Alexandria Real Estate Equities (ARE) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 15, 2015
Document and Entity Information
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES INC
Entity Central Index Key	1,035,443
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		72,307,596
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Investments in real estate, net	$ 7,442,875	$ 7,226,016
Cash and cash equivalents	68,617	86,011
Restricted cash	44,191	26,884
Tenant receivables	9,279	10,548
Deferred rent	257,427	234,124
Deferred leasing and financing costs, net	210,709	201,798
Investments	360,614	236,389
Other assets	131,179	114,266
Total assets	8,524,891	8,136,036
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	771,435	652,209
Unsecured senior notes payable	1,747,531	1,747,370
Unsecured senior line of credit	624,000	304,000
Unsecured senior bank term loans	950,000	975,000
Accounts payable, accrued expenses, and tenant security deposits	531,612	489,085
Dividends payable	61,194	58,814
Total liabilities	$ 4,685,772	$ 4,226,478
Commitments and contingencies
Redeemable noncontrolling interests	$ 14,248	$ 14,315
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Series D cumulative convertible preferred stock	237,163	237,163
Series E cumulative redeemable preferred stock	130,000	130,000
Common stock	717	715
Additional paid-in capital	3,371,016	3,461,189
Accumulated other comprehensive loss	83,980	(628)
Alexandria’s stockholders’ equity	3,822,876	3,828,439
Noncontrolling interests	1,995	66,804
Total equity	3,824,871	3,895,243
Total liabilities, noncontrolling interests, and equity	$ 8,524,891	$ 8,136,036

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental	$ 151,805		$ 134,992	$ 295,413	$ 265,562
Tenant recoveries	49,594		40,944	97,988	82,626
Other income	2,757		466	7,508	4,400
Total revenues	204,156		176,402	400,909	352,588
Expenses:
Rental operations	62,250		52,353	123,473	104,860
General and administrative	14,989		13,836	29,376	27,060
Interest	26,668		17,433	49,904	36,556
Depreciation and amortization	62,171		57,314	121,091	107,735
Impairment of real estate	0	$ 16,600	0	14,510	0
Loss on early extinguishment of debt	189		0	189	0
Total expenses	166,267		140,936	338,543	276,211
Equity in earnings of unconsolidated joint ventures	541		0	1,115	0
Income from continuing operations	38,430		35,466	63,481	76,377
Loss from discontinued operations	0		(147)	(43)	(309)
Gain on sales of real estate – land parcels	0		797	0	797
Net income	38,430		36,116	63,438	76,865
Dividends on preferred stock	(6,246)		(6,472)	(12,493)	(12,943)
Net income attributable to noncontrolling interests	(263)		(1,307)	(755)	(2,502)
Net income attributable to unvested restricted stock awards	(630)		(405)	(1,113)	(779)
Net income attributable to Alexandria’s common stockholders	$ 31,291		$ 27,932	$ 49,077	$ 60,641
Earnings per share attributable to Alexandria’s common stockholders – basic and diluted:
Continuing operations (usd per share)	$ 0.44		$ 0.39	$ 0.69	$ 0.85
Discontinued operations (usd per share)	0		0	0	0
Earnings per share – basic and diluted (usd per share)	0.44		0.39	0.69	0.85
Dividends declared per share of common stock (usd per share)	$ 0.77		$ 0.72	$ 1.51	$ 1.42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 38,430	$ 36,116	$ 63,438	$ 76,865
Unrealized gains (losses) on marketable securities:
Unrealized holding gains (losses) arising during the period	55,401	(2,734)	83,836	16,045
Reclassification adjustment for losses included in net income	1,362	406	2,465	406
Unrealized gains (losses) on marketable securities, net	56,763	(2,328)	86,301	16,451
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(1,225)	(2,526)	(4,238)	(3,914)
Reclassification adjustment for amortization of interest expense included in net income	710	1,123	1,215	4,613
Unrealized gains on interest rate swap agreements, net	(515)	(1,403)	(3,023)	699
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)	5,915	(7,778)	2,809
Reclassification adjustment for losses included in net income	0	0	9,236	0
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)	5,915	1,458	2,809
Total other comprehensive income	54,741	2,184	84,736	19,959
Comprehensive income	93,171	38,300	148,174	96,824
Less: comprehensive income attributable to noncontrolling interests	(237)	(1,307)	(883)	(2,502)
Comprehensive income attributable to Alexandria’s common stockholders	$ 92,934	$ 36,993	$ 147,291	$ 94,322

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Noncontrolling Interests	Series D Cumulative Convertible Preferred StockPreferred Stock	Series E Cumulative Redeemable Preferred StockPreferred Stock
Beginning balance at Dec. 31, 2014	$ 3,895,243	$ 715	$ 3,461,189	$ 0	$ (628)	$ 66,804		$ 237,163	$ 130,000
Beginning balance (shares) at Dec. 31, 2014		71,463,876
Increase (Decrease) in Stockholders' Equity
Net Income	62,910			62,683		227
Total other comprehensive income	84,736				84,608	128
Contributions by noncontrolling interests	340					340
Distributions to noncontrolling interests	0					0
Issuances of common stock	5,052	$ 1	5,051
Issuances of common stock (shares)		56,874
Issuances pursuant to stock plan	12,033	$ 1	12,032
Issuances pursuant to stock plan (in shares)		168,054
Purchase of noncontrolling interest	(113,967)		(48,463)			(65,504)
Dividends declared on common stock	(108,983)			(108,983)
Dividends on preferred stock	(12,493)
Distributions in excess of earnings			(58,793)	58,793
Ending balance (shares) at Jun. 30, 2015		71,688,804
Ending balance at Jun. 30, 2015	3,824,871	$ 717	$ 3,371,016	$ 0	$ 83,980	$ 1,995		$ 237,163	$ 130,000
Beginning balance at Dec. 31, 2014	14,315						$ 14,315
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							528
Total other comprehensive income							0
Distributions to noncontrolling interests							(595)
Ending balance at Jun. 30, 2015	$ 14,248						$ 14,248

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net income	$ 63,438	$ 76,865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	121,091	107,735
Loss on early extinguishment of debt	189	0
Gain on sales of real estate – land parcels	0	(797)
Impairment of real estate	14,510	0
Equity in earnings from unconsolidated joint ventures	(1,115)	0
Distributions of earnings from unconsolidated joint ventures	648	0
Amortization of loan fees and costs	5,723	5,304
Amortization of debt premiums/discounts	(182)	136
Amortization of acquired below-market leases	(1,939)	(1,434)
Deferred rent	(23,193)	(24,619)
Stock compensation expense	7,744	6,304
Investment gains	(13,710)	(6,225)
Investment losses	7,877	5,240
Changes in operating assets and liabilities:
Restricted cash	110	0
Tenant receivables	1,243	(735)
Deferred leasing costs	(24,503)	(17,452)
Other assets	(4,921)	(5,916)
Accounts payable, accrued expenses, and tenant security deposits	(1,610)	85
Net cash provided by operating activities	151,400	144,491
Investing Activities
Proceeds from sale of properties	92,455	17,868
Additions to real estate	(226,302)	(210,792)
Purchase of real estate	(137,493)	(97,785)
Deposits for investing activities	(15,501)	0
Change in restricted cash related to construction projects	0	5,650
Contributions to unconsolidated real estate entity	(3,182)	(1,405)
Additions to investments	(52,738)	(25,358)
Sales of investments	22,474	8,794
Repayment of notes receivable	4,247	29,851
Net cash used in investing activities	(316,040)	(273,177)
Financing Activities
Borrowings from secured notes payable	42,867	77,762
Repayments of borrowings from secured notes payable	(10,075)	(219,427)
Principal borrowings from unsecured senior line of credit	915,000	637,000
Repayments of borrowings from unsecured senior line of credit	(595,000)	(270,000)
Repayments of borrowings from unsecured senior bank term loans	(25,000)	0
Change in restricted cash related to financings	(1,520)	1,212
Deferred financing costs paid	(3,559)	(310)
Proceeds from the issuance of common stock	5,052	0
Dividends paid on common stock	(106,603)	(98,867)
Dividends paid on preferred stock	(12,493)	(12,943)
Contributions by noncontrolling interests	340	19,410
Distributions to noncontrolling interests	(61,890)	(1,983)
Net cash provided by financing activities	147,119	131,854
Effect of foreign exchange rate changes on cash and cash equivalents	127	837
Net decrease in cash and cash equivalents	(17,394)	4,005
Cash and cash equivalents at beginning of period	86,011	57,696
Cash and cash equivalents at end of period	68,617	61,701
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	44,332	31,922
Non-Cash Investing Activities
Change in accrued construction	27,469	(592)
Assumption of secured notes payable in connection with purchase of properties	(82,000)	(48,329)
Payable for purchase of noncontrolling interest	$ (52,672)	$ 0

Background

Background	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background As used in this quarterly report on Form 10-Q, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities Inc., and its consolidated subsidiaries. Alexandria Real Estate Equities, Inc. (NYSE:ARE) is a self-administered, and self-managed office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters with a total market capitalization of $10.7 billion as of June 30, 2015 , and an asset base of 31.1 million square feet, including 18.8 million RSF of operating and current value-creation projects, as well as an additional 12.3 million square feet of near-term and future ground-up value-creation development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in AAA locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. Alexandria is known for its high-quality and diverse client tenant base. Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban science and technology campuses that provide its innovative client tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. We believe these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit our website at www.are.com. Our asset base consisted of the following, as of June 30, 2015 : Square Feet Operating properties 16,822,194 Current value-creation projects (includes unconsolidated joint ventures) 1,995,729 Total operating and current value-creation projects 18,817,923 Near-term value-creation projects (CIP) 2,026,669 Future value-creation projects: North America 3,807,375 Asia 6,419,707 10,227,082 Near-term and future value-creation projects 12,253,751 Total 31,071,674 As of June 30, 2015 : • Investment-grade client tenants represented approximately 53% of our total annualized base rent; • Approximately 94% of our leases (on an RSF basis) contained effective annual rent escalations that were either fixed (generally ranging from 3% to 3.5% ) or indexed based on a consumer price index or other indices; • Approximately 96% of our leases (on an RSF basis) were triple net leases, requiring client tenants to pay substantially all real estate taxes, insurance, utilities, common area, and other operating expenses (including increases thereto) in addition to base rent; and • Approximately 94% of our leases (on an RSF basis) provided for the recapture of certain capital expenditures (such as HVAC systems maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would typically be borne by the landlord in traditional office leases. Any references to the number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of our independent registered public accounting firm’s review of our interim consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Basis of presentation

Basis of presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation and summary of significant accounting policies We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC. In our opinion, the interim consolidated financial statements presented herein reflect all adjustments that are necessary to fairly present the interim consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our annual report on Form 10-K for the year ended December 31, 2014. Basis of presentation and consolidation The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. In certain circumstances, we may enter into joint venture arrangements with outside partners. On a quarterly basis, we evaluate each joint venture arrangement under the VIE model, and if the entity is determined not to be a VIE, we then evaluate the entity under the voting model to determine if the entity should be consolidated. Under the VIE model, an entity is determined to be a VIE if it has any of the following characteristics: • The entity does not have sufficient equity to finance its activities without additional subordinated financial support; • The equity holders, as a group, lack the characteristics of a controlling financial interest; or • The legal entity is established with non-substantive voting rights. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary using qualitative analyses. Factors considered include, but are not limited to, the purpose and design of the VIE, risks that the VIE was designed to create and pass through, the form of our ownership interest, our representation on the entity’s governing body, the size and seniority of our investment, our ability to participate in policy-making decisions, and the rights of the other investors to participate in the decision-making process and/or liquidate the venture, if applicable. We consolidate VIEs whenever we determine that we are the primary beneficiary. If an entity is determined not to be a VIE, we then evaluate such entity under the voting model. Under the voting model, if we are the general partner or managing member, or have a similar role that can direct the operations of the entity, we have a presumption that we control the entity and we should consolidate regardless of our ownership percentage. If we determine that the other equity holders have any one of the following rights, it is assumed that we do not control the entity and therefore should not consolidate the entity: (i) the substantive ability to dissolve the entity or remove us from the lead role of the entity or (ii) substantive rights that allow them to participate in the activities that most significantly impact the entity’s economic performance. As of June 30, 2015 , we had two joint ventures that did not meet the requirements for consolidation and were accounted for under the equity method of accounting. Refer to Note 3 – “Investments in Real Estate,” appearing elsewhere in this quarterly report on Form 10-Q, for further information on our unconsolidated joint ventures. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Investments in real estate and properties classified as “held-for-sale” We recognize real estate acquired (including the intangible value of above- or below-market leases, acquired in-place leases, client tenant relationships, and other intangible assets or liabilities), liabilities assumed, and any noncontrolling interest in an acquired entity at their fair value as of the acquisition date. If there is a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term of an in-place lease, we evaluate factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider its impact in determining the intangible value of such lease and its related amortization period. The value of tangible assets acquired is based upon our estimation of value on an as-if-vacant basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases, considering market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. We also recognize the fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. Acquisition-related costs related to the acquisition of businesses, including real estate acquired with in-place leases, are expensed as incurred. The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis using the shorter of the term of the respective ground lease and up to 40 years for buildings and building improvements, an estimated life of 20 years for land improvements, the respective lease term for tenant improvements, and the estimated useful life for equipment. The values of acquired above- and below-market leases are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental income. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. We are required to capitalize project costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the acquisition, development, redevelopment, predevelopment, or construction of a project. Capitalization of development, redevelopment, predevelopment, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, predevelopment, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, predevelopment, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. A property is classified as “held-for-sale” when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as “held-for-sale.” Prior to our adoption of the new discontinued operations accounting standard on October 1, 2014, the operations of properties “held-for-sale” were classified as discontinued operations in our consolidated statements of income. Subsequent to the adoption of the new discontinued operations accounting standard on October 1, 2014, if the disposal of the property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property “held-for-sale,” including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of income, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as discontinued operations. Impairment of long-lived assets Long-lived assets to be held and used, including our rental properties, CIP, land held for development, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the amount of a long-lived asset may not be recoverable. The amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including our rental properties, CIP, land held for development, and intangibles, are assessed by project and include significant fluctuations in estimated rental revenues less rental operating expenses, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. If an impairment loss is not required to be recognized, the recognition of depreciation is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the real estate is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the “held-for-sale” impairment model for our properties classified as “held-for-sale.” The “held-for-sale” impairment model is different from the held-and-used impairment model. Under the “held-for-sale” impairment model, an impairment loss is recognized if the amount of the long-lived asset classified as “held-for-sale” exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as “held-for-sale.” On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, we review an estimate of the future undiscounted cash flows for the properties, including a probability-weighted approach if multiple outcomes are under consideration. Investments We hold equity investments in certain publicly traded companies and investments in certain privately held entities primarily involved in the science industry. All of our investments in actively traded public companies are considered “available-for-sale” and are reflected in the accompanying consolidated balance sheets at fair value. Fair value has been determined based upon the closing price as of each balance sheet date, with unrealized gains and losses shown as a separate component of comprehensive income. The classification of each investment is determined at the time each investment is made, and such determination is reevaluated at each balance sheet date. The cost of each investment sold is determined by the specific identification method, with realized gains or losses classified in other income in the accompanying consolidated statements of income. Investments in privately held entities are generally accounted for under the cost method when our interest in the entity is so minor that we have virtually no influence over the entity’s operating and financial policies. Certain investments in privately held entities are accounted for under the equity method unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we recognize our investment initially at cost and adjust the amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. Additionally, we limit our ownership percentage in the voting stock of each individual entity to less than 10% . As of June 30, 2015 , and December 31, 2014 , our ownership percentage in the voting stock of each individual entity was less than 10% . We monitor each of our equity investments throughout the year for new developments, including operating results, results of clinical trials, capital-raising events, and merger and acquisition activities. Individual investments are evaluated for impairment when changes in conditions may indicate an impairment exists. The factors that we consider in making these assessments include, but are not limited to, market prices, market conditions, available financing, prospects for favorable or unfavorable clinical trial results, new product initiatives, and new collaborative agreements. If there are no identified events or changes in circumstances that might have an adverse effect on our cost method investments, we do not estimate the investment’s fair value. For all of our investments, if a decline in the fair value of an investment below the carrying value is determined to be other than temporary, such investment is written down to its estimated fair value with a charge to current earnings. Recognition of rental income and tenant recoveries Rental income from leases is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and expected to be received in later years as deferred rent in the accompanying consolidated balance sheets. Amounts received currently but recognized as income in future years are classified in accounts payable, accrued expenses, and tenant security deposits in the accompanying consolidated balance sheets. We commence recognition of rental income at the date the property is ready for its intended use and the client tenant takes possession or controls the physical use of the property. Tenant recoveries related to reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred. Tenant receivables consist primarily of amounts due for contractual lease payments, reimbursements of common area maintenance expenses, property taxes, and other expenses recoverable from client tenants. Tenant receivables are expected to be collected within one year . We may maintain an allowance for estimated losses that may result from the inability of our client tenants to make payments required under the terms of the lease and for tenant recoveries due. If a client tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the amount of uncollectible tenant receivables and deferred rent arising from the straight-lining of rent. As of June 30, 2015 , and December 31, 2014 , we had no allowance for uncollectible tenant receivables and deferred rent. Monitoring client tenant credit quality During the term of each lease, we monitor the credit quality of our client tenants by (i) reviewing the credit rating of client tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the client tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news reports regarding our client tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. We have a team of employees who, among them, have graduate and undergraduate degrees in biology, chemistry, and industrial biotechnology and experience in the science and technology industries, as well as in finance. Our research team is responsible for assessing and monitoring the credit quality of our client tenants and any material changes in their credit quality. Other income The following is a summary of the other income in the accompanying consolidated statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Management fee income $ 257 $ 916 $ 811 $ 1,642 Interest and other income 379 911 864 1,773 Investment income (loss) 2,121 (1,361 ) 5,833 985 Total other income $ 2,757 $ 466 $ 7,508 $ 4,400 Income taxes We are organized and qualify as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its shareholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for calendar years 2010 through 2013. Recent accounting pronouncements In February 2015, the FASB issued an Accounting Standards Update that requires reporting entities to evaluate whether they should consolidate certain legal entities. The Accounting Standards Update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. This Accounting Standards Update affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. The Accounting Standards Update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the Accounting Standards Update by (i) using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or (ii) applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of the Accounting Standards Update will have on our consolidated financial statements. In April 2015, the FASB issued an Accounting Standards Update that requires reporting entities to present debt issuance costs as a direct deduction from the face amount of the related note payable presented in the balance sheet. The Accounting Standards Update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity is required to apply the amendments in the Accounting Standards Update retrospectively to all prior periods. We are currently assessing the potential impact that the adoption of the Accounting Standards Update will have on our consolidated financial statements.

Investments in real estate, net

Investments in real estate, net	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Investments in real estate, net	Investments in real estate Our investments in real estate consisted of the following as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Land (related to rental properties) $ 683,670 $ 624,681 Buildings and building improvements 6,690,157 6,171,504 Other improvements 234,393 192,128 Rental properties 7,608,220 6,988,313 Current value-creation projects/Construction in progress (CIP): Current development in North America 409,619 500,894 Current redevelopment in North America — 42,482 Current development in Asia — 14,065 409,619 557,441 Rental properties and current value-creation projects 8,017,839 7,545,754 Near-term value-creation projects in North America (CIP): Alexandria Center ® at Kendall Square – Binney Street (1) 140,488 321,907 Other projects 105,623 107,471 246,111 429,378 Future value-creation projects: North America 183,984 175,175 Asia 78,911 78,548 262,895 253,723 Near-term and future value-creation projects 509,006 683,101 Value-creation pipeline 918,625 1,240,542 Gross investments in real estate 8,526,845 8,228,855 Equity method of accounting – unconsolidated joint ventures 121,055 117,406 Gross investments in real estate – including unconsolidated joint ventures 8,647,900 8,346,261 Less: accumulated depreciation (1,205,025 ) (1,120,245 ) Investments in real estate $ 7,442,875 $ 7,226,016 (1) Includes amounts related to 100 Binney Street as of June 30, 2015, and 50, 60, and 100 Binney Street as of December 31, 2014. Acquisitions During the six months ended June 30, 2015 , we acquired real estate and real estate related assets with an aggregate purchase price of $327.2 million , consisting of one operating property, including the assumption of debt, two land parcels, and the outstanding noncontrolling interest related to seven operating properties. Sales of real estate assets and related impairment charges In June 2015, we completed the sale of 270 Third Street, a residential development project with 91 units at our Alexandria Center ® at Kendall Square in our Cambridge submarket in Greater Boston, for a sales price of $43.0 million . The net proceeds of $25.5 million reflect the assumption by the buyer of the cost to complete the construction of $17.5 million . The net proceeds from the sale approximated our carrying amount. During the three months ended March 31, 2015, we completed the sale of our land and land improvements at 661 University Avenue in Toronto, Canada, for $54.1 million . In December 2014, we recognized an impairment charge of $16.6 million to lower the carrying costs of this property to its estimated fair value less cost to sell, including an estimated $5.0 million foreign exchange loss. Also, during the three months ended March 31, 2015, we sold a 21,859 RSF rental property located in Pennsylvania for $1.9 million . The sales price less cost to sell for this property approximated its carrying value at the time of sale and resulted in no gain or loss on sale. During the three months ended December 31, 2014, we placed into service a 175,000 RSF building in Hyderabad, India. We completed a probability-weighted cash flow analysis for this building, inclusive of the estimated costs to complete, and determined that the estimated undiscounted cash flows exceeded the carrying amount of the building as of December 31, 2014. During the three months ended March 31, 2015, we determined that this building in Hyderabad, India, met the criteria for classification as “held-for-sale,” including, among others, the following: (i) management committed to sell the real estate and executed a purchase and sale agreement on March 23, 2015, and (ii) management determined that the sale was probable within one year. Upon classification as “held for sale,” we recognized an impairment charge of $14.5 million to lower the carrying costs of the real estate to its estimated fair value less cost to sell, including an estimated $4.2 million foreign exchange loss. On March 26, 2015, we completed the sale of the building to the Indian multispecialty healthcare provider for $12.4 million . As a result of our sales in Canada and India discussed above, our statement of comprehensive income reflects an aggregate $9.2 million of losses that we realized during the six months ended June 30, 2015 , related to foreign currency exchange translation losses, noted above, that were previously classified in accumulated other comprehensive income (loss) on our accompanying consolidated balance sheets. Current value-creation development and redevelopment projects As of June 30, 2015 , we had eight ground-up development projects, including two unconsolidated joint venture development projects, in process in North America. The projects at completion will aggregate 2.6 million RSF. An aggregate of 2.0 million RSF are currently in construction in progress, with the remainder already placed into service. Investments in unconsolidated joint ventures Refer to our consolidation policy described in Note 2 – “Basis of Presentation and Summary of Significant Accounting Policies,” regarding the following two unconsolidated joint ventures. 360 Longwood Avenue We are currently developing a building aggregating 413,536 RSF in our Longwood Medical submarket of the Greater Boston market through an unconsolidated joint venture. The cost at completion for this unconsolidated joint venture real estate project is approximately $350.0 million . As of June 30, 2015 , the project was 63% leased and 209,628 RSF, or 51% , has been placed in service. The joint venture has a secured construction loan with commitments aggregating $213.2 million , $170.5 million of which was outstanding as of June 30, 2015 . The remaining cost to complete the development is expected to be funded primarily from the remaining commitments of $42.7 million under the secured construction loan. The secured construction loan bears interest at LIBOR+3.75%, with a floor of 5.25%. The maturity date of the loan is April 1, 2017, with two , one-year options to extend the stated maturity date to April 1, 2019, subject to certain conditions. We have a 27.5% interest in this unconsolidated joint venture that we account for under the equity method of accounting. Our investment under the equity method of accounting was $49.7 million as of June 30, 2015 , and is classified in investments in real estate in our accompanying consolidated balance sheets. 1455/1515 Third Street In September 2014, Alexandria and Uber Technologies, Inc. (“Uber”), entered into a joint venture agreement and acquired two land parcels supporting the development of two buildings aggregating 422,980 RSF at 1455/1515 Third Street in the Mission Bay submarket of the San Francisco market for a total purchase price of $125.0 million . We have a 51% interest and Uber has a 49% interest in this unconsolidated joint venture. The purchase price was funded by contributions into the joint venture by Uber and us. We account for our investment in this joint venture under the equity method of accounting. Our investment under the equity method of accounting was $71.3 million as of June 30, 2015 , and was classified in investments in real estate in our accompanying consolidated balance sheets. The project is expected to be funded by equity contributions from Uber and us. The joint venture may also fund a portion of the project with proceeds from a secured construction loan. The project is 100% leased to Uber for a 15 -year term. Near-term value-creation projects in North America (CIP) Land undergoing predevelopment activities is classified as CIP and is undergoing activities prior to commencement of construction of aboveground building improvements. We generally will not commence ground-up development of any parcels without first securing pre-leasing for such space, except when there is solid market demand. If aboveground construction is not initiated at completion of predevelopment activities, the land parcel will be classified as future value-creation projects. Our objective with predevelopment is to reduce the time it takes to deliver projects to prospective client tenants. Additionally, during predevelopment, we focus on the design of cost-effective buildings with generic and reusable infrastructure to accommodate single-tenancy and multi-tenancy. As of June 30, 2015 , we had $246.1 million of land undergoing predevelopment activities in North America aggregating 2.0 million square feet. Predevelopment costs generally include the following activities prior to commencement of vertical construction: • Traditional predevelopment costs, including entitlement, design, construction drawings, BIM (3-D virtual modeling), budgeting, sustainability and energy optimization reviews, permitting, and planning for all aspects of the project; and • Site and infrastructure construction costs, including belowground site work, utility connections, land grading, drainage, egress and regress access points, foundation, and other costs to prepare the site for construction of aboveground building improvements. Future value-creation projects Future value-creation projects represent land that we plan to develop in the future, but for which, as of each period presented, no construction or predevelopment activities were ongoing. As a result, interest, property taxes, insurance, and other costs are expensed as incurred. As of June 30, 2015 , we had $262.9 million of land held for future development supporting an aggregate of 10.2 million square feet of ground-up development.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Investments Our investments in privately held entities are primarily accounted for under the cost method. Our investments in publicly traded companies are principally marketable equity securities that are accounted for as “available-for-sale” marketable equity securities that are carried at their fair values. Investments in “available-for-sale” marketable equity securities with gross unrealized losses as of June 30, 2015 , had been in a continuous unrealized loss position for less than 12 months. We have the ability and intent to hold these investments for a reasonable period of time sufficient for the recovery of our investment. We believe that these unrealized losses are temporary; accordingly, there are no other-than-temporary impairments in accumulated other comprehensive income related to “available-for-sale” marketable equity securities as of June 30, 2015 , or December 31, 2014 . The following table summarizes our investments as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 “Available-for-sale” marketable equity securities, cost basis $ 33,897 $ 21,898 Unrealized gains 139,459 53,625 Unrealized losses (791 ) (1,258 ) “Available-for-sale” marketable equity securities, at fair value 172,565 74,265 Investments accounted for under cost method 188,049 162,124 Total investments $ 360,614 $ 236,389 The following table outlines our investment income (loss) , which is classified in other income in the accompanying consolidated statements of income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Investment gains $ 7,773 $ 2,185 $ 13,710 $ 6,225 Investment losses (5,652 ) (3,546 ) (7,877 ) (5,240 ) Investment income (loss) $ 2,121 $ (1,361 ) $ 5,833 $ 985

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements We are required to disclose fair value information about all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) “significant other observable inputs,” and (iii) “significant unobservable inputs.” “Significant other observable inputs” can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. “Significant unobservable inputs” are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the six months ended June 30, 2015 and 2014 . The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: “Available-for-sale” marketable equity securities $ 172,565 $ 172,565 $ — $ — Interest rate swap agreements $ 19 $ — $ 19 $ — Liabilities: Interest rate swap agreements $ 3,951 $ — $ 3,951 $ — December 31, 2014 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: “Available-for-sale” marketable equity securities $ 74,265 $ 74,265 $ — $ — Liabilities: Interest rate swap agreements $ 909 $ — $ 909 $ — The carrying values of cash and cash equivalents, restricted cash, tenant receivables, other assets, accounts payable, accrued expenses, and tenant security deposits approximate fair value. Our “available-for-sale” marketable equity securities and our interest rate swap agreements have been recognized at fair value. Refer to Note 7 – “Interest Rate Swap Agreements,” for further details on our interest rate swap agreements. The fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were estimated using widely accepted valuation techniques, including discounted cash flow analyses of “significant other observable inputs” such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Because the valuations of our financial instruments are based on these types of estimates, the actual fair value of our financial instruments may differ materially if our estimates do not prove to be accurate. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. As of June 30, 2015 , and December 31, 2014 , the book and estimated fair values of our “available-for-sale” marketable equity securities, interest rate swap agreements, secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were as follows (in thousands): June 30, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Assets: “Available-for-sale” marketable equity securities $ 172,565 $ 172,565 $ 74,265 $ 74,265 Interest rate swap agreements $ 19 $ 19 $ — $ — Liabilities: Interest rate swap agreements $ 3,951 $ 3,951 $ 909 $ 909 Secured notes payable $ 771,435 $ 801,330 $ 652,209 $ 693,338 Unsecured senior notes payable $ 1,747,531 $ 1,782,455 $ 1,747,370 $ 1,793,255 Unsecured senior line of credit $ 624,000 $ 624,207 $ 304,000 $ 304,369 Unsecured senior bank term loans $ 950,000 $ 953,387 $ 975,000 $ 976,010 Fair value measurements for other than on a non-recurring basis Refer to Note 3 – “Investments in Real Estate” and Note 11 – “Noncontrolling Interests.”

Secured and unsecured senior de

Secured and unsecured senior debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Secured and unsecured senior debt	Secured and unsecured senior debt The following table summarizes our secured and unsecured senior debt as of June 30, 2015 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Unhedged Variable-Rate Total Consolidated Percentage of Total Debt Weighted-Average Interest Rate at End of Period (1) Weighted-Average Remaining Term (in years) Secured notes payable $ 480,340 $ 291,095 $ 771,435 18.8 % 4.25 % 2.9 Unsecured senior notes payable 1,747,531 — 1,747,531 42.7 3.98 7.8 $1.5 billion unsecured senior line of credit — 624,000 624,000 15.2 1.22 3.5 2019 Unsecured Senior Bank Term Loan 600,000 — 600,000 14.7 1.71 3.5 2021 Unsecured Senior Bank Term Loan 350,000 — 350,000 8.6 1.52 5.5 Total/weighted average $ 3,177,871 $ 915,095 $ 4,092,966 100.0 % 3.07 % 5.4 Percentage of total debt 78 % 22 % 100 % (1) Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees. The following table summarizes our outstanding indebtedness and respective principal maturities as of June 30, 2015 (dollars in thousands): Stated Rate Weighted- Average Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Debt 2015 2016 2017 2018 2019 Thereafter Total Secured notes payable Greater Boston, San Francisco, and San Diego 5.73 % 5.73 % 1/1/16 $ 914 $ 75,501 $ — $ — $ — $ — $ 76,415 Greater Boston, San Diego, and New York City 5.82 5.82 4/1/16 494 29,389 — — — — 29,883 San Diego 5.74 3.00 4/15/16 88 6,916 — — — — 7,004 San Francisco L+1.40 1.59 6/1/16 (3) — 20,631 — — — — 20,631 San Francisco L+1.50 1.69 7/1/16 (4) — 47,183 — — — — 47,183 San Francisco 6.35 6.35 8/1/16 1,313 126,715 — — — — 128,028 Maryland 2.17 2.17 1/20/17 — — 76,000 — — — 76,000 Greater Boston L+1.35 1.54 8/23/17 (5) — — 147,281 — — — 147,281 San Diego, Maryland, and Seattle 7.75 7.75 4/1/20 800 1,696 1,832 1,979 2,138 104,352 112,797 San Diego 4.66 4.66 1/1/23 703 1,464 1,540 1,614 1,692 31,674 38,687 Greater Boston 3.93 3.10 3/10/23 — — — 1,091 1,505 79,404 82,000 San Francisco 6.50 6.50 7/1/36 10 19 20 22 23 728 822 Unamortized premiums 367 610 573 588 595 1,971 4,704 Secured notes payable weighted-average/subtotal 4.37 % 4.25 4,689 310,124 227,246 5,294 5,953 218,129 771,435 2019 Unsecured Senior Bank Term Loan L+1.20 % 1.71 1/3/19 — — — — 600,000 — 600,000 2021 Unsecured Senior Bank Term Loan L+1.10 % 1.52 1/15/21 — — — — — 350,000 350,000 $1.5 billion unsecured senior line of credit L+1.10 % (6) 1.22 1/3/19 — — — — 624,000 — 624,000 Unsecured senior notes payable 2.75 % 2.79 1/15/20 — — — — — 400,000 400,000 Unsecured senior notes payable 4.60 % 4.61 4/1/22 — — — — — 550,000 550,000 Unsecured senior notes payable 3.90 % 3.94 6/15/23 — — — — — 500,000 500,000 Unsecured senior notes payable 4.50 % 4.51 7/30/29 — — — — — 300,000 300,000 Unamortized discounts (165 ) (337 ) (350 ) (362 ) (375 ) (880 ) (2,469 ) Unsecured debt weighted-average/subtotal 2.79 (165 ) (337 ) (350 ) (362 ) 1,223,625 2,099,120 3,321,531 Weighted-average/total 3.07 % $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 Balloon payments $ — $ 304,713 $ 223,281 $ — $ 1,224,000 $ 2,304,466 $ 4,056,460 Principal amortization 4,524 5,074 3,615 4,932 5,578 12,783 36,506 Total consolidated debt $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 Fixed-rate/hedged variable-rate debt $ 4,524 $ 241,973 $ 3,615 $ 4,932 $ 605,578 $ 2,317,249 $ 3,177,871 Unhedged variable-rate debt — 67,814 223,281 — 624,000 — 915,095 Total consolidated debt $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 (1) Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees. (2) Includes any extension options that we control. (3) We have two, one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions. (4) We have a one-year option to extend the stated maturity date to July 1, 2017, subject to certain conditions. (5) We have a one-year option to extend the stated maturity date to August 23, 2018, subject to certain conditions. (6) Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate of LIBOR+1.10%. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.20% , based on the aggregate commitments outstanding. Interest expense The following table summarizes interest expense for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross interest $ 35,105 $ 28,735 $ 69,312 $ 59,871 Capitalized interest (8,437 ) (11,302 ) (19,408 ) (23,315 ) Interest expense $ 26,668 $ 17,433 $ 49,904 $ 36,556 Amendment of unsecured senior bank term loan In June 2015, we completed a partial principal repayment of $25.0 million and extended the maturity of the remaining $350.0 million unsecured senior bank term loan (“2021 Unsecured Senior Bank Term Loan”) from July 31, 2015, to June 30, 2019, subject to our option to extend the maturity up to three times upon the satisfaction of certain conditions, for an additional term of six months for the first and second extensions and for an additional term ending on January 15, 2021, for the third extension. In addition, we reduced the applicable interest rate margin with respect to borrowings outstanding under the loan to LIBOR+1.10% from LIBOR+1.20%. In conjunction with the amendment of our 2021 Unsecured Senior Bank Term Loan and the principal repayment, we recognized a loss on early extinguishment of debt aggregating $189 thousand related to the write-off of a portion of unamortized loan fees. Secured construction loans In June 2015, we exercised the first of two, one-year extensions on a $47.2 million secured construction loan, which extended the maturity date from July 1, 2015, to July 1, 2016. The following table summarizes our secured construction loans as of June 30, 2015 (dollars in thousands): Market Stated Rate Maturity Date Outstanding Balance Remaining Commitments Total Commitments San Francisco L+1.40 % 6/1/16 (1) $ 20,631 $ 15,369 $ 36,000 San Francisco L+1.50 % 7/1/16 (2) 47,183 7,817 55,000 Greater Boston L+1.35 % 8/23/17 (3) 147,281 103,119 250,400 $ 215,095 $ 126,305 $ 341,400 (1) We have two , one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions. (2) We have a one-year option to extend the stated maturity date to July 1, 2017, subject to certain conditions. (3) We have a one -year option to extend the stated maturity date to August 23, 2018, subject to certain conditions.

Interest rate swap agreements

Interest rate swap agreements	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap agreements	Interest rate swap agreements We use interest rate swap agreements to hedge the variable cash flows associated with certain of our existing LIBOR-based variable-rate debt, including our unsecured senior line of credit and unsecured senior bank term loans. The ineffective portion of the change in fair value of our interest rate swap agreements is required to be recognized directly in earnings. During the six months ended June 30, 2015 and 2014 , our interest rate swap agreements were 100% effective; as a result, no hedge ineffectiveness was recognized in earnings. Changes in fair value, including accrued interest and adjustments for non-performance risk, on the effective portion of our interest rate swap agreements that are designated and that qualify as cash flow hedges are classified in accumulated other comprehensive income (loss). Amounts classified in accumulated other comprehensive income (loss) are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. During the next 12 months, we expect to reclassify approximately $2.4 million in accumulated other comprehensive income (loss) to earnings as an increase to interest expense. As of June 30, 2015 , and December 31, 2014 , the fair values of our interest rate swap agreements aggregating an asset balance were classified in other assets, and those aggregating a liability balance were classified in accounts payable, accrued expenses, and tenant security deposits, based upon their respective fair values, without any offsetting pursuant to master netting agreements. Refer to Note 5 – “Fair Value Measurements.” Under our interest rate swap agreements, we have no collateral posting requirements. The Company has agreements with certain of its derivative counterparties that contain a provision wherein (i) the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness; or (ii) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company had breached any of these provisions as of June 30, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $4.0 million . We had the following outstanding interest rate swap agreements that were designated as cash flow hedges of interest rate risk as of June 30, 2015 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 6/30/15 Notional Amount in Effect as of Effective Date Maturity Date 6/30/15 12/31/15 12/31/16 12/31/17 December 31, 2014 March 31, 2016 3 0.53% $ (804 ) $ 500,000 $ 500,000 $ — $ — March 31, 2015 March 31, 2016 7 0.42% (370 ) 450,000 450,000 — — March 31, 2016 March 31, 2017 9 1.25% (2,501 ) — — 800,000 — March 31, 2017 March 31, 2018 4 1.76% (257 ) — — — 200,000 Total $ (3,932 ) $ 950,000 $ 950,000 $ 800,000 $ 200,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2015 . Borrowings under our 2019 unsecured senior bank term loan (“2019 Unsecured Senior Bank Term Loan”) include an applicable margin of 1.20% , and borrowings outstanding under our unsecured senior line of credit and 2021 Unsecured Senior Bank Term Loan include an applicable margin of 1.10% . During July 2015, we executed the following additional interest rate swap agreements that were designated as cash flow hedges of interest rate risk (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 6/30/15 Notional Amount in Effect as of Effective Date Maturity Date 6/30/15 12/31/15 12/31/16 12/31/17 March 31, 2017 March 31, 2018 3 1.51% none $ — $ — $ — $ 150,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2015 . Borrowings under our 2019 Unsecured Senior Bank Term Loan include an applicable margin of 1.20% , and borrowings outstanding under our unsecured senior line of credit and 2021 Unsecured Senior Bank Term Loan include an applicable margin of 1.10% .

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits	6 Months Ended
	Jun. 30, 2015
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	Accounts payable, accrued expenses, and tenant security deposits The following table summarizes the components of accounts payable, accrued expenses, and tenant security deposits as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 126,510 $ 127,828 Accrued construction 59,849 91,110 Acquired below-market leases 28,135 8,810 Conditional asset retirement obligations 8,912 9,108 Deferred rent liabilities 27,780 36,231 Interest rate swap liabilities 3,951 909 Prepaid rent and tenant security deposits 202,372 193,699 Other liabilities (1) 74,103 21,390 Total $ 531,612 $ 489,085 (1) Our June 30, 2015 , balance includes a $54.0 million liability related to the second installment payment for our acquisition of the remaining noncontrolling interest in our 1.2 million RSF flagship campus at Alexandria Technology Square ® . For additional information, refer to Note 11 – “Noncontrolling Interests” to our unaudited consolidated financial statements under Item 1 of this report.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share We use income from continuing operations attributable to Alexandria’s common stockholders as the “control number” in determining whether potential common shares are dilutive or antidilutive to EPS. Pursuant to the presentation and disclosure literature on gains or losses on sales or disposals by REITs and EPS required by the SEC and the FASB, gains or losses on sales or disposals by a REIT that do not qualify as discontinued operations are classified below income from discontinued operations in the consolidated statements of income and included in the numerator for the computation of EPS for income from continuing operations. We account for unvested restricted stock awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Our 7% series D cumulative convertible preferred stock (“Series D Convertible Preferred Stock”) is not a participating security, and is not included in the computation of EPS using the two-class method. Under the two-class method, we allocate net income after preferred stock dividends, preferred stock redemption charge, and amounts attributable to noncontrolling interests to common stockholders and unvested restricted stock awards based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. Diluted EPS is computed using the weighted-average shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We had no dilutive securities outstanding during the three and six months ended June 30, 2015 and 2014 . The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations $ 38,430 $ 35,466 $ 63,481 $ 76,377 Gain on sales of real estate – land parcels — 797 — 797 Dividends on preferred stock (6,246 ) (6,472 ) (12,493 ) (12,943 ) Net income attributable to noncontrolling interests (263 ) (1,307 ) (755 ) (2,502 ) Net income attributable to unvested restricted stock awards (630 ) (405 ) (1,113 ) (779 ) Income from continuing operations attributable to Alexandria’s common stockholders – basic and diluted 31,291 28,079 49,120 60,950 Loss from discontinued operations — (147 ) (43 ) (309 ) Net income attributable to Alexandria’s common stockholders – basic and diluted $ 31,291 $ 27,932 $ 49,077 $ 60,641 Weighted-average shares of common stock outstanding – basic and diluted 71,412 71,126 71,389 71,100 EPS attributable to Alexandria’s common stockholders – basic and diluted: Continuing operations $ 0.44 $ 0.39 $ 0.69 $ 0.85 Discontinued operations — — — — EPS – basic and diluted $ 0.44 $ 0.39 $ 0.69 $ 0.85

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity “At the market” common stock offering program During the three months ended June 30, 2015 , we sold an aggregate of 56,874 shares of common stock for gross proceeds of $5.3 million at an average stock price of $94.02 and net proceeds of approximately $5.1 million , including commissions and other expenses of approximately $295 thousand . Dividends In June 2015, we declared cash dividends on our common stock for the second quarter of 2015, aggregating $55.7 million , or $0.77 per share. Also in June 2015, we declared cash dividends on our Series D Convertible Preferred Stock for the second quarter of 2015, aggregating approximately $4.2 million , or $0.4375 per share. Additionally, we declared cash dividends on our Series E cumulative redeemable preferred stock (“Series E Preferred Stock”) for the second quarter of 2015, aggregating approximately $2.1 million , or $0.403125 per share. In July 2015, we paid the cash dividends on our common stock, Series D Preferred Stock, and Series E Preferred Stock for the second quarter of 2015. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) attributable to Alexandria consists of the following (in thousands): Unrealized Gain on Marketable Securities Unrealized Loss on Interest Rate Swap Agreements Unrealized Loss on Foreign Currency Translation Total Balance as of December 31, 2014 $ 52,367 $ (909 ) $ (52,086 ) $ (628 ) Other comprehensive income (loss) before reclassifications 83,836 (4,238 ) (7,778 ) 71,820 Amounts reclassified from other comprehensive income (loss) 2,465 1,215 9,236 12,916 86,301 (3,023 ) 1,458 84,736 Amounts attributable to noncontrolling interest — — (128 ) (128 ) Net other comprehensive income (loss) 86,301 (3,023 ) 1,330 84,608 Balance as of June 30, 2015 $ 138,668 $ (3,932 ) $ (50,756 ) $ 83,980 Preferred stock and excess stock authorizations Our charter authorizes the issuance of up to 100.0 million shares of preferred stock, of which 14.7 million shares were issued and outstanding as of June 30, 2015 . In addition, 200.0 million shares of “excess stock” (as defined in our charter) are authorized, none of which were issued and outstanding as of June 30, 2015 .

Noncontrolling interests

Noncontrolling interests	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. These entities owned four projects as of June 30, 2015 , and are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. The following table represents income from continuing operations and discontinued operations attributable to Alexandria Real Estate Equities, Inc., for the three and six months ended June 30, 2015 and 2014, excluding the amounts attributable to these noncontrolling interests: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations attributable to Alexandria $ 38,167 $ 34,956 $ 62,726 $ 74,672 Loss from discontinued operations $ — $ (147 ) $ (43 ) $ (309 ) Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in the accompanying consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized. During the three months ended March 31, 2015, we executed an agreement to purchase the outstanding 10% noncontrolling interest in our 1.2 million RSF flagship campus at Alexandria Technology Square ® for $108.3 million . The first installment of $54.3 million was paid on April 1, 2015, and the second installment of $54.0 million is due on April 1, 2016. Upon execution of the purchase agreement, we recognized a liability representing the fair value of the aggregate consideration, primarily consisting of the purchase price in accounts payable, accrued expenses, and tenant security deposits on our accompanying consolidated balance sheet. We measured the fair value of the liability using significant observable inputs, including a discount rate that approximates our cost of debt capital in effect during the period the liability is outstanding. The difference between the noncontrolling interest purchase liability and the noncontrolling interest balance of $48.5 million was recognized as a reduction of additional paid-in capital.

Assets classified as "held for

Assets classified as "held for sale"	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Assets classified as held for sale	Assets classified as “held for sale” On October 1, 2014, we adopted an Accounting Standards Update on the reporting of discontinued operations that raised the threshold for classification of assets “held for sale” as discontinued operations. This Accounting Standards Update was applied prospectively, and since our adoption of this Accounting Standards Update, no additional properties have met the criteria for classification as a discontinued operation in our consolidated financial statements. Prior to the adoption of this Accounting Standards Update, certain properties met the previous criteria for classification as discontinued operations. As of June 30, 2015 , none of our properties qualified for classification as discontinued operations. The following is a summary of net assets “held for sale” as of June 30, 2015 , and December 31, 2014 , including the assets classified as “held for sale” subsequent to our adoption of the new Accounting Standards Update (in thousands): June 30, 2015 December 31, 2014 Properties classified as “held for sale” $ 114,456 $ 173,706 Other assets 5,501 10,147 Total assets 119,957 183,853 Total liabilities — (6,044 ) Net assets classified as “held for sale” (1) $ 119,957 $ 177,809 (1) As of June 30, 2015 , net assets classified as “held for sale” were composed of two properties. The following is a summary of the income (loss) included in our income from continuing operations for the three and six months ended June 30, 2015 and 2014 , from assets classified as “held for sale” subsequent to our adoption of the new Accounting Standards Update (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ 2,497 $ 2,426 $ 4,827 $ 4,926 Operating expenses (999 ) (781 ) (1,765 ) (1,482 ) Total revenues less operating expenses from assets classified as “held for sale,” not qualifying for classification as discontinued operations 1,498 1,645 3,062 3,444 Depreciation expense — (1,782 ) (127 ) (3,673 ) Impairment of real estate — — (14,510 ) — Income (loss) from assets classified as “held for sale,” not qualifying as discontinued operations (1) $ 1,498 $ (137 ) $ (11,575 ) $ (229 ) (1) Includes the results of operations of two properties with an aggregate 234,186 RSF that were classified as “held for sale” as of June 30, 2015 , and three properties with an aggregate 196,859 RSF that were sold during the six months ended June 30, 2015 , but do not qualify for classification as discontinued operations. For additional information, refer to Note 2 – “Basis of Presentation and Summary of Significant Accounting Policies.”

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent events Sale of 225 Binney Street In July 2015, we executed an agreement to sell a 70% interest in our 305,212 RSF, property at 225 Binney Street in our Cambridge submarket in Greater Boston to a high quality institutional investor for $190.1 million . We expect to complete the sale in the fourth quarter of 2015. Commencement of value-creation development project at 100 Binney Street In July 2015, we commenced development of a 431,483 RSF value-creation project at 100 Binney Street in our Cambridge submarket; it is 98% leased/negotiating, including 48% leased to Bristol-Myers Squibb Company . Acquisition of 10290 Campus Point Drive In July 2015, we acquired 10290 Campus Point Drive, a property aggregating 304,326 RSF. This highly strategic acquisition is located adjacent to our uniquely positioned life science campus at the Alexandria Center ® for Life Science at Campus Pointe with high-quality on-site amenities in the heart of our University Town Center submarket. The acquired property is 100% leased to the previous owner through September 30, 2015. In June 2015, we leased the entire 304,326 RSF to Eli Lilly and Company for 15.5 years . In October 2015, we expect to commence conversion of the space into Class A office/laboratory space through redevelopment. Upon completion of this redevelopment project, Eli Lilly and Company will relocate its existing presence at 10300 Campus Point Drive of 125,409 RSF and the previously announced 106,173 RSF expansion, into our recently acquired 10290 Campus Point Drive. These changes resulted in a net increase of 72,744 RSF leased to Eli Lilly and Company at the campus. Our campus will ultimately contain an aggregate of 1,046,472 RSF, including 292,387 RSF of capacity for future ground-up development.

Condensed consolidating financi

Condensed consolidating financial information	6 Months Ended
	Jun. 30, 2015
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating financial information	Condensed consolidating financial information Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act of 1933, as amended, that are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the “LP” or the “Guarantor Subsidiary”), an indirectly 100% owned subsidiary of the Issuer. The Company’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of its real estate (collectively, the “Combined Non-Guarantor Subsidiaries”), will not provide a guarantee of such securities, including the subsidiaries that are partially or 100% owned by the LP. The following condensed consolidating financial information presents the condensed consolidating balance sheets as of June 30, 2015 , and December 31, 2014 , the condensed consolidating statements of income and comprehensive income for the three and six months ended June 30, 2015 and 2014 , and the condensed consolidating cash flows for the six months ended June 30, 2015 and 2014 , for the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries, as well as the eliminations necessary to arrive at the information for Alexandria Real Estate Equities, Inc., on a consolidated basis, and consolidated amounts. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Issuer’s interests in the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries, (ii) the Guarantor Subsidiary’s interests in the Combined Non-Guarantor Subsidiaries, and (iii) the Combined Non-Guarantor Subsidiaries’ interests in the Guarantor Subsidiary, where applicable, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” All assets and liabilities have been allocated to the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries generally based on legal entity ownership. Condensed Consolidating Balance Sheet as of June 30, 2015 (In thousands) (Unaudited) 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 $ — $ — $ 7,442,875 $ — $ 7,442,875 Cash and cash equivalents 35,230 — 33,387 — 68,617 Restricted cash 74 — 44,117 — 44,191 Tenant receivables — — 9,279 — 9,279 Deferred rent — — 257,427 — 257,427 Deferred leasing and financing costs 33,666 — 177,043 — 210,709 Investments — 5,274 355,340 — 360,614 Investments in and advances to affiliates 7,195,934 6,488,974 132,875 (13,817,783 ) — Other assets 22,981 — 108,198 — 131,179 Total assets $ 7,287,885 $ 6,494,248 $ 8,560,541 $ (13,817,783 ) $ 8,524,891 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 771,435 $ — $ 771,435 Unsecured senior notes payable 1,747,531 — — — 1,747,531 Unsecured senior line of credit 624,000 — — — 624,000 Unsecured senior bank term loans 950,000 — — — 950,000 Accounts payable, accrued expenses, and tenant security deposits 82,572 — 449,040 — 531,612 Dividends payable 60,906 — 288 — 61,194 Total liabilities 3,465,009 — 1,220,763 — 4,685,772 Redeemable noncontrolling interests — — 14,248 — 14,248 Alexandria’s stockholders’ equity 3,822,876 6,494,248 7,323,535 (13,817,783 ) 3,822,876 Noncontrolling interests — — 1,995 — 1,995 Total equity 3,822,876 6,494,248 7,325,530 (13,817,783 ) 3,824,871 Total liabilities, noncontrolling interests, and equity $ 7,287,885 $ 6,494,248 $ 8,560,541 $ (13,817,783 ) $ 8,524,891 Condensed Consolidating Balance Sheet as of December 31, 2014 (In thousands) (Unaudited) 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 $ — $ — $ 7,226,016 $ — $ 7,226,016 Cash and cash equivalents 52,491 63 33,457 — 86,011 Restricted cash 67 — 26,817 — 26,884 Tenant receivables — — 10,548 — 10,548 Deferred rent — — 234,124 — 234,124 Deferred leasing and financing costs 35,462 — 166,336 — 201,798 Investments — 5,235 231,154 — 236,389 Investments in and advances to affiliates 6,874,866 6,295,852 128,943 (13,299,661 ) — Other assets 19,461 — 94,805 — 114,266 Total assets $ 6,982,347 $ 6,301,150 $ 8,152,200 $ (13,299,661 ) $ 8,136,036 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 652,209 $ — $ 652,209 Unsecured senior notes payable 1,747,370 — — — 1,747,370 Unsecured senior line of credit 304,000 — — — 304,000 Unsecured senior bank term loans 975,000 — — — 975,000 Accounts payable, accrued expenses, and tenant security deposits 69,013 — 420,072 — 489,085 Dividends payable 58,525 — 289 — 58,814 Total liabilities 3,153,908 — 1,072,570 — 4,226,478 Redeemable noncontrolling interests — — 14,315 — 14,315 Alexandria’s stockholders’ equity 3,828,439 6,301,150 6,998,511 (13,299,661 ) 3,828,439 Noncontrolling interests — — 66,804 — 66,804 Total equity 3,828,439 6,301,150 7,065,315 (13,299,661 ) 3,895,243 Total liabilities, noncontrolling interests, and equity $ 6,982,347 $ 6,301,150 $ 8,152,200 $ (13,299,661 ) $ 8,136,036 Condensed Consolidating Statement of Income for the Three Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 151,805 $ — $ 151,805 Tenant recoveries — — 49,594 — 49,594 Other income 3,509 — 3,425 (4,177 ) 2,757 Total revenues 3,509 — 204,824 (4,177 ) 204,156 Expenses: Rental operations — — 62,250 — 62,250 General and administrative 13,223 — 5,943 (4,177 ) 14,989 Interest 19,867 — 6,801 — 26,668 Depreciation and amortization 1,469 — 60,702 — 62,171 Impairment of real estate — — — — — Loss on early extinguishment of debt 189 — — — 189 Total expenses 34,748 — 135,696 (4,177 ) 166,267 Equity in earnings of unconsolidated joint ventures — — 541 — 541 Equity in earnings of affiliates 69,406 65,246 1,270 (135,922 ) — Net income 38,167 65,246 70,939 (135,922 ) 38,430 Dividends on preferred stock (6,246 ) — — — (6,246 ) Net income attributable to noncontrolling interests — — (263 ) — (263 ) Net income attributable to unvested restricted stock awards (630 ) — — — (630 ) Net income attributable to Alexandria’s common stockholders $ 31,291 $ 65,246 $ 70,676 $ (135,922 ) $ 31,291 Condensed Consolidating Statement of Income for the Three Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 134,992 $ — $ 134,992 Tenant recoveries — — 40,944 — 40,944 Other income 2,916 (1,535 ) 2,532 (3,447 ) 466 Total revenues 2,916 (1,535 ) 178,468 (3,447 ) 176,402 Expenses: Rental operations — — 52,353 — 52,353 General and administrative 11,506 — 5,777 (3,447 ) 13,836 Interest 12,493 — 4,940 — 17,433 Depreciation and amortization 1,456 — 55,858 — 57,314 Total expenses 25,455 — 118,928 (3,447 ) 140,936 Equity in earnings of affiliates 57,355 56,302 1,081 (114,738 ) — Income from continuing operations 34,816 54,767 60,621 (114,738 ) 35,466 Loss from discontinued operations (7 ) — (140 ) — (147 ) Gain on sales of real estate – land parcels — — 797 — 797 Net income 34,809 54,767 61,278 (114,738 ) 36,116 Dividends on preferred stock (6,472 ) — — — (6,472 ) Net income attributable to noncontrolling interests — — (1,307 ) — (1,307 ) Net income attributable to unvested restricted stock awards (405 ) — — — (405 ) Net income attributable to Alexandria’s common stockholders $ 27,932 $ 54,767 $ 59,971 $ (114,738 ) $ 27,932 Condensed Consolidating Statement of Income for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 295,413 $ — $ 295,413 Tenant recoveries — — 97,988 — 97,988 Other income 6,535 (41 ) 8,989 (7,975 ) 7,508 Total revenues 6,535 (41 ) 402,390 (7,975 ) 400,909 Expenses: Rental operations — — 123,473 — 123,473 General and administrative 25,449 — 11,902 (7,975 ) 29,376 Interest 37,024 — 12,880 — 49,904 Depreciation and amortization 2,716 — 118,375 — 121,091 Impairment of real estate — — 14,510 — 14,510 Loss on early extinguishment of debt 189 — — — 189 Total expenses 65,378 — 281,140 (7,975 ) 338,543 Equity in earnings of unconsolidated joint ventures — — 1,115 — 1,115 Equity in earnings of affiliates 121,526 110,836 2,187 (234,549 ) — Income from continuing operations 62,683 110,795 124,552 (234,549 ) 63,481 Loss from discontinued operations — — (43 ) — (43 ) Net income 62,683 110,795 124,509 (234,549 ) 63,438 Dividends on preferred stock (12,493 ) — — — (12,493 ) Net income attributable to noncontrolling interests — — (755 ) — (755 ) Net income attributable to unvested restricted stock awards (1,113 ) — — — (1,113 ) Net income attributable to Alexandria’s common stockholders $ 49,077 $ 110,795 $ 123,754 $ (234,549 ) $ 49,077 Condensed Consolidating Statement of Income for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 265,562 $ — $ 265,562 Tenant recoveries — — 82,626 — 82,626 Other income 5,835 (1,535 ) 7,165 (7,065 ) 4,400 Total revenues 5,835 (1,535 ) 355,353 (7,065 ) 352,588 Expenses: Rental operations — — 104,860 — 104,860 General and administrative 22,366 — 11,759 (7,065 ) 27,060 Interest 26,032 — 10,524 — 36,556 Depreciation and amortization 2,927 — 104,808 — 107,735 Total expenses 51,325 — 231,951 (7,065 ) 276,211 Equity in earnings of affiliates 119,860 114,608 2,229 (236,697 ) — Income from continuing operations 74,370 113,073 125,631 (236,697 ) 76,377 Loss from discontinued operations (7 ) — (302 ) — (309 ) Gain on sales of real estate – land parcels — — 797 — 797 Net income 74,363 113,073 126,126 (236,697 ) 76,865 Dividends on preferred stock (12,943 ) — — — (12,943 ) Net income attributable to noncontrolling interests — — (2,502 ) — (2,502 ) Net income attributable to unvested restricted stock awards (779 ) — — — (779 ) Net income attributable to Alexandria’s common stockholders $ 60,641 $ 113,073 $ 123,624 $ (236,697 ) $ 60,641 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 38,167 $ 65,246 $ 70,939 $ (135,922 ) $ 38,430 Other comprehensive (loss) income: Unrealized gains on marketable securities: Unrealized holding gains arising during the period — 76 55,325 — 55,401 Reclassification adjustment for losses included in net income — — 1,362 — 1,362 Unrealized gains on marketable securities — 76 56,687 — 56,763 Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (1,225 ) — — — (1,225 ) Reclassification adjustment for amortization of interest income included in net income 710 — — — 710 Unrealized losses on interest rate swap agreements (515 ) — — — (515 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses during the period — — (1,507 ) — (1,507 ) Reclassification adjustment for losses included in net income — — — — — Unrealized losses on foreign currency translation — — (1,507 ) — (1,507 ) Total other comprehensive (loss) income (515 ) 76 55,180 — 54,741 Comprehensive income 37,652 65,322 126,119 (135,922 ) 93,171 Less: comprehensive income attributable to noncontrolling interests — — (237 ) — (237 ) Comprehensive income attributable to Alexandria’s common stockholders $ 37,652 $ 65,322 $ 125,882 $ (135,922 ) $ 92,934 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 34,809 $ 54,767 $ 61,278 $ (114,738 ) $ 36,116 Other comprehensive (loss) income: Unrealized gains (losses) on marketable securities: Unrealized holding gains (losses) arising during the period — 310 (3,044 ) — (2,734 ) Reclassification adjustment for losses included in net income — — 406 — 406 Unrealized gains (losses) on marketable securities — 310 (2,638 ) — (2,328 ) Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (2,526 ) — — — (2,526 ) Reclassification adjustment for amortization of interest expense included in net income 1,123 — — — 1,123 Unrealized losses on interest rate swap agreements (1,403 ) — — — (1,403 ) Unrealized foreign currency translation gains — — 5,915 — 5,915 Total other comprehensive (loss) income (1,403 ) 310 3,277 — 2,184 Comprehensive income 33,406 55,077 64,555 (114,738 ) 38,300 Less: comprehensive income attributable to noncontrolling interests — — (1,307 ) — (1,307 ) Comprehensive income attributable to Alexandria’s common stockholders $ 33,406 $ 55,077 $ 63,248 $ (114,738 ) $ 36,993 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 62,683 $ 110,795 $ 124,509 $ (234,549 ) $ 63,438 Other comprehensive (loss) income: Unrealized gains on marketable securities: Unrealized holding gains arising during the period — 22 83,814 — 83,836 Reclassification adjustment for losses included in net income — 41 2,424 — 2,465 Unrealized gains on marketable securities — 63 86,238 — 86,301 Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (4,238 ) — — — (4,238 ) Reclassification adjustment for amortization of interest income included in net income 1,215 — — — 1,215 Unrealized losses on interest rate swap agreements (3,023 ) — — — (3,023 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses during the period — — (7,778 ) — (7,778 ) Reclassification adjustment for losses included in net income — — 9,236 — 9,236 Unrealized losses on foreign currency translation — — 1,458 — 1,458 Total other comprehensive (loss) income (3,023 ) 63 87,696 — 84,736 Comprehensive income 59,660 110,858 212,205 (234,549 ) 148,174 Less: comprehensive income attributable to noncontrolling interests — — (883 ) — (883 ) Comprehensive income attributable to Alexandria’s common stockholders $ 59,660 $ 110,858 $ 211,322 $ (234,549 ) $ 147,291 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 74,363 $ 113,073 $ 126,126 $ (236,697 ) $ 76,865 Other comprehensive income: Unrealized gains on marketable securities: Unrealized holding gains arising during the year — 310 15,735 — 16,045 Reclassification adjustment for losses included in net income — — 406 — 406 Unrealized gains on marketable securities — 310 16,141 — 16,451 Unrealized gains on interest rate swap agreements: Unrealized interest rate swap losses arising during the year (3,914 ) — — — (3,914 ) Reclassification adjustment for amortization of interest expense included in net income 4,613 — — — 4,613 Unrealized gains on interest rate swap agreements 699 — — — 699 Unrealized foreign currency translation gains — — 2,809 — 2,809 Total other comprehensive income 699 310 18,950 — 19,959 Comprehensive income 75,062 113,383 145,076 (236,697 ) 96,824 Less: comprehensive income attributable to noncontrolling interests — — (2,502 ) — (2,502 ) Comprehensive income attributable to Alexandria’s common stockholders $ 75,062 $ 113,383 $ 142,574 $ (236,697 ) $ 94,322 Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 62,683 $ 110,795 $ 124,509 $ (234,549 ) $ 63,438 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 2,716 — 118,375 — 121,091 Loss on early extinguishment of debt 189 — — — 189 Impairment of real estate — — 14,510 — 14,510 Equity in earnings from unconsolidated joint ventures — — (1,115 ) — (1,115 ) Distributions of earnings from unconsolidated joint ventures — — 648 — 648 Amortization of loan fees 3,852 — 1,871 — 5,723 Amortization of debt discounts (premiums) 161 — (343 ) — (182 ) Amortization of acquired below-market leases — — (1,939 ) — (1,939 ) Deferred rent — — (23,193 ) — (23,193 ) Stock compensation expense 7,744 — — — 7,744 Equity in earnings of affiliates (121,526 ) (110,836 ) (2,187 ) 234,549 — Investment gains — — (13,710 ) — (13,710 ) Investment losses — 41 7,836 — 7,877 Changes in operating assets and liabilities: Restricted cash (7 ) — 117 — 110 Tenant receivables — — 1,243 — 1,243 Deferred leasing costs — — (24,503 ) — (24,503 ) Other assets (6,208 ) — 1,287 — (4,921 ) Accounts payable, accrued expenses, and tenant security deposits 10,367 — (11,977 ) — (1,610 ) Net cash (used in) provided by operating activities (40,029 ) — 191,429 — 151,400 Investing Activities Proceeds from sale of real estate — — 92,455 — 92,455 Additions to real estate — — (226,302 ) — (226,302 ) Purchase of real estate — — (137,493 ) — (137,493 ) Deposits for investing activities — — (15,501 ) — (15,501 ) Investment in unconsolidated real estate entities — — (3,182 ) — (3,182 ) Investments in subsidiaries (199,541 ) (82,309 ) (1,711 ) 283,561 — Additions to investments — — (52,738 ) — (52,738 ) Sales of investments — 6 22,468 — 22,474 Repayment of notes receivable — — 4,247 — 4,247 Net cash used in investing activities $ (199,541 ) $ (82,303 ) $ (317,757 ) $ 283,561 $ (316,040 ) Condensed Consolidating Statement of Cash Flows (continued) for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 42,867 $ — $ 42,867 Repayments of borrowings from secured notes payable — — (10,075 ) — (10,075 ) Borrowings from unsecured senior line of credit 915,000 — — — 915,000 Repayments of borrowings from unsecured senior line of credit (595,000 ) — — — (595,000 ) Repayments of borrowings from unsecured senior bank term loans (25,000 ) — — — (25,000 ) Transfer to/from parent company 43,457 82,240 157,864 (283,561 ) — Change in restricted cash related to financing activities — — (1,520 ) — (1,520 ) Loan fees (2,104 ) — (1,455 ) — (3,559 ) Proceeds from the issuance of common stock 5,052 — — — 5,052 Dividends on common stock (106,603 ) — — — (106,603 ) Dividends on preferred stock (12,493 ) — — — (12,493 ) Contributions by noncontrolling interests — — 340 — 340 Distributions to and purchases of noncontrolling interests — — (61,890 ) — (61,890 ) Net cash provided by financing activities 222,309 82,240 126,131 (283,561 ) 147,119 Effect of foreign exchange rate changes on cash and cash equivalents — — 127 — 127 Net decrease in cash and cash equivalents (17,261 ) (63 ) (70 ) — (17,394 ) Cash and cash equivalents as of the beginning of period 52,491 63 33,457 — 86,011 Cash and cash equivalents as of the end of period $ 35,230 $ — $ 33,387 $ — $ 68,617 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest, net of interest capitalized $ 33,695 $ — $ 10,637 $ — $ 44,332 Non-Cash Investing Activities Change in accrued construction $ — $ — $ (27,469 ) $ — $ (27,469 ) Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (82,000 ) $ — $ (82,000 ) Non-Cash Financing Activities Payable for purchase of noncontrolling interest $ (52,672 ) $ — $ — $ — $ (52,672 ) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 74,363 $ 113,073 $ 126,126 $ (236,697 ) $ 76,865 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 2,927 — 104,808 — 107,735 Gain on sale of land parcel — — (797 ) — (797 ) Amortization of loan fees 3,542 — 1,762 — 5,304 Amortization of debt discounts 80 — 56 — 136 Amortization of acquired below-market leases — — (1,434 ) — (1,434 ) Deferred rent — — (24,619 ) — (24,619 ) Stock compensation expense 6,304 — — — 6,304 Equity in earnings of affiliates (119,860 ) (114,608 ) (2,229 ) 236,697 — Investment gains — — (6,225 ) — (6,225 ) Investment losses — 1,535 3,705 — 5,240 Changes in operating assets and liabilities: Restricted cash (9 ) — 9 — — Tenant receivables — — (735 ) — (735 ) Deferred leasing costs — — (17,452 ) — (17,452 ) Other assets (4,264 ) — (1,652 ) — (5,916 ) Accounts payable, accrued expenses, and tenant security deposits 20,850 — (20,765 ) — 85 Net cash (used in) provided by operating activities (16,067 ) — 160,558 — 144,491 Investing Activities Proceeds from sale of properties — — 17,868 — 17,868 Additions to real estate — — (210,792 ) — (210,792 ) Purchase of real estate — — (97,785 ) — (97,785 ) Change in restricted cash related to construction projects — — 5,650 — 5,650 Investment in unconsolidated joint venture — — (1,405 ) — (1,405 ) Investments in subsidiaries (235,931 ) (205,546 ) (8,095 ) 449,572 — Additions to investments — — (25,358 ) — (25,358 ) Sales of investments — — 8,794 — 8,794 Proceeds from repayment of note receivable — — 29,851 — 29,851 Net cash used in investing activities $ (235,931 ) $ (205,546 ) $ (281,272 ) $ 449,572 $ (273,177 ) Condensed Consolidating Statement of Cash Flows (continued) for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) 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 $ — $ — $ 77,762 $ — $ 77,762 Repayments of borrowings from secured notes payable — — (219,427 ) — (219,427 ) Borrowings from unsecured senior line of credit 637,000 — — — 637,000 Repayments of borrowings from unsecured senior line of credit (270,000 ) — — — (270,000 ) Transfer to/from parent company 103 205,546 243,923 (449,572 ) — Change in restricted cash related to financing activities — — 1,212 — 1,212 Loan fees (44 ) — (266 ) — (310 ) Dividends on common stock (98,867 ) — — — (98,867 ) Dividends on preferred stock (12,943 ) — — — (12,943 ) Contributions by noncontrolling interests — — 19,410 — 19,410 Distributions to noncontrolling interests — — (1,983 ) — (1,983 ) Net cash provided by financing activities 255,249 205,546 120,631 (449,572 ) 131,854 Effect of foreign exchange rate changes on cash and cash equivalents — — 837 — 837 Net increase in cash and cash equivalents 3,251 — 754 — 4,005 Cash and cash equivalents as of the beginning of period 14,790 — 42,906 — 57,696 Cash and cash equivalents as of the end of period $ 18,041 $ — $ 43,660 $ — $ 61,701 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest, net of interest capitalized $ 22,218 $ — $ 9,704 $ — $ 31,922 Non-Cash Investing Activities Change in accrued construction $ — $ — $ 592 $ — $ 592 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (48,329 ) $ — $ (48,329 )

Basis of presentation (Policies

Basis of presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation and consolidation The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. In certain circumstances, we may enter into joint venture arrangements with outside partners. On a quarterly basis, we evaluate each joint venture arrangement under the VIE model, and if the entity is determined not to be a VIE, we then evaluate the entity under the voting model to determine if the entity should be consolidated. Under the VIE model, an entity is determined to be a VIE if it has any of the following characteristics: • The entity does not have sufficient equity to finance its activities without additional subordinated financial support; • The equity holders, as a group, lack the characteristics of a controlling financial interest; or • The legal entity is established with non-substantive voting rights. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary using qualitative analyses. Factors considered include, but are not limited to, the purpose and design of the VIE, risks that the VIE was designed to create and pass through, the form of our ownership interest, our representation on the entity’s governing body, the size and seniority of our investment, our ability to participate in policy-making decisions, and the rights of the other investors to participate in the decision-making process and/or liquidate the venture, if applicable. We consolidate VIEs whenever we determine that we are the primary beneficiary. If an entity is determined not to be a VIE, we then evaluate such entity under the voting model. Under the voting model, if we are the general partner or managing member, or have a similar role that can direct the operations of the entity, we have a presumption that we control the entity and we should consolidate regardless of our ownership percentage. If we determine that the other equity holders have any one of the following rights, it is assumed that we do not control the entity and therefore should not consolidate the entity: (i) the substantive ability to dissolve the entity or remove us from the lead role of the entity or (ii) substantive rights that allow them to participate in the activities that most significantly impact the entity’s economic performance. As of June 30, 2015 , we had two joint ventures that did not meet the requirements for consolidation and were accounted for under the equity method of accounting. Refer to Note 3 – “Investments in Real Estate,” appearing elsewhere in this quarterly report on Form 10-Q, for further information on our unconsolidated joint ventures.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Investments in real estate, net, and discontinued operations	Investments in real estate and properties classified as “held-for-sale” We recognize real estate acquired (including the intangible value of above- or below-market leases, acquired in-place leases, client tenant relationships, and other intangible assets or liabilities), liabilities assumed, and any noncontrolling interest in an acquired entity at their fair value as of the acquisition date. If there is a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term of an in-place lease, we evaluate factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider its impact in determining the intangible value of such lease and its related amortization period. The value of tangible assets acquired is based upon our estimation of value on an as-if-vacant basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases, considering market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. We also recognize the fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. Acquisition-related costs related to the acquisition of businesses, including real estate acquired with in-place leases, are expensed as incurred. The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis using the shorter of the term of the respective ground lease and up to 40 years for buildings and building improvements, an estimated life of 20 years for land improvements, the respective lease term for tenant improvements, and the estimated useful life for equipment. The values of acquired above- and below-market leases are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental income. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. We are required to capitalize project costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the acquisition, development, redevelopment, predevelopment, or construction of a project. Capitalization of development, redevelopment, predevelopment, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, predevelopment, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, predevelopment, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. A property is classified as “held-for-sale” when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as “held-for-sale.” Prior to our adoption of the new discontinued operations accounting standard on October 1, 2014, the operations of properties “held-for-sale” were classified as discontinued operations in our consolidated statements of income. Subsequent to the adoption of the new discontinued operations accounting standard on October 1, 2014, if the disposal of the property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property “held-for-sale,” including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of income, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as discontinued operations.
Impairment of long-lived assets	Impairment of long-lived assets Long-lived assets to be held and used, including our rental properties, CIP, land held for development, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the amount of a long-lived asset may not be recoverable. The amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used, including our rental properties, CIP, land held for development, and intangibles, are assessed by project and include significant fluctuations in estimated rental revenues less rental operating expenses, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. If an impairment loss is not required to be recognized, the recognition of depreciation is adjusted prospectively, as necessary, to reduce the carrying amount of the real estate to its estimated disposition value over the remaining period that the real estate is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the “held-for-sale” impairment model for our properties classified as “held-for-sale.” The “held-for-sale” impairment model is different from the held-and-used impairment model. Under the “held-for-sale” impairment model, an impairment loss is recognized if the amount of the long-lived asset classified as “held-for-sale” exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as “held-for-sale.” On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events requiring an impairment analysis. If triggering events are identified, we review an estimate of the future undiscounted cash flows for the properties, including a probability-weighted approach if multiple outcomes are under consideration.
Investments	Investments We hold equity investments in certain publicly traded companies and investments in certain privately held entities primarily involved in the science industry. All of our investments in actively traded public companies are considered “available-for-sale” and are reflected in the accompanying consolidated balance sheets at fair value. Fair value has been determined based upon the closing price as of each balance sheet date, with unrealized gains and losses shown as a separate component of comprehensive income. The classification of each investment is determined at the time each investment is made, and such determination is reevaluated at each balance sheet date. The cost of each investment sold is determined by the specific identification method, with realized gains or losses classified in other income in the accompanying consolidated statements of income. Investments in privately held entities are generally accounted for under the cost method when our interest in the entity is so minor that we have virtually no influence over the entity’s operating and financial policies. Certain investments in privately held entities are accounted for under the equity method unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we recognize our investment initially at cost and adjust the amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. Additionally, we limit our ownership percentage in the voting stock of each individual entity to less than 10% . As of June 30, 2015 , and December 31, 2014 , our ownership percentage in the voting stock of each individual entity was less than 10% . We monitor each of our equity investments throughout the year for new developments, including operating results, results of clinical trials, capital-raising events, and merger and acquisition activities. Individual investments are evaluated for impairment when changes in conditions may indicate an impairment exists. The factors that we consider in making these assessments include, but are not limited to, market prices, market conditions, available financing, prospects for favorable or unfavorable clinical trial results, new product initiatives, and new collaborative agreements. If there are no identified events or changes in circumstances that might have an adverse effect on our cost method investments, we do not estimate the investment’s fair value. For all of our investments, if a decline in the fair value of an investment below the carrying value is determined to be other than temporary, such investment is written down to its estimated fair value with a charge to current earnings.
Income Taxes	Income taxes We are organized and qualify as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its shareholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for calendar years 2010 through 2013.
Recognition of rental income and tenant recoveries	Recognition of rental income and tenant recoveries Rental income from leases is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and expected to be received in later years as deferred rent in the accompanying consolidated balance sheets. Amounts received currently but recognized as income in future years are classified in accounts payable, accrued expenses, and tenant security deposits in the accompanying consolidated balance sheets. We commence recognition of rental income at the date the property is ready for its intended use and the client tenant takes possession or controls the physical use of the property. Tenant recoveries related to reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred. Tenant receivables consist primarily of amounts due for contractual lease payments, reimbursements of common area maintenance expenses, property taxes, and other expenses recoverable from client tenants. Tenant receivables are expected to be collected within one year . We may maintain an allowance for estimated losses that may result from the inability of our client tenants to make payments required under the terms of the lease and for tenant recoveries due. If a client tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the amount of uncollectible tenant receivables and deferred rent arising from the straight-lining of rent. As of June 30, 2015 , and December 31, 2014 , we had no allowance for uncollectible tenant receivables and deferred rent.
Monitoring client tenant credit quality	Monitoring client tenant credit quality During the term of each lease, we monitor the credit quality of our client tenants by (i) reviewing the credit rating of client tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the client tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news reports regarding our client tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments. We have a team of employees who, among them, have graduate and undergraduate degrees in biology, chemistry, and industrial biotechnology and experience in the science and technology industries, as well as in finance. Our research team is responsible for assessing and monitoring the credit quality of our client tenants and any material changes in their credit quality.
Interest income	Other income The following is a summary of the other income in the accompanying consolidated statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Management fee income $ 257 $ 916 $ 811 $ 1,642 Interest and other income 379 911 864 1,773 Investment income (loss) 2,121 (1,361 ) 5,833 985 Total other income $ 2,757 $ 466 $ 7,508 $ 4,400
Impact of recently issued accounting standards	Recent accounting pronouncements In February 2015, the FASB issued an Accounting Standards Update that requires reporting entities to evaluate whether they should consolidate certain legal entities. The Accounting Standards Update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. This Accounting Standards Update affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. The Accounting Standards Update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the Accounting Standards Update by (i) using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or (ii) applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of the Accounting Standards Update will have on our consolidated financial statements. In April 2015, the FASB issued an Accounting Standards Update that requires reporting entities to present debt issuance costs as a direct deduction from the face amount of the related note payable presented in the balance sheet. The Accounting Standards Update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity is required to apply the amendments in the Accounting Standards Update retrospectively to all prior periods. We are currently assessing the potential impact that the adoption of the Accounting Standards Update will have on our consolidated financial statements.

Background (Tables)

Background (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Square Feet by Property	Our asset base consisted of the following, as of June 30, 2015 : Square Feet Operating properties 16,822,194 Current value-creation projects (includes unconsolidated joint ventures) 1,995,729 Total operating and current value-creation projects 18,817,923 Near-term value-creation projects (CIP) 2,026,669 Future value-creation projects: North America 3,807,375 Asia 6,419,707 10,227,082 Near-term and future value-creation projects 12,253,751 Total 31,071,674

Investments in real estate, n23

Investments in real estate, net (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Investments in real estate	Our investments in real estate consisted of the following as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Land (related to rental properties) $ 683,670 $ 624,681 Buildings and building improvements 6,690,157 6,171,504 Other improvements 234,393 192,128 Rental properties 7,608,220 6,988,313 Current value-creation projects/Construction in progress (CIP): Current development in North America 409,619 500,894 Current redevelopment in North America — 42,482 Current development in Asia — 14,065 409,619 557,441 Rental properties and current value-creation projects 8,017,839 7,545,754 Near-term value-creation projects in North America (CIP): Alexandria Center ® at Kendall Square – Binney Street (1) 140,488 321,907 Other projects 105,623 107,471 246,111 429,378 Future value-creation projects: North America 183,984 175,175 Asia 78,911 78,548 262,895 253,723 Near-term and future value-creation projects 509,006 683,101 Value-creation pipeline 918,625 1,240,542 Gross investments in real estate 8,526,845 8,228,855 Equity method of accounting – unconsolidated joint ventures 121,055 117,406 Gross investments in real estate – including unconsolidated joint ventures 8,647,900 8,346,261 Less: accumulated depreciation (1,205,025 ) (1,120,245 ) Investments in real estate $ 7,442,875 $ 7,226,016

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Summary of investments	The following table summarizes our investments as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 “Available-for-sale” marketable equity securities, cost basis $ 33,897 $ 21,898 Unrealized gains 139,459 53,625 Unrealized losses (791 ) (1,258 ) “Available-for-sale” marketable equity securities, at fair value 172,565 74,265 Investments accounted for under cost method 188,049 162,124 Total investments $ 360,614 $ 236,389
Schedule of net investment income	The following table outlines our investment income (loss) , which is classified in other income in the accompanying consolidated statements of income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Investment gains $ 7,773 $ 2,185 $ 13,710 $ 6,225 Investment losses (5,652 ) (3,546 ) (7,877 ) (5,240 ) Investment income (loss) $ 2,121 $ (1,361 ) $ 5,833 $ 985

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: “Available-for-sale” marketable equity securities $ 172,565 $ 172,565 $ — $ — Interest rate swap agreements $ 19 $ — $ 19 $ — Liabilities: Interest rate swap agreements $ 3,951 $ — $ 3,951 $ — December 31, 2014 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: “Available-for-sale” marketable equity securities $ 74,265 $ 74,265 $ — $ — Liabilities: Interest rate swap agreements $ 909 $ — $ 909 $ —
Schedule of the book and fair values of our marketable securities, interest rate swap agreements, secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loan	As of June 30, 2015 , and December 31, 2014 , the book and estimated fair values of our “available-for-sale” marketable equity securities, interest rate swap agreements, secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were as follows (in thousands): June 30, 2015 December 31, 2014 Book Value Fair Value Book Value Fair Value Assets: “Available-for-sale” marketable equity securities $ 172,565 $ 172,565 $ 74,265 $ 74,265 Interest rate swap agreements $ 19 $ 19 $ — $ — Liabilities: Interest rate swap agreements $ 3,951 $ 3,951 $ 909 $ 909 Secured notes payable $ 771,435 $ 801,330 $ 652,209 $ 693,338 Unsecured senior notes payable $ 1,747,531 $ 1,782,455 $ 1,747,370 $ 1,793,255 Unsecured senior line of credit $ 624,000 $ 624,207 $ 304,000 $ 304,369 Unsecured senior bank term loans $ 950,000 $ 953,387 $ 975,000 $ 976,010

Secured and unsecured senior 26

Secured and unsecured senior debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of June 30, 2015 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Unhedged Variable-Rate Total Consolidated Percentage of Total Debt Weighted-Average Interest Rate at End of Period (1) Weighted-Average Remaining Term (in years) Secured notes payable $ 480,340 $ 291,095 $ 771,435 18.8 % 4.25 % 2.9 Unsecured senior notes payable 1,747,531 — 1,747,531 42.7 3.98 7.8 $1.5 billion unsecured senior line of credit — 624,000 624,000 15.2 1.22 3.5 2019 Unsecured Senior Bank Term Loan 600,000 — 600,000 14.7 1.71 3.5 2021 Unsecured Senior Bank Term Loan 350,000 — 350,000 8.6 1.52 5.5 Total/weighted average $ 3,177,871 $ 915,095 $ 4,092,966 100.0 % 3.07 % 5.4 Percentage of total debt 78 % 22 % 100 % (1) Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees.
Detail of secured and unsecured debt	The following table summarizes our outstanding indebtedness and respective principal maturities as of June 30, 2015 (dollars in thousands): Stated Rate Weighted- Average Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Debt 2015 2016 2017 2018 2019 Thereafter Total Secured notes payable Greater Boston, San Francisco, and San Diego 5.73 % 5.73 % 1/1/16 $ 914 $ 75,501 $ — $ — $ — $ — $ 76,415 Greater Boston, San Diego, and New York City 5.82 5.82 4/1/16 494 29,389 — — — — 29,883 San Diego 5.74 3.00 4/15/16 88 6,916 — — — — 7,004 San Francisco L+1.40 1.59 6/1/16 (3) — 20,631 — — — — 20,631 San Francisco L+1.50 1.69 7/1/16 (4) — 47,183 — — — — 47,183 San Francisco 6.35 6.35 8/1/16 1,313 126,715 — — — — 128,028 Maryland 2.17 2.17 1/20/17 — — 76,000 — — — 76,000 Greater Boston L+1.35 1.54 8/23/17 (5) — — 147,281 — — — 147,281 San Diego, Maryland, and Seattle 7.75 7.75 4/1/20 800 1,696 1,832 1,979 2,138 104,352 112,797 San Diego 4.66 4.66 1/1/23 703 1,464 1,540 1,614 1,692 31,674 38,687 Greater Boston 3.93 3.10 3/10/23 — — — 1,091 1,505 79,404 82,000 San Francisco 6.50 6.50 7/1/36 10 19 20 22 23 728 822 Unamortized premiums 367 610 573 588 595 1,971 4,704 Secured notes payable weighted-average/subtotal 4.37 % 4.25 4,689 310,124 227,246 5,294 5,953 218,129 771,435 2019 Unsecured Senior Bank Term Loan L+1.20 % 1.71 1/3/19 — — — — 600,000 — 600,000 2021 Unsecured Senior Bank Term Loan L+1.10 % 1.52 1/15/21 — — — — — 350,000 350,000 $1.5 billion unsecured senior line of credit L+1.10 % (6) 1.22 1/3/19 — — — — 624,000 — 624,000 Unsecured senior notes payable 2.75 % 2.79 1/15/20 — — — — — 400,000 400,000 Unsecured senior notes payable 4.60 % 4.61 4/1/22 — — — — — 550,000 550,000 Unsecured senior notes payable 3.90 % 3.94 6/15/23 — — — — — 500,000 500,000 Unsecured senior notes payable 4.50 % 4.51 7/30/29 — — — — — 300,000 300,000 Unamortized discounts (165 ) (337 ) (350 ) (362 ) (375 ) (880 ) (2,469 ) Unsecured debt weighted-average/subtotal 2.79 (165 ) (337 ) (350 ) (362 ) 1,223,625 2,099,120 3,321,531 Weighted-average/total 3.07 % $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 Balloon payments $ — $ 304,713 $ 223,281 $ — $ 1,224,000 $ 2,304,466 $ 4,056,460 Principal amortization 4,524 5,074 3,615 4,932 5,578 12,783 36,506 Total consolidated debt $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 Fixed-rate/hedged variable-rate debt $ 4,524 $ 241,973 $ 3,615 $ 4,932 $ 605,578 $ 2,317,249 $ 3,177,871 Unhedged variable-rate debt — 67,814 223,281 — 624,000 — 915,095 Total consolidated debt $ 4,524 $ 309,787 $ 226,896 $ 4,932 $ 1,229,578 $ 2,317,249 $ 4,092,966 (1) Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees. (2) Includes any extension options that we control. (3) We have two, one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions. (4) We have a one-year option to extend the stated maturity date to July 1, 2017, subject to certain conditions. (5) We have a one-year option to extend the stated maturity date to August 23, 2018, subject to certain conditions. (6) Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate of LIBOR+1.10%. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.20% , based on the aggregate commitments outstanding.
Schedule of interest expense incurred	The following table summarizes interest expense for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross interest $ 35,105 $ 28,735 $ 69,312 $ 59,871 Capitalized interest (8,437 ) (11,302 ) (19,408 ) (23,315 ) Interest expense $ 26,668 $ 17,433 $ 49,904 $ 36,556
Summary of secured construction loans [Table Text Block]	The following table summarizes our secured construction loans as of June 30, 2015 (dollars in thousands): Market Stated Rate Maturity Date Outstanding Balance Remaining Commitments Total Commitments San Francisco L+1.40 % 6/1/16 (1) $ 20,631 $ 15,369 $ 36,000 San Francisco L+1.50 % 7/1/16 (2) 47,183 7,817 55,000 Greater Boston L+1.35 % 8/23/17 (3) 147,281 103,119 250,400 $ 215,095 $ 126,305 $ 341,400 (1) We have two , one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions. (2) We have a one-year option to extend the stated maturity date to July 1, 2017, subject to certain conditions. (3) We have a one -year option to extend the stated maturity date to August 23, 2018, subject to certain conditions.

Interest rate swap agreements (

Interest rate swap agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding interest rate hedge agreements designated as cash flow hedges of interest rate risk	We had the following outstanding interest rate swap agreements that were designated as cash flow hedges of interest rate risk as of June 30, 2015 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 6/30/15 Notional Amount in Effect as of Effective Date Maturity Date 6/30/15 12/31/15 12/31/16 12/31/17 December 31, 2014 March 31, 2016 3 0.53% $ (804 ) $ 500,000 $ 500,000 $ — $ — March 31, 2015 March 31, 2016 7 0.42% (370 ) 450,000 450,000 — — March 31, 2016 March 31, 2017 9 1.25% (2,501 ) — — 800,000 — March 31, 2017 March 31, 2018 4 1.76% (257 ) — — — 200,000 Total $ (3,932 ) $ 950,000 $ 950,000 $ 800,000 $ 200,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2015 . Borrowings under our 2019 unsecured senior bank term loan (“2019 Unsecured Senior Bank Term Loan”) include an applicable margin of 1.20% , and borrowings outstanding under our unsecured senior line of credit and 2021 Unsecured Senior Bank Term Loan include an applicable margin of 1.10% . During July 2015, we executed the following additional interest rate swap agreements that were designated as cash flow hedges of interest rate risk (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 6/30/15 Notional Amount in Effect as of Effective Date Maturity Date 6/30/15 12/31/15 12/31/16 12/31/17 March 31, 2017 March 31, 2018 3 1.51% none $ — $ — $ — $ 150,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2015 . Borrowings under our 2019 Unsecured Senior Bank Term Loan include an applicable margin of 1.20% , and borrowings outstanding under our unsecured senior line of credit and 2021 Unsecured Senior Bank Term Loan include an applicable margin of 1.10% .

Accounts payable, accrued exp28

Accounts payable, accrued expenses, and tenant security deposits (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	The following table summarizes the components of accounts payable, accrued expenses, and tenant security deposits as of June 30, 2015 , and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 126,510 $ 127,828 Accrued construction 59,849 91,110 Acquired below-market leases 28,135 8,810 Conditional asset retirement obligations 8,912 9,108 Deferred rent liabilities 27,780 36,231 Interest rate swap liabilities 3,951 909 Prepaid rent and tenant security deposits 202,372 193,699 Other liabilities (1) 74,103 21,390 Total $ 531,612 $ 489,085 (1) Our June 30, 2015 , balance includes a $54.0 million liability related to the second installment payment for our acquisition of the remaining noncontrolling interest in our 1.2 million RSF flagship campus at Alexandria Technology Square ® . For additional information, refer to Note 11 – “Noncontrolling Interests” to our unaudited consolidated financial statements under Item 1 of this report.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations $ 38,430 $ 35,466 $ 63,481 $ 76,377 Gain on sales of real estate – land parcels — 797 — 797 Dividends on preferred stock (6,246 ) (6,472 ) (12,493 ) (12,943 ) Net income attributable to noncontrolling interests (263 ) (1,307 ) (755 ) (2,502 ) Net income attributable to unvested restricted stock awards (630 ) (405 ) (1,113 ) (779 ) Income from continuing operations attributable to Alexandria’s common stockholders – basic and diluted 31,291 28,079 49,120 60,950 Loss from discontinued operations — (147 ) (43 ) (309 ) Net income attributable to Alexandria’s common stockholders – basic and diluted $ 31,291 $ 27,932 $ 49,077 $ 60,641 Weighted-average shares of common stock outstanding – basic and diluted 71,412 71,126 71,389 71,100 EPS attributable to Alexandria’s common stockholders – basic and diluted: Continuing operations $ 0.44 $ 0.39 $ 0.69 $ 0.85 Discontinued operations — — — — EPS – basic and diluted $ 0.44 $ 0.39 $ 0.69 $ 0.85

Stockholders' equity (Tables)

Stockholders' equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.	Accumulated other comprehensive income (loss) attributable to Alexandria consists of the following (in thousands): Unrealized Gain on Marketable Securities Unrealized Loss on Interest Rate Swap Agreements Unrealized Loss on Foreign Currency Translation Total Balance as of December 31, 2014 $ 52,367 $ (909 ) $ (52,086 ) $ (628 ) Other comprehensive income (loss) before reclassifications 83,836 (4,238 ) (7,778 ) 71,820 Amounts reclassified from other comprehensive income (loss) 2,465 1,215 9,236 12,916 86,301 (3,023 ) 1,458 84,736 Amounts attributable to noncontrolling interest — — (128 ) (128 ) Net other comprehensive income (loss) 86,301 (3,023 ) 1,330 84,608 Balance as of June 30, 2015 $ 138,668 $ (3,932 ) $ (50,756 ) $ 83,980

Noncontrolling interests (Table

Noncontrolling interests (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Income from continuing operations and discontinued operations attributable to Alexandria Real Estate Equities, Inc. excluding amounts attributable to noncontrolling interests	The following table represents income from continuing operations and discontinued operations attributable to Alexandria Real Estate Equities, Inc., for the three and six months ended June 30, 2015 and 2014, excluding the amounts attributable to these noncontrolling interests: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations attributable to Alexandria $ 38,167 $ 34,956 $ 62,726 $ 74,672 Loss from discontinued operations $ — $ (147 ) $ (43 ) $ (309 )

Assets classified as "held fo32

Assets classified as "held for sale" (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of net assets of discontinued operations and (loss) income from discontinued operations, net	The following is a summary of net assets “held for sale” as of June 30, 2015 , and December 31, 2014 , including the assets classified as “held for sale” subsequent to our adoption of the new Accounting Standards Update (in thousands): June 30, 2015 December 31, 2014 Properties classified as “held for sale” $ 114,456 $ 173,706 Other assets 5,501 10,147 Total assets 119,957 183,853 Total liabilities — (6,044 ) Net assets classified as “held for sale” (1) $ 119,957 $ 177,809 (1) As of June 30, 2015 , net assets classified as “held for sale” were composed of two properties. The following is a summary of the income (loss) included in our income from continuing operations for the three and six months ended June 30, 2015 and 2014 , from assets classified as “held for sale” subsequent to our adoption of the new Accounting Standards Update (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ 2,497 $ 2,426 $ 4,827 $ 4,926 Operating expenses (999 ) (781 ) (1,765 ) (1,482 ) Total revenues less operating expenses from assets classified as “held for sale,” not qualifying for classification as discontinued operations 1,498 1,645 3,062 3,444 Depreciation expense — (1,782 ) (127 ) (3,673 ) Impairment of real estate — — (14,510 ) — Income (loss) from assets classified as “held for sale,” not qualifying as discontinued operations (1) $ 1,498 $ (137 ) $ (11,575 ) $ (229 ) (1) Includes the results of operations of two properties with an aggregate 234,186 RSF that were classified as “held for sale” as of June 30, 2015 , and three properties with an aggregate 196,859 RSF that were sold during the six months ended June 30, 2015 , but do not qualify for classification as discontinued operations. For additional information, refer to Note 2 – “Basis of Presentation and Summary of Significant Accounting Policies.”

Condensed consolidating finan33

Condensed consolidating financial information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet as of June 30, 2015 (In thousands) (Unaudited) 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 $ — $ — $ 7,442,875 $ — $ 7,442,875 Cash and cash equivalents 35,230 — 33,387 — 68,617 Restricted cash 74 — 44,117 — 44,191 Tenant receivables — — 9,279 — 9,279 Deferred rent — — 257,427 — 257,427 Deferred leasing and financing costs 33,666 — 177,043 — 210,709 Investments — 5,274 355,340 — 360,614 Investments in and advances to affiliates 7,195,934 6,488,974 132,875 (13,817,783 ) — Other assets 22,981 — 108,198 — 131,179 Total assets $ 7,287,885 $ 6,494,248 $ 8,560,541 $ (13,817,783 ) $ 8,524,891 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 771,435 $ — $ 771,435 Unsecured senior notes payable 1,747,531 — — — 1,747,531 Unsecured senior line of credit 624,000 — — — 624,000 Unsecured senior bank term loans 950,000 — — — 950,000 Accounts payable, accrued expenses, and tenant security deposits 82,572 — 449,040 — 531,612 Dividends payable 60,906 — 288 — 61,194 Total liabilities 3,465,009 — 1,220,763 — 4,685,772 Redeemable noncontrolling interests — — 14,248 — 14,248 Alexandria’s stockholders’ equity 3,822,876 6,494,248 7,323,535 (13,817,783 ) 3,822,876 Noncontrolling interests — — 1,995 — 1,995 Total equity 3,822,876 6,494,248 7,325,530 (13,817,783 ) 3,824,871 Total liabilities, noncontrolling interests, and equity $ 7,287,885 $ 6,494,248 $ 8,560,541 $ (13,817,783 ) $ 8,524,891 Condensed Consolidating Balance Sheet as of December 31, 2014 (In thousands) (Unaudited) 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 $ — $ — $ 7,226,016 $ — $ 7,226,016 Cash and cash equivalents 52,491 63 33,457 — 86,011 Restricted cash 67 — 26,817 — 26,884 Tenant receivables — — 10,548 — 10,548 Deferred rent — — 234,124 — 234,124 Deferred leasing and financing costs 35,462 — 166,336 — 201,798 Investments — 5,235 231,154 — 236,389 Investments in and advances to affiliates 6,874,866 6,295,852 128,943 (13,299,661 ) — Other assets 19,461 — 94,805 — 114,266 Total assets $ 6,982,347 $ 6,301,150 $ 8,152,200 $ (13,299,661 ) $ 8,136,036 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 652,209 $ — $ 652,209 Unsecured senior notes payable 1,747,370 — — — 1,747,370 Unsecured senior line of credit 304,000 — — — 304,000 Unsecured senior bank term loans 975,000 — — — 975,000 Accounts payable, accrued expenses, and tenant security deposits 69,013 — 420,072 — 489,085 Dividends payable 58,525 — 289 — 58,814 Total liabilities 3,153,908 — 1,072,570 — 4,226,478 Redeemable noncontrolling interests — — 14,315 — 14,315 Alexandria’s stockholders’ equity 3,828,439 6,301,150 6,998,511 (13,299,661 ) 3,828,439 Noncontrolling interests — — 66,804 — 66,804 Total equity 3,828,439 6,301,150 7,065,315 (13,299,661 ) 3,895,243 Total liabilities, noncontrolling interests, and equity $ 6,982,347 $ 6,301,150 $ 8,152,200 $ (13,299,661 ) $ 8,136,036
Condensed consolidating statements of income	Condensed Consolidating Statement of Income for the Three Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 151,805 $ — $ 151,805 Tenant recoveries — — 49,594 — 49,594 Other income 3,509 — 3,425 (4,177 ) 2,757 Total revenues 3,509 — 204,824 (4,177 ) 204,156 Expenses: Rental operations — — 62,250 — 62,250 General and administrative 13,223 — 5,943 (4,177 ) 14,989 Interest 19,867 — 6,801 — 26,668 Depreciation and amortization 1,469 — 60,702 — 62,171 Impairment of real estate — — — — — Loss on early extinguishment of debt 189 — — — 189 Total expenses 34,748 — 135,696 (4,177 ) 166,267 Equity in earnings of unconsolidated joint ventures — — 541 — 541 Equity in earnings of affiliates 69,406 65,246 1,270 (135,922 ) — Net income 38,167 65,246 70,939 (135,922 ) 38,430 Dividends on preferred stock (6,246 ) — — — (6,246 ) Net income attributable to noncontrolling interests — — (263 ) — (263 ) Net income attributable to unvested restricted stock awards (630 ) — — — (630 ) Net income attributable to Alexandria’s common stockholders $ 31,291 $ 65,246 $ 70,676 $ (135,922 ) $ 31,291 Condensed Consolidating Statement of Income for the Three Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 134,992 $ — $ 134,992 Tenant recoveries — — 40,944 — 40,944 Other income 2,916 (1,535 ) 2,532 (3,447 ) 466 Total revenues 2,916 (1,535 ) 178,468 (3,447 ) 176,402 Expenses: Rental operations — — 52,353 — 52,353 General and administrative 11,506 — 5,777 (3,447 ) 13,836 Interest 12,493 — 4,940 — 17,433 Depreciation and amortization 1,456 — 55,858 — 57,314 Total expenses 25,455 — 118,928 (3,447 ) 140,936 Equity in earnings of affiliates 57,355 56,302 1,081 (114,738 ) — Income from continuing operations 34,816 54,767 60,621 (114,738 ) 35,466 Loss from discontinued operations (7 ) — (140 ) — (147 ) Gain on sales of real estate – land parcels — — 797 — 797 Net income 34,809 54,767 61,278 (114,738 ) 36,116 Dividends on preferred stock (6,472 ) — — — (6,472 ) Net income attributable to noncontrolling interests — — (1,307 ) — (1,307 ) Net income attributable to unvested restricted stock awards (405 ) — — — (405 ) Net income attributable to Alexandria’s common stockholders $ 27,932 $ 54,767 $ 59,971 $ (114,738 ) $ 27,932 Condensed Consolidating Statement of Income for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 295,413 $ — $ 295,413 Tenant recoveries — — 97,988 — 97,988 Other income 6,535 (41 ) 8,989 (7,975 ) 7,508 Total revenues 6,535 (41 ) 402,390 (7,975 ) 400,909 Expenses: Rental operations — — 123,473 — 123,473 General and administrative 25,449 — 11,902 (7,975 ) 29,376 Interest 37,024 — 12,880 — 49,904 Depreciation and amortization 2,716 — 118,375 — 121,091 Impairment of real estate — — 14,510 — 14,510 Loss on early extinguishment of debt 189 — — — 189 Total expenses 65,378 — 281,140 (7,975 ) 338,543 Equity in earnings of unconsolidated joint ventures — — 1,115 — 1,115 Equity in earnings of affiliates 121,526 110,836 2,187 (234,549 ) — Income from continuing operations 62,683 110,795 124,552 (234,549 ) 63,481 Loss from discontinued operations — — (43 ) — (43 ) Net income 62,683 110,795 124,509 (234,549 ) 63,438 Dividends on preferred stock (12,493 ) — — — (12,493 ) Net income attributable to noncontrolling interests — — (755 ) — (755 ) Net income attributable to unvested restricted stock awards (1,113 ) — — — (1,113 ) Net income attributable to Alexandria’s common stockholders $ 49,077 $ 110,795 $ 123,754 $ (234,549 ) $ 49,077 Condensed Consolidating Statement of Income for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 265,562 $ — $ 265,562 Tenant recoveries — — 82,626 — 82,626 Other income 5,835 (1,535 ) 7,165 (7,065 ) 4,400 Total revenues 5,835 (1,535 ) 355,353 (7,065 ) 352,588 Expenses: Rental operations — — 104,860 — 104,860 General and administrative 22,366 — 11,759 (7,065 ) 27,060 Interest 26,032 — 10,524 — 36,556 Depreciation and amortization 2,927 — 104,808 — 107,735 Total expenses 51,325 — 231,951 (7,065 ) 276,211 Equity in earnings of affiliates 119,860 114,608 2,229 (236,697 ) — Income from continuing operations 74,370 113,073 125,631 (236,697 ) 76,377 Loss from discontinued operations (7 ) — (302 ) — (309 ) Gain on sales of real estate – land parcels — — 797 — 797 Net income 74,363 113,073 126,126 (236,697 ) 76,865 Dividends on preferred stock (12,943 ) — — — (12,943 ) Net income attributable to noncontrolling interests — — (2,502 ) — (2,502 ) Net income attributable to unvested restricted stock awards (779 ) — — — (779 ) Net income attributable to Alexandria’s common stockholders $ 60,641 $ 113,073 $ 123,624 $ (236,697 ) $ 60,641
Condensed consolidating statement comprehensive income	Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 38,167 $ 65,246 $ 70,939 $ (135,922 ) $ 38,430 Other comprehensive (loss) income: Unrealized gains on marketable securities: Unrealized holding gains arising during the period — 76 55,325 — 55,401 Reclassification adjustment for losses included in net income — — 1,362 — 1,362 Unrealized gains on marketable securities — 76 56,687 — 56,763 Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (1,225 ) — — — (1,225 ) Reclassification adjustment for amortization of interest income included in net income 710 — — — 710 Unrealized losses on interest rate swap agreements (515 ) — — — (515 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses during the period — — (1,507 ) — (1,507 ) Reclassification adjustment for losses included in net income — — — — — Unrealized losses on foreign currency translation — — (1,507 ) — (1,507 ) Total other comprehensive (loss) income (515 ) 76 55,180 — 54,741 Comprehensive income 37,652 65,322 126,119 (135,922 ) 93,171 Less: comprehensive income attributable to noncontrolling interests — — (237 ) — (237 ) Comprehensive income attributable to Alexandria’s common stockholders $ 37,652 $ 65,322 $ 125,882 $ (135,922 ) $ 92,934 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 34,809 $ 54,767 $ 61,278 $ (114,738 ) $ 36,116 Other comprehensive (loss) income: Unrealized gains (losses) on marketable securities: Unrealized holding gains (losses) arising during the period — 310 (3,044 ) — (2,734 ) Reclassification adjustment for losses included in net income — — 406 — 406 Unrealized gains (losses) on marketable securities — 310 (2,638 ) — (2,328 ) Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (2,526 ) — — — (2,526 ) Reclassification adjustment for amortization of interest expense included in net income 1,123 — — — 1,123 Unrealized losses on interest rate swap agreements (1,403 ) — — — (1,403 ) Unrealized foreign currency translation gains — — 5,915 — 5,915 Total other comprehensive (loss) income (1,403 ) 310 3,277 — 2,184 Comprehensive income 33,406 55,077 64,555 (114,738 ) 38,300 Less: comprehensive income attributable to noncontrolling interests — — (1,307 ) — (1,307 ) Comprehensive income attributable to Alexandria’s common stockholders $ 33,406 $ 55,077 $ 63,248 $ (114,738 ) $ 36,993 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 62,683 $ 110,795 $ 124,509 $ (234,549 ) $ 63,438 Other comprehensive (loss) income: Unrealized gains on marketable securities: Unrealized holding gains arising during the period — 22 83,814 — 83,836 Reclassification adjustment for losses included in net income — 41 2,424 — 2,465 Unrealized gains on marketable securities — 63 86,238 — 86,301 Unrealized losses on interest rate swap agreements: Unrealized interest rate swap losses arising during the period (4,238 ) — — — (4,238 ) Reclassification adjustment for amortization of interest income included in net income 1,215 — — — 1,215 Unrealized losses on interest rate swap agreements (3,023 ) — — — (3,023 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses during the period — — (7,778 ) — (7,778 ) Reclassification adjustment for losses included in net income — — 9,236 — 9,236 Unrealized losses on foreign currency translation — — 1,458 — 1,458 Total other comprehensive (loss) income (3,023 ) 63 87,696 — 84,736 Comprehensive income 59,660 110,858 212,205 (234,549 ) 148,174 Less: comprehensive income attributable to noncontrolling interests — — (883 ) — (883 ) Comprehensive income attributable to Alexandria’s common stockholders $ 59,660 $ 110,858 $ 211,322 $ (234,549 ) $ 147,291 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 74,363 $ 113,073 $ 126,126 $ (236,697 ) $ 76,865 Other comprehensive income: Unrealized gains on marketable securities: Unrealized holding gains arising during the year — 310 15,735 — 16,045 Reclassification adjustment for losses included in net income — — 406 — 406 Unrealized gains on marketable securities — 310 16,141 — 16,451 Unrealized gains on interest rate swap agreements: Unrealized interest rate swap losses arising during the year (3,914 ) — — — (3,914 ) Reclassification adjustment for amortization of interest expense included in net income 4,613 — — — 4,613 Unrealized gains on interest rate swap agreements 699 — — — 699 Unrealized foreign currency translation gains — — 2,809 — 2,809 Total other comprehensive income 699 310 18,950 — 19,959 Comprehensive income 75,062 113,383 145,076 (236,697 ) 96,824 Less: comprehensive income attributable to noncontrolling interests — — (2,502 ) — (2,502 ) Comprehensive income attributable to Alexandria’s common stockholders $ 75,062 $ 113,383 $ 142,574 $ (236,697 ) $ 94,322
Condensed consolidating statement cash flows	Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 62,683 $ 110,795 $ 124,509 $ (234,549 ) $ 63,438 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 2,716 — 118,375 — 121,091 Loss on early extinguishment of debt 189 — — — 189 Impairment of real estate — — 14,510 — 14,510 Equity in earnings from unconsolidated joint ventures — — (1,115 ) — (1,115 ) Distributions of earnings from unconsolidated joint ventures — — 648 — 648 Amortization of loan fees 3,852 — 1,871 — 5,723 Amortization of debt discounts (premiums) 161 — (343 ) — (182 ) Amortization of acquired below-market leases — — (1,939 ) — (1,939 ) Deferred rent — — (23,193 ) — (23,193 ) Stock compensation expense 7,744 — — — 7,744 Equity in earnings of affiliates (121,526 ) (110,836 ) (2,187 ) 234,549 — Investment gains — — (13,710 ) — (13,710 ) Investment losses — 41 7,836 — 7,877 Changes in operating assets and liabilities: Restricted cash (7 ) — 117 — 110 Tenant receivables — — 1,243 — 1,243 Deferred leasing costs — — (24,503 ) — (24,503 ) Other assets (6,208 ) — 1,287 — (4,921 ) Accounts payable, accrued expenses, and tenant security deposits 10,367 — (11,977 ) — (1,610 ) Net cash (used in) provided by operating activities (40,029 ) — 191,429 — 151,400 Investing Activities Proceeds from sale of real estate — — 92,455 — 92,455 Additions to real estate — — (226,302 ) — (226,302 ) Purchase of real estate — — (137,493 ) — (137,493 ) Deposits for investing activities — — (15,501 ) — (15,501 ) Investment in unconsolidated real estate entities — — (3,182 ) — (3,182 ) Investments in subsidiaries (199,541 ) (82,309 ) (1,711 ) 283,561 — Additions to investments — — (52,738 ) — (52,738 ) Sales of investments — 6 22,468 — 22,474 Repayment of notes receivable — — 4,247 — 4,247 Net cash used in investing activities $ (199,541 ) $ (82,303 ) $ (317,757 ) $ 283,561 $ (316,040 ) Condensed Consolidating Statement of Cash Flows (continued) for the Six Months Ended June 30, 2015 (In thousands) (Unaudited) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 42,867 $ — $ 42,867 Repayments of borrowings from secured notes payable — — (10,075 ) — (10,075 ) Borrowings from unsecured senior line of credit 915,000 — — — 915,000 Repayments of borrowings from unsecured senior line of credit (595,000 ) — — — (595,000 ) Repayments of borrowings from unsecured senior bank term loans (25,000 ) — — — (25,000 ) Transfer to/from parent company 43,457 82,240 157,864 (283,561 ) — Change in restricted cash related to financing activities — — (1,520 ) — (1,520 ) Loan fees (2,104 ) — (1,455 ) — (3,559 ) Proceeds from the issuance of common stock 5,052 — — — 5,052 Dividends on common stock (106,603 ) — — — (106,603 ) Dividends on preferred stock (12,493 ) — — — (12,493 ) Contributions by noncontrolling interests — — 340 — 340 Distributions to and purchases of noncontrolling interests — — (61,890 ) — (61,890 ) Net cash provided by financing activities 222,309 82,240 126,131 (283,561 ) 147,119 Effect of foreign exchange rate changes on cash and cash equivalents — — 127 — 127 Net decrease in cash and cash equivalents (17,261 ) (63 ) (70 ) — (17,394 ) Cash and cash equivalents as of the beginning of period 52,491 63 33,457 — 86,011 Cash and cash equivalents as of the end of period $ 35,230 $ — $ 33,387 $ — $ 68,617 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest, net of interest capitalized $ 33,695 $ — $ 10,637 $ — $ 44,332 Non-Cash Investing Activities Change in accrued construction $ — $ — $ (27,469 ) $ — $ (27,469 ) Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (82,000 ) $ — $ (82,000 ) Non-Cash Financing Activities Payable for purchase of noncontrolling interest $ (52,672 ) $ — $ — $ — $ (52,672 ) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 74,363 $ 113,073 $ 126,126 $ (236,697 ) $ 76,865 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 2,927 — 104,808 — 107,735 Gain on sale of land parcel — — (797 ) — (797 ) Amortization of loan fees 3,542 — 1,762 — 5,304 Amortization of debt discounts 80 — 56 — 136 Amortization of acquired below-market leases — — (1,434 ) — (1,434 ) Deferred rent — — (24,619 ) — (24,619 ) Stock compensation expense 6,304 — — — 6,304 Equity in earnings of affiliates (119,860 ) (114,608 ) (2,229 ) 236,697 — Investment gains — — (6,225 ) — (6,225 ) Investment losses — 1,535 3,705 — 5,240 Changes in operating assets and liabilities: Restricted cash (9 ) — 9 — — Tenant receivables — — (735 ) — (735 ) Deferred leasing costs — — (17,452 ) — (17,452 ) Other assets (4,264 ) — (1,652 ) — (5,916 ) Accounts payable, accrued expenses, and tenant security deposits 20,850 — (20,765 ) — 85 Net cash (used in) provided by operating activities (16,067 ) — 160,558 — 144,491 Investing Activities Proceeds from sale of properties — — 17,868 — 17,868 Additions to real estate — — (210,792 ) — (210,792 ) Purchase of real estate — — (97,785 ) — (97,785 ) Change in restricted cash related to construction projects — — 5,650 — 5,650 Investment in unconsolidated joint venture — — (1,405 ) — (1,405 ) Investments in subsidiaries (235,931 ) (205,546 ) (8,095 ) 449,572 — Additions to investments — — (25,358 ) — (25,358 ) Sales of investments — — 8,794 — 8,794 Proceeds from repayment of note receivable — — 29,851 — 29,851 Net cash used in investing activities $ (235,931 ) $ (205,546 ) $ (281,272 ) $ 449,572 $ (273,177 ) Condensed Consolidating Statement of Cash Flows (continued) for the Six Months Ended June 30, 2014 (In thousands) (Unaudited) 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 $ — $ — $ 77,762 $ — $ 77,762 Repayments of borrowings from secured notes payable — — (219,427 ) — (219,427 ) Borrowings from unsecured senior line of credit 637,000 — — — 637,000 Repayments of borrowings from unsecured senior line of credit (270,000 ) — — — (270,000 ) Transfer to/from parent company 103 205,546 243,923 (449,572 ) — Change in restricted cash related to financing activities — — 1,212 — 1,212 Loan fees (44 ) — (266 ) — (310 ) Dividends on common stock (98,867 ) — — — (98,867 ) Dividends on preferred stock (12,943 ) — — — (12,943 ) Contributions by noncontrolling interests — — 19,410 — 19,410 Distributions to noncontrolling interests — — (1,983 ) — (1,983 ) Net cash provided by financing activities 255,249 205,546 120,631 (449,572 ) 131,854 Effect of foreign exchange rate changes on cash and cash equivalents — — 837 — 837 Net increase in cash and cash equivalents 3,251 — 754 — 4,005 Cash and cash equivalents as of the beginning of period 14,790 — 42,906 — 57,696 Cash and cash equivalents as of the end of period $ 18,041 $ — $ 43,660 $ — $ 61,701 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest, net of interest capitalized $ 22,218 $ — $ 9,704 $ — $ 31,922 Non-Cash Investing Activities Change in accrued construction $ — $ — $ 592 $ — $ 592 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (48,329 ) $ — $ (48,329 )

Background (Details)

Background (Details) - Jun. 30, 2015 $ in Billions	USD ($)ft²
Nature of Business [Line Items]
Square Footage of Real Estate Property, Future Development	12,253,751
Total Square Footage of Asset Base	31,071,674
Total Market Capitalization | $	$ 10.7
Investment-grade client tenants as a percentage of total annualized base rent	53.00%
Percentage of leases containing effective annual rent escalations	94.00%
Percentage of leases which are triple net leases	96.00%
Percentage of leases providing for recapture of certain capital expenditures	94.00%
Minimum
Nature of Business [Line Items]
Effective annual rent escalations (as a percent)	3.00%
Maximum
Nature of Business [Line Items]
Effective annual rent escalations (as a percent)	3.50%

Background Schedule of rentable

Background Schedule of rentable square feet (Details)	Jun. 30, 2015ft²
Real Estate Properties [Line Items]
Area of Real Estate Property	18,817,923
Square Footage of Real Estate Property, Future Development	12,253,751
Total Square Footage of Asset Base	31,071,674
Operating properties [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property	16,822,194
Development [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property	1,995,729
Near-term value-creation projects in North America (CIP)
Real Estate Properties [Line Items]
Square Footage of Real Estate Property, Future Development	2,026,669
Land held for future development in North America
Real Estate Properties [Line Items]
Square Footage of Real Estate Property, Future Development	10,227,082
North America [Member] | Land held for future development in North America
Real Estate Properties [Line Items]
Square Footage of Real Estate Property, Future Development	3,807,375
Asia [Member] | Land held for future development in North America
Real Estate Properties [Line Items]
Square Footage of Real Estate Property, Future Development	6,419,707

Basis of presentation (Details)

Basis of presentation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of unconsolidated joint ventures	2		2
Percent of Taxable Income, Generally Distributed as Dividend			100.00%
Maximum Expected Period for Collection of Receivables			1 year
Basis of presentation
Maximum expected period of sale of property (in years)			1 year
Cost method investment ownership percentage	10.00%		10.00%		10.00%
Minimum percentage of taxable income to be distributed			90.00%
Interest income included in other income	$ 379,000	$ 911,000	$ 864,000	$ 1,773,000
Allowance for Doubtful Accounts Receivable	$ 0		$ 0		$ 0
Land improvements
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life			20 years
Buildings and building improvements | Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life			40 years

Basis of presentation Other Inc

Basis of presentation Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Professional Fees	$ 257	$ 916	$ 811	$ 1,642
Interest income included in other income	379	911	864	1,773
Gain (Loss) on Investments	2,121	(1,361)	5,833	985
Other income	$ 2,757	$ 466	$ 7,508	$ 4,400

Investments in real estate, n38

Investments in real estate, net Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 683,670	$ 624,681
Rental properties	7,608,220	6,988,313
Land/future value-added projects:
Land available for development	509,006	683,101
Real Estate Investment Property, at Cost	8,526,845	8,228,855
Less: accumulated depreciation	(1,205,025)	(1,120,245)
Equity Method Investments	121,055	117,406
Real Estate Investments Property, including Unconsolidated Joint Ventures, at Cost	8,647,900	8,346,261
Investments in real estate, net	7,442,875	7,226,016
Investment Building and Building Improvements	6,690,157	6,171,504
Improvements Others	234,393	192,128
Construction in progress ("CIP")/current value-added projects:
Construction in progress ("CIP")/current value-added projects:
Development in process	409,619	557,441
Active development in North America | North America [Member]
Construction in progress ("CIP")/current value-added projects:
Development in process	409,619	500,894
Active redevelopment in North America | North America [Member]
Construction in progress ("CIP")/current value-added projects:
Development in process	0	42,482
Active development and redevelopment in Asia | Asia [Member]
Construction in progress ("CIP")/current value-added projects:
Development in process	0	14,065
Current, Near-Term and Future Value-Creation Projects [Member]
Land/future value-added projects:
Real Estate Investment Property, at Cost	8,017,839	7,545,754
Land undergoing predevelopment activities (CIP) in North America (2) | North America [Member]
Land/future value-added projects:
Land available for development	246,111	429,378
Land held for future development in North America
Land/future value-added projects:
Land available for development	262,895	253,723
Land held for future development in North America | North America [Member]
Land/future value-added projects:
Land available for development	183,984	175,175
Land held for future development in North America | Asia [Member]
Land/future value-added projects:
Land available for development	78,911	78,548
Current, Near-Term and Future Value-Creation Projects [Member]
Land/future value-added projects:
Real Estate Investment Property, at Cost	918,625	1,240,542
50, 60, and 100 Binney Street Project [Member] | Land undergoing predevelopment activities (CIP) in North America (2) | North America [Member]
Land/future value-added projects:
Land available for development	140,488	321,907	[1]
Other Projects in North America [Member] | Land undergoing predevelopment activities (CIP) in North America (2) | North America [Member]
Land/future value-added projects:
Land available for development	$ 105,623	$ 107,471
[1]	Includes amounts related to 100 Binney Street as of June 30, 2015, and 50, 60, and 100 Binney Street as of December 31, 2014.

Investments in real estate, n39

Investments in real estate, net Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Payments to acquire real estate property	$ 327,200
Area of Real Estate Property | ft²	18,817,923
Assumption of secured notes payable in connection with purchase of properties	$ 82,000	$ 48,329
Number of Land Parcels	2
Operating properties [Member]
Business Acquisition [Line Items]
Number of Businesses Acquired	1
Noncontrolling Interests
Business Acquisition [Line Items]
Number of Businesses Acquired	7

Investments in real estate, n40

Investments in real estate, net Development and redevelopment projects (Details) $ in Thousands	Jun. 30, 2015USD ($)ft²property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Land available for development | $	$ 509,006	$ 683,101
Area of Real Estate Property	18,817,923
Square Footage of Real Estate Property, Future Development	12,253,751
Land Held for Future Development [Member]
Real Estate Properties [Line Items]
Land available for development | $	$ 262,900
Square Footage of Real Estate Property, Future Development	10,200,000
Near-term value-creation projects in North America (CIP)
Real Estate Properties [Line Items]
Land available for development | $	$ 246,100
Area of Real Estate Property	2,026,669
Development [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	8
North America [Member] | Development [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property	2,600,000
Construction in Progress [Member] | North America [Member] | Development [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property	2,000,000
Unconsolidated Joint Venture | Development [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property	2

Investments in real estate, n41

Investments in real estate, net Investment in unconsolidated entity (Details) - Lease Arrangement, Type [Domain] $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²Extension_OptionRate	Mar. 31, 2015	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Foreign Currency Exchange Rate, Translation		9,200,000
Area of Real Estate Property | ft²		18,817,923
Payments to acquire real estate property		$ 327,200
Rentable Square Footage of Real Estate Property, Operating Properties | ft²		209,628
Equity Method Investments		$ 121,055		$ 117,406
INDIA
Schedule of Equity Method Investments [Line Items]
Foreign Currency Exchange Rate, Translation			4,200,000
Secured Debt from Bank Maturing on 1 April 2017 [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Number of One-Year Maturity Date Extension Option | Extension_Option		2
Longwood [Member] | Greater Boston market
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property | ft²		413,536
Expected Total Joint Venture Development Cost		$ 350,000
Real estate occupancy percentage		51.00%
Real Estate, Lease Negotiating Percentage		63.00%
Equity Method Investments		$ 49,700
Longwood [Member] | Greater Boston market | Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Equity interest percentage (in percent)		27.50%
Longwood [Member] | Aggregate Commitments [Member] | Greater Boston market
Schedule of Equity Method Investments [Line Items]
Long-term Construction Loan		$ 213,200
Longwood [Member] | Outstanding Balance [Member] | Greater Boston market
Schedule of Equity Method Investments [Line Items]
Long-term Construction Loan		170,500
Longwood [Member] | Remaining Commitments [Member] | Greater Boston market
Schedule of Equity Method Investments [Line Items]
Long-term Construction Loan		$ 42,700
1455/1515 Third Street [Member] | San Franciso Bay Area [Member]
Schedule of Equity Method Investments [Line Items]
Real estate occupancy percentage | Rate		100.00%
Length of Lease		15 years
Equity Method Investments		$ 71,300
1455/1515 Third Street [Member] | San Franciso Bay Area [Member]
Schedule of Equity Method Investments [Line Items]
Area of Real Estate Property | ft²		422,980
Payments to acquire real estate property	$ 125,000
Alexandria [Member] | 1455/1515 Third Street [Member] | San Franciso Bay Area [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest percentage (in percent)		51.00%
Uber Technologies, Inc. [Member] | 1455/1515 Third Street [Member] | San Franciso Bay Area [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest percentage (in percent)		49.00%

Investments in real estate, n42

Investments in real estate, net Land undergoing predevelopment and future development (Details) - Geographical [Domain]	Jun. 30, 2015ft²
Real Estate Properties [Line Items]
Area of Real Estate Property	18,817,923
Near-term value-creation projects in North America (CIP)
Real Estate Properties [Line Items]
Area of Real Estate Property	2,026,669

Investments in real estate, n43

Investments in real estate, net Dispositions (Details) $ in Thousands, number in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2015USD ($)ft²property	Mar. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)ft²	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)
Dispositions [Line Items]
Proceeds from sale of properties					$ 92,455	$ 17,868
Foreign Currency Exchange Rate, Translation	9.2				9.2
Area of Real Estate Property | ft²	18,817,923				18,817,923
Impairment of real estate	$ 0		$ 16,600	$ 0	$ 14,510	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	$ 0			$ 0	$ (9,236)	$ 0
CANADA
Dispositions [Line Items]
Foreign Currency Exchange Rate, Translation			5
INDIA
Dispositions [Line Items]
Proceeds from sale of properties		$ 12,400
Foreign Currency Exchange Rate, Translation		4.2
Impairment of real estate		$ 14,500
Development [Member] | North America [Member]
Dispositions [Line Items]
Area of Real Estate Property | ft²	2,600,000				2,600,000
Development [Member] | India Properties [Member]
Dispositions [Line Items]
Area of Real Estate Property | ft²			175,000
Near-term value-creation projects in North America (CIP)
Dispositions [Line Items]
Area of Real Estate Property | ft²	2,026,669				2,026,669
Land and Land Improvements [Member] | CANADA
Dispositions [Line Items]
Proceeds from sale of properties					$ 54,100
Income-producing assets [Member] | PENNSYLVANIA
Dispositions [Line Items]
Proceeds from sale of properties		$ 1,900
Area of Real Estate Property | ft²		21,859
270 Third Street [Member]
Dispositions [Line Items]
Number of units in real estate property | property	91				91
Sales price					$ 43,000
Proceeds from sale of properties					25,500
Contractual Obligation	$ (17,500)				$ (17,500)

Investments Summary of Investme

Investments Summary of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments [Abstract]
“Available-for-sale” marketable equity securities, cost basis	$ 33,897	$ 21,898
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax	139,459	53,625
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax	(791)	(1,258)
“Available-for-sale” marketable equity securities, at fair value	172,565	74,265
Investments accounted for under cost method	188,049	162,124
Investments	$ 360,614	$ 236,389

Investments Investment Income (

Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments [Abstract]
Gain on Sale of Investments	$ 7,773	$ 2,185	$ 13,710	$ 6,225
Investment losses	(5,652)	(3,546)	(7,877)	(5,240)
Investment income (loss)	$ 2,121	$ (1,361)	$ 5,833	$ 985

Fair value measurements Assets

Fair value measurements Assets and Liabilities on Recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014	Dec. 31, 2014USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers in Fair Value Hierarchy	0	0
Assets:
“Available-for-sale” marketable equity securities	$ 172,565		$ 74,265
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	3,932		909
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets
Assets:
“Available-for-sale” marketable equity securities	172,565		74,265
Interest Rate Derivative Assets, at Fair Value	0
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	0		0
Fair value measured on recurring basis | Significant Other Observable Inputs
Assets:
“Available-for-sale” marketable equity securities	0		0
Interest Rate Derivative Assets, at Fair Value	19
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	3,951		909
Fair value measured on recurring basis | Significant Other Observable Inputs
Assets:
“Available-for-sale” marketable equity securities	0		0
Interest Rate Derivative Assets, at Fair Value	0
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	0		0
Estimate of Fair Value Measurement [Member]
Assets:
“Available-for-sale” marketable equity securities	172,565		74,265
Interest Rate Derivative Assets, at Fair Value	19		0
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	3,951
Senior Notes Fair Value Disclosure	1,782,455		1,793,255
Unsecured Bank Term Loans Fair Value Disclosure	953,387		976,010
Estimate of Fair Value Measurement [Member] | Fair value measured on recurring basis
Assets:
“Available-for-sale” marketable equity securities	172,565		74,265
Interest Rate Derivative Assets, at Fair Value	19
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	3,951		909
Book Value
Assets:
“Available-for-sale” marketable equity securities	172,565		74,265
Interest Rate Derivative Assets, at Fair Value	19		0
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value	3,951		909
Senior Notes Fair Value Disclosure	1,747,531		1,747,370
Unsecured Bank Term Loans Fair Value Disclosure	$ 950,000		$ 975,000

Fair value measurements Book an

Fair value measurements Book and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
“Available-for-sale” marketable equity securities	$ 172,565	$ 74,265
Interest Rate Derivative Liabilities, at Fair Value	3,932	909
Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
“Available-for-sale” marketable equity securities	172,565	74,265
Interest Rate Derivative Assets, at Fair Value	19	0
Interest Rate Derivative Liabilities, at Fair Value	3,951	909
Secured notes payable	771,435	652,209
Senior Notes Fair Value Disclosure	1,747,531	1,747,370
Unsecured senior line of credit	624,000	304,000
Unsecured Bank Term Loans Fair Value Disclosure	950,000	975,000
Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
“Available-for-sale” marketable equity securities	172,565	74,265
Interest Rate Derivative Assets, at Fair Value	19	0
Interest Rate Derivative Liabilities, at Fair Value	3,951
Secured notes payable	801,330	693,338
Senior Notes Fair Value Disclosure	1,782,455	1,793,255
Unsecured senior line of credit	624,207	304,369
Unsecured Bank Term Loans Fair Value Disclosure	$ 953,387	$ 976,010

Secured and unsecured senior 48

Secured and unsecured senior debt Narratives (Details) - Related Party [Domain] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Repayments of Unsecured Debt				$ 25,000	$ 0
Effective rate (as a percent)	[1]	3.07%		3.07%
Loss on early extinguishment of debt		$ 189	$ 0	$ 189	$ 0
Unsecured Bank Term Loan 2021 [Member]
Debt Instrument [Line Items]
Effective rate (as a percent)	[1]	1.52%		1.52%
Outstanding Balance		$ 350,000		$ 350,000
Construction Loans [Member]
Debt Instrument [Line Items]
Outstanding Balance		215,095		215,095
Secured Debt from Bank Maturing on 1 July 2016 [Member] | Construction Loans [Member] | San Franciso Bay Area [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 47,183		$ 47,183
[1]	Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees.

Secured and unsecured senior 49

Secured and unsecured senior debt Summary of secured and unsecured debt (Details) - Jun. 30, 2015 - USD ($) $ in Thousands		Total
Debt Instrument [Line Items]
Fixed Rate/Hedged Variable Rate		$ 3,177,871
Unhedged Variable rate		915,095
Total Consolidated		$ 4,092,966
Percentage of Total		100.00%
Weighted Average Interest Rate at End of Period	[1]	3.07%
Weighted Average Remaining Terms (in years)		5 years 4 months 24 days
Percentage of fixed rate/hedged total debt		78.00%
Percentage of unhedged floating rate total debt		22.00%
Construction Loans [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 215,095
Secured notes payable
Debt Instrument [Line Items]
Fixed Rate/Hedged Variable Rate		480,340
Unhedged Variable rate		291,095
Total Consolidated		$ 771,435
Percentage of Total		18.80%
Weighted Average Interest Rate at End of Period	[1]	4.25%
Weighted Average Remaining Terms (in years)		2 years 10 months 24 days
Stated interest rate (as a percent)		4.37%
Senior Notes [Member]
Debt Instrument [Line Items]
Fixed Rate/Hedged Variable Rate		$ 1,747,531
Unhedged Variable rate		0
Total Consolidated		$ 1,747,531
Percentage of Total		42.70%
Weighted Average Interest Rate at End of Period		3.98%
Weighted Average Remaining Terms (in years)		7 years 9 months 18 days
$1.5 billion unsecured senior line of credit
Debt Instrument [Line Items]
Outstanding Balance		$ 624,000
Fixed Rate/Hedged Variable Rate		0
Unhedged Variable rate		624,000
Total Consolidated		$ 624,000
Percentage of Total		15.20%
Weighted Average Interest Rate at End of Period	[1],[2]	1.22%
Weighted Average Remaining Terms (in years)		3 years 6 months
2019 Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Outstanding Balance		$ 600,000
Fixed Rate/Hedged Variable Rate		600,000
Unhedged Variable rate		0
Total Consolidated		$ 600,000
Percentage of Total		14.70%
Weighted Average Interest Rate at End of Period	[1]	1.71%
Weighted Average Remaining Terms (in years)		3 years 6 months
2016 Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Fixed Rate/Hedged Variable Rate		$ 350,000
Unhedged Variable rate		0
Total Consolidated		$ 350,000
Percentage of Total		8.60%
Weighted Average Remaining Terms (in years)		5 years 6 months
LIBOR | Secured Debt from Bank Maturing on 1 July 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Applicable margin (as a percent)		1.50%
LIBOR | $1.5 billion unsecured senior line of credit
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Applicable margin (as a percent)	[3]	1.10%
LIBOR | 2019 Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Applicable margin (as a percent)		1.20%
LIBOR | 2016 Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Applicable margin (as a percent)		1.10%
LIBOR | San Franciso Bay Area [Member] | Secured Debt from Bank Maturing on 1 July 2015 [Member] | Construction Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Applicable margin (as a percent)		1.50%
[1]	Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees.
[2]	Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate of LIBOR+1.10%. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.20%, based on the aggregate commitments outstanding.
[3]	We have two, one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions.

Secured and unsecured senior 50

Secured and unsecured senior debt Detail of secured and unsecured debt (Details) - Jun. 30, 2015 $ in Thousands		USD ($)Extension_Option
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		$ 3,177,871
Unhedged Variable rate		915,095
Total Consolidated		4,092,966
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		4,056,460
Debt Instrument, Annual Principal Payment		$ 36,506
Effective rate (as a percent)	[1]	3.07%
2,015
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		$ 4,524
Unhedged Variable rate		0
Total Consolidated		4,524
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		0
Debt Instrument, Annual Principal Payment		4,524
2,016
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		241,973
Unhedged Variable rate		67,814
Total Consolidated		309,787
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		304,713
Debt Instrument, Annual Principal Payment		5,074
2,017
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		3,615
Unhedged Variable rate		223,281
Total Consolidated		226,896
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		223,281
Debt Instrument, Annual Principal Payment		3,615
2,018
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		4,932
Unhedged Variable rate		0
Total Consolidated		4,932
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		0
Debt Instrument, Annual Principal Payment		4,932
2019 [Member]
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		605,578
Unhedged Variable rate		624,000
Total Consolidated		1,229,578
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		1,224,000
Debt Instrument, Annual Principal Payment		5,578
Maturity Date After 2019 [Member]
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		2,317,249
Unhedged Variable rate		0
Total Consolidated		2,317,249
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		2,304,466
Debt Instrument, Annual Principal Payment		12,783
Secured notes payable
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		480,340
Unhedged Variable rate		291,095
Total Consolidated		$ 771,435
Stated interest rate (as a percent)		4.37%
Effective rate (as a percent)	[1]	4.25%
Future principal payments due on secured and unsecured debt
Due Current Year		$ (4,689)
Due Next Year		310,124
Due Year Three		227,246
Due Year Four		5,294
Due Year Five		5,953
Thereafter		$ 218,129
Secured Debt from Bank Maturing on 1 July 2016 [Member]
Summary of fixed rate/hedged and floating rate debt
Effective rate (as a percent)	[1]	1.69%
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		47,183
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		$ 0
CMBS maturing on 1/1/16
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		5.73%
Effective rate (as a percent)	[1]	5.73%
Maturity Date	[2]	Jan. 1, 2016
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 914
Future principal payments due on secured and unsecured debt
Due Next Year		75,501
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 76,415
CMBS maturing on 4/1/16
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		5.82%
Effective rate (as a percent)	[1]	5.82%
Maturity Date	[2]	Apr. 1, 2016
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 494
Future principal payments due on secured and unsecured debt
Due Next Year		29,389
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 29,883
Secured Debt Maturing On 15 April 2016
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		5.74%
Effective rate (as a percent)	[1]	3.00%
Maturity Date	[2]	Apr. 15, 2016
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 88
Future principal payments due on secured and unsecured debt
Due Next Year		6,916
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 7,004
Secured notes payable maturing on 06/1/16
Summary of fixed rate/hedged and floating rate debt
Effective rate (as a percent)	[1]	1.59%
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		20,631
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 20,631
CMBS maturing on 8/1/16
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		6.35%
Effective rate (as a percent)	[1]	6.35%
Maturity Date	[2]	Aug. 1, 2016
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 1,313
Future principal payments due on secured and unsecured debt
Due Next Year		126,715
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 128,028
Secured Debt from Bank Maturing on 20 January 2017
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		2.17%
Effective rate (as a percent)	[1]	2.17%
Maturity Date	[2]	Jan. 20, 2017
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		76,000
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 76,000
Secured Debt Maturing on 23 August 2017 [Member]
Summary of fixed rate/hedged and floating rate debt
Effective rate (as a percent)	[1]	1.54%
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Number of extensions available under line of credit | Extension_Option		1
Future principal payments due on secured and unsecured debt
Due Next Year		$ 0
Due Year Three		147,281
Due Year Four		0
Due Year Five		0
Thereafter		0
Outstanding Balance		$ 147,281
Secured Debt Other Maturing 1 April 2020
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		7.75%
Effective rate (as a percent)	[1]	7.75%
Maturity Date	[2]	Apr. 1, 2020
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 800
Future principal payments due on secured and unsecured debt
Due Next Year		1,696
Due Year Three		1,832
Due Year Four		1,979
Due Year Five		2,138
Thereafter		104,352
Outstanding Balance		$ 112,797
Secured Debt Maturing on January 2023
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		4.66%
Effective rate (as a percent)	[1]	4.66%
Maturity Date	[2]	Jan. 1, 2023
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 703
Future principal payments due on secured and unsecured debt
Due Next Year		1,464
Due Year Three		1,540
Due Year Four		1,614
Due Year Five		1,692
Thereafter		31,674
Outstanding Balance		$ 38,687
Secured debt maturing in 2023 [Member]
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		3.93%
Effective rate (as a percent)	[1]	3.10%
Maturity Date	[2]	Mar. 10, 2023
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		1,091
Due Year Five		1,505
Thereafter		79,404
Outstanding Balance		$ 82,000
Secured notes payable from bank maturing on 6/1/37
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		6.50%
Effective rate (as a percent)	[1]	6.50%
Maturity Date	[2]	Jul. 1, 2036
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 10
Future principal payments due on secured and unsecured debt
Due Next Year		19
Due Year Three		20
Due Year Four		22
Due Year Five		23
Thereafter		728
Outstanding Balance		822
Unamortized Premiums
Future principal payments due on secured and unsecured debt
Unamortized premium		4,704
Unamortized Premiums | 2015
Future principal payments due on secured and unsecured debt
Unamortized premium		367
Unamortized Premiums | 2016
Future principal payments due on secured and unsecured debt
Unamortized premium		610
Unamortized Premiums | 2017
Future principal payments due on secured and unsecured debt
Unamortized premium		573
Unamortized Premiums | 2018
Future principal payments due on secured and unsecured debt
Unamortized premium		588
Unamortized Premiums | 2019 [Member]
Future principal payments due on secured and unsecured debt
Unamortized premium		595
Unamortized Premiums | Maturity Date After 2019 [Member]
Future principal payments due on secured and unsecured debt
Unamortized premium		1,971
Unsecured Debt
Summary of fixed rate/hedged and floating rate debt
Total Consolidated		$ 3,321,531
Effective rate (as a percent)	[1]	2.79%
Unsecured Debt | 2015
Future principal payments due on secured and unsecured debt
Due Current Year		$ 165
Unsecured Debt | 2016
Future principal payments due on secured and unsecured debt
Due Next Year		(337)
Unsecured Debt | 2017
Future principal payments due on secured and unsecured debt
Due Year Three		(350)
Unsecured Debt | 2018
Future principal payments due on secured and unsecured debt
Due Year Four		(362)
Unsecured Debt | 2019 [Member]
Future principal payments due on secured and unsecured debt
Due Year Five		1,223,625
Unsecured Debt | Maturity Date After 2019 [Member]
Future principal payments due on secured and unsecured debt
Thereafter		$ 2,099,120
Unsecured Bank Term Loan 2021 [Member]
Summary of fixed rate/hedged and floating rate debt
Effective rate (as a percent)	[1]	1.52%
Maturity Date	[2]	Jan. 15, 2021
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		350,000
Outstanding Balance		350,000
2019 Unsecured Senior Bank Term Loan
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		600,000
Unhedged Variable rate		0
Total Consolidated		$ 600,000
Effective rate (as a percent)	[1]	1.71%
Maturity Date	[2]	Jan. 3, 2019
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		600,000
Thereafter		0
Outstanding Balance		600,000
$1.5 billion unsecured senior line of credit
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		0
Unhedged Variable rate		624,000
Total Consolidated		$ 624,000
Effective rate (as a percent)	[1],[3]	1.22%
Maturity Date	[2]	Jan. 3, 2019
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Annual facility fee (as a percent)		0.20%
Future principal payments due on secured and unsecured debt
Due Next Year		$ 0
Due Year Three		0
Due Year Four		0
Due Year Five		624,000
Thereafter		0
Outstanding Balance		$ 624,000
Unsecured Senior Notes Due in January 2020 [Member]
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		2.75%
Effective rate (as a percent)	[1]	2.79%
Maturity Date	[2]	Jan. 15, 2020
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		400,000
Outstanding Balance		$ 400,000
4.60% unsecured senior notes payable
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		4.60%
Effective rate (as a percent)	[1]	4.61%
Maturity Date	[2]	Apr. 1, 2022
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		550,000
Outstanding Balance		$ 550,000
3.90% unsecured senior notes payable
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		3.90%
Effective rate (as a percent)	[1]	3.94%
Maturity Date	[2]	Jun. 15, 2023
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		500,000
Outstanding Balance		$ 500,000
Unsecured Senior Notes Due in July 2029 [Member]
Summary of fixed rate/hedged and floating rate debt
Stated interest rate (as a percent)		4.50%
Effective rate (as a percent)	[1]	4.51%
Maturity Date	[2]	Jul. 30, 2029
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months		$ 0
Future principal payments due on secured and unsecured debt
Due Next Year		0
Due Year Three		0
Due Year Four		0
Due Year Five		0
Thereafter		300,000
Outstanding Balance		300,000
Unamortized Discounts
Future principal payments due on secured and unsecured debt
Unamortized discount		(2,469)
Unamortized Discounts | 2015
Future principal payments due on secured and unsecured debt
Unamortized discount		(165)
Unamortized Discounts | 2016
Future principal payments due on secured and unsecured debt
Unamortized discount		(337)
Unamortized Discounts | 2017
Future principal payments due on secured and unsecured debt
Unamortized discount		(350)
Unamortized Discounts | 2018
Future principal payments due on secured and unsecured debt
Unamortized discount		(362)
Unamortized Discounts | 2019 [Member]
Future principal payments due on secured and unsecured debt
Unamortized discount		(375)
Unamortized Discounts | Maturity Date After 2019 [Member]
Future principal payments due on secured and unsecured debt
Unamortized discount		(880)
Senior Notes [Member]
Summary of fixed rate/hedged and floating rate debt
Fixed Rate/Hedged Variable Rate		1,747,531
Unhedged Variable rate		0
Total Consolidated		$ 1,747,531
Effective rate (as a percent)		3.98%
LIBOR | Secured notes payable maturing on 06/1/16
Summary of fixed rate/hedged and floating rate debt
Base rate		LIBOR
Applicable margin (as a percent)		1.40%
LIBOR | Secured Debt Maturing on 23 August 2017 [Member]
Summary of fixed rate/hedged and floating rate debt
Base rate		LIBOR
Applicable margin (as a percent)		1.35%
LIBOR | 2019 Unsecured Senior Bank Term Loan
Summary of fixed rate/hedged and floating rate debt
Base rate		LIBOR
Applicable margin (as a percent)		1.20%
LIBOR | $1.5 billion unsecured senior line of credit
Summary of fixed rate/hedged and floating rate debt
Base rate		LIBOR
Applicable margin (as a percent)	[4]	1.10%
[1]	Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees.
[2]	Includes any extension options that we control.
[3]	Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate of LIBOR+1.10%. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.20%, based on the aggregate commitments outstanding.
[4]	We have two, one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions.

Secured and unsecured senior 51

Secured and unsecured senior debt Schedule of interest expense incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest expense incurred
Gross interest	$ 35,105	$ 28,735	$ 69,312	$ 59,871
Capitalized interest	(8,437)	(11,302)	(19,408)	(23,315)
Interest	$ 26,668	$ 17,433	$ 49,904	$ 36,556

Secured and unsecured senior 52

Secured and unsecured senior debt Repayment of secured note payable (Details)		Jun. 30, 2015
Debt Instrument [Line Items]
Effective rate (as a percent)	[1]	3.07%
[1]	Represents the weighted-average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted-average interest rate excludes bank fees and amortization of loan fees.

Secured and unsecured senior 53

Secured and unsecured senior debt Schedule of secured construction loans (Details)		3 Months Ended	6 Months Ended
		Mar. 31, 2015	Jun. 30, 2015USD ($)Extension_Option
Secured Debt Maturing on 1 June 2016 [Member]
Debt Instrument [Line Items]
Number of extensions available under line of credit | Extension_Option			2
Secured Debt Maturing on 1 June 2016 [Member]
Debt Instrument [Line Items]
Outstanding Balance			$ 20,631,000
Secured Debt Maturing on 23 August 2017 [Member]
Debt Instrument [Line Items]
Number of extensions available under line of credit | Extension_Option			1
Outstanding Balance			$ 147,281,000
Construction Loans [Member]
Debt Instrument [Line Items]
Outstanding Balance			215,095,000
Remaining Commitment			126,305,000
Total Aggregate Commitments			$ 341,400,000
San Franciso Bay Area [Member] | Construction Loans [Member] | Secured Debt Maturing on 1 June 2016 [Member]
Debt Instrument [Line Items]
Maturity Date	[1]		Jun. 1, 2016
Outstanding Balance			$ 20,631,000
Remaining Commitment			15,369,000
Total Aggregate Commitments			36,000,000
San Franciso Bay Area [Member] | Construction Loans [Member] | Secured Debt from Bank Maturing on 1 July 2016 [Member]
Debt Instrument [Line Items]
Maturity Date	[2]	Jul. 1, 2016
Outstanding Balance			47,183,000
Remaining Commitment			7,817,000
Total Aggregate Commitments			$ 55,000,000
Greater Boston market | Construction Loans [Member] | Secured Debt Maturing on 23 August 2017 [Member]
Debt Instrument [Line Items]
Maturity Date	[3]		Aug. 23, 2017
Outstanding Balance			$ 147,281,000
Remaining Commitment			103,119,000
Total Aggregate Commitments			$ 250,400,000
LIBOR | Secured Debt Maturing on 1 June 2016 [Member]
Debt Instrument [Line Items]
Base rate			LIBOR
Applicable margin (as a percent)			1.40%
LIBOR | Secured Debt Maturing on 23 August 2017 [Member]
Debt Instrument [Line Items]
Base rate			LIBOR
Applicable margin (as a percent)			1.35%
LIBOR | San Franciso Bay Area [Member] | Construction Loans [Member] | Secured Debt Maturing on 1 June 2016 [Member]
Debt Instrument [Line Items]
Base rate			LIBOR
Applicable margin (as a percent)			1.40%
LIBOR | Greater Boston market | Construction Loans [Member] | Secured Debt Maturing on 23 August 2017 [Member]
Debt Instrument [Line Items]
Base rate			LIBOR
Applicable margin (as a percent)			1.35%
[1]	We have two, one-year options to extend the stated maturity date to June 1, 2018, subject to certain conditions.
[2]	We have a one-year option to extend the stated maturity date to July 1, 2017, subject to certain conditions.
[3]	We have a one-year option to extend the stated maturity date to August 23, 2018, subject to certain conditions.

Interest rate swap agreements54

Interest rate swap agreements (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The percentage of effectiveness of interest rate swap agreements	100.00%	100.00%
Interest rate swap hedge ineffectiveness recognized in earnings	$ 0	$ 0
Cash flow hedge loss to be reclassified within twelve month	2,400,000
Collateral obligation requirements	0
Assets Needed for Immediate Settlement, Aggregate Fair Value	4,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (3,932,000)		$ (909,000)

Interest rate swap agreements O

Interest rate swap agreements Outstanding interest rate swap (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)contract	Jul. 28, 2015USD ($)contract	Dec. 31, 2014USD ($)
Interest rate hedge agreements
Effective Portion of Interest Rate Cash Flow Hedge Derivatives		$ 950,000
Notional Amount in Effect as of 12/31/15		950,000
Notional Amount in Effect as of 12/31/16		800,000
Effective Portion of Interest Rate Cash Flow Hedge in Year Three		200,000
Interest Rate Derivative Liabilities, at Fair Value		$ 3,932		$ 909
Unsecured Bank Term Loan 2016 | Minimum
Interest rate hedge agreements
Applicable margin (as a percent)		1.20%
Unsecured Credit Facility [Member] | Minimum
Interest rate hedge agreements
Applicable margin (as a percent)		1.10%
Interest Rate Hedge 0.527 Percent Transaction Date December 2014 Contract Three [Member]
Interest rate hedge agreements
Number of Contracts | contract		3
Interest Pay Rate (as a percent)	[1]	0.53%
Fair Values		$ (804)
Effective Portion of Interest Rate Cash Flow Hedge Derivatives		500,000
Notional Amount in Effect as of 12/31/15		500,000
Notional Amount in Effect as of 12/31/16		0
Effective Portion of Interest Rate Cash Flow Hedge in Year Three		$ 0
Interest Rate Hedge .23 Percent Transaction Date December 2013
Interest rate hedge agreements
Number of Contracts | contract		7
Interest Pay Rate (as a percent)	[1]	0.42%
Fair Values		$ (370)
Effective Portion of Interest Rate Cash Flow Hedge Derivatives		450,000
Notional Amount in Effect as of 12/31/15		450,000
Notional Amount in Effect as of 12/31/16		0
Effective Portion of Interest Rate Cash Flow Hedge in Year Three		$ 0
Interest Rate Hedge 1.35 Percent Transaction Date March 2016 [Member]
Interest rate hedge agreements
Number of Contracts | contract		9
Interest Pay Rate (as a percent)	[1]	1.25%
Fair Values		$ (2,501)
Effective Portion of Interest Rate Cash Flow Hedge Derivatives		0
Notional Amount in Effect as of 12/31/15		0
Notional Amount in Effect as of 12/31/16		800,000
Effective Portion of Interest Rate Cash Flow Hedge in Year Three		$ 0
Interest Rate Hedges Maturing March 2018 [Member]
Interest rate hedge agreements
Number of Contracts | contract		4
Interest Pay Rate (as a percent)	[1]	1.76%
Fair Values		$ (257)
Effective Portion of Interest Rate Cash Flow Hedge Derivatives		0
Notional Amount in Effect as of 12/31/15		0
Notional Amount in Effect as of 12/31/16		0
Effective Portion of Interest Rate Cash Flow Hedge in Year Three		$ 200,000
Subsequent Event [Member] | Interest Rate Hedges Maturing March 2018 [Member]
Interest rate hedge agreements
Number of Contracts | contract			3
Interest Pay Rate (as a percent)	[1]		1.51%
Effective Portion of Interest Rate Cash Flow Hedge Derivatives			$ 0
Notional Amount in Effect as of 12/31/15			0
Notional Amount in Effect as of 12/31/16			0
Effective Portion of Interest Rate Cash Flow Hedge in Year Three			$ 150,000
[1]	In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2015. Borrowings under our 2019 unsecured senior bank term loan (“2019 Unsecured Senior Bank Term Loan”) include an applicable margin of 1.20%, and borrowings outstanding under our unsecured senior line of credit and 2021 Unsecured Senior Bank Term Loan include an applicable margin of 1.10%.

Accounts payable, accrued exp56

Accounts payable, accrued expenses, and tenant security deposits (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²		Jun. 30, 2015USD ($)ft²		Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Accounts Payable and Other Accrued Liabilities	$ 126,510		$ 126,510			$ 127,828
Construction Payable	59,849		59,849			91,110
Acquired below market leases	28,135		28,135			8,810
Asset Retirement Obligation	8,912		8,912			9,108
Deferred Rent Liability	27,780		27,780			36,231
Derivative Liability	3,951		3,951			909
Prepaid Rent and Tenant Security Deposits	202,372		202,372			193,699
Other Accounts Payable and Accrued Liabilities	74,103	[1]	74,103	[1]		21,390
Accounts Payable and Accrued Liabilities	$ 531,612		531,612			$ 489,085
Payable for purchase of noncontrolling interest			$ 52,672		$ 0
Investments [Abstract]
Cost method investment ownership percentage	10.00%		10.00%			10.00%
Area of Real Estate Property | ft²	18,817,923		18,817,923
Alexandria Technology Square [Member]
Payable for purchase of noncontrolling interest	$ 54,000		$ 108,300
Alexandria Technology Square [Member]
Investments [Abstract]
Area of Real Estate Property | ft²	1,181,635		1,181,635
[1]	Our June 30, 2015, balance includes a $54.0 million liability related to the second installment payment for our acquisition of the remaining noncontrolling interest in our 1.2 million RSF flagship campus at Alexandria Technology Square®. For additional information, refer to Note 11 – “Noncontrolling Interests” to our unaudited consolidated financial statements under Item 1 of this report.

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Dilutive Securities, Effect on Basic Earnings Per Share			$ 0
Earnings per share
Income from continuing operations	$ 38,430,000	$ 35,466,000	63,481,000	$ 76,377,000
Gain on sales of real estate – land parcels	0	797,000	0	797,000
Dividends on preferred stock	(6,246,000)	(6,472,000)	(12,493,000)	(12,943,000)
Net income attributable to noncontrolling interests	(263,000)	(1,307,000)	(755,000)	(2,502,000)
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted	(630,000)	(405,000)	(1,113,000)	(779,000)
Income from continuing operations attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted	31,291,000	28,079,000	49,120,000	60,950,000
(Loss) income from discontinued operations, net	0	(147,000)	(43,000)	(309,000)
Net income attributable to Alexandria’s common stockholders	$ 31,291,000	$ 27,932,000	$ 49,077,000	$ 60,641,000
Weighted-average shares of common stock outstanding – basic and diluted	71,412	71,126	71,389	71,100
Earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted:
Continuing operations (usd per share)	$ 0.44	$ 0.39	$ 0.69	$ 0.85
Discontinued operations (usd per share)	0	0	0	0
Earnings per share – basic and diluted (usd per share)	$ 0.44	$ 0.39	$ 0.69	$ 0.85

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Issuances of common stock
Proceeds from Shares Sold Gross	$ 5,300
Stock Issued Price Per Share	$ 94.02
Proceeds from the issuance of common stock	$ 5,052		$ 5,052	$ 0
Payments of Stock Issuance Costs	295
Dividends declared on common stock	$ 55,700		$ 108,983
Dividends declared per share of common stock (usd per share)	$ 0.77	$ 0.72	$ 1.51	$ 1.42
Preferred stock, shares authorized	100,000,000		100,000,000
Number of shares issued and outstanding	14,700,000		14,700,000
Number of "excess stock" authorized (in shares)			200,000,000
Number of excess stock authorized issued and outstanding (in shares)	0		0
Series D Cumulative Convertible Preferred Stock
Issuances of common stock
Dividends declared on preferred stock	$ 4,200
Dividends declared on preferred stock (dollar per share)	$ 0.4375
Series E Cumulative Redeemable Preferred Stock
Issuances of common stock
Dividends declared on preferred stock	$ 2,100
Dividends declared on preferred stock (dollar per share)	$ 0.403125
Common Stock
Issuances of common stock
Issuances of common stock (shares)			56,874

Stockholders' equity Accumulate

Stockholders' equity Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2014			$ (628)
Other comprehensive income (loss) before reclassifications			71,820
Amounts reclassified from other comprehensive income (loss)			12,916
Other Comprehensive Income (Loss), Net of Tax	$ 54,741	$ 2,184	84,736	$ 19,959
Other Comprehensive Income (loss), Net of Tax, Attributablee to Noncontrolling Interests			(128)
Net other comprehensive income (loss)			84,608
Balance as of June 30, 2015	83,980		83,980
Unrealized Gain on Marketable Securities
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2014			52,367
Other comprehensive income (loss) before reclassifications			83,836
Amounts reclassified from other comprehensive income (loss)			2,465
Other Comprehensive Income (Loss), Net of Tax			86,301
Other Comprehensive Income (loss), Net of Tax, Attributablee to Noncontrolling Interests			0
Net other comprehensive income (loss)			86,301
Balance as of June 30, 2015	138,668		138,668
Unrealized Loss on Interest Rate Swap Agreements
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2014			(909)
Other comprehensive income (loss) before reclassifications			(4,238)
Amounts reclassified from other comprehensive income (loss)			1,215
Other Comprehensive Income (Loss), Net of Tax			(3,023)
Other Comprehensive Income (loss), Net of Tax, Attributablee to Noncontrolling Interests			0
Net other comprehensive income (loss)			(3,023)
Balance as of June 30, 2015	(3,932)		(3,932)
Unrealized Loss on Foreign Currency Translation
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2014			(52,086)
Other comprehensive income (loss) before reclassifications			(7,778)
Amounts reclassified from other comprehensive income (loss)			9,236
Other Comprehensive Income (Loss), Net of Tax			1,458
Other Comprehensive Income (loss), Net of Tax, Attributablee to Noncontrolling Interests			(128)
Net other comprehensive income (loss)			1,330
Balance as of June 30, 2015	$ (50,756)		$ (50,756)

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)
Noncontrolling interests
Area of Real Estate Property | ft²	18,817,923		18,817,923
Payable for purchase of noncontrolling interest			$ 52,672	$ 0
Income (Loss) from Continuing Operations Attributable to Parent	$ 38,167	$ 34,956	62,726	74,672
(Loss) income from discontinued operations, net	$ 0	$ (147)	(43)	$ (309)
Purchase of noncontrolling interest			$ (113,967)
Noncontrolling Interests
Noncontrolling interests
Number of projects subject to ownership from noncontrolling interests | property	4		4
Purchase of noncontrolling interest			$ (65,504)
Alexandria Technology Square [Member]
Noncontrolling interests
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%		10.00%
Payable for purchase of noncontrolling interest	$ 54,000		$ 108,300
Second Installment Payment [Member] | Alexandria Technology Square [Member]
Noncontrolling interests
Payable for purchase of noncontrolling interest			54,000
Installment Payment [Member] | Alexandria Technology Square [Member]
Noncontrolling interests
Payable for purchase of noncontrolling interest			$ 54,300
Alexandria Technology Square [Member]
Noncontrolling interests
Area of Real Estate Property | ft²	1,181,635		1,181,635

Assets classified as "held fo61

Assets classified as "held for sale" (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Assets held for sale [Line Items]
Disposal Group, Including Assets Held for Sale Not Qualifying as Discontinued Operations, Revenue	$ 2,497	$ 2,426	$ 4,827	$ 4,926
Disposal Group, Including Assets Held for Sale Not Qualifying as Discontinued Operations, Operating Expense	(999)	(781)	(1,765)	(1,482)
Disposal Group, Including Assets Held for Sale Not Qualifying as Discontinued Operations, Operating Income (Loss)	1,498	1,645	3,062	3,444
Depreciation and Amortization, Assets Held for Sale	0	(1,782)	(127)	(3,673)
Disposal Group, Including Assets Held for Sale Not Qualifying as Discontinued Operations, Impairment of Real Estate	$ 0	0	$ (14,510)	0
Disposal Group Including Assets Held for Sale, Not Qualifying as Discontinued Operations, Number of Properties | property			2
Disposal Group Including Assets Held for Sale, Not Qualifying as Discontinued Operations, Area of Real Estate | ft²	234,186		234,186
Income (Loss) from Assets Held for Sale Not Qualifying as Discontinued Operations	$ 1,498	(137)	$ (11,575)	(229)
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	114,456		114,456		$ 173,706
Net assets of discontinued operations
Other assets	5,501		5,501		10,147
Total assets	119,957		119,957		183,853
Total liabilities	0		0		(6,044)
Net assets of discontinued operations	119,957		119,957		$ 177,809
Income from discontinued operations, net
Loss from discontinued operations	$ 0	$ (147)	$ (43)	$ (309)
Assets held for sale sold in 2015 [Member]
Assets held for sale [Line Items]
Disposal Group Including Assets Held for Sale, Not Qualifying as Discontinued Operations, Area of Real Estate | ft²	196,859		196,859
Disposal Group Including Assets Held for Sale, Not Qualifying as Discontinued Operations, Properties Sold Number | property			3

Subsequent events (Details)

Subsequent events (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 28, 2015USD ($)ft²	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	Oct. 31, 2015ft²
Subsequent Event [Line Items]
Effective Portion of Interest Rate Cash Flow Hedge in Year Two | $		$ 800,000
Area of Real Estate Property		18,817,923
Lessee Leasing Arrangements, Operating Leases, Term of Contract		15 years 6 months
Proceeds from sale of properties | $		$ 92,455	$ 17,868
Effective Portion of Interest Rate Cash Flow Hedge Derivatives | $		950,000
Effective Portion of Interest Rate Cash Flow Hedge in the Next Twelve Months | $		$ 950,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Real Estate, Lease Negotiating Percentage	98.00%
100 Binney Street | Subsequent Event [Member]
Subsequent Event [Line Items]
Area of Real Estate Property	431,483
100 Binney Street | Executed lease [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Real Estate, Leased Percentage	48.00%
225 Binney Street | Subsequent Event [Member]
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	70.00%
Area of Real Estate Property	305,212
Development [Member] | 10290 Campus Point Drive [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Area of Real Estate Property	304,326
San Diego [Member] | 10290 Campus Point Drive [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Real Estate, Leased Percentage	100.00%
Land and Land Improvements [Member] | 225 Binney Street | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale of properties | $	$ 190,100
Scenario, Forecast [Member] | Number 10300 Campus Point Drive [Member] | Executed lease [Member]
Subsequent Event [Line Items]
Area of Real Estate Property				125,409
Scenario, Forecast [Member] | Alexandria Center for Life Science at Campus Pointe [Member]
Subsequent Event [Line Items]
Area of Real Estate Property				1,046,472
Scenario, Forecast [Member] | Development [Member] | Alexandria Center for Life Science at Campus Pointe [Member]
Subsequent Event [Line Items]
Area of Real Estate Property				292,387
Scenario, Forecast [Member] | Expansion [Member] | Number 10300 Campus Point Drive [Member]
Subsequent Event [Line Items]
Area of Real Estate Property				106,173
Scenario, Forecast [Member] | Expansion [Member] | Alexandria Center for Life Science at Campus Pointe [Member]
Subsequent Event [Line Items]
Area of Real Estate Property				72,744

Condensed consolidating finan63

Condensed consolidating financial information Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Investments in real estate, net	$ 7,442,875	$ 7,226,016
Cash and cash equivalents	68,617	86,011	$ 61,701	$ 57,696
Restricted cash	44,191	26,884
Tenant receivables	9,279	10,548
Deferred rent	257,427	234,124
Deferred leasing and financing costs, net	210,709	201,798
Investments	360,614	236,389
Investments in and advances to affiliates	0	0
Other assets	131,179	114,266
Total assets	8,524,891	8,136,036
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	771,435	652,209
Unsecured senior notes payable	1,747,531	1,747,370
Unsecured senior line of credit	624,000	304,000
Unsecured senior bank term loans	950,000	975,000
Accounts payable, accrued expenses, and tenant security deposits	531,612	489,085
Dividends payable	61,194	58,814
Total liabilities	4,685,772	4,226,478
Redeemable noncontrolling interests	14,248	14,315
Alexandria’s stockholders’ equity	3,822,876	3,828,439
Noncontrolling interests	1,995	66,804
Total equity	3,824,871	3,895,243
Total liabilities, noncontrolling interests, and equity	8,524,891	8,136,036
Alexandria Real Estate Equities, Inc. (Issuer)
Assets
Investments in real estate, net	0	0
Cash and cash equivalents	35,230	52,491	18,041	14,790
Restricted cash	74	67
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing and financing costs, net	33,666	35,462
Investments	0	0
Investments in and advances to affiliates	7,195,934	6,874,866
Other assets	22,981	19,461
Total assets	7,287,885	6,982,347
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	1,747,531	1,747,370
Unsecured senior line of credit	624,000	304,000
Unsecured senior bank term loans	950,000	975,000
Accounts payable, accrued expenses, and tenant security deposits	82,572	69,013
Dividends payable	60,906	58,525
Total liabilities	3,465,009	3,153,908
Redeemable noncontrolling interests	0	0
Alexandria’s stockholders’ equity	3,822,876	3,828,439
Noncontrolling interests	0	0
Total equity	3,822,876	3,828,439
Total liabilities, noncontrolling interests, and equity	7,287,885	6,982,347
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Assets
Investments in real estate, net	0	0
Cash and cash equivalents	0	63	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing and financing costs, net	0	0
Investments	5,274	5,235
Investments in and advances to affiliates	6,488,974	6,295,852
Other assets	0	0
Total assets	6,494,248	6,301,150
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	0	0
Unsecured senior line of credit	0	0
Unsecured senior bank term loans	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0
Dividends payable	0	0
Total liabilities	0	0
Redeemable noncontrolling interests	0	0
Alexandria’s stockholders’ equity	6,494,248	6,301,150
Noncontrolling interests	0	0
Total equity	6,494,248	6,301,150
Total liabilities, noncontrolling interests, and equity	6,494,248	6,301,150
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate, net	7,442,875	7,226,016
Cash and cash equivalents	33,387	33,457	43,660	42,906
Restricted cash	44,117	26,817
Tenant receivables	9,279	10,548
Deferred rent	257,427	234,124
Deferred leasing and financing costs, net	177,043	166,336
Investments	355,340	231,154
Investments in and advances to affiliates	132,875	128,943
Other assets	108,198	94,805
Total assets	8,560,541	8,152,200
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	771,435	652,209
Unsecured senior notes payable	0	0
Unsecured senior line of credit	0	0
Unsecured senior bank term loans	0	0
Accounts payable, accrued expenses, and tenant security deposits	449,040	420,072
Dividends payable	288	289
Total liabilities	1,220,763	1,072,570
Redeemable noncontrolling interests	14,248	14,315
Alexandria’s stockholders’ equity	7,323,535	6,998,511
Noncontrolling interests	1,995	66,804
Total equity	7,325,530	7,065,315
Total liabilities, noncontrolling interests, and equity	8,560,541	8,152,200
Eliminations
Assets
Investments in real estate, net	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing and financing costs, net	0	0
Investments	0	0
Investments in and advances to affiliates	(13,817,783)	(13,299,661)
Other assets	0	0
Total assets	(13,817,783)	(13,299,661)
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	0	0
Unsecured senior line of credit	0	0
Unsecured senior bank term loans	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0
Dividends payable	0	0
Total liabilities	0	0
Redeemable noncontrolling interests	0	0
Alexandria’s stockholders’ equity	(13,817,783)	(13,299,661)
Noncontrolling interests	0	0
Total equity	(13,817,783)	(13,299,661)
Total liabilities, noncontrolling interests, and equity	$ (13,817,783)	$ (13,299,661)

Condensed consolidating finan64

Condensed consolidating financial information Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental	$ 151,805			$ 134,992	$ 295,413	$ 265,562
Tenant recoveries	49,594			40,944	97,988	82,626
Other income	2,757			466	7,508	4,400
Total revenues	204,156			176,402	400,909	352,588
Expenses:
Rental operations	62,250			52,353	123,473	104,860
General and administrative	14,989			13,836	29,376	27,060
Interest	26,668			17,433	49,904	36,556
Depreciation and amortization	62,171			57,314	121,091	107,735
Impairment of real estate	0		$ 16,600	0	14,510	0
Loss on early extinguishment of debt	189			0	189	0
Total expenses	166,267			140,936	338,543	276,211
Equity in earnings of unconsolidated joint ventures	541			0	1,115	0
Income (Loss) from Subsidiaries, before Tax	0			0	0	0
Income from continuing operations	38,430			35,466	63,481	76,377
(Loss) income from discontinued operations, net	0			(147)	(43)	(309)
Gain on sales of real estate – land parcels	0			797	0	797
Net income	38,430			36,116	63,438	76,865
Dividends on preferred stock	(6,246)			(6,472)	(12,493)	(12,943)
Net income attributable to noncontrolling interests	(263)			(1,307)	(755)	(2,502)
Net income attributable to unvested restricted stock awards	(630)			(405)	(1,113)	(779)
Net income attributable to Alexandria’s common stockholders	31,291			27,932	49,077	60,641
Alexandria Real Estate Equities, Inc. (Issuer)
Revenues:
Rental	0			0	0	0
Tenant recoveries	0			0	0	0
Other income	3,509			2,916	6,535	5,835
Total revenues	3,509			2,916	6,535	5,835
Expenses:
Rental operations	0			0	0	0
General and administrative	13,223			11,506	25,449	22,366
Interest	19,867			12,493	37,024	26,032
Depreciation and amortization	1,469			1,456	2,716	2,927
Impairment of real estate	0				0
Loss on early extinguishment of debt	189				189
Total expenses	34,748			25,455	65,378	51,325
Equity in earnings of unconsolidated joint ventures	0				0
Income (Loss) from Subsidiaries, before Tax	69,406			57,355	121,526	119,860
Income from continuing operations				34,816	62,683	74,370
(Loss) income from discontinued operations, net				(7)	0	(7)
Gain on sales of real estate – land parcels				0		0
Net income	38,167			34,809	62,683	74,363
Dividends on preferred stock	(6,246)			(6,472)	(12,493)	(12,943)
Net income attributable to noncontrolling interests	0			0	0	0
Net income attributable to unvested restricted stock awards	(630)			(405)	(1,113)	(779)
Net income attributable to Alexandria’s common stockholders	31,291			27,932	49,077	60,641
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Revenues:
Rental	0			0	0	0
Tenant recoveries	0			0	0	0
Other income	0			(1,535)	(41)	(1,535)
Total revenues	0			(1,535)	(41)	(1,535)
Expenses:
Rental operations	0			0	0	0
General and administrative	0			0	0	0
Interest	0			0	0	0
Depreciation and amortization	0			0	0	0
Impairment of real estate	0				0
Loss on early extinguishment of debt	0	$ 0			0
Total expenses	0			0	0	0
Equity in earnings of unconsolidated joint ventures	0				0
Income (Loss) from Subsidiaries, before Tax	65,246			56,302	110,836	114,608
Income from continuing operations				54,767	110,795	113,073
(Loss) income from discontinued operations, net				0	0	0
Gain on sales of real estate – land parcels				0		0
Net income	65,246			54,767	110,795	113,073
Dividends on preferred stock	0			0	0	0
Net income attributable to noncontrolling interests	0			0	0	0
Net income attributable to unvested restricted stock awards	0			0	0	0
Net income attributable to Alexandria’s common stockholders	65,246			54,767	110,795	113,073
Combined Non- Guarantor Subsidiaries
Revenues:
Rental	151,805			134,992	295,413	265,562
Tenant recoveries	49,594			40,944	97,988	82,626
Other income	3,425			2,532	8,989	7,165
Total revenues	204,824			178,468	402,390	355,353
Expenses:
Rental operations	62,250			52,353	123,473	104,860
General and administrative	5,943			5,777	11,902	11,759
Interest	6,801			4,940	12,880	10,524
Depreciation and amortization	60,702			55,858	118,375	104,808
Impairment of real estate	0				14,510
Loss on early extinguishment of debt	0	$ 0			0
Total expenses	135,696			118,928	281,140	231,951
Equity in earnings of unconsolidated joint ventures	541				1,115
Income (Loss) from Subsidiaries, before Tax	1,270			1,081	2,187	2,229
Income from continuing operations				60,621	124,552	125,631
(Loss) income from discontinued operations, net				(140)	(43)	(302)
Gain on sales of real estate – land parcels				797		797
Net income	70,939			61,278	124,509	126,126
Dividends on preferred stock	0			0	0	0
Net income attributable to noncontrolling interests	(263)			(1,307)	(755)	(2,502)
Net income attributable to unvested restricted stock awards	0			0	0	0
Net income attributable to Alexandria’s common stockholders	70,676			59,971	123,754	123,624
Eliminations
Revenues:
Rental	0			0	0	0
Tenant recoveries	0			0	0	0
Other income	(4,177)			(3,447)	(7,975)	(7,065)
Total revenues	(4,177)			(3,447)	(7,975)	(7,065)
Expenses:
Rental operations	0			0	0	0
General and administrative	(4,177)			(3,447)	(7,975)	(7,065)
Interest	0			0	0	0
Depreciation and amortization	0			0	0	0
Impairment of real estate	0				0
Loss on early extinguishment of debt	0				0
Total expenses	(4,177)			(3,447)	(7,975)	(7,065)
Equity in earnings of unconsolidated joint ventures	0				0
Income (Loss) from Subsidiaries, before Tax	(135,922)			(114,738)	(234,549)	(236,697)
Income from continuing operations				(114,738)	(234,549)	(236,697)
(Loss) income from discontinued operations, net				0	0	0
Gain on sales of real estate – land parcels				0		0
Net income	(135,922)			(114,738)	(234,549)	(236,697)
Dividends on preferred stock	0			0	0	0
Net income attributable to noncontrolling interests	0			0	0	0
Net income attributable to unvested restricted stock awards	0			0	0	0
Net income attributable to Alexandria’s common stockholders	$ (135,922)			$ (114,738)	$ (234,549)	$ (236,697)

Condensed consolidating finan65

Condensed consolidating financial information Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 38,430	$ 36,116	$ 63,438	$ 76,865
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	55,401	(2,734)	83,836	16,045
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	1,362	406	2,465	406
Unrealized gains (losses) on marketable securities, net	56,763	(2,328)	86,301	16,451
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(1,225)	(2,526)	(4,238)	(3,914)
Reclassification adjustment for amortization of interest expense included in net income	710	1,123	1,215	4,613
Unrealized gains on interest rate swap agreements, net	(515)	(1,403)	(3,023)	699
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)	5,915	(7,778)	2,809
Reclassification adjustment for losses included in net income	0	0	9,236	0
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)	5,915	1,458	2,809
Total other comprehensive income	54,741	2,184	84,736	19,959
Comprehensive income	93,171	38,300	148,174	96,824
Less: comprehensive income attributable to noncontrolling interests	(237)	(1,307)	(883)	(2,502)
Comprehensive income attributable to Alexandria’s common stockholders	92,934	36,993	147,291	94,322
Alexandria Real Estate Equities, Inc. (Issuer)
Net income	38,167	34,809	62,683	74,363
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	0	0	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	0	0	0	0
Unrealized gains (losses) on marketable securities, net	0	0	0	0
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(1,225)	(2,526)	(4,238)	(3,914)
Reclassification adjustment for amortization of interest expense included in net income	710	1,123	1,215	4,613
Unrealized gains on interest rate swap agreements, net	(515)	(1,403)	(3,023)	699
Unrealized foreign currency translation (losses) gains arising during the period	0		0
Reclassification adjustment for losses included in net income	0		0
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Total other comprehensive income	(515)	(1,403)	(3,023)	699
Comprehensive income	37,652	33,406	59,660	75,062
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria’s common stockholders	37,652	33,406	59,660	75,062
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Net income	65,246	54,767	110,795	113,073
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	76	310	22	310
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	0	0	41	0
Unrealized gains (losses) on marketable securities, net	76	310	63	310
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	0	0	0	0
Reclassification adjustment for amortization of interest expense included in net income	0	0	0	0
Unrealized gains on interest rate swap agreements, net	0	0	0	0
Unrealized foreign currency translation (losses) gains arising during the period	0		0
Reclassification adjustment for losses included in net income	0		0
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Total other comprehensive income	76	310	63	310
Comprehensive income	65,322	55,077	110,858	113,383
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria’s common stockholders	65,322	55,077	110,858	113,383
Combined Non- Guarantor Subsidiaries
Net income	70,939	61,278	124,509	126,126
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	55,325	(3,044)	83,814	15,735
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	1,362	406	2,424	406
Unrealized gains (losses) on marketable securities, net	56,687	(2,638)	86,238	16,141
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	0	0	0	0
Reclassification adjustment for amortization of interest expense included in net income	0	0	0	0
Unrealized gains on interest rate swap agreements, net	0	0	0	0
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)		(7,778)
Reclassification adjustment for losses included in net income	0		9,236
Unrealized foreign currency translation (losses) gains arising during the period	(1,507)	5,915	1,458	2,809
Total other comprehensive income	55,180	3,277	87,696	18,950
Comprehensive income	126,119	64,555	212,205	145,076
Less: comprehensive income attributable to noncontrolling interests	(237)	(1,307)	(883)	(2,502)
Comprehensive income attributable to Alexandria’s common stockholders	125,882	63,248	211,322	142,574
Eliminations
Net income	(135,922)	(114,738)	(234,549)	(236,697)
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	0	0	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	0	0	0	0
Unrealized gains (losses) on marketable securities, net	0	0	0	0
Unrealized (losses) gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	0	0	0	0
Reclassification adjustment for amortization of interest expense included in net income	0	0	0	0
Unrealized gains on interest rate swap agreements, net	0	0	0	0
Unrealized foreign currency translation (losses) gains arising during the period	0		0
Reclassification adjustment for losses included in net income	0		0
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Total other comprehensive income	0	0	0	0
Comprehensive income	(135,922)	(114,738)	(234,549)	(236,697)
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria’s common stockholders	$ (135,922)	$ (114,738)	$ (234,549)	$ (236,697)

Condensed consolidating finan66

Condensed consolidating financial information Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net income	$ 38,430			$ 36,116	$ 63,438	$ 76,865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62,171			57,314	121,091	107,735
Loss on early extinguishment of debt	189			0	189	0
Impairment of real estate	0		$ 16,600	0	14,510	0
Income (Loss) from Equity Method Investments	(541)			0	(1,115)	0
Distributions of earnings from unconsolidated joint ventures					648	0
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes	0			(797)	0	(797)
Amortization of loan fees and costs					5,723	5,304
Amortization of debt premiums/discounts					(182)	136
Amortization of acquired below-market leases					(1,939)	(1,434)
Deferred rent					(23,193)	(24,619)
Stock compensation expense					7,744	6,304
Equity in earnings of affiliates	0			0	0	0
Investment gains	(7,773)			(2,185)	(13,710)	(6,225)
Investment losses	5,652			3,546	7,877	5,240
Changes in operating assets and liabilities:
Restricted cash					110	0
Tenant receivables					1,243	(735)
Deferred leasing costs					(24,503)	(17,452)
Other assets					(4,921)	(5,916)
Accounts payable, accrued expenses, and tenant security deposits					(1,610)	85
Net cash provided by operating activities					151,400	144,491
Investing Activities
Proceeds from sale of properties					92,455	17,868
Additions to real estate					(226,302)	(210,792)
Purchase of real estate					(137,493)	(97,785)
Change in restricted cash related to construction projects					0	5,650
Payments for (Proceeds from) Deposits on Real Estate Acquisitions					(15,501)	0
Contributions to unconsolidated real estate entity					(3,182)	(1,405)
Investments in subsidiaries					0	0
Additions to investments					(52,738)	(25,358)
Sales of investments					22,474	8,794
Repayment of notes receivable					4,247	29,851
Net cash used in investing activities					(316,040)	(273,177)
Financing Activities
Borrowings from secured notes payable					42,867	77,762
Repayments of borrowings from secured notes payable					(10,075)	(219,427)
Principal borrowings from unsecured senior line of credit					915,000	637,000
Repayments of borrowings from unsecured senior line of credit					(595,000)	(270,000)
Repayments of Unsecured Debt					(25,000)	0
Transfers to/from parent company					0	0
Change in restricted cash related to financings					(1,520)	1,212
Deferred financing costs paid					(3,559)	(310)
Proceeds from the issuance of common stock	5,052				5,052	0
Dividends paid on common stock					(106,603)	(98,867)
Dividends paid on preferred stock					(12,493)	(12,943)
Contributions by noncontrolling interests					340	19,410
Distributions to noncontrolling interests					(61,890)	(1,983)
Net cash provided by financing activities					147,119	131,854
Effect of foreign exchange rate changes on cash and cash equivalents					127	837
Net decrease in cash and cash equivalents					(17,394)	4,005
Cash and cash equivalents at beginning of period		$ 86,011			86,011	57,696
Cash and cash equivalents at end of period	68,617		86,011	61,701	68,617	61,701
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized					44,332	31,922
Non-Cash Investing Activities
Change in accrued construction					(27,469)	592
Assumption of secured notes payable in connection with purchase of properties					(82,000)	(48,329)
Payable for purchase of noncontrolling interest					(52,672)	0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income	38,167			34,809	62,683	74,363
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,469			1,456	2,716	2,927
Loss on early extinguishment of debt	189				189
Impairment of real estate	0				0
Income (Loss) from Equity Method Investments	0				0
Distributions of earnings from unconsolidated joint ventures					0
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				0		0
Amortization of loan fees and costs					3,852	3,542
Amortization of debt premiums/discounts					161	80
Amortization of acquired below-market leases					0	0
Deferred rent					0	0
Stock compensation expense					7,744	6,304
Equity in earnings of affiliates	(69,406)			(57,355)	(121,526)	(119,860)
Investment gains					0	0
Investment losses					0	0
Changes in operating assets and liabilities:
Restricted cash					(7)	(9)
Tenant receivables					0	0
Deferred leasing costs					0	0
Other assets					(6,208)	(4,264)
Accounts payable, accrued expenses, and tenant security deposits					10,367	20,850
Net cash provided by operating activities					(40,029)	(16,067)
Investing Activities
Proceeds from sale of properties					0	0
Additions to real estate					0	0
Purchase of real estate					0	0
Change in restricted cash related to construction projects						0
Payments for (Proceeds from) Deposits on Real Estate Acquisitions					0
Contributions to unconsolidated real estate entity					0	0
Investments in subsidiaries					(199,541)	(235,931)
Additions to investments					0	0
Sales of investments					0	0
Repayment of notes receivable					0	0
Net cash used in investing activities					(199,541)	(235,931)
Financing Activities
Borrowings from secured notes payable					0	0
Repayments of borrowings from secured notes payable					0	0
Principal borrowings from unsecured senior line of credit					915,000	637,000
Repayments of borrowings from unsecured senior line of credit					(595,000)	(270,000)
Repayments of Unsecured Debt					(25,000)
Transfers to/from parent company					43,457	103
Change in restricted cash related to financings					0	0
Deferred financing costs paid					(2,104)	(44)
Proceeds from the issuance of common stock					5,052
Dividends paid on common stock					(106,603)	(98,867)
Dividends paid on preferred stock					(12,493)	(12,943)
Contributions by noncontrolling interests					0	0
Distributions to noncontrolling interests					0	0
Net cash provided by financing activities					222,309	255,249
Effect of foreign exchange rate changes on cash and cash equivalents					0	0
Net decrease in cash and cash equivalents					(17,261)	3,251
Cash and cash equivalents at beginning of period		52,491			52,491	14,790
Cash and cash equivalents at end of period	35,230		52,491	18,041	35,230	18,041
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized					33,695	22,218
Non-Cash Investing Activities
Change in accrued construction					0	0
Assumption of secured notes payable in connection with purchase of properties					0	0
Payable for purchase of noncontrolling interest					(52,672)
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income	65,246			54,767	110,795	113,073
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0			0	0	0
Loss on early extinguishment of debt	0	0			0
Impairment of real estate	0				0
Income (Loss) from Equity Method Investments	0				0
Distributions of earnings from unconsolidated joint ventures					0
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				0		0
Amortization of loan fees and costs					0	0
Amortization of debt premiums/discounts					0	0
Amortization of acquired below-market leases					0	0
Deferred rent					0	0
Stock compensation expense					0	0
Equity in earnings of affiliates	(65,246)			(56,302)	(110,836)	(114,608)
Investment gains					0	0
Investment losses					41	1,535
Changes in operating assets and liabilities:
Restricted cash					0	0
Tenant receivables					0	0
Deferred leasing costs					0	0
Other assets					0	0
Accounts payable, accrued expenses, and tenant security deposits					0	0
Net cash provided by operating activities					0	0
Investing Activities
Proceeds from sale of properties					0	0
Additions to real estate					0	0
Purchase of real estate					0	0
Change in restricted cash related to construction projects						0
Payments for (Proceeds from) Deposits on Real Estate Acquisitions					0
Contributions to unconsolidated real estate entity					0	0
Investments in subsidiaries					(82,309)	(205,546)
Additions to investments					0	0
Sales of investments					6	0
Repayment of notes receivable					0	0
Net cash used in investing activities					(82,303)	(205,546)
Financing Activities
Borrowings from secured notes payable					0	0
Repayments of borrowings from secured notes payable					0	0
Principal borrowings from unsecured senior line of credit					0	0
Repayments of borrowings from unsecured senior line of credit					0	0
Repayments of Unsecured Debt					0
Transfers to/from parent company					82,240	205,546
Change in restricted cash related to financings					0	0
Deferred financing costs paid					0	0
Proceeds from the issuance of common stock					0
Dividends paid on common stock					0	0
Dividends paid on preferred stock					0	0
Contributions by noncontrolling interests					0	0
Distributions to noncontrolling interests					0	0
Net cash provided by financing activities					82,240	205,546
Effect of foreign exchange rate changes on cash and cash equivalents					0	0
Net decrease in cash and cash equivalents					(63)	0
Cash and cash equivalents at beginning of period		63			63	0
Cash and cash equivalents at end of period	0		63	0	0	0
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized					0	0
Non-Cash Investing Activities
Change in accrued construction					0	0
Assumption of secured notes payable in connection with purchase of properties					0	0
Payable for purchase of noncontrolling interest					0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income	70,939			61,278	124,509	126,126
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,702			55,858	118,375	104,808
Loss on early extinguishment of debt	0	0			0
Impairment of real estate	0				14,510
Income (Loss) from Equity Method Investments	(541)				(1,115)
Distributions of earnings from unconsolidated joint ventures					648
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				(797)		(797)
Amortization of loan fees and costs					1,871	1,762
Amortization of debt premiums/discounts					(343)	56
Amortization of acquired below-market leases					(1,939)	(1,434)
Deferred rent					(23,193)	(24,619)
Stock compensation expense					0	0
Equity in earnings of affiliates	(1,270)			(1,081)	(2,187)	(2,229)
Investment gains					(13,710)	(6,225)
Investment losses					7,836	3,705
Changes in operating assets and liabilities:
Restricted cash					117	9
Tenant receivables					1,243	(735)
Deferred leasing costs					(24,503)	(17,452)
Other assets					1,287	(1,652)
Accounts payable, accrued expenses, and tenant security deposits					(11,977)	(20,765)
Net cash provided by operating activities					191,429	160,558
Investing Activities
Proceeds from sale of properties					92,455	17,868
Additions to real estate					(226,302)	(210,792)
Purchase of real estate					(137,493)	(97,785)
Change in restricted cash related to construction projects						5,650
Payments for (Proceeds from) Deposits on Real Estate Acquisitions					(15,501)
Contributions to unconsolidated real estate entity					(3,182)	(1,405)
Investments in subsidiaries					(1,711)	(8,095)
Additions to investments					(52,738)	(25,358)
Sales of investments					22,468	8,794
Repayment of notes receivable					4,247	29,851
Net cash used in investing activities					(317,757)	(281,272)
Financing Activities
Borrowings from secured notes payable					42,867	77,762
Repayments of borrowings from secured notes payable					(10,075)	(219,427)
Principal borrowings from unsecured senior line of credit					0	0
Repayments of borrowings from unsecured senior line of credit					0	0
Repayments of Unsecured Debt					0
Transfers to/from parent company					157,864	243,923
Change in restricted cash related to financings					(1,520)	1,212
Deferred financing costs paid					(1,455)	(266)
Proceeds from the issuance of common stock					0
Dividends paid on common stock					0	0
Dividends paid on preferred stock					0	0
Contributions by noncontrolling interests					340	19,410
Distributions to noncontrolling interests					(61,890)	(1,983)
Net cash provided by financing activities					126,131	120,631
Effect of foreign exchange rate changes on cash and cash equivalents					127	837
Net decrease in cash and cash equivalents					(70)	754
Cash and cash equivalents at beginning of period		33,457			33,457	42,906
Cash and cash equivalents at end of period	33,387		33,457	43,660	33,387	43,660
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized					10,637	9,704
Non-Cash Investing Activities
Change in accrued construction					(27,469)	592
Assumption of secured notes payable in connection with purchase of properties					(82,000)	(48,329)
Payable for purchase of noncontrolling interest					0
Eliminations
Operating Activities
Net income	(135,922)			(114,738)	(234,549)	(236,697)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0			0	0	0
Loss on early extinguishment of debt	0				0
Impairment of real estate	0				0
Income (Loss) from Equity Method Investments	0				0
Distributions of earnings from unconsolidated joint ventures					0
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				0		0
Amortization of loan fees and costs					0	0
Amortization of debt premiums/discounts					0	0
Amortization of acquired below-market leases					0	0
Deferred rent					0	0
Stock compensation expense					0	0
Equity in earnings of affiliates	135,922			114,738	234,549	236,697
Investment gains					0	0
Investment losses					0	0
Changes in operating assets and liabilities:
Restricted cash					0	0
Tenant receivables					0	0
Deferred leasing costs					0	0
Other assets					0	0
Accounts payable, accrued expenses, and tenant security deposits					0	0
Net cash provided by operating activities					0	0
Investing Activities
Proceeds from sale of properties					0	0
Additions to real estate					0	0
Purchase of real estate					0	0
Change in restricted cash related to construction projects						0
Payments for (Proceeds from) Deposits on Real Estate Acquisitions					0
Contributions to unconsolidated real estate entity					0	0
Investments in subsidiaries					283,561	449,572
Additions to investments					0	0
Sales of investments					0	0
Repayment of notes receivable					0	0
Net cash used in investing activities					283,561	449,572
Financing Activities
Borrowings from secured notes payable					0	0
Repayments of borrowings from secured notes payable					0	0
Principal borrowings from unsecured senior line of credit					0	0
Repayments of borrowings from unsecured senior line of credit					0	0
Repayments of Unsecured Debt					0
Transfers to/from parent company					(283,561)	(449,572)
Change in restricted cash related to financings					0	0
Deferred financing costs paid					0	0
Proceeds from the issuance of common stock					0
Dividends paid on common stock					0	0
Dividends paid on preferred stock					0	0
Contributions by noncontrolling interests					0	0
Distributions to noncontrolling interests					0	0
Net cash provided by financing activities					(283,561)	(449,572)
Effect of foreign exchange rate changes on cash and cash equivalents					0	0
Net decrease in cash and cash equivalents					0	0
Cash and cash equivalents at beginning of period		$ 0			0	0
Cash and cash equivalents at end of period	$ 0		$ 0	$ 0	0	0
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized					0	0
Non-Cash Investing Activities
Change in accrued construction					0	0
Assumption of secured notes payable in connection with purchase of properties					0	$ 0
Payable for purchase of noncontrolling interest					$ 0