Alexandria Real Estate Equities (ARE) 10-Q 30 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 15, 2018
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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Emerging Growth Company	false
Small Business	false
Entity Common Stock, Shares Outstanding		107,526,601
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 11,587,312	$ 10,298,019
Investments in unconsolidated real estate joint ventures	197,970	110,618
Cash and cash equivalents	204,181	254,381
Restricted cash	29,699	22,805
Tenant receivables	11,041	10,262
Deferred rent	511,680	434,731
Deferred leasing costs	238,295	221,430
Investments	957,356	523,254
Other assets	368,032	228,453
Total assets	14,105,566	12,103,953
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	632,792	771,061
Unsecured senior notes payable	4,290,906	3,395,804
Unsecured senior line of credit	413,000	50,000
Unsecured senior bank term loans	347,306	547,942
Accounts payable, accrued expenses, and tenant security deposits	907,094	763,832
Dividends payable	101,084	92,145
Total liabilities	6,692,182	5,620,784
Commitments and contingencies
Redeemable noncontrolling interests	10,771	11,509
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
7.00% Series D cumulative convertible preferred stock	74,386	74,386
Common stock	1,058	998
Additional paid-in capital	6,801,150	5,824,258
Accumulated other comprehensive (loss) income	(3,811)	50,024
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	6,872,783	5,949,666
Noncontrolling interests	529,830	521,994
Total equity	7,402,613	6,471,660
Total liabilities, noncontrolling interests, and equity	$ 14,105,566	$ 12,103,953

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue	$ 341,823	$ 285,370	$ 986,996	$ 829,306
Expenses:
Rental operations	99,759	83,469	283,438	237,536
General and administrative	22,660	17,636	68,020	56,099
Interest	42,244	31,031	117,256	92,563
Depreciation and amortization	119,600	107,788	352,671	309,069
Impairment of real estate	0	0	6,311	203
Loss on early extinguishment of debt	1,122	0	1,122	670
Total expenses	285,385	239,924	828,818	696,140
Equity in earnings of unconsolidated real estate joint ventures	40,718	14,100	42,952	15,050
Investment income	122,203	0	220,294	0
Gain on sales of real estate – rental properties	0	0	0	270
Gain on sales of real estate – land parcels	0	0	0	111
Net income	219,359	59,546	421,424	148,597
Net income attributable to noncontrolling interests	(5,723)	(5,773)	(17,428)	(18,892)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	213,636	53,773	403,996	129,705
Dividends on preferred stock	(1,301)	(1,302)	(3,905)	(6,364)
Preferred stock redemption charge	0	0	0	(11,279)
Net income attributable to unvested restricted stock awards	(3,395)	(1,198)	(6,010)	(3,498)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 208,940	$ 51,273	$ 394,081	$ 108,564
Earnings per share attributable to Alexandria’s common stockholders – basic and diluted:
Earnings per share – basic (USD per share)	$ 2.01	$ 0.55	$ 3.86	$ 1.20
Earnings per shares - diluted (USD per share)	1.99	0.55	3.85	1.20
Dividends declared per share of common stock (USD per share)	$ 0.93	$ 0.86	$ 2.76	$ 2.55
Rental revenues
Revenue	$ 255,496	$ 216,021	$ 750,616	$ 635,156
Tenant recoveries
Revenue	81,051	67,058	226,380	188,874
Other income
Revenue	$ 5,276	$ 2,291	$ 10,000	$ 5,276

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 219,359	$ 59,546	$ 421,424	$ 148,597
Unrealized gains on public investments:
Unrealized holding gains arising during the period	0	17,018	0	23,414
Reclassification adjustment for losses included in net income	0	0	0	2,482
Unrealized gains on public investments, net	0	17,018	0	25,896
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains arising during the period	165	145	2,808	812
Reclassification adjustment for amortization of interest (income) expense included in net income	(1,432)	198	(3,241)	1,810
Unrealized (losses) gains on interest rate hedge agreements, net	(1,267)	343	(433)	2,622
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(59)	3,836	(3,631)	7,592
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	2,421
Unrealized (losses) gains on foreign currency translation, net	(59)	3,836	(3,631)	10,013
Total other comprehensive (loss) income	(1,326)	21,197	(4,064)	38,531
Comprehensive income (loss)	218,033	80,743	417,360	187,128
Less: comprehensive income attributable to noncontrolling interests	(5,723)	(5,783)	(17,428)	(18,914)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 212,310	$ 74,960	$ 399,932	$ 168,214

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Redeemable Noncontrolling Interests	7.00% Series D Cumulative Convertible Preferred StockPreferred Stock
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	$ 6,471,660	$ 998	$ 5,824,258	$ 0	$ 50,024	$ 521,994		$ 74,386
Increase (Decrease) in Stockholders' Equity
Net Income	420,777			403,996		16,781
Total other comprehensive loss	(4,064)				(4,064)
Reclassification of cumulative net unrealized gains on non-real estate investments	90,750			140,521	(49,771)
Distributions to noncontrolling interests	(23,775)					(23,775)
Contributions from noncontrolling interests	15,087		257			14,830
Issuances of common stock shares		5,716,420
Issuance of common stock	696,532	$ 57	696,475
Issuances pursuant to stock plan (in shares)		303,488
Issuances pursuant to stock plan	29,122	$ 3	29,119
Dividends declared on common stock	(289,571)			(289,571)
Dividends declared on preferred stock	(3,905)			(3,905)
Distributions in excess of earnings	0		251,041	(251,041)
Ending balance (shares) at Sep. 30, 2018		105,803,594
Ending balance at Sep. 30, 2018	7,402,613	$ 1,058	$ 6,801,150	$ 0	$ (3,811)	$ 529,830		$ 74,386
Beginning balance at Dec. 31, 2017	11,509						$ 11,509
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							647
Redemption of noncontrolling interest							(1,497)
Distributions to noncontrolling interests							(638)
Contribution from noncontrolling interests							750
Ending balance at Sep. 30, 2018	$ 10,771						$ 10,771

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income (loss)	$ 421,424	$ 148,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	352,671	309,069
Loss on early extinguishment of debt	1,122	670
Gain on sales of real estate – rental properties	0	(270)
Impairment of real estate	6,311	203
Gain (loss) on sale of real estate - land parcels	0	(111)
Equity in earnings of unconsolidated real estate joint ventures	(42,952)	(15,050)
Distributions of earnings from unconsolidated real estate joint ventures	430	249
Amortization of loan fees	7,870	8,578
Amortization of debt discounts (premiums)	(1,795)	(1,873)
Amortization of acquired below-market leases	(16,588)	(14,908)
Deferred rent	(75,960)	(74,362)
Stock compensation expense	25,209	18,649
Investment income	(220,294)	(2,007)
Changes in operating assets and liabilities:
Tenant receivables	(807)	(224)
Deferred leasing costs	(42,821)	(39,925)
Other assets	(21,629)	(10,662)
Accounts payable, accrued expenses, and tenant security deposits	21,897	30,619
Net cash provided by operating activities	414,088	357,242
Investing Activities
Proceeds from sale of properties	5,748	4,263
Additions to real estate	(663,688)	(660,877)
Purchases of real estate	(947,013)	(590,884)
Deposits for investing activities	2,500	4,700
Acquisition of interest in unconsolidated joint venture	35,922	0
Investments in unconsolidated real estate joint ventures	(77,501)	(248)
Return of capital from unconsolidated real estate joint ventures	68,592	38,576
Additions to investments	(174,195)	(128,190)
Sales of investments	57,330	18,896
Net cash used in investing activities	(1,764,149)	(1,313,764)
Financing Activities
Borrowings from secured notes payable	17,784	145,272
Repayments of borrowings from secured notes payable	(155,155)	(2,882)
Proceeds from issuance of unsecured senior notes payable	899,321	424,384
Borrowings from unsecured senior line of credit	3,894,000	2,634,000
Repayments of borrowings from unsecured senior line of credit	(3,531,000)	(2,348,000)
Repayments of borrowings from unsecured senior bank term loans	(200,000)	(200,000)
Payment of loan fees	(19,066)	(4,343)
Repurchase of Series D preferred stock	0	(17,934)
Redemption of Series E preferred stock	0	(130,350)
Proceeds from the issuance of common stock	696,532	705,391
Dividends on common stock	(280,632)	(229,814)
Dividends on preferred stock	(3,905)	(8,317)
Contributions from noncontrolling interests	15,837	9,877
Distributions to and purchases of noncontrolling interests	(25,910)	(17,432)
Net cash provided by financing activities	1,307,806	959,852
Effect of foreign exchange rate changes on cash and cash equivalents	(1,051)	1,579
Net (decrease) increase in cash, cash equivalents, and restricted cash	(43,306)	4,909
Cash, cash equivalents, and restricted cash, beginning of period	277,186	141,366
Cash, cash equivalents, and restricted cash, end of period	233,880	146,275
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	99,638	86,232
Non-Cash Investing Activities
Change in accrued construction	69,654	(38,767)
Contribution of real estate to an unconsolidated real estate joint venture	$ 0	$ 6,998

Organization and basis of prese

Organization and basis of presentation	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations. 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. The accompanying unaudited 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. 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, of a normal recurring nature, 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, 2018 . These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our annual report on Form 10‑K for the year ended December 31, 2017 . Any references to our market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or occupancy percentage, and any amounts derived from these values in these notes to consolidated financial statements, are outside the scope of our independent registered public accounting firm’s interim review.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., where the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders’ interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than us in each of our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits – that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (due to insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model. 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 Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we recognize the assets acquired (including the intangible value of acquired above- or below-market leases, acquired in-place leases, tenant relationships, and other intangible assets or liabilities), liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Acquisitions of real estate and in-substance real estate that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Additionally, because the accounting model for asset acquisitions is a cost accumulation model, preexisting interests in the acquired assets, if any, are not remeasured to fair value but continue to be accounted for at their historical cost. Direct acquisition costs are capitalized if an asset acquisition is probable. If we determine that an asset acquisition is no longer probable, no new costs are capitalized and all capitalized costs that are not recoverable are expensed. The relative fair values used to allocate the cost of an asset acquisition are determined by the same methodologies and assumptions we utilize to determine fair value in a business combination. If a real estate property is acquired with an in-place lease that contains a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term, 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 its space 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 renewal option will be exercised, we consider the option 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 under the 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. 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 up to 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 increases (for below-market leases) or decreases (for above-market leases) to rental revenue. The values of acquired above- and below-market ground leases are amortized over the terms of the related ground leases and recognized as either increases (for below-market ground leases) or decreases (for above-market ground leases) to rental operating expense. 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. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, 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, pre-construction, 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. Real estate sales 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. If the disposal of a 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, 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 a discontinued operation. Impairment of long-lived assets 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, if necessary, a probability-weighted approach if multiple outcomes are under consideration. 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 carrying amount of a long-lived asset may not be recoverable. The carrying 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 net operating income, 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 carrying 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. International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment. Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. As a REIT, we generally limit our ownership percentage in the voting stock of each individual entity to less than 10% . Prior to January 1, 2018 Prior to the adoption of a new ASU on financial instruments effective January 1, 2018, all of our equity investments in actively traded public companies were considered available-for-sale and were presented in our consolidated balance sheets at fair value. Fair value was determined based upon the closing price as of each balance sheet date, with unrealized gains and losses shown as a separate component of accumulated other comprehensive income within total equity (excluded from net income). The classification of each investment was determined at the time each investment was made, and such determination was reevaluated at each balance sheet date. The cost of each investment sold was determined by the specific identification method, with realized gains or losses classified in other income in our consolidated statements of income. Investments in privately held entities were generally accounted for under the cost method when our interest in the entity was so minor that we had virtually no influence over the entity’s operating and financial policies. Investments in privately held entities were accounted for under the equity method unless our interest in the entity was deemed to be so minor that we had virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we recognized our investment initially at cost and adjusted the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We periodically assessed our investments in available-for-sale equity securities and privately held companies accounted for under the cost method for other-than-temporary impairment. We monitored each of our investments throughout the year for new developments, including operating results, results of clinical trials, capital-raising events, and merger and acquisition activities. Individual investments were evaluated for impairment when changes in conditions indicated an impairment may exist. The factors that we considered in making these assessments included, but were 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 an unrealized loss related to an available-for-sale equity security was determined to be other-than-temporary, such unrealized loss was reclassified from accumulated other comprehensive income within total equity into earnings. For a cost method investment, if a decline in the fair value of an investment below its carrying value was determined to be other-than-temporary, such investment was written down to its estimated fair value with a charge to earnings. If there were no identified events or changes in circumstances that might have had an adverse effect on our cost method investments, we did not estimate the investment’s fair value. Effective January 1, 2018 Beginning on January 1, 2018, under the new ASU, equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured at fair value, with changes in fair value recognized in net income, as follows: • Investments in publicly traded companies are classified as investments with readily determinable fair values. These investments are carried at fair value, with changes in fair value recognized in net income, rather than in accumulated other comprehensive income within total equity. The fair values for our investments in publicly traded companies continue to be determined based on sales prices/quotes available on securities exchanges, or published prices that serve as the basis for current transactions. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report net asset value per share (“NAV”), such as our privately held investments in limited partnerships, are carried at fair value using NAV as a practical expedient with changes in fair value recognized in net income. • Investments in privately held entities that do not report NAV are accounted for using a measurement alternative that allows these investments to be measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV, an observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. For these transactions to be considered observable price changes, we evaluate whether these transactions have similar rights and obligations, including voting rights, distribution preferences, conversion rights, and other factors, to the investments we hold. Investments in privately held entities that do not report NAV continue to be evaluated on the basis of a qualitative assessment for indicators of impairment by utilizing the same monitoring criteria described above. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment loss, without consideration as to whether the impairment is other-than-temporary, in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities continue to be 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 initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. Initial adoption of new ASU On January 1, 2018, we recognized the following adjustments upon adoption of the new ASU: • For investments in publicly traded companies, reclassification of cumulative unrealized gains as of December 31, 2017, aggregating $49.8 million , from accumulated other comprehensive income to retained earnings. • For investments in privately held entities without readily determinable fair values that were previously accounted for under the cost method: • Adjustment to investments for unrealized gains aggregating $90.8 million related to investments in privately held entities that report NAV, representing the difference between fair value as of December 31, 2017, using NAV as a practical expedient and the carrying value of the investments as of December 31, 2017, with a corresponding adjustment to retained earnings. • No adjustment was required for investments in privately held entities that do not report NAV. The ASU requires a prospective transition approach for investments in privately held entities that do not report NAV. The FASB clarified that it would be difficult for entities to determine the last observable transaction price existing prior to the adoption of this ASU. Therefore, unlike our investments in privately held entities that report NAV that were adjusted to reflect fair values upon adoption of the new ASU, our investments in privately held entities that do not report NAV were not retrospectively adjusted to fair values upon adoption. As such, any initial valuation adjustments made for investments in privately held entities that do not report NAV subsequent to January 1, 2018, as a result of future observable price changes include recognition of unrealized gains or losses equal to the difference between the carrying basis of the investment and the observable price at the date of remeasurement. Revenue recognition Recognition of revenue arising from contracts with customers On January 1, 2018, we adopted an ASU on revenue recognition that requires a new model for recognition of revenue arising from contracts with customers, as well as recognition of gains and losses from the transfer of nonfinancial assets arising from contracts with noncustomers. A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. The core principle underlying the ASU on recognition of revenue arising from contracts with customers is that an entity must recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in such exchange. This requires entities to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. An entity is also required to determine if it controls the goods or services prior to the transfer to the customer in order to determine if it should account for the arrangement as a principal or agent. Principal arrangements, where the entity controls the goods or services provided, result in the recognition of the gross amount of consideration expected in the exchange. Agent arrangements, where the entity simply arranges but does not control the goods or services being transferred to the customer, result in the recognition of the net amount the entity is entitled to retain in the exchange. Upon adoption of the new lease ASU in 2019, we will be required to classify our tenant recoveries into lease and nonlease components, whereby the nonlease components would be subject to the ASU on recognition of revenue arising from contracts with customers. However, if we elect to use a practical expedient, as discussed in “Lessor Accounting” within the “Lease Accounting” subsection of the “Recent Accounting Pronouncements” section in Note 2 - “Summary of Significant Accounting Policies,” tenant recoveries for goods and services that are categorized as nonlease components but have the same timing and pattern of transfer as the related lease component may (subject to the predominance test) be accounted for under the new lease ASU. Tenant recoveries that do not qualify for the practical expedient will be accounted for under the ASU on recognition of revenue arising from contracts with customers upon adoption of the new lease ASU. Property services categorized as nonlease components that are reimbursed by our tenants may need to be presented on a net basis if it is determined that we hold an agent arrangement. Entities had the option to transition to the ASU on recognition of revenue arising from contracts with customers using either the full retrospective or the modified retrospective method. We adopted this ASU using the modified retrospective method, which requires a cumulative adjustment for the effects of applying the new standard to periods prior to 2018 to be recorded in retained earnings as of January 1, 2018. We also elected to apply this ASU only to contracts not completed as of January 1, 2018. For all contracts within the scope of this ASU that were not completed as of January 1, 2018, we evaluated the revenue recognition under accounting standards in effect prior to January 1, 2018, and under the new ASU, and determined that amounts recognized and the pattern of revenue recognition were consistent. Therefore, the adoption of the ASU on recognit

Investments in real estate

Investments in real estate	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Investments in real estate	Investments in real estate Our consolidated investments in real estate consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Land (related to rental properties) $ 1,576,898 $ 1,312,072 Buildings and building improvements 9,660,891 9,000,626 Other improvements 906,597 780,117 Rental properties 12,144,386 11,092,815 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre-construction) 1,518,264 955,218 Future development projects 62,860 96,112 Gross investments in real estate 13,725,510 12,144,145 Less: accumulated depreciation (2,166,330 ) (1,875,810 ) Net investments in real estate – North America 11,559,180 10,268,335 Net investments in real estate – Asia 28,132 29,684 Investments in real estate $ 11,587,312 $ 10,298,019 Acquisitions Our real estate asset acquisitions during the nine months ended September 30, 2018 , and subsequently, consisted of the following (dollars in thousands): Square Footage Market Number of Properties Operating Operating with Future Redevelopment Active Development/Redevelopment Future Development Purchase Price San Francisco 6 148,951 — 642,312 — $ 167,950 San Diego 4 316,531 — — 50,000 148,650 Other 1 21,745 — 58,186 — 22,800 Three months ended March 31, 2018 11 487,227 — 700,498 50,000 339,400 Greater Boston 1 200,431 — — 300,000 87,250 Seattle 1 197,136 — — — 95,000 Maryland 8 376,106 39,505 — — 146,500 Other 1 8,715 — — 493,000 77,105 Three months ended June 30, 2018 11 782,388 39,505 — 793,000 405,855 New York City 1 — 349,947 — 230,000 203,000 Seattle — — — — 217,000 33,500 Other 1 45,626 — — — 20,500 Three months ended September 30, 2018 2 45,626 349,947 — 447,000 257,000 Subsequent acquisition 1 — 36,661 140,098 — 75,000 Total acquisitions 25 1,315,241 426,113 840,596 1,290,000 $ 1,077,255 We evaluated each acquisition to determine whether the integrated set of assets and activities acquired met the definition of a business. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. An integrated set of assets and activities does not qualify as a business if substantially all of the fair value of the gross assets is concentrated in either a single identifiable asset or a group of similar identifiable assets, or if the acquired assets do not include a substantive process. We evaluated each of the completed acquisitions and determined that substantially all of the fair value related to each acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, or is a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and consequently was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis. Sales of real estate assets During the three months ended June 30, 2018, we classified a land parcel located in Northern Virginia as held for sale. As a result, we recognized an impairment charge of $6.3 million to lower the carrying amount to the estimated fair value less selling costs during the three months ended June 30, 2018. We completed the sale of the land parcel in July 2018 for a sales price of $6.0 million with no gain or loss. In January 2017, we completed the sale of a vacant property at 6146 Nancy Ridge Drive, located in our Sorrento Mesa submarket of San Diego, for a sales price of $3.0 million and recognized a gain of $270 thousand . In June 2017, we recognized an impairment charge of $203 thousand on a 20,580 RSF property located in a non-cluster market. We completed the sale of this property in July 2017 for a gross sales price of $800 thousand with no gain or loss.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Consolidated and unconsolidated real estate joint ventures From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of September 30, 2018 , we had the following properties that were held by our real estate joint ventures: Property (1) Market Submarket Our Ownership Interest RSF Consolidated joint ventures: 225 Binney Street Greater Boston Cambridge 30.0 % 305,212 409 and 499 Illinois Street San Francisco Mission Bay/SoMa 60.0 % 455,069 1500 Owens Street San Francisco Mission Bay/SoMa 50.1 % 158,267 Campus Pointe by Alexandria San Diego University Town Center 55.0 % 798,799 9625 Towne Centre Drive San Diego University Town Center 50.1 % 163,648 Unconsolidated joint ventures: Menlo Gateway San Francisco Greater Stanford 33.7 % (2) 772,983 1401/1413 Research Boulevard Maryland Rockville 65.0 % (3) (4) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (3) 79,931 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % 593,765 (1) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in four other joint ventures in North America, and we hold an insignificant noncontrolling interest in one unconsolidated real estate joint venture in North America. (2) As of September 30, 2018 , we have an ownership interest in Menlo Gateway of 33.7% and expect our ownership to increase to 49% through future funding of construction costs in 2019. (3) Represents our ownership interest; our voting interest is limited to 50%. (4) Joint venture with a distinguished retail real estate developer for the development of an approximate 90,000 RSF retail shopping center. Our consolidation policy is fully described under the “Consolidation” section within Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”). We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of income and losses. The table below shows our categorization of our existing joint ventures under the consolidation framework: Property Consolidation Model Voting Interest Consolidation Analysis Conclusion 225 Binney Street VIE model Not applicable under VIE model We have control and benefits that can be significant to the joint venture; therefore, we are the primary beneficiary of each VIE Consolidated 409 and 499 Illinois Street 1500 Owens Street Campus Pointe by Alexandria 9625 Towne Centre Drive Menlo Gateway We do not control the joint venture and therefore are not the primary beneficiary Equity method of accounting 1401/1413 Research Boulevard 704 Quince Orchard Road Voting model Does not exceed 50% Our voting interest is 50% or less 1655 and 1725 Third Street Consolidated VIEs’ balance sheet information The table below aggregates the balance sheet information of our consolidated VIEs as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Investments in real estate $ 1,105,290 $ 1,047,472 Cash and cash equivalents 38,783 41,112 Other assets 71,823 68,754 Total assets $ 1,215,896 $ 1,157,338 Secured notes payable $ — $ — Other liabilities 74,463 52,201 Total liabilities 74,463 52,201 Redeemable noncontrolling interests 759 — Alexandria Real Estate Equities, Inc.’s share of equity 611,894 584,160 Noncontrolling interests’ share of equity 528,780 520,977 Total liabilities and equity $ 1,215,896 $ 1,157,338 In determining whether to aggregate the balance sheet information of our consolidated VIEs, we considered the similarity of each VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the balance sheet information of these entities on an aggregated basis. For each of our consolidated VIEs, none of its assets have restrictions that limit their use to settle specific obligations of the VIE. There are no creditors or other partners of our consolidated VIEs that have recourse to our general credit. Our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE. Unconsolidated real estate joint ventures As of September 30, 2018 , our investments in unconsolidated real estate joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheet consist of the following (in thousands): Property September 30, 2018 Menlo Gateway $ 150,632 1401/1413 Research Boulevard 7,958 704 Quince Orchard Road 4,484 1655 and 1725 Third Street 34,387 Other 509 $ 197,970 Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE. We had a 27.5% ownership interest in an unconsolidated real estate joint venture that owned a building aggregating 210,709 RSF, located in our Longwood Medical Area submarket of Greater Boston. In September 2018, we sold our partial interest in this unconsolidated real estate joint venture for a contractual sales price, net of debt repaid, of $70.0 million , which represents a sales price of $1,659 per RSF. We received proceeds of $68.6 million , net of closing costs. We have elected as an accounting policy to reflect unconsolidated joint venture distributions in our consolidated statements of cash flows using the nature of the distribution approach. Accordingly, the net proceeds were classified as return of capital from unconsolidated real estate joint ventures within the investing activities section of our consolidated statements of cash flows for the nine months ended September 30, 2018 . For the three and nine months ended September 30, 2018 , in connection with the sale, we recognized a gain of $35.7 million , net of closing costs and other liabilities of the joint venture, which is reflected in equity in earnings of unconsolidated real estate joint ventures. In August 2018, our unconsolidated real estate joint venture at Menlo Gateway, located in our Greater Stanford submarket of San Francisco refinanced the secured note payable related to Phase I of the project. The new $145.0 million loan bears interest at a fixed rate of 4.15% , and the net proceeds were used to repay the outstanding balance of $133.1 million of the previous secured note payable. For the three and nine months ended September 30, 2018 , in connection with the refinancing, we recognized a gain on early extinguishment of debt of $761 thousand related to our share of the write-off of unamortized premiums, which is reflected in equity in earnings of unconsolidated real estate joint ventures. As of September 30, 2018 , our unconsolidated real estate joint ventures have the following non-recourse secured loans that include the following key terms (dollars in thousands): Maturity Date Stated Interest Rate Interest Rate (1) 100% at Joint Venture Level Unconsolidated Joint Venture Our Share Debt Balance (2) Remaining Commitments 1401/1413 Research Boulevard 65.0% 5/17/20 L+2.50% 5.60% $ 18,415 $ 9,131 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.80% 121,889 253,111 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.36% 2,932 11,901 Menlo Gateway, Phase II 33.7% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 33.7% 8/1/35 4.15% 4.18% 144,336 N/A $ 287,572 $ 431,413 (1) Includes interest expense, amortization of loan fees, and amortization of premiums (discounts) as of September 30, 2018 . (2) Represents outstanding principal, net of unamortized deferred financing costs and premiums (discounts) as of September 30, 2018 .

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash	9 Months Ended
	Sep. 30, 2018
Cash, cash equivalents, and restricted cash [Abstract]
Cash and Cash Equivalents Disclosure	5. Cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Cash and cash equivalents $ 204,181 $ 254,381 Restricted cash: Funds held in trust under the terms of certain secured notes payable 20,837 12,301 Funds held in escrow related to construction projects and investing activities 5,054 4,546 Other 3,808 5,958 29,699 22,805 Total $ 233,880 $ 277,186

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments [Abstract]
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. On January 1, 2018, we adopted a new ASU on financial instruments that prospectively changed how we recognize, measure, present, and disclose these investments. Key differences between prior accounting standards and the new ASU Prior to January 1, 2018: • Investments in publicly traded companies were presented at fair value in our consolidated balance sheet, with changes in fair value recognized in other comprehensive income classified in accumulated other comprehensive income within total equity. • Investments in privately held entities were accounted for under the cost method of accounting. • Gains or losses were recognized in net income upon the sale of an investment. • Investments in privately held entities required accounting under the equity method unless our interest in the entity was deemed to be so minor that we had virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we recognized our investment initially at cost and adjusted the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We had no investments accounted for under the equity method as of December 31, 2017. • Investments were evaluated for impairment, with other-than-temporary impairments recognized in net income. Effective January 1, 2018: • Investments in publicly traded companies are presented at fair value in our consolidated balance sheet, with changes in fair value recognized in net income. • Investments in privately held entities without readily determinable fair values previously accounted for under the cost method are accounted for as follows: • Investments in privately held entities that report NAV are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. • Investments in privately held entities that do not report NAV are carried at cost, adjusted for observable price changes and impairments, with changes recognized in net income. • One-time adjustments recognized upon adoption on January 1, 2018, are as follows: • For investments in publicly traded companies, reclassification of net unrealized gains as of December 31, 2017, aggregating $49.8 million , from accumulated other comprehensive income to retained earnings. • For investments in privately held entities without readily determinable fair values that were previously accounted for under the cost method: • Adjustment to investments for unrealized gains aggregating $90.8 million related to investments in privately held entities that report NAV, representing the difference between fair value as of December 31, 2017, using NAV as a practical expedient and the carrying value of the investments as of December 31, 2017, with a corresponding adjustment to retained earnings. • No adjustment was required for investments in privately held entities that do not report NAV. The ASU requires a prospective transition approach for investments in privately held entities that do not report NAV. The FASB clarified that it would be difficult for entities to determine the last observable transaction price existing prior to the adoption of this ASU. Therefore, unlike our investments in privately held entities that report NAV that were adjusted to reflect fair values upon adoption of the new ASU, our investments in privately held entities that do not report NAV were not retrospectively adjusted to fair values upon adoption. As such, any initial valuation adjustments made for investments in privately held entities that do not report NAV subsequent to January 1, 2018, as a result of future observable price changes will include recognition of unrealized gains or losses equal to the difference between the carrying basis of the investment and the observable price at the date of remeasurement. • Investments in privately held entities continue to require accounting 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 initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We had no investments accounted for under the equity method as of September 30, 2018 . We recognize changes in fair value for investments in publicly traded companies and changes in NAV, as a practical expedient to estimate fair value, reported by limited partnerships, as unrealized gains and losses within investment income in our consolidated income statements. For investments in privately held entities without readily determinable fair values, we adjust the cost basis and record unrealized gains or losses within investment income in our consolidated income statements, whenever such investments have an observable price change or impairment. Further adjustments to these revised carrying amounts are not made until another price change, if any, is observed. For further information regarding the new ASU, refer to the “Investments” section within Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. The following tables summarize our investments as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 Cost Adjustments Carrying Amount Investments at fair value: Publicly traded companies $ 119,634 $ 136,310 $ 255,944 Entities that report NAV 186,098 139,891 325,989 Entities that do not report NAV: Entities with observable price changes since January 1, 2018 30,522 59,206 89,728 Entities without observable price changes since January 1, 2018 285,695 — 285,695 Total investments $ 621,949 $ 335,407 $ 957,356 December 31, 2017 Cost Adjustments Total Investments in publicly traded companies $ 59,740 $ 49,771 $ 109,511 Investments in privately held entities without readily determinable fair values (cost method investments): Investments in privately held entities that report NAV 148,627 N/A 148,627 Investments in privately held entities that do not report NAV 265,116 N/A 265,116 Total investments $ 473,483 $ 49,771 $ 523,254 Adjustments recorded in investments in privately held entities that do not report NAV aggregating $59.2 million as of September 30, 2018 , consisted of upward adjustments representing unrealized gains of $59.4 million and downward adjustments representing unrealized losses of $200 thousand . We adjusted our investments in privately held entities that do not report NAV based on observable price changes from subsequent equity offerings. The subsequent equity offerings observed were for similar securities to those we hold as the securities had similar voting rights, distribution preferences, and conversion rights. Investments in privately held entities that report NAV Investments in privately held entities that report NAV consist primarily of investments in limited partnerships. We are committed to funding approximately $199.1 million for all investments, primarily consisting of $196.4 million related to investments in limited partnerships. Our funding commitments expire at various dates during the next 11 years , with a weighted-average expiration of 8.5 years . These investments are not redeemable by us, but we normally receive distributions from these investments throughout their term. Our investments in privately held entities that report NAV generally have expected initial terms in excess of 10 years. The weighted-average remaining term during which these investments are expected to be liquidated was 8.8 years as of September 30, 2018 . Our investment income for the three and nine months ended September 30, 2018 , consisted of the following (in thousands): Three Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments at fair value, held at period end: Publicly traded companies $ 40,342 $ — $ 40,342 Entities that report NAV 28,948 — 28,948 Entities that do not report NAV with observable price changes since July 1, 2018, held at period end: 48,917 — 48,917 Total investments at fair value, held at period end 118,207 — 118,207 Investment dispositions during the period: Recognized in the current period — 3,996 3,996 Previously recognized gains (1,019 ) 1,019 — Total investment dispositions during the period (1,019 ) 5,015 3,996 Investment income $ 117,188 $ 5,015 $ 122,203 Nine Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments at fair value, held at period end: Publicly traded companies $ 92,148 $ — $ 92,148 Entities that report NAV 48,718 — 48,718 Entities that do not report NAV with observable price changes since January 1, 2018, held at period end 59,206 — 59,206 Total investments at fair value, held at period end 200,072 — 200,072 Investment dispositions during the period: Recognized in the current period — 20,222 20,222 Previously recognized gains (5,588 ) 5,588 — Total investment dispositions during the period (5,588 ) 25,810 20,222 Investment income $ 194,484 $ 25,810 $ 220,294 During the three and nine months ended September 30, 2017 , we recognized unrealized gains of $17.0 million and $23.4 million , respectively, on our equity securities classified as available-for-sale as of September 30, 2017. These unrealized gains were recognized in our other comprehensive income and classified in accumulated other comprehensive income within total equity, in accordance with the accounting standards in effect prior to January 1, 2018.

Other assets

Other assets	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	Other assets The following table summarizes the components of other assets as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Acquired below-market ground leases $ 17,529 $ 12,684 Acquired in-place leases 140,129 64,979 Deferred compensation plan 20,110 15,534 Deferred financing costs – $2.2 billion unsecured senior line of credit 16,640 10,525 Deposits 8,315 10,576 Furniture, fixtures, and equipment 12,958 11,070 Interest rate hedge assets 4,724 5,260 Net investment in direct financing lease 38,954 38,382 Notes receivable 550 614 Prepaid expenses 17,179 10,972 Property, plant, and equipment 71,080 32,073 Other assets 19,864 15,784 Total $ 368,032 $ 228,453 The components of our net investment in direct financing lease as of September 30, 2018 , and December 31, 2017 , are summarized in the table below (in thousands): September 30, 2018 December 31, 2017 Gross investment in direct financing lease $ 262,514 $ 263,719 Less: unearned income (223,560 ) (225,337 ) Net investment in direct financing lease $ 38,954 $ 38,382 Future minimum lease payments to be received under our direct financing lease as of September 30, 2018 , were as follows (in thousands): Year Total 2018 $ 403 2019 1,655 2020 1,705 2021 1,756 2022 1,809 Thereafter 255,186 Total $ 262,514

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by 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 (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). 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. 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 nine months ended September 30, 2018 . 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Investments in publicly traded companies $ 255,944 $ 255,944 $ — $ — Interest rate hedge agreements $ 4,724 $ — $ 4,724 $ — December 31, 2017 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 109,511 $ 109,511 $ — $ — Interest rate hedge agreements $ 5,260 $ — $ 5,260 $ — Liabilities: Interest rate hedge agreements $ 103 $ — $ 103 $ — Our investments in publicly traded companies have been recognized at fair value. Investments in privately held entities are excluded from the fair value hierarchy above as required by the fair value standards. Refer to Note 6 – “Investments” to these unaudited consolidated financial statements for further details. Our interest rate hedge agreements have been recognized at fair value. Refer to Note 10 – “Interest Rate Hedge Agreements” to these unaudited consolidated financial statements for further details. 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. The fair values of our secured notes payable, unsecured senior notes payable, $2.2 billion unsecured senior line of credit, and unsecured senior bank term loans were estimated using widely accepted valuation techniques, including discounted cash flow analyses using 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 September 30, 2018 , and December 31, 2017 , the book and estimated fair values of our investments in privately held entities that report NAV, secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were as follows (in thousands): September 30, 2018 December 31, 2017 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 325,989 $ 325,989 N/A N/A Liabilities: Secured notes payable $ 632,792 $ 623,887 $ 771,061 $ 776,222 Unsecured senior notes payable $ 4,290,906 $ 4,294,053 $ 3,395,804 $ 3,529,713 Unsecured senior line of credit $ 413,000 $ 411,428 $ 50,000 $ 49,986 Unsecured senior bank term loans $ 347,306 $ 346,743 $ 547,942 $ 549,361 Nonrecurring fair value measurements Refer to Note 6 – “Investments” and Note 15 – “Assets Classified as Held for Sale” to these unaudited consolidated financial statements for further discussion.

Secured and unsecured senior de

Secured and unsecured senior debt	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 439,689 $ 193,103 $ 632,792 11.1 % 4.42 % 3.0 Unsecured senior notes payable 4,290,906 — 4,290,906 75.5 4.15 6.6 $2.2 billion unsecured senior line of credit 250,000 163,000 413,000 7.3 2.79 5.3 Unsecured senior bank term loan 347,306 — 347,306 6.1 2.21 5.3 Total/weighted average $ 5,327,901 $ 356,103 $ 5,684,004 100.0 % 3.96 % 6.1 Percentage of total debt 94 % 6 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. The following table summarizes our outstanding indebtedness and respective principal payments as of September 30, 2018 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Unamortized (Deferred Financing Cost), (Discount) Premium Debt Principal Total Secured notes payable Greater Boston L+1.50 % 3.94 % 1/28/19 (3) $ 193,103 $ (228 ) $ 192,875 Greater Boston, San Diego, Seattle, and Maryland 7.75 % 8.15 4/1/20 106,999 (501 ) 106,498 San Diego 4.66 % 4.90 1/1/23 33,773 (280 ) 33,493 Greater Boston 3.93 % 3.19 3/10/23 81,276 2,435 83,711 Greater Boston 4.82 % 3.40 2/6/24 201,269 14,195 215,464 San Francisco 6.50 % 6.50 7/1/36 751 — 751 Secured debt weighted-average interest rate/subtotal 4.87 % 4.42 617,171 15,621 632,792 $2.2 billion unsecured senior line of credit L+0.825 % 2.79 1/28/24 413,000 — 413,000 Unsecured senior bank term loan L+0.90 % 2.21 1/28/24 350,000 (2,694 ) 347,306 Unsecured senior notes payable 2.75 % 2.96 1/15/20 400,000 (1,041 ) 398,959 Unsecured senior notes payable 4.60 % 4.75 4/1/22 550,000 (2,277 ) 547,723 Unsecured senior notes payable 3.90 % 4.04 6/15/23 500,000 (2,800 ) 497,200 Unsecured senior notes payable 4.00 % 4.18 1/15/24 450,000 (3,867 ) 446,133 Unsecured senior notes payable 3.45 % 3.62 4/30/25 600,000 (5,740 ) 594,260 Unsecured senior notes payable 4.30 % 4.50 1/15/26 300,000 (3,531 ) 296,469 Unsecured senior notes payable 3.95 % 4.13 1/15/27 350,000 (4,158 ) 345,842 Unsecured senior notes payable 3.95 % 4.07 1/15/28 425,000 (3,921 ) 421,079 Unsecured senior notes payable 4.50 % 4.60 7/30/29 300,000 (2,398 ) 297,602 Unsecured senior notes payable 4.70 % 4.81 7/1/30 450,000 (4,361 ) 445,639 Unsecured debt weighted average/subtotal 3.90 5,088,000 (36,788 ) 5,051,212 Weighted-average interest rate/total 3.96 % $ 5,705,171 $ (21,167 ) $ 5,684,004 (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) We have two one -year options to extend the stated maturity date to January 28, 2021, subject to certain conditions. We expect to exercise the first right to extend the maturity date to January 28, 2020. 4.00% and 4.70% Unsecured senior notes payables In June 2018, we completed an offering of $900.0 million of unsecured senior notes for net proceeds of $891.4 million . The offering consisted of $450.0 million of 4.00% unsecured senior notes payable on January 15, 2024 (“4.00% Unsecured Senior Notes”), which will be used to fund certain eligible green development and redevelopment projects that have received or are expected to receive LEED ® Gold or Platinum certification, and $450.0 million of 4.70% unsecured senior notes payable on July 1, 2030 (“4.70% Unsecured Senior Notes”). Amendment of unsecured senior line of credit and unsecured senior bank term loan On September 28, 2018 , we amended our unsecured senior line of credit and unsecured senior bank term loan to extend the maturity date of each to January 28, 2024, including two six -month extension options related to our unsecured senior line of credit, and to increase the aggregate commitment for our unsecured senior line of credit to $2.2 billion from $1.65 billion . As a result of the amendment and improvement in our Moody’s credit rating during the three months ended September 30, 2018, the overall applicable interest rate margin decreased to 0.825% from 1.00% for our unsecured senior line of credit, and to 0.90% from 1.10% for our unsecured senior bank term loan. The facility fee related to our unsecured senior line of credit also decreased to 0.15% from 0.20% . In connection with these amendments, we recognized a loss on early extinguishment of debt of approximately $634 thousand related to the write-off of unamortized loan fees. Repayment of unsecured senior bank term loan During the three months ended September 30, 2018 , we repaid the remaining $200.0 million balance under our 2019 unsecured senior bank term loan and recognized a loss on early extinguishment of debt of $189 thousand related to the write-off of unamortized loan fees. Repayment of secured construction loan In July 2018, we repaid $150.0 million of the outstanding balance of our secured construction loan and reduced aggregate commitments to $200.0 million . In connection with the partial repayment of the secured construction loan, we recognized a loss on early extinguishment of debt of $299 thousand related to the write-off of unamortized loan fees. Interest expense The following table summarizes interest expense for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Gross interest $ 59,675 $ 48,123 $ 163,574 $ 137,888 Capitalized interest (17,431 ) (17,092 ) (46,318 ) (45,325 ) Interest expense $ 42,244 $ 31,031 $ 117,256 $ 92,563

Interest rate hedge agreements

Interest rate hedge agreements	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate hedge agreements	Interest rate hedge agreements We use interest rate derivatives to hedge the variable cash flows associated with certain of our existing LIBOR-based variable-rate debt, including our $2.2 billion unsecured senior line of credit, unsecured senior bank term loan, and secured notes payable, and to manage our exposure to interest rate volatility. The fair value of each interest rate hedge agreement is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities. The fair values of our interest rate hedge agreements are determined using the market-standard methodology of netting the discounted future fixed-cash payments and the discounted expected variable-cash receipts. The variable-cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance of our counterparties using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate hedge agreements. Changes in fair value, including accrued interest and adjustments for non-performance risk, on our interest rate hedge agreements that are designated and that qualify as cash flow hedges are classified in accumulated other comprehensive income. Amounts classified in accumulated other comprehensive income 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 $4.2 million from accumulated other comprehensive income to earnings as a decrease of interest expense. As of September 30, 2018 , and December 31, 2017 , the fair values of our interest rate hedge agreements aggregating an asset balance were classified in other assets, and the fair values of our interest rate hedge agreements 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 8 – “Fair Value Measurements” to these unaudited consolidated financial statements for further details. Under our interest rate hedge agreements, we have no collateral posting requirements. We have agreements with certain of our derivative counterparties that contain a provision wherein we could be declared in default on our derivative obligations (i) if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness, or (ii) if we default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value. As of September 30, 2018 , none of our interest rate hedge agreements were in a liability position, so there were no associated termination obligations. We had the following outstanding interest rate hedge agreements that were designated as cash flow hedges of interest rate risk as of September 30, 2018 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 9/30/18 Notional Amount in Effect as of Effective Date Maturity Date 9/30/18 12/31/18 12/31/19 March 29, 2018 March 31, 2019 8 1.16% $ 3,732 $ 600,000 $ 600,000 $ — March 29, 2019 March 31, 2020 1 1.89% 992 — — 100,000 Total $ 4,724 $ 600,000 $ 600,000 $ 100,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin over LIBOR for borrowings outstanding as of September 30, 2018 , as listed under the column heading “Stated Rate” in our summary table of outstanding indebtedness and respective principal payments under Note 9 – “Secured and Unsecured Senior Debt” to these unaudited consolidated financial statements.

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable and accrued expenses $ 445,943 $ 349,884 Acquired below-market leases 128,011 88,184 Conditional asset retirement obligations 13,195 7,397 Deferred rent liabilities 28,977 27,953 Interest rate hedge liabilities — 103 Unearned rent and tenant security deposits 237,589 248,924 Other liabilities 53,379 41,387 Total $ 907,094 $ 763,832 Some of our properties may contain asbestos, which, under certain conditions, requires remediation. Although we believe that the asbestos is appropriately contained in accordance with environmental regulations, our practice is to remediate the asbestos upon the development or redevelopment of the affected property. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. For certain properties we do not recognize an asset retirement obligation when there is an indeterminate settlement date for the obligation because the period in which we may remediate the obligation may not be estimated with any level of precision to provide for a meaningful estimate of the retirement obligation.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings per share	Earnings per share In January 2018, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $123.50 per share, before underwriting discounts. The remaining forward equity sales agreements expire no later than April 2019; we expect to settle these agreements with shares of common stock prior to the expiration in April 2019. In March 2017, we entered into agreements to sell an aggregate of 6.9 million shares of our common stock, which consisted of an initial issuance of 2.1 million shares and 4.8 million shares subject to forward equity sales agreements, at a public offering price of $108.55 per share less issuance costs, underwriters’ discount, and further adjustments as provided in the sales agreements. We issued the initial 2.1 million shares at closing in March 2017 and settled the remaining 4.8 million shares of common stock in December 2017. Refer to Note 13 – “Stockholders’ Equity” to these unaudited consolidated financial statements for a discussion related to our forward equity sales agreements executed in January 2018 and March 2017. To account for the forward equity sales agreements, we considered the accounting guidance governing financial instruments and derivatives and concluded that our forward equity sales agreements were not liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varying with something other than the fair value of our shares, or varying inversely in relation to our shares. We then evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements can be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock. We also considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. We use the treasury stock method to determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement. The common shares issued upon the settlement of the forward equity sales agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. The number of weighted-average shares outstanding – diluted used in the computation of EPS for the three and nine months ended September 30, 2018 and 2017 , includes the effect from the assumed issuance of common stock pursuant to the settlement of forward equity sales agreements outstanding during the period at the contractual price, less the assumed repurchase of common shares at the average market price using the net proceeds, adjusted as provided in the forward equity sales agreements. The effect on our weighted-average shares – diluted for the three and nine months ended September 30, 2018 , was 462 thousand and 363 thousand weighted-average incremental shares, respectively. For the three and nine months ended September 30, 2017 , the effect on our weighted-average shares – diluted from the forward equity sales agreements entered into in March 2017 was 698 thousand and 430 thousand weighted-average incremental shares, respectively. The common shares issued upon the partial settlement of the forward equity sales agreements were weighted for the period these common shares were outstanding and were included in the denominator of basic EPS for the three and nine months ended September 30, 2018 . For purposes of calculating diluted EPS, we assumed conversion of our 7.00% Series D cumulative convertible preferred stock (“Series D Convertible Preferred Stock”) for the three months ended September 30, 2018 since the result was dilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders from continuing operations during the period. The result was antidilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders from continuing operations during the nine months ended September 30, 2018 and three and nine months ended September 30, 2017 . Refer to Note 13 – “Stockholders’ Equity” to these unaudited consolidated financial statements for further discussion of the partial repurchases of our Series D Convertible Preferred Stock. 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 Series D Convertible Preferred Stock and forward equity sales agreements are not participating securities and therefore are not included in the computation of EPS using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests, dividends on preferred stock, and preferred stock redemption charge) to common stockholders and unvested restricted stock awards by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income $ 219,359 $ 59,546 $ 421,424 $ 148,597 Net income attributable to noncontrolling interests (5,723 ) (5,773 ) (17,428 ) (18,892 ) Dividends on preferred stock (1,301 ) (1,302 ) (3,905 ) (6,364 ) Preferred stock redemption charge — — — (11,279 ) Net income attributable to unvested restricted stock awards (3,395 ) (1,198 ) (6,010 ) (3,498 ) Numerator for basic EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders 208,940 51,273 394,081 108,564 Dilutive effect of Series D Convertible Preferred Stock 1,301 — — — Numerator for diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 210,241 $ 51,273 $ 394,081 $ 108,564 Denominator for basic EPS – weighted-average shares of common stock outstanding 104,179 92,598 101,991 90,336 Dilutive effect of forward equity sales agreements 462 698 363 430 Dilutive effect of Series D Convertible Preferred Stock 744 — — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 105,385 93,296 102,354 90,766 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 2.01 $ 0.55 $ 3.86 $ 1.20 Diluted $ 1.99 $ 0.55 $ 3.85 $ 1.20

Stockholders' equity

Stockholders' equity	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity ATM common stock offering programs In August 2017, we established an ATM common stock offering program that allows us to sell up to an aggregate of $750.0 million of our common stock. The following table presents a detail of shares of common stock sold and the remaining aggregate amount available for future sales of common stock under this program since its inception (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Three Months Ended September 30, 2017 2,083,526 $ 119.94 $ 249,895 $ 245,785 December 31, 2017 689,792 $ 125.70 86,708 85,375 2,773,318 336,603 331,160 March 31, 2018 — — — — June 30, 2018 2,456,037 $ 124.46 305,675 300,837 September 30, 2018 703,625 $ 127.91 90,000 88,548 3,159,662 395,675 389,385 Cumulative activity through September 30, 2018 5,932,980 732,278 $ 720,545 Remaining availability as of September 30, 2018 17,722 Total August 2017 ATM common stock offering program $ 750,000 In August 2018, we established a new ATM common stock offering program that allows us to sell up to an aggregate of $750.0 million of our common stock. The following table presents a detail of shares of common stock sold and the remaining aggregate amount available for future sales of common stock under our new ATM program (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Three months ended September 30, 2018 855,458 $ 127.45 $ 109,031 $ 106,956 Remaining availability as of September 30, 2018 640,969 Total August 2018 ATM common stock offering program $ 750,000 Forward equity sales agreements In January 2018, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $123.50 per share, before underwriting discounts. The following table presents a summary of shares of common stock settled and the amount remaining available for future settlement under the forward equity sales agreements entered into in January 2018 for the sale of an aggregate of 6.9 million shares of our common stock (dollars in thousands, except per share amounts): Number of Shares Average Issue Price per Share Net Proceeds Forward equity sales agreements settled during the three months ended: March 31, 2018 843,600 $ 118.74 $ 100,169 June 30, 2018 — — — September 30, 2018 857,700 116.62 100,022 Activity during the nine months ended September 30, 2018 1,701,300 200,191 Remaining forward equity sales agreements to settle no later than April 2019, as of September 30, 2018 5,198,700 Total under our forward equity sales agreements 6,900,000 $ 806,537 We expect to receive additional proceeds of $606.3 million , to be further adjusted as provided in the sales agreements, upon settlement of the remaining forward equity sales agreements by April 2019. The proceeds of $606.3 million were calculated assuming the forward equity sales agreements will be settled entirely by the full physical delivery of shares of our common stock in exchange for cash proceeds. Although we expect to settle remaining forward equity sales agreements by the full physical delivery of shares of our common stock, we may elect cash settlement or net share settlement for all or a portion of our obligations under these agreements, either of which could result in no additional cash proceeds to us. 7.00% Series D cumulative convertible preferred stock repurchases As of September 30, 2018 and 2017, we had 3.0 million shares of our Series D Convertible Preferred Stock outstanding. During the nine months ended September 30, 2017 , we repurchased, in privately negotiated transactions, 501,115 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $17.9 million , or $35.79 per share. We recognized a preferred stock redemption charge of $5.8 million during the nine months ended September 30, 2017 , including the write-off of original issuance costs of approximately $391 thousand . In October 2018, we repurchased, in privately negotiated transactions, 214,000 shares of our Series D Convertible Preferred Stock for $7.5 million , or $35.00 per share, and recognized a preferred stock redemption charge of $2.3 million . 6.45% Series E cumulative redeemable preferred stock redemption In March 2017, we announced the redemption of our 6.45% Series E cumulative redeemable preferred stock (“Series E Redeemable Preferred Stock”) and recognized a preferred stock redemption charge of $5.5 million related to the write-off of original issuance costs. On April 14, 2017 , we completed the redemption of all 5.2 million outstanding shares of our Series E Redeemable Preferred Stock at a redemption price of $25.00 per share, or an aggregate of $130.0 million , plus accrued dividends, using funds primarily from the proceeds of our March 2017 common stock offering. Dividends In September 2018 , we declared cash dividends on our common stock for the three months ended September 30, 2018 , aggregating $100.0 million , or $0.93 per share. Also in September 2018 , we declared cash dividends on our Series D Convertible Preferred Stock for the three months ended September 30, 2018 , aggregating approximately $1.3 million , or $0.4375 per share. In October 2018 , we paid the cash dividends on our common stock and Series D Convertible Preferred Stock declared for the three months ended September 30, 2018 . For the nine months ended September 30, 2018 , our declared cash dividends on our common stock aggregated $289.6 million , or $2.76 per share, and our declared cash dividends on our Series D Convertible Preferred Stock aggregated $3.9 million , or $1.3125 per share. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders consists of the following (in thousands): Net Unrealized Gain (Loss) on: Available-for- Sale Equity Securities Interest Rate Foreign Currency Translation Total Balance as of December 31, 2017 $ 49,771 $ 5,157 $ (4,904 ) $ 50,024 Amounts reclassified from other comprehensive income to retained earnings (49,771 ) (1) — — (49,771 ) Other comprehensive income (loss) before reclassifications — 2,808 (3,631 ) (823 ) Amounts reclassified from other comprehensive income to net income — (3,241 ) — (3,241 ) Net other comprehensive loss — (433 ) (3,631 ) (4,064 ) Balance as of September 30, 2018 $ — $ 4,724 $ (8,535 ) $ (3,811 ) (1) Refer to Note 6 – “Investments” to these unaudited consolidated financial statements for additional information. Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 105.8 million shares were issued and outstanding as of September 30, 2018 . Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, of which 3.0 million shares were issued and outstanding as of September 30, 2018 . 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 September 30, 2018 .

Noncontrolling interests

Noncontrolling interests	9 Months Ended
	Sep. 30, 2018
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 11 properties as of September 30, 2018 , and are included in our unaudited 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. During the nine months ended September 30, 2018 and 2017 , we distributed $24.4 million and $17.4 million , respectively, to our consolidated real estate joint venture partners. 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 our 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. 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.

Assets classified as held for s

Assets classified as held for sale	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Assets classified as held for sale	Assets classified as held for sale As of September 30, 2018 , two buildings aggregating 389,018 RSF were classified as held for sale, neither of which met the criteria for classification as discontinued operations in our consolidated financial statements. The following is a summary of net assets as of September 30, 2018 , and December 31, 2017 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): September 30, 2018 December 31, 2017 Total assets $ 35,812 $ 31,578 Total liabilities (1,899 ) (1,809 ) Total accumulated other comprehensive income (loss) 735 (1,021 ) Net assets classified as held for sale $ 34,648 $ 28,748

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent events In October 2018, we completed the acquisition of a redevelopment building at 30-02 48th Avenue for a purchase price of $75.0 million , aggregating 176,759 RSF, in New York City, of which 140,098 RSF is undergoing conversion from existing office space to office/laboratory space. We also have the opportunity to convert the remaining space of 36,661 RSF, which is currently occupied, from existing office space to office/laboratory space through future redevelopment. In October 2018, we repurchased, in privately negotiated transactions, 214,000 shares of our 7.00% Series D cumulative convertible preferred stock for $7.5 million , or $35.00 per share, and recognized a preferred stock redemption charge of $2.3 million .

Condensed consolidating financi

Condensed consolidating financial information	9 Months Ended
	Sep. 30, 2018
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 Issuer’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 September 30, 2018 , and December 31, 2017 , the condensed consolidating statements of income and comprehensive income for the three and nine months ended September 30, 2018 and 2017 , and the condensed consolidating statements of cash flows for the nine months ended September 30, 2018 and 2017 , for the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries, as well as the eliminations necessary to arrive at the information on a consolidated basis. 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 September 30, 2018 (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 $ — $ — $ 11,587,312 $ — $ 11,587,312 Investments in unconsolidated real estate JVs — — 197,970 — 197,970 Cash and cash equivalents 94,559 — 109,622 — 204,181 Restricted cash 175 — 29,524 — 29,699 Tenant receivables — — 11,041 — 11,041 Deferred rent — — 511,680 — 511,680 Deferred leasing costs — — 238,295 — 238,295 Investments — 1,757 955,599 — 957,356 Investments in and advances to affiliates 11,966,279 10,610,856 216,136 (22,793,271 ) — Other assets 60,814 — 307,218 — 368,032 Total assets $ 12,121,827 $ 10,612,613 $ 14,164,397 $ (22,793,271 ) $ 14,105,566 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 632,792 $ — $ 632,792 Unsecured senior notes payable 4,290,906 — — — 4,290,906 Unsecured senior line of credit 413,000 — — — 413,000 Unsecured senior bank term loans 347,306 — — — 347,306 Accounts payable, accrued expenses, and tenant security deposits 96,748 — 810,346 — 907,094 Dividends payable 101,084 — — — 101,084 Total liabilities 5,249,044 — 1,443,138 — 6,692,182 Redeemable noncontrolling interests — — 10,771 — 10,771 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 6,872,783 10,612,613 12,180,658 (22,793,271 ) 6,872,783 Noncontrolling interests — — 529,830 — 529,830 Total equity 6,872,783 10,612,613 12,710,488 (22,793,271 ) 7,402,613 Total liabilities, noncontrolling interests, and equity $ 12,121,827 $ 10,612,613 $ 14,164,397 $ (22,793,271 ) $ 14,105,566 Condensed Consolidating Balance Sheet as of December 31, 2017 (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 $ — $ — $ 10,298,019 $ — $ 10,298,019 Investments in unconsolidated real estate JVs — — 110,618 — 110,618 Cash and cash equivalents 130,364 9 124,008 — 254,381 Restricted cash 152 — 22,653 — 22,805 Tenant receivables — — 10,262 — 10,262 Deferred rent — — 434,731 — 434,731 Deferred leasing costs — — 221,430 — 221,430 Investments — 1,655 521,599 — 523,254 Investments in and advances to affiliates 9,949,861 9,030,994 183,850 (19,164,705 ) — Other assets 45,108 — 183,345 — 228,453 Total assets $ 10,125,485 $ 9,032,658 $ 12,110,515 $ (19,164,705 ) $ 12,103,953 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 771,061 $ — $ 771,061 Unsecured senior notes payable 3,395,804 — — — 3,395,804 Unsecured senior line of credit 50,000 — — — 50,000 Unsecured senior bank term loans 547,942 — — — 547,942 Accounts payable, accrued expenses, and tenant security deposits 89,928 — 673,904 — 763,832 Dividends payable 92,145 — — — 92,145 Total liabilities 4,175,819 — 1,444,965 — 5,620,784 Redeemable noncontrolling interests — — 11,509 — 11,509 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 5,949,666 9,032,658 10,132,047 (19,164,705 ) 5,949,666 Noncontrolling interests — — 521,994 — 521,994 Total equity 5,949,666 9,032,658 10,654,041 (19,164,705 ) 6,471,660 Total liabilities, noncontrolling interests, and equity $ 10,125,485 $ 9,032,658 $ 12,110,515 $ (19,164,705 ) $ 12,103,953 Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2018 (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 $ — $ — $ 255,496 $ — $ 255,496 Tenant recoveries — — 81,051 — 81,051 Other income 5,017 — 5,723 (5,464 ) 5,276 Total revenues 5,017 — 342,270 (5,464 ) 341,823 Expenses: Rental operations — — 99,759 — 99,759 General and administrative 21,803 — 6,321 (5,464 ) 22,660 Interest 37,236 — 5,008 — 42,244 Depreciation and amortization 1,506 — 118,094 — 119,600 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 61,368 — 229,481 (5,464 ) 285,385 Equity in earnings of unconsolidated real estate JVs — — 40,718 — 40,718 Equity in earnings of affiliates 269,987 147,999 2,912 (420,898 ) — Investment income — 111 122,092 — 122,203 Net income 213,636 148,110 278,511 (420,898 ) 219,359 Net income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 213,636 148,110 272,788 (420,898 ) 213,636 Dividends on preferred stock (1,301 ) — — — (1,301 ) Net income attributable to unvested restricted stock awards (3,395 ) — — — (3,395 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 208,940 $ 148,110 $ 272,788 $ (420,898 ) $ 208,940 Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2017 (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 $ — $ — $ 216,021 $ — $ 216,021 Tenant recoveries — — 67,058 — 67,058 Other income 3,230 (2,589 ) 5,736 (4,086 ) 2,291 Total revenues 3,230 (2,589 ) 288,815 (4,086 ) 285,370 Expenses: Rental operations — — 83,469 — 83,469 General and administrative 16,598 — 5,124 (4,086 ) 17,636 Interest 23,958 — 7,073 — 31,031 Depreciation and amortization 1,787 — 106,001 — 107,788 Total expenses 42,343 — 201,667 (4,086 ) 239,924 Equity in earnings of unconsolidated real estate JVs — — 14,100 — 14,100 Equity in earnings of affiliates 92,886 88,900 1,702 (183,488 ) — Net income 53,773 86,311 102,950 (183,488 ) 59,546 Net income attributable to noncontrolling interests — — (5,773 ) — (5,773 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 53,773 86,311 97,177 (183,488 ) 53,773 Dividends on preferred stock (1,302 ) — — — (1,302 ) Net income attributable to unvested restricted stock awards (1,198 ) — — — (1,198 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 51,273 $ 86,311 $ 97,177 $ (183,488 ) $ 51,273 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (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 $ 213,636 $ 148,110 $ 278,511 $ (420,898 ) $ 219,359 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 165 — — — 165 Reclassification adjustment for amortization of interest income included in net income (1,432 ) — — — (1,432 ) Unrealized losses on interest rate hedge agreements, net (1,267 ) — — — (1,267 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (59 ) — (59 ) Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — — — — Unrealized losses on foreign currency translation, net — — (59 ) — (59 ) Total other comprehensive loss (1,267 ) — (59 ) — (1,326 ) Comprehensive income 212,369 148,110 278,452 (420,898 ) 218,033 Less: comprehensive income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 212,369 $ 148,110 $ 272,729 $ (420,898 ) $ 212,310 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2017 (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 $ 53,773 $ 86,311 $ 102,950 $ (183,488 ) $ 59,546 Other comprehensive income: Unrealized gains on available-for-sale equity securities: Unrealized holding gains arising during the period — 65 16,953 — 17,018 Reclassification adjustment for losses included in net income — — — — — Unrealized gains on available-for-sale equity securities, net — 65 16,953 — 17,018 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 174 — (29 ) — 145 Reclassification adjustment for amortization of interest expense included in net income 195 — 3 — 198 Unrealized gains (losses) on interest rate hedge agreements, net 369 — (26 ) — 343 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 3,836 — 3,836 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — — — — Unrealized gains on foreign currency translation, net — — 3,836 — 3,836 Total other comprehensive income 369 65 20,763 — 21,197 Comprehensive income 54,142 86,376 123,713 (183,488 ) 80,743 Less: comprehensive income attributable to noncontrolling interests — — (5,783 ) — (5,783 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 54,142 $ 86,376 $ 117,930 $ (183,488 ) $ 74,960 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2018 (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 $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 4,830 — 347,841 — 352,671 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Equity in earnings of unconsolidated real estate JVs — — (42,952 ) — (42,952 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 6,685 — 1,185 — 7,870 Amortization of debt discounts (premiums) 587 — (2,382 ) — (1,795 ) Amortization of acquired below-market leases — — (16,588 ) — (16,588 ) Deferred rent — — (75,960 ) — (75,960 ) Stock compensation expense 25,209 — — — 25,209 Equity in earnings of affiliates (562,707 ) (345,676 ) (6,809 ) 915,192 — Investment loss (income) — (487 ) (219,807 ) — (220,294 ) Changes in operating assets and liabilities: Tenant receivables — — (807 ) — (807 ) Deferred leasing costs — — (42,821 ) — (42,821 ) Other assets (14,955 ) — (6,674 ) — (21,629 ) Accounts payable, accrued expenses, and tenant security deposits (4,371 ) — 26,268 — 21,897 Net cash (used in) provided by operating activities (139,903 ) — 553,991 — 414,088 Investing Activities Proceeds from sales of real estate — — 5,748 — 5,748 Additions to real estate — — (663,688 ) — (663,688 ) Purchases of real estate — — (947,013 ) — (947,013 ) Deposits for investing activities — — 2,500 — 2,500 Investments in subsidiaries (1,453,711 ) (1,234,186 ) (25,477 ) 2,713,374 — Acquisitions of interests in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (77,501 ) — (77,501 ) Return of capital from unconsolidated real estate joint ventures — — 68,592 — 68,592 Additions to investments — — (174,195 ) — (174,195 ) Sales of investments — 420 56,910 — 57,330 Net cash used in investing activities $ (1,453,711 ) $ (1,233,766 ) $ (1,790,046 ) $ 2,713,374 $ (1,764,149 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (155,155 ) — (155,155 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 3,894,000 — — — 3,894,000 Repayments of borrowings from unsecured senior line of credit (3,531,000 ) — — — (3,531,000 ) Repayments of borrowings from unsecured senior bank term loans (200,000 ) — — — (200,000 ) Transfers to/from parent company 102,582 1,233,757 1,377,035 (2,713,374 ) — Payment of loan fees (19,066 ) — — — (19,066 ) Proceeds from the issuance of common stock 696,532 — — — 696,532 Dividends on common stock (280,632 ) — — — (280,632 ) Dividends on preferred stock (3,905 ) — — — (3,905 ) Contributions from noncontrolling interests — — 15,837 — 15,837 Distributions to and purchases of noncontrolling interests — — (25,910 ) — (25,910 ) Net cash provided by financing activities 1,557,832 1,233,757 1,229,591 (2,713,374 ) 1,307,806 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,051 ) — (1,051 ) Net decrease in cash, cash equivalents, and restricted cash (35,782 ) (9 ) (7,515 ) — (43,306 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 94,734 $ — $ 139,146 $ — $ 233,880 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 81,888 $ — $ 17,750 $ — $ 99,638 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ 69,654 $ — $ 69,654 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2017 (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 $ 129,705 $ 239,768 $ 278,597 $ (499,473 ) $ 148,597 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 5,217 — 303,852 — 309,069 Loss on early extinguishment of debt 670 — — — 670 Gain on sales of real estate – rental properties — — (270 ) — (270 ) Impairment of real estate — — 203 — 203 Gain on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings of unconsolidated real estate JVs — — (15,050 ) — (15,050 ) Distributions of earnings from unconsolidated real estate JVs — — 249 — 249 Amortization of loan fees 5,665 — 2,913 — 8,578 Amortization of debt discounts (premiums) 441 — (2,314 ) — (1,873 ) Amortization of acquired below-market leases — — (14,908 ) — (14,908 ) Deferred rent — — (74,362 ) — (74,362 ) Stock compensation expense 18,649 — — — 18,649 Equity in earnings of affiliates (252,434 ) (242,345 ) (4,694 ) 499,473 — Investment loss (income) — 2,582 (4,589 ) — (2,007 ) Changes in operating assets and liabilities: Tenant receivables — — (224 ) — (224 ) Deferred leasing costs — — (39,925 ) — (39,925 ) Other assets (10,576 ) — (86 ) — (10,662 ) Accounts payable, accrued expenses, and tenant security deposits (9,813 ) (9 ) 40,441 — 30,619 Net cash (used in) provided by operating activities (112,476 ) (4 ) 469,722 — 357,242 Investing Activities Proceeds from sales of real estate — — 4,263 — 4,263 Additions to real estate — — (660,877 ) — (660,877 ) Purchases of real estate — — (590,884 ) — (590,884 ) Deposits for investing activities — — 4,700 — 4,700 Investments in subsidiaries (753,137 ) (588,808 ) (12,160 ) 1,354,105 — Investments in unconsolidated real estate JVs — — (248 ) — (248 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to investments — — (128,190 ) — (128,190 ) Sales of investments — 204 18,692 — 18,896 Net cash used in investing activities $ (753,137 ) $ (588,604 ) $ (1,326,128 ) $ 1,354,105 $ (1,313,764 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2017 (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 $ — $ — $ 145,272 $ — $ 145,272 Repayments of borrowings from secured notes payable — — (2,882 ) — (2,882 ) Proceeds from issuance of unsecured senior notes payable 424,384 — — — 424,384 Borrowings from unsecured senior line of credit 2,634,000 — — — 2,634,000 Repayments of borrowings from unsecured senior line of credit (2,348,000 ) — — — (2,348,000 ) Repayments of borrowings from unsecured bank term loans (200,000 ) — — — (200,000 ) Transfers to/from parent company 47,558 588,608 717,939 (1,354,105 ) — Payment of loan fees (3,956 ) — (387 ) — (4,343 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (17,934 ) — — — (17,934 ) Redemption of 6.45% Series E cumulative redeemable preferred stock (130,350 ) — — — (130,350 ) Proceeds from the issuance of common stock 705,391 — — — 705,391 Dividends on common stock (229,814 ) — — — (229,814 ) Dividends on preferred stock (8,317 ) — — — (8,317 ) Contributions from noncontrolling interests — — 9,877 — 9,877 Distributions to noncontrolling interests — — (17,432 ) — (17,432 ) Net cash provided by financing activities 872,962 588,608 852,387 (1,354,105 ) 959,852 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,579 — 1,579 Net increase (decrease) in cash, cash equivalents, and restricted cash 7,349 — (2,440 ) — 4,909 Cash, cash equivalents, and restricted cash as of the beginning of period 30,705 — 110,661 — 141,366 Cash, cash equivalents, and restricted cash as of the end of period $ 38,054 $ — $ 108,221 $ — $ 146,275 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 67,091 $ — $ 19,141 $ — $ 86,232 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ (38,767 ) $ — $ (38,767 ) Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., where the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders’ interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than us in each of our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits – that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (due to insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model.
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 and properties classified as held for sale	Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we recognize the assets acquired (including the intangible value of acquired above- or below-market leases, acquired in-place leases, tenant relationships, and other intangible assets or liabilities), liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Acquisitions of real estate and in-substance real estate that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Additionally, because the accounting model for asset acquisitions is a cost accumulation model, preexisting interests in the acquired assets, if any, are not remeasured to fair value but continue to be accounted for at their historical cost. Direct acquisition costs are capitalized if an asset acquisition is probable. If we determine that an asset acquisition is no longer probable, no new costs are capitalized and all capitalized costs that are not recoverable are expensed. The relative fair values used to allocate the cost of an asset acquisition are determined by the same methodologies and assumptions we utilize to determine fair value in a business combination. If a real estate property is acquired with an in-place lease that contains a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term, 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 its space 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 renewal option will be exercised, we consider the option 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 under the 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. 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 up to 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 increases (for below-market leases) or decreases (for above-market leases) to rental revenue. The values of acquired above- and below-market ground leases are amortized over the terms of the related ground leases and recognized as either increases (for below-market ground leases) or decreases (for above-market ground leases) to rental operating expense. 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. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, 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, pre-construction, 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. Real estate sales 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. If the disposal of a 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, 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 a discontinued operation.
Impairment of long-lived assets	Impairment of long-lived assets 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, if necessary, a probability-weighted approach if multiple outcomes are under consideration. 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 carrying amount of a long-lived asset may not be recoverable. The carrying 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 net operating income, 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 carrying 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.
International operations	International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. As a REIT, we generally limit our ownership percentage in the voting stock of each individual entity to less than 10% . Prior to January 1, 2018 Prior to the adoption of a new ASU on financial instruments effective January 1, 2018, all of our equity investments in actively traded public companies were considered available-for-sale and were presented in our consolidated balance sheets at fair value. Fair value was determined based upon the closing price as of each balance sheet date, with unrealized gains and losses shown as a separate component of accumulated other comprehensive income within total equity (excluded from net income). The classification of each investment was determined at the time each investment was made, and such determination was reevaluated at each balance sheet date. The cost of each investment sold was determined by the specific identification method, with realized gains or losses classified in other income in our consolidated statements of income. Investments in privately held entities were generally accounted for under the cost method when our interest in the entity was so minor that we had virtually no influence over the entity’s operating and financial policies. Investments in privately held entities were accounted for under the equity method unless our interest in the entity was deemed to be so minor that we had virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we recognized our investment initially at cost and adjusted the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. We periodically assessed our investments in available-for-sale equity securities and privately held companies accounted for under the cost method for other-than-temporary impairment. We monitored each of our investments throughout the year for new developments, including operating results, results of clinical trials, capital-raising events, and merger and acquisition activities. Individual investments were evaluated for impairment when changes in conditions indicated an impairment may exist. The factors that we considered in making these assessments included, but were 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 an unrealized loss related to an available-for-sale equity security was determined to be other-than-temporary, such unrealized loss was reclassified from accumulated other comprehensive income within total equity into earnings. For a cost method investment, if a decline in the fair value of an investment below its carrying value was determined to be other-than-temporary, such investment was written down to its estimated fair value with a charge to earnings. If there were no identified events or changes in circumstances that might have had an adverse effect on our cost method investments, we did not estimate the investment’s fair value. Effective January 1, 2018 Beginning on January 1, 2018, under the new ASU, equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured at fair value, with changes in fair value recognized in net income, as follows: • Investments in publicly traded companies are classified as investments with readily determinable fair values. These investments are carried at fair value, with changes in fair value recognized in net income, rather than in accumulated other comprehensive income within total equity. The fair values for our investments in publicly traded companies continue to be determined based on sales prices/quotes available on securities exchanges, or published prices that serve as the basis for current transactions. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report net asset value per share (“NAV”), such as our privately held investments in limited partnerships, are carried at fair value using NAV as a practical expedient with changes in fair value recognized in net income. • Investments in privately held entities that do not report NAV are accounted for using a measurement alternative that allows these investments to be measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV, an observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. For these transactions to be considered observable price changes, we evaluate whether these transactions have similar rights and obligations, including voting rights, distribution preferences, conversion rights, and other factors, to the investments we hold. Investments in privately held entities that do not report NAV continue to be evaluated on the basis of a qualitative assessment for indicators of impairment by utilizing the same monitoring criteria described above. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment loss, without consideration as to whether the impairment is other-than-temporary, in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities continue to be 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 initially recognize our investment at cost and adjust the carrying amount of the investment to recognize our share of the earnings or losses of the investee subsequent to the date of our investment. Initial adoption of new ASU On January 1, 2018, we recognized the following adjustments upon adoption of the new ASU: • For investments in publicly traded companies, reclassification of cumulative unrealized gains as of December 31, 2017, aggregating $49.8 million , from accumulated other comprehensive income to retained earnings. • For investments in privately held entities without readily determinable fair values that were previously accounted for under the cost method: • Adjustment to investments for unrealized gains aggregating $90.8 million related to investments in privately held entities that report NAV, representing the difference between fair value as of December 31, 2017, using NAV as a practical expedient and the carrying value of the investments as of December 31, 2017, with a corresponding adjustment to retained earnings. • No adjustment was required for investments in privately held entities that do not report NAV. The ASU requires a prospective transition approach for investments in privately held entities that do not report NAV. The FASB clarified that it would be difficult for entities to determine the last observable transaction price existing prior to the adoption of this ASU. Therefore, unlike our investments in privately held entities that report NAV that were adjusted to reflect fair values upon adoption of the new ASU, our investments in privately held entities that do not report NAV were not retrospectively adjusted to fair values upon adoption. As such, any initial valuation adjustments made for investments in privately held entities that do not report NAV subsequent to January 1, 2018, as a result of future observable price changes include recognition of unrealized gains or losses equal to the difference between the carrying basis of the investment and the observable price at the date of remeasurement.
Revenue recognition	Revenue recognition Recognition of revenue arising from contracts with customers On January 1, 2018, we adopted an ASU on revenue recognition that requires a new model for recognition of revenue arising from contracts with customers, as well as recognition of gains and losses from the transfer of nonfinancial assets arising from contracts with noncustomers. A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. The core principle underlying the ASU on recognition of revenue arising from contracts with customers is that an entity must recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in such exchange. This requires entities to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. An entity is also required to determine if it controls the goods or services prior to the transfer to the customer in order to determine if it should account for the arrangement as a principal or agent. Principal arrangements, where the entity controls the goods or services provided, result in the recognition of the gross amount of consideration expected in the exchange. Agent arrangements, where the entity simply arranges but does not control the goods or services being transferred to the customer, result in the recognition of the net amount the entity is entitled to retain in the exchange. Upon adoption of the new lease ASU in 2019, we will be required to classify our tenant recoveries into lease and nonlease components, whereby the nonlease components would be subject to the ASU on recognition of revenue arising from contracts with customers. However, if we elect to use a practical expedient, as discussed in “Lessor Accounting” within the “Lease Accounting” subsection of the “Recent Accounting Pronouncements” section in Note 2 - “Summary of Significant Accounting Policies,” tenant recoveries for goods and services that are categorized as nonlease components but have the same timing and pattern of transfer as the related lease component may (subject to the predominance test) be accounted for under the new lease ASU. Tenant recoveries that do not qualify for the practical expedient will be accounted for under the ASU on recognition of revenue arising from contracts with customers upon adoption of the new lease ASU. Property services categorized as nonlease components that are reimbursed by our tenants may need to be presented on a net basis if it is determined that we hold an agent arrangement. Entities had the option to transition to the ASU on recognition of revenue arising from contracts with customers using either the full retrospective or the modified retrospective method. We adopted this ASU using the modified retrospective method, which requires a cumulative adjustment for the effects of applying the new standard to periods prior to 2018 to be recorded in retained earnings as of January 1, 2018. We also elected to apply this ASU only to contracts not completed as of January 1, 2018. For all contracts within the scope of this ASU that were not completed as of January 1, 2018, we evaluated the revenue recognition under accounting standards in effect prior to January 1, 2018, and under the new ASU, and determined that amounts recognized and the pattern of revenue recognition were consistent. Therefore, the adoption of the ASU on recognition of revenue arising from contracts with customers did not result in an adjustment to our retained earnings on January 1, 2018. The table below provides the detail of our consolidated revenues for the three and nine months ended September 30, 2018 , by (i) revenues that are subject to the ASU on recognition of revenue arising from contracts with customers, and (ii) revenues subject to lease accounting and other accounting standards (in thousands): Date of ASU Adoption Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues subject to the lease ASU: Rental revenues 1/1/19 $ 243,951 $ 716,552 Tenant recoveries 1/1/19 81,051 226,380 325,002 942,932 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 11,545 34,064 Other income 1/1/18 4,473 7,988 16,018 42,052 Interest and other income within the scope of other existing accounting standards N/A 803 2,012 Total revenues $ 341,823 $ 986,996 Parking revenues subject to the new revenue recognition ASU, aggregating $11.5 million and $34.1 million for the three and nine months ended September 30, 2018 , respectively, and classified in rental revenues in our consolidated income statements, consist primarily of short term rental revenues that are not considered lease revenue. Under the previous accounting standards, we recognized parking and other revenue when the amounts were fixed or determinable, collectibility was reasonably assured, and services were rendered. Under the new ASU, the recognition of such revenue occurs when the services are provided and the performance obligations are satisfied. Parking services are normally provided at a point in time; therefore, revenue recognition under the new ASU is substantially similar to the recognition pattern under accounting standards that were in effect prior to January 1, 2018. Other income, subject to the new revenue recognition ASU, aggregating $4.5 million and $8.0 million for the three and nine months ended September 30, 2018 , respectively, consists primarily of construction management fees. We earn construction management fees for the day-to-day management of third-party construction projects. Construction management services represent a series of services that are substantially the same and that can be combined into a single performance obligation. Under the previous accounting guidance, we recognized construction management fees using the percentage of completion method. Under the new ASU, we recognize construction management fees using the output method, which is substantially similar to the percentage of completion method used under the guidance in effect prior to January 1, 2018. In addition to the analysis above, we evaluated the following qualitative and quantitative disclosure requirements outlined in this ASU during the nine months ended September 30, 2018 , as follows: • Prior to the adoption of this ASU, we did not have material contract assets or contract liabilities related to contracts with customers subject to the new revenue recognition ASU, and no additional contract assets or contract liabilities were necessary subsequent to adoption on January 1, 2018. • Parking and construction management services subject to the new revenue recognition ASU do not normally create obligations for returns, refunds, warranties, and other similar obligations. Therefore, no corresponding disclosures were necessary. Recognition of revenue arising from contracts with noncustomers On January 1, 2018, we also adopted a new ASU on the derecognition of nonfinancial assets in transactions, including real estate sales, with noncustomers. Our ordinary output activities consist of the leasing of space to our tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate qualify as contracts with noncustomers and are subject to this new ASU. The new ASU on the derecognition of nonfinancial assets requires entities to apply certain recognition and measurement principles consistent with the new ASU on recognition of revenue arising from contracts with customers. The derecognition model is based on the transfer of control. If a real estate sales contract includes ongoing involvement by the seller with the property, the seller must evaluate each promised good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the transaction price should be recognized as revenue as the entity transfers the related good or service to the buyer. The recognition of gain or loss on the sale of a partial interest also depends on whether the seller retains a controlling or noncontrolling interest. Under the new standards, a partial sale of real estate in which the seller retains a controlling interest results in the seller’s continuing to reflect the asset at its current book value, recording a noncontrolling interest for the book value of the partial interest sold, and recognizing additional paid-in capital for the difference between the consideration received and the partial interest at book value, consistent with the prior accounting standards. Conversely, a partial sale of real estate in which a seller retains a noncontrolling interest results in the recognition by the seller of a gain or loss as if 100% of the real estate were sold. We adopted the new ASU on the derecognition of nonfinancial assets using the modified retrospective method, the same transition method used to adopt the ASU on recognition of revenue arising from contracts with customers. We also elected to apply this ASU on the derecognition of nonfinancial assets only to contracts not completed as of January 1, 2018. We had no contracts with noncustomers that were not completed as of January 1, 2018; therefore, the adoption of the ASU on the derecognition of nonfinancial assets had no effect on our consolidated financial statements. Recognition of rental income and tenant recoveries Rental revenue from operating leases is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as rental revenue in our consolidated statements of income, and amounts expected to be received in later years as deferred rent in our consolidated balance sheets. Amounts received currently but recognized as revenue in future years are classified in accounts payable, accrued expenses, and tenant security deposits to our consolidated balance sheets. We commence recognition of rental revenue at the date the property is ready for its intended use and the tenant takes possession of, or controls the physical use of, the property. Rental revenue from direct financing leases is recognized over the respective lease terms using the effective interest rate method. At lease inception, we record an asset within other assets in our consolidated balance sheets, which represents our net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property less unearned income. Over the lease term, the investment in the direct financing lease is reduced and rental income is recognized as rental revenue in our consolidated statements of income and produces a constant periodic rate of return on the net investment in the direct financing lease. 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 and the tenant’s obligation to reimburse us arises. Tenant receivables consist primarily of amounts due for contractual lease payments and tenant recoveries. These 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 tenants to make payments required under the terms of the lease and for tenant recoveries due. If a 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 September 30, 2018 , and December 31, 2017 , no allowance for uncollectible tenant receivables and deferred rent was deemed necessary.
Monitoring tenant credit quality	Monitoring tenant credit quality During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the 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 tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.
Income taxes	Income taxes We are organized and operate 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 stockholders annually (excluding net capital gains) and meets certain other conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, 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, foreign, 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 the 2012 through 2017 calendar years. On December 22, 2017, the U.S. President signed a tax reform bill commonly referred to as the Tax Cuts and Jobs Act into law. The tax reform legislation is a far-reaching and complex revision to the U.S. federal income tax laws with disparate and, in some cases, countervailing effects on different categories of taxpayers and industries. The legislation is unclear in many respects and will require clarification and interpretation by the U.S. Treasury Department and the Internal Revenue Service (“IRS”) in the form of amendments, technical corrections, regulations, or other forms of guidance, any of which could lessen or increase the effect of the legislation on us or our stockholders. The outcome of this legislation on state and local tax authorities, and the response by such authorities, is also unclear. We continue to monitor changes made to, or as a result of, the federal tax law and its potential effect on us.
Employee share-based payments	Employee and non-employee share-based payments We account for forfeitures of share-based awards granted to employees and non-employees when they occur. This entity-wide accounting policy election only applies to service conditions; for performance conditions, we continue to assess the probability that such conditions will be achieved. As a result of this election, we recognize expense on share-based awards with time-based vesting conditions without reductions for an estimate of forfeitures. Expenses related to forfeited awards are reversed as forfeitures occur. In addition, all nonforfeitable dividends paid on share-based payment awards are initially recognized in retained earnings and reclassified to compensation cost only if forfeitures of the underlying awards occur. On July 1, 2018, we early adopted an ASU on share-based payments to non-employees. Under the new ASU, our non-employee share-based awards are measured on the grant date and are recognized over the required service period of the recipient, in the same way as share-based awards granted to employees. Under the previous guidance, non-employee share-based awards were remeasured to their fair value quarterly. The adoption of this ASU did not have a material effect on our consolidated financial statements.
Recent accounting pronouncements	Recent accounting pronouncements Lease accounting Overview related to both lessee and lessor accounting In February 2016, the FASB issued an ASU that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that further clarify the original ASU. The ASUs are effective for us no later than January 1, 2019, with early adoption permitted. We will adopt the new lease accounting standards on January 1, 2019. The ASUs require us to identify lease and nonlease components of a lease agreement. These ASUs will govern the recognition of revenue for lease components. Revenue related to nonlease components under our lease agreements will be subject to the new revenue recognition ASU, effective upon adoption of the new lease accounting standards. In July 2018, the FASB issued an ASU to modify the application of the original ASU by lessors to lease and nonlease components within lease agreements. See further discussion related to this update and other changes in the “Lessor Accounting” subsection below. The lease ASUs set new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine if a lease should be accounted for as a finance (sales-type) lease include the following: (i) ownership is transferred from lessor to lessee by the end of the lease term, (ii) an option to purchase is reasonably certain to be exercised, (iii) the lease term is for the major part of the underlying asset’s remaining economic life, (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset, and (v) the underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease will be classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease will be classified as an operating lease by the lessee, but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease will be classified as an operating lease by both the lessee and lessor. The lease ASUs require the use of the modified retrospective transition method and do not allow for a full retrospective approach. However, they provide two options for the application of the modified retrospective transition method: • Under the first option, the ASUs require application of the standards to all leases that exist as of, or commence after, January 1, 2017 (the beginning of the earliest comparative period presented in the 2019 financial statements), with a cumulative adjustment to the opening balance of retained earnings on January 1, 2017, for the effect of applying the standards at the date of initial application, and restatement of the amounts presented prior to January 1, 2019. • Under the second option, an entity may elect a practical expedient package, which allows an entity not to reassess: • Whether any expired or existing contracts are or contain leases; • The lease classification for any expired or existing leases; and • Initial direct costs for any existing leases. The practical expedient package is available as a single election that must be consistently applied to all existing leases at the date of adoption. Lessors and lessees that adopt this package are not expected to reassess expired or existing leases at the date of initial application, which is January 1, 2017, under the ASUs. This option enables entities to “run off” their existing leases for the remainder of the respective lease terms, which eliminates the need to calculate a cumulative adjustment to the opening balance of retained earnings. Furthermore, in July 2018, the FASB issued an ASU that provides an optional transition method to make the initial application date of the ASUs on January 1, 2019, rather than on January 1, 2017. Consequently, entities that elect both the practical expedient package and the optional transition method will apply the new lease ASUs prospectively to leases commencing or modified after January 1, 2019, and will not be required to apply the disclosures under the new lease ASUs to comparative periods. Under either option above, lessees will be required to recognize a right-of-use asset and a lease liability for all operating leases on the date of the initial application based on the present value of the remaining minimum rental payments that were tracked and disclosed under current accounting standards. The FASB has also clarified that the lease ASUs will require an assessment of whether a land easement meets the definition of a lease under the new lease ASUs. An entity with existing land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards. The new lease ASUs will be applied to all land easement arrangements entered into or modified on and after the ASUs’ effective date; however, they are expected to have little or no effect on land easements that contain minimal or no consideration. Lessor accounting We recognized revenue from our lease agreements aggregating $942.9 million for the nine months ended September 30, 2018 . This revenue consisted primarily of rental revenues and tenant recoveries for the nine months ended September 30, 2018 , aggregating $716.6 million and $226.4 million , respectively. Under current lease accounting standards, we recognize rental revenue from our operating leases on a straight-line basis over the respective lease terms. We commence recognition of rental revenue at the date the property is ready for its intended use and the tenant takes possession of, or controls the physical use of, the property. We recognize rental revenue from direct financing leases over the lease term by using the effective interest rate method. Under current lease accounting standards, tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are considered lease components. We recognize these tenant recoveries as revenue when services are rendered in an amount equal to the related operating expenses incurred that are recoverable under the terms of the applicable lease. Under the new lease ASUs, each lease agreement will be evaluated to identify the lease components and nonlease components at lease inception. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered nonlease components, and tenant recoveries for taxes and insurance are neither lease nor nonlease components under the new lease ASUs. Unless the practical expedient discussed below is elected, the total consideration in the lease agreement will be allocated to the lease and nonlease components based on their relative stand-alone selling prices. Upon adoption of the new lease accounting standards, the new lease ASUs will govern the recognition of revenue for lease components, and revenue related to nonlease components will be subject to the revenue recognition ASU. Lessors will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance for operating leases (straight-line basis). In July 2018, the FASB issued an ASU that allows lessors to elect, as a practical expedient, not to allocate the total consideration to the lease and nonlease components based on their relative stand-alone selling prices. If adopted, this single component practical expedient will allow lessors to account for the lease component and nonlease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the nonlease component(s) associated with it are the same, and (ii) the lease component would be classified as an operating lease if it were accounted for separately. Nonlease components that do not meet the criteria of this practical expedient will be accounted for under the new revenue recognition ASU. The FASB also decided to require lessors to account for a combined component that meets these two criteria under the new revenue recognition ASU if the nonlease component is the predominant component. If the lease component is the predominant component, entities will be able to account for the combined component as an operating lease in accordance with the new lease ASUs. The table below provides the detail of our consolidated revenues for the nine months ended September 30, 2018 , by (i) lease revenues that meet the single component practical expedient criteria and qualify to be accounted for under the new lease ASUs, and (ii) revenues subject to other accounting standards, including the ASU on recognition of revenue arising from contracts with customers. The table below assumes that the new lease ASUs and the single component practical expedient were in effect as of and adopted on January 1, 2018 (in thousands): Date of ASU Adoption Nine Months Ended September 30, 2018 Revenues subject to the new lease ASUs (1) : Rental revenues 1/1/19 $ 716,552 Tenant recoveries 1/1/19 226,380 942,932 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 34,064 Other income 1/1/18 7,988 42,052 Interest and other income within the scope of other existing accounting standards N/A 2,012 Total revenues $ 986,996 (1) Assumes election of all practical expedients available under the new lease ASUs, as described on the prior page. If we elect the single component practical expedient described above, tenant recoveries that qualify for this expedient will be accounted for as a single component under the new lease ASUs, primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered nonlease components will be accounted for under the new revenue recognition ASU upon adoption of the new lease ASUs. Based on our preliminary analysis, we expect that most of our operating leases for which we are the lessor will qualify for the single component practical expedient accounting under the new lease ASUs. The new lease ASUs also require a lessor to recognize lessor’s costs (i.e., real estate taxes and insurance) paid directly by a lessee to a third party on a gross basis as lease revenue and lease expense. However, in August 2018, the FASB issued a proposed ASU that will require a lessor not to estimate lessor’s costs paid by the lessee directly to a third party when the lessor cannot reasonably determine the amount of those costs. In these cases, lessors will not recognize these costs in their income statements. This proposed ASU has not been finalized as of the date of this report. Under the new lease ASUs, sales-type and direct financing leases will be accounted for as financing transactions, with the lease payments allocated to principal and interest utilizing the effective interest rate method. Costs to execute leases The new lease ASUs will require that lessors and lessees capitalize, as initial direct costs, only incremental costs of a lease that would not have been incurred if the lease had not been obtained. Under these ASUs, costs that would have been incurred to negotiate or arrange a lease regardless of its outcome such as fixed employee compensation, tax or legal advice to negotiate lease terms, lessor costs related to advertising or soliciting potential tenants will be expensed as incurred. We will have the option, under the practical expedient package provided by the new lease ASUs, to continue amortizing previously capitalized initial direct costs incurred prior to the adoption of the ASUs. We expect that upon adoption of the new lease ASUs, a portion of initial direct leasing costs will be expensed. We are still evaluating the effect of these rule changes on our consolidated financial statements. Lessee accounting Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification, whereas a lessor is not required to recognize a right-of-use asset and a lease liability for any operating leases. Lessees will be permitted to make an accounting policy election to account for short-term leases (i.e., leases with a term of 12 months or less) in a manner similar to the one permitted under existing guidance for operating leases (i.e., on a straight-line basis). As a practical expedient, lessees will also be allowed to make an accounting policy election to not separate nonlease components from lease components and instead to account for each separate lease component and the nonlease components associated with that lease component as a single lease component. The new lease ASUs require the recognition of a right-of-use asset and a related liability to account for our future obligations under our ground and office lease agreements for which we are the lessee. At the date of initial application, depending on the practical expedients we elect as discussed above, we will be required to recognize a lease liability measured based on the present value of the remaining lease payments. The present value of the remaining lease payments will be calculated using the rate implicit in the lease, and, if not determinable, the incremental borrowing rate, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. The right-of-use asset will be equal to the corresponding lease liability, adjusted for initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease. As of September 30, 2018 , the remaining contractual payments under our ground and office lease agreements for which we are the lessee aggregated $607.2 million , and the estimated present value of these payments is in the range from $200.0 million to $230.0 million . This estimated present value range is based on a weighted-average remaining term of our existing ground leases and a preliminary estimate of our weighted-average borrowing rate over that remaining lease term. The actual lease liability and right-of-use asset to be recognized upon adoption of the new lease ASUs will vary depending on changes to our incremental borrowing rate and the practical expedients we elect as discussed above. All of our existing ground and office leases for which we are the lessee are currently classified as operating leases. Under the practical expedient package provided by the lease ASUs, we will have the option to continue classifying these leases as operating leases upon adoption of the lease ASUs. We are still evaluating the effect on our consolidated financial statements of the initial recognition of each lease asset and liability upon adoption. Allowance for credit losses In June 2016, the FASB issued an ASU that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. The ASU will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (i.e., loan commitments). The ASU is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. We are currently assessing the potential effect the adoption of this ASU will have on our consolidated financial statements. Fair value measurement disclosures In August 2018, the FASB issued an ASU that modifies certain fair value disclosure requirements, including those related to investments measured at NAV as a practical expedient to estimate their fair value. Entities that use this practical expedient will be required to disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse, but only if the investee has communicated this information to the entity or announced it publicly. If the timing is unknown, entities will be required to disclose that fact. We early adopted this guidance effective on July 1, 2018. The adoption of this ASU had no effect on our consolidated financial statements. Joint venture distributions On January 1, 2018, we adopted an ASU that provides guidance on the classification in the statement of cash flows of cash distributions received from equity method investments, including unconsolidated joint ventures. The ASU provides two approaches to determine the classification of cash distributions received from equity method investees: (i) the “cumulative earnings” approach, under which distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities, and (ii) the “nature of the distribution” approach, under which distributions are classified based on the nature of the underlying activity that generated cash distributions. An entity could elect either the “cumulative earnings” or the “nature of the distribution” approach. If the “nature of the distribution” approach is elected and the entity lacks the information necessary to apply it in the future, that entity will have to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. We adopted this ASU using the “nature of the distribution” approach and applied it retrospectively, as required by the ASU. We previously presented distributions from our equity method investees by utilizing the “nature of the distribution” approach; therefore, the adoption of this ASU had no effect on our consolidated financial statements. Restricted cash On January 1, 2018, we adopted an ASU that requires entities to include restricted cash with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown in the statement of cash flows. The ASU requires disclosure of a reconciliation between the balance sheet and the statement of cash flows when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. An entity with material restricted cash and restricted cash equivalents balances is required to disclose the nature of the restrictions. The ASU required a retrospective application to all periods presented. Subsequent to the adoption of this ASU, restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in our consolidated statements of cash flows; separate line items reconciling changes in restricted cash balances to the changes in cash and cash equivalents are no longer presented within the operating, investing, and financing sections of our consolidated statements of cash flows. Hedge accounting On January 1, 2018, we adopted an ASU that simplifies hedge accounting. The ASU is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The purpose of this ASU is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. For cash flow hedges that are highly effective, the new standard requires all changes (effective and ineffective components) in the fair value of the hedging instrument to be recorded in accumulated other comprehensive income within total equity and to be reclassified into earnings only when the hedged item affects earnings. Prior to the adoption of this ASU, a quantitative assessment was made on an ongoing basis to determine whether a hedge is highly effective in offsetting changes in cash flows associated with the hedged item. Previously applied hedge accounting guidance required hedge ineffectiveness to be recognized in earnings. Under the new ASU, an entity is still required to perform an initial quantitative test. However, the new standard allows an entity to elect to subsequently perform only a qualitative assessment, unless facts and circumstances change. We made this election upon adoption of the new ASU on January 1, 2018. We utilize interest rate hedge agreements to hedge a portion of our exposure to variable interest rates primarily associated with borrowings based on LIBOR. As a result, all of our interest rate hedge agreements are designated as cash flow hedges. For cash flow hedges in existence at the date of adoption, an entity is required to apply a cumulative-effect adjustment for previously recognized ineffectiveness from retained earnings to accumulated other comprehensive income as of the beginning of the fiscal year when an entity adopts the amendments in this ASU. We performed an analysis of all our cash flow hedges existing on January 1, 2018, and determined that all hedges had been highly effective since their inception; therefore, no cumulative-effect adjustment of previously recognized ineffectiveness from retained earnings to accumulated other comprehensive income was needed. The adoption of this ASU had no effect on our consolidated financial statements. Additionally, in October 2018, the FASB issued an ASU that expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting to include the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a new index calculated by reference to short-term repurchase agreements backed by Treasury securities. It was selected as a preferred replacement for U.S. dollar LIBOR, which will be phased out by the end of 2021. Currently we use LIBOR as our benchmark interest rate to account for our interest rate hedge instruments associated with certain of our existing LIBOR-based variable-rate debt. The ASU is effective for us no later than January 1, 2019, with early adoption permitted, and will be applied prospectively for new or redesignated hedging relationships entered into on or after the date of adoption. We expect to adopt the new standard on January 1, 2019. At this time we are evaluating the potential effect this new benchmark interest rate option will have on our consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new revenue recognition and lease ASUs	The table below provides the detail of our consolidated revenues for the three and nine months ended September 30, 2018 , by (i) revenues that are subject to the ASU on recognition of revenue arising from contracts with customers, and (ii) revenues subject to lease accounting and other accounting standards (in thousands): Date of ASU Adoption Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenues subject to the lease ASU: Rental revenues 1/1/19 $ 243,951 $ 716,552 Tenant recoveries 1/1/19 81,051 226,380 325,002 942,932 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 11,545 34,064 Other income 1/1/18 4,473 7,988 16,018 42,052 Interest and other income within the scope of other existing accounting standards N/A 803 2,012 Total revenues $ 341,823 $ 986,996
Revenues subject to new leases adoption	The table below provides the detail of our consolidated revenues for the nine months ended September 30, 2018 , by (i) lease revenues that meet the single component practical expedient criteria and qualify to be accounted for under the new lease ASUs, and (ii) revenues subject to other accounting standards, including the ASU on recognition of revenue arising from contracts with customers. The table below assumes that the new lease ASUs and the single component practical expedient were in effect as of and adopted on January 1, 2018 (in thousands): Date of ASU Adoption Nine Months Ended September 30, 2018 Revenues subject to the new lease ASUs (1) : Rental revenues 1/1/19 $ 716,552 Tenant recoveries 1/1/19 226,380 942,932 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 34,064 Other income 1/1/18 7,988 42,052 Interest and other income within the scope of other existing accounting standards N/A 2,012 Total revenues $ 986,996 (1) Assumes election of all practical expedients available under the new lease ASUs, as described on the prior page.

Investments in real estate (Tab

Investments in real estate (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Summary of investments in real estate	Our consolidated investments in real estate consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Land (related to rental properties) $ 1,576,898 $ 1,312,072 Buildings and building improvements 9,660,891 9,000,626 Other improvements 906,597 780,117 Rental properties 12,144,386 11,092,815 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre-construction) 1,518,264 955,218 Future development projects 62,860 96,112 Gross investments in real estate 13,725,510 12,144,145 Less: accumulated depreciation (2,166,330 ) (1,875,810 ) Net investments in real estate – North America 11,559,180 10,268,335 Net investments in real estate – Asia 28,132 29,684 Investments in real estate $ 11,587,312 $ 10,298,019
Real estate assets acquisitions	Acquisitions Our real estate asset acquisitions during the nine months ended September 30, 2018 , and subsequently, consisted of the following (dollars in thousands): Square Footage Market Number of Properties Operating Operating with Future Redevelopment Active Development/Redevelopment Future Development Purchase Price San Francisco 6 148,951 — 642,312 — $ 167,950 San Diego 4 316,531 — — 50,000 148,650 Other 1 21,745 — 58,186 — 22,800 Three months ended March 31, 2018 11 487,227 — 700,498 50,000 339,400 Greater Boston 1 200,431 — — 300,000 87,250 Seattle 1 197,136 — — — 95,000 Maryland 8 376,106 39,505 — — 146,500 Other 1 8,715 — — 493,000 77,105 Three months ended June 30, 2018 11 782,388 39,505 — 793,000 405,855 New York City 1 — 349,947 — 230,000 203,000 Seattle — — — — 217,000 33,500 Other 1 45,626 — — — 20,500 Three months ended September 30, 2018 2 45,626 349,947 — 447,000 257,000 Subsequent acquisition 1 — 36,661 140,098 — 75,000 Total acquisitions 25 1,315,241 426,113 840,596 1,290,000 $ 1,077,255

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Consolidated and unconsolidated real estate joint venture properties	From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of September 30, 2018 , we had the following properties that were held by our real estate joint ventures: Property (1) Market Submarket Our Ownership Interest RSF Consolidated joint ventures: 225 Binney Street Greater Boston Cambridge 30.0 % 305,212 409 and 499 Illinois Street San Francisco Mission Bay/SoMa 60.0 % 455,069 1500 Owens Street San Francisco Mission Bay/SoMa 50.1 % 158,267 Campus Pointe by Alexandria San Diego University Town Center 55.0 % 798,799 9625 Towne Centre Drive San Diego University Town Center 50.1 % 163,648 Unconsolidated joint ventures: Menlo Gateway San Francisco Greater Stanford 33.7 % (2) 772,983 1401/1413 Research Boulevard Maryland Rockville 65.0 % (3) (4) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (3) 79,931 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % 593,765 (1) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in four other joint ventures in North America, and we hold an insignificant noncontrolling interest in one unconsolidated real estate joint venture in North America. (2) As of September 30, 2018 , we have an ownership interest in Menlo Gateway of 33.7% and expect our ownership to increase to 49% through future funding of construction costs in 2019. (3) Represents our ownership interest; our voting interest is limited to 50%. (4) Joint venture with a distinguished retail real estate developer for the development of an approximate 90,000 RSF retail shopping center.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Investments in real estate $ 1,105,290 $ 1,047,472 Cash and cash equivalents 38,783 41,112 Other assets 71,823 68,754 Total assets $ 1,215,896 $ 1,157,338 Secured notes payable $ — $ — Other liabilities 74,463 52,201 Total liabilities 74,463 52,201 Redeemable noncontrolling interests 759 — Alexandria Real Estate Equities, Inc.’s share of equity 611,894 584,160 Noncontrolling interests’ share of equity 528,780 520,977 Total liabilities and equity $ 1,215,896 $ 1,157,338
Investment in unconsolidated real estate joint ventures	As of September 30, 2018 , our investments in unconsolidated real estate joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheet consist of the following (in thousands): Property September 30, 2018 Menlo Gateway $ 150,632 1401/1413 Research Boulevard 7,958 704 Quince Orchard Road 4,484 1655 and 1725 Third Street 34,387 Other 509 $ 197,970
Summary of unconsolidated real estate joint ventures loans	As of September 30, 2018 , our unconsolidated real estate joint ventures have the following non-recourse secured loans that include the following key terms (dollars in thousands): Maturity Date Stated Interest Rate Interest Rate (1) 100% at Joint Venture Level Unconsolidated Joint Venture Our Share Debt Balance (2) Remaining Commitments 1401/1413 Research Boulevard 65.0% 5/17/20 L+2.50% 5.60% $ 18,415 $ 9,131 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.80% 121,889 253,111 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.36% 2,932 11,901 Menlo Gateway, Phase II 33.7% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 33.7% 8/1/35 4.15% 4.18% 144,336 N/A $ 287,572 $ 431,413 (1) Includes interest expense, amortization of loan fees, and amortization of premiums (discounts) as of September 30, 2018 . (2) Represents outstanding principal, net of unamortized deferred financing costs and premiums (discounts) as of September 30, 2018 .

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	9 Months Ended
	Sep. 30, 2018
Cash, cash equivalents, and restricted cash [Abstract]
Schedule of Restricted Cash and Cash Equivalents	Cash, cash equivalents, and restricted cash consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Cash and cash equivalents $ 204,181 $ 254,381 Restricted cash: Funds held in trust under the terms of certain secured notes payable 20,837 12,301 Funds held in escrow related to construction projects and investing activities 5,054 4,546 Other 3,808 5,958 29,699 22,805 Total $ 233,880 $ 277,186

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 Cost Adjustments Carrying Amount Investments at fair value: Publicly traded companies $ 119,634 $ 136,310 $ 255,944 Entities that report NAV 186,098 139,891 325,989 Entities that do not report NAV: Entities with observable price changes since January 1, 2018 30,522 59,206 89,728 Entities without observable price changes since January 1, 2018 285,695 — 285,695 Total investments $ 621,949 $ 335,407 $ 957,356 December 31, 2017 Cost Adjustments Total Investments in publicly traded companies $ 59,740 $ 49,771 $ 109,511 Investments in privately held entities without readily determinable fair values (cost method investments): Investments in privately held entities that report NAV 148,627 N/A 148,627 Investments in privately held entities that do not report NAV 265,116 N/A 265,116 Total investments $ 473,483 $ 49,771 $ 523,254
Schedule of net investment income	Our investment income for the three and nine months ended September 30, 2018 , consisted of the following (in thousands): Three Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments at fair value, held at period end: Publicly traded companies $ 40,342 $ — $ 40,342 Entities that report NAV 28,948 — 28,948 Entities that do not report NAV with observable price changes since July 1, 2018, held at period end: 48,917 — 48,917 Total investments at fair value, held at period end 118,207 — 118,207 Investment dispositions during the period: Recognized in the current period — 3,996 3,996 Previously recognized gains (1,019 ) 1,019 — Total investment dispositions during the period (1,019 ) 5,015 3,996 Investment income $ 117,188 $ 5,015 $ 122,203 Nine Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments at fair value, held at period end: Publicly traded companies $ 92,148 $ — $ 92,148 Entities that report NAV 48,718 — 48,718 Entities that do not report NAV with observable price changes since January 1, 2018, held at period end 59,206 — 59,206 Total investments at fair value, held at period end 200,072 — 200,072 Investment dispositions during the period: Recognized in the current period — 20,222 20,222 Previously recognized gains (5,588 ) 5,588 — Total investment dispositions during the period (5,588 ) 25,810 20,222 Investment income $ 194,484 $ 25,810 $ 220,294

Other assets (Tables)

Other assets (Tables)	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Acquired below-market ground leases $ 17,529 $ 12,684 Acquired in-place leases 140,129 64,979 Deferred compensation plan 20,110 15,534 Deferred financing costs – $2.2 billion unsecured senior line of credit 16,640 10,525 Deposits 8,315 10,576 Furniture, fixtures, and equipment 12,958 11,070 Interest rate hedge assets 4,724 5,260 Net investment in direct financing lease 38,954 38,382 Notes receivable 550 614 Prepaid expenses 17,179 10,972 Property, plant, and equipment 71,080 32,073 Other assets 19,864 15,784 Total $ 368,032 $ 228,453
Net Investment in Direct Financing Lease	The components of our net investment in direct financing lease as of September 30, 2018 , and December 31, 2017 , are summarized in the table below (in thousands): September 30, 2018 December 31, 2017 Gross investment in direct financing lease $ 262,514 $ 263,719 Less: unearned income (223,560 ) (225,337 ) Net investment in direct financing lease $ 38,954 $ 38,382
Schedule of future minimum lease payments to be received on direct financing lease	Future minimum lease payments to be received under our direct financing lease as of September 30, 2018 , were as follows (in thousands): Year Total 2018 $ 403 2019 1,655 2020 1,705 2021 1,756 2022 1,809 Thereafter 255,186 Total $ 262,514

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Investments in publicly traded companies $ 255,944 $ 255,944 $ — $ — Interest rate hedge agreements $ 4,724 $ — $ 4,724 $ — December 31, 2017 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 109,511 $ 109,511 $ — $ — Interest rate hedge agreements $ 5,260 $ — $ 5,260 $ — Liabilities: Interest rate hedge agreements $ 103 $ — $ 103 $ —
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 September 30, 2018 , and December 31, 2017 , the book and estimated fair values of our investments in privately held entities that report NAV, secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were as follows (in thousands): September 30, 2018 December 31, 2017 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 325,989 $ 325,989 N/A N/A Liabilities: Secured notes payable $ 632,792 $ 623,887 $ 771,061 $ 776,222 Unsecured senior notes payable $ 4,290,906 $ 4,294,053 $ 3,395,804 $ 3,529,713 Unsecured senior line of credit $ 413,000 $ 411,428 $ 50,000 $ 49,986 Unsecured senior bank term loans $ 347,306 $ 346,743 $ 547,942 $ 549,361

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of September 30, 2018 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 439,689 $ 193,103 $ 632,792 11.1 % 4.42 % 3.0 Unsecured senior notes payable 4,290,906 — 4,290,906 75.5 4.15 6.6 $2.2 billion unsecured senior line of credit 250,000 163,000 413,000 7.3 2.79 5.3 Unsecured senior bank term loan 347,306 — 347,306 6.1 2.21 5.3 Total/weighted average $ 5,327,901 $ 356,103 $ 5,684,004 100.0 % 3.96 % 6.1 Percentage of total debt 94 % 6 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
Schedule of maturities of secured and unsecured debt	The following table summarizes our outstanding indebtedness and respective principal payments as of September 30, 2018 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Unamortized (Deferred Financing Cost), (Discount) Premium Debt Principal Total Secured notes payable Greater Boston L+1.50 % 3.94 % 1/28/19 (3) $ 193,103 $ (228 ) $ 192,875 Greater Boston, San Diego, Seattle, and Maryland 7.75 % 8.15 4/1/20 106,999 (501 ) 106,498 San Diego 4.66 % 4.90 1/1/23 33,773 (280 ) 33,493 Greater Boston 3.93 % 3.19 3/10/23 81,276 2,435 83,711 Greater Boston 4.82 % 3.40 2/6/24 201,269 14,195 215,464 San Francisco 6.50 % 6.50 7/1/36 751 — 751 Secured debt weighted-average interest rate/subtotal 4.87 % 4.42 617,171 15,621 632,792 $2.2 billion unsecured senior line of credit L+0.825 % 2.79 1/28/24 413,000 — 413,000 Unsecured senior bank term loan L+0.90 % 2.21 1/28/24 350,000 (2,694 ) 347,306 Unsecured senior notes payable 2.75 % 2.96 1/15/20 400,000 (1,041 ) 398,959 Unsecured senior notes payable 4.60 % 4.75 4/1/22 550,000 (2,277 ) 547,723 Unsecured senior notes payable 3.90 % 4.04 6/15/23 500,000 (2,800 ) 497,200 Unsecured senior notes payable 4.00 % 4.18 1/15/24 450,000 (3,867 ) 446,133 Unsecured senior notes payable 3.45 % 3.62 4/30/25 600,000 (5,740 ) 594,260 Unsecured senior notes payable 4.30 % 4.50 1/15/26 300,000 (3,531 ) 296,469 Unsecured senior notes payable 3.95 % 4.13 1/15/27 350,000 (4,158 ) 345,842 Unsecured senior notes payable 3.95 % 4.07 1/15/28 425,000 (3,921 ) 421,079 Unsecured senior notes payable 4.50 % 4.60 7/30/29 300,000 (2,398 ) 297,602 Unsecured senior notes payable 4.70 % 4.81 7/1/30 450,000 (4,361 ) 445,639 Unsecured debt weighted average/subtotal 3.90 5,088,000 (36,788 ) 5,051,212 Weighted-average interest rate/total 3.96 % $ 5,705,171 $ (21,167 ) $ 5,684,004 (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) We have two one -year options to extend the stated maturity date to January 28, 2021, subject to certain conditions. We expect to exercise the first right to extend the maturity date to January 28, 2020.
Schedule of Interest Incurred	The following table summarizes interest expense for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Gross interest $ 59,675 $ 48,123 $ 163,574 $ 137,888 Capitalized interest (17,431 ) (17,092 ) (46,318 ) (45,325 ) Interest expense $ 42,244 $ 31,031 $ 117,256 $ 92,563

Interest rate hedge agreements

Interest rate hedge agreements (Tables)	9 Months Ended
	Sep. 30, 2018
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 hedge agreements that were designated as cash flow hedges of interest rate risk as of September 30, 2018 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 9/30/18 Notional Amount in Effect as of Effective Date Maturity Date 9/30/18 12/31/18 12/31/19 March 29, 2018 March 31, 2019 8 1.16% $ 3,732 $ 600,000 $ 600,000 $ — March 29, 2019 March 31, 2020 1 1.89% 992 — — 100,000 Total $ 4,724 $ 600,000 $ 600,000 $ 100,000 (1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin over LIBOR for borrowings outstanding as of September 30, 2018 , as listed under the column heading “Stated Rate” in our summary table of outstanding indebtedness and respective principal payments under Note 9 – “Secured and Unsecured Senior Debt” to these unaudited consolidated financial statements.

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and tenant security deposits (Tables)	9 Months Ended
	Sep. 30, 2018
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Schedule of accounts payable and accrued liabilities	The following table summarizes the components of accounts payable, accrued expenses, and tenant security deposits as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable and accrued expenses $ 445,943 $ 349,884 Acquired below-market leases 128,011 88,184 Conditional asset retirement obligations 13,195 7,397 Deferred rent liabilities 28,977 27,953 Interest rate hedge liabilities — 103 Unearned rent and tenant security deposits 237,589 248,924 Other liabilities 53,379 41,387 Total $ 907,094 $ 763,832

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2018
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 nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income $ 219,359 $ 59,546 $ 421,424 $ 148,597 Net income attributable to noncontrolling interests (5,723 ) (5,773 ) (17,428 ) (18,892 ) Dividends on preferred stock (1,301 ) (1,302 ) (3,905 ) (6,364 ) Preferred stock redemption charge — — — (11,279 ) Net income attributable to unvested restricted stock awards (3,395 ) (1,198 ) (6,010 ) (3,498 ) Numerator for basic EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders 208,940 51,273 394,081 108,564 Dilutive effect of Series D Convertible Preferred Stock 1,301 — — — Numerator for diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 210,241 $ 51,273 $ 394,081 $ 108,564 Denominator for basic EPS – weighted-average shares of common stock outstanding 104,179 92,598 101,991 90,336 Dilutive effect of forward equity sales agreements 462 698 363 430 Dilutive effect of Series D Convertible Preferred Stock 744 — — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 105,385 93,296 102,354 90,766 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 2.01 $ 0.55 $ 3.86 $ 1.20 Diluted $ 1.99 $ 0.55 $ 3.85 $ 1.20

Stockholders' equity (Tables)

Stockholders' equity (Tables)	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
ATM Common Stock Offering Program Summary, Established August 2017	In August 2017, we established an ATM common stock offering program that allows us to sell up to an aggregate of $750.0 million of our common stock. The following table presents a detail of shares of common stock sold and the remaining aggregate amount available for future sales of common stock under this program since its inception (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Three Months Ended September 30, 2017 2,083,526 $ 119.94 $ 249,895 $ 245,785 December 31, 2017 689,792 $ 125.70 86,708 85,375 2,773,318 336,603 331,160 March 31, 2018 — — — — June 30, 2018 2,456,037 $ 124.46 305,675 300,837 September 30, 2018 703,625 $ 127.91 90,000 88,548 3,159,662 395,675 389,385 Cumulative activity through September 30, 2018 5,932,980 732,278 $ 720,545 Remaining availability as of September 30, 2018 17,722 Total August 2017 ATM common stock offering program $ 750,000
ATM Common Stock Offering Program Summary, Established August 2018	In August 2018, we established a new ATM common stock offering program that allows us to sell up to an aggregate of $750.0 million of our common stock. The following table presents a detail of shares of common stock sold and the remaining aggregate amount available for future sales of common stock under our new ATM program (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Three months ended September 30, 2018 855,458 $ 127.45 $ 109,031 $ 106,956 Remaining availability as of September 30, 2018 640,969 Total August 2018 ATM common stock offering program $ 750,000
Forward equity sales agreements summary	In January 2018, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $123.50 per share, before underwriting discounts. The following table presents a summary of shares of common stock settled and the amount remaining available for future settlement under the forward equity sales agreements entered into in January 2018 for the sale of an aggregate of 6.9 million shares of our common stock (dollars in thousands, except per share amounts): Number of Shares Average Issue Price per Share Net Proceeds Forward equity sales agreements settled during the three months ended: March 31, 2018 843,600 $ 118.74 $ 100,169 June 30, 2018 — — — September 30, 2018 857,700 116.62 100,022 Activity during the nine months ended September 30, 2018 1,701,300 200,191 Remaining forward equity sales agreements to settle no later than April 2019, as of September 30, 2018 5,198,700 Total under our forward equity sales agreements 6,900,000 $ 806,537
Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.	Accumulated other comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders consists of the following (in thousands): Net Unrealized Gain (Loss) on: Available-for- Sale Equity Securities Interest Rate Foreign Currency Translation Total Balance as of December 31, 2017 $ 49,771 $ 5,157 $ (4,904 ) $ 50,024 Amounts reclassified from other comprehensive income to retained earnings (49,771 ) (1) — — (49,771 ) Other comprehensive income (loss) before reclassifications — 2,808 (3,631 ) (823 ) Amounts reclassified from other comprehensive income to net income — (3,241 ) — (3,241 ) Net other comprehensive loss — (433 ) (3,631 ) (4,064 ) Balance as of September 30, 2018 $ — $ 4,724 $ (8,535 ) $ (3,811 ) (1) Refer to Note 6 – “Investments” to these unaudited consolidated financial statements for additional information.

Assets classified as held for_2

Assets classified as held for sale (Tables)	9 Months Ended
	Sep. 30, 2018
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 as of September 30, 2018 , and December 31, 2017 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): September 30, 2018 December 31, 2017 Total assets $ 35,812 $ 31,578 Total liabilities (1,899 ) (1,809 ) Total accumulated other comprehensive income (loss) 735 (1,021 ) Net assets classified as held for sale $ 34,648 $ 28,748

Condensed consolidating finan_2

Condensed consolidating financial information (Tables)	9 Months Ended
	Sep. 30, 2018
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet as of September 30, 2018 (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 $ — $ — $ 11,587,312 $ — $ 11,587,312 Investments in unconsolidated real estate JVs — — 197,970 — 197,970 Cash and cash equivalents 94,559 — 109,622 — 204,181 Restricted cash 175 — 29,524 — 29,699 Tenant receivables — — 11,041 — 11,041 Deferred rent — — 511,680 — 511,680 Deferred leasing costs — — 238,295 — 238,295 Investments — 1,757 955,599 — 957,356 Investments in and advances to affiliates 11,966,279 10,610,856 216,136 (22,793,271 ) — Other assets 60,814 — 307,218 — 368,032 Total assets $ 12,121,827 $ 10,612,613 $ 14,164,397 $ (22,793,271 ) $ 14,105,566 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 632,792 $ — $ 632,792 Unsecured senior notes payable 4,290,906 — — — 4,290,906 Unsecured senior line of credit 413,000 — — — 413,000 Unsecured senior bank term loans 347,306 — — — 347,306 Accounts payable, accrued expenses, and tenant security deposits 96,748 — 810,346 — 907,094 Dividends payable 101,084 — — — 101,084 Total liabilities 5,249,044 — 1,443,138 — 6,692,182 Redeemable noncontrolling interests — — 10,771 — 10,771 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 6,872,783 10,612,613 12,180,658 (22,793,271 ) 6,872,783 Noncontrolling interests — — 529,830 — 529,830 Total equity 6,872,783 10,612,613 12,710,488 (22,793,271 ) 7,402,613 Total liabilities, noncontrolling interests, and equity $ 12,121,827 $ 10,612,613 $ 14,164,397 $ (22,793,271 ) $ 14,105,566 Condensed Consolidating Balance Sheet as of December 31, 2017 (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 $ — $ — $ 10,298,019 $ — $ 10,298,019 Investments in unconsolidated real estate JVs — — 110,618 — 110,618 Cash and cash equivalents 130,364 9 124,008 — 254,381 Restricted cash 152 — 22,653 — 22,805 Tenant receivables — — 10,262 — 10,262 Deferred rent — — 434,731 — 434,731 Deferred leasing costs — — 221,430 — 221,430 Investments — 1,655 521,599 — 523,254 Investments in and advances to affiliates 9,949,861 9,030,994 183,850 (19,164,705 ) — Other assets 45,108 — 183,345 — 228,453 Total assets $ 10,125,485 $ 9,032,658 $ 12,110,515 $ (19,164,705 ) $ 12,103,953 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 771,061 $ — $ 771,061 Unsecured senior notes payable 3,395,804 — — — 3,395,804 Unsecured senior line of credit 50,000 — — — 50,000 Unsecured senior bank term loans 547,942 — — — 547,942 Accounts payable, accrued expenses, and tenant security deposits 89,928 — 673,904 — 763,832 Dividends payable 92,145 — — — 92,145 Total liabilities 4,175,819 — 1,444,965 — 5,620,784 Redeemable noncontrolling interests — — 11,509 — 11,509 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 5,949,666 9,032,658 10,132,047 (19,164,705 ) 5,949,666 Noncontrolling interests — — 521,994 — 521,994 Total equity 5,949,666 9,032,658 10,654,041 (19,164,705 ) 6,471,660 Total liabilities, noncontrolling interests, and equity $ 10,125,485 $ 9,032,658 $ 12,110,515 $ (19,164,705 ) $ 12,103,953
Condensed consolidating statements of income	Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2018 (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 $ — $ — $ 255,496 $ — $ 255,496 Tenant recoveries — — 81,051 — 81,051 Other income 5,017 — 5,723 (5,464 ) 5,276 Total revenues 5,017 — 342,270 (5,464 ) 341,823 Expenses: Rental operations — — 99,759 — 99,759 General and administrative 21,803 — 6,321 (5,464 ) 22,660 Interest 37,236 — 5,008 — 42,244 Depreciation and amortization 1,506 — 118,094 — 119,600 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 61,368 — 229,481 (5,464 ) 285,385 Equity in earnings of unconsolidated real estate JVs — — 40,718 — 40,718 Equity in earnings of affiliates 269,987 147,999 2,912 (420,898 ) — Investment income — 111 122,092 — 122,203 Net income 213,636 148,110 278,511 (420,898 ) 219,359 Net income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 213,636 148,110 272,788 (420,898 ) 213,636 Dividends on preferred stock (1,301 ) — — — (1,301 ) Net income attributable to unvested restricted stock awards (3,395 ) — — — (3,395 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 208,940 $ 148,110 $ 272,788 $ (420,898 ) $ 208,940 Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2017 (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 $ — $ — $ 216,021 $ — $ 216,021 Tenant recoveries — — 67,058 — 67,058 Other income 3,230 (2,589 ) 5,736 (4,086 ) 2,291 Total revenues 3,230 (2,589 ) 288,815 (4,086 ) 285,370 Expenses: Rental operations — — 83,469 — 83,469 General and administrative 16,598 — 5,124 (4,086 ) 17,636 Interest 23,958 — 7,073 — 31,031 Depreciation and amortization 1,787 — 106,001 — 107,788 Total expenses 42,343 — 201,667 (4,086 ) 239,924 Equity in earnings of unconsolidated real estate JVs — — 14,100 — 14,100 Equity in earnings of affiliates 92,886 88,900 1,702 (183,488 ) — Net income 53,773 86,311 102,950 (183,488 ) 59,546 Net income attributable to noncontrolling interests — — (5,773 ) — (5,773 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 53,773 86,311 97,177 (183,488 ) 53,773 Dividends on preferred stock (1,302 ) — — — (1,302 ) Net income attributable to unvested restricted stock awards (1,198 ) — — — (1,198 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 51,273 $ 86,311 $ 97,177 $ (183,488 ) $ 51,273
Condensed consolidating statement comprehensive income	Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (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 $ 213,636 $ 148,110 $ 278,511 $ (420,898 ) $ 219,359 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 165 — — — 165 Reclassification adjustment for amortization of interest income included in net income (1,432 ) — — — (1,432 ) Unrealized losses on interest rate hedge agreements, net (1,267 ) — — — (1,267 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (59 ) — (59 ) Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — — — — Unrealized losses on foreign currency translation, net — — (59 ) — (59 ) Total other comprehensive loss (1,267 ) — (59 ) — (1,326 ) Comprehensive income 212,369 148,110 278,452 (420,898 ) 218,033 Less: comprehensive income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 212,369 $ 148,110 $ 272,729 $ (420,898 ) $ 212,310 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2017 (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 $ 53,773 $ 86,311 $ 102,950 $ (183,488 ) $ 59,546 Other comprehensive income: Unrealized gains on available-for-sale equity securities: Unrealized holding gains arising during the period — 65 16,953 — 17,018 Reclassification adjustment for losses included in net income — — — — — Unrealized gains on available-for-sale equity securities, net — 65 16,953 — 17,018 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 174 — (29 ) — 145 Reclassification adjustment for amortization of interest expense included in net income 195 — 3 — 198 Unrealized gains (losses) on interest rate hedge agreements, net 369 — (26 ) — 343 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 3,836 — 3,836 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — — — — Unrealized gains on foreign currency translation, net — — 3,836 — 3,836 Total other comprehensive income 369 65 20,763 — 21,197 Comprehensive income 54,142 86,376 123,713 (183,488 ) 80,743 Less: comprehensive income attributable to noncontrolling interests — — (5,783 ) — (5,783 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 54,142 $ 86,376 $ 117,930 $ (183,488 ) $ 74,960
Condensed consolidating statement cash flows	Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2018 (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 $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 4,830 — 347,841 — 352,671 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Equity in earnings of unconsolidated real estate JVs — — (42,952 ) — (42,952 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 6,685 — 1,185 — 7,870 Amortization of debt discounts (premiums) 587 — (2,382 ) — (1,795 ) Amortization of acquired below-market leases — — (16,588 ) — (16,588 ) Deferred rent — — (75,960 ) — (75,960 ) Stock compensation expense 25,209 — — — 25,209 Equity in earnings of affiliates (562,707 ) (345,676 ) (6,809 ) 915,192 — Investment loss (income) — (487 ) (219,807 ) — (220,294 ) Changes in operating assets and liabilities: Tenant receivables — — (807 ) — (807 ) Deferred leasing costs — — (42,821 ) — (42,821 ) Other assets (14,955 ) — (6,674 ) — (21,629 ) Accounts payable, accrued expenses, and tenant security deposits (4,371 ) — 26,268 — 21,897 Net cash (used in) provided by operating activities (139,903 ) — 553,991 — 414,088 Investing Activities Proceeds from sales of real estate — — 5,748 — 5,748 Additions to real estate — — (663,688 ) — (663,688 ) Purchases of real estate — — (947,013 ) — (947,013 ) Deposits for investing activities — — 2,500 — 2,500 Investments in subsidiaries (1,453,711 ) (1,234,186 ) (25,477 ) 2,713,374 — Acquisitions of interests in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (77,501 ) — (77,501 ) Return of capital from unconsolidated real estate joint ventures — — 68,592 — 68,592 Additions to investments — — (174,195 ) — (174,195 ) Sales of investments — 420 56,910 — 57,330 Net cash used in investing activities $ (1,453,711 ) $ (1,233,766 ) $ (1,790,046 ) $ 2,713,374 $ (1,764,149 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (155,155 ) — (155,155 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 3,894,000 — — — 3,894,000 Repayments of borrowings from unsecured senior line of credit (3,531,000 ) — — — (3,531,000 ) Repayments of borrowings from unsecured senior bank term loans (200,000 ) — — — (200,000 ) Transfers to/from parent company 102,582 1,233,757 1,377,035 (2,713,374 ) — Payment of loan fees (19,066 ) — — — (19,066 ) Proceeds from the issuance of common stock 696,532 — — — 696,532 Dividends on common stock (280,632 ) — — — (280,632 ) Dividends on preferred stock (3,905 ) — — — (3,905 ) Contributions from noncontrolling interests — — 15,837 — 15,837 Distributions to and purchases of noncontrolling interests — — (25,910 ) — (25,910 ) Net cash provided by financing activities 1,557,832 1,233,757 1,229,591 (2,713,374 ) 1,307,806 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,051 ) — (1,051 ) Net decrease in cash, cash equivalents, and restricted cash (35,782 ) (9 ) (7,515 ) — (43,306 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 94,734 $ — $ 139,146 $ — $ 233,880 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 81,888 $ — $ 17,750 $ — $ 99,638 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ 69,654 $ — $ 69,654 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2017 (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 $ 129,705 $ 239,768 $ 278,597 $ (499,473 ) $ 148,597 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 5,217 — 303,852 — 309,069 Loss on early extinguishment of debt 670 — — — 670 Gain on sales of real estate – rental properties — — (270 ) — (270 ) Impairment of real estate — — 203 — 203 Gain on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings of unconsolidated real estate JVs — — (15,050 ) — (15,050 ) Distributions of earnings from unconsolidated real estate JVs — — 249 — 249 Amortization of loan fees 5,665 — 2,913 — 8,578 Amortization of debt discounts (premiums) 441 — (2,314 ) — (1,873 ) Amortization of acquired below-market leases — — (14,908 ) — (14,908 ) Deferred rent — — (74,362 ) — (74,362 ) Stock compensation expense 18,649 — — — 18,649 Equity in earnings of affiliates (252,434 ) (242,345 ) (4,694 ) 499,473 — Investment loss (income) — 2,582 (4,589 ) — (2,007 ) Changes in operating assets and liabilities: Tenant receivables — — (224 ) — (224 ) Deferred leasing costs — — (39,925 ) — (39,925 ) Other assets (10,576 ) — (86 ) — (10,662 ) Accounts payable, accrued expenses, and tenant security deposits (9,813 ) (9 ) 40,441 — 30,619 Net cash (used in) provided by operating activities (112,476 ) (4 ) 469,722 — 357,242 Investing Activities Proceeds from sales of real estate — — 4,263 — 4,263 Additions to real estate — — (660,877 ) — (660,877 ) Purchases of real estate — — (590,884 ) — (590,884 ) Deposits for investing activities — — 4,700 — 4,700 Investments in subsidiaries (753,137 ) (588,808 ) (12,160 ) 1,354,105 — Investments in unconsolidated real estate JVs — — (248 ) — (248 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to investments — — (128,190 ) — (128,190 ) Sales of investments — 204 18,692 — 18,896 Net cash used in investing activities $ (753,137 ) $ (588,604 ) $ (1,326,128 ) $ 1,354,105 $ (1,313,764 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2017 (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 $ — $ — $ 145,272 $ — $ 145,272 Repayments of borrowings from secured notes payable — — (2,882 ) — (2,882 ) Proceeds from issuance of unsecured senior notes payable 424,384 — — — 424,384 Borrowings from unsecured senior line of credit 2,634,000 — — — 2,634,000 Repayments of borrowings from unsecured senior line of credit (2,348,000 ) — — — (2,348,000 ) Repayments of borrowings from unsecured bank term loans (200,000 ) — — — (200,000 ) Transfers to/from parent company 47,558 588,608 717,939 (1,354,105 ) — Payment of loan fees (3,956 ) — (387 ) — (4,343 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (17,934 ) — — — (17,934 ) Redemption of 6.45% Series E cumulative redeemable preferred stock (130,350 ) — — — (130,350 ) Proceeds from the issuance of common stock 705,391 — — — 705,391 Dividends on common stock (229,814 ) — — — (229,814 ) Dividends on preferred stock (8,317 ) — — — (8,317 ) Contributions from noncontrolling interests — — 9,877 — 9,877 Distributions to noncontrolling interests — — (17,432 ) — (17,432 ) Net cash provided by financing activities 872,962 588,608 852,387 (1,354,105 ) 959,852 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,579 — 1,579 Net increase (decrease) in cash, cash equivalents, and restricted cash 7,349 — (2,440 ) — 4,909 Cash, cash equivalents, and restricted cash as of the beginning of period 30,705 — 110,661 — 141,366 Cash, cash equivalents, and restricted cash as of the end of period $ 38,054 $ — $ 108,221 $ — $ 146,275 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 67,091 $ — $ 19,141 $ — $ 86,232 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ (38,767 ) $ — $ (38,767 ) Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998

Summary of significant accoun_4

Summary of significant accounting policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Maximum expected period of sale of property (in years)			1 year
Cost method investment ownership percentage	10.00%		10.00%		10.00%
Reclassification of cumulative net unrealized gains on non-real estate investments			$ 90,750,000
Maximum Expected Period for Collection of Receivables			1 year
Allowance for Doubtful Accounts Receivable	$ 0		$ 0		$ 0
Minimum percentage of taxable income to be distributed			90.00%
Percent of Taxable Income, Generally Distributed as Dividend			100.00%
Revenues
Revenue	$ 341,823,000	$ 285,370,000	$ 986,996,000	$ 829,306,000
Land improvements | Maximum
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
Canada
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property	3		3
China
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property	1		1
Accumulated Other Comprehensive Income (Loss)
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Reclassification of cumulative net unrealized gains on non-real estate investments			$ (49,771,000)
Rental revenues
Revenues
Revenue	$ 255,496,000	216,021,000	750,616,000	635,156,000
Tenant recoveries
Revenues
Revenue	81,051,000	67,058,000	226,380,000	188,874,000
Other income
Revenues
Revenue	5,276,000	$ 2,291,000	10,000,000	$ 5,276,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Rental revenues
Revenues
Revenue subject to the revenue recognition ASU	11,545,000		34,064,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Total rental revenues
Revenues
Revenue subject to the revenue recognition ASU	16,018,000		42,052,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Other income
Revenues
Revenue subject to the revenue recognition ASU	4,473,000		7,988,000
Accounting Standards Update 2016-02 - Leases
Revenues
Revenues subject to lease ASUs			942,900,000
Accounting Standards Update 2016-02 - Leases | Rental revenues
Revenues
Revenues subject to lease ASUs	243,951,000		716,552,000
Accounting Standards Update 2016-02 - Leases | Tenant recoveries
Revenues
Revenues subject to lease ASUs	81,051,000		226,380,000
Accounting Standards Update 2016-02 - Leases | Total rental revenues
Revenues
Revenues subject to lease ASUs	325,002,000		942,932,000
Other accounting standards update | Other income
Revenues
Revenues subject to new accounting pronouncements	$ 803,000		$ 2,012,000

Summary of significant accoun_5

Summary of significant accounting policies (Recent Accounting Pronouncements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2066
New Accounting Pronouncement, Early Adoption
Revenue	$ 341,823	$ 285,370	$ 986,996	$ 829,306
Leases
Ground Lease Obligation Due	607,200		607,200
Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement, Early Adoption
Revenues subject to lease ASUs			942,900
Scenario, Forecast | Minimum
Leases
Present value of ground and office lease agreements					$ 200,000
Scenario, Forecast | Maximum
Leases
Present value of ground and office lease agreements					$ 230,000
Rental revenues
New Accounting Pronouncement, Early Adoption
Revenue	255,496	216,021	750,616	635,156
Rental revenues | Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement, Early Adoption
Revenues subject to lease ASUs	243,951		716,552
Rental revenues | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
New Accounting Pronouncement, Early Adoption
Revenue subject to the revenue recognition ASU	11,545		34,064
Tenant recoveries
New Accounting Pronouncement, Early Adoption
Revenue	81,051	67,058	226,380	188,874
Tenant recoveries | Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement, Early Adoption
Revenues subject to lease ASUs	81,051		226,380
Total rental revenues | Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement, Early Adoption
Revenues subject to lease ASUs	325,002		942,932
Total rental revenues | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
New Accounting Pronouncement, Early Adoption
Revenue subject to the revenue recognition ASU	16,018		42,052
Other income
New Accounting Pronouncement, Early Adoption
Revenue	5,276	$ 2,291	10,000	$ 5,276
Other income | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
New Accounting Pronouncement, Early Adoption
Revenue subject to the revenue recognition ASU	4,473		7,988
Other income | Other accounting standards update
New Accounting Pronouncement, Early Adoption
Revenues subject to new accounting pronouncements	$ 803		$ 2,012

Investments in real estate Sche

Investments in real estate Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate Properties
Investments in real estate	$ 11,587,312	$ 10,298,019
North America
Real Estate Properties
Land (related to rental properties)	1,576,898	1,312,072
Buildings and building improvements	9,660,891	9,000,626
Other improvements	906,597	780,117
Rental properties	12,144,386	11,092,815
Development and redevelopment projects (under construction, marketing, or pre-construction)	1,518,264	955,218
Future development projects	62,860	96,112
Gross investments in real estate	13,725,510	12,144,145
Less: accumulated depreciation	(2,166,330)	(1,875,810)
Investments in real estate	11,559,180	10,268,335
Asia
Real Estate Properties
Investments in real estate	$ 28,132	$ 29,684

Investments in real estate Acqu

Investments in real estate Acquisition (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 30, 2018USD ($)ft²	Sep. 30, 2018USD ($)ft²	Jun. 30, 2018USD ($)ft²	Mar. 31, 2018USD ($)ft²	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)
Real Estate
Number of Real Estate Properties Acquired		2	11	11	2
Purchase price | $					$ 947,013	$ 590,884
Greater Boston
Real Estate
Number of Real Estate Properties Acquired			1
Purchase price | $			$ 87,250
San Francisco
Real Estate
Number of Real Estate Properties Acquired				6
Purchase price | $				$ 167,950
New York City
Real Estate
Number of Real Estate Properties Acquired		1			1
Purchase price | $		$ 203,000
San Diego
Real Estate
Number of Real Estate Properties Acquired				4
Purchase price | $				$ 148,650
Seattle
Real Estate
Number of Real Estate Properties Acquired		0	1		0
Purchase price | $		$ 33,500	$ 95,000
Maryland
Real Estate
Number of Real Estate Properties Acquired			8
Purchase price | $			$ 146,500
Other markets
Real Estate
Number of Real Estate Properties Acquired		1	1	1	1
Purchase price | $		$ 20,500	$ 77,105	$ 22,800
North America
Real Estate
Number of Real Estate Properties Acquired		25			25
Purchase price | $		$ 257,000	$ 405,855	$ 339,400	$ 1,077,255
Operating property
Real Estate
Area of Real Estate Property		45,626	782,388	487,227	45,626
Operating property | Greater Boston
Real Estate
Area of Real Estate Property			200,431
Operating property | San Francisco
Real Estate
Area of Real Estate Property				148,951
Operating property | New York City
Real Estate
Area of Real Estate Property		0			0
Operating property | San Diego
Real Estate
Area of Real Estate Property				316,531
Operating property | Seattle
Real Estate
Area of Real Estate Property		0	197,136		0
Operating property | Maryland
Real Estate
Area of Real Estate Property			376,106
Operating property | Other markets
Real Estate
Area of Real Estate Property		45,626	8,715	21,745	45,626
Operating property | North America
Real Estate
Area of Real Estate Property		1,315,241			1,315,241
Operating with future redevelopment
Real Estate
Area of Real Estate Property		349,947	39,505	0	349,947
Operating with future redevelopment | Greater Boston
Real Estate
Area of Real Estate Property			0
Operating with future redevelopment | San Francisco
Real Estate
Area of Real Estate Property				0
Operating with future redevelopment | New York City
Real Estate
Area of Real Estate Property		349,947			349,947
Operating with future redevelopment | San Diego
Real Estate
Area of Real Estate Property				0
Operating with future redevelopment | Seattle
Real Estate
Area of Real Estate Property		0	0		0
Operating with future redevelopment | Maryland
Real Estate
Area of Real Estate Property			39,505
Operating with future redevelopment | Other markets
Real Estate
Area of Real Estate Property		0	0	0	0
Operating with future redevelopment | North America
Real Estate
Area of Real Estate Property		426,113			426,113
Active development and redevelopment
Real Estate
Area of Real Estate Property		0	0	700,498	0
Active development and redevelopment | Greater Boston
Real Estate
Area of Real Estate Property			0
Active development and redevelopment | San Francisco
Real Estate
Area of Real Estate Property				642,312
Active development and redevelopment | New York City
Real Estate
Area of Real Estate Property		0			0
Active development and redevelopment | San Diego
Real Estate
Area of Real Estate Property				0
Active development and redevelopment | Seattle
Real Estate
Area of Real Estate Property		0	0		0
Active development and redevelopment | Maryland
Real Estate
Area of Real Estate Property			0
Active development and redevelopment | Other markets
Real Estate
Area of Real Estate Property		0	0	58,186	0
Active development and redevelopment | North America
Real Estate
Area of Real Estate Property		840,596			840,596
Future development
Real Estate
Area of Real Estate Property		447,000	793,000	50,000	447,000
Future development | Greater Boston
Real Estate
Area of Real Estate Property			300,000
Future development | San Francisco
Real Estate
Area of Real Estate Property				0
Future development | New York City
Real Estate
Area of Real Estate Property		230,000			230,000
Future development | San Diego
Real Estate
Area of Real Estate Property				50,000
Future development | Seattle
Real Estate
Area of Real Estate Property		217,000	0		217,000
Future development | Maryland
Real Estate
Area of Real Estate Property			0
Future development | Other markets
Real Estate
Area of Real Estate Property		0	493,000	0	0
Future development | North America
Real Estate
Area of Real Estate Property		1,290,000			1,290,000
30-02 48th Avenue | Subsequent Event
Real Estate
Number of Real Estate Properties Acquired	1
Area of Real Estate Property	176,759
Purchase price | $	$ 75,000
30-02 48th Avenue | Operating property | Subsequent Event
Real Estate
Area of Real Estate Property	0
30-02 48th Avenue | Operating with future redevelopment | Subsequent Event
Real Estate
Area of Real Estate Property	36,661
30-02 48th Avenue | Active development and redevelopment | Subsequent Event
Real Estate
Area of Real Estate Property	140,098
30-02 48th Avenue | Future development | Subsequent Event
Real Estate
Area of Real Estate Property	0

Investments in real estate Real

Investments in real estate Real estate asset sales (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017ft²
Real Estate
Impairment of real estate	$ 0		$ 0		$ 6,311	$ 203
Gain (loss) on sale of real estate - rental properties	0		0		$ 0	$ 270
ATC Prince William
Real Estate
Impairment of real estate		$ 6,300
Proceeds from sale of real estate	$ 6,000
6146 Nancy Ridge Drive
Real Estate
Proceeds from sale of real estate				$ 3,000
Gain (loss) on sale of real estate - rental properties				$ 270
150 Technology Parkway
Real Estate
Impairment of real estate			203
Proceeds from sale of real estate			$ 800
Area of Real Estate Property | ft²							20,580

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	Sep. 30, 2018ft²
225 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	30.00%
Area of Real Estate Property	305,212
409/499 Illinois Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	60.00%
Area of Real Estate Property	455,069
1500 Owens Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	50.10%
Area of Real Estate Property	158,267
Campus Pointe by Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)	55.00%
Area of Real Estate Property	798,799
9625 Towne Centre Drive
Schedule of Equity Method Investments
Equity interest percentage (in percent)	50.10%
Area of Real Estate Property	163,648
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	49.00%
Area of Real Estate Property	772,983
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)	65.00%
Area of Real Estate Property	90,000
Equity Method Investee | 360 Longwood Avenue
Schedule of Equity Method Investments
Equity interest percentage (in percent)	27.50%
Area of Real Estate Property	210,709
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Equity interest percentage (in percent)	56.80%
Area of Real Estate Property	79,931
Equity Method Investee | 1655 and 1725 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10.00%
Area of Real Estate Property	593,765
Initial ownership interest | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	33.70%

Consolidated and unconsolidat_4

Consolidated and unconsolidated real estate joint ventures Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity
Investments in real estate	$ 11,587,312	$ 10,298,019
Cash and cash equivalents	204,181	254,381
Other assets	368,032	228,453
Total assets	14,105,566	12,103,953
Secured notes payable	632,792	771,061
Total liabilities	6,692,182	5,620,784
Redeemable noncontrolling interests	10,771	11,509
Alexandria Real Estate Equities, Inc.'s share of equity	6,872,783	5,949,666
Noncontrolling interests' share of equity	529,830	521,994
Total liabilities, noncontrolling interests, and equity	14,105,566	12,103,953
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Investments in real estate	1,105,290	1,047,472
Cash and cash equivalents	38,783	41,112
Other assets	71,823	68,754
Total assets	1,215,896	1,157,338
Secured notes payable	0	0
Other Liabilities	74,463	52,201
Total liabilities	74,463	52,201
Redeemable noncontrolling interests	759	0
Alexandria Real Estate Equities, Inc.'s share of equity	611,894	584,160
Noncontrolling interests' share of equity	528,780	520,977
Total liabilities, noncontrolling interests, and equity	$ 1,215,896	$ 1,157,338

Consolidated and unconsolidat_5

Consolidated and unconsolidated real estate joint ventures Unconsolidated real estate joint ventures (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 197,970,000		$ 197,970,000		$ 110,618,000
Return of capital from unconsolidated real estate joint ventures			68,592,000	$ 38,576,000
Gain (loss) on sale of real estate - rental properties	0	$ 0	0	270,000
Gain (Loss) on Extinguishment of Debt	$ (1,122,000)	$ 0	$ (1,122,000)	$ (670,000)
Unconsolidated Real Estate Joint Ventures Debt
Weighted-Average Interest Rate at End of Period	3.96%		3.96%
Long-term Debt	$ 5,684,004,000		$ 5,684,004,000
Equity Method Investee
Unconsolidated Real Estate Joint Ventures Debt
Long-term Debt	287,572,000		287,572,000
Long-term Debt, Remaining Commitments	431,413,000		431,413,000
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 150,632,000		$ 150,632,000
Equity interest percentage (in percent)	49.00%		49.00%
Area of Real Estate Property | ft²	772,983		772,983
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 7,958,000		$ 7,958,000
Equity interest percentage (in percent)	65.00%		65.00%
Area of Real Estate Property | ft²	90,000		90,000
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 4,484,000		$ 4,484,000
Equity interest percentage (in percent)	56.80%		56.80%
Area of Real Estate Property | ft²	79,931		79,931
Equity Method Investee | 1655 and 1725 Third Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 34,387,000		$ 34,387,000
Equity interest percentage (in percent)	10.00%		10.00%
Area of Real Estate Property | ft²	593,765		593,765
Equity Method Investee | 360 Longwood Avenue
Schedule of Equity Method Investments
Equity interest percentage (in percent)	27.50%		27.50%
Area of Real Estate Property | ft²	210,709		210,709
Contractual sales price, net of debt repaid	$ 70,000,000
Contractual sales price, net of debt repaid (per RSF)	1,659
Return of capital from unconsolidated real estate joint ventures	68,600,000
Gain (loss) on sale of real estate - rental properties	35,700,000
Equity Method Investee | Other unconsolidated real estate joint ventures
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 509,000		$ 509,000
Initial ownership interest | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	33.70%		33.70%
Secured debt maturing on 3/1/19 | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Repayments of Debt	$ 133,100,000
Gain (Loss) on Extinguishment of Debt	$ 761,000
Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date			May 17, 2020
Weighted-Average Interest Rate at End of Period	5.60%		5.60%
Long-term Debt	$ 18,415,000		$ 18,415,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 9,131,000		$ 9,131,000
Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date			Jun. 29, 2021
Weighted-Average Interest Rate at End of Period	5.80%		5.80%
Long-term Debt	$ 121,889,000		$ 121,889,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 253,111,000		$ 253,111,000
Secured debt maturing on 3/16/23 | Equity Method Investee | 704 Quince Orchard Road
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date			Mar. 16, 2023
Weighted-Average Interest Rate at End of Period	4.36%		4.36%
Long-term Debt	$ 2,932,000		$ 2,932,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 11,901,000		$ 11,901,000
Secured debt maturing on 5/1/35 | Equity Method Investee | Menlo Gateway
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date			May 1, 2035
Stated interest rate (as a percent)	4.53%		4.53%
Weighted-Average Interest Rate at End of Period	0.00%		0.00%
Long-term Debt	$ 0		$ 0
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	157,270,000		157,270,000
Secured debt maturing on 8/1/35 | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Total aggregate commitment	$ 145,000,000		$ 145,000,000
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date			Aug. 1, 2035
Stated interest rate (as a percent)	4.15%		4.15%
Weighted-Average Interest Rate at End of Period	4.18%		4.18%
Long-term Debt	$ 144,336,000		$ 144,336,000
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	$ 0		$ 0
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)			2.50%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)			3.70%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 3/16/23 | Equity Method Investee | 704 Quince Orchard Road
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)			1.95%

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents
Cash and cash equivalents	$ 204,181	$ 254,381
Restricted cash	29,699	22,805
Cash, cash equivalents, and restricted cash	233,880	277,186	$ 146,275	$ 141,366
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents
Restricted cash	20,837	12,301
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents
Restricted cash	5,054	4,546
Other restricted cash
Cash and Cash Equivalents
Restricted cash	$ 3,808	$ 5,958

Investments Summary of Investme

Investments Summary of Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments
Reclassification of cumulative net unrealized gains on non-real estate investments	$ (90,750)
Investment commitments	$ 199,100
Limited partnership maximum expiration terms	11 years
Weighted-average remaining liquidation term (in years)	8 years 9 months
Limited partnership liquidation, expected initial term (in years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 621,949	$ 473,483
Cumulative unrealized gains (losses) on investments	335,407	49,771
Total investments	957,356	523,254
Accumulated Other Comprehensive Income (Loss)
Schedule of Investments
Reclassification of cumulative net unrealized gains on non-real estate investments	49,771
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	119,634	59,740
Cumulative unrealized gains (losses) on investments	136,310	49,771
Investments at fair value, book value	255,944	109,511
Investments in privately held entities that report NAV
Schedule of Investments
Investment commitments	$ 196,400
Weighted-average remaining liquidation term (in years)	8 years 6 months
Summary of Investment [Abstract]
Investment at fair value, cost	$ 186,098	148,627
Cumulative unrealized gains (losses) on investments	139,891
Investments at fair value, book value	325,989	148,627
Investments in privately held entities that do not report NAV
Schedule of Investments
Investments in privately held entities that do not report NAV, upward price adjustment	59,400
Investments in privately held entities that do not report NAV, downward price adjustment	(200)
Summary of Investment [Abstract]
Investment at fair value, cost		265,116
Investments in privately held entities that do not report fair value, book value		$ 265,116
Investments in privately held entities that do not report NAV | Entities with observable price change since January 1, 2018
Summary of Investment [Abstract]
Investment at fair value, cost	30,522
Cumulative unrealized gains (losses) on investments	59,206
Investments in privately held entities that do not report fair value, book value	89,728
Investments in privately held entities that do not report NAV | Entities without observable price changes since January 1, 2018
Summary of Investment [Abstract]
Investment at fair value, cost	285,695
Cumulative unrealized gains (losses) on investments	0
Investments in privately held entities that do not report fair value, book value	$ 285,695

Investments Investment Income (

Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Investment Income
Investment income, unrealized gains (losses)	$ 117,188		$ 194,484
Investment income, realized gains (losses)	5,015		25,810
Investment income	122,203	$ 0	220,294	$ 0
Unrealized losses on equity securities		$ 17,000
Unrealized gains on equity securities				$ 23,400
Investments in publicly traded companies
Net Investment Income
Investment income, unrealized gains (losses)	40,342		92,148
Investment income, realized gains (losses)	0		0
Investment income	40,342		92,148
Investments in privately held entities that report NAV
Net Investment Income
Investment income, unrealized gains (losses)	28,948		48,718
Investment income, realized gains (losses)	0		0
Investment income	28,948		48,718
Investments in privately held entities that do not report NAV
Net Investment Income
Investment income, unrealized gains (losses)	48,917		59,206
Investment income, realized gains (losses)	0		0
Investment income	48,917		59,206
Total investments at fair value, held at period end
Net Investment Income
Investment income, unrealized gains (losses)	118,207		200,072
Investment income, realized gains (losses)	0		0
Investment income	118,207		200,072
Investment disposed and recognized during the period
Net Investment Income
Investment income, unrealized gains (losses)	0		0
Investment income, realized gains (losses)	3,996		20,222
Investment income	3,996		20,222
Investment disposed and previously recognized
Net Investment Income
Investment income, unrealized gains (losses)	(1,019)		(5,588)
Investment income, realized gains (losses)	1,019		5,588
Investment income	0		0
Total investment disposition during the period
Net Investment Income
Investment income, unrealized gains (losses)	(1,019)		(5,588)
Investment income, realized gains (losses)	5,015		25,810
Investment income	$ 3,996		$ 20,222

Other assets Other assets (Deta

Other assets Other assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired below-market ground leases	$ 17,529	$ 12,684
Acquired in-place leases	140,129	64,979
Deferred compensation plan	20,110	15,534
Deferred financing costs – $2.2 billion unsecured senior line of credit	16,640	10,525
Deposits	8,315	10,576
Furniture, fixtures, and equipment	12,958	11,070
Interest rate hedge assets	4,724	5,260
Net investment in direct financing lease	38,954	38,382
Notes receivable	550	614
Prepaid expenses	17,179	10,972
Property, plant, and equipment	71,080	32,073
Other assets	19,864	15,784
Total	$ 368,032	$ 228,453

Other assets Net investment in

Other assets Net investment in direct financing lease (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Gross investment in direct financing lease	$ 262,514	$ 263,719
Less: unearned income	(223,560)	(225,337)
Net investment in direct financing lease	$ 38,954	$ 38,382

Other assets Direct financing l

Other assets Direct financing lease - future minimum lease payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Capital Leased Assets
Total	$ 262,514	$ 263,719
Direct financing lease
Capital Leased Assets
2,018	403
2,019	1,655
2,020	1,705
2,021	1,756
2,022	1,809
Thereafter	255,186
Total	$ 262,514

Fair value measurements Assets

Fair value measurements Assets and Liabilities on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)transfer	Dec. 31, 2017USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers in Fair Value Hierarchy | transfer	0
Assets:
Interest rate hedge assets	$ 4,724	$ 5,260
Liabilities:
Interest rate hedge liabilities	0	103
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate hedge assets	0	0
Liabilities:
Interest rate hedge liabilities		0
Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Interest rate hedge assets	4,724	5,260
Liabilities:
Interest rate hedge liabilities		103
Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Interest rate hedge assets	0	0
Liabilities:
Interest rate hedge liabilities		0
Fair Value | Fair value measured on recurring basis
Assets:
Interest rate hedge assets	4,724	5,260
Liabilities:
Interest rate hedge liabilities		103
Investments in publicly traded companies
Assets:
Investments in publicly traded companies	255,944	109,511
Investments in publicly traded companies | Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investments in publicly traded companies	255,944	109,511
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Investments in publicly traded companies	0	0
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Investments in publicly traded companies	0	0
Investments in publicly traded companies | Fair Value | Fair value measured on recurring basis
Assets:
Investments in publicly traded companies	$ 255,944	$ 109,511

Fair value measurements Book an

Fair value measurements Book and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	$ 632,792	$ 771,061
Unsecured senior notes payable	4,290,906	3,395,804
Unsecured senior line of credit	413,000	50,000
Unsecured senior bank term loans	347,306	547,942
Book Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	632,792	771,061
Unsecured senior notes payable	4,290,906	3,395,804
Unsecured senior line of credit	413,000	50,000
Unsecured senior bank term loans	347,306	547,942
Fair Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	623,887	776,222
Unsecured senior notes payable	4,294,053	3,529,713
Unsecured senior line of credit	411,428	49,986
Unsecured senior bank term loans	346,743	549,361
Investments in privately held entities that report NAV
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	325,989	$ 148,627
Investments in privately held entities that report NAV | Book Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	325,989
Investments in privately held entities that report NAV | Fair Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	$ 325,989

Secured and unsecured senior _3

Secured and unsecured senior debt Summary of secured and unsecured debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Debt Instrument
Long-term Debt	$ 5,327,901
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	356,103
Total Consolidated	$ 5,684,004
Percentage of Total	100.00%
Weighted-Average Interest Rate at End of Period	3.96%
Weighted Average Remaining Terms (in years)	6 years 1 month 6 days
Percentage of fixed rate/hedged total debt	94.00%
Percentage of unhedged floating rate total debt	6.00%
Secured notes payable
Debt Instrument
Long-term Debt	$ 439,689
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	193,103
Total Consolidated	$ 632,792
Percentage of Total	11.10%
Weighted-Average Interest Rate at End of Period	4.42%
Weighted Average Remaining Terms (in years)	3 years
Unsecured senior notes payable
Debt Instrument
Long-term Debt	$ 4,290,906
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 4,290,906
Percentage of Total	75.50%
Weighted-Average Interest Rate at End of Period	4.15%
Weighted Average Remaining Terms (in years)	6 years 7 months 6 days
$2.2 billion unsecured senior line of credit
Debt Instrument
Long-term Debt	$ 250,000
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	163,000
Total Consolidated	$ 413,000
Percentage of Total	7.30%
Weighted-Average Interest Rate at End of Period	2.79%
Weighted Average Remaining Terms (in years)	5 years 3 months 18 days
Unsecured Senior Bank Term Loan
Debt Instrument
Long-term Debt	$ 347,306
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 347,306
Percentage of Total	6.10%
Weighted-Average Interest Rate at End of Period	2.21%
Weighted Average Remaining Terms (in years)	5 years 3 months 18 days

Secured and unsecured senior _4

Secured and unsecured senior debt Detail of secured and unsecured debt (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)Extension_Option	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)Extension_Option
Debt Instrument
Effective rate (as a percent)	3.96%			3.96%
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 5,705,171			$ 5,705,171
Unamortized (Deferred Financing Cost), (Discount) Premium	(21,167)			(21,167)
Total Consolidated	$ 5,684,004			$ 5,684,004
Secured notes payable
Debt Instrument
Stated interest rate (as a percent)	4.87%			4.87%
Effective rate (as a percent)	4.42%			4.42%
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 617,171			$ 617,171
Unamortized (Deferred Financing Cost), (Discount) Premium	15,621			15,621
Total Consolidated	$ 632,792			$ 632,792
Secured Notes Payable Maturing on 4/1/20
Debt Instrument
Stated interest rate (as a percent)	7.75%			7.75%
Effective rate (as a percent)	8.15%			8.15%
Maturity Date				Apr. 1, 2020
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 106,999			$ 106,999
Unamortized (Deferred Financing Cost), (Discount) Premium	(501)			(501)
Total Consolidated	$ 106,498			$ 106,498
Secured Notes Payable Maturing on 1/1/23
Debt Instrument
Stated interest rate (as a percent)	4.66%			4.66%
Effective rate (as a percent)	4.90%			4.90%
Maturity Date				Jan. 1, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 33,773			$ 33,773
Unamortized (Deferred Financing Cost), (Discount) Premium	(280)			(280)
Total Consolidated	$ 33,493			$ 33,493
Secured Notes Payable Maturing on 3/10/23
Debt Instrument
Stated interest rate (as a percent)	3.93%			3.93%
Effective rate (as a percent)	3.19%			3.19%
Maturity Date				Mar. 10, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 81,276			$ 81,276
Unamortized (Deferred Financing Cost), (Discount) Premium	2,435			2,435
Total Consolidated	$ 83,711			$ 83,711
Secured Notes Payable Maturing on 2/6/24
Debt Instrument
Stated interest rate (as a percent)	4.82%			4.82%
Effective rate (as a percent)	3.40%			3.40%
Maturity Date				Feb. 6, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 201,269			$ 201,269
Unamortized (Deferred Financing Cost), (Discount) Premium	14,195			14,195
Total Consolidated	$ 215,464			$ 215,464
Secured Notes Payable Maturing on 7/1/36
Debt Instrument
Stated interest rate (as a percent)	6.50%			6.50%
Effective rate (as a percent)	6.50%			6.50%
Maturity Date				Jul. 1, 2036
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 751			$ 751
Unamortized (Deferred Financing Cost), (Discount) Premium	0			0
Total Consolidated	$ 751			$ 751
Unsecured Debt
Debt Instrument
Effective rate (as a percent)	3.90%			3.90%
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 5,088,000			$ 5,088,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(36,788)			(36,788)
Total Consolidated	$ 5,051,212			$ 5,051,212
$2.2 billion unsecured senior line of credit
Debt Instrument
Effective rate (as a percent)	2.79%			2.79%
Maturity Date				Jan. 28, 2024
Debt Instrument, Number of One-Year Maturity Date Extension Option	2			2
Debt Instrument, Extended Maturity Period	6 months
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 413,000			$ 413,000
Unamortized (Deferred Financing Cost), (Discount) Premium	0			0
Total Consolidated	$ 413,000			$ 413,000
Unsecured Senior Bank Term Loan
Debt Instrument
Effective rate (as a percent)	2.21%			2.21%
Maturity Date				Jan. 28, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 350,000			$ 350,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,694)			(2,694)
Total Consolidated	$ 347,306			$ 347,306
2.75% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	2.75%			2.75%
Effective rate (as a percent)	2.96%			2.96%
Maturity Date				Jan. 15, 2020
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 400,000			$ 400,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(1,041)			(1,041)
Total Consolidated	$ 398,959			$ 398,959
4.60% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.60%			4.60%
Effective rate (as a percent)	4.75%			4.75%
Maturity Date				Apr. 1, 2022
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 550,000			$ 550,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,277)			(2,277)
Total Consolidated	$ 547,723			$ 547,723
3.90% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	3.90%			3.90%
Effective rate (as a percent)	4.04%			4.04%
Maturity Date				Jun. 15, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 500,000			$ 500,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,800)			(2,800)
Total Consolidated	$ 497,200			$ 497,200
4.00% Unsecured Senior Note Payable
Debt Instrument
Stated interest rate (as a percent)	4.00%	4.00%	4.00%	4.00%
Effective rate (as a percent)	4.18%			4.18%
Maturity Date		Jan. 15, 2024		Jan. 15, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 450,000	$ 450,000	$ 450,000	$ 450,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,867)			(3,867)
Total Consolidated	$ 446,133			$ 446,133
3.45% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	3.45%			3.45%
Effective rate (as a percent)	3.62%			3.62%
Maturity Date				Apr. 30, 2025
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 600,000			$ 600,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(5,740)			(5,740)
Total Consolidated	$ 594,260			$ 594,260
4.30% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.30%			4.30%
Effective rate (as a percent)	4.50%			4.50%
Maturity Date				Jan. 15, 2026
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 300,000			$ 300,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,531)			(3,531)
Total Consolidated	$ 296,469			$ 296,469
3.95% Unsecured Senior Notes Payable Due in 2027
Debt Instrument
Stated interest rate (as a percent)	3.95%			3.95%
Effective rate (as a percent)	4.13%			4.13%
Maturity Date				Jan. 15, 2027
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 350,000			$ 350,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(4,158)			(4,158)
Total Consolidated	$ 345,842			$ 345,842
3.95% Unsecured Senior Notes Payable Due in 2028
Debt Instrument
Stated interest rate (as a percent)	3.95%			3.95%
Effective rate (as a percent)	4.07%			4.07%
Maturity Date				Jan. 15, 2028
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 425,000			$ 425,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,921)			(3,921)
Total Consolidated	$ 421,079			$ 421,079
4.50% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.50%			4.50%
Effective rate (as a percent)	4.60%			4.60%
Maturity Date				Jul. 30, 2029
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 300,000			$ 300,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,398)			(2,398)
Total Consolidated	$ 297,602			$ 297,602
4.70% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.70%	4.70%	4.70%	4.70%
Effective rate (as a percent)	4.81%			4.81%
Maturity Date		Jul. 1, 2030		Jul. 1, 2030
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 450,000	$ 450,000	$ 450,000	$ 450,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(4,361)			(4,361)
Total Consolidated	$ 445,639			$ 445,639
London Interbank Offered Rate (LIBOR) | $2.2 billion unsecured senior line of credit
Debt Instrument
Applicable margin (as a percent)			1.00%	0.825%
London Interbank Offered Rate (LIBOR) | Unsecured Senior Bank Term Loan
Debt Instrument
Applicable margin (as a percent)			1.10%	0.90%
Secured Notes Payable Maturing on 1/28/19 | Construction Loans
Debt Instrument
Effective rate (as a percent)	3.94%			3.94%
Maturity Date				Jan. 28, 2019
Debt Instrument, Number of One-Year Maturity Date Extension Option | Extension_Option	2			2
Debt Instrument, Extended Maturity Period				1 year
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 193,103			$ 193,103
Unamortized (Deferred Financing Cost), (Discount) Premium	(228)			(228)
Total Consolidated	$ 192,875			$ 192,875
Secured Notes Payable Maturing on 1/28/19 | London Interbank Offered Rate (LIBOR) | Construction Loans
Debt Instrument
Applicable margin (as a percent)				1.50%

Secured and unsecured senior _5

Secured and unsecured senior debt Unsecured senior notes payable (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument
Outstanding Balance		$ 5,705,171
Proceeds from issuance of unsecured senior notes payable		899,321	$ 424,384
4.00% and 4.70% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance	$ 900,000
Proceeds from issuance of unsecured senior notes payable	891,400
4.00% Unsecured Senior Note Payable
Debt Instrument
Outstanding Balance	$ 450,000	$ 450,000
Maturity Date	Jan. 15, 2024	Jan. 15, 2024
Stated interest rate (as a percent)	4.00%	4.00%
4.70% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance	$ 450,000	$ 450,000
Maturity Date	Jul. 1, 2030	Jul. 1, 2030
Stated interest rate (as a percent)	4.70%	4.70%

Secured and unsecured senior _6

Secured and unsecured senior debt Amendment of unsecured senior line of credit and unsecured senior bank term loan (Details) - USD ($) $ in Thousands	Sep. 28, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument
Loss on early extinguishment of debt		$ (1,122)	$ 0		$ (1,122)	$ (670)
$2.2 billion unsecured senior line of credit
Debt Instrument
Loan amendment date	Sep. 28, 2018
Unsecured senior line of credit, borrowing capacity		2,200,000		$ 1,650,000	$ 2,200,000
Unsecured senior line of credit, facility fee				0.20%	0.15%
Loss on early extinguishment of debt		$ (634)
London Interbank Offered Rate (LIBOR) | $2.2 billion unsecured senior line of credit
Debt Instrument
Applicable margin (as a percent)				1.00%	0.825%
London Interbank Offered Rate (LIBOR) | Unsecured Senior Bank Term Loan
Debt Instrument
Applicable margin (as a percent)				1.10%	0.90%

Secured and unsecured senior _7

Secured and unsecured senior debt Repayment of unsecured senior bank term loans and secured notes payable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument
Repayments of Secured Debt			$ 155,155	$ 2,882
Loss on early extinguishment of debt	$ (1,122)	$ 0	(1,122)	$ (670)
2019 Unsecured Senior Bank Term Loan
Debt Instrument
Repayments of Debt	200,000
Loss on early extinguishment of debt	189
Secured Notes Payable Maturing on 1/28/19 | Construction Loans
Debt Instrument
Repayments of Secured Debt	150,000
Total aggregate commitment	200,000		$ 200,000
Loss on early extinguishment of debt	$ 299

Secured and unsecured senior _8

Secured and unsecured senior debt Schedule of interest expense incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest expense incurred
Gross interest	$ 59,675	$ 48,123	$ 163,574	$ 137,888
Capitalized interest	(17,431)	(17,092)	(46,318)	(45,325)
Interest expense	$ 42,244	$ 31,031	$ 117,256	$ 92,563

Interest rate hedge agreement_2

Interest rate hedge agreements Interest rate hedge agreements (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
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	4,200,000
Collateral obligation requirements	0
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 0

Interest rate hedge agreement_3

Interest rate hedge agreements Outstanding interest rate swap (Details) $ in Thousands	Sep. 30, 2018USD ($)contract
Interest rate hedge agreements
Fair Values	$ 4,724
Notional Amount in Effect as of 9/30/18	600,000
Notional Amount in Effect as of 12/31/18	600,000
Notional Amount in Effect as of 12/31/19	$ 100,000
1.16% Interest rate swap, effective March 29, 2018
Interest rate hedge agreements
Number of Contracts | contract	8
Interest Pay Rate (as a percent)	1.16%
Fair Values	$ 3,732
Notional Amount in Effect as of 9/30/18	600,000
Notional Amount in Effect as of 12/31/18	600,000
Notional Amount in Effect as of 12/31/19	$ 0
1.89% Interest rate swap, effective March 29, 2019
Interest rate hedge agreements
Number of Contracts | contract	1
Interest Pay Rate (as a percent)	1.89%
Fair Values	$ 992
Notional Amount in Effect as of 9/30/18	0
Notional Amount in Effect as of 12/31/18	0
Notional Amount in Effect as of 12/31/19	$ 100,000

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and tenant security deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable and accrued expenses	$ 445,943	$ 349,884
Acquired below market leases	128,011	88,184
Asset Retirement Obligation	13,195	7,397
Deferred Rent Liability	28,977	27,953
Interest rate hedge liabilities	0	103
Prepaid Rent and Tenant Security Deposits	237,589	248,924
Other Accounts Payable and Accrued Liabilities	53,379	41,387
Accounts Payable and Accrued Liabilities	$ 907,094	$ 763,832

Earnings per share Earnings per

Earnings per share Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Mar. 31, 2018	Jan. 05, 2018	Mar. 31, 2017
Class of Stock
Shares of common stock authorized	200,000,000		200,000,000
Earnings Per Share Reconciliation
Net income (loss)	$ 219,359	$ 59,546	$ 421,424	$ 148,597
Net income attributable to noncontrolling interests	(5,723)	(5,773)	(17,428)	(18,892)
Dividends on preferred stock	(1,301)	(1,302)	(3,905)	(6,364)
Preferred stock redemption charge	0	0	0	(11,279)
Net income attributable to unvested restricted stock awards	(3,395)	(1,198)	(6,010)	(3,498)
Numerator for basic EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	208,940	51,273	394,081	108,564
Dilutive effect of Series D Convertible Preferred Stock	1,301	0	0	0
Numerator for diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 210,241	$ 51,273	$ 394,081	$ 108,564
Denominator for basic EPS – weighted-average shares of common stock outstanding	104,179,000	92,598,000	101,991,000	90,336,000
Dilutive effect of forward equity sales agreements	462,000	698,000	363,000	430,000
Dilutive effect of Series D Convertible Preferred Stock	744,000	0	0	0
Denominator for diluted EPS – weighted-average shares of common stock outstanding	105,385,000	93,296,000	102,354,000	90,766,000
Earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted:
Earnings per share – basic (USD per share)	$ 2.01	$ 0.55	$ 3.86	$ 1.20
Earnings per shares - diluted (USD per share)	1.99	$ 0.55	$ 3.85	$ 1.20
Series D Convertible Preferred Stock
Class of Stock
Preferred stock, dividend rate (as a percent)			7.00%
January 2018 forward equity sales agreement
Class of Stock
Average issue price per share	$ 116.62		$ 116.62		$ 0	$ 118.74	$ 123.50
January 2018 forward equity sales agreement | Total Shares
Class of Stock
Shares of common stock authorized							6,900,000
March 2017 forward equity sales agreement
Class of Stock
Average issue price per share								$ 108.55
March 2017 forward equity sales agreement | Total Shares
Class of Stock
Shares of common stock authorized								6,900,000
March 2017 forward equity sales agreement | Initial issuance shares
Class of Stock
Shares of common stock authorized								2,100,000
March 2017 forward equity sales agreement | Incremental Shares
Class of Stock
Shares of common stock authorized								4,800,000

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended	13 Months Ended
	Oct. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2018	Aug. 31, 2018	Jan. 05, 2018	Aug. 31, 2017
ATM programs and forward equity sales agreements
Shares of common stock authorized		200,000,000						200,000,000			200,000,000
Proceeds from the issuance of common stock								$ 696,532	$ 705,391
Preferred stock
Preferred stock redemption charge		$ 0				$ 0		0	$ 11,279
Dividends declared on common stock		$ 100,000						$ 289,571
Dividends declared per share of common stock (USD per share)		$ 0.93				$ 0.86		$ 2.76	$ 2.55
Dividends declared on preferred stock		$ 1,300						$ 3,905
Dividends declared on preferred stock (USD per share)		$ 0.4375						$ 1.3125
Preferred stock, shares authorized		100,000,000						100,000,000			100,000,000
Shares of preferred stock issued and outstanding		2,975,432						2,975,432			2,975,432
Shares of common stock issued and outstanding		105,803,594						105,803,594			105,803,594
Number of "excess stock" authorized (in shares)								200,000,000
Number of excess stock authorized issued and outstanding (in shares)		0						0			0
7.00% Series D Cumulative Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding		2,975,432				2,975,432		2,975,432	2,975,432		2,975,432
Number of shares repurchased/redeemed									501,115
Aggregate price on repurchase of Series D preferred stock									$ 17,900
Aggregate price per share on repurchase of Series D preferred stock									$ 35.79
Preferred stock redemption charge									$ 5,800
Preferred stock issuance costs write-off									$ 391
6.45% Series E Cumulative Redeemable Preferred Stock
Preferred stock
Number of shares repurchased/redeemed							5,200,000
Preferred stock redemption charge							$ 5,500
Preferred Stock, Redemption Date							Apr. 14, 2017
Preferred stock redemption liability							$ 130,000
Preferred Stock, Redemption Price Per Share							$ 25
ATM Common Stock Offering Program, Established August 2017
ATM programs and forward equity sales agreements
Shares of common stock authorized												750,000,000		750,000,000
Issuances of common stock shares		703,625	2,456,037	0	689,792	2,083,526		3,159,662		2,773,318	5,932,980
Average issue price per share		$ 127.91	$ 124.46	$ 0	$ 125.70	$ 119.94		$ 127.91	$ 119.94	$ 125.70	$ 127.91
Gross proceeds from issuance of common stock		$ 90,000	$ 305,675	$ 0	$ 86,708	$ 249,895		$ 395,675		$ 336,603	$ 732,278
Proceeds from the issuance of common stock		88,548	$ 300,837	$ 0	$ 85,375	$ 245,785		389,385		$ 331,160	720,545
Common stock value available for future issuance		$ 17,722						$ 17,722			$ 17,722
ATM Common Stock Offering Program, Established August 2018
ATM programs and forward equity sales agreements
Issuances of common stock shares		855,458
Average issue price per share		$ 127.45						$ 127.45			$ 127.45
Gross proceeds from issuance of common stock		$ 109,031
Proceeds from the issuance of common stock		106,956
Common stock value available for future issuance		$ 640,969						$ 640,969			$ 640,969
January 2018 forward equity sales agreement
ATM programs and forward equity sales agreements
Issuances of common stock shares		857,700	0	843,600				1,701,300
Average issue price per share		$ 116.62	$ 0	$ 118.74				$ 116.62			$ 116.62		$ 123.50
Proceeds from the issuance of common stock		$ 100,022	$ 0	$ 100,169				$ 200,191
Common stock shares available for future issuance		5,198,700						5,198,700			5,198,700
Common stock value available for future issuance		$ 606,300						$ 606,300			$ 606,300
January 2018 forward equity sales agreement | Total Shares
ATM programs and forward equity sales agreements
Shares of common stock authorized													6,900,000
Proceeds from the issuance of common stock								$ 806,537
Subsequent Event | 7.00% Series D Cumulative Convertible Preferred Stock
Preferred stock
Number of shares repurchased/redeemed	214,000
Aggregate price on repurchase of Series D preferred stock	$ 7,500
Aggregate price per share on repurchase of Series D preferred stock	$ 35
Preferred stock redemption charge	$ 2,300

Stockholders' equity Accumulate

Stockholders' equity Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2017			$ 50,024
Unrealized holding gains (losses) arising during the period	$ 0	$ 17,018	0	$ 23,414
Unrealized interest rate hedge gains (losses) arising during the period	165	145	2,808	812
Unrealized foreign currency translation (losses) gains arising during the period	(59)	3,836	(3,631)	7,592
Other comprehensive income (loss) before reclassifications			(823)
Reclassification adjustment for losses included in net income	0	0	0	2,482
Reclassification adjustment for amortization of interest (income) expense included in net income	(1,432)	198	(3,241)	1,810
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	$ 0	0	$ 2,421
Amounts reclassified from other comprehensive income to net income			(3,241)
Reclassification of cumulative net unrealized gains on non-real estate investments			90,750
Net other comprehensive income (loss)			(4,064)
Balance as of September 30, 2018	(3,811)		(3,811)
Available-for- Sale Equity Securities
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2017			49,771
Reclassification of cumulative net unrealized gains on non-real estate investments			(49,771)
Net other comprehensive income (loss)			0
Balance as of September 30, 2018	0		0
Interest Rate Hedge Agreements
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2017			5,157
Reclassification of cumulative net unrealized gains on non-real estate investments			0
Net other comprehensive income (loss)			(433)
Balance as of September 30, 2018	4,724		4,724
Foreign Currency Translation
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2017			(4,904)
Reclassification of cumulative net unrealized gains on non-real estate investments			0
Net other comprehensive income (loss)			(3,631)
Balance as of September 30, 2018	$ (8,535)		(8,535)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Reclassification of cumulative net unrealized gains on non-real estate investments			$ (49,771)

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 25,910	$ 17,432
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	11
Payments to Noncontrolling Interests	$ (24,400)	$ (17,432)

Assets classified as held for_3

Assets classified as held for sale (Details) $ in Thousands	Sep. 30, 2018USD ($)ft²	Dec. 31, 2017USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale - area of real estate | ft²	389,018
Net assets held for sale [Abstract]
Total assets	$ 35,812	$ 31,578
Total liabilities	(1,899)	(1,809)
Total accumulated other comprehensive income (loss)	735	(1,021)
Net assets classified as held for sale	$ 34,648	$ 28,748

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2018USD ($)ft²$ / sharesshares	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2018ft²	Mar. 31, 2018ft²
Subsequent Event [Line Items]
Purchase price				$ 947,013	$ 590,884
Preferred stock redemption charge		$ 0	$ 0	$ 0	$ 11,279
30-02 48th Avenue | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property | ft²	176,759
Purchase price	$ 75,000
Active development and redevelopment
Subsequent Event [Line Items]
Area of Real Estate Property | ft²		0		0		0	700,498
Active development and redevelopment | 30-02 48th Avenue | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property | ft²	140,098
Operating with future redevelopment
Subsequent Event [Line Items]
Area of Real Estate Property | ft²		349,947		349,947		39,505	0
Operating with future redevelopment | 30-02 48th Avenue | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property | ft²	36,661
7.00% Series D Cumulative Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares repurchased/redeemed | shares					501,115
Aggregate price on repurchase of Series D preferred stock					$ 17,900
Aggregate price per share on repurchase of Series D preferred stock | $ / shares					$ 35.79
Preferred stock redemption charge					$ 5,800
7.00% Series D Cumulative Convertible Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased/redeemed | shares	214,000
Aggregate price on repurchase of Series D preferred stock	$ 7,500
Aggregate price per share on repurchase of Series D preferred stock | $ / shares	$ 35
Preferred stock redemption charge	$ 2,300

Condensed consolidating finan_3

Condensed consolidating financial information Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 11,587,312	$ 10,298,019
Investments in and advances to affiliates	197,970	110,618
Cash and cash equivalents	204,181	254,381
Restricted cash	29,699	22,805
Tenant receivables	11,041	10,262
Deferred rent	511,680	434,731
Deferred leasing costs	238,295	221,430
Investments	957,356	523,254
Investments in and advances to affiliates	0	0
Other assets	368,032	228,453
Total assets	14,105,566	12,103,953
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	632,792	771,061
Unsecured senior notes payable	4,290,906	3,395,804
Unsecured senior line of credit	413,000	50,000
Unsecured senior bank term loans	347,306	547,942
Accounts payable, accrued expenses, and tenant security deposits	907,094	763,832
Dividends payable	101,084	92,145
Total liabilities	6,692,182	5,620,784
Redeemable noncontrolling interests	10,771	11,509
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	6,872,783	5,949,666
Noncontrolling interests	529,830	521,994
Total equity	7,402,613	6,471,660
Total liabilities, noncontrolling interests, and equity	14,105,566	12,103,953
Eliminations
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	(22,793,271)	(19,164,705)
Other assets	0	0
Total assets	(22,793,271)	(19,164,705)
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 Real Estate Equities, Inc.’s stockholders’ equity	(22,793,271)	(19,164,705)
Noncontrolling interests	0	0
Total equity	(22,793,271)	(19,164,705)
Total liabilities, noncontrolling interests, and equity	(22,793,271)	(19,164,705)
Alexandria Real Estate Equities, Inc. (Issuer)
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	94,559	130,364
Restricted cash	175	152
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	11,966,279	9,949,861
Other assets	60,814	45,108
Total assets	12,121,827	10,125,485
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	4,290,906	3,395,804
Unsecured senior line of credit	413,000	50,000
Unsecured senior bank term loans	347,306	547,942
Accounts payable, accrued expenses, and tenant security deposits	96,748	89,928
Dividends payable	101,084	92,145
Total liabilities	5,249,044	4,175,819
Redeemable noncontrolling interests	0	0
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	6,872,783	5,949,666
Noncontrolling interests	0	0
Total equity	6,872,783	5,949,666
Total liabilities, noncontrolling interests, and equity	12,121,827	10,125,485
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	0	9
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	1,757	1,655
Investments in and advances to affiliates	10,610,856	9,030,994
Other assets	0	0
Total assets	10,612,613	9,032,658
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 Real Estate Equities, Inc.’s stockholders’ equity	10,612,613	9,032,658
Noncontrolling interests	0	0
Total equity	10,612,613	9,032,658
Total liabilities, noncontrolling interests, and equity	10,612,613	9,032,658
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate	11,587,312	10,298,019
Investments in and advances to affiliates	197,970	110,618
Cash and cash equivalents	109,622	124,008
Restricted cash	29,524	22,653
Tenant receivables	11,041	10,262
Deferred rent	511,680	434,731
Deferred leasing costs	238,295	221,430
Investments	955,599	521,599
Investments in and advances to affiliates	216,136	183,850
Other assets	307,218	183,345
Total assets	14,164,397	12,110,515
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	632,792	771,061
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	810,346	673,904
Dividends payable	0	0
Total liabilities	1,443,138	1,444,965
Redeemable noncontrolling interests	10,771	11,509
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	12,180,658	10,132,047
Noncontrolling interests	529,830	521,994
Total equity	12,710,488	10,654,041
Total liabilities, noncontrolling interests, and equity	$ 14,164,397	$ 12,110,515

Condensed consolidating finan_4

Condensed consolidating financial information Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Income Statements
Revenue	$ 341,823	$ 285,370	$ 986,996	$ 829,306
Expenses:
Rental operations	99,759	83,469	283,438	237,536
General and administrative	22,660	17,636	68,020	56,099
Interest	42,244	31,031	117,256	92,563
Depreciation and amortization	119,600	107,788	352,671	309,069
Impairment of real estate	0	0	6,311	203
Loss on early extinguishment of debt	1,122	0	1,122	670
Total expenses	285,385	239,924	828,818	696,140
Equity in earnings of unconsolidated real estate joint ventures	40,718	14,100	42,952	15,050
Equity in earnings of affiliates	0	0	0	0
Investment income	122,203	0	220,294	0
Gain (loss) on sale of real estate - rental properties	0	0	0	270
Gain (loss) on sale of real estate - land parcels	0	0	0	111
Net income	219,359	59,546	421,424	148,597
Net income attributable to noncontrolling interests	(5,723)	(5,773)	(17,428)	(18,892)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	213,636	53,773	403,996	129,705
Dividends on preferred stock	(1,301)	(1,302)	(3,905)	(6,364)
Preferred stock redemption charge	0	0	0	(11,279)
Net income attributable to unvested restricted stock awards	(3,395)	(1,198)	(6,010)	(3,498)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	208,940	51,273	394,081	108,564
Eliminations
Condensed Income Statements
Revenue	(5,464)	(4,086)	(15,866)	(13,683)
Expenses:
Rental operations	0	0	0	0
General and administrative	(5,464)	(4,086)	(15,866)	(13,683)
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	(5,464)	(4,086)	(15,866)	(13,683)
Equity in earnings of unconsolidated real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	(420,898)	(183,488)	(915,192)	(499,473)
Investment income	0		0
Gain (loss) on sale of real estate - rental properties				0
Gain (loss) on sale of real estate - land parcels				0
Net income	(420,898)	(183,488)	(915,192)	(499,473)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(420,898)	(183,488)	(915,192)	(499,473)
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge				0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	(420,898)	(183,488)	(915,192)	(499,473)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	5,017	3,230	14,106	11,337
Expenses:
Rental operations	0	0	0	0
General and administrative	21,803	16,598	66,694	55,272
Interest	37,236	23,958	100,470	72,907
Depreciation and amortization	1,506	1,787	4,830	5,217
Impairment of real estate			0	0
Loss on early extinguishment of debt	823		823	670
Total expenses	61,368	42,343	172,817	134,066
Equity in earnings of unconsolidated real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	269,987	92,886	562,707	252,434
Investment income	0		0
Gain (loss) on sale of real estate - rental properties				0
Gain (loss) on sale of real estate - land parcels				0
Net income	213,636	53,773	403,996	129,705
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	213,636	53,773	403,996	129,705
Dividends on preferred stock	(1,301)	(1,302)	(3,905)	(6,364)
Preferred stock redemption charge				(11,279)
Net income attributable to unvested restricted stock awards	(3,395)	(1,198)	(6,010)	(3,498)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	208,940	51,273	394,081	108,564
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	(2,589)	0	(2,577)
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 real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	147,999	88,900	345,676	242,345
Investment income	111		487
Gain (loss) on sale of real estate - rental properties				0
Gain (loss) on sale of real estate - land parcels				0
Net income	148,110	86,311	346,163	239,768
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	148,110	86,311	346,163	239,768
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge				0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	148,110	86,311	346,163	239,768
Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	342,270	288,815	988,756	834,229
Expenses:
Rental operations	99,759	83,469	283,438	237,536
General and administrative	6,321	5,124	17,192	14,510
Interest	5,008	7,073	16,786	19,656
Depreciation and amortization	118,094	106,001	347,841	303,852
Impairment of real estate			6,311	203
Loss on early extinguishment of debt	299		299	0
Total expenses	229,481	201,667	671,867	575,757
Equity in earnings of unconsolidated real estate joint ventures	40,718	14,100	42,952	15,050
Equity in earnings of affiliates	2,912	1,702	6,809	4,694
Investment income	122,092		219,807
Gain (loss) on sale of real estate - rental properties				270
Gain (loss) on sale of real estate - land parcels				111
Net income	278,511	102,950	586,457	278,597
Net income attributable to noncontrolling interests	(5,723)	(5,773)	(17,428)	(18,892)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	272,788	97,177	569,029	259,705
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge				0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	272,788	97,177	569,029	259,705
Rental revenues
Condensed Income Statements
Revenue	255,496	216,021	750,616	635,156
Rental revenues | Eliminations
Condensed Income Statements
Revenue	0	0	0	0
Rental revenues | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	0	0	0	0
Rental revenues | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0	0	0
Rental revenues | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	255,496	216,021	750,616	635,156
Tenant recoveries
Condensed Income Statements
Revenue	81,051	67,058	226,380	188,874
Tenant recoveries | Eliminations
Condensed Income Statements
Revenue	0	0	0	0
Tenant recoveries | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	0	0	0	0
Tenant recoveries | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0	0	0
Tenant recoveries | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	81,051	67,058	226,380	188,874
Other income
Condensed Income Statements
Revenue	5,276	2,291	10,000	5,276
Other income | Eliminations
Condensed Income Statements
Revenue	(5,464)	(4,086)	(15,866)	(13,683)
Other income | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	5,017	3,230	14,106	11,337
Other income | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	(2,589)	0	(2,577)
Other income | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	$ 5,723	$ 5,736	$ 11,760	$ 10,199

Condensed consolidating finan_5

Condensed consolidating financial information Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Statement of Comprehensive Income
Net income (loss)	$ 219,359	$ 59,546	$ 421,424	$ 148,597
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period	0	17,018	0	23,414
Reclassification adjustment for losses included in net income	0	0	0	2,482
Unrealized gains on public investments, net	0	17,018	0	25,896
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	165	145	2,808	812
Reclassification adjustment for amortization of interest (income) expense included in net income	(1,432)	198	(3,241)	1,810
Unrealized (losses) gains on interest rate hedge agreements, net	(1,267)	343	(433)	2,622
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(59)	3,836	(3,631)	7,592
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	2,421
Unrealized (losses) gains on foreign currency translation, net	(59)	3,836	(3,631)	10,013
Total other comprehensive (loss) income	(1,326)	21,197	(4,064)	38,531
Comprehensive income (loss)	218,033	80,743	417,360	187,128
Less: comprehensive income attributable to noncontrolling interests	(5,723)	(5,783)	(17,428)	(18,914)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	212,310	74,960	399,932	168,214
Eliminations
Condensed Statement of Comprehensive Income
Net income (loss)	(420,898)	(183,488)	(915,192)	(499,473)
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		0		0
Reclassification adjustment for losses included in net income		0		0
Unrealized gains on public investments, net		0		0
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0	0	0
Reclassification adjustment for amortization of interest (income) expense included in net income	0	0	0	0
Unrealized (losses) gains on interest rate hedge agreements, net	0	0	0	0
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive (loss) income	0	0	0	0
Comprehensive income (loss)	(420,898)	(183,488)	(915,192)	(499,473)
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(420,898)	(183,488)	(915,192)	(499,473)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Statement of Comprehensive Income
Net income (loss)	213,636	53,773	403,996	129,705
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		0		0
Reclassification adjustment for losses included in net income		0		0
Unrealized gains on public investments, net		0		0
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	165	174	2,808	1,062
Reclassification adjustment for amortization of interest (income) expense included in net income	(1,432)	195	(3,241)	1,804
Unrealized (losses) gains on interest rate hedge agreements, net	(1,267)	369	(433)	2,866
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive (loss) income	(1,267)	369	(433)	2,866
Comprehensive income (loss)	212,369	54,142	403,563	132,571
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	212,369	54,142	403,563	132,571
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Statement of Comprehensive Income
Net income (loss)	148,110	86,311	346,163	239,768
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		65		20
Reclassification adjustment for losses included in net income		0		4
Unrealized gains on public investments, net		65		24
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0	0	0
Reclassification adjustment for amortization of interest (income) expense included in net income	0	0	0	0
Unrealized (losses) gains on interest rate hedge agreements, net	0	0	0	0
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive (loss) income	0	65	0	24
Comprehensive income (loss)	148,110	86,376	346,163	239,792
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	148,110	86,376	346,163	239,792
Combined Non- Guarantor Subsidiaries
Condensed Statement of Comprehensive Income
Net income (loss)	278,511	102,950	586,457	278,597
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		16,953		23,394
Reclassification adjustment for losses included in net income		0		2,478
Unrealized gains on public investments, net		16,953		25,872
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	(29)	0	(250)
Reclassification adjustment for amortization of interest (income) expense included in net income	0	3	0	6
Unrealized (losses) gains on interest rate hedge agreements, net	0	(26)	0	(244)
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(59)	3,836	(3,631)	7,592
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0	0	0	2,421
Unrealized (losses) gains on foreign currency translation, net	(59)	3,836	(3,631)	10,013
Total other comprehensive (loss) income	(59)	20,763	(3,631)	35,641
Comprehensive income (loss)	278,452	123,713	582,826	314,238
Less: comprehensive income attributable to noncontrolling interests	(5,723)	(5,783)	(17,428)	(18,914)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 272,729	$ 117,930	$ 565,398	$ 295,324

Condensed consolidating finan_6

Condensed consolidating financial information Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Operating Activities
Net income	$ 219,359		$ 59,546	$ 421,424	$ 148,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	119,600		107,788	352,671	309,069
Loss on early extinguishment of debt	1,122		0	1,122	670
Gain (loss) on sale of real estate - rental properties	0		0	0	(270)
Impairment of real estate	0		0	6,311	203
Gain (loss) on sale of real estate - land parcels				0	(111)
Equity in earnings of unconsolidated real estate JVs	(40,718)		(14,100)	(42,952)	(15,050)
Distributions of earnings from unconsolidated real estate joint ventures				430	249
Amortization of loan fees				7,870	8,578
Amortization of debt discounts (premiums)				(1,795)	(1,873)
Amortization of acquired below-market leases				(16,588)	(14,908)
Deferred rent				(75,960)	(74,362)
Stock compensation expense				25,209	18,649
Equity in earnings of affiliates	0		0	0	0
Investment income				(220,294)	(2,007)
Changes in operating assets and liabilities:
Tenant receivables				(807)	(224)
Deferred leasing costs				(42,821)	(39,925)
Other assets				(21,629)	(10,662)
Accounts payable, accrued expenses, and tenant security deposits				21,897	30,619
Net cash provided by operating activities				414,088	357,242
Investing Activities
Proceeds from sale of properties				5,748	4,263
Additions to real estate				(663,688)	(660,877)
Purchases of real estate				(947,013)	(590,884)
Deposits for investing activities				2,500	4,700
Investments in subsidiaries				0	0
Acquisition of interest in unconsolidated joint venture				(35,922)	0
Investments in unconsolidated real estate joint ventures				(77,501)	(248)
Return of capital from unconsolidated real estate joint ventures				68,592	38,576
Additions to investments				(174,195)	(128,190)
Sales of investments				57,330	18,896
Net cash used in investing activities				(1,764,149)	(1,313,764)
Financing Activities
Borrowings from secured notes payable				17,784	145,272
Repayments of borrowings from secured notes payable				(155,155)	(2,882)
Proceeds from issuance of unsecured senior notes payable				899,321	424,384
Borrowings from unsecured senior line of credit				3,894,000	2,634,000
Repayments of borrowings from unsecured senior line of credit				(3,531,000)	(2,348,000)
Repayments of borrowings from unsecured senior bank term loans				(200,000)	(200,000)
Transfers to/from parent company				0	0
Payment of loan fees				(19,066)	(4,343)
Repurchase of Series D preferred stock				0	(17,934)
Redemption of Series E preferred stock				0	(130,350)
Proceeds from the issuance of common stock				696,532	705,391
Dividends on common stock				(280,632)	(229,814)
Dividends on preferred stock				(3,905)	(8,317)
Contributions from noncontrolling interests				15,837	9,877
Distributions to and purchases of noncontrolling interests				(25,910)	(17,432)
Net cash provided by financing activities				1,307,806	959,852
Effect of foreign exchange rate changes on cash and cash equivalents				(1,051)	1,579
Net increase (decrease) in cash, cash equivalents, and restricted cash				(43,306)	4,909
Cash, cash equivalents, and restricted cash, beginning of period		$ 146,275		277,186	141,366	$ 141,366
Cash, cash equivalents, and restricted cash, end of period	233,880	277,186	146,275	233,880	146,275	277,186
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized				99,638	86,232
Non-Cash Investing Activities
Change in accrued construction				69,654	(38,767)
Contribution of real estate to an unconsolidated real estate joint venture				0	6,998
Eliminations
Operating Activities
Net income	(420,898)		(183,488)	(915,192)	(499,473)
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
Gain (loss) on sale of real estate - rental properties					0
Impairment of real estate				0	0
Gain (loss) on sale of real estate - land parcels					0
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				0	0
Amortization of debt discounts (premiums)				0	0
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				0	0
Equity in earnings of affiliates	420,898		183,488	915,192	499,473
Investment income				0	0
Changes in operating assets and liabilities:
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
Purchases of real estate				0	0
Deposits for investing activities				0	0
Investments in subsidiaries				2,713,374	1,354,105
Acquisition of interest in unconsolidated joint venture				0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures				0	0
Additions to investments				0	0
Sales of investments				0	0
Net cash used in investing activities				2,713,374	1,354,105
Financing Activities
Borrowings from secured notes payable				0	0
Repayments of borrowings from secured notes payable				0	0
Proceeds from issuance of unsecured senior notes payable				0	0
Borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior bank term loans				0	0
Transfers to/from parent company				(2,713,374)	(1,354,105)
Payment of loan fees				0	0
Repurchase of Series D preferred stock					0
Redemption of Series E preferred stock					0
Proceeds from the issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				(2,713,374)	(1,354,105)
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash				0	0
Cash, cash equivalents, and restricted cash, beginning of period		0		0	0	0
Cash, cash equivalents, and restricted cash, end of period	0	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
Contribution of real estate to an unconsolidated real estate joint venture					0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income	213,636		53,773	403,996	129,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,506		1,787	4,830	5,217
Loss on early extinguishment of debt	823			823	670
Gain (loss) on sale of real estate - rental properties					0
Impairment of real estate				0	0
Gain (loss) on sale of real estate - land parcels					0
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				6,685	5,665
Amortization of debt discounts (premiums)				587	441
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				25,209	18,649
Equity in earnings of affiliates	(269,987)		(92,886)	(562,707)	(252,434)
Investment income				0	0
Changes in operating assets and liabilities:
Tenant receivables				0	0
Deferred leasing costs				0	0
Other assets				(14,955)	(10,576)
Accounts payable, accrued expenses, and tenant security deposits				(4,371)	(9,813)
Net cash provided by operating activities				(139,903)	(112,476)
Investing Activities
Proceeds from sale of properties				0	0
Additions to real estate				0	0
Purchases of real estate				0	0
Deposits for investing activities				0	0
Investments in subsidiaries				(1,453,711)	(753,137)
Acquisition of interest in unconsolidated joint venture				0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures				0	0
Additions to investments				0	0
Sales of investments				0	0
Net cash used in investing activities				(1,453,711)	(753,137)
Financing Activities
Borrowings from secured notes payable				0	0
Repayments of borrowings from secured notes payable				0	0
Proceeds from issuance of unsecured senior notes payable				899,321	424,384
Borrowings from unsecured senior line of credit				3,894,000	2,634,000
Repayments of borrowings from unsecured senior line of credit				(3,531,000)	(2,348,000)
Repayments of borrowings from unsecured senior bank term loans				(200,000)	(200,000)
Transfers to/from parent company				102,582	47,558
Payment of loan fees				(19,066)	(3,956)
Repurchase of Series D preferred stock					(17,934)
Redemption of Series E preferred stock					(130,350)
Proceeds from the issuance of common stock				696,532	705,391
Dividends on common stock				(280,632)	(229,814)
Dividends on preferred stock				(3,905)	(8,317)
Contributions from noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				1,557,832	872,962
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash				(35,782)	7,349
Cash, cash equivalents, and restricted cash, beginning of period		38,054		130,516	30,705	30,705
Cash, cash equivalents, and restricted cash, end of period	94,734	130,516	38,054	94,734	38,054	130,516
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized				81,888	67,091
Non-Cash Investing Activities
Change in accrued construction				0	0
Contribution of real estate to an unconsolidated real estate joint venture					0
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income	148,110		86,311	346,163	239,768
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
Gain (loss) on sale of real estate - rental properties					0
Impairment of real estate				0	0
Gain (loss) on sale of real estate - land parcels					0
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				0	0
Amortization of debt discounts (premiums)				0	0
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				0	0
Equity in earnings of affiliates	(147,999)		(88,900)	(345,676)	(242,345)
Investment income				(487)	2,582
Changes in operating assets and liabilities:
Tenant receivables				0	0
Deferred leasing costs				0	0
Other assets				0	0
Accounts payable, accrued expenses, and tenant security deposits				0	(9)
Net cash provided by operating activities				0	(4)
Investing Activities
Proceeds from sale of properties				0	0
Additions to real estate				0	0
Purchases of real estate				0	0
Deposits for investing activities				0	0
Investments in subsidiaries				(1,234,186)	(588,808)
Acquisition of interest in unconsolidated joint venture				0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures				0	0
Additions to investments				0	0
Sales of investments				420	204
Net cash used in investing activities				(1,233,766)	(588,604)
Financing Activities
Borrowings from secured notes payable				0	0
Repayments of borrowings from secured notes payable				0	0
Proceeds from issuance of unsecured senior notes payable				0	0
Borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior bank term loans				0	0
Transfers to/from parent company				1,233,757	588,608
Payment of loan fees				0	0
Repurchase of Series D preferred stock					0
Redemption of Series E preferred stock					0
Proceeds from the issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				1,233,757	588,608
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash				(9)	0
Cash, cash equivalents, and restricted cash, beginning of period		0		9	0	0
Cash, cash equivalents, and restricted cash, end of period	0	9	0	0	0	9
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
Contribution of real estate to an unconsolidated real estate joint venture					0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income	278,511		102,950	586,457	278,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118,094		106,001	347,841	303,852
Loss on early extinguishment of debt	299			299	0
Gain (loss) on sale of real estate - rental properties					(270)
Impairment of real estate				6,311	203
Gain (loss) on sale of real estate - land parcels					(111)
Equity in earnings of unconsolidated real estate JVs	(40,718)		(14,100)	(42,952)	(15,050)
Distributions of earnings from unconsolidated real estate joint ventures				430	249
Amortization of loan fees				1,185	2,913
Amortization of debt discounts (premiums)				(2,382)	(2,314)
Amortization of acquired below-market leases				(16,588)	(14,908)
Deferred rent				(75,960)	(74,362)
Stock compensation expense				0	0
Equity in earnings of affiliates	(2,912)		(1,702)	(6,809)	(4,694)
Investment income				(219,807)	(4,589)
Changes in operating assets and liabilities:
Tenant receivables				(807)	(224)
Deferred leasing costs				(42,821)	(39,925)
Other assets				(6,674)	(86)
Accounts payable, accrued expenses, and tenant security deposits				26,268	40,441
Net cash provided by operating activities				553,991	469,722
Investing Activities
Proceeds from sale of properties				5,748	4,263
Additions to real estate				(663,688)	(660,877)
Purchases of real estate				(947,013)	(590,884)
Deposits for investing activities				2,500	4,700
Investments in subsidiaries				(25,477)	(12,160)
Acquisition of interest in unconsolidated joint venture				(35,922)
Investments in unconsolidated real estate joint ventures				(77,501)	(248)
Return of capital from unconsolidated real estate joint ventures				68,592	38,576
Additions to investments				(174,195)	(128,190)
Sales of investments				56,910	18,692
Net cash used in investing activities				(1,790,046)	(1,326,128)
Financing Activities
Borrowings from secured notes payable				17,784	145,272
Repayments of borrowings from secured notes payable				(155,155)	(2,882)
Proceeds from issuance of unsecured senior notes payable				0	0
Borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior line of credit				0	0
Repayments of borrowings from unsecured senior bank term loans				0	0
Transfers to/from parent company				1,377,035	717,939
Payment of loan fees				0	(387)
Repurchase of Series D preferred stock					0
Redemption of Series E preferred stock					0
Proceeds from the issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from noncontrolling interests				15,837	9,877
Distributions to and purchases of noncontrolling interests				(25,910)	(17,432)
Net cash provided by financing activities				1,229,591	852,387
Effect of foreign exchange rate changes on cash and cash equivalents				(1,051)	1,579
Net increase (decrease) in cash, cash equivalents, and restricted cash				(7,515)	(2,440)
Cash, cash equivalents, and restricted cash, beginning of period		108,221		146,661	110,661	110,661
Cash, cash equivalents, and restricted cash, end of period	$ 139,146	$ 146,661	$ 108,221	139,146	108,221	$ 146,661
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized				17,750	19,141
Non-Cash Investing Activities
Change in accrued construction				$ 69,654	(38,767)
Contribution of real estate to an unconsolidated real estate joint venture					$ 6,998