | — | 2,758,545 | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance pursuant to stock plan | 518,090 | 5 | 72,282 | — | — | — | 72,287 | — | ||||||||||||||||||||||||||||||||||||||||||
Taxes related to net settlement of equity awards | (139,961) | (2) | (24,910) | — | — | — | (24,912) | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($3.33 per share) | — | — | — | (504,986) | — | — | (504,986) | — | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of distributions in excess of earnings | — | — | (8,634) | 8,634 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 153,283,510 | $ | 1,532 | $ | 14,727,735 | $ | — | $ | (6,029) | $ | 2,237,202 | $ | 16,960,440 | $ | 11,681 |
Alexandria Real Estate Equities, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | 575,433 | $ | 554,486 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 737,666 | 581,807 | |||||||||
Impairment of real estate | 38,783 | 52,675 | |||||||||
Gain on sales of real estate | (537,918) | (2,344) | |||||||||
Loss on early extinguishment of debt | 3,317 | 67,253 | |||||||||
Equity in earnings of unconsolidated real estate joint ventures | (473) | (9,237) | |||||||||
Distributions of earnings from unconsolidated real estate joint ventures | 2,754 | 15,579 | |||||||||
Amortization of loan fees | 9,574 | 8,530 | |||||||||
Amortization of debt discounts (premiums) | 112 | (1,539) | |||||||||
Amortization of acquired above- and below-market leases | (54,221) | (39,043) | |||||||||
Deferred rent | (93,818) | (89,203) | |||||||||
Stock compensation expense | 46,154 | 34,416 | |||||||||
Investment loss (income) | 312,105 | (372,361) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant receivables | (422) | (415) | |||||||||
Deferred leasing costs | (149,234) | (74,974) | |||||||||
Other assets | (17,719) | (27,311) | |||||||||
Accounts payable, accrued expenses, and other liabilities | 21,065 | 62,318 | |||||||||
Net cash provided by operating activities | 893,158 | 760,637 | |||||||||
Investing Activities: | |||||||||||
Proceeds from sales of real estate | 994,331 | 65,245 | |||||||||
Additions to real estate | (2,324,017) | (1,542,210) | |||||||||
Purchases of real estate | (2,499,772) | (3,758,704) | |||||||||
Change in escrow deposits | 146,640 | (147,414) | |||||||||
Acquisition of interest in unconsolidated real estate joint venture | — | (9,048) | |||||||||
Investments in unconsolidated real estate joint ventures | (1,245) | (739) | |||||||||
Return of capital from unconsolidated real estate joint ventures | 471 | — | |||||||||
Additions to non-real estate investments | (186,692) | (319,077) | |||||||||
Sales of and distributions from non-real estate investments | 149,666 | 278,554 | |||||||||
Net cash used in investing activities | $ | (3,720,618) | $ | (5,433,393) |
Alexandria Real Estate Equities, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Financing Activities: | |||||||||||
Borrowings from secured notes payable | $ | 31,436 | $ | — | |||||||
Repayments of borrowings from secured notes payable | (934) | (17,108) | |||||||||
Payment for the defeasance of secured note payable | (198,304) | — | |||||||||
Proceeds from issuance of unsecured senior notes payable | 1,793,318 | 1,743,716 | |||||||||
Repayments of unsecured senior notes payable | — | (650,000) | |||||||||
Premium paid for early extinguishment of debt | — | (66,829) | |||||||||
Borrowings from unsecured senior line of credit | 1,180,000 | 2,101,000 | |||||||||
Repayments of borrowings from unsecured senior line of credit | (1,180,000) | (2,101,000) | |||||||||
Proceeds from issuances under commercial paper program | 11,661,500 | 21,850,000 | |||||||||
Repayments of borrowings under commercial paper program | (11,544,685) | (21,200,000) | |||||||||
Payments of loan fees | (35,598) | (16,870) | |||||||||
Taxes paid related to net settlement of equity awards | (33,105) | (23,495) | |||||||||
Proceeds from issuance of common stock | 845,746 | 2,758,545 | |||||||||
Dividends on common stock | (564,118) | (482,408) | |||||||||
Contributions from and sales of noncontrolling interests | 1,463,454 | 629,138 | |||||||||
Distributions to and purchases of noncontrolling interests | (139,685) | (81,926) | |||||||||
Net cash provided by financing activities | 3,279,025 | 4,442,763 | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (624) | 342 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 450,941 | (229,651) | |||||||||
Cash, cash equivalents, and restricted cash as of the beginning of period | 415,227 | 597,705 | |||||||||
Cash, cash equivalents, and restricted cash as of the end of period | $ | 866,168 | $ | 368,054 | |||||||
Supplemental Disclosure and Non-Cash Investing and Financing Activities: | |||||||||||
Cash paid during the period for interest, net of interest capitalized | $ | 67,852 | $ | 110,391 | |||||||
Accrued construction for current-period additions to real estate | $ | 553,928 | $ | 377,193 | |||||||
Right-of-use asset | $ | 21,776 | $ | 27,802 | |||||||
Lease liability | $ | (21,776) | $ | (27,802) | |||||||
Contribution of assets from real estate joint venture partner | $ | 19,146 | $ | 118,750 | |||||||
Issuance of noncontrolling interest to joint venture partner | $ | (19,146) | $ | (118,750) | |||||||
Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture | $ | — | $ | 19,613 | |||||||
Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture | $ | — | $ | (14,558) | |||||||
Deferred purchase price in connection with acquisitions of real estate | $ | — | $ | (185,179) | |||||||
Assignment of secured notes payable in connection with the sale of real estate | $ | — | $ | 28,200 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Income from rentals: | ||||||||||||||||||||||||||
Revenues subject to the lease accounting standard: | ||||||||||||||||||||||||||
Operating leases | $ | 646,662 | $ | 538,880 | $ | 1,879,534 | $ | 1,515,396 | ||||||||||||||||||
Direct financing and sales-type leases | 642 | 1,012 | 2,449 | 2,473 | ||||||||||||||||||||||
Revenues subject to the lease accounting standard | 647,304 | 539,892 | 1,881,983 | 1,517,869 | ||||||||||||||||||||||
Revenues subject to the revenue recognition accounting standard | 9,549 | 6,635 | 28,383 | 15,724 | ||||||||||||||||||||||
Income from rentals | 656,853 | 546,527 | 1,910,366 | 1,533,593 | ||||||||||||||||||||||
Other income | 2,999 | 1,232 | 8,315 | 3,634 | ||||||||||||||||||||||
Total revenues | $ | 659,852 | $ | 547,759 | $ | 1,918,681 | $ | 1,537,227 |
Date of ASU Adoption | Nine Months Ended September 30, 2017 | |||||||
Revenues subject to the new lease ASU: | ||||||||
Rental revenues | 1/1/19 | $ | 604,570 | |||||
Tenant recoveries (1) | 1/1/19 | 188,874 | ||||||
$ | 793,444 | |||||||
Revenues subject to the new revenue recognition ASU: | ||||||||
Parking and other revenues | 1/1/18 | 32,323 | ||||||
Revenues not subject to the new lease or revenue recognition ASUs: | ||||||||
Investment income subject to the new financial instruments ASU | 1/1/18 | $ | 2,007 | |||||
Interest and other income within the scope of other existing accounting standards | N/A | 1,532 | ||||||
3,539 | ||||||||
Total revenues | $ | 829,306 | ||||||
Gains on sales of real estate subject to the new revenue recognition ASU | 1/1/18 | $ | 381 |
Nine Months Ended September 30, 2017 | |||
Parking and other revenue | $ | 32,323 | |
Gain on sales of real estate | $ | 381 |
Cost | Net Unrealized Gains | Total | |||||||||
Available-for-sale equity securities | $ | 55,433 | $ | 45,189 | $ | 100,622 | |||||
Investments accounted for under cost method: | |||||||||||
Investments in limited partnerships | 136,044 | N/A | 136,044 | ||||||||
Investments in other privately held entities | 248,596 | N/A | 248,596 | ||||||||
Total investments | $ | 440,073 | $ | 45,189 | $ | 485,262 |
Nine Months Ended September 30, 2017 | |||
Investment income recognized in net income | $ | 2,007 | |
Unrealized gain recognized in other comprehensive income (component of stockholder’s equity) | $ | 23,414 |
September 30, 2017 | December 31, 2016 | |||||||
Land (related to rental properties) | $ | 1,206,152 | $ | 1,131,416 | ||||
Buildings and building improvements | 8,466,889 | 7,810,269 | ||||||
Other improvements | 714,834 | 584,565 | ||||||
Rental properties | 10,387,875 | 9,526,250 | ||||||
Development and redevelopment of new Class A properties: | ||||||||
Undergoing construction | ||||||||
Development projects – target delivery in 2017 | 466,047 | 809,254 | ||||||
Development projects – target delivery in 2018 and 2019 | 143,038 | — | ||||||
Redevelopment projects – target delivery in 2018 and 2019 | 59,224 | — | ||||||
Near-term projects undergoing marketing and pre-construction | 114,954 | — | ||||||
Intermediate-term developments projects | 333,870 | — | ||||||
Future development projects | 289,314 | 253,551 | ||||||
Gross investments in real estate | 11,794,322 | 10,589,055 | ||||||
Less: accumulated depreciation | (1,785,115 | ) | (1,546,798 | ) | ||||
Net investments in real estate – North America | 10,009,207 | 9,042,257 | ||||||
Net investments in real estate – Asia | 37,314 | 35,715 | ||||||
Investments in real estate | $ | 10,046,521 | $ | 9,077,972 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Rental properties: | ||||||||||||||
Land (related to rental properties) | $ | 4,156,888 | $ | 3,782,182 | ||||||||||
Buildings and building improvements | 17,857,504 | 16,312,402 | ||||||||||||
Other improvements | 2,537,926 | 2,109,884 | ||||||||||||
Rental properties | 24,552,318 | 22,204,468 | ||||||||||||
Development and redevelopment projects | 8,352,598 | 6,528,640 | ||||||||||||
Gross investments in real estate – North America | 32,904,916 | 28,733,108 | ||||||||||||
Less: accumulated depreciation – North America | (4,144,019) | (3,766,758) | ||||||||||||
Net investments in real estate – North America | 28,760,897 | 24,966,350 | ||||||||||||
Net investments in real estate – Asia | 10,848 | 14,319 | ||||||||||||
Investments in real estate | $ | 28,771,745 | $ | 24,980,669 |
Square Footage | |||||||||||||||||||||||||||||||||||||||||
Market | Number of Properties | Future Development | Operating With Future Development/Redevelopment | Operating | Purchase Price | ||||||||||||||||||||||||||||||||||||
Greater Boston | 2 | 202,997 | 440,130 | — | $ | 205,792 | |||||||||||||||||||||||||||||||||||
San Francisco Bay Area | 5 | 610,000 | 723,953 | 70,000 | 564,000 | ||||||||||||||||||||||||||||||||||||
San Diego | 2 | 537,000 | 8,730 | — | 125,000 | ||||||||||||||||||||||||||||||||||||
Seattle | — | 869,000 | — | — | 87,608 | ||||||||||||||||||||||||||||||||||||
Research Triangle | 4 | 1,925,000 | 69,485 | — | 179,428 | ||||||||||||||||||||||||||||||||||||
Texas | 9 | — | 998,099 | — | 400,400 | ||||||||||||||||||||||||||||||||||||
Other | 7 | 473,994 | 428,097 | 381,760 | 278,489 | ||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | 29 | 4,617,991 | 2,668,494 | 451,760 | 1,840,717 | ||||||||||||||||||||||||||||||||||||
Greater Boston | 1 | — | 88,591 | — | 140,000 | ||||||||||||||||||||||||||||||||||||
Other | 2 | 869,000 | 109,557 | — | 140,146 | ||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | 3 | 869,000 | 198,148 | — | 280,146 | ||||||||||||||||||||||||||||||||||||
Greater Boston | 1 | — | 104,500 | — | 170,000 | ||||||||||||||||||||||||||||||||||||
San Diego | 3 | 750,000 | 226,144 | — | 106,380 | ||||||||||||||||||||||||||||||||||||
Other | 3 | 302,000 | 108,478 | — | 40,349 | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | 7 | 1,052,000 | 439,122 | — | 316,729 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | 39 | 6,538,991 | 3,305,764 | 451,760 | $ | 2,437,592 | (1) | ||||||||||||||||||||||||||||||||||
Square Footage | |||||||||||||
Three Months Ended | Operating | Redevelopment | Future Development | Purchase Price | |||||||||
March 31, 2017 | 232,470 | — | 1,508,890 | $ | 218,500 | ||||||||
June 30, 2017 | 272,634 | 175,000 | 1,030,000 | 244,009 | |||||||||
September 30, 2017 | 168,424 | 104,212 | 280,000 | 110,700 | |||||||||
673,528 | 279,212 | 2,818,890 | $ | 573,209 |
Gain on Sale of Real Estate | Consideration in Excess of Book Value | |||||||||||||||||||||||||||||||||||||||||||
Property | Submarket/Market | Date of Sale | Interest Sold | RSF | Sales Price | |||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
100 Binney Street | Cambridge/Inner Suburbs/Greater Boston | 3/30/22 | 70 | % | 432,931 | $ | 713,228 | N/A | $ | 413,615 | ||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
300 Third Street | Cambridge/Inner Suburbs/Greater Boston | 6/27/22 | 70 | % | 131,963 | 166,485 | N/A | 113,020 | ||||||||||||||||||||||||||||||||||||
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive | Route 128 and Route 495/Greater Boston | 6/8/22 | 100 | % | 617,043 | 334,397 | $ | 202,325 | N/A | |||||||||||||||||||||||||||||||||||
Other | 47,800 | 11,894 | N/A | |||||||||||||||||||||||||||||||||||||||||
548,682 | 214,219 | 113,020 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
1450 Owens Street | Mission Bay/San Francisco Bay Area | 7/1/22 | 20 | % | 191,000 | 25,039 | N/A | 10,083 | ||||||||||||||||||||||||||||||||||||
341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center | South San Francisco and Greater Stanford/San Francisco Bay Area | 9/15/22 | 100 | % | 330,379 | 383,635 | 223,127 | N/A | ||||||||||||||||||||||||||||||||||||
3215 Merryfield Row | Torrey Pines/San Diego | 9/1/22 | 70 | % | 170,523 | 149,940 | N/A | 42,214 | ||||||||||||||||||||||||||||||||||||
Summers Ridge Science Park | Sorrento Mesa/San Diego | 9/15/22 | 70 | % | 316,531 | 159,600 | N/A | 65,097 | ||||||||||||||||||||||||||||||||||||
7330 and 7360 Carroll Road | Sorrento Mesa/San Diego | 9/15/22 | 100 | % | 84,442 | 59,476 | 35,463 | N/A | ||||||||||||||||||||||||||||||||||||
13112 Evening Creek Drive | Other/San Diego | 9/26/22 | 100 | % | 109,780 | 55,500 | 31,001 | N/A | ||||||||||||||||||||||||||||||||||||
Other | Various | 127,196 | 34,108 | N/A | ||||||||||||||||||||||||||||||||||||||||
960,386 | 323,699 | 117,394 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | $ | 2,222,296 | (1) | $ | 537,918 | $ | 644,029 | |||||||||||||||||||||||||||||||||||||
Property | Market | Submarket | Our Ownership Interest(1) | ||||||||||||||||||||||||||
Consolidated joint ventures(2): | |||||||||||||||||||||||||||||
50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 34.0 | % | |||||||||||||||||||||||||
75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 40.0 | % | |||||||||||||||||||||||||
100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | 30.0 | % | (3) | ||||||||||||||||||||||||
99 Coolidge Avenue | Greater Boston | Cambridge/Inner Suburbs | 75.0 | % | |||||||||||||||||||||||||
Alexandria Center® for Science and Technology – Mission Bay(4) | San Francisco Bay Area | Mission Bay | 25.0 | % | |||||||||||||||||||||||||
1450 Owens Street | San Francisco Bay Area | Mission Bay | 65.5 | % | (5) | ||||||||||||||||||||||||
601, 611, 651, 681, 685, and 701 Gateway Boulevard | San Francisco Bay Area | South San Francisco | 50.0 | % | |||||||||||||||||||||||||
751 Gateway Boulevard | San Francisco Bay Area | South San Francisco | 51.0 | % | |||||||||||||||||||||||||
213 East Grand Avenue | San Francisco Bay Area | South San Francisco | 30.0 | % | |||||||||||||||||||||||||
500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | 10.0 | % | |||||||||||||||||||||||||
Alexandria Center® for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | 44.3 | % | |||||||||||||||||||||||||
3215 Merryfield Row | San Diego | Torrey Pines | 30.0 | % | |||||||||||||||||||||||||
Alexandria Point(6) | San Diego | University Town Center | 55.0 | % | |||||||||||||||||||||||||
5200 Illumina Way | San Diego | University Town Center | 51.0 | % | |||||||||||||||||||||||||
9625 Towne Centre Drive | San Diego | University Town Center | 50.1 | % | |||||||||||||||||||||||||
SD Tech by Alexandria(7) | San Diego | Sorrento Mesa | 50.0 | % | |||||||||||||||||||||||||
Pacific Technology Park | San Diego | Sorrento Mesa | 50.0 | % | |||||||||||||||||||||||||
Summers Ridge Science Park(8) | San Diego | Sorrento Mesa | 30.0 | % | |||||||||||||||||||||||||
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street | Seattle | Lake Union | 30.0 | % | |||||||||||||||||||||||||
400 Dexter Avenue North | Seattle | Lake Union | 30.0 | % | |||||||||||||||||||||||||
800 Mercer Street | Seattle | Lake Union | 60.0 | % | |||||||||||||||||||||||||
Unconsolidated joint ventures(2): | |||||||||||||||||||||||||||||
1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | 10.0 | % | |||||||||||||||||||||||||
1401/1413 Research Boulevard | Maryland | Rockville | 65.0 | % | (9) | ||||||||||||||||||||||||
1450 Research Boulevard | Maryland | Rockville | 73.2 | % | (10) | ||||||||||||||||||||||||
101 West Dickman Street | Maryland | Beltsville | 57.9 | % | (10) |
Property(1) | Consolidation Model | Voting Interest | Consolidation Analysis | Conclusion | |||||||||||||||||||||||||
50 and 60 Binney Street | VIE model | Not applicable under VIE model | Consolidated | ||||||||||||||||||||||||||
75/125 Binney Street | We have: | ||||||||||||||||||||||||||||
100 and 225 Binney Street and 300 Third Street | |||||||||||||||||||||||||||||
99 Coolidge Avenue | (i) | The power to direct the activities of the joint venture that most significantly affect its economic performance; and | |||||||||||||||||||||||||||
Alexandria Center® for Science and Technology – Mission Bay | |||||||||||||||||||||||||||||
1450 Owens Street | |||||||||||||||||||||||||||||
601, 611, 651, 681, 685, and 701 Gateway Boulevard | |||||||||||||||||||||||||||||
751 Gateway Boulevard | |||||||||||||||||||||||||||||
213 East Grand Avenue | (ii) | Benefits that can be significant to the joint venture. | |||||||||||||||||||||||||||
500 Forbes Boulevard | |||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Millbrae | |||||||||||||||||||||||||||||
3215 Merryfield Row | |||||||||||||||||||||||||||||
Alexandria Point | |||||||||||||||||||||||||||||
5200 Illumina Way | Therefore, we are the primary beneficiary of each VIE | ||||||||||||||||||||||||||||
9625 Towne Centre Drive | |||||||||||||||||||||||||||||
SD Tech by Alexandria | |||||||||||||||||||||||||||||
Pacific Technology Park | |||||||||||||||||||||||||||||
Summers Ridge Science Park | |||||||||||||||||||||||||||||
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street | |||||||||||||||||||||||||||||
400 Dexter Avenue North | |||||||||||||||||||||||||||||
800 Mercer Street | |||||||||||||||||||||||||||||
1401/1413 Research Boulevard | We do not control the joint venture and are therefore not the primary beneficiary | Equity method of accounting | |||||||||||||||||||||||||||
1450 Research Boulevard | |||||||||||||||||||||||||||||
101 West Dickman Street | |||||||||||||||||||||||||||||
1655 and 1725 Third Street | Voting model | Does not exceed 50% | Our voting interest is 50% or less | ||||||||||||||||||||||||||
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 |
September 30, 2017 | December 31, 2016 | |||||||
Investments in real estate | $ | 979,698 | $ | 993,710 | ||||
Cash and cash equivalents | 29,665 | 27,498 | ||||||
Other assets | 62,886 | 57,166 | ||||||
Total assets | $ | 1,072,249 | $ | 1,078,374 | ||||
Secured notes payable | $ | — | $ | — | ||||
Other liabilities | 46,054 | 66,711 | ||||||
Total liabilities | 46,054 | 66,711 | ||||||
Alexandria Real Estate Equities, Inc.’s share of equity | 541,293 | 538,069 | ||||||
Noncontrolling interests’ share of equity | 484,902 | 473,594 | ||||||
Total liabilities and equity | $ | 1,072,249 | $ | 1,078,374 | ||||
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 |
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 |
Year | Amount | |||||||
2022 | $ | 413,509 | ||||||
2023 | 1,743,452 | |||||||
2024 | 1,831,621 | |||||||
2025 | 1,816,651 | |||||||
2026 | 1,771,008 | |||||||
Thereafter | 13,261,005 | |||||||
Total | $ | 20,837,246 |
September 30, 2022 | December 31, 2021 | ||||||||||
Gross investment in direct financing and sales-type leases | $ | 255,641 | $ | 403,388 | |||||||
Add: estimated unguaranteed residual value of the underlying assets | — | 31,839 | |||||||||
Less: unearned income on direct financing lease | (213,640) | (215,557) | |||||||||
Less: effect of discounting on sales-type leases | — | (146,175) | |||||||||
Less: allowance for credit losses | (2,839) | (2,839) | |||||||||
Net investment in direct financing and sales-type leases | $ | 39,162 | $ | 70,656 |
Maturity Date | Stated Rate | Interest Rate (1) | Debt Balance (2) | Outstanding Principal | Remaining Commitments | Total | |||||||||||||||||||
9/1/22 | (3) | 3.32 | % | 3.62 | % | $ | 94,086 | $ | 95,000 | $ | — | $ | 95,000 | ||||||||||||
9/1/22 | (3) | L+1.85 | % | N/A | $ | — | $ | — | $ | 17,000 | $ | 17,000 |
September 30, 2017 | December 31, 2016 | ||||||
Available-for-sale equity securities, cost basis | $ | 55,433 | $ | 41,392 | |||
Unrealized gains | 50,104 | 25,076 | |||||
Unrealized losses | (4,915 | ) | (5,783 | ) | |||
Available-for-sale equity securities, at fair value | 100,622 | 60,685 | |||||
Investments accounted for under cost method | 384,640 | 281,792 | |||||
Total investments | $ | 485,262 | $ | 342,477 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Investment gains | $ | 2,644 | $ | 8,115 | $ | 8,425 | $ | 28,721 | |||||||
Investment losses | (1,599 | ) | (3,849 | ) | (6,418 | ) | (10,670 | ) | |||||||
Investment income | $ | 1,045 | $ | 4,266 | $ | 2,007 | $ | 18,051 |
Year | Total | |||||||
2022 | $ | 454 | ||||||
2023 | 1,863 | |||||||
2024 | 1,919 | |||||||
2025 | 1,976 | |||||||
2026 | 2,036 | |||||||
Thereafter | 247,393 | |||||||
Total | $ | 255,641 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Income from rentals: | ||||||||||||||||||||||||||
Revenues subject to the lease accounting standard: | ||||||||||||||||||||||||||
Operating leases | $ | 646,662 | $ | 538,880 | $ | 1,879,534 | $ | 1,515,396 | ||||||||||||||||||
Direct financing and sales-type leases | 642 | 1,012 | 2,449 | 2,473 | ||||||||||||||||||||||
Revenues subject to the lease accounting standard | 647,304 | 539,892 | 1,881,983 | 1,517,869 | ||||||||||||||||||||||
Revenues subject to the revenue recognition accounting standard | 9,549 | 6,635 | 28,383 | 15,724 | ||||||||||||||||||||||
Income from rentals | $ | 656,853 | $ | 546,527 | $ | 1,910,366 | $ | 1,533,593 |
Year | Total | |||||||
2022 | $ | 6,586 | ||||||
2023 | 24,073 | |||||||
2024 | 24,389 | |||||||
2025 | 24,475 | |||||||
2026 | 24,543 | |||||||
Thereafter | 806,749 | |||||||
Total future payments under our operating leases in which we are the lessee | 910,815 | |||||||
Effect of discounting | (501,785) | |||||||
Operating lease liability | $ | 409,030 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Gross operating lease costs | $ | 9,349 | $ | 7,055 | $ | 26,843 | $ | 20,580 | ||||||||||||||||||
Capitalized lease costs | (847) | (827) | (2,699) | (2,273) | ||||||||||||||||||||||
Expenses for operating leases in which we are the lessee | $ | 8,502 | $ | 6,228 | $ | 24,144 | $ | 18,307 | ||||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 533,824 | $ | 361,348 | |||||||
Restricted cash: | |||||||||||
Funds held in trust under the terms of certain secured notes payable | — | 17,264 | |||||||||
Funds held in escrow for real estate acquisitions | 329,448 | 30,000 | |||||||||
Other | 2,896 | 6,615 | |||||||||
332,344 | 53,879 | ||||||||||
Total | $ | 866,168 | $ | 415,227 |
September 30, 2022 | |||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Carrying Amount | ||||||||||||||||||||
Publicly traded companies | $ | 220,787 | $ | 102,196 | $ | (99,441) | $ | 223,542 | |||||||||||||||
Entities that report NAV | 438,087 | 331,477 | (6,297) | 763,267 | |||||||||||||||||||
Entities that do not report NAV: | |||||||||||||||||||||||
Entities with observable price changes | 104,337 | 95,289 | (2,166) | 197,460 | |||||||||||||||||||
Entities without observable price changes | 384,278 | — | — | 384,278 | |||||||||||||||||||
Investments accounted for under the equity method | N/A | N/A | N/A | 56,374 | |||||||||||||||||||
Total investments | $ | 1,147,489 | $ | 528,962 | $ | (107,904) | $ | 1,624,921 |
December 31, 2021 | |||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Carrying Amount | ||||||||||||||||||||
Publicly traded companies | $ | 203,290 | $ | 309,998 | $ | (29,471) | $ | 483,817 | |||||||||||||||
Entities that report NAV | 385,692 | 446,586 | (2,414) | 829,864 | |||||||||||||||||||
Entities that do not report NAV: | |||||||||||||||||||||||
Entities with observable price changes | 56,257 | 74,279 | (1,305) | 129,231 | |||||||||||||||||||
Entities without observable price changes | 362,064 | — | — | 362,064 | |||||||||||||||||||
Investments accounted for under the equity method | N/A | N/A | N/A | 71,588 | |||||||||||||||||||
Total investments | $ | 1,007,303 | $ | 830,863 | $ | (33,190) | $ | 1,876,564 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Realized gains | $ | 24,210 | $ | 81,516 | $ | 75,971 | $ | 189,013 | ||||||||||||||||||
Unrealized (losses) gains | (56,515) | (14,432) | (388,076) | 183,348 | ||||||||||||||||||||||
Investment (loss) income | $ | (32,305) | $ | 67,084 | $ | (312,105) | $ | 372,361 | ||||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Acquired in-place leases | $ | 638,024 | $ | 609,872 | |||||||
Deferred compensation plan | 31,957 | 38,937 | |||||||||
Deferred financing costs – unsecured senior line of credit | 33,692 | 19,294 | |||||||||
Deposits | 30,007 | 176,077 | |||||||||
Furniture, fixtures, and equipment | 23,493 | 26,429 | |||||||||
Net investment in direct financing and sales-type leases(1) | 39,162 | 70,656 | |||||||||
Notes receivable | 18,029 | 13,088 | |||||||||
Operating lease right-of-use asset | 561,866 | 474,299 | |||||||||
Other assets | 78,330 | 53,985 | |||||||||
Prepaid expenses | 30,007 | 24,806 | |||||||||
Property, plant, and equipment | 149,310 | 151,375 | |||||||||
Total | $ | 1,633,877 | $ | 1,658,818 |
September 30, 2017 | December 31, 2016 | ||||||
Acquired below-market ground leases | $ | 12,741 | $ | 12,913 | |||
Acquired in-place leases | 66,188 | 63,408 | |||||
Deferred compensation plan | 14,832 | 11,632 | |||||
Deferred financing costs – $1.65 billion unsecured senior line of credit | 11,453 | 14,239 | |||||
Deposits | 3,592 | 3,302 | |||||
Furniture, fixtures, and equipment | 11,443 | 12,839 | |||||
Interest rate hedge assets | 3,733 | 4,115 | |||||
Net investment in direct financing lease | 38,057 | 37,297 | |||||
Notes receivable | 635 | 694 | |||||
Prepaid expenses | 11,329 | 9,724 | |||||
Property, plant, and equipment | 27,263 | 19,891 | |||||
Other assets | 11,790 | 11,143 | |||||
Total | $ | 213,056 | $ | 201,197 |
September 30, 2017 | December 31, 2016 | |||||||
Gross investment in direct financing lease | $ | 263,980 | $ | 264,954 | ||||
Less: unearned income | (225,923 | ) | (227,657 | ) | ||||
Net investment in direct financing lease | $ | 38,057 | $ | 37,297 |
Year | Total | |||
2017 | $ | 261 | ||
2018 | 1,607 | |||
2019 | 1,655 | |||
2020 | 1,705 | |||
2021 | 1,756 | |||
Thereafter | 256,996 | |||
Total | $ | 263,980 |
Fair Value Measurement Using | ||||||||||||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Investments in publicly traded companies: | ||||||||||||||||||||||||||
As of September 30, 2022 | $ | 223,542 | $ | 223,542 | $ | — | $ | — | ||||||||||||||||||
As of December 31, 2021 | $ | 483,817 | $ | 483,817 | $ | — | $ | — |
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Investments in privately held entities that do not report NAV | ||||||||||||||||||||||||||||||||
As of September 30, 2022 | $ | 212,413 | $ | — | $ | 197,460 | (1) | $ | 14,953 | (2) | ||||||||||||||||||||||
As of December 31, 2021 | $ | 138,011 | $ | — | $ | 129,231 | $ | 8,780 | ||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | ||||||||||||||||
Available-for-sale equity securities | $ | 100,622 | $ | 100,622 | $ | — | $ | — | ||||||||
Interest rate hedge agreements | $ | 3,733 | $ | — | $ | 3,733 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate hedge agreements | $ | 583 | $ | — | $ | 583 | $ | — |
December 31, 2016 | ||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | ||||||||||||||||
Available-for-sale equity securities | $ | 60,685 | $ | 60,685 | $ | — | $ | — | ||||||||
Interest rate hedge agreements | $ | 4,115 | $ | — | $ | 4,115 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate hedge agreements | $ | 3,587 | $ | — | $ | 3,587 | $ | — |
September 30, 2022 | |||||||||||||||||||||||||||||
Book Value | Fair Value Hierarchy | Estimated Fair Value | |||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Secured notes payable | $ | 40,594 | $ | — | $ | 42,611 | $ | — | $ | 42,611 | |||||||||||||||||||
Unsecured senior notes payable | $ | 10,098,588 | $ | — | $ | 8,226,370 | $ | — | $ | 8,226,370 | |||||||||||||||||||
Unsecured senior line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Commercial paper program | $ | 386,666 | $ | — | $ | 385,838 | $ | — | $ | 385,838 |
December 31, 2021 | |||||||||||||||||||||||||||||
Book Value | Fair Value Hierarchy | Estimated Fair Value | |||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Secured notes payable | $ | 205,198 | $ | — | $ | 214,097 | $ | — | $ | 214,097 | |||||||||||||||||||
Unsecured senior notes payable | $ | 8,316,678 | $ | — | $ | 8,995,913 | $ | — | $ | 8,995,913 | |||||||||||||||||||
Unsecured senior line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Commercial paper program | $ | 269,990 | $ | — | $ | 269,994 | $ | — | $ | 269,994 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Available-for-sale equity securities | $ | 100,622 | $ | 100,622 | $ | 60,685 | $ | 60,685 | |||||||
Interest rate hedge agreements | $ | 3,733 | $ | 3,733 | $ | 4,115 | $ | 4,115 | |||||||
Liabilities: | |||||||||||||||
Interest rate hedge agreements | $ | 583 | $ | 583 | $ | 3,587 | $ | 3,587 | |||||||
Secured notes payable | $ | 1,153,890 | $ | 1,156,769 | $ | 1,011,292 | $ | 1,016,782 | |||||||
Unsecured senior notes payable | $ | 2,801,290 | $ | 2,943,568 | $ | 2,378,262 | $ | 2,431,470 | |||||||
Unsecured senior line of credit | $ | 314,000 | $ | 313,993 | $ | 28,000 | $ | 27,998 | |||||||
Unsecured senior bank term loans | $ | 547,860 | $ | 550,371 | $ | 746,471 | $ | 750,422 |
Stated Rate | Interest Rate(1) | Maturity Date(2) | Principal Payments Remaining for the Periods Ending December 31, | Unamortized (Deferred Financing Cost), (Discount)/ Premium | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Principal | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured notes payable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater Boston(3) | SOFR+2.70 | % | 5.34 | % | 11/19/26 | $ | — | $ | — | $ | — | $ | — | $ | 41,438 | $ | — | $ | 41,438 | $ | (1,494) | $ | 39,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | 6.50 | % | 6.50 | 7/1/36 | — | 30 | 32 | 34 | 36 | 518 | 650 | — | 650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt weighted-average interest rate/subtotal | 5.36 | — | 30 | 32 | 34 | 41,474 | 518 | 42,088 | (1,494) | 40,594 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior line of credit and commercial paper program(4) | (4) | 3.48 | (4) | 1/22/28 | (4) | (4) | — | — | — | — | 386,815 | (4) | 386,815 | (149) | 386,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.45 | % | 3.62 | 4/30/25 | — | — | — | 600,000 | — | — | 600,000 | (2,280) | 597,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.30 | % | 4.50 | 1/15/26 | — | — | — | — | 300,000 | — | 300,000 | (1,628) | 298,372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable – green bond | 3.80 | % | 3.96 | 4/15/26 | — | — | — | — | 350,000 | — | 350,000 | (1,752) | 348,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.95 | % | 4.13 | 1/15/27 | — | — | — | — | — | 350,000 | 350,000 | (2,199) | 347,801 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.95 | % | 4.07 | 1/15/28 | — | — | — | — | — | 425,000 | 425,000 | (2,257) | 422,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.50 | % | 4.60 | 7/30/29 | — | — | — | — | — | 300,000 | 300,000 | (1,524) | 298,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 2.75 | % | 2.87 | 12/15/29 | — | — | — | — | — | 400,000 | 400,000 | (2,981) | 397,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.70 | % | 4.81 | 7/1/30 | — | — | — | — | — | 450,000 | 450,000 | (2,889) | 447,111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.90 | % | 5.05 | 12/15/30 | — | — | — | — | — | 700,000 | 700,000 | (6,485) | 693,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.375 | % | 3.48 | 8/15/31 | — | — | — | — | — | 750,000 | 750,000 | (5,787) | 744,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable – green bond | 2.00 | % | 2.12 | 5/18/32 | — | — | — | — | — | 900,000 | 900,000 | (9,029) | 890,971 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 1.875 | % | 1.97 | 2/1/33 | — | — | — | — | — | 1,000,000 | 1,000,000 | (9,055) | 990,945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable – green bond | 2.95 | % | 3.07 | 3/15/34 | — | — | — | — | — | 800,000 | 800,000 | (8,923) | 791,077 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.85 | % | 4.93 | 4/15/49 | — | — | — | — | — | 300,000 | 300,000 | (3,131) | 296,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 4.00 | % | 3.91 | 2/1/50 | — | — | — | — | — | 700,000 | 700,000 | 10,248 | 710,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.00 | % | 3.08 | 5/18/51 | — | — | — | — | — | 850,000 | 850,000 | (12,082) | 837,918 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes payable | 3.55 | % | 3.63 | 3/15/52 | — | — | — | — | — | 1,000,000 | 1,000,000 | (14,658) | 985,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured debt weighted-average interest rate/subtotal | 3.51 | — | — | — | 600,000 | 650,000 | 9,311,815 | 10,561,815 | (76,561) | 10,485,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate/total | 3.52 | % | $ | — | $ | 30 | $ | 32 | $ | 600,034 | $ | 691,474 | $ | 9,312,333 | $ | 10,603,903 | $ | (78,055) | $ | 10,525,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-Rate/Hedged Variable-Rate Debt | Unhedged Variable-Rate Debt | Weighted-Average | |||||||||||||||||
Interest | Remaining Term (in years) | ||||||||||||||||||
Total | Percentage | Rate (1) | |||||||||||||||||
Secured notes payable | $ | 902,207 | $ | 251,683 | $ | 1,153,890 | 24.0 | % | 3.80 | % | 2.8 | ||||||||
Unsecured senior notes payable | 2,801,290 | — | 2,801,290 | 58.2 | 4.16 | 7.0 | |||||||||||||
$1.65 billion unsecured senior line of credit | — | 314,000 | 314,000 | 6.5 | 2.00 | 4.1 | |||||||||||||
2019 Unsecured Senior Bank Term Loan | 199,543 | — | 199,543 | 4.1 | 2.84 | 1.3 | |||||||||||||
2021 Unsecured Senior Bank Term Loan | 348,317 | — | 348,317 | 7.2 | 2.56 | 3.3 | |||||||||||||
Total/weighted average | $ | 4,251,357 | $ | 565,683 | $ | 4,817,040 | 100.0 | % | 3.76 | % | 5.3 | ||||||||
Percentage of total debt | 88 | % | 12 | % | 100 | % |
Stated Rate | Interest Rate (1) | Maturity | Unamortized (Deferred Financing Cost), (Discount)/Premium | ||||||||||||||||||
Debt | Date (2) | Principal | Total | ||||||||||||||||||
Secured notes payable | |||||||||||||||||||||
Greater Boston | L+1.35 | % | 2.99 | % | 8/23/18 | $ | 211,940 | $ | (660 | ) | $ | 211,280 | |||||||||
Greater Boston | L+1.50 | % | 3.09 | 1/28/19 | (3) | 317,979 | (1,595 | ) | 316,384 | ||||||||||||
Greater Boston | L+2.00 | % | 3.89 | 4/20/19 | (3) | 179,764 | (2,104 | ) | 177,660 | ||||||||||||
Greater Boston, Seattle, and Maryland | 7.75 | % | 8.17 | 4/1/20 | 108,940 | (835 | ) | 108,105 | |||||||||||||
San Diego | 4.66 | % | 5.03 | 1/1/23 | 35,370 | (345 | ) | 35,025 | |||||||||||||
Greater Boston | 3.93 | % | 3.20 | 3/10/23 | 82,000 | 2,957 | 84,957 | ||||||||||||||
Greater Boston | 4.82 | % | 3.40 | 2/6/24 | 203,000 | 16,706 | 219,706 | ||||||||||||||
San Francisco | 6.50 | % | 6.78 | 7/1/36 | 773 | — | 773 | ||||||||||||||
Secured debt weighted-average interest rate/subtotal | 3.80 | % | 3.80 | 1,139,766 | 14,124 | 1,153,890 | |||||||||||||||
2019 Unsecured Senior Bank Term Loan | L+1.20 | % | 2.84 | 1/3/19 | 200,000 | (457 | ) | 199,543 | |||||||||||||
2021 Unsecured Senior Bank Term Loan | L+1.10 | % | 2.56 | 1/15/21 | 350,000 | (1,683 | ) | 348,317 | |||||||||||||
$1.65 billion unsecured senior line of credit | L+1.00 | % | 2.00 | 10/29/21 | 314,000 | N/A | 314,000 | ||||||||||||||
Unsecured senior notes payable | 2.75 | % | 2.96 | 1/15/20 | 400,000 | (1,822 | ) | 398,178 | |||||||||||||
Unsecured senior notes payable | 4.60 | % | 4.75 | 4/1/22 | 550,000 | (2,922 | ) | 547,078 | |||||||||||||
Unsecured senior notes payable | 3.90 | % | 4.04 | 6/15/23 | 500,000 | (3,381 | ) | 496,619 | |||||||||||||
Unsecured senior notes payable | 4.30 | % | 4.52 | 1/15/26 | 300,000 | (3,998 | ) | 296,002 | |||||||||||||
Unsecured senior notes payable | 3.95 | % | 4.14 | 1/15/27 | 350,000 | (4,638 | ) | 345,362 | |||||||||||||
Unsecured senior notes payable | 3.95 | % | 4.09 | 1/15/28 | 425,000 | (4,334 | ) | 420,666 | |||||||||||||
Unsecured senior notes payable | 4.50 | % | 4.62 | 7/30/29 | 300,000 | (2,615 | ) | 297,385 | |||||||||||||
Unsecured debt weighted average/subtotal | 3.75 | 3,689,000 | (25,850 | ) | 3,663,150 | ||||||||||||||||
Weighted-average interest rate/total | 3.76 | % | $ | 4,828,766 | $ | (11,726 | ) | $ | 4,817,040 |
Fixed-Rate Debt | Variable-Rate Debt | Weighted-Average | ||||||||||||||||||||||||||||||||||||
Interest | Remaining Term (in years) | |||||||||||||||||||||||||||||||||||||
Total | Percentage | Rate(1) | ||||||||||||||||||||||||||||||||||||
Secured notes payable | $ | 650 | $ | 39,944 | $ | 40,594 | 0.4 | % | 5.36 | % | 4.3 | |||||||||||||||||||||||||||
Unsecured senior notes payable | 10,098,588 | — | 10,098,588 | 95.9 | 3.51 | 13.5 | ||||||||||||||||||||||||||||||||
Unsecured senior line of credit and commercial paper program | — | 386,666 | 386,666 | (2) | 3.7 | 3.48 | (2) | 5.3 | (3) | |||||||||||||||||||||||||||||
Total/weighted average | $ | 10,099,238 | $ | 426,610 | $ | 10,525,848 | 100.0 | % | 3.52 | % | 13.2 | (3) | ||||||||||||||||||||||||||
Percentage of total debt | 95.9 | % | 4.1 | % | 100.0 | % |
New Agreement | Change | |||||||||||||||||||
Commitments available for borrowing | $4.0 billion | Up $1.0 billion | ||||||||||||||||||
Maturity date | January 22, 2028 | Extended by 2 years | ||||||||||||||||||
Interest rate | SOFR+0.875% | Converted to SOFR from LIBOR | ||||||||||||||||||
Property/Market | Stated Rate | Maturity Date | Outstanding Principal Balance | Remaining Commitments | Aggregate Commitments | ||||||||||||||||
75/125 Binney Street/Greater Boston | L+1.35 | % | 8/23/18 | $ | 211,940 | $ | — | $ | 211,940 | ||||||||||||
50 and 60 Binney Street/Greater Boston | L+1.50 | % | 1/28/19 | (1) | 317,979 | 32,021 | 350,000 | ||||||||||||||
100 Binney Street/Greater Boston | L+2.00 | % | (2) | 4/20/19 | (3) | 179,764 | 124,517 | 304,281 | |||||||||||||
$ | 709,683 | $ | 156,538 | $ | 866,221 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest incurred | $ | 96,173 | $ | 78,863 | $ | 275,835 | $ | 233,866 | |||||||||||||||
Capitalized interest | (73,189) | (43,185) | (199,154) | (126,563) | |||||||||||||||||||
Interest expense | $ | 22,984 | $ | 35,678 | $ | 76,681 | $ | 107,303 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gross interest | $ | 48,123 | $ | 40,753 | $ | 137,888 | $ | 116,520 | |||||||
Capitalized interest | (17,092 | ) | (14,903 | ) | (45,325 | ) | (40,790 | ) | |||||||
Interest expense | $ | 31,031 | $ | 25,850 | $ | 92,563 | $ | 75,730 |
Interest Rate Hedge Type | Number of Contracts | Weighted-Average Interest Pay/ Cap Rate(1) | Fair Value as of 9/30/17 | Notional Amount in Effect as of | ||||||||||||||||||||||||
Effective Date | Maturity Date | 9/30/17 | 12/31/17 | 12/31/18 | 12/31/19 | |||||||||||||||||||||||
Swap | March 31, 2017 | March 31, 2018 | 4 | 0.78% | $ | 692 | $ | 250,000 | $ | 250,000 | $ | — | $ | — | ||||||||||||||
Swap | March 31, 2017 | March 31, 2018 | 11 | 1.51% | (554 | ) | 650,000 | 650,000 | — | — | ||||||||||||||||||
Cap | July 29, 2016 | April 20, 2019 | 2 | 2.00% | 66 | 108,000 | 126,000 | 150,000 | — | |||||||||||||||||||
Swap | March 29, 2018 | March 31, 2019 | 8 | 1.16% | 2,975 | — | — | 600,000 | — | |||||||||||||||||||
Swap | March 29, 2019 | March 31, 2020 | 1 | 1.89% | (29 | ) | — | — | — | 100,000 | ||||||||||||||||||
Total | $ | 3,150 | $ | 1,008,000 | $ | 1,026,000 | $ | 750,000 | $ | 100,000 |
September 30, 2022 | December 31, 2021 | ||||||||||
Accounts payable and accrued expenses | $ | 458,760 | $ | 513,416 | |||||||
Accrued construction | 606,413 | 438,866 | |||||||||
Acquired below-market leases | 378,790 | 341,585 | |||||||||
Conditional asset retirement obligations | 54,354 | 59,797 | |||||||||
Deferred rent liabilities | 18,468 | 12,384 | |||||||||
Operating lease liability | 409,030 | 434,745 | |||||||||
Unearned rent and tenant security deposits | 373,937 | 326,924 | |||||||||
Other liabilities | 94,012 | 82,693 | |||||||||
Total | $ | 2,393,764 | $ | 2,210,410 |
September 30, 2017 | December 31, 2016 | ||||||
Accounts payable and accrued expenses | $ | 338,296 | $ | 366,174 | |||
Acquired below-market leases | 92,388 | 59,509 | |||||
Conditional asset retirement obligations | 7,457 | 3,095 | |||||
Deferred rent liabilities | 27,747 | 34,426 | |||||
Interest rate hedge liabilities | 583 | 3,587 | |||||
Unearned rent and tenant security deposits | 240,501 | 231,416 | |||||
Other liabilities | 33,098 | 33,464 | |||||
Total | $ | 740,070 | $ | 731,671 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 383,443 | $ | 124,433 | $ | 575,433 | $ | 554,486 | |||||||||||||||
Net income attributable to noncontrolling interests | (38,747) | (21,286) | (108,092) | (58,134) | |||||||||||||||||||
Net income attributable to unvested restricted stock awards | (3,257) | (1,883) | (5,866) | (5,750) | |||||||||||||||||||
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 341,439 | $ | 101,264 | $ | 461,475 | $ | 490,602 | |||||||||||||||
Denominator for basic EPS – weighted-average shares of common stock outstanding | 161,554 | 150,854 | 160,400 | 144,716 | |||||||||||||||||||
Dilutive effect of forward equity sales agreements | — | 707 | — | 437 | |||||||||||||||||||
Denominator for diluted EPS – weighted-average shares of common stock outstanding | 161,554 | 151,561 | 160,400 | 145,153 | |||||||||||||||||||
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | |||||||||||||||||||||||
Basic | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.39 | |||||||||||||||
Diluted | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.38 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 59,546 | $ | 28,559 | $ | 148,597 | $ | (69,591 | ) | ||||||
Net income attributable to noncontrolling interests | (5,773 | ) | (4,084 | ) | (18,892 | ) | (11,614 | ) | |||||||
Dividends on preferred stock | (1,302 | ) | (5,007 | ) | (6,364 | ) | (16,388 | ) | |||||||
Preferred stock redemption charge | — | (13,095 | ) | (11,279 | ) | (25,614 | ) | ||||||||
Net income attributable to unvested restricted stock awards | (1,198 | ) | (921 | ) | (3,498 | ) | (2,807 | ) | |||||||
Numerator for basic and diluted EPS – net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 51,273 | $ | 5,452 | $ | 108,564 | $ | (126,014 | ) | ||||||
Denominator for basic EPS – weighted-average shares of common stock outstanding | 92,598 | 76,651 | 90,336 | 74,526 | |||||||||||
Dilutive effect of forward equity sales agreements | 698 | 751 | 430 | — | |||||||||||
Denominator for diluted EPS – adjusted – weighted-average shares of common stock outstanding | 93,296 | 77,402 | 90,766 | 74,526 | |||||||||||
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – basic and diluted | $ | 0.55 | $ | 0.07 | $ | 1.20 | $ | (1.69 | ) |
Net Unrealized Gain (Loss) on: | ||||||||||||||||
Available-for- Sale Equity Securities | Interest Rate Hedge Agreements | Foreign Currency Translation | Total | |||||||||||||
Balance as of December 31, 2016 | $ | 19,293 | $ | 405 | $ | (14,343 | ) | $ | 5,355 | |||||||
Other comprehensive income before reclassifications | 23,414 | 812 | 7,592 | 31,818 | ||||||||||||
Amounts reclassified from other comprehensive income | 2,482 | 1,810 | 2,421 | 6,713 | ||||||||||||
25,896 | 2,622 | 10,013 | 38,531 | |||||||||||||
Amounts attributable to noncontrolling interests | — | — | (22 | ) | (22 | ) | ||||||||||
Net other comprehensive income | 25,896 | 2,622 | 9,991 | 38,509 | ||||||||||||
Balance as of September 30, 2017 | $ | 45,189 | $ | 3,027 | $ | (4,352 | ) | $ | 43,864 |
September 30, 2022 | December 31, 2021 | ||||||||||
Total assets | $ | 14,169 | $ | 17,749 | |||||||
Total liabilities | (1,179) | (1,083) | |||||||||
Total accumulated other comprehensive income (loss) | 1,839 | (1,750) | |||||||||
Net assets classified as held for sale | $ | 14,829 | $ | 14,916 |
September 30, 2017 | December 31, 2016 | ||||||
Total assets | $ | 41,658 | $ | 39,643 | |||
Total liabilities | (2,480 | ) | (2,342 | ) | |||
Total accumulated other comprehensive (income) loss | (1,082 | ) | 828 | ||||
Net assets classified as held for sale – Asia | $ | 38,096 | $ | 38,129 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Investments in real estate | $ | — | $ | — | $ | 10,046,521 | $ | — | $ | 10,046,521 | |||||||||
Investments in unconsolidated real estate JVs | — | — | 33,692 | — | 33,692 | ||||||||||||||
Cash and cash equivalents | 37,916 | — | 80,646 | — | 118,562 | ||||||||||||||
Restricted cash | 138 | — | 27,575 | — | 27,713 | ||||||||||||||
Tenant receivables | — | — | 9,899 | — | 9,899 | ||||||||||||||
Deferred rent | — | — | 402,353 | — | 402,353 | ||||||||||||||
Deferred leasing costs | — | — | 208,265 | — | 208,265 | ||||||||||||||
Investments | — | 1,689 | 483,573 | — | 485,262 | ||||||||||||||
Investments in and advances to affiliates | 9,158,536 | 8,276,072 | 168,449 | (17,603,057 | ) | — | |||||||||||||
Other assets | 48,095 | — | 164,961 | — | 213,056 | ||||||||||||||
Total assets | $ | 9,244,685 | $ | 8,277,761 | $ | 11,625,934 | $ | (17,603,057 | ) | $ | 11,545,323 | ||||||||
Liabilities, Noncontrolling Interests, and Equity | |||||||||||||||||||
Secured notes payable | $ | — | $ | — | $ | 1,153,890 | $ | — | $ | 1,153,890 | |||||||||
Unsecured senior notes payable | 2,801,290 | — | — | — | 2,801,290 | ||||||||||||||
Unsecured senior line of credit | 314,000 | — | — | — | 314,000 | ||||||||||||||
Unsecured senior bank term loans | 547,860 | — | — | — | 547,860 | ||||||||||||||
Accounts payable, accrued expenses, and tenant security deposits | 91,163 | — | 648,907 | — | 740,070 | ||||||||||||||
Dividends payable | 83,402 | — | — | — | 83,402 | ||||||||||||||
Total liabilities | 3,837,715 | — | 1,802,797 | — | 5,640,512 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 11,418 | — | 11,418 | ||||||||||||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 5,406,970 | 8,277,761 | 9,325,296 | (17,603,057 | ) | 5,406,970 | |||||||||||||
Noncontrolling interests | — | — | 486,423 | — | 486,423 | ||||||||||||||
Total equity | 5,406,970 | 8,277,761 | 9,811,719 | (17,603,057 | ) | 5,893,393 | |||||||||||||
Total liabilities, noncontrolling interests, and equity | $ | 9,244,685 | $ | 8,277,761 | $ | 11,625,934 | $ | (17,603,057 | ) | $ | 11,545,323 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Investments in real estate | $ | — | $ | — | $ | 9,077,972 | $ | — | $ | 9,077,972 | |||||||||
Investments in unconsolidated real estate JVs | — | — | 50,221 | — | 50,221 | ||||||||||||||
Cash and cash equivalents | 30,603 | — | 94,429 | — | 125,032 | ||||||||||||||
Restricted cash | 102 | — | 16,232 | — | 16,334 | ||||||||||||||
Tenant receivables | — | — | 9,744 | — | 9,744 | ||||||||||||||
Deferred rent | — | — | 335,974 | — | 335,974 | ||||||||||||||
Deferred leasing costs | — | — | 195,937 | — | 195,937 | ||||||||||||||
Investments | — | 4,440 | 338,037 | — | 342,477 | ||||||||||||||
Investments in and advances to affiliates | 8,152,965 | 7,444,919 | 151,594 | (15,749,478 | ) | — | |||||||||||||
Other assets | 45,646 | — | 155,551 | — | 201,197 | ||||||||||||||
Total assets | $ | 8,229,316 | $ | 7,449,359 | $ | 10,425,691 | $ | (15,749,478 | ) | $ | 10,354,888 | ||||||||
Liabilities, Noncontrolling Interests, and Equity | |||||||||||||||||||
Secured notes payable | $ | — | $ | — | $ | 1,011,292 | $ | — | $ | 1,011,292 | |||||||||
Unsecured senior notes payable | 2,378,262 | — | — | — | 2,378,262 | ||||||||||||||
Unsecured senior line of credit | 28,000 | — | — | — | 28,000 | ||||||||||||||
Unsecured senior bank term loans | 746,471 | — | — | — | 746,471 | ||||||||||||||
Accounts payable, accrued expenses, and tenant security deposits | 104,044 | — | 627,627 | — | 731,671 | ||||||||||||||
Dividends payable | 76,743 | — | 171 | — | 76,914 | ||||||||||||||
Total liabilities | 3,333,520 | — | 1,639,090 | — | 4,972,610 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 11,307 | — | 11,307 | ||||||||||||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 4,895,796 | 7,449,359 | 8,300,119 | (15,749,478 | ) | 4,895,796 | |||||||||||||
Noncontrolling interests | — | — | 475,175 | — | 475,175 | ||||||||||||||
Total equity | 4,895,796 | 7,449,359 | 8,775,294 | (15,749,478 | ) | 5,370,971 | |||||||||||||
Total liabilities, noncontrolling interests, and equity | $ | 8,229,316 | $ | 7,449,359 | $ | 10,425,691 | $ | (15,749,478 | ) | $ | 10,354,888 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental | $ | — | $ | — | $ | 216,021 | $ | — | $ | 216,021 | |||||||||
Tenant recoveries | — | — | 67,058 | — | 67,058 | ||||||||||||||
Other income | 3,230 | (2,589 | ) | 5,736 | (4,086 | ) | 2,291 | ||||||||||||
Total revenues | 3,230 | (2,589 | ) | 288,815 | (4,086 | ) | 285,370 | ||||||||||||
Expenses: | |||||||||||||||||||
Rental operations | — | — | 83,469 | — | 83,469 | ||||||||||||||
General and administrative | 16,598 | — | 5,124 | (4,086 | ) | 17,636 | |||||||||||||
Interest | 23,958 | — | 7,073 | — | 31,031 | ||||||||||||||
Depreciation and amortization | 1,787 | — | 106,001 | — | 107,788 | ||||||||||||||
Total expenses | 42,343 | — | 201,667 | (4,086 | ) | 239,924 | |||||||||||||
Equity in earnings of unconsolidated real estate JVs | — | — | 14,100 | — | 14,100 | ||||||||||||||
Equity in earnings of affiliates | 92,886 | 88,900 | 1,702 | (183,488 | ) | — | |||||||||||||
Net income | 53,773 | 86,311 | 102,950 | (183,488 | ) | 59,546 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (5,773 | ) | — | (5,773 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 53,773 | 86,311 | 97,177 | (183,488 | ) | 53,773 | |||||||||||||
Dividends on preferred stock | (1,302 | ) | — | — | — | (1,302 | ) | ||||||||||||
Net income attributable to unvested restricted stock awards | (1,198 | ) | — | — | — | (1,198 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 51,273 | $ | 86,311 | $ | 97,177 | $ | (183,488 | ) | $ | 51,273 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental | $ | — | $ | — | $ | 166,591 | $ | — | $ | 166,591 | |||||||||
Tenant recoveries | — | — | 58,681 | — | 58,681 | ||||||||||||||
Other income | 1,077 | 91 | 7,852 | (3,913 | ) | 5,107 | |||||||||||||
Total revenues | 1,077 | 91 | 233,124 | (3,913 | ) | 230,379 | |||||||||||||
Expenses: | |||||||||||||||||||
Rental operations | — | — | 72,002 | — | 72,002 | ||||||||||||||
General and administrative | 15,568 | — | 4,199 | (3,913 | ) | 15,854 | |||||||||||||
Interest | 21,318 | — | 4,532 | — | 25,850 | ||||||||||||||
Depreciation and amortization | 1,722 | — | 75,411 | — | 77,133 | ||||||||||||||
Impairment of real estate | — | — | 8,114 | — | 8,114 | ||||||||||||||
Loss on early extinguishment of debt | 3,230 | — | — | — | 3,230 | ||||||||||||||
Total expenses | 41,838 | — | 164,258 | (3,913 | ) | 202,183 | |||||||||||||
Equity in earnings of unconsolidated real estate JVs | — | — | 273 | — | 273 | ||||||||||||||
Equity in earnings of affiliates | 65,236 | 55,532 | 1,100 | (121,868 | ) | — | |||||||||||||
Gain on sale of real estate – land parcels | — | — | 90 | — | 90 | ||||||||||||||
Net income | 24,475 | 55,623 | 70,329 | (121,868 | ) | 28,559 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (4,084 | ) | — | (4,084 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 24,475 | 55,623 | 66,245 | (121,868 | ) | 24,475 | |||||||||||||
Dividends on preferred stock | (5,007 | ) | — | — | — | (5,007 | ) | ||||||||||||
Preferred stock redemption charge | (13,095 | ) | — | — | — | (13,095 | ) | ||||||||||||
Net income attributable to unvested restricted stock awards | (921 | ) | — | — | — | (921 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 5,452 | $ | 55,623 | $ | 66,245 | $ | (121,868 | ) | $ | 5,452 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental | $ | — | $ | — | $ | 635,156 | $ | — | $ | 635,156 | |||||||||
Tenant recoveries | — | — | 188,874 | — | 188,874 | ||||||||||||||
Other income | 11,337 | (2,577 | ) | 10,199 | (13,683 | ) | 5,276 | ||||||||||||
Total revenues | 11,337 | (2,577 | ) | 834,229 | (13,683 | ) | 829,306 | ||||||||||||
Expenses: | |||||||||||||||||||
Rental operations | — | — | 237,536 | — | 237,536 | ||||||||||||||
General and administrative | 55,272 | — | 14,510 | (13,683 | ) | 56,099 | |||||||||||||
Interest | 72,907 | — | 19,656 | — | 92,563 | ||||||||||||||
Depreciation and amortization | 5,217 | — | 303,852 | — | 309,069 | ||||||||||||||
Impairment of real estate | — | — | 203 | — | 203 | ||||||||||||||
Loss on early extinguishment of debt | 670 | — | — | — | 670 | ||||||||||||||
Total expenses | 134,066 | — | 575,757 | (13,683 | ) | 696,140 | |||||||||||||
Equity in earnings of unconsolidated real estate JVs | — | — | 15,050 | — | 15,050 | ||||||||||||||
Equity in earnings of affiliates | 252,434 | 242,345 | 4,694 | (499,473 | ) | — | |||||||||||||
Gain on sales of real estate – rental properties | — | — | 270 | — | 270 | ||||||||||||||
Gain on sales of real estate – land parcels | — | — | 111 | — | 111 | ||||||||||||||
Net income | 129,705 | 239,768 | 278,597 | (499,473 | ) | 148,597 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (18,892 | ) | — | (18,892 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | 129,705 | 239,768 | 259,705 | (499,473 | ) | 129,705 | |||||||||||||
Dividends on preferred stock | (6,364 | ) | — | — | — | (6,364 | ) | ||||||||||||
Preferred stock redemption charge | (11,279 | ) | — | — | — | (11,279 | ) | ||||||||||||
Net income attributable to unvested restricted stock awards | (3,498 | ) | — | — | — | (3,498 | ) | ||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 108,564 | $ | 239,768 | $ | 259,705 | $ | (499,473 | ) | $ | 108,564 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental | $ | — | $ | — | $ | 486,505 | $ | — | $ | 486,505 | |||||||||
Tenant recoveries | — | — | 165,385 | — | 165,385 | ||||||||||||||
Other income | 7,086 | 115 | 24,091 | (10,638 | ) | 20,654 | |||||||||||||
Total revenues | 7,086 | 115 | 675,981 | (10,638 | ) | 672,544 | |||||||||||||
Expenses: | |||||||||||||||||||
Rental operations | — | — | 205,164 | — | 205,164 | ||||||||||||||
General and administrative | 45,224 | — | 11,840 | (10,638 | ) | 46,426 | |||||||||||||
Interest | 60,729 | — | 15,001 | — | 75,730 | ||||||||||||||
Depreciation and amortization | 4,997 | — | 213,171 | — | 218,168 | ||||||||||||||
Impairment of real estate | — | — | 193,237 | — | 193,237 | ||||||||||||||
Loss of early extinguishment of debt | 3,230 | — | — | — | 3,230 | ||||||||||||||
Total expenses | 114,180 | — | 638,413 | (10,638 | ) | 741,955 | |||||||||||||
Equity in losses of unconsolidated real estate JVs | — | — | (270 | ) | — | (270 | ) | ||||||||||||
Equity in earnings (losses) of affiliates | 25,889 | (6,282 | ) | (98 | ) | (19,509 | ) | — | |||||||||||
Gain on sale of real estate – land parcels | — | — | 90 | — | 90 | ||||||||||||||
Net (loss) income | (81,205 | ) | (6,167 | ) | 37,290 | (19,509 | ) | (69,591 | ) | ||||||||||
Net income attributable to noncontrolling interests | — | — | (11,614 | ) | — | (11,614 | ) | ||||||||||||
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (81,205 | ) | (6,167 | ) | 25,676 | (19,509 | ) | (81,205 | ) | ||||||||||
Dividends on preferred stock | (16,388 | ) | — | — | — | (16,388 | ) | ||||||||||||
Preferred stock redemption charge | (25,614 | ) | — | — | — | (25,614 | ) | ||||||||||||
Net income attributable to unvested restricted stock awards | (2,807 | ) | — | — | — | (2,807 | ) | ||||||||||||
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | (126,014 | ) | $ | (6,167 | ) | $ | 25,676 | $ | (19,509 | ) | $ | (126,014 | ) |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 53,773 | $ | 86,311 | $ | 102,950 | $ | (183,488 | ) | $ | 59,546 | ||||||||
Other comprehensive income | |||||||||||||||||||
Unrealized gains on available-for-sale equity securities: | |||||||||||||||||||
Unrealized holding gains arising during the period | — | 65 | 16,953 | — | 17,018 | ||||||||||||||
Reclassification adjustment for losses included in net income | — | — | — | — | — | ||||||||||||||
Unrealized gains on available-for-sale equity securities, net | — | 65 | 16,953 | — | 17,018 | ||||||||||||||
Unrealized gains (losses) on interest rate hedge agreements: | |||||||||||||||||||
Unrealized interest rate hedge gains (losses) arising during the period | 174 | — | (29 | ) | — | 145 | |||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | 195 | — | 3 | — | 198 | ||||||||||||||
Unrealized gains (losses) on interest rate hedge agreements, net | 369 | — | (26 | ) | — | 343 | |||||||||||||
Unrealized gains on foreign currency translation: | |||||||||||||||||||
Unrealized foreign currency translation gains arising during the period | — | — | 3,836 | — | 3,836 | ||||||||||||||
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation | — | — | — | — | — | ||||||||||||||
Unrealized gains on foreign currency translation, net | — | — | 3,836 | — | 3,836 | ||||||||||||||
Total other comprehensive income | 369 | 65 | 20,763 | — | 21,197 | ||||||||||||||
Comprehensive income | 54,142 | 86,376 | 123,713 | (183,488 | ) | 80,743 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | (5,783 | ) | — | (5,783 | ) | ||||||||||||
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 54,142 | $ | 86,376 | $ | 117,930 | $ | (183,488 | ) | $ | 74,960 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 24,475 | $ | 55,623 | $ | 70,329 | $ | (121,868 | ) | $ | 28,559 | ||||||||
Other comprehensive income (loss) | |||||||||||||||||||
Unrealized losses on available-for-sale equity securities: | |||||||||||||||||||
Unrealized holding gains (losses) arising during the period | — | 58 | (38,679 | ) | — | (38,621 | ) | ||||||||||||
Reclassification adjustment for gains included in net income | — | (159 | ) | (8,381 | ) | — | (8,540 | ) | |||||||||||
Unrealized losses on available-for-sale equity securities, net | — | (101 | ) | (47,060 | ) | — | (47,161 | ) | |||||||||||
Unrealized gains (losses) on interest rate hedge agreements: | |||||||||||||||||||
Unrealized interest rate hedge gains arising during the period | 2,979 | — | 3 | — | 2,982 | ||||||||||||||
Reclassification adjustment for amortization of interest expense (income) included in net income | 1,714 | — | (12 | ) | — | 1,702 | |||||||||||||
Unrealized gains (losses) on interest rate hedge agreements, net | 4,693 | — | (9 | ) | — | 4,684 | |||||||||||||
Unrealized gains on foreign currency translation: | |||||||||||||||||||
Unrealized foreign currency translation losses arising during the period | — | — | (1,322 | ) | — | (1,322 | ) | ||||||||||||
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation | — | — | 3,779 | — | 3,779 | ||||||||||||||
Unrealized gains on foreign currency translation, net | — | — | 2,457 | — | 2,457 | ||||||||||||||
Total other comprehensive income (loss) | 4,693 | (101 | ) | (44,612 | ) | — | (40,020 | ) | |||||||||||
Comprehensive income (loss) | 29,168 | 55,522 | 25,717 | (121,868 | ) | (11,461 | ) | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | (4,081 | ) | — | (4,081 | ) | ||||||||||||
Comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 29,168 | $ | 55,522 | $ | 21,636 | $ | (121,868 | ) | $ | (15,542 | ) |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 129,705 | $ | 239,768 | $ | 278,597 | $ | (499,473 | ) | $ | 148,597 | ||||||||
Other comprehensive income | |||||||||||||||||||
Unrealized gains on available-for-sale equity securities: | |||||||||||||||||||
Unrealized holding gains arising during the period | — | 20 | 23,394 | — | 23,414 | ||||||||||||||
Reclassification adjustment for losses included in net income | — | 4 | 2,478 | — | 2,482 | ||||||||||||||
Unrealized gains on available-for-sale equity securities, net | — | 24 | 25,872 | — | 25,896 | ||||||||||||||
Unrealized gains (losses) on interest rate hedge agreements: | |||||||||||||||||||
Unrealized interest rate hedge gains (losses) arising during the period | 1,062 | — | (250 | ) | — | 812 | |||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | 1,804 | — | 6 | — | 1,810 | ||||||||||||||
Unrealized gains (losses) on interest rate hedge agreements, net | 2,866 | — | (244 | ) | — | 2,622 | |||||||||||||
Unrealized gains on foreign currency translation: | |||||||||||||||||||
Unrealized foreign currency translation gains arising during the period | — | — | 7,592 | — | 7,592 | ||||||||||||||
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation | — | — | 2,421 | — | 2,421 | ||||||||||||||
Unrealized gains on foreign currency translation, net | — | — | 10,013 | — | 10,013 | ||||||||||||||
Total other comprehensive income | 2,866 | 24 | 35,641 | — | 38,531 | ||||||||||||||
Comprehensive income | 132,571 | 239,792 | 314,238 | (499,473 | ) | 187,128 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | (18,914 | ) | — | (18,914 | ) | ||||||||||||
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 132,571 | $ | 239,792 | $ | 295,324 | $ | (499,473 | ) | $ | 168,214 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (81,205 | ) | $ | (6,167 | ) | $ | 37,290 | $ | (19,509 | ) | $ | (69,591 | ) | |||||
Other comprehensive loss | |||||||||||||||||||
Unrealized losses on available-for-sale equity securities: | |||||||||||||||||||
Unrealized holding gains (losses) arising during the period | — | 136 | (70,191 | ) | — | (70,055 | ) | ||||||||||||
Reclassification adjustment for losses (gains) included in net income | — | (148 | ) | (18,479 | ) | — | (18,627 | ) | |||||||||||
Unrealized losses on available-for-sale equity securities, net | — | (12 | ) | (88,670 | ) | — | (88,682 | ) | |||||||||||
Unrealized losses on interest rate hedge agreements: | |||||||||||||||||||
Unrealized interest rate hedge (losses) gains arising during the period | (7,658 | ) | — | 3 | — | (7,655 | ) | ||||||||||||
Reclassification adjustment for amortization of interest expense (income) included in net income | 3,737 | — | (12 | ) | — | 3,725 | |||||||||||||
Unrealized losses on interest rate hedge agreements, net | (3,921 | ) | — | (9 | ) | — | (3,930 | ) | |||||||||||
Unrealized gains on foreign currency translation: | |||||||||||||||||||
Unrealized foreign currency translation gains arising during the period | — | — | 842 | — | 842 | ||||||||||||||
Reclassification adjustment for cumulative foreign currency translation losses included in net (loss) income upon sale or liquidation | — | — | 10,807 | — | 10,807 | ||||||||||||||
Unrealized gains on foreign currency translation, net | — | — | 11,649 | — | 11,649 | ||||||||||||||
Total other comprehensive loss | (3,921 | ) | (12 | ) | (77,030 | ) | — | (80,963 | ) | ||||||||||
Comprehensive loss | (85,126 | ) | (6,179 | ) | (39,740 | ) | (19,509 | ) | (150,554 | ) | |||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | (11,587 | ) | — | (11,587 | ) | ||||||||||||
Comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | (85,126 | ) | $ | (6,179 | ) | $ | (51,327 | ) | $ | (19,509 | ) | $ | (162,141 | ) |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating Activities | |||||||||||||||||||
Net income | $ | 129,705 | $ | 239,768 | $ | 278,597 | $ | (499,473 | ) | $ | 148,597 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 5,217 | — | 303,852 | — | 309,069 | ||||||||||||||
Loss on early extinguishment of debt | 670 | — | — | — | 670 | ||||||||||||||
Gain on sales of real estate – rental properties | — | — | (270 | ) | — | (270 | ) | ||||||||||||
Impairment of real estate | — | — | 203 | — | 203 | ||||||||||||||
Gain on sales of real estate – land parcels | — | — | (111 | ) | — | (111 | ) | ||||||||||||
Equity in earnings of unconsolidated real estate JVs | — | — | (15,050 | ) | — | (15,050 | ) | ||||||||||||
Distributions of earnings from unconsolidated real estate JVs | — | — | 249 | — | 249 | ||||||||||||||
Amortization of loan fees | 5,665 | — | 2,913 | — | 8,578 | ||||||||||||||
Amortization of debt discounts (premiums) | 441 | — | (2,314 | ) | — | (1,873 | ) | ||||||||||||
Amortization of acquired below-market leases | — | — | (14,908 | ) | — | (14,908 | ) | ||||||||||||
Deferred rent | — | — | (74,362 | ) | — | (74,362 | ) | ||||||||||||
Stock compensation expense | 18,649 | — | — | — | 18,649 | ||||||||||||||
Equity in earnings of affiliates | (252,434 | ) | (242,345 | ) | (4,694 | ) | 499,473 | — | |||||||||||
Investment gains | — | (17 | ) | (8,408 | ) | — | (8,425 | ) | |||||||||||
Investment losses | — | 2,599 | 3,819 | — | 6,418 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Restricted cash | (36 | ) | — | (876 | ) | — | (912 | ) | |||||||||||
Tenant receivables | — | — | (224 | ) | — | (224 | ) | ||||||||||||
Deferred leasing costs | — | — | (39,925 | ) | — | (39,925 | ) | ||||||||||||
Other assets | (10,576 | ) | — | (86 | ) | — | (10,662 | ) | |||||||||||
Accounts payable, accrued expenses, and tenant security deposits | (9,813 | ) | (9 | ) | 40,441 | — | 30,619 | ||||||||||||
Net cash (used in) provided by operating activities | (112,512 | ) | (4 | ) | 468,846 | — | 356,330 | ||||||||||||
Investing Activities | |||||||||||||||||||
Proceeds from sales of real estate | — | — | 4,263 | — | 4,263 | ||||||||||||||
Additions to real estate | — | — | (660,877 | ) | — | (660,877 | ) | ||||||||||||
Purchases of real estate | — | — | (590,884 | ) | — | (590,884 | ) | ||||||||||||
Deposits for investing activities | — | — | 4,700 | — | 4,700 | ||||||||||||||
Investments in subsidiaries | (753,137 | ) | (588,808 | ) | (12,160 | ) | 1,354,105 | — | |||||||||||
Investments in unconsolidated real estate JVs | — | — | (248 | ) | — | (248 | ) | ||||||||||||
Return of capital from unconsolidated real estate JVs | — | — | 38,576 | — | 38,576 | ||||||||||||||
Additions to investments | — | — | (128,190 | ) | — | (128,190 | ) | ||||||||||||
Sales of investments | — | 204 | 18,692 | — | 18,896 | ||||||||||||||
Net cash used in investing activities | $ | (753,137 | ) | $ | (588,604 | ) | $ | (1,326,128 | ) | $ | 1,354,105 | $ | (1,313,764 | ) |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Financing Activities | |||||||||||||||||||
Borrowings from secured notes payable | $ | — | $ | — | $ | 145,272 | $ | — | $ | 145,272 | |||||||||
Repayments of borrowings from secured notes payable | — | — | (2,882 | ) | — | (2,882 | ) | ||||||||||||
Proceeds from issuance of unsecured senior notes payable | 424,384 | — | — | — | 424,384 | ||||||||||||||
Borrowings from unsecured senior line of credit | 2,634,000 | — | — | — | 2,634,000 | ||||||||||||||
Repayments of borrowings from unsecured senior line of credit | (2,348,000 | ) | — | — | — | (2,348,000 | ) | ||||||||||||
Repayments of borrowings from unsecured senior bank term loans | (200,000 | ) | — | — | — | (200,000 | ) | ||||||||||||
Transfer to/from parent company | 47,558 | 588,608 | 717,939 | (1,354,105 | ) | — | |||||||||||||
Change in restricted cash related to financing activities | — | — | (10,467 | ) | — | (10,467 | ) | ||||||||||||
Payment of loan fees | (3,956 | ) | — | (387 | ) | — | (4,343 | ) | |||||||||||
Repurchase of 7.00% Series D cumulative convertible preferred stock | (17,934 | ) | — | — | — | (17,934 | ) | ||||||||||||
Redemption of 6.45% Series E cumulative redeemable preferred stock | (130,350 | ) | — | — | — | (130,350 | ) | ||||||||||||
Proceeds from the issuance of common stock | 705,391 | — | — | — | 705,391 | ||||||||||||||
Dividends on common stock | (229,814 | ) | — | — | — | (229,814 | ) | ||||||||||||
Dividends on preferred stock | (8,317 | ) | — | — | — | (8,317 | ) | ||||||||||||
Contributions from noncontrolling interests | — | — | 9,877 | — | 9,877 | ||||||||||||||
Distributions to noncontrolling interests | — | — | (17,432 | ) | — | (17,432 | ) | ||||||||||||
Net cash provided by financing activities | 872,962 | 588,608 | 841,920 | (1,354,105 | ) | 949,385 | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 1,579 | — | 1,579 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7,313 | — | (13,783 | ) | — | (6,470 | ) | ||||||||||||
Cash and cash equivalents as of the beginning of period | 30,603 | — | 94,429 | — | 125,032 | ||||||||||||||
Cash and cash equivalents as of the end of period | $ | 37,916 | $ | — | $ | 80,646 | $ | — | $ | 118,562 | |||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||||
Cash paid during the period for interest, net of interest capitalized | $ | 67,091 | $ | — | $ | 19,141 | $ | — | $ | 86,232 | |||||||||
Non-Cash Investing Activities: | |||||||||||||||||||
Change in accrued construction | $ | — | $ | — | $ | (38,767 | ) | $ | — | $ | (38,767 | ) | |||||||
Contribution of real estate to an unconsolidated real estate JV | $ | — | $ | — | $ | 6,998 | $ | — | $ | 6,998 |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating Activities | |||||||||||||||||||
Net (loss) income | $ | (81,205 | ) | $ | (6,167 | ) | $ | 37,290 | $ | (19,509 | ) | $ | (69,591 | ) | |||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 4,997 | — | 213,171 | — | 218,168 | ||||||||||||||
Loss on early extinguishment of debt | 3,230 | — | — | — | 3,230 | ||||||||||||||
Impairment of real estate | — | — | 193,237 | — | 193,237 | ||||||||||||||
Gain on sale of real estate – land parcels | — | — | (90 | ) | — | (90 | ) | ||||||||||||
Equity in losses of unconsolidated real estate JVs | — | — | 270 | — | 270 | ||||||||||||||
Distributions of earnings from unconsolidated real estate JVs | — | — | 286 | — | 286 | ||||||||||||||
Amortization of loan fees | 5,826 | — | 2,966 | — | 8,792 | ||||||||||||||
Amortization of debt discounts (premiums) | 353 | — | (470 | ) | — | (117 | ) | ||||||||||||
Amortization of acquired below-market leases | — | — | (2,905 | ) | — | (2,905 | ) | ||||||||||||
Deferred rent | — | — | (30,679 | ) | — | (30,679 | ) | ||||||||||||
Stock compensation expense | 19,007 | — | — | — | 19,007 | ||||||||||||||
Equity in earnings of affiliates | (25,889 | ) | 6,282 | 98 | 19,509 | — | |||||||||||||
Investment gains | — | (566 | ) | (28,155 | ) | — | (28,721 | ) | |||||||||||
Investment losses | — | 188 | 10,482 | — | 10,670 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Restricted cash | (16 | ) | — | (262 | ) | — | (278 | ) | |||||||||||
Tenant receivables | — | — | 843 | — | 843 | ||||||||||||||
Deferred leasing costs | — | — | (21,621 | ) | — | (21,621 | ) | ||||||||||||
Other assets | (8,332 | ) | — | (6,481 | ) | — | (14,813 | ) | |||||||||||
Accounts payable, accrued expenses, and tenant security deposits | (35,351 | ) | (592 | ) | 42,106 | — | 6,163 | ||||||||||||
Net cash (used in) provided by operating activities | (117,380 | ) | (855 | ) | 410,086 | — | 291,851 | ||||||||||||
Investing Activities | |||||||||||||||||||
Proceeds from sales of real estate | — | — | 27,332 | — | 27,332 | ||||||||||||||
Additions to real estate | — | — | (638,568 | ) | — | (638,568 | ) | ||||||||||||
Purchase of real estate | — | — | (18,108 | ) | — | (18,108 | ) | ||||||||||||
Deposits for investing activities | — | — | (54,998 | ) | — | (54,998 | ) | ||||||||||||
Investments in subsidiaries | (301,852 | ) | (365,132 | ) | (7,405 | ) | 674,389 | — | |||||||||||
Investments in unconsolidated real estate JVs | — | — | (6,924 | ) | — | (6,924 | ) | ||||||||||||
Additions to investments | — | — | (68,384 | ) | — | (68,384 | ) | ||||||||||||
Sales of investments | — | 1,174 | 34,121 | — | 35,295 | ||||||||||||||
Repayment of notes receivable | — | — | 9,054 | — | 9,054 | ||||||||||||||
Net cash used in investing activities | $ | (301,852 | ) | $ | (363,958 | ) | $ | (723,880 | ) | $ | 674,389 | $ | (715,301 | ) |
Alexandria Real Estate Equities, Inc. (Issuer) | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Financing Activities | |||||||||||||||||||
Borrowings from secured notes payable | $ | — | $ | — | $ | 215,330 | $ | — | $ | 215,330 | |||||||||
Repayments of borrowings from secured notes payable | — | — | (234,096 | ) | — | (234,096 | ) | ||||||||||||
Proceeds from issuance of unsecured senior notes payable | 348,604 | — | — | — | 348,604 | ||||||||||||||
Borrowings from unsecured senior line of credit | 2,349,000 | — | — | — | 2,349,000 | ||||||||||||||
Repayments of borrowings from unsecured senior line of credit | (2,084,000 | ) | — | — | — | (2,084,000 | ) | ||||||||||||
Repayment of borrowings from unsecured bank term loans | (200,000 | ) | — | — | — | (200,000 | ) | ||||||||||||
Transfer to/from parent company | (69,139 | ) | 364,813 | 378,715 | (674,389 | ) | — | ||||||||||||
Change in restricted cash related to financing activities | — | — | 7,742 | — | 7,742 | ||||||||||||||
Payment of loan fees | (12,401 | ) | — | (4,098 | ) | — | (16,499 | ) | |||||||||||
Repurchase of 7.00% Series D cumulative convertible preferred stock | (98,633 | ) | — | — | — | (98,633 | ) | ||||||||||||
Proceeds from the issuance of common stock | 367,802 | — | — | — | 367,802 | ||||||||||||||
Dividends on common stock | (177,966 | ) | — | — | — | (177,966 | ) | ||||||||||||
Dividends on preferred stock | (17,487 | ) | — | — | — | (17,487 | ) | ||||||||||||
Financing costs paid for sale of noncontrolling interests | — | — | (8,093 | ) | — | (8,093 | ) | ||||||||||||
Contributions from and sale of noncontrolling interests | — | — | 68,621 | — | 68,621 | ||||||||||||||
Distributions to and purchase of noncontrolling interests | — | — | (62,605 | ) | — | (62,605 | ) | ||||||||||||
Net cash provided by financing activities | 405,780 | 364,813 | 361,516 | (674,389 | ) | 457,720 | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1,440 | ) | — | (1,440 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (13,452 | ) | — | 46,282 | — | 32,830 | |||||||||||||
Cash and cash equivalents as of the beginning of period | 31,982 | — | 93,116 | — | 125,098 | ||||||||||||||
Cash and cash equivalents as of the end of period | $ | 18,530 | $ | — | $ | 139,398 | $ | — | $ | 157,928 | |||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||||
Cash paid during the period for interest, net of interest capitalized | $ | 58,062 | $ | — | $ | 758 | $ | — | $ | 58,820 | |||||||||
Non-Cash Investing Activities: | |||||||||||||||||||
Change in accrued construction | $ | — | $ | — | $ | 23,023 | $ | — | $ | 23,023 | |||||||||
Non-Cash Financing Activities: | |||||||||||||||||||
Redemption of redeemable noncontrolling interests | $ | — | $ | — | $ | (5,000 | ) | $ | — | $ | (5,000 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||
Total leasing activity – RSF | 786,925 | 3,189,483 | ||||
Lease renewals and re-leasing of space: | ||||||
Rental rate increases | 24.2% | 25.2% | ||||
Rental rate increases (cash basis) | 10.0% | 13.3% | ||||
RSF (included in total leasing activity above) | 448,472 | 1,931,477 |
Delivery Date | RSF | Percentage Leased | Incremental Annual Net Operating Income | ||||||
YTD 3Q17 | 663,672 | 100% | $51 million | ||||||
4Q17 | 651,738 | 95% | $38 million to $42 million | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income attributable to Alexandria’s common stockholders – diluted: | |||||||||||||||||||||||
In millions | $ | 341.4 | $ | 101.3 | $ | 461.5 | $ | 490.6 | |||||||||||||||
Per share | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.38 | |||||||||||||||
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: | |||||||||||||||||||||||
In millions | $ | 344.7 | $ | 296.0 | $ | 1,008.1 | $ | 841.3 | |||||||||||||||
Per share | $ | 2.13 | $ | 1.95 | $ | 6.28 | $ | 5.80 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||||||
Net income (loss) attributable to Alexandria’s common stockholders – diluted: | |||||||||||||||||||||||||||||
In millions | $ | 51.3 | $ | 5.5 | $ | 45.8 | N/A | $ | 108.6 | $ | (126.0 | ) | $ | 234.6 | N/A | ||||||||||||||
Per share | $ | 0.55 | $ | 0.07 | $ | 0.48 | N/A | $ | 1.20 | $ | (1.69 | ) | $ | 2.89 | N/A | ||||||||||||||
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: | |||||||||||||||||||||||||||||
In millions | $ | 140.8 | $ | 107.6 | $ | 33.1 | 30.8 | % | $ | 407.5 | $ | 305.8 | $ | 101.7 | 33.3 | % | |||||||||||||
Per share | $ | 1.51 | $ | 1.39 | $ | 0.12 | 8.6 | % | $ | 4.49 | $ | 4.09 | $ | 0.40 | 9.8 | % |
Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants | 49 | % | ||||||||||||
Sustained strength in tenant collections: | ||||||||||||||
Tenant receivables as of September 30, 2022 | $ | 7.8 | million | |||||||||||
October tenant rent and receivables collected as of the date of this report | 99.9 | % | ||||||||||||
Occupancy of operating properties in North America | 94.3 | % | ||||||||||||
Operating margin | 70 | % | (1) | |||||||||||
Adjusted EBITDA margin | 69 | % | (1) | |||||||||||
Weighted-average remaining lease term: | ||||||||||||||
All tenants | 7.2 | years | ||||||||||||
Top 20 tenants | 9.7 | years | ||||||||||||
September 30, 2022 | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
Total leasing activity – RSF | 1,662,069 | 6,405,265 | ||||||||||||
Leasing of development and redevelopment space – RSF | 329,006 | 2,685,138 | ||||||||||||
Lease renewals and re-leasing of space: | ||||||||||||||
RSF (included in total leasing activity above) | 1,094,821 | 3,045,980 | ||||||||||||
Rental rate increases | 27.1% | 34.3% | ||||||||||||
Rental rate increases (cash basis) | 22.6% | 24.2% |
New Agreement | Change | |||||||||||||||||||
Commitments available for borrowing | $4.0 billion | Up $1.0 billion | ||||||||||||||||||
Maturity date | January 2028 | Extended by 2 years | ||||||||||||||||||
Interest rate | SOFR+0.875% | Converted to SOFR from LIBOR | ||||||||||||||||||
As of | |||||
September 30, 2017 | |||||
Total market capitalization | $ | 16.1 | billion | ||
Liquidity | $ | 1.7 | billion | ||
Net debt to Adjusted EBITDA: | |||||
Quarter annualized | 6.1x | ||||
Trailing 12 months | 6.4x | ||||
Fixed-charge coverage ratio: | |||||
Quarter annualized | 4.1x | ||||
Trailing 12 months | 4.0x | ||||
Unhedged variable-rate debt as a percentage of total debt | 12% | ||||
Current and future value-creation pipeline as a percentage of gross investments in real estate in North America | 12% |
September 30, 2022 | Goal for Fourth Quarter of 2022, Annualized | |||||||||||||||||||||||||
Quarter Annualized | Trailing 12 Months | |||||||||||||||||||||||||
Net debt and preferred stock to Adjusted EBITDA | 5.4x | 5.6x | Less than or equal to 5.1x | |||||||||||||||||||||||
Fixed-charge coverage ratio | 4.9x | 5.1x | Greater than or equal to 5.1x |
September 30, 2022 | ||||||||||||||||||||
Favorable Lease Structure(1) | Same Property Net Operating Income Growth | |||||||||
Stable cash flows | ||||||||||
Percentage of triple net leases | 97% | |||||||||
Increasing cash flows | ||||||||||
Percentage of leases containing annual rent escalations | 95% | |||||||||
Lower capex burden | ||||||||||
Percentage of leases providing for the recapture of capital expenditures | 94% | |||||||||
Margins(2) | Rental Rate Growth: Renewed/Re-Leased Space | |||||||||
Adjusted EBITDA | Operating | |||||||||
68% | 71% | |||||||||
10% | |||||||||||||||||
1% | |||||||||||||||||||||||
Income-producing/potential cash flows/covered land play(1) | 8% |
Land | 3% | ||||||||||||||||||||||
Historical Same Property Net Operating Income Growth | Favorable Lease Structure(1) | |||||||||||||||||||||||||||||||
Strategic Lease Structure by Owner and Operator of Collaborative Life Science, Agtech, and Technology Campuses | ||||||||||||||||||||||||||||||||
Increasing cash flows | ||||||||||||||||||||||||||||||||
Percentage of leases containing annual rent escalations | 96% | |||||||||||||||||||||||||||||||
Stable cash flows | ||||||||||||||||||||||||||||||||
Percentage of triple net leases | 91% | |||||||||||||||||||||||||||||||
Lower capex burden | ||||||||||||||||||||||||||||||||
Percentage of leases providing for the recapture of capital expenditures | 94% | |||||||||||||||||||||||||||||||
Historical Rental Rate Growth: Renewed/Re-Leased Space | Margins(2) | |||||||||||||||||||||||||||||||
Operating | Adjusted EBITDA | |||||||||||||||||||||||||||||||
70% | 69% | |||||||||||||||||||||||||||||||
Net Debt and Preferred Stock to Adjusted EBITDA(3) | Fixed-Charge Coverage Ratio(3) | |||||||||||||||||||||||||||||||
Long-Duration Cash Flows Innovative Tenants | ||||||||||||
Investment-Grade or Publicly Traded Large Cap Tenants | Long-Duration Lease Terms | |||||||||||
49% | 7.2 Years | |||||||||||
of ARE’s Total | Weighted-Average | |||||||||||
Annual Rental Revenue(1) | Remaining Term(2) | |||||||||||
Industry Mix of 1,000+ Tenants | ||||||||||||
Percentage of ARE’s Annual Rental Revenue(1) | ||||||||||||
High-Quality Cash Flows Class A Properties in AAA Locations | |||||||||||
Industry-Leading Tenant Roster | AAA Locations | ||||||||||
86% | |||||||||||
or Publicly Traded Large Cap Tenants(1) | |||||||||||
Percentage of ARE’s Annual Rental Revenue | |||||||||||
Solid | Occupancy Across Key Locations | ||||||||||
96% | |||
Over 10 Years | |||
Three Months Ended | Nine Months Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2017 | December 31, 2016 | September 30, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars per RSF) | (Dollars per RSF) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing activity: | Leasing activity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewed/re-leased space (1) | Renewed/re-leased space(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental rate changes | 24.2% | 10.0% | 25.2% | 13.3% | 27.6% | 12.0% | Rental rate changes | 27.1% | 22.6% | 34.3% | 24.2% | 37.9% | 22.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New rates | $ | 59.84 | $ | 57.59 | $ | 51.30 | $ | 48.24 | $ | 48.60 | $ | 45.83 | New rates | $59.41 | $57.35 | $57.61 | $55.50 | $59.00 | $55.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiring rates | $ | 48.19 | $ | 52.37 | $ | 40.97 | $ | 42.56 | $ | 38.09 | $ | 40.92 | Expiring rates | $46.73 | $46.79 | $42.89 | $44.68 | $42.80 | $45.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable square footage | 448,472 | 1,931,477 | 2,129,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSF | RSF | 1,094,821 | 3,045,980 | 4,614,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant improvements/leasing commissions | $ | 18.52 | $ | 19.54 | (2) | $ | 15.69 | Tenant improvements/leasing commissions | $43.34 | $33.26 | $41.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average lease term | 6.4 years | 6.2 years | 5.5 years | Weighted-average lease term | 5.1 years | 4.9 years | 6.3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developed/redeveloped/previously vacant space leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developed/redeveloped/ previously vacant space leased(2) | Developed/redeveloped/ previously vacant space leased(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New rates | $ | 57.81 | $ | 56.65 | $ | 36.19 | $ | 32.92 | $ | 50.24 | $ | 38.72 | New rates | $56.98 | $51.55 | $75.88 | $67.05 | $78.52 | $69.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable square footage | 338,453 | 1,258,006 | 1,260,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant improvements/leasing commissions | $ | 11.95 | $ | 8.57 | $ | 12.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSF | RSF | 567,248 | 3,359,285 | 4,902,261 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average lease term | 8.0 years | 9.5 years | 32.6 years | (3) | Weighted-average lease term | 11.7 years | 12.7 years | 11.2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing activity summary (totals): | Leasing activity summary (totals): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New rates | $ | 58.97 | $ | 57.19 | $ | 45.34 | $ | 42.20 | $ | 49.21 | $ | 43.19 | New rates | $58.58 | $55.37 | $67.20 | $61.56 | $69.05 | $62.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable square footage | 786,925 | 3,189,483 | (4) | 3,390,067 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant improvements/leasing commissions | $ | 15.70 | $ | 15.21 | $ | 14.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSF | RSF | 1,662,069 | 6,405,265 | (3) | 9,516,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average lease term | 7.1 years | 7.5 years | 15.6 years | Weighted-average lease term | 7.3 years | 9.0 years | 8.8 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease expirations: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease expirations(1) | Lease expirations(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiring rates | $ | 49.19 | $ | 53.16 | $ | 40.27 | $ | 41.75 | $ | 36.70 | $ | 39.32 | Expiring rates | $44.26 | $46.56 | $40.10 | $40.93 | $41.53 | $43.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable square footage | 470,165 | 2,228,871 | 2,484,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSF | RSF | 1,436,203 | 4,525,413 | 5,747,192 |
55 |
Year | RSF | Percentage of Occupied RSF | Annual Rental Revenue (per RSF)(1) | Percentage of Total Annual Rental Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | (2) | 635,234 | 1.7 | % | $ | 37.69 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2,992,991 | 7.8 | % | $ | 42.71 | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 4,268,120 | 11.1 | % | $ | 45.19 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 3,533,031 | 9.2 | % | $ | 47.96 | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2,466,984 | 6.4 | % | $ | 52.09 | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 2,606,791 | 6.8 | % | $ | 53.57 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2028 | 3,872,553 | 10.1 | % | $ | 51.17 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2029 | 2,089,306 | 5.4 | % | $ | 56.52 | 6.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2030 | 2,601,174 | 6.8 | % | $ | 56.65 | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2031 | 3,072,548 | 8.0 | % | $ | 52.66 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 10,323,260 | 26.7 | % | $ | 49.89 | 26.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Year | Number of Leases | RSF | Percentage of Occupied RSF | Annual Rental Revenue (per RSF) | Percentage of Total Annual Rental Revenue | |||||||||||||||||||||||
2017 | (1) | 12 | 160,013 | 0.9 | % | $ | 49.71 | 0.9 | % | |||||||||||||||||||
2018 | 105 | 1,349,740 | 7.4 | % | $ | 38.46 | 6.1 | % | ||||||||||||||||||||
2019 | 84 | 1,419,777 | 7.7 | % | $ | 41.06 | 6.9 | % | ||||||||||||||||||||
2020 | 104 | 1,861,344 | 10.1 | % | $ | 38.48 | 8.4 | % | ||||||||||||||||||||
2021 | 85 | 1,665,047 | 9.1 | % | $ | 42.01 | 8.2 | % | ||||||||||||||||||||
2022 | 72 | 1,325,010 | 7.2 | % | $ | 44.54 | 6.9 | % | ||||||||||||||||||||
2023 | 40 | 1,703,829 | 9.3 | % | $ | 42.50 | 8.5 | % | ||||||||||||||||||||
2024 | 29 | 1,349,860 | 7.4 | % | $ | 48.49 | 7.7 | % | ||||||||||||||||||||
2025 | 18 | 545,918 | 3.0 | % | $ | 50.38 | 3.2 | % | ||||||||||||||||||||
2026 | 16 | 699,825 | 3.8 | % | $ | 45.68 | 3.8 | % | ||||||||||||||||||||
Thereafter | 61 | 6,267,531 | 34.1 | % | $ | 53.27 | 39.4 | % | ||||||||||||||||||||
Lease expirations include 100% of the RSF for each property managed by us in North America. |
2022 Contractual Lease Expirations (in RSF) | Annual Rental Revenue (per RSF)(3) | |||||||||||||||||||||||||||||||||||||
Market | Leased | Negotiating/ Anticipating | Targeted for Future Development/ Redevelopment(1) | Remaining Expiring Leases | Total(2) | |||||||||||||||||||||||||||||||||
Greater Boston | 22,383 | — | — | 34,758 | 57,141 | $ | 62.22 | |||||||||||||||||||||||||||||||
San Francisco Bay Area | 5,500 | 15,023 | 250,000 | 41,772 | 312,295 | 45.20 | ||||||||||||||||||||||||||||||||
New York City | — | — | — | 100 | 100 | N/A | ||||||||||||||||||||||||||||||||
San Diego | 70,419 | — | 9,199 | 62,073 | 141,691 | 26.84 | ||||||||||||||||||||||||||||||||
Seattle | — | — | — | 22,783 | 22,783 | 29.46 | ||||||||||||||||||||||||||||||||
Maryland | 5,720 | — | — | 4,266 | 9,986 | 22.18 | ||||||||||||||||||||||||||||||||
Research Triangle | — | — | — | 10,827 | 10,827 | N/A | ||||||||||||||||||||||||||||||||
Texas | — | — | — | — | — | N/A | ||||||||||||||||||||||||||||||||
Canada | — | 36,425 | — | 36,337 | 72,762 | N/A | ||||||||||||||||||||||||||||||||
Non-cluster/other markets | — | — | — | 7,649 | 7,649 | 82.26 | ||||||||||||||||||||||||||||||||
Total | 104,022 | 51,448 | 259,199 | 220,565 | 635,234 | $ | 37.69 | |||||||||||||||||||||||||||||||
Percentage of expiring leases | 16 | % | 8 | % | 41 | % | 35 | % | 100 | % | ||||||||||||||||||||||||||||
2023 Contractual Lease Expirations (in RSF) | Annual Rental Revenue (per RSF)(4) | |||||||||||||||||||||||||||||||||||||
Market | Leased | Negotiating/ Anticipating | Targeted for Future Development/ Redevelopment(1) | Remaining Expiring Leases(4) | Total | |||||||||||||||||||||||||||||||||
Greater Boston | 49,191 | 148,923 | 323,110 | 430,936 | 952,160 | $ | 53.01 | |||||||||||||||||||||||||||||||
San Francisco Bay Area | 19,377 | — | — | 351,472 | 370,849 | 56.67 | ||||||||||||||||||||||||||||||||
New York City | — | — | — | 88,272 | 88,272 | N/A | ||||||||||||||||||||||||||||||||
San Diego | 82,462 | 22,429 | — | 671,263 | 776,154 | 30.81 | ||||||||||||||||||||||||||||||||
Seattle | 7,566 | 7,413 | 18,680 | 328,645 | 362,304 | 24.54 | ||||||||||||||||||||||||||||||||
Maryland | — | 139,540 | — | 85,369 | 224,909 | 30.19 | ||||||||||||||||||||||||||||||||
Research Triangle | 81,956 | — | — | 115,601 | 197,557 | 31.00 | ||||||||||||||||||||||||||||||||
Texas | — | — | — | — | — | N/A | ||||||||||||||||||||||||||||||||
Canada | — | 13,321 | — | — | 13,321 | 29.99 | ||||||||||||||||||||||||||||||||
Non-cluster/other markets | — | — | — | 7,465 | 7,465 | 58.48 | ||||||||||||||||||||||||||||||||
Total | 240,552 | 331,626 | 341,790 | 2,079,023 | 2,992,991 | $ | 42.71 | |||||||||||||||||||||||||||||||
Percentage of expiring leases | 8 | % | 11 | % | 11 | % | 70 | % | 100 | % |
2017 Contractual Lease Expirations | Annual Rental Revenue (per RSF) | ||||||||||||||||||
Leased | Negotiating/ Anticipating | Targeted for Development/Redevelopment | Remaining Expiring Leases | Total (1) | |||||||||||||||
Market | |||||||||||||||||||
Greater Boston | 33,291 | 11,894 | — | 36,506 | 81,691 | $ | 46.78 | ||||||||||||
San Francisco | — | — | — | — | — | — | |||||||||||||
New York City | 9,131 | — | — | — | 9,131 | N/A | |||||||||||||
San Diego | 3,514 | — | — | 24,581 | 28,095 | 37.79 | |||||||||||||
Seattle | — | — | — | 6,180 | 6,180 | 52.89 | |||||||||||||
Maryland | 14,141 | — | — | — | 14,141 | 22.27 | |||||||||||||
Research Triangle Park | — | — | — | — | — | — | |||||||||||||
Canada | — | — | — | — | — | — | |||||||||||||
Non-cluster markets | — | — | — | 20,775 | 20,775 | 24.45 | |||||||||||||
Total | 60,077 | 11,894 | — | 88,042 | 160,013 | $ | 49.71 | ||||||||||||
Percentage of expiring leases | 38 | % | 7 | % | — | % | 55 | % | 100 | % | |||||||||
2018 Contractual Lease Expirations | Annual Rental Revenue (per RSF) | ||||||||||||||||||
Leased | Negotiating/ Anticipating | Targeted for Development/Redevelopment | Remaining Expiring Leases | Total | |||||||||||||||
Market | |||||||||||||||||||
Greater Boston | 23,419 | 57,160 | — | 209,405 | (2) | 289,984 | $ | 58.15 | |||||||||||
San Francisco | 35,562 | 54,569 | 321,971 | (3) | 73,502 | 485,604 | 35.26 | ||||||||||||
New York City | — | — | — | 6,821 | 6,821 | N/A | |||||||||||||
San Diego | 15,741 | 20,220 | — | 274,570 | (4) | 310,531 | 34.04 | ||||||||||||
Seattle | — | 15,264 | — | — | 15,264 | 43.66 | |||||||||||||
Maryland | 5,104 | 49,852 | — | 31,986 | 86,942 | 20.45 | |||||||||||||
Research Triangle Park | — | — | — | 62,760 | 62,760 | 25.94 | |||||||||||||
Canada | — | 19,992 | — | 60,697 | 80,689 | 21.00 | |||||||||||||
Non-cluster markets | — | — | — | 11,145 | 11,145 | 26.02 | |||||||||||||
Total | 79,826 | 217,057 | 321,971 | 730,886 | 1,349,740 | $ | 38.46 | ||||||||||||
Percentage of expiring leases | 6 | % | 16 | % | 24 | % | 54 | % | 100 | % | |||||||||
Lease expirations include 100% of the RSF for each property managed by us in North America. Annual rental revenue (per RSF) represents amounts in effect as of September 30, 2017. |
Remaining Lease Term(1) (in Years) | Aggregate RSF | Annual Rental Revenue(1) | Percentage of Aggregate Annual Rental Revenue (1) | Investment-Grade Credit Ratings | Average Market Cap(1) (in billions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant | Moody’s | S&P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Bristol-Myers Squibb Company | 4.5 | 961,883 | $ | 69,687 | 3.6 | % | A2 | A+ | $ | 148.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Moderna, Inc. | 14.1 | 908,340 | 51,914 | 2.7 | — | — | $ | 75.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Eli Lilly and Company | 6.4 | 743,267 | 49,676 | 2.6 | A2 | A+ | $ | 268.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Takeda Pharmaceutical Company Limited | 7.3 | 549,760 | 37,399 | 1.9 | Baa2 | BBB+ | $ | 45.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Illumina, Inc. | 7.9 | 891,495 | 36,205 | 1.9 | Baa3 | BBB | $ | 47.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Sanofi | 7.3 | 463,935 | 35,407 | 1.8 | A1 | AA | $ | 125.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 2seventy bio, Inc.(2) | 10.9 | 312,805 | 33,617 | 1.7 | — | — | $ | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | Novartis AG | 5.8 | 447,831 | 30,582 | 1.6 | A1 | AA- | $ | 206.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | TIBCO Software, Inc. | 4.4 | (3) | 292,013 | 28,537 | 1.5 | — | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Uber Technologies, Inc. | 60.0 | (4) | 1,009,188 | 27,689 | 1.4 | — | — | $ | 64.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Roche | 6.8 | 417,011 | 27,186 | 1.4 | Aa2 | AA | $ | 309.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | Maxar Technologies | 3.1 | (3) | 478,000 | 22,133 | 1.1 | — | — | $ | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | Massachusetts Institute of Technology | 6.3 | 257,626 | 21,438 | 1.1 | Aaa | AAA | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | Harvard University | 2.3 | (3) | 286,580 | 20,086 | 1.0 | Aaa | AAA | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | Boston Children's Hospital | 14.1 | 269,816 | 20,066 | 1.0 | Aa2 | AA | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | United States Government | 7.6 | 315,908 | 19,413 | 1.0 | Aaa | AA+ | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | New York University | 9.1 | 203,500 | 19,241 | 1.0 | Aa2 | AA- | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | Merck & Co., Inc. | 11.6 | 300,930 | 18,913 | 1.0 | A1 | A+ | $ | 212.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | Pfizer Inc. | 2.8 | 416,996 | 17,742 | 0.9 | A2 | A+ | $ | 282.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | Apple, Inc. | 2.6 | 604,382 | 17,512 | 0.9 | Aaa | AA+ | $ | 2,581.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total/weighted-average | 9.7 | (4) | 10,131,266 | $ | 604,443 | 31.1 | % |
Remaining Lease Term in Years (1) | Aggregate RSF | Annual Rental Revenue (1) | Percentage of Aggregate Annual Rental Revenue (1) | Investment-Grade Ratings | ||||||||||||||||||
Tenant | Moody’s | S&P | ||||||||||||||||||||
1 | Illumina, Inc. | 12.8 | 891,495 | $ | 34,484 | 4.0% | — | BBB | ||||||||||||||
2 | Takeda Pharmaceutical Company Ltd. | 12.5 | 386,111 | 30,610 | 3.5 | A1 | A- | |||||||||||||||
3 | Eli Lilly and Company | 12.1 | 469,266 | 29,334 | 3.4 | A2 | AA- | |||||||||||||||
4 | Bristol-Myers Squibb Company | 10.2 | 460,050 | 28,758 | 3.3 | A2 | A+ | |||||||||||||||
5 | Novartis AG | 9.1 | 377,831 | 28,627 | 3.3 | Aa3 | AA- | |||||||||||||||
6 | Sanofi | 10.5 | 446,975 | 25,205 | 2.9 | A1 | AA | |||||||||||||||
7 | Uber Technologies, Inc. | 75.2 | (2) | 422,980 | 22,130 | 2.5 | — | — | ||||||||||||||
8 | New York University | 12.9 | 209,224 | 20,651 | 2.4 | Aa2 | AA- | |||||||||||||||
9 | bluebird bio, Inc. | 9.3 | 262,261 | 20,101 | 2.3 | — | — | |||||||||||||||
10 | Roche | 4.4 | 343,861 | 17,597 | 2.0 | A1 | AA | |||||||||||||||
11 | Amgen Inc. | 6.5 | 407,369 | 16,838 | 1.9 | Baa1 | A | |||||||||||||||
12 | Massachusetts Institute of Technology | 7.7 | 256,126 | 16,729 | 1.9 | Aaa | AAA | |||||||||||||||
13 | Celgene Corporation | 5.9 | 360,014 | 15,276 | 1.8 | Baa2 | BBB+ | |||||||||||||||
14 | United States Government | 7.8 | 264,358 | 15,007 | 1.7 | Aaa | AA+ | |||||||||||||||
15 | FibroGen, Inc. | 6.1 | 234,249 | 14,198 | 1.6 | — | — | |||||||||||||||
16 | Biogen Inc. | 11.0 | 305,212 | 13,278 | 1.5 | Baa1 | A- | |||||||||||||||
17 | Juno Therapeutics, Inc. | 11.5 | 241,276 | 12,619 | 1.5 | — | — | |||||||||||||||
18 | The Regents of the University of California | 5.9 | 233,527 | 10,733 | 1.2 | Aa2 | AA | |||||||||||||||
19 | Merrimack Pharmaceuticals, Inc. | 1.5 | (3) | 141,432 | 9,998 | 1.2 | — | — | ||||||||||||||
20 | Foundation Medicine, Inc. (4) | 6.4 | 171,446 | 9,910 | 1.1 | — | (4) | — | (4) | |||||||||||||
Total/weighted average | 13.2 | (5) | 6,885,063 | $ | 392,083 | 45.0% |
RSF | Number of Properties | Annual Rental Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market | Operating | Development | Redevelopment | Total | % of Total | Total | % of Total | Per RSF | ||||||||||||||||||||||||||||||||||||||||||||||||
Greater Boston | 11,068,440 | 1,625,048 | 1,256,930 | 13,950,418 | 30 | % | 86 | $ | 694,386 | 36 | % | $ | 66.49 | |||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | 8,348,617 | 230,592 | 300,010 | 8,879,219 | 19 | 67 | 461,017 | 24 | 61.45 | |||||||||||||||||||||||||||||||||||||||||||||||
New York City | 1,214,658 | — | 55,361 | 1,270,019 | 3 | 5 | 92,178 | 5 | 78.67 | |||||||||||||||||||||||||||||||||||||||||||||||
San Diego | 8,022,378 | 219,621 | — | 8,241,999 | 18 | 102 | 320,365 | 16 | 41.96 | |||||||||||||||||||||||||||||||||||||||||||||||
Seattle | 2,813,803 | 311,631 | 213,976 | 3,339,410 | 7 | 46 | 108,492 | 6 | 39.72 | |||||||||||||||||||||||||||||||||||||||||||||||
Maryland | 3,434,218 | 282,000 | 116,391 | 3,832,609 | 8 | 50 | 111,300 | 6 | 34.24 | |||||||||||||||||||||||||||||||||||||||||||||||
Research Triangle | 3,534,682 | 328,233 | 376,871 | 4,239,786 | 9 | 42 | 95,844 | 5 | 28.99 | |||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,668,718 | — | 201,499 | 1,870,217 | 4 | 14 | 37,151 | 1 | 28.40 | |||||||||||||||||||||||||||||||||||||||||||||||
Canada | 577,225 | — | 107,081 | 684,306 | 1 | 8 | 10,916 | — | 20.33 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cluster/other markets | 382,960 | — | — | 382,960 | 1 | 11 | 14,981 | 1 | 52.18 | |||||||||||||||||||||||||||||||||||||||||||||||
North America | 41,065,699 | 2,997,125 | 2,628,119 | 46,690,943 | 100 | % | 431 | $ | 1,946,630 | 100 | % | $ | 50.99 | |||||||||||||||||||||||||||||||||||||||||||
5,625,244 |
RSF | Number of Properties | Annual Rental Revenue | |||||||||||||||||||||||||||
Market | Operating | Development | Redevelopment | Total | % of Total | Total | % of Total | Per RSF | |||||||||||||||||||||
Greater Boston | 6,135,551 | 91,155 | 59,173 | 6,285,879 | 30 | % | 53 | $ | 360,005 | 41 | % | $ | 61.19 | ||||||||||||||||
San Francisco | 3,738,400 | 750,930 | — | 4,489,330 | 22 | 34 | 171,661 | 20 | 45.92 | ||||||||||||||||||||
New York City | 727,674 | — | — | 727,674 | 4 | 2 | 63,128 | 7 | 86.93 | ||||||||||||||||||||
San Diego | 3,892,451 | 170,523 | 163,648 | 4,226,622 | 21 | 52 | 137,174 | 16 | 38.16 | ||||||||||||||||||||
Seattle | 1,006,705 | 31,215 | — | 1,037,920 | 5 | 11 | 47,671 | 5 | 48.21 | ||||||||||||||||||||
Maryland | 2,085,196 | — | 45,039 | 2,130,235 | 10 | 29 | 50,706 | 6 | 25.99 | ||||||||||||||||||||
Research Triangle Park | 1,043,726 | — | 175,000 | 1,218,726 | 6 | 16 | 25,371 | 3 | 24.77 | ||||||||||||||||||||
Canada | 256,967 | — | — | 256,967 | 1 | 3 | 6,562 | 1 | 25.75 | ||||||||||||||||||||
Non-cluster markets | 268,689 | — | — | 268,689 | 1 | 6 | 6,060 | 1 | 25.46 | ||||||||||||||||||||
North America | 19,155,359 | 1,043,823 | 442,860 | 20,642,042 | 100 | % | 206 | $ | 868,338 | 100 | % | $ | 47.19 |
Operating Properties | Operating and Redevelopment Properties | Operating Properties | Operating and Redevelopment Properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Market | 9/30/17 | 6/30/17 | 9/30/16 | 9/30/17 | 6/30/17 | 9/30/16 | Market | 9/30/22 | 6/30/22 | 9/30/21 | 9/30/22 | 6/30/22 | 9/30/21 | |||||||||||||||||||||||||||||||||||||||||||
Greater Boston | 95.9 | % | 96.2 | % | 98.3 | % | 95.0 | % | 96.2 | % | 98.3 | % | Greater Boston | 94.4 | % | 95.0 | % | 94.3 | % | 84.7 | % | 84.7 | % | 86.7 | % | |||||||||||||||||||||||||||||||
San Francisco | 100.0 | 99.6 | 99.8 | 100.0 | 99.6 | 99.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | San Francisco Bay Area | 96.2 | 95.8 | 94.5 | 92.8 | 92.6 | 94.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
New York City | 99.8 | 99.3 | 95.0 | 99.8 | 99.3 | 95.0 | New York City | 96.5 | (1) | 97.3 | 98.3 | 92.3 | 92.2 | 90.2 | ||||||||||||||||||||||||||||||||||||||||||
San Diego | 92.4 | (1) | 91.7 | 93.0 | 88.6 | 88.0 | 81.1 | San Diego | 95.2 | (2) | 96.3 | 93.9 | 95.2 | 96.3 | 92.5 | |||||||||||||||||||||||||||||||||||||||||
Seattle | 98.2 | 97.2 | 98.4 | 98.2 | 97.2 | 98.4 | Seattle | 97.1 | 97.2 | 96.2 | 90.2 | 90.4 | 89.2 | |||||||||||||||||||||||||||||||||||||||||||
Maryland | 93.6 | 93.0 | 97.4 | 91.6 | 93.0 | 97.4 | Maryland | 95.4 | (3) | 97.6 | 99.7 | 92.3 | 94.2 | 91.0 | ||||||||||||||||||||||||||||||||||||||||||
Research Triangle Park | 98.1 | 95.9 | 98.7 | 84.0 | 82.1 | 98.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Research Triangle | Research Triangle | 93.5 | 93.5 | 94.1 | 84.5 | 84.5 | 85.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas | Texas | 78.4 | 78.4 | N/A | 69.9 | 69.9 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 96.1 | 95.7 | 97.3 | 93.9 | 94.0 | 94.4 | Subtotal | 94.5 | 95.1 | 95.0 | 88.9 | 89.3 | 90.1 | |||||||||||||||||||||||||||||||||||||||||||
Canada | 99.2 | 99.2 | 99.3 | 99.2 | 99.2 | 99.3 | Canada | 93.0 | 76.8 | 82.8 | 78.5 | 76.8 | 82.8 | |||||||||||||||||||||||||||||||||||||||||||
Non-cluster markets | 88.6 | 88.4 | 88.2 | 88.6 | 88.4 | 88.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cluster/other markets | Non-cluster/other markets | 75.0 | 76.7 | 76.2 | 75.0 | 76.7 | 76.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
North America | 96.1 | % | 95.7 | % | 97.1 | % | 93.9 | % | 94.0 | % | 94.4 | % | North America | 94.3 | % | (4) | 94.6 | % | 94.4 | % | 88.6 | % | 89.0 | % | 89.6 | % |
As of September 30, 2022 | Percentage of Vacant RSF Leased/Negotiating | ||||||||||||||||||||||||||||||||||
Vacant RSF | Operating Properties Occupancy Impact | ||||||||||||||||||||||||||||||||||
Property | Market/Submarket | Region | North America | ||||||||||||||||||||||||||||||||
275 Grove Street | Greater Boston/Route 128 | 173,033 | 1.6 | % | 0.4 | % | — | % | (5) | ||||||||||||||||||||||||||
Intersection Campus | Texas/Austin | 159,433 | 9.6 | % | 0.4 | 100 | |||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Durham | Research Triangle/Research Triangle | 128,387 | 3.6 | % | 0.3 | 62 | |||||||||||||||||||||||||||||
601 and 611 Gateway Boulevard | San Francisco Bay Area/South San Francisco | 114,680 | 1.4 | % | 0.3 | 40 | |||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Fenway | Greater Boston/Fenway | 89,458 | 0.8 | % | 0.2 | 20 | |||||||||||||||||||||||||||||
Other acquisitions | Various | 1,010,833 | N/A | 2.5 | 27 | ||||||||||||||||||||||||||||||
1,675,824 | 4.1 | % | 34 | % |
Development and Redevelopment | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Under Construction | Near Term | Intermediate Term | Future | Subtotal | Total | ||||||||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||||||||||||||
Gross book value as of September 30, 2022(1) | $ | 24,552,318 | $ | 3,886,783 | $ | 1,766,604 | $ | 688,971 | $ | 2,010,240 | $ | 8,352,598 | $ | 32,904,916 | ||||||||||||||||||||||||||||||
Square footage | ||||||||||||||||||||||||||||||||||||||||||||
Operating | 41,065,699 | — | — | — | — | — | 41,065,699 | |||||||||||||||||||||||||||||||||||||
New Class A development and redevelopment properties | — | 5,625,244 | 7,158,947 | (2) | 3,825,041 | 21,296,252 | 37,905,484 | 37,905,484 | ||||||||||||||||||||||||||||||||||||
Value-creation square feet currently included in rental properties(3) | — | — | (1,049,483) | (9,199) | (3,461,583) | (4,520,265) | (4,520,265) | |||||||||||||||||||||||||||||||||||||
Total square footage | 41,065,699 | 5,625,244 | 6,109,464 | 3,815,842 | 17,834,669 | 33,385,219 | 74,450,918 |
Investments in Real Estate | Square Feet | |||||||||||
Consolidated | Unconsolidated (1) | Total | ||||||||||
Investments in real estate: | ||||||||||||
Rental properties | $ | 10,387,875 | 18,944,650 | 210,709 | 19,155,359 | |||||||
Development and redevelopment of new Class A properties: | ||||||||||||
Undergoing construction | ||||||||||||
Development projects – target delivery in 2017 | 466,047 | 651,738 | — | 651,738 | ||||||||
Development projects – target delivery in 2018 and 2019 | 143,038 | 392,085 | — | 392,085 | ||||||||
1,043,823 | — | 1,043,823 | ||||||||||
Redevelopment projects – target delivery in 2018 and 2019 | 59,224 | 442,860 | — | 442,860 | ||||||||
20,431,333 | 210,709 | 20,642,042 | ||||||||||
Near-term projects undergoing marketing and pre-construction: target delivery in 2018 and 2019 | 114,954 | 1,148,000 | — | 1,148,000 | ||||||||
Intermediate-term development projects | 333,870 | 3,263,653 | — | 3,263,653 | ||||||||
Future development projects | 289,314 | 3,981,362 | — | 3,981,362 | ||||||||
Portion of developable square feet that will replace existing RSF included in rental properties (2) | N/A | (451,310 | ) | — | (451,310 | ) | ||||||
7,941,705 | — | 7,941,705 | ||||||||||
Gross investments in real estate | 11,794,322 | 28,373,038 | 210,709 | 28,583,747 | ||||||||
Less: accumulated depreciation | (1,785,115 | ) | ||||||||||
Net investments in real estate – North America | 10,009,207 | |||||||||||
Net investments in real estate – Asia | 37,314 | |||||||||||
Investments in real estate | $ | 10,046,521 |
Property | Submarket/Market | Date of Purchase | Number of Properties | Anticipated Use | Occupancy | Square Footage | Purchase Price | |||||||||||||||||||
Operating | Redevelopment | Future Development | ||||||||||||||||||||||||
First half of 2017 acquisitions: | ||||||||||||||||||||||||||
325 Binney Street | Cambridge/Greater Boston | 3/29/17 | — | Office/lab, residential | N/A | — | — | 208,965 | $ | 80,250 | ||||||||||||||||
88 Bluxome Street | Mission Bay/SoMa/San Francisco | 1/10/17 | 1 | Office/lab | 100% | 232,470 | — | 1,070,925 | 130,000 | |||||||||||||||||
960 Industrial Road | Greater Stanford/San Francisco | 5/17/17 | 1 | Office/lab | 100% | 195,000 | — | 500,000 | 64,959 | |||||||||||||||||
825 and 835 Industrial Road | Greater Stanford/San Francisco | 6/1/17 | — | Office/lab | N/A | — | — | 530,000 | 85,000 | |||||||||||||||||
1450 Page Mill Road (1) | Greater Stanford/San Francisco | 6/1/17 | 1 | Office | 100% | 77,634 | — | — | 85,300 | |||||||||||||||||
3050 Callan Road and Vista Wateridge | Torrey Pines/Sorrento Mesa/ San Diego | 3/24/17 | — | Office/lab | N/A | — | — | 229,000 | 8,250 | |||||||||||||||||
5 Laboratory Drive | Research Triangle Park/RTP | 5/25/17 | 1 | Office/lab | N/A | — | 175,000 | — | 8,750 | |||||||||||||||||
4 | 505,104 | 175,000 | 2,538,890 | 462,509 | ||||||||||||||||||||||
Third quarter of 2017 acquisitions: | ||||||||||||||||||||||||||
266 and 275 Second Avenue | Route 128/Greater Boston | 7/11/17 | 2 | Office/lab | 100% | 144,584 | 59,173 | — | 71,000 | |||||||||||||||||
201 Haskins Way | South San Francisco/ San Francisco | 9/11/17 | 1 | Office/lab | 100% | 23,840 | — | 280,000 | 33,000 | |||||||||||||||||
9900 Medical Center Drive | Rockville/Maryland | 8/4/17 | 1 | Office/lab | N/A | — | 45,039 | — | 6,700 | |||||||||||||||||
4 | 168,424 | 104,212 | 280,000 | 110,700 | ||||||||||||||||||||||
Pending: | ||||||||||||||||||||||||||
1455 and 1515 Third Street (acquisition of remaining 49% interest) | Mission Bay/SoMa/San Francisco | 11/10/16 | 2 | Ground lease | 100% | 422,980 | — | — | 37,800 | (2) | ||||||||||||||||
Other | 60,000 | |||||||||||||||||||||||||
279,212 | 2,818,890 | $ | 671,009 |
Property | Submarket/Market | Date of Purchase | Number of Properties | Operating Occupancy | Square Footage | Purchase Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions With Development and Redevelopment Opportunities(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Development | Operating With Future Development/ Redevelopment | Operating(2) | Operating | Total(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Hampshire Street(4) | Cambridge/Inner Suburbs/Greater Boston | 6/23/22 | 1 | 100% | — | 88,591 | — | — | 88,591 | $ | 140,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 Edwin H. Land Boulevard | Cambridge/Inner Suburbs/Greater Boston | 8/1/22 | 1 | 100 | TBD | 104,500 | — | — | 104,500 | 170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
421 Park Drive | Fenway/Greater Boston | 1/13/22 | — | N/A | 202,997 | (5) | — | — | — | 202,997 | 81,119 | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
225 and 235 Presidential Way | Route 128/Greater Boston | 1/28/22 | 2 | 100 | — | 440,130 | — | — | 440,130 | 124,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1150 El Camino Real | South San Francisco/ San Francisco Bay Area | 2/8/22 | 1 | 99 | 610,000 | 431,940 | 70,000 | — | 680,000 | 118,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3301, 3303, 3305, and 3307 Hillview Avenue | Greater Stanford/ San Francisco Bay Area | 1/6/22 | 4 | 100 | — | 292,013 | — | — | 292,013 | 446,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costa Verde by Alexandria | University Town Center/ San Diego | 1/11/22 | 2 | 100 | 537,000 | 8,730 | — | — | 545,730 | 125,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10010 and 10140 Campus Point Drive and 4275 Campus Point Court | University Town Center/ San Diego | 9/29/22 | 3 | 100 | 750,000 | 226,144 | — | — | 750,000 | 106,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800 Mercer Street (60% interest in consolidated JV) | Lake Union/Seattle | 3/18/22 | — | N/A | 869,000 | — | — | — | 869,000 | 87,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Durham | Research Triangle/ Research Triangle | 1/11/22 | — | N/A | 1,175,000 | — | — | — | 1,175,000 | 99,428 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 and 108/110/112/114 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive(6) | Research Triangle/ Research Triangle | 1/6/22 | 4 | 89 | 750,000 | 69,485 | — | — | 819,485 | 80,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersection Campus | Austin/Texas | 2/18/22 | 9 | 81 | — | 998,099 | — | — | 998,099 | 400,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Various | Various | 12 | 91 | 1,644,994 | 646,132 | 381,760 | — | 2,634,686 | 458,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
39 | 92 | % | 6,538,991 | 3,305,764 | 451,760 | — | 9,600,231 | $ | 2,437,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income (1) | Net Operating Income (Cash Basis) (1) | Contractual Sales Price | Gain | |||||||||||||||||||
Property/Market/Submarket | Date of Sale | RSF | ||||||||||||||||||||
6146 Nancy Ridge Drive/San Diego/Sorrento Mesa | 1/6/17 | 21,940 | N/A | N/A | $ | 3,000 | $ | 270 | ||||||||||||||
1401/1413 Research Boulevard/Maryland/Rockville (2) | 5/17/17 | 90,000 | N/A | N/A | 7,937 | 111 | ||||||||||||||||
360 Longwood Avenue/Greater Boston/Longwood Medical Area (3) | 7/6/17 | 203,090 | $ | 4,313 | $ | 4,168 | 65,701 | 14,106 | ||||||||||||||
$ | 76,638 | $ | 14,487 |
Capitalization Rate (Cash Basis) | Sales Price per RSF | Gain or Consideration in Excess of Book Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Submarket/Market | Date of Sale | Interest Sold | RSF | Capitalization Rate | Sales Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 Binney Street | Cambridge/Inner Suburbs/Greater Boston | 3/30/22 | 70 | % | 432,931 | 3.6 | % | 3.5 | % | $ | 713,228 | (1) | $ | 2,353 | $ | 413,615 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
300 Third Street | Cambridge/Inner Suburbs/Greater Boston | 6/27/22 | 70 | % | 131,963 | 4.6 | % | 4.3 | % | 166,485 | (1) | $ | 1,802 | 113,020 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive | Route 128 and Route 495/Greater Boston | 6/8/22 | 100 | % | 617,043 | 5.1 | % | 5.1 | % | 334,397 | $ | 542 | 202,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1450 Owens Street | Mission Bay/San Francisco Bay Area | 7/1/22 | 20 | % | (3) | 191,000 | N/A | N/A | 25,039 | (1) | N/A | 10,083 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center | South San Francisco and Greater Stanford/San Francisco Bay Area | 9/15/22 | 100 | % | 330,379 | 5.2% | 5.2% | 383,635 | $ | 1,161 | 223,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3215 Merryfield Row | Torrey Pines/San Diego | 9/1/22 | 70 | % | 170,523 | 4.5% | 4.2% | 149,940 | (1) | $ | 1,256 | 42,214 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summers Ridge Science Park | Sorrento Mesa/San Diego | 9/15/22 | 70 | % | 316,531 | 4.9% | 4.6% | 159,600 | (1) | $ | 720 | 65,097 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7330 and 7360 Carroll Road | Sorrento Mesa/San Diego | 9/15/22 | 100 | % | 84,442 | 4.4% | 4.6% | 59,476 | $ | 704 | 35,463 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13112 Evening Creek Drive | Other/San Diego | 9/26/22 | 100 | % | 109,780 | 5.3% | 5.3% | 55,500 | $ | 506 | 31,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Various | N/A | N/A | 174,996 | N/A | 46,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,222,296 | $ | 1,181,947 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected Incremental Net Operating Income Primarily Commencing From the Fourth Quarter of 2022 Through the Third Quarter of 2025 | ||
$645 Million | ||
7.6 million RSF(1) | ||
78% Leased |
825 and | ||||||||||||||||||||||
Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Fenway | San South San Francisco | San Greater Stanford | |||||||||||||||||||
100% Occupancy | 100% Occupancy | 100% Occupancy | 100% Occupancy | |||||||||||||||||||
San Francisco Bay Area/ Greater Stanford | New York City/New York City | San Diego/ | San Diego/ | |||||||||||||||||||||||||
100% Occupancy | 93% Occupancy | 100% Occupancy | ||||||||||||||||||||||||||
5505 Morehouse Drive | 9601 and | |||||||||||||||||||
San Diego/Sorrento Mesa | Maryland/Rockville | Maryland/Rockville | Maryland/Gaithersburg | |||||||||||||||||
79,945 RSF | 17,378 RSF | 84,264 RSF | 42,692 RSF | |||||||||||||||||
100% Occupancy | 100% Occupancy | 100% Occupancy | 100% Occupancy | |||||||||||||||||
2400 Ellis Road, 40 and 41 Moore Drive, and | 5 and 9 Laboratory Drive(2) | 8 and 10 Davis Drive(3) | ||||||||||||||||||||
Research Triangle/Research Triangle | Research Triangle/Research Triangle | Research Triangle/Research Triangle | ||||||||||||||||||||
326,445 RSF | 280,205 RSF | 250,000 RSF | ||||||||||||||||||||
100% Occupancy | 100% Occupancy | 94% Occupancy | ||||||||||||||||||||
Property/Market/Submarket | 3Q22 Delivery Date(1) | Our Ownership Interest | RSF Placed in Service | Occupancy Percentage(2) | Total Project | Unlevered Yields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 1/1/22 | 1Q22 | 2Q22 | 3Q22 | Total | Initial Stabilized | Initial Stabilized (Cash Basis) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSF | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
201 Brookline Avenue/Greater Boston/Fenway | 9/2/22 | 98.8% | — | — | — | 261,990 | 261,990 | 100% | 510,116 | $ | 734,000 | 7.2 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
201 Haskins Way/San Francisco Bay Area/ South San Francisco | N/A | 100% | 270,879 | 52,311 | — | — | 323,190 | 100% | 323,190 | 367,000 | 6.3 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford | N/A | 100% | 476,211 | 49,918 | — | — | 526,129 | 100% | 526,129 | 631,000 | 6.7 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3115 Merryfield Row/San Diego/Torrey Pines | N/A | 100% | — | 146,456 | — | — | 146,456 | 93% | 146,456 | 150,000 | 6.3 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10055 Barnes Canyon Road/San Diego/ Sorrento Mesa | 8/11/22 | 50% | — | — | 110,454 | 9,473 | 119,927 | 100% | 195,435 | 181,000 | 7.2 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9950 Medical Center Drive/Maryland/Rockville | N/A | 100% | — | 84,264 | — | — | 84,264 | 100% | 84,264 | 57,000 | 8.9 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 and 9 Laboratory Drive/Research Triangle/Research Triangle | 7/6/22 | 100% | 267,509 | 11,211 | — | 1,485 | 280,205 | 100% | 340,400 | 216,000 | 7.2 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 and 10 Davis Drive/Research Triangle/ Research Triangle | N/A | 100% | 65,247 | 44,980 | 139,773 | — | 250,000 | 94% | 250,000 | 159,000 | 7.6 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redevelopment projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs | 9/13/22 | 100% | 137,111 | 99,796 | 50,663 | 43,351 | 330,921 | 100% | 872,665 | 831,000 | 6.3 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3160 Porter Drive/San Francisco Bay Area/ Greater Stanford | N/A | 100% | 57,696 | 34,604 | — | — | 92,300 | 83% | 92,300 | 117,000 | 4.6 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-02 48th Avenue/New York City/New York City | 8/5/22 | 100% | 41,848 | 11,092 | 18,689 | 10,197 | 81,826 | 100% | 179,100 | 224,000 | 5.8 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5505 Morehouse Drive/San Diego/Sorrento Mesa | N/A | 100% | 28,324 | — | 51,621 | — | 79,945 | 100% | 79,945 | 68,000 | 7.1 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9601 and 9603 Medical Center Drive/Maryland/Rockville | N/A | 100% | 17,378 | — | — | — | 17,378 | 100% | 95,911 | 54,000 | 8.4 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20400 Century Boulevard/Maryland/Gaithersburg | 9/1/22 | 100% | — | 32,033 | 4,194 | 6,465 | 42,692 | 100% | 80,550 | 35,000 | 8.5 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle | N/A | 100% | 326,445 | — | — | — | 326,445 | 100% | 703,316 | 337,000 | 7.5 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 9/1/22 | 1,688,648 | 566,665 | 375,394 | 332,961 | 2,963,668 | 4,479,777 | $ | 4,161,000 | 6.8 | % | 6.2 | % |
Property/Market/Submarket | Our Ownership Interest | Date Delivered | RSF in Service | Total Project | Unlevered Yields (1) | ||||||||||||||||||||||||||||||||||||||||
Prior to 10/1/16 | Placed into Service | Total | Average Cash | Initial Stabilized Cash Basis | Initial Stabilized | ||||||||||||||||||||||||||||||||||||||||
4Q16 | 1Q17 | 2Q17 | 3Q17 | Leased | RSF | Investment | |||||||||||||||||||||||||||||||||||||||
Consolidated development projects | |||||||||||||||||||||||||||||||||||||||||||||
100 Binney Street/Greater Boston/Cambridge | 100% | 9/21/17 | — | — | — | — | 341,776 | 341,776 | 100% | 432,931 | $ | 439,000 | (2) | 8.5 | % | (2) | 7.4 | % | (2) | 8.2 | % | (2) | |||||||||||||||||||||||
1455 and 1515 Third Street/ San Francisco/Mission Bay/SoMa | 100% | 11/10/16 | — | 422,980 | — | — | — | 422,980 | 100% | 422,980 | $ | 155,000 | 14.5 | % | 7.0 | % | 14.4 | % | |||||||||||||||||||||||||||
ARE Spectrum/San Diego/ Torrey Pines | 100% | Various | 102,938 | — | 31,336 | 31,664 | — | 165,938 | 98% | 336,461 | $ | 278,000 | 6.9 | % | 6.1 | % | 6.4 | % | |||||||||||||||||||||||||||
5200 Illumina Way, Parking Structure/San Diego/ University Town Center | 100% | 5/15/17 | — | — | — | N/A | — | N/A | 100% | N/A | $ | 60,000 | 7.0 | % | 7.0 | % | 7.0 | % | |||||||||||||||||||||||||||
4796 Executive Drive/ San Diego/ University Town Center | 100% | 12/1/16 | — | 61,755 | — | — | — | 61,755 | 100% | 61,755 | $ | 41,000 | 8.0 | % | 7.0 | % | 7.4 | % | |||||||||||||||||||||||||||
400 Dexter Avenue North/Seattle/ Lake Union | 100% | Various | — | — | 241,276 | — | 17,620 | 258,896 | 89% | 290,111 | $ | 232,000 | 7.3 | % | 6.9 | % | 7.2 | % | |||||||||||||||||||||||||||
Consolidated redevelopment projects | |||||||||||||||||||||||||||||||||||||||||||||
10290 Campus Point Drive/ San Diego/ University Town Center | 55% | 12/2/16 | — | 305,006 | — | — | — | 305,006 | 100% | 305,006 | $ | 231,000 | 7.7 | % | 6.8 | % | 7.1 | % | |||||||||||||||||||||||||||
Unconsolidated joint venture development project | |||||||||||||||||||||||||||||||||||||||||||||
360 Longwood Avenue/ Greater Boston/ Longwood Medical Area (3) | 27.5% | Various | 313,407 | 100,392 | — | — | — | 413,799 | 80% | 413,799 | (3) | $ | 108,965 | 8.2 | % | 7.3 | % | 7.8 | % | ||||||||||||||||||||||||||
Total | 416,345 | 890,133 | 272,612 | 31,664 | 359,396 | 1,970,150 |
Unlevered Yields | ||||||||||||||
Investment | Average Cash | Initial Stabilized Cash Basis | Initial Stabilized | |||||||||||
Final | $ | 439,000 | 8.5 | % | 7.4 | % | 8.2 | % | ||||||
Original | $ | 535,000 | 7.9 | % | 7.0 | % | 7.7 | % |
Project RSF | Percentage | Occupancy | |||||||||||||||||||
Property/Market/Submarket | In Service | CIP | Total | Leased | Negotiating | Total | Initial | Stabilized | |||||||||||||
ARE Spectrum/San Diego/Torrey Pines | 165,938 | 170,523 | 336,461 | 98 | % | — | % | 98 | % | 1Q17 | 4Q17 | ||||||||||
400 Dexter Avenue North/Seattle/Lake Union | 258,896 | 31,215 | 290,111 | 89 | % | 11 | % | 100 | % | 1Q17 | 4Q17 | ||||||||||
510 Townsend Street/San Francisco/Mission Bay/SoMa | — | 300,000 | 300,000 | 100 | % | — | % | 100 | % | 4Q17 | 4Q17 | ||||||||||
505 Brannan Street, Phase I/San Francisco/Mission Bay/SoMa | — | 150,000 | 150,000 | 100 | % | — | % | 100 | % | 4Q17 | 4Q17 | ||||||||||
Total | 424,834 | 651,738 | 1,076,572 | 97 | % | 2 | % | 99 | % |
Unlevered Yields | |||||||||||||||||||||||||||||||
Property/Market/Submarket | Our Ownership Interest | Cost to Complete | Total at Completion | Average Cash | Initial Stabilized Cash Basis | Initial Stabilized | |||||||||||||||||||||||||
In Service | CIP | ||||||||||||||||||||||||||||||
ARE Spectrum/San Diego/Torrey Pines | 100% | $ | 103,170 | $ | 143,149 | $ | 31,681 | $ | 278,000 | 6.9 | % | 6.1 | % | 6.4 | % | ||||||||||||||||
400 Dexter Avenue North/Seattle/Lake Union | 100% | 188,919 | 19,243 | 23,838 | 232,000 | 7.3 | % | 6.9 | % | 7.2 | % | ||||||||||||||||||||
510 Townsend Street/San Francisco/Mission Bay/SoMa | 100% | — | 187,133 | 50,867 | 238,000 | 7.9 | % | 7.0 | % | 7.2 | % | ||||||||||||||||||||
505 Brannan Street, Phase I/San Francisco/Mission Bay/SoMa | 99.7% | — | 116,522 | 24,478 | 141,000 | 8.6 | % | 7.0 | % | 8.2 | % | ||||||||||||||||||||
Total | $ | 292,089 | $ | 466,047 | $ | 130,864 | $ | 889,000 |
99 Coolidge Avenue | 500 North Beacon Street and 4 Kingsbury Avenue(1) | |||||||||||||||||||||||||||||
Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/ Cambridge/Inner Suburbs | Cambridge/Inner Suburbs | Cambridge/Inner Suburbs | Cambridge/Inner Suburbs | ||||||||||||||||||||||||||
15 Necco Street | 40, 50, and 60 Sylvan Road(2) | 840 Winter Street | 651 Gateway Boulevard | |||||||||||||||||||||||||||||||||||
Greater Boston/Fenway | Greater Boston/ Seaport Innovation District | Greater Boston/Route 128 | Greater Boston/Route 128 | San South San Francisco | ||||||||||||||||||||||||||||||||||
Property/Market/Submarket | Dev/Redev | Project RSF | Percentage | Project Start (1) | Occupancy (1) | |||||||||||||||||||||||
In Service | CIP | Total | Leased | Negotiating | Total | Initial | Stabilized | |||||||||||||||||||||
Developments under construction | ||||||||||||||||||||||||||||
100 Binney Street/Greater Boston/Cambridge | Dev | 341,776 | 91,155 | 432,931 | 100 | % | — | % | 100 | % | 3Q15 | 3Q17 | 1Q18 | |||||||||||||||
213 East Grand Avenue/San Francisco/South San Francisco | Dev | — | 300,930 | 300,930 | 100 | % | — | % | 100 | % | 2Q17 | 1Q19 | 2019 | |||||||||||||||
341,776 | 392,085 | 733,861 | 100 | % | — | % | 100 | % | ||||||||||||||||||||
Redevelopments under construction | ||||||||||||||||||||||||||||
266 and 275 Second Avenue/Greater Boston/Route 128 | Redev | 144,584 | 59,173 | 203,757 | 84 | % | — | % | 84 | % | 3Q17 | 2Q18 | 2018 | |||||||||||||||
5 Laboratory Drive/Research Triangle Park/RTP | Redev | — | 175,000 | 175,000 | — | % | 39 | % | 39 | % | 2Q17 | 3Q18 | 2019 | |||||||||||||||
9625 Towne Centre Drive/San Diego/University Town Center | Redev | — | 163,648 | 163,648 | 100 | % | — | % | 100 | % | 3Q15 | 4Q18 | 2018 | |||||||||||||||
9900 Medical Center Drive/Maryland/Rockville | Redev | — | 45,039 | 45,039 | — | % | — | % | — | % | 3Q17 | 2Q18 | 2018 | |||||||||||||||
144,584 | 442,860 | 587,444 | 57 | % | 12 | % | 69 | % | ||||||||||||||||||||
Near-term projects undergoing marketing and pre-construction | ||||||||||||||||||||||||||||
399 Binney Street/Greater Boston/Cambridge | Dev | — | 164,000 | 164,000 | — | % | 73 | % | (2) | 73 | % | 4Q17 | 4Q18 | 2019 | ||||||||||||||
1655 and 1715 Third Street/San Francisco/Mission Bay/SoMa (3) | Dev | — | 580,000 | 580,000 | 100 | % | (3) | — | % | 100 | % | 2Q18 | 2019 | 2019 | ||||||||||||||
279 East Grand Avenue/San Francisco/South San Francisco | Dev | — | 199,000 | 199,000 | TBD | TBD | 2019 | TBD | ||||||||||||||||||||
1818 Fairview Avenue East/Seattle/Lake Union | Dev | — | 205,000 | 205,000 | TBD | 2019 | TBD | |||||||||||||||||||||
681 Gateway Boulevard/San Francisco/South San Francisco (4) | Redev | 126,971 | — | 126,971 | 4Q18 | 2019 | TBD | |||||||||||||||||||||
126,971 | 1,148,000 | 1,274,971 |
Our Ownership Interest | Unlevered Yields | |||||||||||||||||||||||||||||||||||
Property/Market/Submarket | In Service | CIP | Cost to Complete | Total at Completion | Average Cash | Initial Stabilized Cash Basis | Initial Stabilized | |||||||||||||||||||||||||||||
Developments under construction | ||||||||||||||||||||||||||||||||||||
100 Binney Street/Greater Boston/Cambridge | 100% | $ | 280,163 | $ | 70,143 | $ | 88,694 | $ | 439,000 | (5) | 8.5 | % | (5) | 7.4 | % | (5) | 8.2 | % | (5) | |||||||||||||||||
213 East Grand Avenue/San Francisco/South San Francisco | 100% | — | 72,895 | 187,105 | 260,000 | 7.8 | % | 6.4 | % | 7.2 | % | |||||||||||||||||||||||||
$ | 280,163 | $ | 143,038 | $ | 275,799 | $ | 699,000 | 8.2 | % | 7.0 | % | 7.8 | % | |||||||||||||||||||||||
Redevelopments under construction | ||||||||||||||||||||||||||||||||||||
266 and 275 Second Avenue/Greater Boston/Route 128 | $ | 60,596 | $ | 9,646 | TBD | |||||||||||||||||||||||||||||||
5 Laboratory Drive/Research Triangle Park/RTP | 100% | — | 10,461 | |||||||||||||||||||||||||||||||||
9625 Towne Centre Drive/San Diego/University Town Center | 100% | — | 31,880 | $ | 61,120 | $ | 93,000 | 7.9 | % | 7.0 | % | 7.0 | % | |||||||||||||||||||||||
9900 Medical Center Drive/Maryland/Rockville | 100% | — | 7,237 | TBD | TBD | TBD | TBD | TBD | ||||||||||||||||||||||||||||
100% | $ | 60,596 | $ | 59,224 | ||||||||||||||||||||||||||||||||
Near-term projects undergoing marketing and pre-construction (6) | Various | $ | — | $ | 114,954 |
1150 Eastlake Avenue East | 9810 Darnestown Road | ||||||||||||||||||||||||||||||||||||||||||||||
San South San Francisco | New York City/ | San Diego/Sorrento Mesa | Seattle/Lake Union | Maryland/Rockville | |||||||||||||||||||||||||||||||||||||||||||
230,592 RSF | 55,361 RSF | 75,508 RSF | 311,631 RSF | 192,000 RSF | |||||||||||||||||||||||||||||||||||||||||||
100% Leased | 80% Leased/Negotiating | 100% Leased | 89% Leased/Negotiating | 100% Leased | |||||||||||||||||||||||||||||||||||||||||||
9601 and 9603 Medical Center Drive | 2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive(1) | 4 Davis Drive | 6040 George Watts Hill Drive, Phase II | |||||||||||||||||||||||||||||||||||
Research Triangle/Research Triangle | ||||||||||||||||||||||||||||||||||||||
90,000 RSF | 78,533 RSF | 376,871 RSF | 180,000 RSF | 88,038 RSF | ||||||||||||||||||||||||||||||||||
38% Leased/Negotiating | 100% Leased | 86% Leased/Negotiating | —% Leased/Negotiating | 100% Leased | ||||||||||||||||||||||||||||||||||
Market Property/Submarket | Square Footage | Percentage | Occupancy(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dev/Redev | In Service | CIP | Total | Leased | Leased/Negotiating | Initial | Stabilized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater Boston | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Binney Street/Cambridge/Inner Suburbs | Dev | — | 462,100 | 462,100 | 100 | % | 100 | % | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Rogers Street/Cambridge/Inner Suburbs | Redev | 4,367 | 403,892 | 408,259 | 100 | 100 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
99 Coolidge Avenue/Cambridge/Inner Suburbs | Dev | — | 320,809 | 320,809 | 36 | 36 | 2024 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs | Dev | — | 248,018 | 248,018 | 85 | 85 | 2024 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Arsenal on the Charles/Cambridge/Inner Suburbs | Redev | 815,908 | 56,757 | 872,665 | 96 | 96 | 3Q21 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
201 Brookline Avenue/Fenway | Dev | 261,990 | 248,126 | 510,116 | 96 | 97 | 3Q22 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 Necco Street/Seaport Innovation District | Dev | — | 345,995 | 345,995 | 97 | 97 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
40, 50, and 60 Sylvan Road/Route 128 | Redev | 312,845 | 202,428 | 515,273 | 61 | 61 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
840 Winter Street/Route 128 | Redev | 28,230 | 139,984 | 168,214 | 100 | 100 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Redev | — | 453,869 | 453,869 | — | — | (2) | 2023 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway Boulevard/South San Francisco | Redev | — | 300,010 | 300,010 | — | 7 | (2) | 2023 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway Boulevard/South San Francisco | Dev | — | 230,592 | 230,592 | 100 | 100 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York City | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-02 48th Avenue/New York City | Redev | 123,739 | 55,361 | 179,100 | 72 | 80 | 4Q20 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10055 Barnes Canyon Road/Sorrento Mesa | Dev | 119,927 | 75,508 | 195,435 | 100 | 100 | 2Q22 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10102 Hoyt Park Drive/Sorrento Mesa | Dev | — | 144,113 | 144,113 | 100 | 100 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1150 Eastlake Avenue East/Lake Union | Dev | — | 311,631 | 311,631 | 89 | 89 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell | Redev | 246,647 | 213,976 | 460,623 | 70 | 70 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9810 Darnestown Road/Rockville | Dev | — | 192,000 | 192,000 | 100 | 100 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9808 Medical Center Drive/Rockville | Dev | — | 90,000 | 90,000 | 29 | 38 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9601 and 9603 Medical Center Drive/Rockville | Redev | 17,378 | 78,533 | 95,911 | 100 | 100 | 4Q21 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
20400 Century Boulevard/Gaithersburg | Redev | 42,692 | 37,858 | 80,550 | 100 | 100 | 1Q22 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research Triangle | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/ Research Triangle | Redev | 326,445 | 376,871 | 703,316 | 86 | 86 | 2Q21 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Davis Drive/Research Triangle | Dev | — | 180,000 | 180,000 | — | — | (2) | 2023 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6040 George Watts Hill Drive, Phase II/Research Triangle | Dev | — | 88,038 | 88,038 | 100 | 100 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 and 9 Laboratory Drive/Research Triangle | Redev/Dev | 280,205 | 60,195 | 340,400 | 96 | 96 | 3Q21 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8800 Technology Forest Place/Greater Houston | Redev | — | 201,499 | 201,499 | 23 | 23 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | Redev | 22,992 | 107,081 | 130,073 | 62 | 80 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,603,365 | 5,625,244 | 8,228,609 | 75 | % | 76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Initial occupancy dates are subject to leasing and/or market conditions. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. (2)This project is focused on demand from our existing tenants in our adjacent properties/campuses and will also address demand from other non-Alexandria properties/campuses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market | Property/Submarket | Book Value | Project SF | Per SF | ||||||||||||
Greater Boston | 325 Binney Street/Cambridge (1) | $ | 85,518 | 208,965 | $ | 409 | ||||||||||
50 Rogers Street/Cambridge | 6,426 | 183,644 | (2) | 35 | ||||||||||||
San Francisco | 960 Industrial Road/Greater Stanford | 67,902 | 500,000 | (3) | 136 | |||||||||||
825 and 835 Industrial Road/Greater Stanford | 90,018 | 530,000 | 170 | |||||||||||||
201 Haskins Way/South San Francisco | 33,950 | 280,000 | (4) | 121 | ||||||||||||
New York City | Alexandria Center® for Life Science/Manhattan | — | 420,000 | — | ||||||||||||
San Diego | 5200 Illumina Way/University Town Center | 11,239 | 386,044 | 29 | ||||||||||||
Campus Point Drive/University Town Center | 13,395 | 315,000 | 43 | |||||||||||||
Seattle | 1150 Eastlake Avenue East/Lake Union | 18,922 | 260,000 | 73 | ||||||||||||
Maryland | 9800 Medical Center Drive/Rockville | 6,500 | 180,000 | 36 | ||||||||||||
Total | $ | 333,870 | 3,263,653 | $ | 102 |
Market Property/Submarket | Square Footage | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dev/Redev | In Service | CIP | Total | Leased | Leased/Negotiating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Near-term projects expected to commence construction in the next five quarters | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
230 Harriet Tubman Way/South San Francisco | Dev | — | 285,346 | 285,346 | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11255 and 11355 North Torrey Pines Road/Torrey Pines | Dev | — | 309,094 | 309,094 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10931 and 10933 North Torrey Pines Road/Torrey Pines | Dev | — | 299,158 | 299,158 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Point, Phase II/University Town Center | Dev | — | 426,927 | 426,927 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Point, Phase I/University Town Center | Dev | — | 171,102 | 171,102 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
701 Dexter Avenue North/Lake Union | Dev | — | 226,586 | 226,586 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9820 Darnestown Road/Rockville | Dev | — | 250,000 | 250,000 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 1,968,213 | 1,968,213 | 88 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,603,365 | 7,593,457 | 10,196,822 | 78 | % | 78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our Ownership Interest | Unlevered Yields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Property/Submarket | In Service | CIP | Cost to Complete | Total at Completion | Initial Stabilized | Initial Stabilized (Cash Basis) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Under construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater Boston | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Binney Street/Cambridge/Inner Suburbs | 100 | % | $ | — | $ | 416,678 | $ | 474,322 | $ | 891,000 | 8.5 | % | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
One Rogers Street/Cambridge/Inner Suburbs | 100 | % | 10,807 | 970,641 | 224,552 | 1,206,000 | 5.2 | % | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
99 Coolidge Avenue/Cambridge/Inner Suburbs | 75.0 | % | — | 130,778 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs | 100 | % | — | 121,622 | 305,378 | 427,000 | 6.2 | % | 5.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
The Arsenal on the Charles/Cambridge/Inner Suburbs | 100 | % | 727,877 | 71,317 | 31,806 | 831,000 | 6.3 | % | 5.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
201 Brookline Avenue/Fenway | 98.8 | % | 344,002 | 311,818 | 78,180 | 734,000 | 7.2 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
15 Necco Street/Seaport Innovation District | 90.0 | % | — | 311,635 | 255,365 | 567,000 | 6.7 | % | 5.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
40, 50, and 60 Sylvan Road/Route 128 | 100 | % | 173,674 | 131,476 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
840 Winter Street/Route 128 | 100 | % | 13,635 | 91,069 | 103,296 | 208,000 | 7.5 | % | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 100 | % | — | 126,915 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway Boulevard/South San Francisco | 50.0 | % | — | 161,745 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway Boulevard/South San Francisco | 51.0 | % | — | 162,756 | 127,244 | 290,000 | 6.5 | % | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New York City | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-02 48th Avenue/New York City | 100 | % | 141,343 | 68,355 | 14,302 | 224,000 | 5.8 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10055 Barnes Canyon Road/Sorrento Mesa | 50.0 | % | 77,618 | 43,792 | 59,590 | 181,000 | 7.2 | % | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
10102 Hoyt Park Drive/Sorrento Mesa | 100 | % | — | 93,025 | 20,975 | 114,000 | 7.4 | % | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1150 Eastlake Avenue East/Lake Union | 100 | % | — | 176,527 | 228,473 | 405,000 | 6.4 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell | 100 | % | 57,311 | 88,289 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9810 Darnestown Road/Rockville | 100 | % | — | 60,992 | 72,008 | 133,000 | 6.9 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
9808 Medical Center Drive/Rockville | 100 | % | — | 37,666 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9601 and 9603 Medical Center Drive/Rockville | 100 | % | 6,464 | 37,787 | 9,749 | 54,000 | 8.4 | % | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
20400 Century Boulevard/Gaithersburg | 100 | % | 18,552 | 7,109 | 9,339 | 35,000 | 8.5 | % | 8.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Research Triangle | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle | 100 | % | 93,734 | 110,303 | 132,963 | 337,000 | 7.5 | % | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 Davis Drive/Research Triangle | 100 | % | — | 32,604 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
6040 George Watts Hill Drive, Phase II/Research Triangle | 100 | % | — | 11,363 | 52,637 | 64,000 | 8.0 | % | 7.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
5 and 9 Laboratory Drive/Research Triangle | 100 | % | 164,926 | 42,429 | 8,645 | 216,000 | 7.2 | % | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8800 Technology Forest Place/Greater Houston | 100 | % | — | 53,708 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 100 | % | 3,079 | 14,384 | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,833,022 | $ | 3,886,783 | $ | 3,800,000 | (1) | $ | 9,520,000 | (1) |
Property/Submarket | Our Ownership Interest | Book Value | Square Footage | ||||||||||||||||||||||||||
Undergoing Construction | Near-Term Projects Undergoing Marketing and Pre-Construction | Intermediate-Term Development | Future Development | Total (1) | |||||||||||||||||||||||||
Greater Boston | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
100 Binney Street/Cambridge | 100% | $ | 70,143 | 91,155 | — | — | — | 91,155 | |||||||||||||||||||||
266 and 275 Second Avenue/Route 128 | 100% | 9,646 | 59,173 | — | — | — | 59,173 | ||||||||||||||||||||||
Near-term projects undergoing marketing and pre-construction | |||||||||||||||||||||||||||||
399 Binney (Alexandria Center® at One Kendall Square) | 100% | 76,263 | — | 164,000 | — | — | 164,000 | ||||||||||||||||||||||
Intermediate-term development | |||||||||||||||||||||||||||||
325 Binney Street/Cambridge | 100% | 85,518 | — | — | 208,965 | — | 208,965 | ||||||||||||||||||||||
50 Rogers Street/Cambridge | 100% | 6,426 | — | — | 183,644 | — | 183,644 | ||||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
Alexandria Technology Square®/Cambridge | 100% | 7,787 | — | — | — | 100,000 | 100,000 | ||||||||||||||||||||||
Other future projects | 100% | 7,315 | — | — | — | 221,955 | 221,955 | ||||||||||||||||||||||
$ | 263,098 | 150,328 | 164,000 | 392,609 | 321,955 | 1,028,892 | |||||||||||||||||||||||
San Francisco | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
510 Townsend Street/Mission Bay/SoMa | 100% | $ | 187,133 | 300,000 | — | — | — | 300,000 | |||||||||||||||||||||
505 Brannan Street, Phase I/Mission Bay/SoMa | 99.7% | 116,522 | 150,000 | — | — | — | 150,000 | ||||||||||||||||||||||
213 East Grand Avenue/South San Francisco | 100% | 72,895 | 300,930 | — | — | — | 300,930 | ||||||||||||||||||||||
Near-term projects undergoing marketing and pre-construction | |||||||||||||||||||||||||||||
1655 and 1715 Third Street/Mission Bay/SoMa | 10% | — | — | 580,000 | — | — | 580,000 | ||||||||||||||||||||||
279 East Grand Avenue/South San Francisco | 100% | 17,998 | — | 199,000 | — | — | 199,000 | ||||||||||||||||||||||
Intermediate-term development | |||||||||||||||||||||||||||||
960 Industrial Road/Greater Stanford | 100% | 67,902 | — | — | 500,000 | (2) | — | 500,000 | |||||||||||||||||||||
825 and 835 Industrial Road/Greater Stanford | 100% | 90,018 | — | — | 530,000 | — | 530,000 | ||||||||||||||||||||||
201 Haskins Way/South San Francisco | 100% | 33,950 | — | — | 280,000 | (3) | — | 280,000 | |||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
88 Bluxome Street/Mission Bay/SoMa | 100% | 160,901 | — | — | — | 1,070,925 | (4) | 1,070,925 | |||||||||||||||||||||
505 Brannan Street, Phase II/Mission Bay/SoMa | 99.7% | 14,988 | — | — | — | 165,000 | 165,000 | ||||||||||||||||||||||
East Grand Avenue/South San Francisco | 100% | 5,988 | — | — | — | 90,000 | 90,000 | ||||||||||||||||||||||
Other future projects | 100% | — | — | — | — | 95,620 | 95,620 | ||||||||||||||||||||||
$ | 768,295 | 750,930 | 779,000 | 1,310,000 | 1,421,545 | 4,261,475 | |||||||||||||||||||||||
New York City | |||||||||||||||||||||||||||||
Alexandria Center® for Life Science/Manhattan | 100% | $ | — | — | — | 420,000 | — | 420,000 | |||||||||||||||||||||
$ | — | — | — | 420,000 | — | 420,000 | |||||||||||||||||||||||
(1) Total pipeline SF represents operating RSF plus incremental SF targeted for intermediate-term and future development. (2) The intermediate-term development project undergoing entitlements for 500,000 RSF will replace the existing 195,000 RSF of operating property. (3) The intermediate-term development project undergoing entitlements for 280,000 RSF will replace the existing 23,840 RSF of operating property. (4) The future development project undergoing entitlements for 1,070,925 developable square feet will replace the existing 232,470 RSF operating property. |
Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | |||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | Near Term | Intermediate Term | Future | |||||||||||||||||||||||||||||||||||||||||||||||
Greater Boston | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge/Inner Suburbs | 100 | % | $ | 416,678 | 462,100 | — | — | — | 462,100 | |||||||||||||||||||||||||||||||||||||||||
325 Binney Street | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® at Kendall Square/Cambridge/ Inner Suburbs | 100 | % | 970,641 | 403,892 | 104,500 | — | — | 508,392 | ||||||||||||||||||||||||||||||||||||||||||
One Rogers Street and 100 Edwin H. Land Boulevard | ||||||||||||||||||||||||||||||||||||||||||||||||||
99 Coolidge Avenue/Cambridge/Inner Suburbs | 75.0 | % | 130,778 | 320,809 | — | — | — | 320,809 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs | 100 | % | 203,812 | 304,775 | — | — | 34,157 | 338,932 | ||||||||||||||||||||||||||||||||||||||||||
311 Arsenal Street, 400 and 500 North Beacon Street, 100 Talcott Avenue, and 4 Kingsbury Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway | (2) | 604,733 | 248,126 | 507,997 | — | — | 756,123 | |||||||||||||||||||||||||||||||||||||||||||
201 Brookline Avenue and 421 Park Drive | ||||||||||||||||||||||||||||||||||||||||||||||||||
15 Necco Street/Seaport Innovation District | 90.0 | % | 311,635 | 345,995 | — | — | — | 345,995 | ||||||||||||||||||||||||||||||||||||||||||
Reservoir Woods/Route 128 | 100 | % | 181,412 | 202,428 | 312,845 | — | 440,000 | 955,273 | ||||||||||||||||||||||||||||||||||||||||||
40, 50, and 60 Sylvan Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
840 Winter Street/Route 128 | 100 | % | 91,069 | 139,984 | 28,230 | — | — | 168,214 | ||||||||||||||||||||||||||||||||||||||||||
275 Grove Street/Route 128 | 100 | % | — | — | 160,251 | — | — | 160,251 | ||||||||||||||||||||||||||||||||||||||||||
10 Necco Street/Seaport Innovation District | 100 | % | 97,498 | — | — | 175,000 | — | 175,000 | ||||||||||||||||||||||||||||||||||||||||||
215 Presidential Way/Route 128 | 100 | % | 6,808 | — | — | 112,000 | — | 112,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs | 100 | % | 75,126 | — | — | — | 902,000 | 902,000 | ||||||||||||||||||||||||||||||||||||||||||
446, 458, and 550 Arsenal Street | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Technology Square®/Cambridge/ Inner Suburbs | 100 | % | 7,881 | — | — | — | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 380 and 420 E Street/Seaport Innovation District | 100 | % | 124,644 | — | — | — | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
99 A Street/Seaport Innovation District | 100 | % | 49,334 | — | — | — | 235,000 | 235,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way/Route 128 | 100 | % | 24,366 | — | — | — | 1,100,000 | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 216,392 | 453,869 | 260,992 | — | 466,504 | 1,181,365 | ||||||||||||||||||||||||||||||||||||||||||
$ | 3,512,807 | 2,881,978 | 1,374,815 | 287,000 | 4,277,661 | 8,821,454 | ||||||||||||||||||||||||||||||||||||||||||||
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 248,126 RSF, which is currently under construction, and a 100% ownership interest in the near-term development project at 421 Park Drive aggregating 507,997 SF. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | |||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | Near Term | Intermediate Term | Future | |||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco | (2) | $ | 347,759 | 530,602 | — | — | 291,000 | 821,602 | ||||||||||||||||||||||||||||||||||||||||||
651 and 751 Gateway Boulevard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay | 65.5 | % | 102,515 | — | 191,000 | — | — | 191,000 | ||||||||||||||||||||||||||||||||||||||||||
1450 Owens Street | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Millbrae/South San Francisco | 44.3 | % | 221,441 | — | 633,747 | — | — | 633,747 | ||||||||||||||||||||||||||||||||||||||||||
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
3825 and 3875 Fabian Way/Greater Stanford | 100 | % | — | — | 250,000 | — | 228,000 | 478,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford | 100 | % | 386,999 | — | 105,000 | 700,000 | 692,830 | 1,497,830 | ||||||||||||||||||||||||||||||||||||||||||
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
901 California Avenue/Greater Stanford | 100 | % | 8,432 | — | 56,924 | — | — | 56,924 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 88 Bluxome Street/SoMa | 100 | % | 335,963 | — | 1,070,925 | — | — | 1,070,925 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco | 100 | % | 342,139 | — | — | — | 1,930,000 | 1,930,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 211(3), 213(3), 249, 259, 269, and 279 East Grand Avenue/ South San Francisco | 100 | % | 6,655 | — | — | — | 90,000 | 90,000 | ||||||||||||||||||||||||||||||||||||||||||
211 East Grand Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | — | — | — | — | 25,000 | 25,000 | ||||||||||||||||||||||||||||||||||||||||||
1,751,903 | 530,602 | 2,307,596 | 700,000 | 3,256,830 | 6,795,028 | |||||||||||||||||||||||||||||||||||||||||||||
New York City | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Life Science – Long Island City/New York City | 100 | % | 100,589 | 55,361 | 135,938 | — | — | 191,299 | ||||||||||||||||||||||||||||||||||||||||||
30-02 48th Avenue and 47-50 30th Street | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – New York City/ New York City | 100 | % | 124,489 | — | — | 550,000 | (4) | — | 550,000 | |||||||||||||||||||||||||||||||||||||||||
219 East 42nd Street/New York City | 100 | % | — | — | — | — | 579,947 | 579,947 | ||||||||||||||||||||||||||||||||||||||||||
$ | 225,078 | 55,361 | 135,938 | 550,000 | 579,947 | 1,321,246 | ||||||||||||||||||||||||||||||||||||||||||||
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (2)We have a 50.0% ownership interest in 651 Gateway Boulevard aggregating 300,010 RSF and a 51.0% ownership interest in 751 Gateway Boulevard aggregating 230,592 RSF. (3)We own a partial interest in this property through a real estate joint venture. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements under Item 1 of this report for additional details. (4)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building of approximately 550,000 SF. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property/Submarket | Our Ownership Interest | Book Value | Square Footage | ||||||||||||||||||||||||||
Undergoing Construction | Near-Term Projects Undergoing Marketing and Pre-Construction | Intermediate-Term Development | Future Development | Total (1) | |||||||||||||||||||||||||
San Diego | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
ARE Spectrum/Torrey Pines | 100% | $ | 143,149 | 170,523 | — | — | — | 170,523 | |||||||||||||||||||||
9625 Towne Centre Drive/University Town Center | 100% | 31,880 | 163,648 | — | — | — | 163,648 | ||||||||||||||||||||||
Intermediate-term development | |||||||||||||||||||||||||||||
5200 Illumina Way/University Town Center | 100% | 11,239 | — | — | 386,044 | — | 386,044 | ||||||||||||||||||||||
Campus Point Drive/University Town Center | 100% | 13,395 | — | — | 315,000 | — | 315,000 | ||||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
Vista Wateridge/Sorrento Mesa | 100% | 3,909 | — | — | — | 163,000 | 163,000 | ||||||||||||||||||||||
Other future projects | 100% | 33,147 | — | — | — | 259,895 | 259,895 | ||||||||||||||||||||||
$ | 236,719 | 334,171 | — | 701,044 | 422,895 | 1,458,110 | |||||||||||||||||||||||
Seattle | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
400 Dexter Avenue North/Lake Union | 100% | $ | 19,243 | 31,215 | — | — | — | 31,215 | |||||||||||||||||||||
Near-term projects undergoing marketing and pre-construction | |||||||||||||||||||||||||||||
1818 Fairview Avenue East/Lake Union | 100% | 20,693 | — | 205,000 | — | — | 205,000 | ||||||||||||||||||||||
Intermediate-term development | |||||||||||||||||||||||||||||
1150 Eastlake Avenue East/Lake Union | 100% | 18,922 | — | — | 260,000 | — | 260,000 | ||||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
1165/1166 Eastlake Avenue East/Lake Union | 100% | 18,631 | — | — | — | — | 106,000 | 106,000 | |||||||||||||||||||||
$ | 77,489 | 31,215 | 205,000 | 260,000 | 106,000 | 602,215 | |||||||||||||||||||||||
Maryland | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
9900 Medical Center Drive/Rockville | 100% | $ | 7,237 | 45,039 | — | — | — | 45,039 | |||||||||||||||||||||
Intermediate-term development | |||||||||||||||||||||||||||||
9800 Medical Center Drive/Rockville | 100% | 6,500 | — | — | 180,000 | — | 180,000 | ||||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
Other future projects | 100% | 4,035 | — | — | — | 61,000 | 61,000 | ||||||||||||||||||||||
$ | 17,772 | 45,039 | — | 180,000 | 61,000 | 286,039 | |||||||||||||||||||||||
Research Triangle Park | |||||||||||||||||||||||||||||
Undergoing construction | |||||||||||||||||||||||||||||
5 Laboratory Drive/Research Triangle Park | 100% | $ | 10,461 | 175,000 | — | — | — | 175,000 | |||||||||||||||||||||
Future development projects | |||||||||||||||||||||||||||||
6 Davis Drive/Research Triangle Park | 100% | 16,673 | — | — | — | 1,000,000 | 1,000,000 | ||||||||||||||||||||||
Other future projects | 100% | 4,149 | — | — | — | 76,262 | 76,262 | ||||||||||||||||||||||
$ | 31,283 | 175,000 | — | — | 1,076,262 | 1,251,262 | |||||||||||||||||||||||
Non-cluster markets – other future projects | 100% | 11,791 | — | — | — | 571,705 | 571,705 | ||||||||||||||||||||||
$ | 1,406,447 | 1,486,683 | 1,148,000 | 3,263,653 | 3,981,362 | 9,879,698 |
Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | |||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | Near Term | Intermediate Term | Future | |||||||||||||||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||||||||||||||||
Scripps Science Park by Alexandria/Sorrento Mesa | 100 | % | $ | 160,958 | 144,113 | 105,000 | 175,041 | 164,000 | 588,154 | |||||||||||||||||||||||||||||||||||||||||
10102 Hoyt Park Drive, 10048 and 12019 Meanley Drive, and 10277 Scripps Ranch Boulevard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: SD Tech by Alexandria/Sorrento Mesa | 50.0 | % | 159,464 | 75,508 | 190,074 | 160,000 | 333,845 | 759,427 | ||||||||||||||||||||||||||||||||||||||||||
9805 Scranton Road and 10055 and 10075 Barnes Canyon Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: One Alexandria Square/Torrey Pines | 100 | % | 235,561 | — | 608,252 | — | 125,280 | 733,532 | ||||||||||||||||||||||||||||||||||||||||||
10931, 10933, 11255, and 11355 North Torrey Pines Road and 10975 and 10995 Torreyana Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Point/University Town Center | 55.0 | % | 251,801 | — | 598,029 | — | 1,074,445 | 1,672,474 | ||||||||||||||||||||||||||||||||||||||||||
10010(2), 10140(2), and 10260 Campus Point Drive and 4110, 4150, 4161, and 4275(2) Campus Point Court | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Sequence District by Alexandria/Sorrento Mesa | 100 | % | 42,443 | — | 200,000 | 509,000 | 1,089,915 | 1,798,915 | ||||||||||||||||||||||||||||||||||||||||||
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: University District/University Town Center | 100 | % | 140,659 | — | — | 937,000 | — | 937,000 | ||||||||||||||||||||||||||||||||||||||||||
9363, 9373, and 9393 Towne Centre Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court | ||||||||||||||||||||||||||||||||||||||||||||||||||
9444 Waples Street/Sorrento Mesa | 50.0 | % | 21,632 | — | — | 149,000 | — | 149,000 | ||||||||||||||||||||||||||||||||||||||||||
Mega Campus: 5200 Illumina Way/University Town Center | 51.0 | % | 15,526 | — | — | — | 451,832 | 451,832 | ||||||||||||||||||||||||||||||||||||||||||
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley | 100 | % | 20,668 | — | — | — | 247,000 | 247,000 | ||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 74,616 | — | — | — | 539,235 | 539,235 | ||||||||||||||||||||||||||||||||||||||||||
1,123,328 | 219,621 | 1,701,355 | 1,930,041 | 4,025,552 | 7,876,569 | |||||||||||||||||||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: The Eastlake Life Science Campus by Alexandria/ Lake Union | 100 | % | 176,527 | 311,631 | — | — | — | 311,631 | ||||||||||||||||||||||||||||||||||||||||||
1150 Eastlake Avenue East | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell | 100 | % | 88,289 | 213,976 | 50,552 | — | — | 264,528 | ||||||||||||||||||||||||||||||||||||||||||
3301, 3555, and 3755 Monte Villa Parkway | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – South Lake Union/ Lake Union | (3) | 355,603 | — | 1,095,586 | — | 188,400 | 1,283,986 | |||||||||||||||||||||||||||||||||||||||||||
601 and 701 Dexter Avenue North and 800 Mercer Street | ||||||||||||||||||||||||||||||||||||||||||||||||||
830 and 1010 4th Avenue South/SoDo | 100 | % | $ | 53,301 | — | — | — | 597,313 | 597,313 | |||||||||||||||||||||||||||||||||||||||||
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (2)We have a 100% ownership interest in this property. (3)We have a 100% ownership interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% ownership interest in the near-term development project at 800 Mercer Street aggregating 869,000 SF. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||
Construction Spending | September 30, 2017 | ||||
Additions to real estate – consolidated projects | $ | 660,877 | |||
Investments in unconsolidated real estate joint ventures | 248 | ||||
Construction spending (cash basis) (1) | 661,125 | ||||
Decrease in accrued construction | (38,767 | ) | |||
Construction spending | $ | 622,358 |
Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | |||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | Near Term | Intermediate Term | Future | |||||||||||||||||||||||||||||||||||||||||||||||
Seattle (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell | 100 | % | $ | 13,804 | — | — | — | 230,000 | 230,000 | |||||||||||||||||||||||||||||||||||||||||
21660 20th Avenue Southeast | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 81,696 | — | — | — | 691,000 | 691,000 | ||||||||||||||||||||||||||||||||||||||||||
769,220 | 525,607 | 1,146,138 | — | 1,706,713 | 3,378,458 | |||||||||||||||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville | 100 | % | 174,064 | 360,533 | 250,000 | 258,000 | 38,000 | 906,533 | ||||||||||||||||||||||||||||||||||||||||||
9601, 9603, and 9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
20400 Century Boulevard/Gaithersburg | 100 | % | 7,109 | 37,858 | — | — | — | 37,858 | ||||||||||||||||||||||||||||||||||||||||||
181,173 | 398,391 | 250,000 | 258,000 | 38,000 | 944,391 | |||||||||||||||||||||||||||||||||||||||||||||
Research Triangle | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle | 100 | % | 258,450 | 376,871 | — | — | 2,060,000 | 2,436,871 | ||||||||||||||||||||||||||||||||||||||||||
40 and 41 Moore Drive and 14 TW Alexander Drive | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for Advanced Technologies/ Research Triangle | 100 | % | 67,910 | 180,000 | — | — | 990,000 | 1,170,000 | ||||||||||||||||||||||||||||||||||||||||||
4 and 12 Davis Drive | ||||||||||||||||||||||||||||||||||||||||||||||||||
6040 George Watts Hill Drive, Phase II/Research Triangle | 100 | % | 11,363 | 88,038 | — | — | — | 88,038 | ||||||||||||||||||||||||||||||||||||||||||
Alexandria Center® for AgTech/Research Triangle | 100 | % | 42,429 | 60,195 | — | — | — | 60,195 | ||||||||||||||||||||||||||||||||||||||||||
9 Laboratory Drive | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle | 100 | % | 99,335 | — | 100,000 | 100,000 | 855,000 | 1,055,000 | ||||||||||||||||||||||||||||||||||||||||||
3029 East Cornwallis Road | ||||||||||||||||||||||||||||||||||||||||||||||||||
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle | 100 | % | 50,593 | — | — | — | 750,000 | 750,000 | ||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 4,185 | — | — | — | 76,262 | 76,262 | ||||||||||||||||||||||||||||||||||||||||||
$ | 534,265 | 705,104 | 100,000 | 100,000 | 4,731,262 | 5,636,366 | ||||||||||||||||||||||||||||||||||||||||||||
Refer to the definition of “Mega campus” in the “Definitions and reconciliations” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to the definition of “Investments in real estate – value-creation square footage currently in rental properties” in the “Non-GAAP measures and definitions” section within this Item 2 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected Construction Spending | Year Ending December 31, 2017 | |||||||||
Development and redevelopment projects | $ | 203,000 | ||||||||
Contributions from noncontrolling interests (consolidated joint ventures) | (7,000 | ) | ||||||||
Generic laboratory infrastructure/building improvement projects | 41,000 | |||||||||
Non-revenue-enhancing capital expenditures and tenant improvements | 6,000 | |||||||||
Projected construction spending for three months ending December 31, 2017 | 243,000 | |||||||||
Actual construction spending for the nine months ended September 30, 2017 | 622,358 | |||||||||
Guidance range | $ | 815,000 | – | 915,000 |
Market Property/Submarket | Our Ownership Interest | Book Value | Square Footage | |||||||||||||||||||||||||||||||||||||||||||||||
Development and Redevelopment | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | Near Term | Intermediate Term | Future | |||||||||||||||||||||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||||||||
8800 Technology Forest Place/Greater Houston | 100 | % | $ | 61,425 | 201,499 | — | — | 116,287 | 317,786 | |||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 140,754 | — | 143,105 | — | 2,090,000 | 2,233,105 | ||||||||||||||||||||||||||||||||||||||||||
202,179 | 201,499 | 143,105 | — | 2,206,287 | 2,550,891 | |||||||||||||||||||||||||||||||||||||||||||||
Canada | 100 | % | 14,384 | 107,081 | — | — | 124,000 | 231,081 | ||||||||||||||||||||||||||||||||||||||||||
Other value-creation projects | 100 | % | 38,261 | — | — | — | 350,000 | 350,000 | ||||||||||||||||||||||||||||||||||||||||||
Total pipeline as of September 30, 2022 | $ | 8,352,598 | (2) | 5,625,244 | 7,158,947 | 3,825,041 | 21,296,252 | 37,905,484 | ||||||||||||||||||||||||||||||||||||||||||
Non-Revenue-Enhancing Capital Expenditures (1) | Nine Months Ended September 30, 2017 | Recent Average per RSF (2) | |||||||||||||
Amount | RSF | Per RSF | |||||||||||||
Non-revenue-enhancing capital expenditures | $ | 5,431 | 18,576,742 | $ | 0.29 | $ | 0.41 | ||||||||
Tenant improvements and leasing costs: | |||||||||||||||
Re-tenanted space | $ | 15,542 | 596,653 | $ | 26.05 | $ | 18.11 | ||||||||
Renewal space | 22,200 | 1,334,824 | 16.63 | 10.14 | |||||||||||
Total tenant improvements and leasing costs/weighted average | $ | 37,742 | 1,931,477 | $ | 19.54 | (3) | $ | 12.52 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Amount | Per Share – Diluted | Amount | Per Share – Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on non-real estate investments | $ | (56.5) | $ | (14.4) | $ | (0.35) | $ | (0.10) | $ | (388.1) | $ | 183.3 | $ | (2.42) | $ | 1.26 | |||||||||||||||||||||||||||||||
Significant realized gains on non-real estate investments | — | 52.4 | — | 0.35 | — | 110.1 | — | 0.76 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on sales of real estate | 323.7 | (0.4) | 2.00 | — | 537.9 | 2.3 | 3.35 | 0.02 | |||||||||||||||||||||||||||||||||||||||
Impairment of real estate | (38.8) | (42.6) | (0.24) | (0.28) | (38.8) | (52.7) | (0.24) | (0.37) | |||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | (3.3) | (67.3) | (0.02) | (0.46) | |||||||||||||||||||||||||||||||||||||||
Acceleration of stock compensation expense due to executive officer resignation | (7.2) | — | (0.04) | — | (7.2) | — | (0.04) | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 221.2 | $ | (5.0) | $ | 1.37 | $ | (0.03) | $ | 100.5 | $ | 175.7 | $ | 0.63 | $ | 1.21 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
(In millions, except per share amounts) | Amount | Per Share – Diluted | Amount | Per Share – Diluted | |||||||||||||||||||||||||||
Gain on sales of real estate (1) | $ | 14.1 | $ | 0.1 | $ | 0.15 | $ | — | $ | 14.5 | $ | 0.1 | $ | 0.15 | $ | — | |||||||||||||||
Gain on sales of non-real estate investments | — | — | — | — | — | 4.4 | — | 0.06 | |||||||||||||||||||||||
Impairment of: | �� | ||||||||||||||||||||||||||||||
Rental properties (2) | — | (6.3 | ) | — | (0.08 | ) | (0.2 | ) | (94.7 | ) | — | (1.27 | ) | ||||||||||||||||||
Land parcels (2) | — | (1.8 | ) | — | (0.02 | ) | — | (98.0 | ) | — | (1.32 | ) | |||||||||||||||||||
Non-real estate investments (3) | — | (3.1 | ) | — | (0.04 | ) | (4.5 | ) | (3.1 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||
Loss on early extinguishment of debt | — | (3.2 | ) | — | (0.04 | ) | (0.7 | ) | (3.2 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||
Preferred stock redemption charge (4) | — | (13.1 | ) | — | (0.17 | ) | (11.3 | ) | (25.6 | ) | (0.12 | ) | (0.34 | ) | |||||||||||||||||
$ | 14.1 | $ | (27.4 | ) | $ | 0.15 | $ | (0.35 | ) | $ | (2.2 | ) | $ | (220.1 | ) | $ | (0.03 | ) | $ | (2.95 | ) | ||||||||||
Weighted-average shares of common stock outstanding – diluted | 93.3 | 77.4 | 90.8 | 74.5 |
September 30, 2017 | September 30, 2022 | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||
Percentage change in net operating income over comparable period from prior year | 2.2% | 2.3% | Percentage change in net operating income over comparable period from prior year | 5.1% | 7.0% | ||||||||||||||||
Percentage change in net operating income (cash basis) over comparable period from prior year | 7.8% | 6.2% | Percentage change in net operating income (cash basis) over comparable period from prior year | 10.6% | 8.9% | ||||||||||||||||
Operating margin | 69% | 70% | Operating margin | 69% | 70% | ||||||||||||||||
Number of Same Properties | 169 | 166 | Number of Same Properties | 296 | 256 | ||||||||||||||||
RSF | 15,182,829 | 14,419,701 | RSF | 29,758,169 | 26,421,903 | ||||||||||||||||
Occupancy – current-period average | 95.9% | 96.0% | Occupancy – current-period average | 95.6% | 95.7% | ||||||||||||||||
Occupancy – same-period prior-year average | 96.9% | 97.2% | Occupancy – same-period prior-year average | 94.4% | 94.6% |
Development – under construction | Properties | |||||||||
2 | ||||||||||
1 | ||||||||||
1 | ||||||||||
1 | ||||||||||
751 Gateway Boulevard | 1 | |||||||||
325 Binney Street | 1 | |||||||||
1 | ||||||||||
10102 Hoyt Park Drive | ||||||||||
9810 Darnestown Road | 1 | |||||||||
99 Coolidge Avenue | 1 | |||||||||
500 North Beacon Street and 4 Kingsbury Avenue | 2 | |||||||||
9808 Medical Center Drive | 1 | |||||||||
6040 George Watts Hill Drive | 1 | |||||||||
16 | ||||||||||
Development – placed into service after January 1, | Properties | |||||||||
1 | ||||||||||
2 | ||||||||||
1 | ||||||||||
1 | ||||||||||
2 | ||||||||||
8 | ||||||||||
Redevelopment – under construction | Properties | |||||||||
1 | ||||||||||
4 | ||||||||||
840 Winter Street | 1 | |||||||||
20400 Century Boulevard | 1 | |||||||||
9601 and 9603 Medical Center Drive | ||||||||||
40, 50, and 60 Sylvan Road | ||||||||||
Alexandria Center® for Advanced Technologies – Monte Villa Parkway | 6 | |||||||||
651 Gateway Boulevard | 1 | |||||||||
8800 Technology Forest Place | 1 | |||||||||
Canada | 2 | |||||||||
Other | 2 | |||||||||
36 |
Redevelopment – placed into service after January 1, | Properties | |||||||
1 | ||||||||
1 | ||||||||
1 | ||||||||
Other | ||||||||
4 | ||||||||
Acquisitions after January 1, | Properties | |||||||
Sequence District by Alexandria | 5 | |||||||
Alexandria Center® | ||||||||
1 | ||||||||
1 | ||||||||
10975 and 10995 Torreyana Road | ||||||||
Pacific Technology Park | 6 | |||||||
1122 and 1150 El Camino Real | 2 | |||||||
12 Davis Drive | 1 | |||||||
8505 Costa Verde Boulevard and 4260 Nobel Drive | 2 | |||||||
225 and 235 Presidential Way | 2 | |||||||
104 TW Alexander Drive | 4 | |||||||
One Hampshire Street | 1 | |||||||
Intersection Campus | 12 | |||||||
100 Edwin H. Land Boulevard | 1 | |||||||
10010 and 10140 Campus Point Drive and 4275 Campus Point Court | 3 | |||||||
446 and 458 Arsenal Street | 2 | |||||||
Other | 47 | |||||||
107 | ||||||||
Unconsolidated real estate JVs | 4 | |||||||
Properties held for sale | — | |||||||
Total properties excluded from Same Properties | ||||||||
Same Properties | ||||||||
Total properties in North America as of September 30, 2022 | ||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||
Income from rentals: | |||||||||||||||||||||||||||||
Same Properties | $ | 382,282 | $ | 359,457 | $ | 22,825 | 6.3 | % | |||||||||||||||||||||
Non-Same Properties | 113,864 | 56,461 | 57,403 | 101.7 | |||||||||||||||||||||||||
Rental revenues | 496,146 | 415,918 | 80,228 | 19.3 | |||||||||||||||||||||||||
Same Properties | 132,988 | 113,246 | 19,742 | 17.4 | |||||||||||||||||||||||||
Non-Same Properties | 27,719 | 17,363 | 10,356 | 59.6 | |||||||||||||||||||||||||
Tenant recoveries | 160,707 | 130,609 | 30,098 | 23.0 | |||||||||||||||||||||||||
Income from rentals | 656,853 | 546,527 | 110,326 | 20.2 | |||||||||||||||||||||||||
Same Properties | 196 | 197 | (1) | (0.5) | |||||||||||||||||||||||||
Non-Same Properties | 2,803 | 1,035 | 1,768 | 170.8 | |||||||||||||||||||||||||
Other income | 2,999 | 1,232 | 1,767 | 143.4 | |||||||||||||||||||||||||
Same Properties | 515,466 | 472,900 | 42,566 | 9.0 | |||||||||||||||||||||||||
Non-Same Properties | 144,386 | 74,859 | 69,527 | 92.9 | |||||||||||||||||||||||||
Total revenues | 659,852 | 547,759 | 112,093 | 20.5 | |||||||||||||||||||||||||
Same Properties | 158,708 | 133,530 | 25,178 | 18.9 | |||||||||||||||||||||||||
Non-Same Properties | 42,481 | 32,465 | 10,016 | 30.9 | |||||||||||||||||||||||||
Rental operations | 201,189 | 165,995 | 35,194 | 21.2 | |||||||||||||||||||||||||
Same Properties | 356,758 | 339,370 | 17,388 | 5.1 | |||||||||||||||||||||||||
Non-Same Properties | 101,905 | 42,394 | 59,511 | 140.4 | |||||||||||||||||||||||||
Net operating income | $ | 458,663 | $ | 381,764 | $ | 76,899 | 20.1 | % | |||||||||||||||||||||
Net operating income – Same Properties | $ | 356,758 | $ | 339,370 | $ | 17,388 | 5.1 | % | |||||||||||||||||||||
Straight-line rent revenue | (11,726) | (26,373) | 14,647 | (55.5) | |||||||||||||||||||||||||
Amortization of acquired below-market leases | (10,200) | (10,249) | 49 | (0.5) | |||||||||||||||||||||||||
Net operating income – Same Properties (cash basis) | $ | 334,832 | $ | 302,748 | $ | 32,084 | 10.6 | % |
Three Months Ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | $ Change | % Change | ||||||||||||
Same Properties | $ | 163,817 | $ | 159,424 | $ | 4,393 | 2.8 | % | ||||||||
Non-Same Properties | 52,204 | 7,167 | 45,037 | 628.4 | ||||||||||||
Total rental | 216,021 | 166,591 | 49,430 | 29.7 | ||||||||||||
Same Properties | 58,117 | 56,858 | 1,259 | 2.2 | ||||||||||||
Non-Same Properties | 8,941 | 1,823 | 7,118 | 390.5 | ||||||||||||
Total tenant recoveries | 67,058 | 58,681 | 8,377 | 14.3 | ||||||||||||
Same Properties | 120 | 16 | 104 | 650.0 | ||||||||||||
Non-Same Properties | 2,171 | 5,091 | (2,920 | ) | (57.4 | ) | ||||||||||
Total other income | 2,291 | 5,107 | (2,816 | ) | (55.1 | ) | ||||||||||
Same Properties | 222,054 | 216,298 | 5,756 | 2.7 | ||||||||||||
Non-Same Properties | 63,316 | 14,081 | 49,235 | 349.7 | ||||||||||||
Total revenues | 285,370 | 230,379 | 54,991 | 23.9 | ||||||||||||
Same Properties | 68,107 | 65,674 | 2,433 | 3.7 | ||||||||||||
Non-Same Properties | 15,362 | 6,328 | 9,034 | 142.8 | ||||||||||||
Total rental operations | 83,469 | 72,002 | 11,467 | 15.9 | ||||||||||||
Same Properties | 153,947 | 150,624 | 3,323 | 2.2 | ||||||||||||
Non-Same Properties | 47,954 | 7,753 | 40,201 | 518.5 | ||||||||||||
Net operating income | $ | 201,901 | $ | 158,377 | $ | 43,524 | 27.5 | % | ||||||||
Net operating income – Same Properties | $ | 153,947 | $ | 150,624 | $ | 3,323 | 2.2 | % | ||||||||
Straight-line rent revenue and amortization of acquired below-market leases | (5,744 | ) | (13,105 | ) | 7,361 | (56.2 | ) | |||||||||
Net operating income – Same Properties (cash basis) | $ | 148,203 | $ | 137,519 | $ | 10,684 | 7.8 | % |
Three Months Ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Management fee income | $ | 658 | $ | 46 | $ | 612 | ||||||
Interest and other income | 588 | 795 | (207 | ) | ||||||||
Investment income | 1,045 | 4,266 | (3,221 | ) | ||||||||
Total other income | $ | 2,291 | $ | 5,107 | $ | (2,816 | ) |
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||
Component | 2017 | 2016 | Change | Component | 2022 | 2021 | Change | |||||||||||||||||||||||||
Interest incurred | $ | 48,123 | $ | 40,753 | $ | 7,370 | ||||||||||||||||||||||||||
Gross interest | Gross interest | $ | 96,173 | $ | 78,863 | $ | 17,310 | |||||||||||||||||||||||||
Capitalized interest | (17,092 | ) | (14,903 | ) | (2,189 | ) | Capitalized interest | (73,189) | (43,185) | (30,004) | ||||||||||||||||||||||
Interest expense | $ | 31,031 | $ | 25,850 | $ | 5,181 | Interest expense | $ | 22,984 | $ | 35,678 | $ | (12,694) | |||||||||||||||||||
Average debt balance outstanding (1) | $ | 4,887,491 | $ | 4,244,247 | $ | 643,244 | Average debt balance outstanding(1) | $ | 10,672,372 | $ | 9,257,859 | $ | 1,414,513 | |||||||||||||||||||
Weighted-average annual interest rate (2) | 3.9 | % | 3.8 | % | 0.1 | % | Weighted-average annual interest rate(2) | 3.6 | % | 3.4 | % | 0.2 | % |
Component | Interest Rate(1) | Effective Date | Change | |||||||
Increases in interest incurred due to: | ||||||||||
Issuance of $425 million unsecured senior note payable | 4.09% | March 2017 | $ | 4,210 | ||||||
Assumption of $203 million secured note payable | 3.40% | November 2016 | 1,840 | |||||||
Higher average balance and interest rate on secured construction loans | Various | Various | 2,640 | |||||||
Higher average interest rate on unsecured senior line of credit and term loans | 1,880 | |||||||||
Total increases | 10,570 | |||||||||
Decreases in interest incurred due to: | ||||||||||
Repayments of debt: | ||||||||||
Variable-rate unsecured senior bank term loan | Various | February 2017 | (750 | ) | ||||||
$76 million secured note payable | 2.81% | December 2016 | (460 | ) | ||||||
Lower average notional amounts of interest rate hedge agreements in effect | (1,500 | ) | ||||||||
Amortization of loan fees | (240 | ) | ||||||||
Other decrease in interest | (250 | ) | ||||||||
Total decreases | (3,200 | ) | ||||||||
Change in interest incurred | 7,370 | |||||||||
Increase in capitalized interest (2) | (2,189 | ) | ||||||||
Total change in interest expense | $ | 5,181 |
Component | Interest Rate(1) | Effective Date | Change | ||||||||||||||||||||||||||
Increases in interest incurred due to: | |||||||||||||||||||||||||||||
Issuances of debt: | |||||||||||||||||||||||||||||
$1.0 billion unsecured senior notes payable due 2052 | 3.63 | % | February 2022 | $ | 8,897 | ||||||||||||||||||||||||
$800 million unsecured senior notes payable due 2034 – green bond | 3.07 | % | February 2022 | 5,944 | |||||||||||||||||||||||||
Fluctuation in interest rate and average balance: | |||||||||||||||||||||||||||||
$2.0 billion commercial paper program | 3,600 | ||||||||||||||||||||||||||||
Other increases in interest incurred | 529 | ||||||||||||||||||||||||||||
Total increases | 18,970 | ||||||||||||||||||||||||||||
Decreases in interest incurred due to: | |||||||||||||||||||||||||||||
Repayments of debt: | |||||||||||||||||||||||||||||
Secured notes payable | 3.40 | % | April 2022 | (1,660) | |||||||||||||||||||||||||
Total decreases | (1,660) | ||||||||||||||||||||||||||||
Change in gross interest | 17,310 | ||||||||||||||||||||||||||||
Increase in capitalized interest | (30,004) | ||||||||||||||||||||||||||||
Total change in interest expense | $ | (12,694) |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||
Income from rentals: | |||||||||||||||||||||||||||||
Same Properties | $ | 1,041,128 | $ | 967,378 | $ | 73,750 | 7.6 | % | |||||||||||||||||||||
Non-Same Properties | 409,622 | 215,577 | 194,045 | 90.0 | |||||||||||||||||||||||||
Rental revenues | 1,450,750 | 1,182,955 | 267,795 | 22.6 | |||||||||||||||||||||||||
Same Properties | 355,063 | 299,072 | 55,991 | 18.7 | |||||||||||||||||||||||||
Non-Same Properties | 104,553 | 51,566 | 52,987 | 102.8 | |||||||||||||||||||||||||
Tenant recoveries | 459,616 | 350,638 | 108,978 | 31.1 | |||||||||||||||||||||||||
Income from rentals | 1,910,366 | 1,533,593 | 376,773 | 24.6 | |||||||||||||||||||||||||
Same Properties | 496 | 386 | 110 | 28.5 | |||||||||||||||||||||||||
Non-Same Properties | 7,819 | 3,248 | 4,571 | 140.7 | |||||||||||||||||||||||||
Other income | 8,315 | 3,634 | 4,681 | 128.8 | |||||||||||||||||||||||||
Same Properties | 1,396,687 | 1,266,836 | 129,851 | 10.3 | |||||||||||||||||||||||||
Non-Same Properties | 521,994 | 270,391 | 251,603 | 93.1 | |||||||||||||||||||||||||
Total revenues | 1,918,681 | 1,537,227 | 381,454 | 24.8 | |||||||||||||||||||||||||
Same Properties | 413,666 | 347,933 | 65,733 | 18.9 | |||||||||||||||||||||||||
Non-Same Properties | 165,135 | 99,905 | 65,230 | 65.3 | |||||||||||||||||||||||||
Rental operations | 578,801 | 447,838 | 130,963 | 29.2 | |||||||||||||||||||||||||
Same Properties | 983,021 | 918,903 | 64,118 | 7.0 | |||||||||||||||||||||||||
Non-Same Properties | 356,859 | 170,486 | 186,373 | 109.3 | |||||||||||||||||||||||||
Net operating income | $ | 1,339,880 | $ | 1,089,389 | $ | 250,491 | 23.0 | % | |||||||||||||||||||||
Net operating income – Same Properties | $ | 983,021 | $ | 918,903 | $ | 64,118 | 7.0 | % | |||||||||||||||||||||
Straight-line rent revenue | (49,851) | (60,316) | 10,465 | (17.4) | |||||||||||||||||||||||||
Amortization of acquired below-market leases | (20,765) | (20,698) | (67) | 0.3 | |||||||||||||||||||||||||
Net operating income – Same Properties (cash basis) | $ | 912,405 | $ | 837,889 | $ | 74,516 | 8.9 | % |
Nine Months Ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | $ Change | % Change | ||||||||||||
Same Properties | $ | 457,237 | $ | 445,740 | $ | 11,497 | 2.6 | % | ||||||||
Non-Same Properties | 177,919 | 40,765 | 137,154 | 336.5 | ||||||||||||
Total rental | 635,156 | 486,505 | 148,651 | 30.6 | ||||||||||||
Same Properties | 155,017 | 151,588 | 3,429 | 2.3 | ||||||||||||
Non-Same Properties | 33,857 | 13,797 | 20,060 | 145.4 | ||||||||||||
Total tenant recoveries | 188,874 | 165,385 | 23,489 | 14.2 | ||||||||||||
Same Properties | 341 | 77 | 264 | 342.9 | ||||||||||||
Non-Same Properties | 4,935 | 20,577 | (15,642 | ) | (76.0 | ) | ||||||||||
Total other income | 5,276 | 20,654 | (15,378 | ) | (74.5 | ) | ||||||||||
Same Properties | 612,595 | 597,405 | 15,190 | 2.5 | ||||||||||||
Non-Same Properties | 216,711 | 75,139 | 141,572 | 188.4 | ||||||||||||
Total revenues | 829,306 | 672,544 | 156,762 | 23.3 | ||||||||||||
Same Properties | 182,281 | 176,967 | 5,314 | 3.0 | ||||||||||||
Non-Same Properties | 55,255 | 28,197 | 27,058 | 96.0 | ||||||||||||
Total rental operations | 237,536 | 205,164 | 32,372 | 15.8 | ||||||||||||
Same Properties | 430,314 | 420,438 | 9,876 | 2.3 | ||||||||||||
Non-Same Properties | 161,456 | 46,942 | 114,514 | 243.9 | ||||||||||||
Net operating income | $ | 591,770 | $ | 467,380 | $ | 124,390 | 26.6 | % | ||||||||
Net operating income – Same Properties | $ | 430,314 | $ | 420,438 | $ | 9,876 | 2.3 | % | ||||||||
Straight-line rent revenue and amortization of acquired below-market leases | (13,439 | ) | (28,024 | ) | 14,585 | (52.0 | ) | |||||||||
Net operating income – Same Properties (cash basis) | $ | 416,875 | $ | 392,414 | $ | 24,461 | 6.2 | % |
Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Management fee income | $ | 1,643 | $ | 380 | $ | 1,263 | ||||||
Interest and other income | 1,626 | 2,223 | (597 | ) | ||||||||
Investment income | 2,007 | 18,051 | (16,044 | ) | ||||||||
Total other income | $ | 5,276 | $ | 20,654 | $ | (15,378 | ) |
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Component | 2017 | 2016 | Change | Component | 2022 | 2021 | Change | |||||||||||||||||||||||||
Interest incurred | $ | 137,888 | $ | 116,520 | $ | 21,368 | ||||||||||||||||||||||||||
Gross interest | Gross interest | $ | 275,835 | $ | 233,866 | $ | 41,969 | |||||||||||||||||||||||||
Capitalized interest | (45,325 | ) | (40,790 | ) | (4,535 | ) | Capitalized interest | (199,154) | (126,563) | (72,591) | ||||||||||||||||||||||
Interest expense | $ | 92,563 | $ | 75,730 | $ | 16,833 | Interest expense | $ | 76,681 | $ | 107,303 | $ | (30,622) | |||||||||||||||||||
Average debt balance outstanding (1) | $ | 4,675,967 | $ | 4,150,540 | $ | 525,427 | Average debt balance outstanding(1) | $ | 10,373,770 | $ | 8,960,600 | $ | 1,413,170 | |||||||||||||||||||
Weighted-average annual interest rate (2) | 3.9 | % | 3.7 | % | 0.2 | % | Weighted-average annual interest rate(2) | 3.5 | % | 3.5 | % | — | % |
Component | Interest Rate(1) | Effective Date | Change | |||||||
Increases in interest incurred due to: | ||||||||||
Issuance of debt: | ||||||||||
$425 million unsecured senior note payable | 4.09% | March 2017 | $ | 9,730 | ||||||
$350 million unsecured senior note payable | 4.14% | June 2016 | 6,160 | |||||||
Secured construction loan | 3.89% | April 2016 | 2,770 | |||||||
Assumption of $203 million secured note payable | 3.40% | November 2016 | 5,520 | |||||||
Higher average balance and interest rate on secured construction loans | Various | Various | 4,460 | |||||||
Higher average interest rate on unsecured senior line of credit and term loans | 2,790 | |||||||||
Total increases | 31,430 | |||||||||
Decreases in interest incurred due to: | ||||||||||
Repayments of debt: | ||||||||||
Secured notes payable (2) | Various | Various | (4,550 | ) | ||||||
Unsecured senior bank term loan | Various | February 2017 | (2,960 | ) | ||||||
Lower average notional amounts of interest rate hedge agreements in effect | (1,910 | ) | ||||||||
Amortization of loan fees | (220 | ) | ||||||||
Other decrease in interest | (422 | ) | ||||||||
Total decreases | (10,062 | ) | ||||||||
Change in interest incurred | 21,368 | |||||||||
Increase in capitalized interest (3) | (4,535 | ) | ||||||||
Total change in interest expense | $ | 16,833 |
Component | Interest Rate(1) | Effective Date | Change | ||||||||||||||||||||||||||
Increases in interest incurred due to: | |||||||||||||||||||||||||||||
Issuances of debt: | |||||||||||||||||||||||||||||
$850 million unsecured senior notes payable | 3.08 | % | February 2021 | $ | 3,341 | ||||||||||||||||||||||||
$900 million unsecured senior notes payable – green bond | 2.12 | % | February 2021 | 2,383 | |||||||||||||||||||||||||
$1.0 billion unsecured senior notes payable | 3.63 | % | February 2022 | 22,241 | |||||||||||||||||||||||||
$800 million unsecured senior notes payable – green bond | 3.07 | % | February 2022 | 14,859 | |||||||||||||||||||||||||
Fluctuation in interest rate and average balance: | |||||||||||||||||||||||||||||
$2.0 billion commercial paper program | 4,474 | ||||||||||||||||||||||||||||
Other increase in interest | 845 | ||||||||||||||||||||||||||||
Total increases | 48,143 | ||||||||||||||||||||||||||||
Decreases in interest incurred due to: | |||||||||||||||||||||||||||||
Repayments of debt: | |||||||||||||||||||||||||||||
$650 million unsecured senior notes payable – green bond | 4.03 | % | March 2021 | (2,945) | |||||||||||||||||||||||||
Secured notes payable | 3.40 | % | April 2022 | (3,229) | |||||||||||||||||||||||||
Total decreases | (6,174) | ||||||||||||||||||||||||||||
Change in gross interest | 41,969 | ||||||||||||||||||||||||||||
Increase in capitalized interest | (72,591) | ||||||||||||||||||||||||||||
Total change in interest expense | $ | (30,622) |
Construction Spending | Nine Months Ended September 30, 2022 | ||||||||||
Additions to real estate – consolidated projects | $ | 2,324,017 | |||||||||
Investments in unconsolidated real estate joint ventures | 1,245 | ||||||||||
Contributions from noncontrolling interests | (205,117) | ||||||||||
Construction spending (cash basis) | 2,120,145 | ||||||||||
Change in accrued construction | 118,203 | ||||||||||
Construction spending for the nine months ended September 30, 2022 | 2,238,348 | ||||||||||
Projected construction spending for the three months ending December 31, 2022 | 761,652 | ||||||||||
Guidance midpoint | $ | 3,000,000 |
Projected Construction Spending | Year Ending December 31, 2022 | |||||||||||||||||||
Development, redevelopment, and pre-construction projects | $ | 3,106,000 | ||||||||||||||||||
Contributions from noncontrolling interests (consolidated real estate joint ventures) | (286,000) | |||||||||||||||||||
Revenue-enhancing and repositioning capital expenditures | 98,000 | |||||||||||||||||||
Non-revenue-enhancing capital expenditures | 82,000 | |||||||||||||||||||
Guidance midpoint | $ | 3,000,000 | ||||||||||||||||||
Projected 2022 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted | As of 10/24/22 | As of 7/25/22 | ||||||||||||||||||||||||
Earnings per share(1) | $3.56 to $3.58 | $2.14 to $2.20 | ||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 5.50 | 5.50 | ||||||||||||||||||||||||
Gain on sales of real estate | (3.35) | (1.34) | ||||||||||||||||||||||||
Allocation of unvested restricted stock awards | (0.01) | (0.02) | ||||||||||||||||||||||||
Funds from operations per share(2) | $5.70 to $5.72 | $6.28 to $6.34 | ||||||||||||||||||||||||
Unrealized losses on non-real estate investments | 2.42 | 2.07 | ||||||||||||||||||||||||
Impairment of real estate | 0.24 | — | ||||||||||||||||||||||||
Loss on early extinguishment of debt | 0.02 | 0.02 | ||||||||||||||||||||||||
Acceleration of stock compensation expense due to executive officer resignation | 0.04 | 0.04 | ||||||||||||||||||||||||
Allocation to unvested restricted stock awards | (0.03) | (0.02) | ||||||||||||||||||||||||
Other | 0.01 | (0.01) | ||||||||||||||||||||||||
Funds from operations per share, as adjusted(2) | $8.40 to $8.42 | $8.38 to $8.44 | ||||||||||||||||||||||||
Midpoint | $8.41 | $8.41 | ||||||||||||||||||||||||
Key Assumptions(1) (Dollars in millions) | 2022 Guidance | |||||||||||||||||||||||||
Low | High | |||||||||||||||||||||||||
Occupancy percentage for operating properties in North America as of December 31, 2022(2) | 95.0% | 95.6% | ||||||||||||||||||||||||
Lease renewals and re-leasing of space: | ||||||||||||||||||||||||||
Rental rate increases | 30.0% | 35.0% | ||||||||||||||||||||||||
Rental rate increases (cash basis) | 18.0% | 23.0% | ||||||||||||||||||||||||
Same property performance: | ||||||||||||||||||||||||||
Net operating income increase | 6.0% | 8.0% | ||||||||||||||||||||||||
Net operating income increase (cash basis) | 6.8% | 8.8% | ||||||||||||||||||||||||
Straight-line rent revenue(3) | $ | 139 | $ | 149 | ||||||||||||||||||||||
General and administrative expenses | $ | 172 | $ | 180 | ||||||||||||||||||||||
Capitalization of interest | $ | 269 | $ | 279 | ||||||||||||||||||||||
Interest expense | $ | 90 | $ | 100 | ||||||||||||||||||||||
Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted | |||||||
As of 10/30/17 | As of 7/31/17 | ||||||
Earnings per share | $1.57 to $1.59 | $1.40 to $1.46 | |||||
Depreciation and amortization | 4.45 | 4.45 | |||||
Less: our share of gain on sale of real estate from unconsolidated JVs | (0.15) | — | |||||
Allocation of unvested restricted stock awards | (0.04) | (0.04) | |||||
Funds from operations per share | $5.83 to $5.85 | $5.81 to $5.87 | |||||
Add: impairment of non-real estate investments (1) | 0.05 | 0.05 | |||||
Add: loss on early extinguishment of debt | 0.01 | 0.01 | |||||
Add: preferred stock redemption charge (2) | 0.12 | 0.12 | |||||
Funds from operations per share, as adjusted | $6.01 to $6.03 | $5.99 to $6.05 |
Key Assumptions (3) (Dollars in millions) | 2017 Guidance | |||||||
Low | High | |||||||
Occupancy percentage for operating properties in North America as of December 31, 2017 | 96.6% | 97.2% | ||||||
Lease renewals and re-leasing of space: | ||||||||
Rental rate increases | 20.5% | 23.5% | ||||||
Rental rate increases (cash basis) | 10.5% | 13.5% | ||||||
Same property performance: | ||||||||
Net operating income increase | 2.0% | 4.0% | ||||||
Net operating income increase (cash basis) | 5.5% | 7.5% | ||||||
Straight-line rent revenue | $ | 107 | $ | 112 | ||||
General and administrative expenses (4) | $ | 68 | $ | 73 | ||||
Capitalization of interest (4) | $ | 48 | $ | 58 | ||||
Interest expense (4) | $ | 131 | $ | 141 |
Key Credit Metrics | ||||||||||||||
Net debt and preferred stock to Adjusted EBITDA – fourth quarter of | ||||||||||||||
Fixed-charge coverage ratio – fourth quarter of | Greater than | |||||||||||||
Consolidated Real Estate Joint Ventures | ||||||||||||||||||||||||||
Property/Market/Submarket | Noncontrolling(1) Interest Share | Operating RSF at 100% | ||||||||||||||||||||||||
50 and 60 Binney Street/Greater Boston/Cambridge/Inner Suburbs | 66.0 | % | 532,395 | |||||||||||||||||||||||
75/125 Binney Street/Greater Boston/Cambridge/Inner Suburbs | 60.0 | % | 388,270 | |||||||||||||||||||||||
100 and 225 Binney Street and 300 Third Street/Greater Boston/Cambridge/Inner Suburbs | 70.0 | % | (2) | 870,106 | ||||||||||||||||||||||
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | 25.0 | % | — | (3) | ||||||||||||||||||||||
Alexandria Center® for Science and Technology – Mission Bay/San Francisco Bay Area/Mission Bay(4) | 75.0 | % | 1,005,989 | |||||||||||||||||||||||
1450 Owens Street/San Francisco Bay Area/Mission Bay | 34.5 | % | (2)(5) | — | ||||||||||||||||||||||
601, 611, 651, 681, 685, and 701 Gateway Boulevard/San Francisco Bay Area/South San Francisco | 50.0 | % | 789,567 | |||||||||||||||||||||||
751 Gateway Boulevard/San Francisco Bay Area/South San Francisco | 49.0 | % | — | (3) | ||||||||||||||||||||||
213 East Grand Avenue/San Francisco Bay Area/South San Francisco | 70.0 | % | 300,930 | |||||||||||||||||||||||
500 Forbes Boulevard/San Francisco Bay Area/South San Francisco | 90.0 | % | 155,685 | |||||||||||||||||||||||
Alexandria Center® for Life Science – Millbrae/San Francisco Bay Area/South San Francisco | 55.7 | % | — | |||||||||||||||||||||||
3215 Merryfield Row/San Diego/Torrey Pines | 70.0 | % | (2) | 170,523 | ||||||||||||||||||||||
Alexandria Point/San Diego/University Town Center(6) | 45.0 | % | 1,337,916 | |||||||||||||||||||||||
5200 Illumina Way/San Diego/University Town Center | 49.0 | % | 792,687 | |||||||||||||||||||||||
9625 Towne Centre Drive/San Diego/University Town Center | 49.9 | % | 163,648 | |||||||||||||||||||||||
SD Tech by Alexandria/San Diego/Sorrento Mesa(7) | 50.0 | % | 803,430 | |||||||||||||||||||||||
Pacific Technology Park/San Diego/Sorrento Mesa | 50.0 | % | 553,551 | |||||||||||||||||||||||
Summers Ridge Science Park/San Diego/Sorrento Mesa(8) | 70.0 | % | (2) | 316,531 | ||||||||||||||||||||||
1201 and 1208 Eastlake Avenue East and 199 East Blaine Street /Seattle/Lake Union | 70.0 | % | 321,218 | |||||||||||||||||||||||
400 Dexter Avenue North/Seattle/Lake Union | 70.0 | % | 290,111 | |||||||||||||||||||||||
800 Mercer Street/Seattle/Lake Union | 40.0 | % | (2) | — | ||||||||||||||||||||||
Unconsolidated Real Estate Joint Ventures | ||||||||||||||||||||||||||
Property/Market/Submarket | Our Ownership Share(9) | Operating RSF at 100% | ||||||||||||||||||||||||
1655 and 1725 Third Street/San Francisco Bay Area/Mission Bay | 10.0 | % | 586,208 | |||||||||||||||||||||||
1401/1413 Research Boulevard/Maryland/Rockville | 65.0 | % | (10) | (11) | ||||||||||||||||||||||
1450 Research Boulevard/Maryland/Rockville | 73.2 | % | (12) | 42,679 | ||||||||||||||||||||||
101 West Dickman Street/Maryland/Beltsville | 57.9 | % | (12) | 135,423 | ||||||||||||||||||||||
Maturity Date | Stated Rate | Interest Rate(1) | At 100% | Our Share | ||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Venture | 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 |
Maturity Date | Stated Rate | Interest Rate (1) | Debt Balance (2) | Outstanding Principal | Remaining Commitments | Total | |||||||||||||||||||
9/1/22 | (3) | 3.32 | % | 3.62 | % | $ | 94,086 | $ | 95,000 | $ | — | $ | 95,000 | ||||||||||||
9/1/22 | (3) | L+1.85 | % | N/A | $ | — | $ | — | $ | 17,000 | $ | 17,000 |
Maturity Date | Stated Rate | Interest Rate (1) | Debt Balance (2) | Outstanding Principal | Remaining Commitments | Total | |||||||||||||||||||
5/17/20 | (4) | L+2.50 | % | (5) | 5.07 | % | $ | 3,699 | $ | 3,829 | $ | 21,171 | $ | 25,000 |
Noncontrolling Interest Share of Consolidated Real Estate JVs | Our Share of Unconsolidated Real Estate JVs | Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures | Our Share of Unconsolidated Real Estate Joint Ventures | |||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2017 | September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Total revenues | $ | 13,400 | $ | 41,022 | $ | 1,044 | $ | 5,849 | Total revenues | $ | 96,841 | $ | 264,781 | $ | 2,875 | $ | 8,441 | |||||||||||||||||||||
Rental operations | (4,189 | ) | (11,772 | ) | (489 | ) | (2,194 | ) | Rental operations | (30,154) | (78,182) | (1,074) | (2,444) | |||||||||||||||||||||||||
9,211 | 29,250 | 555 | 3,655 | 66,687 | 186,599 | 1,801 | 5,997 | |||||||||||||||||||||||||||||||
General and administrative | (52 | ) | (126 | ) | (10 | ) | (40 | ) | General and administrative | (352) | (1,222) | — | (96) | |||||||||||||||||||||||||
Interest | — | — | (168 | ) | (1,552 | ) | Interest | — | — | (966) | (2,744) | |||||||||||||||||||||||||||
Depreciation and amortization | (3,608 | ) | (10,985 | ) | (383 | ) | (1,119 | ) | ||||||||||||||||||||||||||||||
Gain on sale of real estate | — | — | 14,106 | 14,106 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | Depreciation and amortization of real estate assets | (27,790) | (77,889) | (795) | (2,684) | |||||||||||||||||||||||||||||||||
Fixed returns allocated to redeemable noncontrolling interests(1) | Fixed returns allocated to redeemable noncontrolling interests(1) | 202 | 604 | — | — | |||||||||||||||||||||||||||||||||
$ | 5,551 | (1) | $ | 18,139 | (1) | $ | 14,100 | $ | 15,050 | $ | 38,747 | $ | 108,092 | $ | 40 | $ | 473 | |||||||||||||||||||||
Straight-line rent and below-market lease revenue | Straight-line rent and below-market lease revenue | $ | 3,285 | $ | 11,918 | $ | 322 | $ | 862 | |||||||||||||||||||||||||||||
Funds from operations(2) | Funds from operations(2) | $ | 66,537 | $ | 185,981 | $ | 835 | $ | 3,157 |
September 30, 2017 | ||||||||
Noncontrolling Interest Share of Consolidated Real Estate JVs | Our Share of Unconsolidated Real Estate JVs | |||||||
Investments in real estate | $ | 476,339 | $ | 57,340 | ||||
Cash and cash equivalents | 13,957 | 4,317 | ||||||
Other assets | 29,534 | 3,707 | ||||||
Secured notes payable | — | (28,278 | ) | |||||
Other liabilities | (21,989 | ) | (3,394 | ) | ||||
Redeemable noncontrolling interests | (11,418 | ) | (1) | — | ||||
$ | 486,423 | $ | 33,692 |
As of September 30, 2022 | |||||||||||
Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures | Our Share of Unconsolidated Real Estate Joint Ventures | ||||||||||
Investments in real estate | $ | 3,327,281 | $ | 111,614 | |||||||
Cash, cash equivalents, and restricted cash | 130,145 | 4,799 | |||||||||
Other assets | 385,072 | 10,982 | |||||||||
Secured notes payable | (9,986) | (84,198) | |||||||||
Other liabilities | (193,468) | (4,912) | |||||||||
Redeemable noncontrolling interests | (9,612) | — | |||||||||
$ | 3,629,432 | $ | 38,285 |
September 30, 2022 | |||||||||||||||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Realized gains | $ | 24,210 | $ | 75,971 | $ | 215,845 | (1) | ||||||||||||||||||||||
Unrealized (losses) gains | (56,515) | (388,076) | 43,632 | ||||||||||||||||||||||||||
Investment (loss) income | $ | (32,305) | $ | (312,105) | $ | 259,477 | |||||||||||||||||||||||
Investments (In thousands) | Cost | Unrealized Gains | Unrealized Losses | Carrying Amount | ||||||||||||||||||||||||||||
Publicly traded companies | $ | 220,787 | $ | 102,196 | $ | (99,441) | $ | 223,542 | ||||||||||||||||||||||||
Entities that report NAV | 438,087 | 331,477 | (6,297) | 763,267 | ||||||||||||||||||||||||||||
Entities that do not report NAV: | ||||||||||||||||||||||||||||||||
Entities with observable price changes | 104,337 | 95,289 | (2,166) | 197,460 | ||||||||||||||||||||||||||||
Entities without observable price changes | 384,278 | — | — | 384,278 | ||||||||||||||||||||||||||||
Investments accounted for under the equity method of accounting | N/A | N/A | N/A | 56,374 | ||||||||||||||||||||||||||||
September 30, 2022 | $ | 1,147,489 | (2) | $ | 528,962 | $ | (107,904) | $ | 1,624,921 | |||||||||||||||||||||||
December 31, 2021 | $ | 1,007,303 | $ | 830,863 | $ | (33,190) | $ | 1,876,564 |
Public/Private Investment Mix (Cost) | Tenant/Non-Tenant Mix (Cost) | |||||||||||||
Investment Type | Cost | Net Unrealized Gains | Total | Number of Investments | ||||||||||
Public | $ | 55,433 | $ | 45,189 | $ | 100,622 | 259 | |||||||
Private | 384,640 | — | 384,640 | Average Cost | ||||||||||
Total | $ | 440,073 | $ | 45,189 | $ | 485,262 | $1.7M | |||||||
Net Debt to Adjusted EBITDA (1) | Net Debt and Preferred Stock to Adjusted EBITDA (1) | ||||
Fixed-Charge Coverage Ratio (1) | Liquidity (2) | ||||
$1.7B | |||||
(In millions) | |||||
Availability under our $1.65 billion unsecured senior line of credit | $ | 1,336 | |||
Remaining construction loan commitments | 156 | ||||
Available-for-sale equity securities, at fair value | 101 | ||||
Cash, cash equivalents, and restricted cash | 146 | ||||
$ | 1,739 |
Mix (Cost) |
Mix (Cost) | ||||||||
Liquidity | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit | ||||||||||||||||
$6.4B | (in millions) | ||||||||||||||||
(In millions) | |||||||||||||||||
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | $ | 3,613 | |||||||||||||||
Outstanding forward equity sales agreements(1) | 1,494 | ||||||||||||||||
Cash, cash equivalents, and restricted cash | 866 | ||||||||||||||||
Remaining construction loan commitments | 154 | ||||||||||||||||
Investments in publicly traded companies | 224 | ||||||||||||||||
Liquidity as of September 30, | $ | 6,351 | |||||||||||||||
Description | Stated Rate | Aggregate Commitments | Outstanding Balance(1) | Remaining Commitments/Liquidity | ||||||||||||||||||||||
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | SOFR+0.875% | $ | 4,000,000 | $ | 386,666 | $ | 3,613,185 | |||||||||||||||||||
Outstanding forward equity sales agreements(2) | 1,493,913 | |||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | 866,168 | |||||||||||||||||||||||||
Remaining construction loan commitments | SOFR+2.70% | $ | 195,300 | $ | 39,944 | 153,862 | ||||||||||||||||||||
Investments in publicly traded companies | 223,542 | |||||||||||||||||||||||||
Liquidity as of September 30, 2022 | $ | 6,350,670 |
Description | Aggregate Commitments | Outstanding Balance | Remaining Commitments/Liquidity | |||||||||
$1.65 billion unsecured senior line of credit | $ | 1,650,000 | $ | 314,000 | $ | 1,336,000 | ||||||
Secured construction loans: | ||||||||||||
50 and 60 Binney Street/Greater Boston | 350,000 | 317,979 | 32,021 | |||||||||
100 Binney Street/Greater Boston | 304,281 | 179,764 | 124,517 | |||||||||
$ | 2,304,281 | $ | 811,743 | 1,492,538 | ||||||||
Available-for-sale equity securities, at fair value | 100,622 | |||||||||||
Cash, cash equivalents, and restricted cash | 146,275 | |||||||||||
Total liquidity | $ | 1,739,435 |
September 30, 2017 | December 31, 2016 | ||||||
Funds held in trust under the terms of certain secured notes payable | $ | 17,853 | $ | 7,387 | |||
Funds held in escrow related to construction projects and investing activities | 4,544 | 4,541 | |||||
Other | 5,316 | 4,406 | |||||
Total | $ | 27,713 | $ | 16,334 |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 893,158 | $ | 760,637 | $ | 132,521 | |||||||||||
Net cash used in investing activities | $ | (3,720,618) | $ | (5,433,393) | $ | 1,712,775 | |||||||||||
Net cash provided by financing activities | $ | 3,279,025 | $ | 4,442,763 | $ | (1,163,738) |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
Net cash provided by operating activities | $ | 356,330 | $ | 291,851 | $ | 64,479 | |||||
Net cash used in investing activities | $ | (1,313,764 | ) | $ | (715,301 | ) | $ | (598,463 | ) | ||
Net cash provided by financing activities | $ | 949,385 | $ | 457,720 | $ | 491,665 |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Sources of cash from investing activities: | |||||||||||||||||
Proceeds from sales of real estate | $ | 994,331 | $ | 65,245 | $ | 929,086 | |||||||||||
Change in escrow deposits | 146,640 | — | 146,640 | ||||||||||||||
Return of capital from unconsolidated real estate joint ventures | 471 | — | 471 | ||||||||||||||
Sales of and distributions from non-real estate investments | 149,666 | 278,554 | (128,888) | ||||||||||||||
1,291,108 | 343,799 | 947,309 | |||||||||||||||
Uses of cash for investing activities: | |||||||||||||||||
Purchases of real estate | 2,499,772 | 3,758,704 | (1,258,932) | ||||||||||||||
Additions to real estate | 2,324,017 | 1,542,210 | 781,807 | ||||||||||||||
Change in escrow deposits | — | 147,414 | (147,414) | ||||||||||||||
Acquisition of interest in unconsolidated real estate joint venture | — | 9,048 | (9,048) | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 1,245 | 739 | 506 | ||||||||||||||
Additions to non-real estate investments | 186,692 | 319,077 | (132,385) | ||||||||||||||
5,011,726 | 5,777,192 | (765,466) | |||||||||||||||
Net cash used in investing activities | $ | 3,720,618 | $ | 5,433,393 | $ | (1,712,775) |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
Proceeds from sales of real estate | $ | 4,263 | $ | 27,332 | $ | (23,069 | ) | ||||
Additions to real estate | (660,877 | ) | (638,568 | ) | (22,309 | ) | |||||
Purchases of real estate | (590,884 | ) | (18,108 | ) | (572,776 | ) | |||||
Deposits for investing activities | 4,700 | (54,998 | ) | 59,698 | |||||||
Additions to investments | (128,190 | ) | (68,384 | ) | (59,806 | ) | |||||
Sales of investments | 18,896 | 35,295 | (16,399 | ) | |||||||
Repayment of notes receivable | — | 9,054 | (9,054 | ) | |||||||
Other | 38,328 | (6,924 | ) | 45,252 | |||||||
Net cash used in investing activities | $ | (1,313,764 | ) | $ | (715,301 | ) | $ | (598,463 | ) |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Borrowings from secured notes payable | $ | 31,436 | $ | — | $ | 31,436 | |||||||||||
Repayments of borrowings from secured notes payable | (934) | (17,108) | 16,174 | ||||||||||||||
Payment for the defeasance of secured notes payable | (198,304) | — | (198,304) | ||||||||||||||
Proceeds from issuance of unsecured senior notes payable | 1,793,318 | 1,743,716 | 49,602 | ||||||||||||||
Repayments of unsecured senior notes payable | — | (650,000) | 650,000 | ||||||||||||||
Premium paid for early extinguishment of debt | — | (66,829) | 66,829 | ||||||||||||||
Borrowings from unsecured senior line of credit | 1,180,000 | 2,101,000 | (921,000) | ||||||||||||||
Repayments of borrowings from unsecured senior line of credit | (1,180,000) | (2,101,000) | 921,000 | ||||||||||||||
Proceeds from issuance under commercial paper program | 11,661,500 | 21,850,000 | (10,188,500) | ||||||||||||||
Repayments of borrowings from commercial paper program | (11,544,685) | (21,200,000) | 9,655,315 | ||||||||||||||
Payments of loan fees | (35,598) | (16,870) | (18,728) | ||||||||||||||
Changes related to debt | 1,706,733 | 1,642,909 | 63,824 | ||||||||||||||
Contributions from and sales of noncontrolling interests | 1,463,454 | 629,138 | 834,316 | ||||||||||||||
Distributions to and purchases of noncontrolling interests | (139,685) | (81,926) | (57,759) | ||||||||||||||
Proceeds from the issuance of common stock | 845,746 | 2,758,545 | (1,912,799) | ||||||||||||||
Dividend payments | (564,118) | (482,408) | (81,710) | ||||||||||||||
Taxes paid related to net settlement of equity awards | (33,105) | (23,495) | (9,610) | ||||||||||||||
Net cash provided by financing activities | $ | 3,279,025 | $ | 4,442,763 | $ | (1,163,738) |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
Borrowings from secured notes payable | $ | 145,272 | $ | 215,330 | $ | (70,058 | ) | ||||
Repayments of borrowings from secured notes payable | (2,882 | ) | (234,096 | ) | 231,214 | ||||||
Proceeds from issuance of unsecured senior notes payable | 424,384 | 348,604 | 75,780 | ||||||||
Borrowings from unsecured senior line of credit | 2,634,000 | 2,349,000 | 285,000 | ||||||||
Repayments of borrowings from unsecured senior line of credit | (2,348,000 | ) | (2,084,000 | ) | (264,000 | ) | |||||
Repayments of borrowings from unsecured senior bank term loans | (200,000 | ) | (200,000 | ) | — | ||||||
Changes related to debt | 652,774 | 394,838 | 257,936 | ||||||||
Repurchase of 7.00% Series D cumulative convertible preferred stock | (17,934 | ) | (98,633 | ) | 80,699 | ||||||
Redemption of 6.45% Series E cumulative redeemable preferred stock | (130,350 | ) | — | (130,350 | ) | ||||||
Proceeds from the issuance of common stock | 705,391 | 367,802 | 337,589 | ||||||||
Dividend payments | (238,131 | ) | (195,453 | ) | (42,678 | ) | |||||
Contributions from noncontrolling interests | 9,877 | 68,621 | (58,744 | ) | |||||||
Distributions to and purchase of noncontrolling interests | (17,432 | ) | (62,605 | ) | 45,173 | ||||||
Other | (14,810 | ) | (16,850 | ) | 2,040 | ||||||
Net cash provided by financing activities | $ | 949,385 | $ | 457,720 | $ | 491,665 |
Key Sources and Uses of Capital (In millions) | 2022 Guidance | |||||||||||||||||||||||||||||||||||||||||||
Range | Midpoint | Certain Completed Items | ||||||||||||||||||||||||||||||||||||||||||
Sources of capital: | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities after dividends | $ | 275 | $ | 325 | $ | 300 | ||||||||||||||||||||||||||||||||||||||
Net incremental debt | 1,383 | 583 | 983 | See below | ||||||||||||||||||||||||||||||||||||||||
Dispositions and sales of partial interests (refer to the “Dispositions and sales of partial interests” section within Item 2 for additional information) | 1,450 | 2,600 | 2,025 | $ | 2,222 | |||||||||||||||||||||||||||||||||||||||
Common equity | 2,342 | 2,342 | 2,342 | $ | 2,342 | (1) | ||||||||||||||||||||||||||||||||||||||
Total sources of capital | $ | 5,450 | $ | 5,850 | $ | 5,650 | ||||||||||||||||||||||||||||||||||||||
Uses of capital: | ||||||||||||||||||||||||||||||||||||||||||||
Construction (refer to the “Summary of capital expenditures” section within Item 2 for additional information) | $ | 2,900 | $ | 3,100 | $ | 3,000 | ||||||||||||||||||||||||||||||||||||||
Acquisitions (refer to the “Acquisitions” section within Item 2 for additional information) | 2,550 | 2,750 | 2,650 | $ | 2,546 | |||||||||||||||||||||||||||||||||||||||
Total uses of capital | $ | 5,450 | $ | 5,850 | $ | 5,650 | ||||||||||||||||||||||||||||||||||||||
Incremental debt (included above): | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of unsecured senior notes payable | $ | 1,800 | $ | 1,800 | $ | 1,800 | $ | 1,800 | ||||||||||||||||||||||||||||||||||||
Repayments of secured notes payable | (195) | (195) | (195) | $ | (195) | |||||||||||||||||||||||||||||||||||||||
Unsecured senior line of credit, commercial paper, and other | (22) | (722) | (372) | |||||||||||||||||||||||||||||||||||||||||
Cash expected to be held at December 31, 2022(2) | (200) | (300) | (250) | |||||||||||||||||||||||||||||||||||||||||
Net incremental debt | $ | 1,383 | $ | 583 | $ | 983 | ||||||||||||||||||||||||||||||||||||||
Key Sources and Uses of Capital (In millions) | 2017 Guidance | Key Items Remaining after 9/30/17 | |||||||||||||||
Range | Midpoint | ||||||||||||||||
Sources of capital: | |||||||||||||||||
Net cash provided by operating activities after dividends | $ | 115 | $ | 135 | $ | 125 | |||||||||||
Incremental debt | 388 | 298 | 343 | ||||||||||||||
Real estate dispositions and common equity | 1,080 | 1,350 | 1,215 | (1) | |||||||||||||
Total sources of capital | $ | 1,583 | $ | 1,783 | $ | 1,683 | |||||||||||
Uses of capital: | |||||||||||||||||
Construction | $ | 815 | $ | 915 | $ | 865 | $ | 243 | |||||||||
Acquisitions | 620 | 720 | 670 | (2) | $ | 79 | (3) | ||||||||||
7.00% Series D convertible preferred stock repurchases | 18 | 18 | 18 | (4) | |||||||||||||
6.45% Series E redeemable preferred stock redemption | 130 | 130 | 130 | ||||||||||||||
Total uses of capital | $ | 1,583 | $ | 1,783 | $ | 1,683 | |||||||||||
Incremental debt (included above): | |||||||||||||||||
Issuance of unsecured senior notes payable | $ | 425 | $ | 425 | $ | 425 | |||||||||||
Borrowings – secured construction loans | 200 | 250 | 225 | ||||||||||||||
Repayments of secured notes payable | (5 | ) | (10 | ) | (8 | ) | |||||||||||
Repayment of unsecured senior bank term loan | (200 | ) | (200 | ) | (200 | ) | |||||||||||
$1.65 billion unsecured senior line of credit/other | (32 | ) | (167 | ) | (99 | ) | |||||||||||
Incremental debt | $ | 388 | $ | 298 | $ | 343 |
September 30, 2017 | ||||||||||
Facility | Balance | Maturity Date (1) | Applicable Margin | Facility Fee | ||||||
$1.65 billion unsecured senior line of credit | $ | 314,000 | October 2021 | L+1.00% | 0.20% | |||||
2019 Unsecured Senior Bank Term Loan | $ | 199,543 | January 2019 | L+1.20% | N/A | |||||
2021 Unsecured Senior Bank Term Loan | $ | 348,317 | January 2021 | L+1.10% | N/A |
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
Common stock dividends | $ | 229,814 | $ | 177,966 | $ | 51,848 | |||||
7.00% Series D cumulative convertible preferred stock dividends | 4,125 | 11,198 | (7,073 | ) | |||||||
6.45% Series E cumulative redeemable preferred stock dividends | 4,192 | 6,289 | (2,097 | ) | |||||||
$ | 238,131 | $ | 195,453 | $ | 42,678 |
Payments by Period | |||||||||||||||||||
Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | |||||||||||||||
Secured and unsecured debt (1) (2) | $ | 4,828,766 | $ | 732 | $ | 925,546 | $ | 1,181,834 | $ | 2,720,654 | |||||||||
Estimated interest payments on fixed-rate and hedged variable-rate debt (3) | 1,006,863 | 35,059 | 306,472 | 247,533 | 417,799 | ||||||||||||||
Estimated interest payments on variable-rate debt (4) | 8,735 | 1,765 | 6,970 | — | — | ||||||||||||||
Ground lease obligations | 584,022 | 4,037 | 24,346 | 23,724 | 531,915 | ||||||||||||||
Other obligations | 3,607 | 399 | 3,107 | 101 | — | ||||||||||||||
Total | $ | 6,431,993 | $ | 41,992 | $ | 1,266,441 | $ | 1,453,192 | $ | 3,670,368 |
Covenant Ratios(1) | Requirement | |||||||||||||
Total Debt to Total Assets | Less than or equal to 60% | |||||||||||||
Secured Debt to Total Assets | Less than or equal to 40% | |||||||||||||
Consolidated EBITDA(2) to Interest Expense | Greater than or equal to 1.5x | |||||||||||||
Unencumbered Total Asset Value to Unsecured Debt | Greater than or equal to 150% |
(1)All covenant ratio titles utilize terms as defined in the respective debt agreements. (2)The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable |
Covenant Ratios(1) | Requirement | September 30, 2022 | |||||||||||||||
Leverage Ratio | Less than or equal to 60.0% | 27.8% | |||||||||||||||
Secured Debt Ratio | Less than or equal to 45.0% | 0.1% | |||||||||||||||
Fixed-Charge Coverage Ratio | Greater than or equal to 1.50x | 4.46x | |||||||||||||||
Unsecured Interest Coverage Ratio | Greater than or equal to 1.75x | 14.88x |
Net Unrealized Gain (Loss) on: | ||||||||||||||||
Available-for- Sale Equity Securities | Interest Rate Hedge Agreements | Foreign Currency Translation | Total | |||||||||||||
Balance as of December 31, 2016 | $ | 19,293 | $ | 405 | $ | (14,343 | ) | $ | 5,355 | |||||||
Other comprehensive income before reclassifications | 23,414 | 812 | 7,592 | 31,818 | ||||||||||||
Amounts reclassified from other comprehensive income | 2,482 | 1,810 | 2,421 | 6,713 | ||||||||||||
25,896 | 2,622 | 10,013 | 38,531 | |||||||||||||
Amounts attributable to noncontrolling interests | — | — | (22 | ) | (22 | ) | ||||||||||
Net other comprehensive income | 25,896 | 2,622 | 9,991 | 38,509 | ||||||||||||
Balance as of September 30, 2017 | $ | 45,189 | $ | 3,027 | $ | (4,352 | ) | $ | 43,864 |
(In thousands) | Total | |||||||
Balance as of December 31, 2021 | $ | (7,294) | ||||||
Other comprehensive loss before reclassifications | (17,431) | |||||||
Net other comprehensive loss | (17,431) | |||||||
Balance as of September 30, 2022 | $ | (24,725) |
September 30, 2022 | December 31, 2021 | |||||||||||||
Assets: | ||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 222,214 | $ | 78,856 | ||||||||||
Other assets | 107,578 | 101,956 | ||||||||||||
Total assets | $ | 329,792 | $ | 180,812 | ||||||||||
Liabilities: | ||||||||||||||
Unsecured senior notes payable | $ | 10,098,588 | $ | 8,316,678 | ||||||||||
Unsecured senior line of credit and commercial paper | 386,666 | 269,990 | ||||||||||||
Other liabilities | 407,438 | 401,721 | ||||||||||||
Total liabilities | $ | 10,892,692 | $ | 8,988,389 | ||||||||||
Nine Months Ended September 30, 2022 | Year Ended December 31, 2021 | |||||||||||||
Total revenues | $ | 24,250 | $ | 26,798 | ||||||||||
Total expenses | (216,276) | (363,525) | ||||||||||||
Net loss | (192,026) | (336,727) | ||||||||||||
Net income attributable to unvested restricted stock awards | (5,866) | (7,848) | ||||||||||||
Net loss attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | (197,892) | $ | (344,575) | ||||||||||
Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures | Our Share of Unconsolidated Real Estate Joint Ventures | ||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||
Net income | $ | 38,747 | $ | 108,092 | $ | 40 | $ | 473 | |||||||||||||||
Depreciation and amortization of real estate assets | 27,790 | 77,889 | 795 | 2,684 | |||||||||||||||||||
Funds from operations | $ | 66,537 | $ | 185,981 | $ | 835 | $ | 3,157 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – basic and diluted | $ | 341,439 | $ | 101,264 | $ | 461,475 | $ | 490,602 | ||||||||||||||||||
Depreciation and amortization of real estate assets | 251,453 | 205,436 | 727,178 | 569,654 | ||||||||||||||||||||||
Noncontrolling share of depreciation and amortization from consolidated real estate JVs | (27,790) | (17,871) | (77,889) | (49,615) | ||||||||||||||||||||||
Our share of depreciation and amortization from unconsolidated real estate JVs | 795 | 3,465 | 2,684 | 10,676 | ||||||||||||||||||||||
(Gain) loss on sales of real estate | (323,699) | 435 | (537,918) | (2,344) | ||||||||||||||||||||||
Impairment of real estate – rental properties | — | 18,602 | — | 25,485 | ||||||||||||||||||||||
Allocation to unvested restricted stock awards | 1,002 | (1,472) | (81) | (6,574) | ||||||||||||||||||||||
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted(1) | 243,200 | 309,859 | 575,449 | 1,037,884 | ||||||||||||||||||||||
Unrealized losses (gains) on non-real estate investments | 56,515 | 14,432 | 388,076 | (183,348) | ||||||||||||||||||||||
Significant realized gains on non-real estate investments | — | (52,427) | — | (110,119) | ||||||||||||||||||||||
Impairment of real estate | 38,783 | (2) | 24,018 | 38,783 | 27,190 | |||||||||||||||||||||
Loss on early extinguishment of debt | — | — | 3,317 | 67,253 | ||||||||||||||||||||||
Acceleration of stock compensation expense due to executive officer resignation | 7,185 | (3) | — | 7,185 | — | |||||||||||||||||||||
Allocation to unvested restricted stock awards | (1,033) | 149 | (4,743) | 2,400 | ||||||||||||||||||||||
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted | $ | 344,650 | $ | 296,031 | $ | 1,008,067 | $ | 841,260 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 51,273 | $ | 5,452 | $ | 108,564 | $ | (126,014 | ) | |||||||
Depreciation and amortization | 107,788 | 77,133 | 309,069 | 218,168 | ||||||||||||
Noncontrolling share of depreciation and amortization from consolidated real estate JVs | (3,608 | ) | (2,224 | ) | (10,985 | ) | (6,751 | ) | ||||||||
Our share of depreciation and amortization from unconsolidated real estate JVs | 383 | 658 | 1,119 | 2,052 | ||||||||||||
Gain on sales of real estate – rental properties | — | — | (270 | ) | — | |||||||||||
Our share of gain on sales of real estate from unconsolidated real estate JVs | (14,106 | ) | — | (14,106 | ) | — | ||||||||||
Gain on sales of real estate – land parcels | — | (90 | ) | (111 | ) | (90 | ) | |||||||||
Impairment of real estate – rental properties | — | 6,293 | 203 | 94,688 | ||||||||||||
Allocation to unvested restricted stock awards | (957 | ) | (438 | ) | (2,185 | ) | (14 | ) | ||||||||
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted (1) | 140,773 | 86,784 | 391,298 | 182,039 | ||||||||||||
Non-real estate investment income | — | — | — | (4,361 | ) | |||||||||||
Impairment of land parcels and non-real estate investments | — | 4,886 | 4,491 | 101,028 | ||||||||||||
Loss on early extinguishment of debt | — | 3,230 | 670 | 3,230 | ||||||||||||
Preferred stock redemption charge | — | 13,095 | 11,279 | 25,614 | ||||||||||||
Allocation to unvested restricted stock awards | — | (359 | ) | (227 | ) | (1,736 | ) | |||||||||
Funds from operations attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted | $ | 140,773 | $ | 107,636 | $ | 407,511 | $ | 305,814 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Per share) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted | $ | 2.11 | $ | 0.67 | $ | 2.88 | $ | 3.38 | ||||||||||||||||||
Depreciation and amortization of real estate assets | 1.39 | 1.26 | 4.06 | 3.66 | ||||||||||||||||||||||
Gain on sales of real estate | (2.00) | — | (3.35) | (0.02) | ||||||||||||||||||||||
Impairment of real estate – rental properties | — | 0.12 | — | 0.18 | ||||||||||||||||||||||
Allocation to unvested restricted stock awards | 0.01 | (0.01) | — | (0.05) | ||||||||||||||||||||||
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted | 1.51 | 2.04 | 3.59 | 7.15 | ||||||||||||||||||||||
Unrealized losses (gains) on non-real estate investments | 0.35 | 0.10 | 2.42 | (1.26) | ||||||||||||||||||||||
Significant realized gains on non-real estate investments | — | (0.35) | — | (0.76) | ||||||||||||||||||||||
Impairment of real estate | 0.24 | 0.16 | 0.24 | 0.19 | ||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | 0.02 | 0.46 | ||||||||||||||||||||||
Acceleration of stock compensation expense due to executive officer resignation | 0.04 | — | 0.04 | — | ||||||||||||||||||||||
Allocation to unvested restricted stock awards | (0.01) | — | (0.03) | 0.02 | ||||||||||||||||||||||
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted | $ | 2.13 | $ | 1.95 | $ | 6.28 | $ | 5.80 | ||||||||||||||||||
Weighted-average shares of common stock outstanding for calculation of: | ||||||||||||||||||||||||||
Earnings per share – diluted | 161,554 | 151,561 | 160,400 | 145,153 | ||||||||||||||||||||||
Funds from operations, diluted, per share | 161,554 | 151,561 | 160,400 | 145,153 | ||||||||||||||||||||||
Funds from operations, diluted, as adjusted, per share | 161,554 | 151,561 | 160,400 | 145,153 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Per share) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 0.55 | $ | 0.07 | $ | 1.20 | $ | (1.69 | ) | |||||||
Depreciation and amortization | 1.11 | 0.97 | 3.26 | 2.85 | ||||||||||||
Our share of gain on sales of real estate from unconsolidated real estate JVs | (0.15 | ) | — | (0.15 | ) | — | ||||||||||
Impairment of real estate – rental properties | — | 0.08 | — | 1.27 | ||||||||||||
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted (1) | 1.51 | 1.12 | 4.31 | 2.43 | ||||||||||||
Non-real estate investment income | — | — | — | (0.06 | ) | |||||||||||
Impairment of land parcels and non-real estate investments | — | 0.06 | 0.05 | 1.34 | ||||||||||||
Loss on early extinguishment of debt | — | 0.04 | 0.01 | 0.04 | ||||||||||||
Preferred stock redemption charge | — | 0.17 | 0.12 | 0.34 | ||||||||||||
Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted | $ | 1.51 | $ | 1.39 | $ | 4.49 | $ | 4.09 | ||||||||
Weighted-average shares of common stock outstanding for calculating funds from operations per share and funds from operations, as adjusted, per share – diluted | 93,296 | 77,402 | 90,766 | 74,778 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 59,546 | $ | 28,559 | $ | 148,597 | $ | (69,591 | ) | ||||||
Interest expense | 31,031 | 25,850 | 92,563 | 75,730 | |||||||||||
Income taxes | 1,305 | 355 | 3,405 | 2,374 | |||||||||||
Depreciation and amortization | 107,788 | 77,133 | 309,069 | 218,168 | |||||||||||
Stock compensation expense | 7,893 | 7,451 | 18,649 | 19,007 | |||||||||||
Loss on early extinguishment of debt | — | 3,230 | 670 | 3,230 | |||||||||||
Gain on sales of real estate – rental properties | — | — | (270 | ) | — | ||||||||||
Our share of gain on sales of real estate from unconsolidated real estate JVs | (14,106 | ) | — | (14,106 | ) | — | |||||||||
Gain on sales of real estate – land parcels | — | (90 | ) | (111 | ) | (90 | ) | ||||||||
Impairment of real estate and non-real estate investments | — | 11,179 | 4,694 | 196,302 | |||||||||||
Adjusted EBITDA | $ | 193,457 | $ | 153,667 | $ | 563,160 | $ | 445,130 | |||||||
Revenues | $ | 285,370 | $ | 230,379 | $ | 833,797 | (1) | $ | 672,544 | ||||||
Adjusted EBITDA Margins | 68 | % | 67 | % | 68 | % | 66 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 383,443 | $ | 124,433 | $ | 575,433 | $ | 554,486 | |||||||||||||||
Interest expense | 22,984 | 35,678 | 76,681 | 107,303 | |||||||||||||||||||
Income taxes | 1,950 | 3,672 | 7,610 | 7,898 | |||||||||||||||||||
Depreciation and amortization | 254,929 | 210,842 | 737,666 | 581,807 | |||||||||||||||||||
Stock compensation expense | 17,786 | 9,728 | 46,154 | 34,416 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | 3,317 | 67,253 | |||||||||||||||||||
(Gain) loss on sales of real estate | (323,699) | 435 | (537,918) | (2,344) | |||||||||||||||||||
Significant realized gains on non-real estate investments | — | (52,427) | — | (110,119) | |||||||||||||||||||
Unrealized losses (gains) on non-real estate investments | 56,515 | 14,432 | 388,076 | (183,348) | |||||||||||||||||||
Impairment of real estate | 38,783 | 42,620 | 38,783 | 52,675 | |||||||||||||||||||
Adjusted EBITDA | $ | 452,691 | $ | 389,413 | $ | 1,335,802 | $ | 1,110,027 | |||||||||||||||
Total revenues | $ | 659,852 | $ | 547,759 | $ | 1,918,681 | $ | 1,537,227 | |||||||||||||||
Adjusted EBITDA margin | 69% | 71% | 70% | 72% |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Adjusted EBITDA | $ | 193,457 | $ | 153,667 | $ | 563,160 | $ | 445,130 | ||||||||
Interest expense | $ | 31,031 | $ | 25,850 | 92,563 | 75,730 | ||||||||||
Capitalized interest | 17,092 | 14,903 | 45,325 | 40,790 | ||||||||||||
Amortization of loan fees | (2,840 | ) | (3,080 | ) | (8,578 | ) | (8,792 | ) | ||||||||
Amortization of debt premiums | 652 | 5 | 1,873 | 117 | ||||||||||||
Cash interest | 45,935 | 37,678 | 131,183 | 107,845 | ||||||||||||
Dividends on preferred stock | 1,302 | 5,007 | 6,364 | 16,388 | ||||||||||||
Fixed charges | $ | 47,237 | $ | 42,685 | $ | 137,547 | $ | 124,233 | ||||||||
Fixed-charge coverage ratio: | ||||||||||||||||
– period annualized | 4.1x | 3.6x | 4.1x | 3.6x | ||||||||||||
– trailing 12 months | 4.0x | 3.6x | 4.0x | 3.6x |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 452,691 | $ | 389,413 | $ | 1,335,802 | $ | 1,110,027 | ||||||||||||||||||
Interest expense | $ | 22,984 | $ | 35,678 | $ | 76,681 | $ | 107,303 | ||||||||||||||||||
Capitalized interest | 73,189 | 43,185 | 199,154 | 126,563 | ||||||||||||||||||||||
Amortization of loan fees | (3,235) | (2,854) | (9,574) | (8,530) | ||||||||||||||||||||||
Amortization of debt (discounts) premiums | (269) | 498 | (112) | 1,539 | ||||||||||||||||||||||
Cash interest and fixed charges | $ | 92,669 | $ | 76,507 | $ | 266,149 | $ | 226,875 | ||||||||||||||||||
Fixed-charge coverage ratio: | ||||||||||||||||||||||||||
– period annualized | 4.9x | 5.1x | 5.0x | 4.9x | ||||||||||||||||||||||
– trailing 12 months | 5.1x | 4.8x | 5.1x | 4.8x |
September 30, 2022 | December 31, 2021 | ||||||||||
Total assets | $ | 34,368,614 | $ | 30,219,373 | |||||||
Accumulated depreciation | 4,148,230 | 3,771,241 | |||||||||
Gross assets | $ | 38,516,844 | $ | 33,990,614 | |||||||
Dev/Redev | RSF of Lease Expirations Targeted for Development and Redevelopment | |||||||||||||||||||||||||||||||||||||
Property/Submarket | 2022 | 2023 | Thereafter(1) | Total | ||||||||||||||||||||||||||||||||||
Near-term projects: | ||||||||||||||||||||||||||||||||||||||
100 Edwin H. Land Boulevard/Cambridge/Inner Suburbs | Redev | — | — | 104,500 | 104,500 | |||||||||||||||||||||||||||||||||
40 Sylvan Road/Route 128 | Redev | — | 312,845 | — | 312,845 | |||||||||||||||||||||||||||||||||
275 Grove Street/Route 128 | Redev | — | — | 160,251 | 160,251 | |||||||||||||||||||||||||||||||||
840 Winter Street/Route 128 | Redev | — | 10,265 | 17,965 | 28,230 | |||||||||||||||||||||||||||||||||
3825 Fabian Way/Greater Stanford | Redev | 250,000 | — | — | 250,000 | |||||||||||||||||||||||||||||||||
3301 Monte Villa Parkway/Bothell | Redev | — | — | 50,552 | 50,552 | |||||||||||||||||||||||||||||||||
Other/Texas | Redev | — | — | 143,105 | 143,105 | |||||||||||||||||||||||||||||||||
250,000 | 323,110 | 476,373 | 1,049,483 | |||||||||||||||||||||||||||||||||||
Intermediate-term projects: | ||||||||||||||||||||||||||||||||||||||
9444 Waples Street/Sorrento Mesa | Dev | 9,199 | — | — | 9,199 | |||||||||||||||||||||||||||||||||
9,199 | — | — | 9,199 | |||||||||||||||||||||||||||||||||||
Future projects: | ||||||||||||||||||||||||||||||||||||||
550 Arsenal Street/Cambridge/Inner Suburbs | Dev | — | — | 260,867 | 260,867 | |||||||||||||||||||||||||||||||||
446 and 458 Arsenal Street/Cambridge/Inner Suburbs | Dev | — | — | 38,200 | 38,200 | |||||||||||||||||||||||||||||||||
380 and 420 E Street/Seaport Innovation District | Dev | — | — | 195,506 | 195,506 | |||||||||||||||||||||||||||||||||
Other/Greater Boston | Redev | — | — | 167,549 | 167,549 | |||||||||||||||||||||||||||||||||
1122 and 1150 El Camino Real/South San Francisco | Dev | — | — | 655,172 | 655,172 | |||||||||||||||||||||||||||||||||
3875 Fabian Way/Greater Stanford | Redev | — | — | 228,000 | 228,000 | |||||||||||||||||||||||||||||||||
960 Industrial Road/Greater Stanford | Dev | — | — | 110,000 | 110,000 | |||||||||||||||||||||||||||||||||
219 East 42nd Street/New York City | Dev | — | — | 349,947 | 349,947 | |||||||||||||||||||||||||||||||||
10975 and 10995 Torreyana Road/Torrey Pines | Dev | — | — | 84,829 | 84,829 | |||||||||||||||||||||||||||||||||
Alexandria Point/University Town Center | Dev | — | — | 495,192 | 495,192 | |||||||||||||||||||||||||||||||||
Sequence District by Alexandria/Sorrento Mesa | Dev/Redev | — | — | 689,938 | 689,938 | |||||||||||||||||||||||||||||||||
4025 and 4045 Sorrento Valley Boulevard/Sorrento Valley | Dev | — | — | 22,886 | 22,886 | |||||||||||||||||||||||||||||||||
601 Dexter Avenue North/Lake Union | Dev | — | 18,680 | — | 18,680 | |||||||||||||||||||||||||||||||||
830 4th Avenue South/SoDo | Dev | — | — | 42,380 | 42,380 | |||||||||||||||||||||||||||||||||
Other/Seattle | Dev | — | — | 102,437 | 102,437 | |||||||||||||||||||||||||||||||||
— | 18,680 | 3,442,903 | 3,461,583 | |||||||||||||||||||||||||||||||||||
259,199 | 341,790 | 3,919,276 | 4,520,265 |
Operating RSF | ||||||||
Mega campus | 27,716,476 | |||||||
Non-mega campus | 13,349,223 | |||||||
Total | 41,065,699 | |||||||
Mega campus RSF as a percentage of total operating property RSF | 67 | % |
September 30, 2022 | December 31, 2021 | ||||||||||
Secured notes payable | $ | 40,594 | $ | 205,198 | |||||||
Unsecured senior notes payable | 10,098,588 | 8,316,678 | |||||||||
Unsecured senior line of credit and commercial paper | 386,666 | 269,990 | |||||||||
Unamortized deferred financing costs | 76,947 | 65,476 | |||||||||
Cash and cash equivalents | (533,824) | (361,348) | |||||||||
Restricted cash | (332,344) | (53,879) | |||||||||
Preferred stock | — | — | |||||||||
Net debt and preferred stock | $ | 9,736,627 | $ | 8,442,115 | |||||||
Adjusted EBITDA: | |||||||||||
– quarter annualized | $ | 1,810,764 | $ | 1,631,244 | |||||||
– trailing 12 months | $ | 1,743,613 | $ | 1,517,838 | |||||||
Net debt and preferred stock to Adjusted EBITDA: | |||||||||||
– quarter annualized | 5.4 | x | 5.2 | x | |||||||
– trailing 12 months | 5.6 | x | 5.6 | x |
September 30, 2017 | December 31, 2016 | ||||||
Secured notes payable | $ | 1,153,890 | $ | 1,011,292 | |||
Unsecured senior notes payable | 2,801,290 | 2,378,262 | |||||
Unsecured senior line of credit | 314,000 | 28,000 | |||||
Unsecured senior bank term loans | 547,860 | 746,471 | |||||
Unamortized deferred financing costs | 27,803 | 29,917 | |||||
Cash and cash equivalents | (118,562 | ) | (125,032 | ) | |||
Restricted cash | (27,713 | ) | (16,334 | ) | |||
Net debt | $ | 4,698,568 | $ | 4,052,576 | |||
Net debt | $ | 4,698,568 | $ | 4,052,576 | |||
7.00% Series D cumulative convertible preferred stock | 74,386 | 86,914 | |||||
6.45% Series E cumulative redeemable preferred stock | — | 130,000 | |||||
Net debt and preferred stock | $ | 4,772,954 | $ | 4,269,490 | |||
Adjusted EBITDA: | |||||||
– quarter annualized | $ | 773,828 | $ | 662,836 | |||
– trailing 12 months | $ | 728,869 | $ | 610,839 | |||
Net debt to Adjusted EBITDA: | |||||||
– quarter annualized | 6.1 | x | 6.1 | x | |||
– trailing 12 months | 6.4 | x | 6.6 | x | |||
Net debt and preferred stock to Adjusted EBITDA: | |||||||
– quarter annualized | 6.2 | x | 6.4 | x | |||
– trailing 12 months | 6.5 | x | 7.0 | x |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 383,443 | $ | 124,433 | $ | 575,433 | $ | 554,486 | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 59,546 | $ | 28,559 | $ | 148,597 | $ | (69,591 | ) | |||||||||||||||||||||||||||||||||
Equity in (earnings) losses of unconsolidated real estate joint ventures | (14,100 | ) | (273 | ) | (15,050 | ) | 270 | |||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated real estate joint ventures | Equity in earnings of unconsolidated real estate joint ventures | (40) | (3,091) | (473) | (9,237) | |||||||||||||||||||||||||||||||||||||
General and administrative expenses | 17,636 | 15,854 | 56,099 | 46,426 | General and administrative expenses | 49,958 | 37,931 | 134,286 | 109,807 | |||||||||||||||||||||||||||||||||
Interest expense | 31,031 | 25,850 | 92,563 | 75,730 | Interest expense | 22,984 | 35,678 | 76,681 | 107,303 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 107,788 | 77,133 | 309,069 | 218,168 | Depreciation and amortization | 254,929 | 210,842 | 737,666 | 581,807 | |||||||||||||||||||||||||||||||||
Impairment of real estate | — | 8,114 | 203 | 193,237 | Impairment of real estate | 38,783 | 42,620 | 38,783 | 52,675 | |||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | 3,230 | 670 | 3,230 | Loss on early extinguishment of debt | — | — | 3,317 | 67,253 | |||||||||||||||||||||||||||||||||
Gain on sales of real estate – rental properties | — | — | (270 | ) | — | |||||||||||||||||||||||||||||||||||||
Gain on sales of real estate – land parcels | — | (90 | ) | (111 | ) | (90 | ) | |||||||||||||||||||||||||||||||||||
(Gain) loss on sales of real estate | (Gain) loss on sales of real estate | (323,699) | 435 | (537,918) | (2,344) | |||||||||||||||||||||||||||||||||||||
Investment loss (income) | Investment loss (income) | 32,305 | (67,084) | 312,105 | (372,361) | |||||||||||||||||||||||||||||||||||||
Net operating income | $ | 201,901 | $ | 158,377 | $ | 591,770 | $ | 467,380 | Net operating income | 458,663 | 381,764 | 1,339,880 | 1,089,389 | |||||||||||||||||||||||||||||
Straight-line rent revenue | Straight-line rent revenue | (24,431) | (33,918) | (93,818) | (89,203) | |||||||||||||||||||||||||||||||||||||
Amortization of acquired below-market leases | Amortization of acquired below-market leases | (23,546) | (13,664) | (54,221) | (39,043) | |||||||||||||||||||||||||||||||||||||
Net operating income (cash basis) | Net operating income (cash basis) | $ | 410,686 | $ | 334,182 | $ | 1,191,841 | $ | 961,143 | |||||||||||||||||||||||||||||||||
Revenues | $ | 285,370 | $ | 230,379 | $ | 829,306 | $ | 672,544 | ||||||||||||||||||||||||||||||||||
Net operating income (cash basis) – annualized | Net operating income (cash basis) – annualized | $ | 1,642,744 | $ | 1,336,728 | $ | 1,589,121 | $ | 1,281,524 | |||||||||||||||||||||||||||||||||
Net operating income (from above) | Net operating income (from above) | $ | 458,663 | $ | 381,764 | $ | 1,339,880 | $ | 1,089,389 | |||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 659,852 | $ | 547,759 | $ | 1,918,681 | $ | 1,537,227 | |||||||||||||||||||||||||||||||||
Operating margin | 71% | 69% | 71% | 69% | Operating margin | 70% | 70% | 70% | 71% |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Income from rentals | $ | 656,853 | $ | 546,527 | $ | 1,910,366 | $ | 1,533,593 | ||||||||||||||||||
Rental revenues | (496,146) | (415,918) | (1,450,750) | (1,182,955) | ||||||||||||||||||||||
Tenant recoveries | $ | 160,707 | $ | 130,609 | $ | 459,616 | $ | 350,638 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Unencumbered net operating income | $ | 457,656 | $ | 371,026 | $ | 1,325,089 | $ | 1,054,290 | |||||||||||||||
Encumbered net operating income | 1,007 | 10,738 | 14,791 | 35,099 | |||||||||||||||||||
Total net operating income | $ | 458,663 | $ | 381,764 | $ | 1,339,880 | $ | 1,089,389 | |||||||||||||||
Unencumbered net operating income as a percentage of total net operating income | 100% | 97% | 99% | 97% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Unencumbered net operating income | $ | 164,291 | $ | 137,943 | $ | 479,754 | $ | 400,027 | |||||||
Encumbered net operating income | 37,610 | 20,434 | 112,016 | 67,353 | |||||||||||
Total net operating income | $ | 201,901 | $ | 158,377 | $ | 591,770 | $ | 467,380 | |||||||
Unencumbered net operating income as a percentage of total net operating income | 81% | 87% | 81% | 86% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic shares for earnings per share | 161,554 | 150,854 | 160,400 | 144,716 | |||||||||||||||||||
Forward Agreements | — | 707 | — | 437 | |||||||||||||||||||
Diluted shares for earnings per share | 161,554 | 151,561 | 160,400 | 145,153 | |||||||||||||||||||
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 161,554 | 150,854 | 160,400 | 144,716 | |||||||||||||||||||
Forward Agreements | — | 707 | — | 437 | |||||||||||||||||||
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 161,554 | 151,561 | 160,400 | 145,153 |
Annualized effect on future earnings due to variable-rate debt: | |||
Rate increase of 1% | $ | (4,509 | ) |
Rate decrease of 1% | $ | 4,509 | |
Effect on fair value of total consolidated debt and interest rate hedge agreements: | |||
Rate increase of 1% | $ | (201,681 | ) |
Rate decrease of 1% | $ | 216,680 |
Annualized effect on future earnings due to variable-rate debt: | |||||
Rate increase of 1% | $ | (574) | |||
Rate decrease of 1% | $ | 574 | |||
Effect on fair value of total consolidated debt: | |||||
Rate increase of 1% | $ | (648,360) | |||
Rate decrease of 1% | $ | 735,897 |
Equity price risk: | |||||
Fair value increase of 10% | $ | 162,492 | |||
Fair value decrease of 10% | $ | (162,492) |
Equity price risk: | |||
Fair value increase of 10% | $ | 48,526 | |
Fair value decrease of 10% | $ | (48,526 | ) |
Effect of potential future earnings due to foreign currency exchange rate: | |||
Rate increase of 10% | $ | 70 | |
Rate decrease of 10% | $ | (70 | ) |
Effect on the fair value of net investment in foreign subsidiaries due to foreign currency exchange rate: | |||
Rate increase of 10% | $ | 12,184 | |
Rate decrease of 10% | $ | (12,184 | ) |
Effect on potential future earnings due to foreign currency exchange rate: | |||||
Rate increase of 10% | $ | 91 | |||
Rate decrease of 10% | $ | (91) | |||
Effect on the fair value of net investment in foreign subsidiaries due to foreign currency exchange rate: | |||||
Rate increase of 10% | $ | 18,054 | |||
Rate decrease of 10% | $ | (18,054) |
Exhibit Number | Exhibit Title | Incorporated by Reference to: | Date Filed | |||||||||||||||||
3.1* | Form 10-Q | August 14, 1997 | ||||||||||||||||||
3.2* | Form 10-Q | August 14, 1997 | ||||||||||||||||||
3.3* | Form 8-K | May 12, 2017 | ||||||||||||||||||
3.4* | Form 8-K | May | ||||||||||||||||||
3.5* | Form 10-Q | August 13, 1999 | ||||||||||||||||||
3.6* | Form 8-K | February 10, 2000 | ||||||||||||||||||
3.7* | Form 8-K | February 10, 2000 | ||||||||||||||||||
3.8* | Form 8-A | January 18, 2002 | ||||||||||||||||||
3.9* | Form 8-A | June 28, 2004 | ||||||||||||||||||
3.10* | Form 8-K | March 25, 2008 | ||||||||||||||||||
3.11* | Form 8-K | March 14, 2012 | ||||||||||||||||||
3.12* | Form 8-K | May 12, 2017 | ||||||||||||||||||
Form | ||||||||||||||||||||
Exhibit Number | Exhibit Title | Incorporated by Reference to: | Date Filed | |||||||||||||||||
The following materials from the Company’s quarterly report on Form 10-Q for the | N/A | Filed herewith | ||||||||||||||||||
104 | Cover Page Interactive Data File – the cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 is formatted in Inline XBRL and contained in Exhibit 101.1 | N/A | Filed herewith | |||||||||||||||||
ALEXANDRIA REAL ESTATE EQUITIES, INC. | |||||
/s/ Joel S. Marcus | |||||
Joel S. Marcus Executive Chairman (Principal Executive Officer) | |||||
/s/ Peter M. Moglia | |||||
Peter M. Moglia Chief Executive Officer and Co-Chief Investment Officer (Principal Executive Officer) | |||||
/s/ Dean A. Shigenaga | |||||
Dean A. Shigenaga President and Chief Financial Officer (Principal Financial Officer) |