Alexandria Real Estate Equities (ARE) 10-K 5 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Jan. 15, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES INC
Entity Central Index Key	1,035,443
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 13
Entity Common Stock, Shares Outstanding		112,728,422
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 11,913,693	$ 10,298,019
Investment in unconsolidated real estate joint ventures	237,507	110,618
Cash and cash equivalents	234,181	254,381
Restricted cash	37,949	22,805
Tenant receivables	9,798	10,262
Deferred rent	530,237	434,731
Deferred leasing costs	239,070	221,430
Investments	892,264	523,254
Other assets	370,257	228,453
Total assets	14,464,956	12,103,953
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	630,547	771,061
Unsecured senior notes payable	4,292,293	3,395,804
Unsecured senior line of credit	208,000	50,000
Unsecured senior bank term loans	347,415	547,942
Accounts payable, accrued expenses, and tenant security deposits	981,707	763,832
Dividends payable	110,280	92,145
Total liabilities	6,570,242	5,620,784
Commitments and contingencies
Redeemable noncontrolling interests	10,786	11,509
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
7.00% Series D cumulative convertible preferred stock, $0.01 par value per share, 10,000,000 shares authorized; 2,573,432 and 2,975,432 shares issued and outstanding as of December 31, 2018 and 2017, respectively; $25 liquidation value per share	64,336	74,386
Common stock, $0.01 par value per share, 200,000,000 shares authorized as of December 31, 2018 and 2017; 111,011,816 and 99,783,686 shares issued and outstanding as of December 31, 2018 and 2017, respectively	1,110	998
Additional paid-in capital	7,286,954	5,824,258
Accumulated other comprehensive income (loss)	(10,435)	50,024
Alexandria Real Estate Equities, Inc.'s stockholders' equity	7,341,965	5,949,666
Noncontrolling interests	541,963	521,994
Total equity	7,883,928	6,471,660
Total liabilities, noncontrolling interests, and equity	$ 14,464,956	$ 12,103,953

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Shares of preferred stock authorized	100,000,000
Shares of preferred stock issued and outstanding	2,573,432
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Shares of common stock authorized	200,000,000	200,000,000
Shares of common stock issued and outstanding	111,011,816	99,783,686
Common Stock, Shares, Outstanding	111,011,816	99,783,686
Series D Convertible Preferred Stock
Preferred Stock, dividend rate (as a percent)	7.00%	7.00%
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Shares of preferred stock authorized	10,000,000	10,000,000
Shares of preferred stock issued and outstanding	2,573,432	2,975,432
Preferred Stock, Shares Outstanding	2,573,432	2,975,432
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 298,791	$ 285,370	$ 273,059	$ 270,877	$ 1,327,459	$ 1,128,097	$ 921,706
Expenses:
Rental operations									381,120	325,609	278,408
General and administrative									90,405	75,009	63,884
Interest									157,495	128,645	106,953
Depreciation and amortization									477,661	416,783	313,390
Impairment of real estate									6,311	203	209,261
Loss on early extinguishment of debt									1,122	3,451	3,230
Total expenses									1,114,114	949,700	975,126
Equity in earnings (losses) of unconsolidated real estate joint ventures									43,981	15,426	(184)
Investment income									136,763	0	0
Gain on sales of real estate – rental properties									8,704	270	3,715
Gain on sales of real estate - land parcels									0	111	90
Net income (loss)									402,793	194,204	(49,799)
Net income attributable to noncontrolling interest									(23,481)	(25,111)	(16,102)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									379,312	169,093	(65,901)
Dividends on preferred stock									(5,060)	(7,666)	(20,223)
Preferred stock redemption charge									(4,240)	(11,279)	(61,267)
Net income attributable to unvested restricted stock awards									(6,029)	(4,753)	(3,750)
Net Income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 36,831	$ 51,273	$ 31,630	$ 25,661	$ 363,983	$ 145,395	$ (151,141)
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 0.39	$ 0.55	$ 0.35	$ 0.29	$ 3.53	$ 1.59	$ (1.99)
Earnings per share - diluted (USD per share)	$ (0.30)	$ 1.99	$ 0.51	$ 1.32	$ 0.38	$ 0.55	$ 0.35	$ 0.29	$ 3.52	$ 1.58	$ (1.99)
Rental revenues
Revenues									$ 1,010,718	$ 863,181	$ 673,820
Tenant recoveries
Revenues									304,063	259,144	223,655
Other income
Revenues									$ 12,678	$ 5,772	$ 24,231

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 402,793	$ 194,204	$ (49,799)
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the year	0	24,360	(79,833)
Reclassification adjustment for gains included in net income	0	6,118	(18,473)
Unrealized gains (losses) on available-for-sale equity securities, net	0	30,478	(98,306)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	1,622	2,837	(1,150)
Reclassification adjustment for amortization of interest expense included in net income	(4,941)	1,915	5,273
Unrealized gains (losses) on interest rate swap agreements, net	(3,319)	4,752	4,123
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	(7,369)	7,774	(2,579)
Reclassification adjustment for gains included in net income	0	1,599	52,926
Unrealized gains (losses) on foreign currency translation, net	(7,369)	9,373	50,347
Total other comprehensive income (loss)	(10,688)	44,603	(43,836)
Comprehensive income (loss)	392,105	238,807	(93,635)
Less: comprehensive income attributable to noncontrolling interests	(23,481)	(25,045)	(16,102)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	$ 368,624	$ 213,762	$ (109,737)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Redeemable Noncontrolling Interests	Series D Convertible Preferred Stock	Series D Convertible Preferred StockPreferred Stock	Series D Convertible Preferred StockAdditional Paid-In Capital	Series D Convertible Preferred StockRetained Earnings	Series E Cumulative Redeemable Preferred Stock	Series E Cumulative Redeemable Preferred StockPreferred Stock	Series E Cumulative Redeemable Preferred StockAdditional Paid-In Capital	Series E Cumulative Redeemable Preferred StockRetained Earnings
Beginning balance at Dec. 31, 2015	$ 4,279,746	$ 725	$ 3,558,008	$ 0	$ 49,191	$ 304,659			$ 237,163				$ 130,000
Beginning balance (shares) at Dec. 31, 2015		72,548,693
Increase (Decrease) in Stockholders' Equity
Net Income	(50,815)			(65,901)		15,086
Total other comprehensive income (loss)	(43,836)				(43,836)
Distributions to noncontrolling interests	(17,241)					(17,241)
Contributions from and sales of noncontrolling interests	217,183		44,512			172,671
Issuance of common stock (in shares)		14,773,593
Issuance of common stock	1,432,177	$ 148	1,432,029
Issuance pursuant to stock plan (in shares)		343,594
Issuance pursuant to stock plan	38,369	$ 4	38,365
Repurchase/redemption of Preferred Stock								$ (206,826)	(150,249)	$ 4,690	$ (61,267)
Dividends declared on common stock	(257,563)			(257,563)
Dividends declared on preferred stock	(20,223)			(20,223)				(11,800)
Distributions in excess of earnings			(404,954)	404,954
Ending balance (shares) at Dec. 31, 2016		87,665,880
Ending balance at Dec. 31, 2016	5,370,971	$ 877	4,672,650	0	5,355	475,175			86,914				130,000
Beginning balance at Dec. 31, 2015							$ 14,218
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							1,016
Redemption of noncontrolling interests							(5,206)
Distributions to noncontrolling interests							(985)
Contributions from and sales of noncontrolling interests							2,264
Ending balance at Dec. 31, 2016							11,307
Increase (Decrease) in Stockholders' Equity
Net Income	193,146			169,093		24,053
Total other comprehensive income (loss)	44,603				44,669	(66)
Redemption of noncontrolling interests	(541)					(541)
Distributions to noncontrolling interests	(21,505)					(21,505)
Contributions from and sales of noncontrolling interests	52,625		7,747			44,878
Issuance of common stock (in shares)		11,694,101
Issuance of common stock	1,275,397	$ 117	1,275,280
Issuance pursuant to stock plan (in shares)		423,705
Issuance pursuant to stock plan	42,399	$ 4	42,395
Repurchase/redemption of Preferred Stock								(17,934)	(12,528)	391	(5,797)	$ (130,350)	(130,000)	$ 5,132	$ (5,482)
Dividends declared on common stock	(329,485)			(329,485)
Dividends declared on preferred stock	$ (7,666)			(7,666)				(5,200)
Distributions in excess of earnings			(179,337)	179,337
Ending balance (shares) at Dec. 31, 2017	99,783,686	99,783,686
Ending balance at Dec. 31, 2017	$ 6,471,660	$ 998	5,824,258	0	50,024	521,994			74,386				0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							1,058
Distributions to noncontrolling interests							(856)
Ending balance at Dec. 31, 2017	11,509						11,509
Increase (Decrease) in Stockholders' Equity
Net Income	401,930			379,312		22,618
Total other comprehensive income (loss)	(10,688)				(10,688)
Reclassification of net unrealized gains on non-real estate investments	90,750			140,521	(49,771)
Distributions to noncontrolling interests	(29,810)					(29,810)
Contributions from and sales of noncontrolling interests	27,418		257			27,161
Issuance of common stock (in shares)		10,915,120
Issuance of common stock	1,304,640	$ 109	1,304,531
Issuance pursuant to stock plan (in shares)		313,010
Issuance pursuant to stock plan	45,978	$ 3	45,975
Repurchase/redemption of Preferred Stock								(13,976)	(10,050)	$ 314	$ (4,240)
Dividends declared on common stock	(398,914)			(398,914)
Dividends declared on preferred stock	$ (5,060)			(5,060)				$ (5,100)
Distributions in excess of earnings			111,619	(111,619)
Ending balance (shares) at Dec. 31, 2018	111,011,816	111,011,816
Ending balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	$ 7,286,954	$ 0	$ (10,435)	$ 541,963			$ 64,336				$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							863
Redemption of noncontrolling interests							(1,597)
Distributions to noncontrolling interests							(846)
Contributions from and sales of noncontrolling interests							857
Ending balance at Dec. 31, 2018	$ 10,786						$ 10,786

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net income (loss)	$ 402,793	$ 194,204	$ (49,799)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	477,661	416,783	313,390
Loss on early extinguishment of debt	1,122	3,451	3,230
Impairment of real estate	6,311	203	209,261
Gain on sale of real estate - rental properties	(8,704)	(270)	(3,715)
Gain on sales of real estate - land parcels	0	111	(90)
Equity in (earnings) losses of unconsolidated real estate joint ventures	(43,981)	(15,426)	184
Distributions of earnings from unconsolidated real estate joint ventures	430	1,618	406
Amortization of loan fees	10,271	11,149	11,872
Amortization of debt discount (premiums)	(2,406)	(2,512)	(500)
Amortization of acquired below-market leases	(21,938)	(19,055)	(5,723)
Deferred rent	(93,883)	(107,643)	(51,673)
Stock compensation expense	35,019	25,610	25,433
Investment income	(136,763)	(1,329)	(17,133)
Changes in operating assets and liabilities:
Tenant receivables	435	(502)	(285)
Deferred leasing costs	(57,088)	(62,639)	(35,273)
Other assets	(20,849)	(18,222)	(11,420)
Accounts payable, accrued expenses, and tenant security deposits	21,909	25,573	5,322
Net cash provided by operating activities	570,339	450,882	393,487
Investing Activities
Proceeds from sales of real estate	20,190	15,432	123,081
Additions to real estate	(927,168)	(893,685)	(821,690)
Purchase of real estate	(1,037,180)	(675,584)	(739,678)
Deposits for investing activities	(2,000)	(2,300)	(450)
Acquisition of interest in unconsolidated real estate joint venture	(35,922)	(60,291)	0
Investments in unconsolidated real estate joint venture	(116,008)	(17,876)	(11,529)
Return of capital from unconsolidated real estate joint ventures	68,592	38,576	0
Additions to investments	(235,943)	(171,881)	(102,284)
Proceeds from sales of investments	103,679	30,483	38,946
Proceeds from repayment of notes receivable	0	0	15,198
Net cash used in investing activities	(2,161,760)	(1,737,126)	(1,498,406)
Financing Activities
Borrowings from secured notes payable	17,784	153,405	291,400
Repayments of borrowings from secured notes payable	(156,888)	(396,240)	(310,903)
Proceeds from issuance of unsecured senior notes payable	899,321	1,023,262	348,604
Borrowings from unsecured senior line of credit	4,741,000	3,858,000	4,117,000
Repayments of borrowings from unsecured senior line of credit	(4,583,000)	(3,836,000)	(4,240,000)
Repayment of unsecured senior bank term loan	(200,000)	(200,000)	(200,000)
Payment of loan fees	(19,292)	(10,019)	(16,681)
Repurchase of 7.00% Series D convertible preferred stock	(13,976)	(17,934)	(206,826)
Redemption of 6.45% Series E redeemable preferred stock	0	(130,350)	0
Proceeds from the issuance of common stock	1,293,301	1,275,397	1,432,177
Dividends paid on common stock	(380,632)	(312,131)	(240,347)
Dividends paid on preferred stock	(5,207)	(9,619)	(22,414)
Financing costs paid for sales of noncontrolling interests	0	0	(10,044)
Contributions from and sales of noncontrolling interests	28,275	44,931	221,487
Distributions to and purchases of noncontrolling interests	(32,253)	(22,361)	(69,678)
Net cash provided by financing activities	1,588,433	1,420,341	1,093,775
Effect of foreign exchange rate changes on cash and cash equivalents	(2,068)	1,723	(1,460)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(5,056)	135,820	(12,604)
Cash, cash equivalents, and restricted cash as of the beginning of period	277,186	141,366	153,970
Cash, cash equivalents, and restricted cash as of the end of period	272,130	277,186	141,366
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	127,093	112,113	84,907
Non-Cash Investing Activities
Assumption of secured notes payable in connection with purchase of properties	0	0	(203,000)
Change in accrued construction	81,177	(11,034)	76,848
Payable for purchase of real estate	(65,000)	0	(56,800)
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture	0	0	(25,546)
Contribution of real estate to an unconsolidated real estate joint venture	0	6,998	0
Consolidation of previously unconsolidated real estate joint venture	0	0	87,930
Net investment in direct financing lease	0	0	36,975
Contribution of real estate from noncontrolling interests	0	8,597	0
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests	0	0	5,000
Contribution from redeemable noncontrolling interest	$ 0	$ 0	$ 2,264

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 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 annual report on Form 10-K, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. Certain prior-period amounts have been reclassified to conform to the current-period presentation. Refer to the discussion on “Restricted Cash” under the “Recent Accounting Pronouncements” section of Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. 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 unaudited.

Summary of significant accounti

Summary of significant accounting policies (Notes)	12 Months Ended
	Dec. 31, 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 our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but 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 our consolidated financial statements for further information on one of 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. Reportable segment We are engaged in the business of providing space for lease to the life science and technology industries. Our properties are similar in that they provide space for lease to the life science and technology industries, consist of improvements that are generic and reusable for the life science and technology industries, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and reviews financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segment. 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 for 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. Any excess (deficit) of the consideration transferred relative to the fair value of the assets acquired or liabilities assumed is allocated to the individual assets or liabilities based on their relative fair value. 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. Incremental and external direct acquisition costs (such as legal and third party expenses) 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 fair 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, estimated useful life or up to 40 years for buildings and building improvements, an estimated life of up to 20 years for land improvements, the respective lease term or estimated useful life for tenant improvements, and the shorter of the lease term or 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 our 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 operations, 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 or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators 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. Cash and cash equivalents We consider all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks in accounts that may at times exceed the FDIC-insured limit of $250,000. We have not experienced any losses to date on our invested cash. 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 operations. 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, otherwise investment in privately held entities were accounted for under the equity method of accounting. 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. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report NAV per share, 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. We use NAV reported by limited partnerships without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. • Investments in privately held entities that do not report NAV are accounted for using a measurement alternative that measure these investments 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 of the same issuer, 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 and monitoring the presence of the following impairment indicators: (i) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition, including the research and development of technology and products, which the investee is bringing or attempting to bring to the market, or (iv) significant concerns about the investee’s ability to continue as a going concern. 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 required adjustment 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 included in the cumulative adjustment recorded on January 1, 2018 to adjust 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. Beginning January 1, 2018, we recognize unrealized gains and losses and realized gains and losses within investment income in our consolidated statements of operations. Unrealized gains and losses represent changes in fair value for investments in publicly traded companies, changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV, and observable price changes on our investments in privately held entities that do not report NAV. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV to their estimated fair value. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. 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

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Investments in real estate, net	Investments in real estate Our consolidated investments in real estate, including real estate assets held for sale as described in Note 19, consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Land (related to rental properties) $ 1,625,349 $ 1,312,072 Buildings and building improvements 9,986,635 9,000,626 Other improvements 976,627 780,117 Rental properties 12,588,611 11,092,815 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre-construction) 1,460,814 955,218 Future development projects 98,802 96,112 Gross investments in real estate 14,148,227 12,144,145 Less: accumulated depreciation (2,263,797 ) (1,875,810 ) Net investments in real estate – North America 11,884,430 10,268,335 Net investments in real estate – Asia 29,263 29,684 Investments in real estate $ 11,913,693 $ 10,298,019 Acquisitions Our real estate asset acquisitions during the year ended December 31, 2018 , consisted of the following (dollars in thousands): Square Footage Three Months Ended Number of Properties Active Development/Redevelopment Future Development Operating With Value-Creation Operating Purchase Price San Francisco 6 642,312 — 148,951 — $ 167,950 San Diego 4 — 50,000 — 316,531 148,650 Other 1 58,186 — 21,745 — 22,800 Three months ended March 31, 2018 11 700,498 50,000 170,696 316,531 339,400 Greater Boston 1 — 300,000 200,431 — 87,250 Seattle 1 — — 197,136 — 95,000 Maryland 8 — — 39,505 376,106 146,500 Other 1 — 493,000 8,715 — 77,105 Three months ended June 30, 2018 11 — 793,000 445,787 376,106 405,855 New York City 1 — 230,000 349,947 — 203,000 Seattle — — 217,000 — — 33,500 Other 1 — — — 45,626 20,500 Three months ended September 30, 2018 2 — 447,000 349,947 45,626 257,000 New York City 1 140,098 — 36,661 — 75,000 San Diego 2 — 378,355 269,048 — 80,000 Three months ended December 31, 2018 3 140,098 378,355 305,709 — 155,000 Total acquisitions 27 840,596 1,668,355 1,272,139 738,263 $ 1,157,255 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. Acquired below-market leases The balances of acquired below-market tenant leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and tenant security deposits in our consolidated balance sheets as of December 31, 2018 and 2017 , were as follows (in thousands): December 31, 2018 2017 Acquired below-market leases $ 236,026 $ 167,146 Accumulated amortization (101,218 ) (78,962 ) $ 134,808 $ 88,184 For the years ended December 31, 2018, 2017, and 2016 , we recognized approximately $22.3 million , $19.3 million , and $6.0 million , respectively, related to the amortization of acquired below-market leases in rental revenues. The amounts in the table above excludes the balances of acquired below-market ground leases, and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2018 and 2017 . Refer to Note 8 – “Other assets” to our consolidated financial statements. The weighted-average amortization period of the value of acquired below-market leases was approximately 4.3 years , and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2018 , is as follows (in thousands): Year Amount 2019 $ 24,079 2020 21,516 2021 18,133 2022 15,070 2023 14,044 Thereafter 41,966 Total $ 134,808 Acquired in-place leases The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in our consolidated balance sheets. As of December 31, 2018 and 2017 , these amounts were as follows (in thousands): December 31, 2018 2017 Acquired in-place leases $ 229,095 $ 126,859 Accumulated amortization (96,189 ) (61,880 ) $ 132,906 $ 64,979 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $34.3 million , $19.6 million , and $6.8 million for the years ended December 31, 2018, 2017, and 2016 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 6.9 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2018 , is as follows (in thousands): Year Amount 2019 $ 30,218 2020 22,878 2021 19,408 2022 15,970 2023 12,329 Thereafter 32,103 Total $ 132,906 Minimum lease payments Minimum lease payments to be received under the terms of the operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2018 , are outlined in the table below (in thousands): Year Amount 2019 $ 906,201 2020 929,087 2021 905,005 2022 864,100 2023 801,190 Thereafter 5,378,805 Total $ 9,784,388 Minimum lease payments to be received under our direct financing lease agreement are outlined in Note 8 – “Other assets” to our consolidated financial statements. Sales of real estate assets and impairment charges During the three months ended December 31, 2018 , we completed the sale of a property at 1300 Quince Orchard Boulevard located in our Gaithersburg submarket of Maryland for a sale price of $14.4 million and recognized a gain of $8.7 million . 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 sale 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 (Notes)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in 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 December 31, 2018 , we had the following properties that were held by our real estate joint ventures: Property Market Submarket Our Ownership Interest RSF Consolidated joint ventures: (1) 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 (2) 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: (1) Menlo Gateway San Francisco Greater Stanford 38.5 % (3) 772,983 1401/1413 Research Boulevard Maryland Rockville 65.0 % (4) (5) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (4) 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) Includes only 10290 and 10300 Campus Point Drive and 4110 Campus Point Court in our University Town Center submarket. Excludes 10260 Campus Point Drive and 4161 Campus Point Court. (3) As of December 31, 2018 , we have an ownership interest in Menlo Gateway of 38.5% and expect our ownership to increase to 49% through future funding of construction costs in 2019. (4) Represents our ownership interest; our voting interest is limited to 50%. (5) 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 our 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 significant 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 are therefore 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Investments in real estate $ 1,108,385 $ 1,047,472 Cash and cash equivalents 42,178 41,112 Other assets 74,901 68,754 Total assets $ 1,225,464 $ 1,157,338 Secured notes payable $ — $ — Other liabilities 59,336 52,201 Total liabilities 59,336 52,201 Redeemable noncontrolling interests 874 — Alexandria Real Estate Equities, Inc.’s share of equity 624,349 584,160 Noncontrolling interests’ share of equity 540,905 520,977 Total liabilities and equity $ 1,225,464 $ 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 December 31, 2018 and 2017 , 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 December 31, 2018 December 31, 2017 Menlo Gateway $ 186,504 $ 78,070 1401/1413 Research Boulevard 8,197 7,308 360 Longwood Avenue — 25,240 704 Quince Orchard Road 4,547 — 1655 and 1725 Third Street 34,917 — Other 3,342 — $ 237,507 $ 110,618 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 the 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 gross 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 year ended December 31, 2018 . For the year ended December 31, 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 year ended December 31, 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 December 31, 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% 5.87% $ 20,181 $ 7,435 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 6.05% 168,366 206,634 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.66% 4,903 9,940 Menlo Gateway, Phase II 38.5% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 38.5% 8/10/35 4.15% 4.18% 144,338 N/A $ 337,788 $ 381,279 (1) Includes interest expense, amortization of loan fees, and amortization of premiums (discounts) as of December 31, 2018 . (2) Represents outstanding principal, net of unamortized deferred financing costs and premiums (discounts) as of December 31, 2018 .

Deferred leasing costs (Notes)

Deferred leasing costs (Notes)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs disclosure	Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Deferred leasing costs $ 557,791 $ 496,387 Accumulated amortization (318,721 ) (274,957 ) Deferred leasing costs, net $ 239,070 $ 221,430

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2018
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Cash and cash equivalents $ 234,181 $ 254,381 Restricted cash: Funds held in trust under the terms of certain secured notes payable 22,681 12,301 Funds held in escrow related to construction projects and investing activities 10,558 4,546 Other 4,710 5,958 37,949 22,805 Total $ 272,130 $ 277,186

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2018
Investments [Abstract]
Investment	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 generally accounted for under the cost method of accounting. • Gains or losses were recognized in net income upon the disposition 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. We use NAV reported by limited partnerships without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. • 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. These investments continue to be evaluated on the basis of a qualitative assessment for indicators of impairment by utilizing the same monitoring criteria described above and monitoring the presence of the following impairment indicators: (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, (iv) significant concerns about the investee’s ability to continue as a going concern. 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. • 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 included in the cumulative adjustment recorded on January 1, 2018 to adjust 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 December 31, 2018 . We recognize unrealized gains and losses and realized gains and losses within investment income in our consolidated statements of operations. Unrealized gains and losses represent changes in fair value for investments in publicly traded companies, changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV, and observable price changes on our investments in privately held entities that do not report NAV. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV to their estimated fair value. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. The following tables summarize our investments as of December 31, 2018 , and 2017 (in thousands): December 31, 2018 Cost Adjustments Carrying Amount Investments at fair value: Publicly traded companies $ 121,121 $ 62,884 $ 184,005 Entities that report NAV 204,646 113,159 317,805 Entities that do not report NAV: Entities with observable price changes since January 1, 2018 39,421 64,112 103,533 Entities without observable price changes since January 1, 2018 286,921 — 286,921 Total investments $ 652,109 $ 240,155 $ 892,264 December 31, 2017 Cost Adjustments Total Investments in available-for-sale equity securities $ 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 recognized in investments in privately held entities that do not report NAV aggregating $64.1 million as of December 31, 2018 , consisted of upward adjustments representing unrealized gains of $64.3 million and downward adjustments representing unrealized losses of $200 thousand . During the year ended December 31, 2018 , we also recognized an impairment charge of $5.5 million primarily related to one investment in a privately held entity that does not report NAV. 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 report NAV Investments in privately held entities that report NAV consist primarily of investments in limited partnerships. We are committed to funding approximately $248.3 million for all investments, primarily consisting of $247.8 million related to investments in limited partnerships. Our funding commitments expire at various dates over the next 11 years , with a weighted-average expiration of 8.8 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 7.0 years as of December 31, 2018 . Our investment income for the year ended December 31, 2018 , consisted of the following (in thousands): Year Ended December 31, 2018 Unrealized Gains Realized (Losses) Gains Total Investments at fair value, held at period end: Publicly traded companies $ 27,944 $ — $ 27,944 Entities that report NAV 22,389 — 22,389 Entities that do not report NAV, held at period end 64,112 (5,483 ) 58,629 Total investments at fair value, held at period end 114,445 (5,483 ) 108,962 Investment dispositions during the period: Recognized in the current period — 27,801 27,801 Previously recognized gains (14,811 ) 14,811 — Total investment dispositions during the period (14,811 ) 42,612 27,801 Investment income $ 99,634 $ 37,129 $ 136,763 During the year ended December 31, 2018 , we recognized realized losses of $5.5 million on our investments in entities that do not report NAV, held at period end, representing an impairment charge related to one investment in a privately held entity that does not report NAV. During the year ended December 31, 2017 , we recognized unrealized gains of $24.4 million on our equity securities classified as available-for-sale as of December 31, 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. In addition, we recognized investment income related to gains recognized in net income upon the sale of investments totaling $1.3 million and $17.1 million for the years ended December 31, 2017 and 2016, respectively, in accordance with the accounting standards in effect prior to January 1, 2018, as further described above. These gains are classified within other income in our consolidated statements of operations for 2017 and 2016. The required prospective adoption of the new financial instruments ASU on January 1, 2018 impacted the comparability of our 2018 consolidated financial statements to our 2017 and 2016 consolidated financial statements.

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Acquired below-market ground leases $ 17,434 $ 12,684 Acquired in-place leases 132,906 64,979 Deferred compensation plan 19,238 15,534 Deferred financing costs – $2.2 billion unsecured senior line of credit 16,060 10,525 Deposits 12,974 10,576 Furniture, fixtures, and equipment 14,787 11,070 Interest rate hedge assets 2,606 5,260 Net investment in direct financing lease 39,149 38,382 Notes receivable 528 614 Prepaid expenses 13,690 10,972 Property, plant, and equipment 81,024 32,073 Other assets 19,861 15,784 Total $ 370,257 $ 228,453 The components of our net investment in direct financing lease as of December 31, 2018 and 2017 , are summarized in the table below (in thousands): December 31, 2018 2017 Gross investment in direct financing lease $ 262,111 $ 263,719 Less: unearned income (222,962 ) (225,337 ) Net investment in direct financing lease $ 39,149 $ 38,382 Future minimum lease payments to be received under our direct financing lease as of December 31, 2018 , are as follows (in thousands): Year Total 2019 $ 1,655 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 262,111

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2018 and 2017 . 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 184,005 $ 184,005 $ — $ — Interest rate hedge agreements $ 2,606 $ — $ 2,606 $ — Liabilities: Interest rate hedge agreements $ 768 $ — $ 768 $ — December 31, 2017 Description Total Quoted Prices in Significant Significant Assets: Investments in available-for-sale equity securities $ 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 7 – “Investments” to our consolidated financial statements for further details. Our interest rate hedge agreements have been recognized at fair value. Refer to Note 11 – “Interest Rate Hedge Agreements” to our 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 December 31, 2018 and 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): December 31, 2018 2017 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 317,805 $ 317,805 N/A N/A Liabilities: Secured notes payable $ 630,547 $ 638,860 $ 771,061 $ 776,222 Unsecured senior notes payable $ 4,292,293 $ 4,288,335 $ 3,395,804 $ 3,529,713 Unsecured senior line of credit $ 208,000 $ 208,106 $ 50,000 $ 49,986 Unsecured senior bank term loans $ 347,415 $ 350,240 $ 547,942 $ 549,361 Nonrecurring fair value measurements Refer to “Sales of Real Estate Assets and Impairment Charges” in Note 3 – “Investments in Real Estate” and to Note 7 – “Investments” and Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements for further discussion.

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2018 (dollars in thousands): Fixed Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term (in years) Total Percentage Secured notes payable $ 587,444 $ 43,103 $ 630,547 11.5 % 4.22 % 3.1 Unsecured senior notes payable 4,292,293 — 4,292,293 78.4 4.15 6.4 $2.2 billion unsecured senior line of credit 100,000 108,000 208,000 3.8 3.07 5.1 Unsecured senior bank term loan 347,415 — 347,415 6.3 2.21 5.1 Total/weighted average $ 5,327,152 $ 151,103 $ 5,478,255 100.0 % 3.99 % 5.9 Percentage of total debt 97 % 3 % 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 December 31, 2018 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Unamortized (Deferred Financing Cost), (Discount) Premium Debt Date (2) Principal Total Secured notes payable Greater Boston L+1.50 % 3.29 % 1/28/20 (3) $ 193,103 $ (57 ) $ 193,046 Greater Boston, San Diego, Seattle, and Maryland 7.75 % 8.15 4/1/20 (4) 106,661 (418 ) 106,243 San Diego 4.66 % 4.91 1/1/23 33,501 (263 ) 33,238 Greater Boston 3.93 % 3.19 3/10/23 80,909 2,303 83,212 Greater Boston 4.82 % 3.40 2/6/24 200,517 13,540 214,057 San Francisco 6.50 % 6.50 7/1/36 751 — 751 Secured debt weighted-average interest rate/subtotal 4.94 % 4.22 615,442 15,105 630,547 $2.2 billion unsecured senior line of credit L+0.825 % 3.07 1/28/24 208,000 — 208,000 Unsecured senior bank term loan L+0.90 % 2.21 1/28/24 350,000 (2,585 ) 347,415 Unsecured senior notes payable 2.75 % 2.96 1/15/20 400,000 (845 ) 399,155 Unsecured senior notes payable 4.60 % 4.75 4/1/22 550,000 (2,115 ) 547,885 Unsecured senior notes payable 3.90 % 4.04 6/15/23 500,000 (2,653 ) 497,347 Unsecured senior notes payable 4.00 % 4.18 1/15/24 450,000 (3,685 ) 446,315 Unsecured senior notes payable 3.45 % 3.62 4/30/25 600,000 (5,526 ) 594,474 Unsecured senior notes payable 4.30 % 4.50 1/15/26 300,000 (3,414 ) 296,586 Unsecured senior notes payable 3.95 % 4.13 1/15/27 350,000 (4,037 ) 345,963 Unsecured senior notes payable 3.95 % 4.07 1/15/28 425,000 (3,818 ) 421,182 Unsecured senior notes payable 4.50 % 4.60 7/30/29 300,000 (2,344 ) 297,656 Unsecured senior notes payable 4.70 % 4.81 7/1/30 450,000 (4,270 ) 445,730 Unsecured debt weighted average/subtotal 3.96 4,883,000 (35,292 ) 4,847,708 Weighted-average interest rate/total 3.99 % $ 5,498,442 $ (20,187 ) $ 5,478,255 (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 the option to extend the stated maturity date to January 28, 2021, subject to certain conditions. (4) In January 2019, we repaid this secured note payable and recognized a loss on early extinguishment of debt of $7.1 million , including the write-off of unamortized loan fees. 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 credit rating from Moody’s Investors Service during the third quarter of 2018, the overall applicable interest rate margin decreased to 0.825% from 1.00% for our $2.2 billion 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 $2.2 billion 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. We use our $2.2 billion unsecured senior line of credit to fund working capital, construction activities, and, from time to time, acquisition of properties. Borrowings under the $2.2 billion unsecured senior line of credit will bear interest at a “Eurocurrency Rate,” a “LIBOR Floating Rate, or a “Base Rate” specified in the amended $2.2 billion unsecured senior line of credit agreement plus, in any case, the Applicable Margin. The Eurocurrency Rate specified in the amended $2.2 billion unsecured senior line of credit agreement is, as applicable, the rate per annum equal to either (i) the LIBOR or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in a LIBOR quoted currency (i.e., U.S. dollars, euro, sterling, or yen), (ii) the average annual yield rates applicable to Canadian dollar bankers’ acceptances for loans denominated in Canadian dollars, (iii) the Bank Bill Swap Reference Bid rate for loans denominated in Australian dollars, or (iv) the rate designated with respect to the applicable alternative currency for loans denominated in a non-LIBOR quoted currency (other than Canadian or Australian dollars). The LIBOR Floating Rate means, for any day, one month LIBOR, or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in U.S. dollars. The Base Rate means, for any day, a fluctuating rate per annum equal to the highest of (i) the federal funds rate plus 1/2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (iii) the Eurocurrency Rate plus 1.00%. Our $2.2 billion unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.15% based on the aggregate commitments outstanding. 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. Unsecured senior notes payable As of December 31, 2018 , we have unsecured senior notes payable aggregating $4.3 billion , which are unsecured obligations of the Company and are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., a 100% owned subsidiary of the Company. The unsecured senior notes payable rank equally in right of payment with all other senior unsecured indebtedness. However, the unsecured senior notes payable are subordinate to existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Company’s subsidiaries, other than Alexandria Real Estate Equities, L.P. In addition, the terms of the indentures, among other things, limit the ability of the Company, Alexandria Real Estate Equities, L.P., and the Company’s subsidiaries to (i) consummate a merger, or consolidate or sell all or substantially all of the Company’s assets, and (ii) incur certain secured or unsecured indebtedness. 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 , 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 . 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 Interest expense for the years ended December 31, 2018 , 2017 , and 2016 , consisted of the following (dollars in thousands): Year Ended December 31, 2018 2017 2016 Interest incurred $ 223,715 $ 186,867 $ 159,403 Capitalized interest (66,220 ) (58,222 ) (52,450 ) Interest expense $ 157,495 $ 128,645 $ 106,953

Interest rate swap agreements (

Interest rate swap agreements (Notes)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap 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, of 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 $1.9 million from accumulated other comprehensive income to earnings as a decrease of interest expense. As of December 31, 2018 and 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 9 – “Fair Value Measurements” to our 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 if (i) repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness or (ii) 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 as of December 31, 2018 , we could have been required to settle our obligations under the agreements at their termination value of $344 thousand . We had the following outstanding interest rate hedge agreements that were designated as cash flow hedges of interest rate risk as of December 31, 2018 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 12/31/18 Notional Amount in Effect as of Effective Date Maturity Date 12/31/18 12/31/19 March 29, 2018 March 31, 2019 8 1.16% $ 1,962 $ 600,000 $ — March 29, 2019 March 31, 2020 1 1.89% 644 — 100,000 March 29, 2019 March 31, 2020 3 2.84% (768 ) — 250,000 Total $ 1,838 $ 600,000 $ 350,000 (1) In addition to the interest pay rate for each hedge agreement, interest is payable at an applicable margin over LIBOR for borrowings outstanding as of December 31, 2018 , as listed under the column heading “Stated Rate” in our summary table of outstanding indebtedness and respective principal payments under Note 10 – “Secured and Unsecured Senior Debt” to our consolidated financial statements.

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits (Notes)	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Accounts payable and accrued expenses $ 491,421 $ 349,884 Acquired below-market leases 134,808 88,184 Conditional asset retirement obligations 10,343 7,397 Deferred rent liabilities 29,547 27,953 Interest rate hedge liabilities 768 103 Unearned rent and tenant security deposits 250,923 248,924 Other liabilities 63,897 41,387 Total $ 981,707 $ 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 a meaningful estimate of the retirement obligation.

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
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 and further adjustments as provided for in the sales agreement. We settled all 6.9 million shares of common stock during the year ended December 31, 2018, of which 5.2 million shares were settled during the three months ended December 31, 2018. 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 for 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 16 – “Stockholders’ Equity” to our 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, varied with something other than the fair value of our shares, or varied 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. 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 year ended December 31, 2018 , using the treasury stock method to determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement. The effect on our weighted-average shares – diluted for the year ended December 31, 2018 , was 311 thousand weighted-average incremental shares from the forward equity sales agreement entered into in January 2018. For the year ended December 31, 2017 , the effect on our weighted-average shares – diluted from the forward equity sales agreements entered into in March 2017 was 517 thousand weighted-average incremental shares. For purposes of calculating diluted EPS, we did not assume conversion of our 7.00% Series D cumulative convertible preferred stock (“Series D Convertible Preferred Stock”) for the years ended December 31, 2018, 2017, and 2016 , since the result was antidilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders from continuing operations during those periods. Refer to “7.00% Series D Cumulative Convertible Preferred Stock Repurchases” in Note 16 – “Stockholders’ Equity” to our 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 are therefore 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 years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Net income (loss) $ 402,793 $ 194,204 $ (49,799 ) Net income attributable to noncontrolling interests (23,481 ) (25,111 ) (16,102 ) Dividends on preferred stock (5,060 ) (7,666 ) (20,223 ) Preferred stock redemption charge (4,240 ) (11,279 ) (61,267 ) Net income attributable to unvested restricted stock awards (6,029 ) (4,753 ) (3,750 ) Numerator for basic and diluted EPS – net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 145,395 $ (151,141 ) Denominator for basic EPS – weighted-average shares of common stock outstanding 103,010 91,546 76,103 Dilutive effect of forward equity sales agreements 311 517 — Denominator for diluted EPS – weighted-average shares of common stock outstanding 103,321 92,063 76,103 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.53 $ 1.59 $ (1.99 ) Diluted $ 3.52 $ 1.58 $ (1.99 )

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income taxes	Income taxes We have elected to be taxed as a REIT, under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its shareholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state, local, and foreign taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. We distributed all of our REIT taxable income in 2017 and 2016 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2018 , we expect our distributions to exceed our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2018 REIT taxable income when we file our 2018 federal income tax return in 2019 . The income tax treatment of distributions and dividends declared on our common stock, our Series D Convertible Preferred Stock, and our Series E Redeemable Preferred Stock for the years ended December 31, 2018, 2017, and 2016 , were as follows (unaudited): Common Stock Series D Convertible Preferred Stock Series E Redeemable Preferred Stock Year Ended December 31, 2018 2017 2016 2018 2017 2016 2017 2016 Ordinary income 69.9 % 62.1 % 25.2 % 72.7 % 85.3 % 44.8 % 85.3 % 44.8 % Return of capital 3.8 27.2 43.9 — — — — — Capital gains at 25% 0.1 0.7 — 0.1 1.0 — 1.0 — Capital gains at 20% 26.2 10.0 30.9 27.2 13.7 55.2 13.7 55.2 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 3.73 $ 3.45 $ 3.23 $ 1.75 $ 1.75 $ 1.75 $ 0.4031 (1) $ 1.6125 (1) Refer to Note 16 - “Stockholders’ Equity” to our consolidated financial statements under Item 15 of this annual report on Form 10-K for information regarding the redemption of our Series E Preferred Stock. Beginning in 2018, the Tax Cuts and Jobs Act of 2017 added Section 199A to allow for a new tax deduction based on certain qualified business income. Section 199A provides eligible individual taxpayers a deduction of up to 20 percent of their qualified real estate investment trust dividends. Our dividends declared in a given quarter are generally paid during the subsequent quarter. The taxability information presented above for our dividends paid in 2018 is based upon management’s estimate. Our federal tax return for 2018 is due on or before October 15, 2019 , assuming we file for an extension of the due date. Our federal tax returns for previous tax years have not been examined by the IRS. Consequently, the taxability of distributions and dividends is subject to change. The income tax treatment of distributions and dividends noted above for the year ended December 31, 2018 , is inclusive of the changes to taxable income related to our 2018 real estate transactions described in Note 3 – “Investments in Real Estate” to our consolidated financial statements under Item 15 of this annual report on Form 10-K. In addition to our REIT tax returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations and may be subject to audits, assessments, or other actions by local taxing authorities. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority that has full knowledge of all relevant information. As of December 31, 2018 , there were no material unrecognized tax benefits. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Interest expense and penalties, if any, are recognized in the first period during which the interest or penalties begin accruing, according to the provisions of the relevant tax law at the applicable statutory rate of interest. We did not incur any significant tax-related interest expense or penalties for the years ended December 31, 2018 , 2017 , and 2016 . The following reconciles net income (loss) (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2017 and 2016 (in thousands and unaudited): Year Ended December 31, 2017 2016 Net income (loss) $ 194,204 $ (49,799 ) Net income attributable to noncontrolling interests (25,111 ) (16,102 ) Book/tax differences: Rental revenue recognition (121,589 ) (36,022 ) Depreciation and amortization 137,576 79,710 Share-based compensation 23,466 15,568 Interest expense (5,256 ) (2,597 ) Sales of property 12,166 100,047 Impairments 9,011 61,593 Other 3,642 358 Taxable income before dividend deduction 228,109 152,756 Dividend deduction necessary to eliminate taxable income (1) (228,109 ) (152,756 ) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $321.8 million and $262.8 million during the years ended December 31, 2017 and 2016 , respectively.

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Employee retirement savings plan We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company discretionary profit-sharing contributions (subject to statutory limitations), which amounted to approximately $4.1 million , $3.2 million , and $2.5 million for the years ended December 31, 2018, 2017, and 2016 , respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the Federal Deposit Insurance Corporation (FDIC) insurance coverage of $ 250,000 , and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. In order to limit our risk of non-performance by an individual counterparty under our interest rate hedge agreements, we spread our interest rate hedge agreements among various counterparties. As of December 31, 2018 , the largest aggregate notional amount of interest rate hedge agreements in effect at any single point in time with an individual counterparty was $150.0 million . If one or more of our counterparties fail to perform under our interest rate hedge agreements, we may incur higher costs associated with our variable-rate LIBOR-based debt than the interest costs we originally anticipated. We are dependent on rental revenue from relatively few tenants. The inability of any single tenant to make its lease payments could adversely affect our operations. As of December 31, 2018 , we had 708 leases with a total of 537 tenants, and 116 , or 49% , of our 237 properties were each leased to a single tenant. As of December 31, 2018 , our three largest tenants, comprising 3.6% , 3.3% , and 2.9% , accounted for approximately 9.8% of our aggregate annual rental revenue. Commitments As of December 31, 2018 , remaining aggregate costs under contract for the construction of properties undergoing development, redevelopment, and improvements under the terms of leases approximated $829.9 million . We expect payments for these obligations to occur over one to three years, subject to capital planning adjustments from time to time. We may have the ability to cease the construction of certain properties, which would result in the reduction of our commitments. We have existing office space at 161 First Street/50 Rogers Street in our Alexandria Center ® at Kendall Square (“ACKS”) campus that we are required to partially convert to multifamily residential space, pursuant to our entitlements for our ACKS campus. Pursuant to these requirements, we expect to begin construction of the conversion to multifamily residential in 2019. In addition, we have letters of credit and performance obligations aggregating $9.2 million primarily related to construction projects. In March 2018, we acquired a 10% interest in a real estate joint venture with Uber Technologies, Inc. and the Golden State Warriors that owns 1655 and 1725 Third Street, located in our Mission Bay/SoMa submarket of San Francisco. Our total equity contribution commitment is $78.0 million , of which we have contributed $32.0 million through December 31, 2018 . In November 2017, we entered into an agreement with a real estate developer in the San Francisco Bay Area to own a 49% interest in a real estate joint venture at Menlo Gateway in our Greater Stanford submarket of San Francisco. Our total equity contribution commitment is $269.0 million , of which we have contributed $177.7 million through December 31, 2018 . We are committed to funding approximately $248.3 million for all investments, which primarily consist of $247.8 million related to investments in limited partnerships. Our funding commitments expire at various dates over the next 11 years , with a weighted-average remaining period of 8.8 years . Rental expense Our rental expense attributable to continuing operations for the years ended December 31, 2018, 2017, and 2016 , was approximately $15.8 million , $14.0 million , and $14.3 million , respectively. These rental expense amounts include certain operating leases for our headquarters and field offices and ground leases for 29 of our properties. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 , were as follows (in thousands): Year Office Leases Ground Leases Total 2019 $ 1,777 $ 12,804 $ 14,581 2020 326 12,631 12,957 2021 269 12,198 12,467 2022 — 12,302 12,302 2023 — 12,421 12,421 Thereafter — 525,544 525,544 Total $ 2,372 $ 587,900 $ 590,272 Our operating lease obligations related to our office leases have remaining terms of up to three years , exclusive of extension options. Excluding one ground lease related to one operating property that expires in 2036 with a net book value of approximately $8.8 million as of December 31, 2018 , our ground lease obligations have remaining terms generally ranging from 35 to 96 years, including extension options.

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity ATM common stock offering program 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 December 31, 2018 — $ — — — 3,159,662 395,675 389,385 Cumulative activity through December 31, 2018 5,932,980 732,278 $ 720,545 Remaining availability as of December 31, 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 December 31, 2018 — $ — — $ — Remaining availability as of December 31, 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 of $4.94 per share, and adjustments as provided in the sales agreements. The following table presents a summary of shares of common stock settled (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 December 31, 2018 5,198,700 $ 116.97 608,108 Total under our forward equity sales agreements 6,900,000 $ 808,299 7.00% Series D cumulative convertible preferred stock repurchases As of December 31, 2018 , we had 2.6 million shares of our Series D Convertible Preferred Stock outstanding. During the year ended December 31, 2018 , we repurchased, in privately negotiated transactions, 402,000 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $14.0 million , or $34.77 per share. We recognized a preferred stock redemption charge of $4.2 million during the year ended December 31, 2018 , including the write-off of original issuance costs of approximately $314 thousand . As of December 31, 2017 , we had 3.0 million shares of our Series D Convertible Preferred Stock issued and outstanding. During the year ended December 31, 2017 , we repurchased, in privately negotiated transactions, 501,115 outstanding shares for 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 year ended December 31, 2017 , including the write-off of original issuance costs of approximately $391 thousand . As of December 31, 2016 , we had 3.5 million shares of our Series D Convertible Preferred Stock issued and outstanding. During the year ended December 31, 2016 , we repurchased, in privately negotiated transactions, 6.0 million outstanding shares for an aggregate price of $206.8 million , or $34.41 per share. We recognized a preferred stock redemption charge of $61.3 million during the year ended December 31, 2016 , including the write-off of original issuance costs of approximately $4.7 million . As of December 31, 2015 , we had 9.5 million shares of our Series D Convertible Preferred Stock issued and outstanding. During the year ended December 31, 2018 , 2017 , and 2016 we declared cash dividends on our Series D Convertible Preferred Stock aggregating $5.1 million , or $1.75 per share, $5.2 million , or $1.75 per share, and $11.8 million , or $1.75 per share, respectively. The dividends on our Series D Convertible Preferred Stock are cumulative and accrue from the date of original issuance. We pay dividends quarterly in arrears at an annual rate of $1.75 per share. Our Series D Convertible Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption provisions. We are not allowed to redeem our Series D Convertible Preferred Stock, except to preserve our status as a REIT. Investors in our Series D Convertible Preferred Stock generally have no voting rights. We may, at our option, be able to cause some or all of our Series D Convertible Preferred Stock to be automatically converted if the closing sale price per share of our common stock equals or exceeds 150% of the then-applicable conversion price of the Series D Convertible Preferred Stock for at least 20 trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to our issuance of a press release announcing the exercise of our conversion option. Holders of our Series D Convertible Preferred Stock, at their option, may, at any time and from time to time, convert some or all of their outstanding shares initially at a conversion rate of 0.2477 shares of common stock per $25.00 liquidation preference, which was equivalent to an initial conversion price of approximately $100.93 per share of common stock. The conversion rate for the Series D Convertible Preferred Stock is subject to adjustments for certain events, including, but not limited to, certain dividends on our common stock in excess of $0.78 per share per quarter and dividends on our common stock payable in shares of our common stock. As of December 31, 2018 , the Series D Convertible Preferred Stock had a conversion rate of approximately 0.2502 shares of common stock per $25.00 liquidation preference, which is equivalent to a conversion price of approximately $99.92 per share of common stock. 6.45% Series E cumulative redeemable preferred stock offering In March 2017, we announced the redemption of our 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. Accumulated other comprehensive (loss) income Accumulated other comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders consists of the following (in thousands): Net Unrealized Gains (Losses) 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 — 1,622 (7,369 ) (5,747 ) Amounts reclassified from other comprehensive income to net income — (4,941 ) — (4,941 ) Net other comprehensive loss — (3,319 ) (7,369 ) (10,688 ) Balance as of December 31, 2018 $ — $ 1,838 $ (12,273 ) $ (10,435 ) (1) Refer to Note 7 – “Investments” to our 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 111.0 million shares were issued and outstanding as of December 31, 2018 . Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, of which 2.6 million shares were issued and outstanding as of December 31, 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 December 31, 2018 . Additional paid-in capital In 2017, we sold partial interests in 9625 Towne Centre Drive and development rights at Campus Pointe by Alexandria, which comprised of 10260 and 10290 Campus Point Drive and 4110 Campus Point Court as December 31, 2017. Since we retained controlling interests in both joint ventures following the sale, we continued to consolidate these entities and accounted for the proceeds received as equity financing transactions. The difference of $7.7 million between the aggregate proceeds of approximately $26.0 million received through December 31, 2017, and the corresponding partial interest in our cost basis of $18.3 million was recorded as an adjustment to additional paid-in capital in 2017. These transactions did not qualify as sales of real estate and did not result in purchase accounting adjustments to the carrying value. Accordingly, the carrying amounts of our partner’s share of assets and liabilities are reported at historical cost.

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	Share-based compensation Stock plan For the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company, we have historically issued two forms of share-based compensation under our equity incentive plan: (i) options to purchase common stock and (ii) restricted stock. We have not granted any options since 2002. Each restricted share issued reduced the share reserve by three shares (3:1 ratio) prior to March 23, 2018, and by one share (1:1 ratio) on and after March 23, 2018. As of December 31, 2018 , there were 2,433,810 shares reserved for the granting of future options and stock awards under the equity incentive plan. In addition, the stock plan permits us to issue share awards to our employees, non-employees, and non-employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Code. Shares issued generally vest over a four-year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. The unearned portion of time-based awards is amortized as stock compensation expense on a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels of performance and market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with time-based or performance-based restrictions results in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2018, 2017, and 2016 : Number of Share Awards Weighted-Average Grant Date Fair Value per Share Outstanding at December 31, 2015 814,018 $ 80.95 Granted 661,409 $ 88.98 Vested (325,537 ) $ 78.73 Forfeited (14,102 ) $ 79.10 Outstanding at December 31, 2016 1,135,788 $ 87.21 Granted 688,295 $ 108.22 Vested (423,705 ) $ 85.16 Forfeited (5,796 ) $ 101.45 Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120 ) $ 103.83 Forfeited (20,330 ) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Year Ended December 31, (In thousands) 2018 2017 2016 Total grant date fair value of stock awards vested $ 41,854 $ 36,083 $ 25,630 Total gross compensation recognized for stock awards $ 57,341 $ 42,292 $ 37,037 Capitalized stock compensation $ 22,322 $ 16,682 $ 11,604 Certain restricted stock awards granted during 2015 through 2018 are subject to performance and market conditions. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for 2018 and 2017 , respectively: (i) expected term of 3.0 years and 3.0 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 16.0% and 22.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 3.1% and 3.2% , and (iv) risk-free rate of 2.15% and 1.46% . As of December 31, 2018 , there was $134.4 million of unrecognized compensation related to unvested share awards under the equity incentive plan, which is expected to be recognized over the next four years and has a weighted-average vesting period of approximately 17 months .

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2018 , and are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the years ended December 31, 2018 and 2017 , we distributed $30.7 million and $22.4 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 Held for Sale (Notes)

Assets Held for Sale (Notes)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets classified as held for sale As of December 31, 2018 , one building aggregating 334,144 RSF was classified as held for sale and did not meet the criteria for classification as discontinued operations in our consolidated financial statements. The following is a summary of net assets as of December 31, 2018 and 2017 , for our real estate investment that was classified as held for sale as of each respective date (in thousands): December 31, 2018 2017 Total assets $ 31,260 $ 31,578 Total liabilities (2,476 ) (1,809 ) Total accumulated other comprehensive loss (gain) 768 (1,021 ) Net assets classified as held for sale $ 29,552 $ 28,748

Quarterly financial data (Notes

Quarterly financial data (Notes)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial data (unaudited)	Quarterly financial data (unaudited) The following is a summary of consolidated financial information on a quarterly basis for 2018 and 2017 (in thousands, except per share amounts): Quarter 2018 First Second Third Fourth Revenues $ 320,139 $ 325,034 $ 341,823 $ 340,463 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 52,016 $ 208,940 $ (31,740 ) Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.33 $ 0.51 $ 2.01 $ (0.30 ) Diluted (1) $ 1.32 $ 0.51 $ 1.99 $ (0.30 ) Quarter 2017 First Second Third Fourth Revenues $ 270,877 $ 273,059 $ 285,370 $ 298,791 Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 25,661 $ 31,630 $ 51,273 $ 36,831 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 0.29 $ 0.35 $ 0.55 $ 0.39 Diluted (1) $ 0.29 $ 0.35 $ 0.55 $ 0.38 (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding .

Subsequent events (Notes)

Subsequent events (Notes)	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent events Repayment of secured note payable In January 2019, we repaid early one secured note payable aggregating $106.7 million , originally due in 2020 and that bore interest at 7.75% , and recognized a loss on early extinguishment of debt of $7.1 million , including the write-off of unamortized loan fees. 7.00% Series D cumulative convertible preferred stock repurchases In January 2019, we repurchased, in privately negotiated transactions, 275,000 shares of our 7.00% Series D cumulative convertible preferred stock for $9.2 million , or $33.60 per share, and recognized a preferred stock redemption charge of $2.6 million . As of the date of this report, 2.3 million shares of our Series D Convertible Preferred Stock were outstanding at a book value aggregating $57.5 million . Acquisitions In January 2019, we completed five acquisitions aggregating $196.5 million in key submarkets with value-add operating properties. These acquisitions consist of: (i) 3170 Porter Drive in our Greater Stanford submarket of San Francisco, aggregating 98,626 RSF, for a purchase price of $100.3 million ; (ii) Shoreway Science Center in our Greater Stanford submarket of San Francisco, aggregating 82,462 RSF, for a purchase price of $73.2 million ; and (iii) 3911 and 3931 Sorrento Valley Boulevard in our Sorrento Mesa submarket of San Diego, aggregating 53,220 RSF, for a purchase price of $23.1 million .

Condensed consolidating financi

Condensed consolidating financial information (Notes)	12 Months Ended
	Dec. 31, 2018
Condensed consolidating financial information
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 December 31, 2018 and 2017 , and the condensed consolidating statements of operations, comprehensive income, and cash flows for the years ended December 31, 2018, 2017, and 2016 , 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 December 31, 2018 (In thousands) 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 $ — $ — $ 11,913,693 $ — $ 11,913,693 Investments in unconsolidated real estate JVs — — 237,507 — 237,507 Cash and cash equivalents 119,112 — 115,069 — 234,181 Restricted cash 193 — 37,756 — 37,949 Tenant receivables — — 9,798 — 9,798 Deferred rent — — 530,237 — 530,237 Deferred leasing costs — — 239,070 — 239,070 Investments — 1,262 891,002 — 892,264 Investments in and advances to affiliates 12,235,577 10,949,631 222,983 (23,408,191 ) — Other assets 56,353 — 313,904 — 370,257 Total assets $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 630,547 $ — $ 630,547 Unsecured senior notes payable 4,292,293 — — — 4,292,293 Unsecured senior line of credit 208,000 — — — 208,000 Unsecured senior bank term loans 347,415 — — — 347,415 Accounts payable, accrued expenses, and tenant security deposits 111,282 — 870,425 — 981,707 Dividends payable 110,280 — — — 110,280 Total liabilities 5,069,270 — 1,500,972 — 6,570,242 Redeemable noncontrolling interests — — 10,786 — 10,786 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,341,965 10,950,893 12,457,298 (23,408,191 ) 7,341,965 Noncontrolling interests — — 541,963 — 541,963 Total equity 7,341,965 10,950,893 12,999,261 (23,408,191 ) 7,883,928 Total liabilities, noncontrolling interests, and equity $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Condensed Consolidating Balance Sheet as of December 31, 2017 (In thousands) 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 Operations for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 1,010,718 $ — $ 1,010,718 Tenant recoveries — — 304,063 — 304,063 Other income (loss) 19,275 — 14,941 (21,538 ) 12,678 Total revenues 19,275 — 1,329,722 (21,538 ) 1,327,459 Expenses: Rental operations — — 381,120 — 381,120 General and administrative 88,707 — 23,236 (21,538 ) 90,405 Interest 136,036 — 21,459 — 157,495 Depreciation and amortization 6,339 — 471,322 — 477,661 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 231,905 — 903,747 (21,538 ) 1,114,114 Equity in earnings of unconsolidated real estate JVs — — 43,981 — 43,981 Equity in earnings of affiliates 591,942 455,574 9,057 (1,056,573 ) — Investment income — 528 136,235 — 136,763 Gain on sales of real estate – rental properties — — 8,704 — 8,704 Net income 379,312 456,102 623,952 (1,056,573 ) 402,793 Net income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 379,312 456,102 600,471 (1,056,573 ) 379,312 Dividends on preferred stock (5,060 ) — — — (5,060 ) Preferred stock redemption charge (4,240 ) — — — (4,240 ) Net income attributable to unvested restricted stock awards (6,029 ) — — — (6,029 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 456,102 $ 600,471 $ (1,056,573 ) $ 363,983 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 863,181 $ — $ 863,181 Tenant recoveries — — 259,144 — 259,144 Other income (loss) 15,238 (2,575 ) 11,278 (18,169 ) 5,772 Total revenues 15,238 (2,575 ) 1,133,603 (18,169 ) 1,128,097 Expenses: Rental operations — — 325,609 — 325,609 General and administrative 73,897 — 19,281 (18,169 ) 75,009 Interest 101,876 — 26,769 — 128,645 Depreciation and amortization 7,625 — 409,158 — 416,783 Impairment of real estate — — 203 — 203 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Total expenses 184,068 — 783,801 (18,169 ) 949,700 Equity in earnings of unconsolidated real estate JVs — — 15,426 — 15,426 Equity in earnings of affiliates 337,923 328,230 6,384 (672,537 ) — Gain on sales of real estate – rental properties — — 270 — 270 Gain on sales of real estate – land parcels — — 111 — 111 Net income 169,093 325,655 371,993 (672,537 ) 194,204 Net income attributable to noncontrolling interests — — (25,111 ) — (25,111 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 169,093 325,655 346,882 (672,537 ) 169,093 Dividends on preferred stock (7,666 ) — — — (7,666 ) Preferred stock redemption charge (11,279 ) — — — (11,279 ) Net income attributable to unvested restricted stock awards (4,753 ) — — — (4,753 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 145,395 $ 325,655 $ 346,882 $ (672,537 ) $ 145,395 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 673,820 $ — $ 673,820 Tenant recoveries — — 223,655 — 223,655 Other income (loss) 10,607 147 27,515 (14,038 ) 24,231 Total revenues 10,607 147 924,990 (14,038 ) 921,706 Expenses: Rental operations — — 278,408 — 278,408 General and administrative 62,234 — 15,688 (14,038 ) 63,884 Interest 85,613 — 21,340 — 106,953 Depreciation and amortization 6,792 — 306,598 — 313,390 Impairment of real estate — — 209,261 — 209,261 Loss on early extinguishment of debt 3,230 — — — 3,230 Total expenses 157,869 — 831,295 (14,038 ) 975,126 Equity in losses of unconsolidated real estate JVs — — (184 ) — (184 ) Equity in earnings of affiliates 81,361 47,215 959 (129,535 ) — Gain on sale of real estate – rental properties — — 3,715 — 3,715 Gain on sales of real estate – land parcels — — 90 — 90 Net (loss) income (65,901 ) 47,362 98,275 (129,535 ) (49,799 ) Net income attributable to noncontrolling interests — — (16,102 ) — (16,102 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (65,901 ) 47,362 82,173 (129,535 ) (65,901 ) Dividends on preferred stock (20,223 ) — — — (20,223 ) Preferred stock redemption charge (61,267 ) — — — (61,267 ) Net income attributable to unvested restricted stock awards (3,750 ) — — — (3,750 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (151,141 ) $ 47,362 $ 82,173 $ (129,535 ) $ (151,141 ) Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Other comprehensive loss Unrealized (losses) gains on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,622 — — — 1,622 Reclassification adjustment for amortization of interest income included in net income (4,941 ) — — — (4,941 ) Unrealized losses on interest rate hedge agreements, net (3,319 ) — — — (3,319 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (7,369 ) — (7,369 ) Unrealized losses on foreign currency translation, net — — (7,369 ) — (7,369 ) Total other comprehensive loss (3,319 ) — (7,369 ) — (10,688 ) Comprehensive income 375,993 456,102 616,583 (1,056,573 ) 392,105 Less: comprehensive income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 375,993 $ 456,102 $ 593,102 $ (1,056,573 ) $ 368,624 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding (losses) gains arising during the period — (5 ) 24,365 — 24,360 Reclassification adjustment for losses included in net income — 2 6,116 — 6,118 Unrealized (losses) gains on available-for-sale equity securities, net — (3 ) 30,481 — 30,478 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 3,025 — (188 ) — 2,837 Reclassification adjustment for amortization of interest expense included in net income 1,914 — 1 — 1,915 Unrealized gains (losses) on interest rate hedge agreements, net 4,939 — (187 ) — 4,752 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 7,774 — 7,774 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 1,599 — 1,599 Unrealized gains on foreign currency translation, net — — 9,373 — 9,373 Total other comprehensive income (loss) 4,939 (3 ) 39,667 — 44,603 Comprehensive income 174,032 325,652 411,660 (672,537 ) 238,807 Less: comprehensive income attributable to noncontrolling interests — — (25,045 ) — (25,045 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 174,032 $ 325,652 $ 386,615 $ (672,537 ) $ 213,762 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (65,901 ) $ 47,362 $ 98,275 $ (129,535 ) $ (49,799 ) Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding gains (losses) arising during the period — 135 (79,968 ) — (79,833 ) Reclassification adjustment for gains included in net income — (148 ) (18,325 ) — (18,473 ) Unrealized (losses) gains on available-for-sale equity securities, net — (13 ) (98,293 ) — (98,306 ) Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge (losses) gains arising during the period (1,338 ) — 188 — (1,150 ) Reclassification adjustment for amortization of interest expense included in net income 5,272 — 1 — 5,273 Unrealized gains on interest rate hedge agreements, net 3,934 — 189 — 4,123 Unrealized gains on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (2,579 ) — (2,579 ) Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 52,926 — 52,926 Unrealized gains on foreign currency translation, net — — 50,347 — 50,347 Total other comprehensive income (loss) 3,934 (13 ) (47,757 ) — (43,836 ) Comprehensive (loss) income (61,967 ) 47,349 50,518 (129,535 ) (93,635 ) Less: comprehensive income attributable to noncontrolling interests — — (16,102 ) — (16,102 ) Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (61,967 ) $ 47,349 $ 34,416 $ (129,535 ) $ (109,737 ) Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,339 — 471,322 — 477,661 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Gain on sales of real estate – rental properties — — (8,704 ) — (8,704 ) Equity in earnings of unconsolidated real estate JVs — — (43,981 ) — (43,981 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 8,777 — 1,494 — 10,271 Amortization of debt discounts (premiums) 797 — (3,203 ) — (2,406 ) Amortization of acquired below-market leases — — (21,938 ) — (21,938 ) Deferred rent — — (93,883 ) — (93,883 ) Stock compensation expense 35,019 — — — 35,019 Equity in earnings of affiliates (591,942 ) (455,574 ) (9,057 ) 1,056,573 — Investment income — (528 ) (136,235 ) — (136,763 ) Changes in operating assets and liabilities: Tenant receivables — — 435 — 435 Deferred leasing costs — — (57,088 ) — (57,088 ) Other assets (14,701 ) — (6,148 ) — (20,849 ) Accounts payable, accrued expenses, and tenant security deposits 20,663 — 1,246 — 21,909 Net cash (used in) provided by operating activities (154,913 ) — 725,252 — 570,339 Investing Activities Proceeds from sales of real estate — — 20,190 — 20,190 Additions to real estate — — (927,168 ) — (927,168 ) Purchase of real estate — — (1,037,180 ) — (1,037,180 ) Deposits for investing activities — — (2,000 ) — (2,000 ) Investments in subsidiaries (1,693,774 ) (1,463,063 ) (30,076 ) 3,186,913 — Acquisition of interest in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate joint ventures — — (116,008 ) — (116,008 ) Return of capital from unconsolidated real estate JVs — — 68,592 — 68,592 Additions to investments — — (235,943 ) — (235,943 ) Sales of investments — 956 102,723 — 103,679 Net cash used in investing activities $ (1,693,774 ) $ (1,462,107 ) $ (2,192,792 ) $ 3,186,913 $ (2,161,760 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2018 (In thousands) 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 — — (156,888 ) — (156,888 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 4,741,000 — — — 4,741,000 Repayments of borrowings from unsecured senior line of credit (4,583,000 ) — — — (4,583,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 105,961 1,462,098 1,618,854 (3,186,913 ) — Payments of loan fees (19,292 ) — — — (19,292 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (13,976 ) — — — (13,976 ) Proceeds from the issuance of common stock 1,293,301 — — — 1,293,301 Dividends on common stock (380,632 ) — — — (380,632 ) Dividends on preferred stock (5,207 ) — — — (5,207 ) Contributions from and sales of noncontrolling interests — — 28,275 — 28,275 Distributions to and purchase of noncontrolling interests — — (32,253 ) — (32,253 ) Net cash provided by financing activities 1,837,476 1,462,098 1,475,772 (3,186,913 ) 1,588,433 Effect of foreign exchange rate changes on cash and cash equivalents — — (2,068 ) — (2,068 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (11,211 ) (9 ) 6,164 — (5,056 ) 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 $ 119,305 $ — $ 152,825 $ — $ 272,130 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 104,935 $ — $ 22,158 $ — $ 127,093 Non-Cash Investing Activities: Changes in accrued capital expenditures $ — $ — $ 81,177 $ — $ 81,177 Payable for purchase of real estate $ — $ — $ (65,000 ) $ — $ (65,000 ) Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 7,625 — 409,158 — 416,783 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Impairment of real estate — — 203 — 203 Gain on sales of real estate – rental properties — — (270 ) — (270 ) Gain on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings from unconsolidated real estate JVs — — (15,426 ) — (15,426 ) Distributions of earnings from unconsolidated real estate JVs — — 1,618 — 1,618 Amortization of loan fees 7,627 — 3,522 — 11,149 Amortization of debt discounts (premiums) 608 — (3,120 ) — (2,512 ) Amortization of acquired below-market leases — — (19,055 ) — (19,055 ) Deferred rent — — (107,643 ) — (107,643 ) Stock compensation expense 25,610 — — — 25,610 Equity in earnings of affiliates (337,923 ) (328,230 ) (6,384 ) 672,537 — Investment income — 2,575 (3,904 ) — (1,329 ) Changes in operating assets and liabilities: Tenant receivables — — (502 ) — (502 ) Deferred leasing costs — — (62,639 ) — (62,639 ) Other assets (9,343 ) — (8,879 ) — (18,222 ) Accounts payable, accrued expenses, and tenant security deposits (10,524 ) — 36,097 — 25,573 Net cash (used in) provided by operating activities (146,557 ) — 597,439 — 450,882 Investing Activities Proceeds from sales of real estate — — 15,432 — 15,432 Additions to real estate — — (893,685 ) — (893,685 ) Purchase of real estate — — (675,584 ) — (675,584 ) Deposits for investing activities — — (2,300 ) — (2,300 ) Investments in subsidiaries (1,458,973 ) (1,257,845 ) (25,872 ) 2,742,690 — Acquisition of interest in unconsolidated real estate JVs — — (60,291 ) — (60,291 ) Investments in unconsolidated real estate joint ventures — — (17,876 ) — (17,876 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to investments — — (171,881 ) — (171,881 ) Sales of investments — 208 30,275 — 30,483 Net cash used in by investing activities $ (1,458,973 ) $ (1,257,637 ) $ (1,763,206 ) $ 2,742,690 $ (1,737,126 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2017 (In thousands) 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 $ — $ — $ 153,405 $ — $ 153,405 Repayments of borrowings from secured notes payable — — (396,240 ) — (396,240 ) Proceeds from issuance of unsecured senior notes payable 1,023,262 — — — 1,023,262 Borrowings from unsecured senior line of credit 3,858,000 — — — 3,858,000 Repayments of borrowings from unsecured senior line of credit (3,836,000 ) — — — (3,836,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 64,156 1,257,646 1,420,888 (2,742,690 ) — Payments of loan fees (9,440 ) — (579 ) — (10,019 ) Repurchases 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 1,275,397 — — — 1,275,397 Dividends on common stock (312,131 ) — — — (312,131 ) Dividends on preferred stock (9,619 ) — — — (9,619 ) Contributions from and sales of noncontrolling interests — — 44,931 — 44,931 Distributions to and purchases of noncontrolling interests — — (22,361 ) — (22,361 ) Net cash provided by financing activities 1,705,341 1,257,646 1,200,044 (2,742,690 ) 1,420,341 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,723 — 1,723 Net increase in cash, cash equivalents, and restricted cash 99,811 9 36,000 — 135,820 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 $ 130,516 $ 9 $ 146,661 $ — $ 277,186 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 85,705 $ — $ 26,408 $ — $ 112,113 Non-Cash Investing Activities: Changes in accrued construction $ — $ — $ (11,034 ) $ — $ (11,034 ) Contribution of real estate from noncontrolling interests $ — $ — $ 8,597 $ — $ 8,597 Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net (loss) income $ (65,901 ) $ 47,362 $ 98,275 $ (129,535 ) $ (49,799 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 6,792 — 306,598 — 313,390 Loss on early extinguishment of debt 3,230 — — — 3,230 Impairment of real estate — — 209,261 — 209,261 Gains on sales of real estate – land parcel — — (90 ) — (90 ) Gains on sales of real estate – rental properties — — (3,715 ) — (3,715 ) Equity in losses from unconsolidated real estate JVs — — 184 — 184 Distributions of earnings from unconsolidated real estate JVs — — 406 — 406 Amortization of loan fees 7,709 — 4,163 — 11,872 Amortization of debt discounts (premiums) 488 — (988 ) — (500 ) Amortization of acquired below-market leases — — (5,723 ) — (5,723 ) Deferred rent — — (51,673 ) — (51,673 ) Stock compensation expense 25,433 — — — 25,433 Equity in earnings of affiliates (81,361 ) (47,215 ) (959 ) 129,535 — Investment income — (379 ) (16,754 ) — (17,133 ) Changes in operating assets and liabilities: Tenant receivables — — (285 ) — (285 ) Deferred leasing costs — (14 ) (35,259 ) — (35,273 ) Other assets (10,191 ) (1 ) (1,228 ) — (11,420 ) Accounts payable, accrued expenses, and tenant security deposits 5,806 (609 ) 125 — 5,322 Net cash (used in) provided by operating activities (107,995 ) (856 ) 502,338 — 393,487 Investing Activities Proceeds from sales of real estate — — 123,081 — 123,081 Additions to real estate — — (821,690 ) — (821,690 ) Purchase of real estate — — (739,678 ) — (739,678 ) Deposit for investing activities — — (450 ) — (450 ) Investments in subsidiaries (877,512 ) (907,695 ) (18,514 ) 1,803,721 — Investments in unconsolidated real estate joint ventures — — (11,529 ) — (11,529 ) Additions to investments — — (102,284 ) — (102,284 ) Sales of investments — 1,251 37,695 — 38,946 Repayment of notes receivable — — 15,198 — 15,198 Net cash used in investing activities $ (877,512 ) $ (906,444 ) $ (1,518,171 ) $ 1,803,721 $ (1,498,406 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2016 (In thousands) 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 $ — $ — $ 291,400 $ — $ 291,400 Repayments of borrowings from secured notes payable — — (310,903 ) — (310,903 ) Proceeds from issuance of unsecured senior notes payable 348,604 — — — 348,604 Borrowings from unsecured senior line of credit 4,117,000 — — — 4,117,000 Repayments of borrowings from unsecured senior line of credit (4,240,000 ) — — — (4,240,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 8,346 907,300 888,075 (1,803,721 ) — Payments of loan fees (12,401 ) — (4,280 ) — (16,681 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (206,826 ) — — — (206,826 ) Proceeds from the issuance of common stock 1,432,177 — — — 1,432,177 Dividends on common stock (240,347 ) — — — (240,347 ) Dividends on preferred stock (22,414 ) — — — (22,414 ) Financing costs paid for sales of noncontrolling interests — — (10,044 ) — (10,044 ) Contributions from and sales of noncontrolling interests — — 221,487 — 221,487 Distributions to and purchases of noncontrolling interests — — (69,678 ) — (69,678 ) Net cash provided by financing activities 984,139 907,300 1,006,057 (1,803,721 ) 1,093,775 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,460 ) — (1,460 ) Net decrease in cash, cash equivalents, and restricted cash (1,368 ) — (11,236 ) — (12,604 ) Cash, cash equivalents, and restricted cash as of the beginning of period 32,073 — 121,897 — 153,970 Cash, cash equivalents, and restricted cash as of the end of period $ 30,705 $ — $ 110,661 $ — $ 141,366 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 67,066 $ — $ 17,841 $ — $ 84,907 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ 76,848 $ — $ 76,848 Payable for purchase of real estate $ — $ — $ (56,800 ) $ — $ (56,800 ) Assumption of secured notes payable in connection with purchase of real estate $ — $ — $ (203,000 ) $ — $ (203,000 ) Net investment in direct financing lease $ — $ — $ 36,975 $ — $ 36,975 Distribution of real estate in connection with purchase of remaining 49% interest in real estate joint venture with Uber $ — $ — $ (25,546 ) $ — $ (25,546 ) Consolidation of previously unconsolidated real estate joint venture $ — $ — $ 87,930 $ — $ 87,930 Non-Cash Financing Activities: Redemption of redeemable noncontrolling interest $ — $ — $ (5,000 ) $ — $ (5,000 ) Contribution from redeemable noncontrolling interest $ — $ — $ 2,264 $ — $ 2,264

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation	Alexandria Real Estate Equities, Inc. and Subsidiaries Schedule III Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Alexandria Center ® at Kendall Square Greater Boston $ 228,769 (4) (5) $ 279,668 $ 205,491 $ 1,404,365 $ 279,668 $ 1,609,856 $ 1,889,524 $ (187,742 ) $ 1,701,782 2000-2017 2005-2015 325 Binney Street Greater Boston — 84,338 47 15,592 84,338 15,639 99,977 — 99,977 N/A 2017 Alexandria Technology Square ® Greater Boston — — 619,658 214,662 — 834,320 834,320 (226,968 ) 607,352 2001-2012 2006 Alexandria Center ® at One Kendall Square Greater Boston 214,057 265,614 483,769 196,284 265,614 680,053 945,667 (54,566 ) 891,101 1985-1995 2016 480 and 500 Arsenal Street Greater Boston — 9,773 12,773 86,231 9,773 99,004 108,777 (38,023 ) 70,754 2001-2003 2000-2001 640 Memorial Drive Greater Boston 83,212 — 174,878 354 — 175,232 175,232 (29,119 ) 146,113 2011 2015 780 and 790 Memorial Drive Greater Boston — — — 51,485 — 51,485 51,485 (22,832 ) 28,653 2002 2001 167 Sidney Street and 99 Erie Street Greater Boston — — 12,613 13,704 — 26,317 26,317 (6,700 ) 19,617 2006-2012 2005-2006 79/96 13th Street (Charlestown Navy Yard) Greater Boston — — 6,247 8,706 — 14,953 14,953 (5,083 ) 9,870 2012 1998 99 A Street Greater Boston — 31,671 878 4,087 31,671 4,965 36,636 (342 ) 36,294 1968 2018 Alexandria Park at 128 Greater Boston — 10,439 41,596 78,992 10,439 120,588 131,027 (40,748 ) 90,279 1997-2010 1998-2008 225 Second Avenue Greater Boston — 2,925 14,913 39,739 2,925 54,652 57,577 (6,946 ) 50,631 2014 2014 266 and 275 Second Avenue Greater Boston — 14,161 55,081 14,317 14,161 69,398 83,559 (5,487 ) 78,072 2017 2017 100 Tech Drive Greater Boston — 11,977 85,620 200 11,977 85,820 97,797 (2,035 ) 95,762 2015 2018 19 Presidential Way Greater Boston — 12,833 27,333 20,135 12,833 47,468 60,301 (13,534 ) 46,767 1999 2005 100 Beaver Street Greater Boston — 1,466 9,046 13,200 1,466 22,246 23,712 (6,369 ) 17,343 2006 2005 285 Bear Hill Road Greater Boston — 422 3,538 6,888 422 10,426 10,848 (2,164 ) 8,684 2013 2011 111 and 130 Forbes Boulevard Greater Boston — 3,146 15,725 3,260 3,146 18,985 22,131 (5,808 ) 16,323 2006 2006-2007 20 Walkup Drive Greater Boston — 2,261 7,099 9,029 2,261 16,128 18,389 (3,395 ) 14,994 2012 2006 30 Bearfoot Road Greater Boston — 1,220 22,375 45 1,220 22,420 23,640 (17,958 ) 5,682 2000 2005 Alexandria Center ® for Science & Technology San Francisco — 93,813 210,211 402,766 93,813 612,977 706,790 (125,115 ) 581,675 2007-2014 2004-2011 1455 and 1515 Third Street San Francisco — 117,637 — — 117,637 — 117,637 — 117,637 N/A 2016 510 Townsend Street San Francisco — 52,105 — 174,108 52,105 174,108 226,213 (6,648 ) 219,565 2017 2014 88 Bluxome Street San Francisco — 148,551 21,514 30,534 148,551 52,048 200,599 (4,593 ) 196,006 N/A 2017 505 Brannan Street San Francisco — 31,710 2,540 105,965 31,710 108,505 140,215 (3,578 ) 136,637 2017 2015 213, 249, 259, 269, and 279 East Grand Avenue San Francisco — 59,199 — 486,463 59,199 486,463 545,662 (31,738 ) 513,924 2008-2018 2004 Alexandria Technology Center ® – Gateway San Francisco — 45,425 121,059 33,778 45,425 154,837 200,262 (54,566 ) 145,696 2000-2006 2002-2006 701 Gateway Boulevard San Francisco — 25,580 47,835 3,521 25,580 51,356 76,936 (2,046 ) 74,890 1998 2017 400 and 450 East Jamie Court San Francisco — — — 113,594 — 113,594 113,594 (41,189 ) 72,405 2012 2002 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired 500 Forbes Boulevard San Francisco $ — $ 35,596 $ 69,091 $ 17,503 $ 35,596 $ 86,594 $ 122,190 $ (24,988 ) $ 97,202 2001 2007 7000 Shoreline Court San Francisco — 7,038 39,704 16,746 7,038 56,450 63,488 (17,384 ) 46,104 2001 2004 341 and 343 Oyster Point Boulevard San Francisco — 7,038 — 33,682 7,038 33,682 40,720 (16,558 ) 24,162 2009-2013 2000 849/863 Mitten Road/866 Malcolm Road San Francisco — 3,211 8,665 22,113 3,211 30,778 33,989 (12,196 ) 21,793 2012 1998 960 Industrial Road San Francisco — 66,608 5,419 10,803 66,608 16,222 82,830 (2,805 ) 80,025 N/A 2017 825 and 835 Industrial Road San Francisco — 87,566 — 50,289 87,566 50,289 137,855 — 137,855 N/A 2017 2425 Garcia Avenue & 2400/2450 Bayshore Parkway San Francisco 751 1,512 21,323 26,187 1,512 47,510 49,022 (21,337 ) 27,685 2008 1999 3165 Porter Drive San Francisco — — 19,154 2,263 — 21,417 21,417 (7,848 ) 13,569 2002 2003 1450 Page Mill Road San Francisco — — 84,467 98 — 84,565 84,565 (3,432 ) 81,133 2017 2017 3350 West Bayshore Road San Francisco — 4,800 6,693 12,736 4,800 19,429 24,229 (5,334 ) 18,895 1982 2005 2625/2627/2631 Hanover Street San Francisco — — 6,628 11,887 — 18,515 18,515 (9,761 ) 8,754 2000 1999 201 Haskins Way San Francisco — 32,245 1,287 18,251 32,245 19,538 51,783 (1,445 ) 50,338 N/A 2017 Alexandria PARC San Francisco — 72,859 53,309 6,140 72,859 59,449 132,308 (1,028 ) 131,280 1984 2018 Alexandria Center ® for Life Science New York City — — — 840,976 — 840,976 840,976 (140,671 ) 700,305 2010-2016 2006 219 East 42nd Street New York City — 141,266 63,312 2,043 141,266 65,355 206,621 (4,522 ) 202,099 1995 2018 Alexandria Life Science Factory at Long Island City New York City — 22,746 53,093 2,690 22,746 55,783 78,529 (72 ) 78,457 N/A 2018 ARE Spectrum San Diego — 32,361 80,957 199,768 32,361 280,725 313,086 (45,897 ) 267,189 2008-2017 2007-2017 ARE Torrey Ridge San Diego — 22,124 152,840 27,818 22,124 180,658 202,782 (17,681 ) 185,101 2003-2004 2016 ARE Sunrise San Diego — 6,118 17,947 81,293 6,118 99,240 105,358 (44,659 ) 60,699 2000-2015 1994-2004 ARE Nautilus San Diego — 6,684 27,600 122,982 6,684 150,582 157,266 (38,844 ) 118,422 2010-2012 1994-1997 3545 Cray Court San Diego 33,238 7,056 53,944 368 7,056 54,312 61,368 (33,490 ) 27,878 1998 2014 11119 North Torrey Pines Road San Diego 15,606 (5) 9,994 37,099 34,084 9,994 71,183 81,177 (18,477 ) 62,700 2012 2007 5200 Illumina Way San Diego — 38,340 96,606 195,100 38,340 291,706 330,046 (40,779 ) 289,267 2004-2017 2010 Campus Pointe by Alexandria San Diego — 48,644 211,125 280,243 48,644 491,368 540,012 (92,388 ) 447,624 1991-2016 2010-2017 10260 Campus Point Drive San Diego — 32,139 16,258 336 32,139 16,594 48,733 — 48,733 1988 2018 4161 Campus Point Court San Diego — 38,243 3,537 290 38,243 3,827 42,070 — 42,070 1988 2018 ARE Towne Centre San Diego — 8,539 18,850 110,718 8,539 129,568 138,107 (48,259 ) 89,848 2000-2018 1999 ARE Esplanade San Diego 10,713 (5) 9,682 29,991 88,773 9,682 118,764 128,446 (22,904 ) 105,542 1989-2016 1998-2011 Summers Ridge Science Park San Diego — 21,154 102,046 392 21,154 102,438 123,592 (2,628 ) 120,964 2005 2018 5810/5820 and 6138/6150 Nancy Ridge Drive San Diego — 5,476 28,682 12,491 5,476 41,173 46,649 (16,675 ) 29,974 2000-2001 2003-2004 ARE Portola San Diego — 6,991 25,153 39,490 6,991 64,643 71,634 (9,443 ) 62,191 2005-2012 2007 10121 and 10151 Barnes Canyon Road San Diego — 4,608 5,100 19,102 4,608 24,202 28,810 (3,061 ) 25,749 1988-2014 2013 7330 Carroll Road San Diego — 2,650 19,878 1,897 2,650 21,775 24,425 (4,564 ) 19,861 2007 2010 5871 Oberlin Drive San Diego — 1,349 8,016 3,925 1,349 11,941 13,290 (2,156 ) 11,134 2004 2010 Vista Wateridge I & II San Diego — 3,286 — 735 3,286 735 4,021 — 4,021 N/A 2017 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street San Diego $ — $ 4,156 $ 11,571 $ 30,373 $ 4,156 $ 41,944 $ 46,100 $ (10,859 ) $ 35,241 2006-2014 1997-2014 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard San Diego — 4,323 22,846 23,308 4,323 46,154 50,477 (20,963 ) 29,514 2007 2010-2014 13112 Evening Creek Drive San Diego — 7,393 27,950 188 7,393 28,138 35,531 (11,786 ) 23,745 2007 2007 Townsgate by Alexandria San Diego — 16,416 — 1,442 16,416 1,442 17,858 (3 ) 17,855 N/A 2018 400 Dexter Avenue North Seattle — 11,342 — 209,315 11,342 209,315 220,657 (12,438 ) 208,219 2017 2007 701 Dexter Avenue North Seattle — 35,316 719 1,665 35,316 2,384 37,700 (100 ) 37,600 1984 2018 1201 and 1208 Eastlake Avenue Seattle 39,133 (5) 5,810 47,149 15,212 5,810 62,361 68,171 (40,526 ) 27,645 1997 2002 1616 Eastlake Avenue Seattle — 6,940 — 98,231 6,940 98,231 105,171 (30,547 ) 74,624 2013 2003 1551 Eastlake Avenue Seattle — 8,525 20,064 42,607 8,525 62,671 71,196 (14,775 ) 56,421 2012 2004 199 East Blaine Street Seattle — 6,528 — 72,331 6,528 72,331 78,859 (21,989 ) 56,870 2010 2004 219 Terry Avenue North Seattle — 1,819 2,302 19,807 1,819 22,109 23,928 (6,364 ) 17,564 2012 2007 1600 Fairview Avenue Seattle — 2,212 6,788 7,491 2,212 14,279 16,491 (4,081 ) 12,410 2007 2005 188 East Blaine Street Seattle — — 8,444 89,865 — 98,309 98,309 (97 ) 98,212 N/A 2015 2301 5th Avenue Seattle — 6,543 76,180 607 6,543 76,787 83,330 (1,093 ) 82,237 2002 2018 3000/3018 Western Avenue Seattle — 1,432 7,497 24,021 1,432 31,518 32,950 (13,336 ) 19,614 2000 1998 410 West Harrison/410 Elliott Avenue West Seattle — 3,857 1,989 11,270 3,857 13,259 17,116 (5,221 ) 11,895 2006-2008 2004 9800, 9900, and 9920 Medical Center Drive Maryland — 20,219 112,543 130,511 20,219 243,054 263,273 (68,110 ) 195,163 1985-2018 2004-2017 9704, 9708, 9712, and 9714 Medical Center Drive Maryland — 10,258 74,173 534 10,258 74,707 84,965 (1,285 ) 83,680 2015 2018 1330 Piccard Drive Maryland — 2,800 11,533 34,768 2,800 46,301 49,101 (17,340 ) 31,761 2005 1997 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 6,426 1,523 14,157 15,680 (7,444 ) 8,236 1995-2003 1997 14920 and 15010 Broschart Road Maryland — 4,904 15,846 4,922 4,904 20,768 25,672 (5,340 ) 20,332 1998-1999 2004-2010 1405 Research Boulevard Maryland — 899 21,946 11,961 899 33,907 34,806 (13,706 ) 21,100 2006 1997 5 Research Place Maryland — 1,466 5,708 28,437 1,466 34,145 35,611 (13,702 ) 21,909 2010 2001 9920 Belward Campus Drive Maryland — 2,732 12,308 62 2,732 12,370 15,102 (211 ) 14,891 2007 2018 12301 Parklawn Drive Maryland — 1,476 7,267 1,167 1,476 8,434 9,910 (2,731 ) 7,179 2007 2004 5 Research Court Maryland — 1,647 13,258 18,293 1,647 31,551 33,198 (13,790 ) 19,408 2007 2004 Alexandria Technology Center ® – Gaithersburg I Maryland — 10,183 59,641 34,242 10,183 93,883 104,066 (31,995 ) 72,071 1992-2009 1997-2004 Alexandria Technology Center ® – Gaithersburg II Maryland — 4,531 21,594 32,184 4,531 53,778 58,309 (24,973 ) 33,336 2000-2003 1997-2000 21 First Field Road Maryland — 2,407 13,091 80 2,407 13,171 15,578 (226 ) 15,352 2015 2018 50 and 55 West Watkins Mill Road Maryland — 4,574 23,759 96 4,574 23,855 28,429 (408 ) 28,021 2015 2018 401 Professional Drive Maryland — 1,129 6,941 9,379 1,129 16,320 17,449 (6,626 ) 10,823 2007 1996 950 Wind River Lane Maryland — 2,400 10,620 1,050 2,400 11,670 14,070 (3,062 ) 11,008 2009 2010 620 Professional Drive Maryland 5,068 (5) 784 4,705 7,353 784 12,058 12,842 (4,656 ) 8,186 2012 2005 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired 8000/9000/10000 Virginia Manor Road Maryland $ — $ — $ 13,679 $ 6,924 $ — $ 20,603 $ 20,603 $ (9,956 ) $ 10,647 2003 1998 14225 Newbrook Drive Maryland — 4,800 27,639 11,562 4,800 39,201 44,001 (16,389 ) 27,612 2006 1997 Alexandria Technology Center ® – Alston Research Triangle Park — 1,430 17,482 30,395 1,430 47,877 49,307 (22,117 ) 27,190 1985-2009 1998 Alexandria Center ® for AgTech – RTP Research Triangle Park — 2,000 6,756 45,550 2,000 52,306 54,306 (61 ) 54,245 2018 2017 9 Laboratory Drive Research Triangle Park — 800 — 833 800 833 1,633 — 1,633 N/A 2018 108/110/112/114 TW Alexander Drive Research Triangle Park — — 376 43,025 — 43,401 43,401 (18,045 ) 25,356 2000 1999 Alexandria Innovation Center ® – Research Triangle Park Research Triangle Park — 1,065 21,218 29,977 1,065 51,195 52,260 (16,690 ) 35,570 2005-2008 2000 6 Davis Drive Research Triangle Park — 9,029 10,712 13,484 9,029 24,196 33,225 (12,366 ) 20,859 2012 2012 7 Triangle Drive Research Triangle Park — 701 — 32,433 701 32,433 33,134 (6,403 ) 26,731 2011 2005 2525 East NC Highway 54 Research Triangle Park — 713 12,827 20,642 713 33,469 34,182 (7,581 ) 26,601 1995 2004 407 Davis Drive Research Triangle Park — 1,229 17,733 696 1,229 18,429 19,658 (2,885 ) 16,773 1998 2013 601 Keystone Park Drive Research Triangle Park — 785 11,546 7,074 785 18,620 19,405 (5,361 ) 14,044 2009 2006 6040 George Watts Hill Drive Research Triangle Park — — — 26,344 — 26,344 26,344 (2,328 ) 24,016 2015 2014 5 Triangle Drive Research Triangle Park — 161 3,409 6,889 161 10,298 10,459 (4,796 ) 5,663 1981 1998 6101 Quadrangle Drive Research Triangle Park — 951 3,982 11,128 951 15,110 16,061 (2,866 ) 13,195 2012 2008 Canada Canada — 10,350 43,884 9,027 10,350 52,911 63,261 (18,887 ) 44,374 2004-2012 2005-2007 Various Various — 58,931 70,220 186,245 58,931 256,465 315,396 (50,705 ) 264,691 Various Various Total – North America 630,547 2,383,346 4,487,239 7,277,642 2,383,346 11,764,881 14,148,227 (2,263,797 ) 11,884,430 Asia — — — 33,553 — 33,553 33,553 (4,290 ) 29,263 2015 2008 $ 630,547 $ 2,383,346 $ 4,487,239 $ 7,311,195 $ 2,383,346 $ 11,798,434 $ 14,181,780 $ (2,268,087 ) $ 11,913,693 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2018 (Dollars in thousands) (1) The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited). (2) The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements. (3) Represents the later of the date of original construction or the date of the latest renovation. (4) Represents $35,723 related to the loan in footnote (5) and $193,046 of other debt. (5) Loan of $106,243 secured by six properties identified by this reference. Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2018 (In thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2018 2017 2016 Balance at beginning of period $ 12,178,255 $ 10,632,518 $ 8,945,261 Acquisitions (including real estate, land, and joint venture consolidation) 1,057,036 707,522 1,078,959 Additions to real estate 959,410 881,463 914,178 Deductions (including dispositions and direct financing leases) (12,921 ) (43,248 ) (305,880 ) Balance at end of period $ 14,181,780 $ 12,178,255 $ 10,632,518 December 31, Accumulated Depreciation 2018 2017 2016 Balance at beginning of period $ 1,880,236 $ 1,554,546 $ 1,315,339 Depreciation expense on properties 390,471 348,064 265,387 Sale of properties (2,620 ) (22,374 ) (26,180 ) Balance at end of period $ 2,268,087 $ 1,880,236 $ 1,554,546

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 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 our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but 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 our consolidated financial statements for further information on one of 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.
Operating segment	Reportable segment We are engaged in the business of providing space for lease to the life science and technology industries. Our properties are similar in that they provide space for lease to the life science and technology industries, consist of improvements that are generic and reusable for the life science and technology industries, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and reviews financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segmen
Investments in real estate	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 for 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. Any excess (deficit) of the consideration transferred relative to the fair value of the assets acquired or liabilities assumed is allocated to the individual assets or liabilities based on their relative fair value. 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. Incremental and external direct acquisition costs (such as legal and third party expenses) 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 fair 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, estimated useful life or up to 40 years for buildings and building improvements, an estimated life of up to 20 years for land improvements, the respective lease term or estimated useful life for tenant improvements, and the shorter of the lease term or 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 our 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 operations, 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 or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators 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.
Cash and cash equivalents	Cash and cash equivalents We consider all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks in accounts that may at times exceed the FDIC-insured limit of $250,000. We have not experienced any losses to date on our invested cash.
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 operations. 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, otherwise investment in privately held entities were accounted for under the equity method of accounting. 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. • Investments in privately held entities without readily determinable fair values fall into two categories: • Investments in privately held entities that report NAV per share, 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. We use NAV reported by limited partnerships without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. • Investments in privately held entities that do not report NAV are accounted for using a measurement alternative that measure these investments 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 of the same issuer, 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 and monitoring the presence of the following impairment indicators: (i) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee, (iii) a significant adverse change in the general market condition, including the research and development of technology and products, which the investee is bringing or attempting to bring to the market, or (iv) significant concerns about the investee’s ability to continue as a going concern. 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 required adjustment 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 included in the cumulative adjustment recorded on January 1, 2018 to adjust 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. Beginning January 1, 2018, we recognize unrealized gains and losses and realized gains and losses within investment income in our consolidated statements of operations. Unrealized gains and losses represent changes in fair value for investments in publicly traded companies, changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV, and observable price changes on our investments in privately held entities that do not report NAV. Impairments are realized losses, which result in an adjusted cost, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV to their estimated fair value. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost.
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 whether it should account for the arrangement as a principal or an 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. 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 required 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 cumulative adjustment to retained earnings on January 1, 2018. The table below provides the detail of our consolidated revenues for the year ended December 31, 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 Year Ended December 31, 2018 Revenues subject to the lease ASU: Rental revenues 1/1/19 $ 963,554 Tenant recoveries 1/1/19 304,063 1,267,617 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 47,164 Other income 1/1/18 9,914 57,078 Interest and other income within the scope of other existing accounting standards N/A 2,764 Total revenues $ 1,327,459 Parking revenues subject to the new revenue recognition ASU aggregating $47.2 million for the year ended December 31, 2018 , and classified in rental revenues in our consolidated statements of operations, consist primarily of short-term rental revenues that are not considered lease revenue under the new ASU. Under accounting standards that were in effect prior to January 1, 2018, 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 $9.9 million for the year ended December 31, 2018 , 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 accounting standards in effect prior to January 1, 2018, 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 accounting standards 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 year ended December 31, 2018 , as follows: • We reviewed our contracts prior to the adoption of this ASU and noted that we did not have material contract assets or contract liabilities related to contracts with customers subject to the new revenue recognition ASU. Consequently, upon adoption of this ASU, we did not recognize any such assets or liabilities. • During the year ended December 31, 2018 , we had no contract assets or contract liabilities related to contracts with customers subject to the new revenue recognition ASU that would require the recognition in our consolidated balance sheets. • 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 on the date of adoption. Recognition of rental revenue 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 operations, 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 in 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 operations and produces a constant periodic rate of return on the net investment in the direct financing lease. Refer to Note 8 – “Other Assets” to our consolidated financial statements for more information about our 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. Refer to the “Lease Accounting” subsection within the “Recent Accounting Pronouncements” section in Note 2 – “Summary of Significant Accounting Policies” for additional information. 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 December 31, 2018 and 2017 , no allowance for uncollectible tenant receivables and deferred rent was deemed necessary.
Monitoring of tenant credit quality	Monitoring of 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 2013 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 IRS in the form of amendments, technical corrections, regulations, or other forms of guidance, any of which could either 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.
Loan fees	Loan fees Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing on our consolidated balance sheet. Loan fees related to our unsecured senior line of credit are classified within other assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our consolidated statements of operations.
Interest rate hedge agreements	Interest rate hedge agreements We do not use derivatives for trading or speculative purposes, and currently all of our derivatives are designated as hedges. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and by entering into interest rate hedge agreements. Specifically, we enter into interest rate hedge agreements to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the values of which are determined by interest rates. Our interest rate hedge agreements are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings based on LIBOR. Our objectives in using interest rate hedge agreements are to add stability to interest expense and to manage our exposure to interest rate movements in accordance with our interest rate risk management strategy. All of our interest rate hedge agreements are designated as cash flow hedges. Interest rate hedge agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company’s making fixed-rate payments over the life of the interest rate hedge agreements without exchange of the underlying notional amount of interest rate hedge agreements. We utilize interest rate hedge agreements to hedge a portion of our exposure to variable interest rates primarily associated with borrowings based on LIBOR. We classify our interest rate hedge agreements as either assets or liabilities on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Our interest rate hedge agreements are considered cash flow hedges because they are designated and qualify as hedges of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. All of our interest rate hedge agreements meet the criteria to be deemed “highly effective” in reducing our exposure to variable interest rates. We formally document all relationships between interest rate hedge agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. We make a quantitative assessment at the inception of each interest rate hedge agreement, and qualitatively on an ongoing basis, to determine whether these instruments are “highly effective” in offsetting changes in cash flows associated with the hedged items. The entire change in the fair value of our highly effective interest rate hedge agreements that are designated and that qualify as cash flow hedges is recognized in accumulated other comprehensive income. Amounts classified in accumulated other comprehensive income will be reclassified into earnings in the period during which the hedged transactions affect earnings. While we intend to continue to meet the conditions for such hedge accounting, if our interest rate hedges did not qualify as “highly effective,” the changes in the fair values of the derivatives used as hedges would be reflected in earnings. 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.
Employee and non-employee share-based payments	Employee and non-employee share-based payments We have implemented an entity-wide accounting policy to account for forfeitures of share-based awards granted to employees and non-employees when they occur. As a result of this policy, we recognize expense on share-based awards with time-based vesting conditions without reductions for an estimate of forfeitures. This accounting policy only applies to service condition awards. For performance condition awards, we continue to assess the probability that such conditions will be achieved. 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 recognized over the required service period of the recipient, in the same way as are share-based awards granted to employees. Under the previous accounting standards, 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 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 clarified the original ASU. The ASUs became effective for us on January 1, 2019. Upon adoption of the lease ASUs on January 1, 2019, we elected the following practical expedients provided by these ASUs and discussed in greater detail within this “Lease Accounting” section of the “Recent Accounting Pronouncements.” The summary of the elected practical expedients is provided below: • Package of practical expedients – requires us not to reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. • Optional transition method practical expedient – requires us to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. • Land easements practical expedient – requires us to account for land easements existing as of January 1, 2019, under the accounting standards applied to them prior to January 1, 2019. • Single component practical expedient – requires us to account for lease and nonlease components associated with that lease under the new lease ASUs, if certain criteria are met. • Short-term leases practical expedient – for our operating leases with a term of 12 months or less in which we are the lessee, this expedient requires us not to record on our balance sheets related lease liabilities and right-of-use assets. Overview related to both lessee and lessor accounting 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 whether 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 is 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 is 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 is classified as an operating lease by the lessor. The new lease ASUs require the use of the modified retrospective transition method. On January 1, 2019, we adopted the new lease ASUs electing the package of practical expedients and the optional transition method permitting January 1, 2019, to be our initial application date. Our election of the package of practical expedients and the optional transition method allowed us not to reassess: • Whether any expired or existing contracts as of January 1, 2019, were leases or contained leases. • This practical expedient is primarily applicable to entities that have contracts containing embedded leases. As of December 31, 2018, we had no such contracts, therefore this practical expedient had no effect on us. • The lease classification for any leases expired or existing as of January 1, 2019. • Our election of the package of practical expedients required us not to revisit the classification of our leases existing as of January 1, 2019. For example, all of our leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019, continue to be classified as operating leases after adoption of the new lease ASUs. • Previously capitalized initial direct costs for any leases existing as of January 1, 2019. • Our election of the package of practical expedients required us not to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease ASUs in connection with the leases that commenced prior to January 1, 2019, qualify for capitalization under the new lease ASUs. We will continue to amortize these costs as we did under the lease accounting standards in effect prior to January 1, 2019. We applied the package of practical expedients consistently to all leases (i.e., in which we are a lessee or a lessor) that commenced before January 1, 2019. The election of this package permits us to “run off” our leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease ASUs to leases commencing or modified after January 1, 2019. On January 1, 2019, we recognized a cumulative adjustment, as required by the new lease ASU, to retained earnings aggregating $3.5 million to write off lease origination costs that were capitalized in connection with leases that were executed but had not commenced before January 1, 2019. These costs were capitalized in accordance with the lease accounting standards existing prior to January 1, 2019, and would not qualify for capitalization under the new lease ASUs. On January 1, 2019, we recognized a lease liability aggregating $218.7 million for all operating leases in which we are a lessee based on the present value of the minimum rental payments remaining as of the initial application date of January 1, 2019. On January 1, 2019, we also recognized a right-of-use asset primarily corresponding to the lease liability. See detailed discussion in the “Lessee Accounting” subsection below. In addition, we had certain land easement contracts in effect as of January 1, 2019. Pursuant to our election of the package of practical expedients described above, no reassessment of these contracts was required. Consequently, the adoption of the new lease ASUs had no effect on our accounting of land easements existing on January 1, 2019. Lessor accounting We recognized revenue from our lease agreements aggregating $1.3 billion for the year ended December 31, 2018 . This revenue consisted primarily of rental revenues and tenant recoveries for the year ended December 31, 2018 , aggregating $963.6 million and $304.1 million , respectively. Prior to January 1, 2019, we recognized rental revenue from our operating leases on a straight-line basis over the respective lease terms. We commenced 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 recognized rental revenue from direct financing leases over the lease term by using the effective interest rate method. Refer to Note 8 – “Other assets” to these consolidated financial statements for further details on our direct financing leases. Prior to January 1, 2019, we considered tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses as lease components. We recognized these tenant recoveries as revenue when services were rendered in an amount equal to the related operating expenses incurred that were recoverable under the terms of the applicable lease. Effective January 1, 2019 Under the new lease ASUs, each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The total consideration in the lease agreement is allocated to the lease and nonlease components based on their relative stand-alone selling prices. The new lease ASUs govern the recognition of revenue for lease components, and revenue related to nonlease components is subject to the revenue recognition ASU. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered nonlease components. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in their income statements. On January 1, 2019, we elected the single component practical expedient, which requires us, by class of underlying asset, not to allocate the total consideration to the lease and nonlease components based on their relative stand-alone selling prices. This single component practical expedient requires us 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. If we determine that the lease component is the predominant component, we account for the single component as an operating lease in accordance with the new lease ASUs. Conversely, we are required to account for the combined component under the new revenue recognition ASU if we determine that the nonlease component is the predominant component. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered nonlease components are accounted for under the revenue recognition ASUs. Our ope rating leases commencing or modified after January 1, 2019, for which we are the lessor are expected to qualify for the single component practical expedient accounting under the new lease ASUs. Refer to “Recognition of Revenue Arising from Contracts with Customers” subsection within the “Revenue Recognition” section in Note 2 – “Summary of Significant Accounting Policies,” for the detail of our consolidated revenues for the year ended December 31, 2018 , by lease revenues that would meet the single component practical expedient criteria and qualify to be accounted for under the new lease ASUs, and revenues subject to other accounting standards, including the ASU on recognition of revenue arising from contracts with customers. Costs to execute leases The new lease ASUs 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. Effective January 1, 2019, costs that we incur to negotiate or arrange a lease regardless of its outcome, such as fixed employee compensation, tax, or legal advice to negotiate lease terms, and costs related to advertising or soliciting potential tenants will be expensed as incurred. We estimate that approximately $5 million to $9 million of initial direct costs that were capitalized in 2018 would have been expensed if the new lease ASUs that are effective on January 1, 2019 had been in effect during 2018. Future expenses as a result of the change in the accounting for initial direct costs will depend on the future events that are not yet known; therefore, the ultimate impact on initial direct leasing costs from the adoption of the lease ASUs might differ from our estimate. Under the package of practical expedients that we elected on January 1, 2019, we were not required to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease ASUs in connection with the leases that commenced prior to January 1, 2019, qualify for capitalization under the new lease ASUs. Therefore, we continue to amortize these initial direct leasing costs. 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 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. On January 1, 2019, we recognized a lease liability and a corresponding right-of-use asset aggregating $218.7 million representing our obligation for remaining future rental payments related to our operating leases existing as of January 1, 2019, for which we are the lessee. This liability was calculated as the present value of the lease payments aggregating $ 590.3 million remaining as of the initial application date of January 1, 2019, under our ground and office lease agreements for which we are the lessee. The present value of the remaining lease payments was calculated for each operating lease using each respective remaining lease term and a corresponding estimated 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. Under the package of practical expedients that we elected upon adoption of the new lease ASUs, all of our operating leases existing as of January 1, 2019, for which we are the lessee, continue to be classified as operating leases subsequent to the adoption of the new lease ASUs. We have also evaluated the effect of the new lease ASUs on the calculation of our debt covenants as of December 31, 2018, and noted no significant effect on our calculation of our debt covenants. Allowance for credit losses In June 2016, the FASB issued an ASU (further clarified with subsequently issued updates) 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 arising from sales-type and direct financing 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, prior-period amounts have been reclassified to conform to the current-period presentation, resulting in restricted cash balances that 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 requires prospective adoption for hedges in effect at the date of adoption and 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 rate based on the Secured Overnight Financing Rate (“SOFR”). The ASU became effective for us and was adopted on January 1, 2019. We have no hedges involving SOFR, therefore, the adoption of this ASU had no effect on our consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new accounting standards	The table below provides the detail of our consolidated revenues for the year ended December 31, 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 Year Ended December 31, 2018 Revenues subject to the lease ASU: Rental revenues 1/1/19 $ 963,554 Tenant recoveries 1/1/19 304,063 1,267,617 Revenues subject to the revenue recognition ASU: Parking and other revenues 1/1/18 47,164 Other income 1/1/18 9,914 57,078 Interest and other income within the scope of other existing accounting standards N/A 2,764 Total revenues $ 1,327,459

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate Properties [Line Items]
Investments in real estate	Our consolidated investments in real estate, including real estate assets held for sale as described in Note 19, consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Land (related to rental properties) $ 1,625,349 $ 1,312,072 Buildings and building improvements 9,986,635 9,000,626 Other improvements 976,627 780,117 Rental properties 12,588,611 11,092,815 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre-construction) 1,460,814 955,218 Future development projects 98,802 96,112 Gross investments in real estate 14,148,227 12,144,145 Less: accumulated depreciation (2,263,797 ) (1,875,810 ) Net investments in real estate – North America 11,884,430 10,268,335 Net investments in real estate – Asia 29,263 29,684 Investments in real estate $ 11,913,693 $ 10,298,019
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 2018 , consisted of the following (dollars in thousands): Square Footage Three Months Ended Number of Properties Active Development/Redevelopment Future Development Operating With Value-Creation Operating Purchase Price San Francisco 6 642,312 — 148,951 — $ 167,950 San Diego 4 — 50,000 — 316,531 148,650 Other 1 58,186 — 21,745 — 22,800 Three months ended March 31, 2018 11 700,498 50,000 170,696 316,531 339,400 Greater Boston 1 — 300,000 200,431 — 87,250 Seattle 1 — — 197,136 — 95,000 Maryland 8 — — 39,505 376,106 146,500 Other 1 — 493,000 8,715 — 77,105 Three months ended June 30, 2018 11 — 793,000 445,787 376,106 405,855 New York City 1 — 230,000 349,947 — 203,000 Seattle — — 217,000 — — 33,500 Other 1 — — — 45,626 20,500 Three months ended September 30, 2018 2 — 447,000 349,947 45,626 257,000 New York City 1 140,098 — 36,661 — 75,000 San Diego 2 — 378,355 269,048 — 80,000 Three months ended December 31, 2018 3 140,098 378,355 305,709 — 155,000 Total acquisitions 27 840,596 1,668,355 1,272,139 738,263 $ 1,157,255
Schedule of future minimum lease payments	Minimum lease payments to be received under the terms of the operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2018 , are outlined in the table below (in thousands): Year Amount 2019 $ 906,201 2020 929,087 2021 905,005 2022 864,100 2023 801,190 Thereafter 5,378,805 Total $ 9,784,388
Acquired Below Market Leases
Real Estate Properties [Line Items]
Schedule of above and below market leases, net of related amortization	The balances of acquired below-market tenant leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and tenant security deposits in our consolidated balance sheets as of December 31, 2018 and 2017 , were as follows (in thousands): December 31, 2018 2017 Acquired below-market leases $ 236,026 $ 167,146 Accumulated amortization (101,218 ) (78,962 ) $ 134,808 $ 88,184
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The weighted-average amortization period of the value of acquired below-market leases was approximately 4.3 years , and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2018 , is as follows (in thousands): Year Amount 2019 $ 24,079 2020 21,516 2021 18,133 2022 15,070 2023 14,044 Thereafter 41,966 Total $ 134,808
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Schedule of above and below market leases, net of related amortization	The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in our consolidated balance sheets. As of December 31, 2018 and 2017 , these amounts were as follows (in thousands): December 31, 2018 2017 Acquired in-place leases $ 229,095 $ 126,859 Accumulated amortization (96,189 ) (61,880 ) $ 132,906 $ 64,979
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $34.3 million , $19.6 million , and $6.8 million for the years ended December 31, 2018, 2017, and 2016 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 6.9 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2018 , is as follows (in thousands): Year Amount 2019 $ 30,218 2020 22,878 2021 19,408 2022 15,970 2023 12,329 Thereafter 32,103 Total $ 132,906

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 , we had the following properties that were held by our real estate joint ventures: Property Market Submarket Our Ownership Interest RSF Consolidated joint ventures: (1) 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 (2) 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: (1) Menlo Gateway San Francisco Greater Stanford 38.5 % (3) 772,983 1401/1413 Research Boulevard Maryland Rockville 65.0 % (4) (5) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (4) 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) Includes only 10290 and 10300 Campus Point Drive and 4110 Campus Point Court in our University Town Center submarket. Excludes 10260 Campus Point Drive and 4161 Campus Point Court. (3) As of December 31, 2018 , we have an ownership interest in Menlo Gateway of 38.5% and expect our ownership to increase to 49% through future funding of construction costs in 2019. (4) Represents our ownership interest; our voting interest is limited to 50%. (5) 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Investments in real estate $ 1,108,385 $ 1,047,472 Cash and cash equivalents 42,178 41,112 Other assets 74,901 68,754 Total assets $ 1,225,464 $ 1,157,338 Secured notes payable $ — $ — Other liabilities 59,336 52,201 Total liabilities 59,336 52,201 Redeemable noncontrolling interests 874 — Alexandria Real Estate Equities, Inc.’s share of equity 624,349 584,160 Noncontrolling interests’ share of equity 540,905 520,977 Total liabilities and equity $ 1,225,464 $ 1,157,338
Investment in unconsolidated real estate joint ventures	As of December 31, 2018 and 2017 , 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 December 31, 2018 December 31, 2017 Menlo Gateway $ 186,504 $ 78,070 1401/1413 Research Boulevard 8,197 7,308 360 Longwood Avenue — 25,240 704 Quince Orchard Road 4,547 — 1655 and 1725 Third Street 34,917 — Other 3,342 — $ 237,507 $ 110,618
Summary of unconsolidated real estate joint ventures loans	As of December 31, 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% 5.87% $ 20,181 $ 7,435 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 6.05% 168,366 206,634 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.66% 4,903 9,940 Menlo Gateway, Phase II 38.5% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 38.5% 8/10/35 4.15% 4.18% 144,338 N/A $ 337,788 $ 381,279 (1) Includes interest expense, amortization of loan fees, and amortization of premiums (discounts) as of December 31, 2018 . (2) Represents outstanding principal, net of unamortized deferred financing costs and premiums (discounts) as of December 31, 2018 .

Deferred leasing costs (Tables)

Deferred leasing costs (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	The following table summarizes our deferred leasing costs as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Deferred leasing costs $ 557,791 $ 496,387 Accumulated amortization (318,721 ) (274,957 ) Deferred leasing costs, net $ 239,070 $ 221,430

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2018
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash summary	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Cash and cash equivalents $ 234,181 $ 254,381 Restricted cash: Funds held in trust under the terms of certain secured notes payable 22,681 12,301 Funds held in escrow related to construction projects and investing activities 10,558 4,546 Other 4,710 5,958 37,949 22,805 Total $ 272,130 $ 277,186

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2018 , and 2017 (in thousands): December 31, 2018 Cost Adjustments Carrying Amount Investments at fair value: Publicly traded companies $ 121,121 $ 62,884 $ 184,005 Entities that report NAV 204,646 113,159 317,805 Entities that do not report NAV: Entities with observable price changes since January 1, 2018 39,421 64,112 103,533 Entities without observable price changes since January 1, 2018 286,921 — 286,921 Total investments $ 652,109 $ 240,155 $ 892,264 December 31, 2017 Cost Adjustments Total Investments in available-for-sale equity securities $ 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 year ended December 31, 2018 , consisted of the following (in thousands): Year Ended December 31, 2018 Unrealized Gains Realized (Losses) Gains Total Investments at fair value, held at period end: Publicly traded companies $ 27,944 $ — $ 27,944 Entities that report NAV 22,389 — 22,389 Entities that do not report NAV, held at period end 64,112 (5,483 ) 58,629 Total investments at fair value, held at period end 114,445 (5,483 ) 108,962 Investment dispositions during the period: Recognized in the current period — 27,801 27,801 Previously recognized gains (14,811 ) 14,811 — Total investment dispositions during the period (14,811 ) 42,612 27,801 Investment income $ 99,634 $ 37,129 $ 136,763

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Acquired below-market ground leases $ 17,434 $ 12,684 Acquired in-place leases 132,906 64,979 Deferred compensation plan 19,238 15,534 Deferred financing costs – $2.2 billion unsecured senior line of credit 16,060 10,525 Deposits 12,974 10,576 Furniture, fixtures, and equipment 14,787 11,070 Interest rate hedge assets 2,606 5,260 Net investment in direct financing lease 39,149 38,382 Notes receivable 528 614 Prepaid expenses 13,690 10,972 Property, plant, and equipment 81,024 32,073 Other assets 19,861 15,784 Total $ 370,257 $ 228,453
Net Investment in Direct Financing Lease	The components of our net investment in direct financing lease as of December 31, 2018 and 2017 , are summarized in the table below (in thousands): December 31, 2018 2017 Gross investment in direct financing lease $ 262,111 $ 263,719 Less: unearned income (222,962 ) (225,337 ) Net investment in direct financing lease $ 39,149 $ 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 December 31, 2018 , are as follows (in thousands): Year Total 2019 $ 1,655 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 262,111

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 184,005 $ 184,005 $ — $ — Interest rate hedge agreements $ 2,606 $ — $ 2,606 $ — Liabilities: Interest rate hedge agreements $ 768 $ — $ 768 $ — December 31, 2017 Description Total Quoted Prices in Significant Significant Assets: Investments in available-for-sale equity securities $ 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 December 31, 2018 and 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): December 31, 2018 2017 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 317,805 $ 317,805 N/A N/A Liabilities: Secured notes payable $ 630,547 $ 638,860 $ 771,061 $ 776,222 Unsecured senior notes payable $ 4,292,293 $ 4,288,335 $ 3,395,804 $ 3,529,713 Unsecured senior line of credit $ 208,000 $ 208,106 $ 50,000 $ 49,986 Unsecured senior bank term loans $ 347,415 $ 350,240 $ 547,942 $ 549,361

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of December 31, 2018 (dollars in thousands): Fixed Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term (in years) Total Percentage Secured notes payable $ 587,444 $ 43,103 $ 630,547 11.5 % 4.22 % 3.1 Unsecured senior notes payable 4,292,293 — 4,292,293 78.4 4.15 6.4 $2.2 billion unsecured senior line of credit 100,000 108,000 208,000 3.8 3.07 5.1 Unsecured senior bank term loan 347,415 — 347,415 6.3 2.21 5.1 Total/weighted average $ 5,327,152 $ 151,103 $ 5,478,255 100.0 % 3.99 % 5.9 Percentage of total debt 97 % 3 % 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 December 31, 2018 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Unamortized (Deferred Financing Cost), (Discount) Premium Debt Date (2) Principal Total Secured notes payable Greater Boston L+1.50 % 3.29 % 1/28/20 (3) $ 193,103 $ (57 ) $ 193,046 Greater Boston, San Diego, Seattle, and Maryland 7.75 % 8.15 4/1/20 (4) 106,661 (418 ) 106,243 San Diego 4.66 % 4.91 1/1/23 33,501 (263 ) 33,238 Greater Boston 3.93 % 3.19 3/10/23 80,909 2,303 83,212 Greater Boston 4.82 % 3.40 2/6/24 200,517 13,540 214,057 San Francisco 6.50 % 6.50 7/1/36 751 — 751 Secured debt weighted-average interest rate/subtotal 4.94 % 4.22 615,442 15,105 630,547 $2.2 billion unsecured senior line of credit L+0.825 % 3.07 1/28/24 208,000 — 208,000 Unsecured senior bank term loan L+0.90 % 2.21 1/28/24 350,000 (2,585 ) 347,415 Unsecured senior notes payable 2.75 % 2.96 1/15/20 400,000 (845 ) 399,155 Unsecured senior notes payable 4.60 % 4.75 4/1/22 550,000 (2,115 ) 547,885 Unsecured senior notes payable 3.90 % 4.04 6/15/23 500,000 (2,653 ) 497,347 Unsecured senior notes payable 4.00 % 4.18 1/15/24 450,000 (3,685 ) 446,315 Unsecured senior notes payable 3.45 % 3.62 4/30/25 600,000 (5,526 ) 594,474 Unsecured senior notes payable 4.30 % 4.50 1/15/26 300,000 (3,414 ) 296,586 Unsecured senior notes payable 3.95 % 4.13 1/15/27 350,000 (4,037 ) 345,963 Unsecured senior notes payable 3.95 % 4.07 1/15/28 425,000 (3,818 ) 421,182 Unsecured senior notes payable 4.50 % 4.60 7/30/29 300,000 (2,344 ) 297,656 Unsecured senior notes payable 4.70 % 4.81 7/1/30 450,000 (4,270 ) 445,730 Unsecured debt weighted average/subtotal 3.96 4,883,000 (35,292 ) 4,847,708 Weighted-average interest rate/total 3.99 % $ 5,498,442 $ (20,187 ) $ 5,478,255 (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 the option to extend the stated maturity date to January 28, 2021, subject to certain conditions. (4) In January 2019, we repaid this secured note payable and recognized a loss on early extinguishment of debt of $7.1 million , including the write-off of unamortized loan fees.
Schedule of Interest Incurred	Interest expense for the years ended December 31, 2018 , 2017 , and 2016 , consisted of the following (dollars in thousands): Year Ended December 31, 2018 2017 2016 Interest incurred $ 223,715 $ 186,867 $ 159,403 Capitalized interest (66,220 ) (58,222 ) (52,450 ) Interest expense $ 157,495 $ 128,645 $ 106,953

Interest rate swap agreements_2

Interest rate swap agreements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of 12/31/18 Notional Amount in Effect as of Effective Date Maturity Date 12/31/18 12/31/19 March 29, 2018 March 31, 2019 8 1.16% $ 1,962 $ 600,000 $ — March 29, 2019 March 31, 2020 1 1.89% 644 — 100,000 March 29, 2019 March 31, 2020 3 2.84% (768 ) — 250,000 Total $ 1,838 $ 600,000 $ 350,000 (1) In addition to the interest pay rate for each hedge agreement, interest is payable at an applicable margin over LIBOR for borrowings outstanding as of December 31, 2018 , as listed under the column heading “Stated Rate” in our summary table of outstanding indebtedness and respective principal payments under Note 10 – “Secured and Unsecured Senior Debt” to our consolidated financial statements.

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and tenant security deposits (Tables)	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Summary of components of 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Accounts payable and accrued expenses $ 491,421 $ 349,884 Acquired below-market leases 134,808 88,184 Conditional asset retirement obligations 10,343 7,397 Deferred rent liabilities 29,547 27,953 Interest rate hedge liabilities 768 103 Unearned rent and tenant security deposits 250,923 248,924 Other liabilities 63,897 41,387 Total $ 981,707 $ 763,832

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Net income (loss) $ 402,793 $ 194,204 $ (49,799 ) Net income attributable to noncontrolling interests (23,481 ) (25,111 ) (16,102 ) Dividends on preferred stock (5,060 ) (7,666 ) (20,223 ) Preferred stock redemption charge (4,240 ) (11,279 ) (61,267 ) Net income attributable to unvested restricted stock awards (6,029 ) (4,753 ) (3,750 ) Numerator for basic and diluted EPS – net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 145,395 $ (151,141 ) Denominator for basic EPS – weighted-average shares of common stock outstanding 103,010 91,546 76,103 Dilutive effect of forward equity sales agreements 311 517 — Denominator for diluted EPS – weighted-average shares of common stock outstanding 103,321 92,063 76,103 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.53 $ 1.59 $ (1.99 ) Diluted $ 3.52 $ 1.58 $ (1.99 )

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax treatment of distribution and dividends declared	The income tax treatment of distributions and dividends declared on our common stock, our Series D Convertible Preferred Stock, and our Series E Redeemable Preferred Stock for the years ended December 31, 2018, 2017, and 2016 , were as follows (unaudited): Common Stock Series D Convertible Preferred Stock Series E Redeemable Preferred Stock Year Ended December 31, 2018 2017 2016 2018 2017 2016 2017 2016 Ordinary income 69.9 % 62.1 % 25.2 % 72.7 % 85.3 % 44.8 % 85.3 % 44.8 % Return of capital 3.8 27.2 43.9 — — — — — Capital gains at 25% 0.1 0.7 — 0.1 1.0 — 1.0 — Capital gains at 20% 26.2 10.0 30.9 27.2 13.7 55.2 13.7 55.2 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 3.73 $ 3.45 $ 3.23 $ 1.75 $ 1.75 $ 1.75 $ 0.4031 (1) $ 1.6125 (1) Refer to Note 16 - “Stockholders’ Equity” to our consolidated financial statements under Item 15 of this annual report on Form 10-K for information regarding the redemption of our Series E Preferred Stock.
Reconciliation of GAAP net income to taxable income as filed with the IRS	The following reconciles net income (loss) (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2017 and 2016 (in thousands and unaudited): Year Ended December 31, 2017 2016 Net income (loss) $ 194,204 $ (49,799 ) Net income attributable to noncontrolling interests (25,111 ) (16,102 ) Book/tax differences: Rental revenue recognition (121,589 ) (36,022 ) Depreciation and amortization 137,576 79,710 Share-based compensation 23,466 15,568 Interest expense (5,256 ) (2,597 ) Sales of property 12,166 100,047 Impairments 9,011 61,593 Other 3,642 358 Taxable income before dividend deduction 228,109 152,756 Dividend deduction necessary to eliminate taxable income (1) (228,109 ) (152,756 ) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $321.8 million and $262.8 million during the years ended December 31, 2017 and 2016 , respectively.

Commitments and contingencies_2

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations under non-cancelable ground and other operating leases	Our rental expense attributable to continuing operations for the years ended December 31, 2018, 2017, and 2016 , was approximately $15.8 million , $14.0 million , and $14.3 million , respectively. These rental expense amounts include certain operating leases for our headquarters and field offices and ground leases for 29 of our properties. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 , were as follows (in thousands): Year Office Leases Ground Leases Total 2019 $ 1,777 $ 12,804 $ 14,581 2020 326 12,631 12,957 2021 269 12,198 12,467 2022 — 12,302 12,302 2023 — 12,421 12,421 Thereafter — 525,544 525,544 Total $ 2,372 $ 587,900 $ 590,272

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
At-the-Market 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 December 31, 2018 — $ — — — 3,159,662 395,675 389,385 Cumulative activity through December 31, 2018 5,932,980 732,278 $ 720,545 Remaining availability as of December 31, 2018 17,722 Total August 2017 ATM common stock offering program $ 750,000
At-the-Market 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 December 31, 2018 — $ — — $ — Remaining availability as of December 31, 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 of $4.94 per share, and adjustments as provided in the sales agreements. The following table presents a summary of shares of common stock settled (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 December 31, 2018 5,198,700 $ 116.97 608,108 Total under our forward equity sales agreements 6,900,000 $ 808,299
Schedule of Accumulated Other Comprehensive Income (Loss)	Net Unrealized Gains (Losses) 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 — 1,622 (7,369 ) (5,747 ) Amounts reclassified from other comprehensive income to net income — (4,941 ) — (4,941 ) Net other comprehensive loss — (3,319 ) (7,369 ) (10,688 ) Balance as of December 31, 2018 $ — $ 1,838 $ (12,273 ) $ (10,435 ) (1) Refer to Note 7 – “Investments” to our consolidated financial statements for additional information.

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of nonvested share award activity	The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2018, 2017, and 2016 : Number of Share Awards Weighted-Average Grant Date Fair Value per Share Outstanding at December 31, 2015 814,018 $ 80.95 Granted 661,409 $ 88.98 Vested (325,537 ) $ 78.73 Forfeited (14,102 ) $ 79.10 Outstanding at December 31, 2016 1,135,788 $ 87.21 Granted 688,295 $ 108.22 Vested (423,705 ) $ 85.16 Forfeited (5,796 ) $ 101.45 Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120 ) $ 103.83 Forfeited (20,330 ) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Year Ended December 31, (In thousands) 2018 2017 2016 Total grant date fair value of stock awards vested $ 41,854 $ 36,083 $ 25,630 Total gross compensation recognized for stock awards $ 57,341 $ 42,292 $ 37,037 Capitalized stock compensation $ 22,322 $ 16,682 $ 11,604

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Summary of net assets of discontinued operations and income from discontinued operations, net	The following is a summary of net assets as of December 31, 2018 and 2017 , for our real estate investment that was classified as held for sale as of each respective date (in thousands): December 31, 2018 2017 Total assets $ 31,260 $ 31,578 Total liabilities (2,476 ) (1,809 ) Total accumulated other comprehensive loss (gain) 768 (1,021 ) Net assets classified as held for sale $ 29,552 $ 28,748

Quarterly financial data (Table

Quarterly financial data (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of summary of consolidated financial information on a quarterly basis	The following is a summary of consolidated financial information on a quarterly basis for 2018 and 2017 (in thousands, except per share amounts): Quarter 2018 First Second Third Fourth Revenues $ 320,139 $ 325,034 $ 341,823 $ 340,463 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 52,016 $ 208,940 $ (31,740 ) Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.33 $ 0.51 $ 2.01 $ (0.30 ) Diluted (1) $ 1.32 $ 0.51 $ 1.99 $ (0.30 ) Quarter 2017 First Second Third Fourth Revenues $ 270,877 $ 273,059 $ 285,370 $ 298,791 Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 25,661 $ 31,630 $ 51,273 $ 36,831 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 0.29 $ 0.35 $ 0.55 $ 0.39 Diluted (1) $ 0.29 $ 0.35 $ 0.55 $ 0.38 (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding .

Condensed consolidating finan_2

Condensed consolidating financial information (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed consolidating financial information
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet as of December 31, 2018 (In thousands) 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 $ — $ — $ 11,913,693 $ — $ 11,913,693 Investments in unconsolidated real estate JVs — — 237,507 — 237,507 Cash and cash equivalents 119,112 — 115,069 — 234,181 Restricted cash 193 — 37,756 — 37,949 Tenant receivables — — 9,798 — 9,798 Deferred rent — — 530,237 — 530,237 Deferred leasing costs — — 239,070 — 239,070 Investments — 1,262 891,002 — 892,264 Investments in and advances to affiliates 12,235,577 10,949,631 222,983 (23,408,191 ) — Other assets 56,353 — 313,904 — 370,257 Total assets $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 630,547 $ — $ 630,547 Unsecured senior notes payable 4,292,293 — — — 4,292,293 Unsecured senior line of credit 208,000 — — — 208,000 Unsecured senior bank term loans 347,415 — — — 347,415 Accounts payable, accrued expenses, and tenant security deposits 111,282 — 870,425 — 981,707 Dividends payable 110,280 — — — 110,280 Total liabilities 5,069,270 — 1,500,972 — 6,570,242 Redeemable noncontrolling interests — — 10,786 — 10,786 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,341,965 10,950,893 12,457,298 (23,408,191 ) 7,341,965 Noncontrolling interests — — 541,963 — 541,963 Total equity 7,341,965 10,950,893 12,999,261 (23,408,191 ) 7,883,928 Total liabilities, noncontrolling interests, and equity $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Condensed Consolidating Balance Sheet as of December 31, 2017 (In thousands) 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 Operations for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 1,010,718 $ — $ 1,010,718 Tenant recoveries — — 304,063 — 304,063 Other income (loss) 19,275 — 14,941 (21,538 ) 12,678 Total revenues 19,275 — 1,329,722 (21,538 ) 1,327,459 Expenses: Rental operations — — 381,120 — 381,120 General and administrative 88,707 — 23,236 (21,538 ) 90,405 Interest 136,036 — 21,459 — 157,495 Depreciation and amortization 6,339 — 471,322 — 477,661 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 231,905 — 903,747 (21,538 ) 1,114,114 Equity in earnings of unconsolidated real estate JVs — — 43,981 — 43,981 Equity in earnings of affiliates 591,942 455,574 9,057 (1,056,573 ) — Investment income — 528 136,235 — 136,763 Gain on sales of real estate – rental properties — — 8,704 — 8,704 Net income 379,312 456,102 623,952 (1,056,573 ) 402,793 Net income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 379,312 456,102 600,471 (1,056,573 ) 379,312 Dividends on preferred stock (5,060 ) — — — (5,060 ) Preferred stock redemption charge (4,240 ) — — — (4,240 ) Net income attributable to unvested restricted stock awards (6,029 ) — — — (6,029 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 456,102 $ 600,471 $ (1,056,573 ) $ 363,983 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 863,181 $ — $ 863,181 Tenant recoveries — — 259,144 — 259,144 Other income (loss) 15,238 (2,575 ) 11,278 (18,169 ) 5,772 Total revenues 15,238 (2,575 ) 1,133,603 (18,169 ) 1,128,097 Expenses: Rental operations — — 325,609 — 325,609 General and administrative 73,897 — 19,281 (18,169 ) 75,009 Interest 101,876 — 26,769 — 128,645 Depreciation and amortization 7,625 — 409,158 — 416,783 Impairment of real estate — — 203 — 203 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Total expenses 184,068 — 783,801 (18,169 ) 949,700 Equity in earnings of unconsolidated real estate JVs — — 15,426 — 15,426 Equity in earnings of affiliates 337,923 328,230 6,384 (672,537 ) — Gain on sales of real estate – rental properties — — 270 — 270 Gain on sales of real estate – land parcels — — 111 — 111 Net income 169,093 325,655 371,993 (672,537 ) 194,204 Net income attributable to noncontrolling interests — — (25,111 ) — (25,111 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 169,093 325,655 346,882 (672,537 ) 169,093 Dividends on preferred stock (7,666 ) — — — (7,666 ) Preferred stock redemption charge (11,279 ) — — — (11,279 ) Net income attributable to unvested restricted stock awards (4,753 ) — — — (4,753 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 145,395 $ 325,655 $ 346,882 $ (672,537 ) $ 145,395 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Rental $ — $ — $ 673,820 $ — $ 673,820 Tenant recoveries — — 223,655 — 223,655 Other income (loss) 10,607 147 27,515 (14,038 ) 24,231 Total revenues 10,607 147 924,990 (14,038 ) 921,706 Expenses: Rental operations — — 278,408 — 278,408 General and administrative 62,234 — 15,688 (14,038 ) 63,884 Interest 85,613 — 21,340 — 106,953 Depreciation and amortization 6,792 — 306,598 — 313,390 Impairment of real estate — — 209,261 — 209,261 Loss on early extinguishment of debt 3,230 — — — 3,230 Total expenses 157,869 — 831,295 (14,038 ) 975,126 Equity in losses of unconsolidated real estate JVs — — (184 ) — (184 ) Equity in earnings of affiliates 81,361 47,215 959 (129,535 ) — Gain on sale of real estate – rental properties — — 3,715 — 3,715 Gain on sales of real estate – land parcels — — 90 — 90 Net (loss) income (65,901 ) 47,362 98,275 (129,535 ) (49,799 ) Net income attributable to noncontrolling interests — — (16,102 ) — (16,102 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (65,901 ) 47,362 82,173 (129,535 ) (65,901 ) Dividends on preferred stock (20,223 ) — — — (20,223 ) Preferred stock redemption charge (61,267 ) — — — (61,267 ) Net income attributable to unvested restricted stock awards (3,750 ) — — — (3,750 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (151,141 ) $ 47,362 $ 82,173 $ (129,535 ) $ (151,141 )
Condensed Consolidating Statement Comprehensive Income	Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Other comprehensive loss Unrealized (losses) gains on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,622 — — — 1,622 Reclassification adjustment for amortization of interest income included in net income (4,941 ) — — — (4,941 ) Unrealized losses on interest rate hedge agreements, net (3,319 ) — — — (3,319 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (7,369 ) — (7,369 ) Unrealized losses on foreign currency translation, net — — (7,369 ) — (7,369 ) Total other comprehensive loss (3,319 ) — (7,369 ) — (10,688 ) Comprehensive income 375,993 456,102 616,583 (1,056,573 ) 392,105 Less: comprehensive income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 375,993 $ 456,102 $ 593,102 $ (1,056,573 ) $ 368,624 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding (losses) gains arising during the period — (5 ) 24,365 — 24,360 Reclassification adjustment for losses included in net income — 2 6,116 — 6,118 Unrealized (losses) gains on available-for-sale equity securities, net — (3 ) 30,481 — 30,478 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 3,025 — (188 ) — 2,837 Reclassification adjustment for amortization of interest expense included in net income 1,914 — 1 — 1,915 Unrealized gains (losses) on interest rate hedge agreements, net 4,939 — (187 ) — 4,752 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 7,774 — 7,774 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 1,599 — 1,599 Unrealized gains on foreign currency translation, net — — 9,373 — 9,373 Total other comprehensive income (loss) 4,939 (3 ) 39,667 — 44,603 Comprehensive income 174,032 325,652 411,660 (672,537 ) 238,807 Less: comprehensive income attributable to noncontrolling interests — — (25,045 ) — (25,045 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 174,032 $ 325,652 $ 386,615 $ (672,537 ) $ 213,762 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (65,901 ) $ 47,362 $ 98,275 $ (129,535 ) $ (49,799 ) Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding gains (losses) arising during the period — 135 (79,968 ) — (79,833 ) Reclassification adjustment for gains included in net income — (148 ) (18,325 ) — (18,473 ) Unrealized (losses) gains on available-for-sale equity securities, net — (13 ) (98,293 ) — (98,306 ) Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge (losses) gains arising during the period (1,338 ) — 188 — (1,150 ) Reclassification adjustment for amortization of interest expense included in net income 5,272 — 1 — 5,273 Unrealized gains on interest rate hedge agreements, net 3,934 — 189 — 4,123 Unrealized gains on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (2,579 ) — (2,579 ) Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 52,926 — 52,926 Unrealized gains on foreign currency translation, net — — 50,347 — 50,347 Total other comprehensive income (loss) 3,934 (13 ) (47,757 ) — (43,836 ) Comprehensive (loss) income (61,967 ) 47,349 50,518 (129,535 ) (93,635 ) Less: comprehensive income attributable to noncontrolling interests — — (16,102 ) — (16,102 ) Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (61,967 ) $ 47,349 $ 34,416 $ (129,535 ) $ (109,737 )
Condensed Consolidating Statement Cash Flows	Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,339 — 471,322 — 477,661 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Gain on sales of real estate – rental properties — — (8,704 ) — (8,704 ) Equity in earnings of unconsolidated real estate JVs — — (43,981 ) — (43,981 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 8,777 — 1,494 — 10,271 Amortization of debt discounts (premiums) 797 — (3,203 ) — (2,406 ) Amortization of acquired below-market leases — — (21,938 ) — (21,938 ) Deferred rent — — (93,883 ) — (93,883 ) Stock compensation expense 35,019 — — — 35,019 Equity in earnings of affiliates (591,942 ) (455,574 ) (9,057 ) 1,056,573 — Investment income — (528 ) (136,235 ) — (136,763 ) Changes in operating assets and liabilities: Tenant receivables — — 435 — 435 Deferred leasing costs — — (57,088 ) — (57,088 ) Other assets (14,701 ) — (6,148 ) — (20,849 ) Accounts payable, accrued expenses, and tenant security deposits 20,663 — 1,246 — 21,909 Net cash (used in) provided by operating activities (154,913 ) — 725,252 — 570,339 Investing Activities Proceeds from sales of real estate — — 20,190 — 20,190 Additions to real estate — — (927,168 ) — (927,168 ) Purchase of real estate — — (1,037,180 ) — (1,037,180 ) Deposits for investing activities — — (2,000 ) — (2,000 ) Investments in subsidiaries (1,693,774 ) (1,463,063 ) (30,076 ) 3,186,913 — Acquisition of interest in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate joint ventures — — (116,008 ) — (116,008 ) Return of capital from unconsolidated real estate JVs — — 68,592 — 68,592 Additions to investments — — (235,943 ) — (235,943 ) Sales of investments — 956 102,723 — 103,679 Net cash used in investing activities $ (1,693,774 ) $ (1,462,107 ) $ (2,192,792 ) $ 3,186,913 $ (2,161,760 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2018 (In thousands) 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 — — (156,888 ) — (156,888 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 4,741,000 — — — 4,741,000 Repayments of borrowings from unsecured senior line of credit (4,583,000 ) — — — (4,583,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 105,961 1,462,098 1,618,854 (3,186,913 ) — Payments of loan fees (19,292 ) — — — (19,292 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (13,976 ) — — — (13,976 ) Proceeds from the issuance of common stock 1,293,301 — — — 1,293,301 Dividends on common stock (380,632 ) — — — (380,632 ) Dividends on preferred stock (5,207 ) — — — (5,207 ) Contributions from and sales of noncontrolling interests — — 28,275 — 28,275 Distributions to and purchase of noncontrolling interests — — (32,253 ) — (32,253 ) Net cash provided by financing activities 1,837,476 1,462,098 1,475,772 (3,186,913 ) 1,588,433 Effect of foreign exchange rate changes on cash and cash equivalents — — (2,068 ) — (2,068 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (11,211 ) (9 ) 6,164 — (5,056 ) 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 $ 119,305 $ — $ 152,825 $ — $ 272,130 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 104,935 $ — $ 22,158 $ — $ 127,093 Non-Cash Investing Activities: Changes in accrued capital expenditures $ — $ — $ 81,177 $ — $ 81,177 Payable for purchase of real estate $ — $ — $ (65,000 ) $ — $ (65,000 ) Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 7,625 — 409,158 — 416,783 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Impairment of real estate — — 203 — 203 Gain on sales of real estate – rental properties — — (270 ) — (270 ) Gain on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings from unconsolidated real estate JVs — — (15,426 ) — (15,426 ) Distributions of earnings from unconsolidated real estate JVs — — 1,618 — 1,618 Amortization of loan fees 7,627 — 3,522 — 11,149 Amortization of debt discounts (premiums) 608 — (3,120 ) — (2,512 ) Amortization of acquired below-market leases — — (19,055 ) — (19,055 ) Deferred rent — — (107,643 ) — (107,643 ) Stock compensation expense 25,610 — — — 25,610 Equity in earnings of affiliates (337,923 ) (328,230 ) (6,384 ) 672,537 — Investment income — 2,575 (3,904 ) — (1,329 ) Changes in operating assets and liabilities: Tenant receivables — — (502 ) — (502 ) Deferred leasing costs — — (62,639 ) — (62,639 ) Other assets (9,343 ) — (8,879 ) — (18,222 ) Accounts payable, accrued expenses, and tenant security deposits (10,524 ) — 36,097 — 25,573 Net cash (used in) provided by operating activities (146,557 ) — 597,439 — 450,882 Investing Activities Proceeds from sales of real estate — — 15,432 — 15,432 Additions to real estate — — (893,685 ) — (893,685 ) Purchase of real estate — — (675,584 ) — (675,584 ) Deposits for investing activities — — (2,300 ) — (2,300 ) Investments in subsidiaries (1,458,973 ) (1,257,845 ) (25,872 ) 2,742,690 — Acquisition of interest in unconsolidated real estate JVs — — (60,291 ) — (60,291 ) Investments in unconsolidated real estate joint ventures — — (17,876 ) — (17,876 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to investments — — (171,881 ) — (171,881 ) Sales of investments — 208 30,275 — 30,483 Net cash used in by investing activities $ (1,458,973 ) $ (1,257,637 ) $ (1,763,206 ) $ 2,742,690 $ (1,737,126 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2017 (In thousands) 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 $ — $ — $ 153,405 $ — $ 153,405 Repayments of borrowings from secured notes payable — — (396,240 ) — (396,240 ) Proceeds from issuance of unsecured senior notes payable 1,023,262 — — — 1,023,262 Borrowings from unsecured senior line of credit 3,858,000 — — — 3,858,000 Repayments of borrowings from unsecured senior line of credit (3,836,000 ) — — — (3,836,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 64,156 1,257,646 1,420,888 (2,742,690 ) — Payments of loan fees (9,440 ) — (579 ) — (10,019 ) Repurchases 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 1,275,397 — — — 1,275,397 Dividends on common stock (312,131 ) — — — (312,131 ) Dividends on preferred stock (9,619 ) — — — (9,619 ) Contributions from and sales of noncontrolling interests — — 44,931 — 44,931 Distributions to and purchases of noncontrolling interests — — (22,361 ) — (22,361 ) Net cash provided by financing activities 1,705,341 1,257,646 1,200,044 (2,742,690 ) 1,420,341 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,723 — 1,723 Net increase in cash, cash equivalents, and restricted cash 99,811 9 36,000 — 135,820 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 $ 130,516 $ 9 $ 146,661 $ — $ 277,186 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 85,705 $ — $ 26,408 $ — $ 112,113 Non-Cash Investing Activities: Changes in accrued construction $ — $ — $ (11,034 ) $ — $ (11,034 ) Contribution of real estate from noncontrolling interests $ — $ — $ 8,597 $ — $ 8,597 Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2016 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net (loss) income $ (65,901 ) $ 47,362 $ 98,275 $ (129,535 ) $ (49,799 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 6,792 — 306,598 — 313,390 Loss on early extinguishment of debt 3,230 — — — 3,230 Impairment of real estate — — 209,261 — 209,261 Gains on sales of real estate – land parcel — — (90 ) — (90 ) Gains on sales of real estate – rental properties — — (3,715 ) — (3,715 ) Equity in losses from unconsolidated real estate JVs — — 184 — 184 Distributions of earnings from unconsolidated real estate JVs — — 406 — 406 Amortization of loan fees 7,709 — 4,163 — 11,872 Amortization of debt discounts (premiums) 488 — (988 ) — (500 ) Amortization of acquired below-market leases — — (5,723 ) — (5,723 ) Deferred rent — — (51,673 ) — (51,673 ) Stock compensation expense 25,433 — — — 25,433 Equity in earnings of affiliates (81,361 ) (47,215 ) (959 ) 129,535 — Investment income — (379 ) (16,754 ) — (17,133 ) Changes in operating assets and liabilities: Tenant receivables — — (285 ) — (285 ) Deferred leasing costs — (14 ) (35,259 ) — (35,273 ) Other assets (10,191 ) (1 ) (1,228 ) — (11,420 ) Accounts payable, accrued expenses, and tenant security deposits 5,806 (609 ) 125 — 5,322 Net cash (used in) provided by operating activities (107,995 ) (856 ) 502,338 — 393,487 Investing Activities Proceeds from sales of real estate — — 123,081 — 123,081 Additions to real estate — — (821,690 ) — (821,690 ) Purchase of real estate — — (739,678 ) — (739,678 ) Deposit for investing activities — — (450 ) — (450 ) Investments in subsidiaries (877,512 ) (907,695 ) (18,514 ) 1,803,721 — Investments in unconsolidated real estate joint ventures — — (11,529 ) — (11,529 ) Additions to investments — — (102,284 ) — (102,284 ) Sales of investments — 1,251 37,695 — 38,946 Repayment of notes receivable — — 15,198 — 15,198 Net cash used in investing activities $ (877,512 ) $ (906,444 ) $ (1,518,171 ) $ 1,803,721 $ (1,498,406 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2016 (In thousands) 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 $ — $ — $ 291,400 $ — $ 291,400 Repayments of borrowings from secured notes payable — — (310,903 ) — (310,903 ) Proceeds from issuance of unsecured senior notes payable 348,604 — — — 348,604 Borrowings from unsecured senior line of credit 4,117,000 — — — 4,117,000 Repayments of borrowings from unsecured senior line of credit (4,240,000 ) — — — (4,240,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 8,346 907,300 888,075 (1,803,721 ) — Payments of loan fees (12,401 ) — (4,280 ) — (16,681 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (206,826 ) — — — (206,826 ) Proceeds from the issuance of common stock 1,432,177 — — — 1,432,177 Dividends on common stock (240,347 ) — — — (240,347 ) Dividends on preferred stock (22,414 ) — — — (22,414 ) Financing costs paid for sales of noncontrolling interests — — (10,044 ) — (10,044 ) Contributions from and sales of noncontrolling interests — — 221,487 — 221,487 Distributions to and purchases of noncontrolling interests — — (69,678 ) — (69,678 ) Net cash provided by financing activities 984,139 907,300 1,006,057 (1,803,721 ) 1,093,775 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,460 ) — (1,460 ) Net decrease in cash, cash equivalents, and restricted cash (1,368 ) — (11,236 ) — (12,604 ) Cash, cash equivalents, and restricted cash as of the beginning of period 32,073 — 121,897 — 153,970 Cash, cash equivalents, and restricted cash as of the end of period $ 30,705 $ — $ 110,661 $ — $ 141,366 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest, net of interest capitalized $ 67,066 $ — $ 17,841 $ — $ 84,907 Non-Cash Investing Activities: Change in accrued construction $ — $ — $ 76,848 $ — $ 76,848 Payable for purchase of real estate $ — $ — $ (56,800 ) $ — $ (56,800 ) Assumption of secured notes payable in connection with purchase of real estate $ — $ — $ (203,000 ) $ — $ (203,000 ) Net investment in direct financing lease $ — $ — $ 36,975 $ — $ 36,975 Distribution of real estate in connection with purchase of remaining 49% interest in real estate joint venture with Uber $ — $ — $ (25,546 ) $ — $ (25,546 ) Consolidation of previously unconsolidated real estate joint venture $ — $ — $ 87,930 $ — $ 87,930 Non-Cash Financing Activities: Redemption of redeemable noncontrolling interest $ — $ — $ (5,000 ) $ — $ (5,000 ) Contribution from redeemable noncontrolling interest $ — $ — $ 2,264 $ — $ 2,264

Summary of significant accoun_4

Summary of significant accounting policies (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)property	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Accounting policies
Maximum expected period of sale of property (in years)									1 year
Cost method investment ownership percentage	10.00%				10.00%				10.00%	10.00%
Reclassification of 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	$ 0
Minimum percentage of taxable income to be distributed									90.00%
Percent of taxable income, generally distributed as dividend									100.00%
Revenues
Revenues	$ 340,463,000	$ 341,823,000	$ 325,034,000	$ 320,139,000	$ 298,791,000	$ 285,370,000	$ 273,059,000	$ 270,877,000	$ 1,327,459,000	1,128,097,000	$ 921,706,000
Land improvements | Maximum
Accounting policies
Estimated useful life									20 years
Buildings and building improvements | Maximum
Accounting policies
Estimated useful life									40 years
Canada
Accounting policies
Number of Real Estate Properties | property	3								3
China
Accounting policies
Number of Real Estate Properties | property	1								1
Accumulated Other Comprehensive Income (Loss)
Accounting policies
Reclassification of net unrealized gains on non-real estate investments									$ (49,771,000)
Rental revenues
Revenues
Revenues									1,010,718,000	863,181,000	673,820,000
Tenant recoveries
Revenues
Revenues									304,063,000	259,144,000	223,655,000
Other income
Revenues
Revenues									12,678,000	$ 5,772,000	$ 24,231,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Rental revenues
Revenues
Revenue Subject to the Revenue Recognition ASU									47,164,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Total rental revenues
Revenues
Revenue Subject to the Revenue Recognition ASU									57,078,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Other income
Revenues
Revenue Subject to the Revenue Recognition ASU									9,914,000
Accounting Standards Update 2016-02 - Leases
Revenues
Revenues Subject To Lease ASUs									1,300,000,000
Accounting Standards Update 2016-02 - Leases | Rental revenues
Revenues
Revenues Subject To Lease ASUs									963,554,000
Accounting Standards Update 2016-02 - Leases | Tenant recoveries
Revenues
Revenues Subject To Lease ASUs									304,063,000
Accounting Standards Update 2016-02 - Leases | Total rental revenues
Revenues
Revenues Subject To Lease ASUs									1,267,617,000
Other accounting standards update | Other income
Revenues
Revenues Subject To New Accounting Pronouncements									$ 2,764,000

Recent accounting pronouncement

Recent accounting pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncement
Cumulative adjustment to write off lease origination costs that were capitalized	$ 3,500
Leases
Ground and operating lease obligation due		$ 590,272
Present value of ground and office lease agreements		218,700
Scenario, Forecast | Minimum
New Accounting Pronouncement
Cumulative adjustment to write off lease origination costs that were capitalized	5,000
Scenario, Forecast | Maximum
New Accounting Pronouncement
Cumulative adjustment to write off lease origination costs that were capitalized	$ 9,000
Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement
Revenues Subject To Lease ASUs		1,300,000
Rental revenues | Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement
Revenues Subject To Lease ASUs		963,554
Tenant recoveries | Accounting Standards Update 2016-02 - Leases
New Accounting Pronouncement
Revenues Subject To Lease ASUs		$ 304,063

Schedule of investment in real

Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Investments in real estate	$ 11,913,693	$ 10,298,019
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	1,625,349	1,312,072
Buildings and building improvements	9,986,635	9,000,626
Other improvements	976,627	780,117
Rental properties	12,588,611	11,092,815
Development and redevelopment projects (under construction, marketing, or pre-construction)	1,460,814	955,218
Future development projects	98,802	96,112
Gross investments in real estate	14,148,227	12,144,145
Less: accumulated depreciation	(2,263,797)	(1,875,810)
Investments in real estate	11,884,430	10,268,335
Asia
Real Estate Properties [Line Items]
Investments in real estate	$ 29,263	$ 29,684

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018USD ($)ft²	Sep. 30, 2018USD ($)ft²	Jun. 30, 2018USD ($)ft²	Mar. 31, 2018USD ($)ft²	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	3	2	11	11	3
Purchase Price | $					$ 1,037,180	$ 675,584	$ 739,678
Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	140,098	0	0	700,498	140,098
Future development
Business Acquisition [Line Items]
Area of Real Estate Property	378,355	447,000	793,000	50,000	378,355
Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property	305,709	349,947	445,787	170,696	305,709
Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0	45,626	376,106	316,531	0
Greater Boston
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired			1
Purchase Price | $			$ 87,250
Greater Boston | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			0
Greater Boston | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			300,000
Greater Boston | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property			200,431
Greater Boston | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			0
San Francisco
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				6
Purchase Price | $				$ 167,950
San Francisco | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				642,312
San Francisco | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				0
San Francisco | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property				148,951
San Francisco | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				0
New York City
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	1	1			1
Purchase Price | $	$ 75,000	$ 203,000
New York City | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	140,098	0			140,098
New York City | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	0	230,000			0
New York City | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property	36,661	349,947			36,661
New York City | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0	0			0
San Diego
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	2			4	2
Purchase Price | $	$ 80,000			$ 148,650
San Diego | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	0			0	0
San Diego | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	378,355			50,000	378,355
San Diego | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property	269,048			0	269,048
San Diego | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	0			316,531	0
Seattle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired		0	1
Purchase Price | $		$ 33,500	$ 95,000
Seattle | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property		0	0
Seattle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property		217,000	0
Seattle | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property		0	197,136
Seattle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property		0	0
Maryland
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired			8
Purchase Price | $			$ 146,500
Maryland | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property			0
Maryland | Future development
Business Acquisition [Line Items]
Area of Real Estate Property			0
Maryland | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property			39,505
Maryland | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property			376,106
Other markets
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired		1	1	1
Purchase Price | $		$ 20,500	$ 77,105	$ 22,800
Other markets | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property		0	0	58,186
Other markets | Future development
Business Acquisition [Line Items]
Area of Real Estate Property		0	493,000	0
Other markets | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property		0	8,715	21,745
Other markets | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property		45,626	0	0
North America
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	27				27
Purchase Price | $	$ 155,000	$ 257,000	$ 405,855	$ 339,400	$ 1,157,255
North America | Active development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property	840,596				840,596
North America | Future development
Business Acquisition [Line Items]
Area of Real Estate Property	1,668,355				1,668,355
North America | Operating with value-creation
Business Acquisition [Line Items]
Area of Real Estate Property	1,272,139				1,272,139
North America | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property	738,263				738,263

Acquired leases (Details)

Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum lease payments to be received under the terms of the operating lease agreements, excluding expense reimbursements
2,019	$ 906,201
2,020	929,087
2,021	905,005
2,022	864,100
2,023	801,190
Thereafter	5,378,805
Total minimum lease payments to be received	9,784,388
Acquired Below Market Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 22,300	$ 19,300	$ 6,000
Weighted average amortization period	4 years 4 months
Values of acquired leases
Value of intangible assets, gross	$ 236,026	167,146
Accumulated amortization	(101,218)	(78,962)
Value of intangible assets, net	134,808	88,184
Estimated annual amortization
2,019	24,079
2,020	21,516
2,021	18,133
2,022	15,070
2,023	14,044
Thereafter	41,966
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 34,300	19,600	$ 6,800
Weighted average amortization period	6 years 11 months
Values of acquired leases
Value of intangible assets, gross	$ 229,095	126,859
Accumulated amortization	(96,189)	(61,880)
Value of intangible assets, net	132,906	$ 64,979
Estimated annual amortization
2,019	30,218
2,020	22,878
2,021	19,408
2,022	15,970
2,023	12,329
Thereafter	$ 32,103

Real estate asset sales (Detail

Real estate asset sales (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)ft²	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Impairment of real estate					$ 6,311	$ 203	$ 209,261
Gain on sales of real estate – rental properties					$ 8,704	$ 270	$ 3,715
1300 Quince Orchard Boulevard
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate	$ 14,400
Gain on sales of real estate – rental properties	$ 8,700
ATC Prince William
Real Estate Properties [Line Items]
Impairment of real estate		$ 6,300
Proceeds from Sale of Real Estate		$ 6,000
6146 Nancy Ridge Drive
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate				$ 3,000
Gain on sales of real estate – rental properties				$ 270
150 Technology Parkway
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²			20,580
Impairment of real estate			$ 203
Proceeds from Sale of Real Estate			$ 800

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details) - ft²	Dec. 31, 2018	Sep. 30, 2018
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 | 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 1715 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10.00%
Area of Real Estate Property	593,765
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
Initial ownership interest | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	38.50%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments in real estate	$ 11,913,693	$ 10,298,019
Cash and cash equivalents	234,181	254,381
Other assets	370,257	228,453
Total assets	14,464,956	12,103,953
Secured notes payable	630,547	771,061
Total liabilities	6,570,242	5,620,784
Redeemable noncontrolling interests	10,786	11,509
Alexandria Real Estate Equities, Inc.'s share of equity	7,341,965	5,949,666
Noncontrolling interests' share of equity	541,963	521,994
Total liabilities and equity	14,464,956	12,103,953
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	1,108,385	1,047,472
Cash and cash equivalents	42,178	41,112
Other assets	74,901	68,754
Total assets	1,225,464	1,157,338
Secured notes payable	0	0
Other liabilities	59,336	52,201
Total liabilities	59,336	52,201
Redeemable noncontrolling interests	874	0
Alexandria Real Estate Equities, Inc.'s share of equity	624,349	584,160
Noncontrolling interests' share of equity	540,905	520,977
Total liabilities and equity	$ 1,225,464	$ 1,157,338

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)ft²	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 237,507,000	$ 110,618,000
Return of capital from unconsolidated real estate joint ventures		68,592,000	38,576,000	$ 0
Gain (loss) on sales of real estate – rental properties		8,704,000	270,000	3,715,000
Loss on early extinguishment of debt		$ 1,122,000	3,451,000	$ 3,230,000
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period		3.99%
Long-term Debt		$ 5,478,255,000
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Long-term Debt		337,788,000
Long-term debt, remaining commitments		381,279,000
Menlo Gateway | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 186,504,000	78,070,000
Equity interest percentage (in percent)		49.00%
Area of Real Estate Property | ft²		772,983
Menlo Gateway | Equity Method Investee | Secured debt maturing on 3/1/19
Schedule of Equity Method Investments
Repayments of Debt	$ 133,100,000
Loss on early extinguishment of debt		$ (761,000)
Menlo Gateway | Equity Method Investee | Secured debt maturing on 5/1/35
Unconsolidated Real Estate Joint Venture Debt
Maturity date		May 1, 2035
Stated interest rate (as a percent)		4.53%
Weighted Average Interest Rate at End of Period		0.00%
Long-term Debt		$ 0
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments		157,270,000
Menlo Gateway | Equity Method Investee | Secured debt maturing on 8/1/35
Schedule of Equity Method Investments
Total Aggregate Commitments		$ 145,000,000
Unconsolidated Real Estate Joint Venture Debt
Maturity date		Aug. 10, 2035
Stated interest rate (as a percent)		4.15%
Weighted Average Interest Rate at End of Period		4.18%
Long-term Debt		$ 144,338,000
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments		$ 0
Menlo Gateway | Equity Method Investee | Initial ownership interest
Schedule of Equity Method Investments
Equity interest percentage (in percent)		38.50%
1401/1413 Research Boulevard | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 8,197,000	7,308,000
Equity interest percentage (in percent)		65.00%
Area of Real Estate Property | ft²		90,000
1401/1413 Research Boulevard | Equity Method Investee | Secured debt maturing on 5/17/20
Unconsolidated Real Estate Joint Venture Debt
Maturity date		May 17, 2020
Weighted Average Interest Rate at End of Period		5.87%
Long-term Debt		$ 20,181,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments		$ 7,435,000
1401/1413 Research Boulevard | Equity Method Investee | Secured debt maturing on 5/17/20 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)		2.50%
704 Quince Orchard Road | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 4,547,000	0
Equity interest percentage (in percent)		56.80%
Area of Real Estate Property | ft²		79,931
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23
Unconsolidated Real Estate Joint Venture Debt
Maturity date		Mar. 16, 2023
Weighted Average Interest Rate at End of Period		4.66%
Long-term Debt		$ 4,903,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments		$ 9,940,000
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)		1.95%
1655 and 1715 Third Street | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 34,917,000	0
Equity interest percentage (in percent)		10.00%
Area of Real Estate Property | ft²		593,765
1655 and 1715 Third Street | Equity Method Investee | Secured debt maturing on 6/29/21
Unconsolidated Real Estate Joint Venture Debt
Maturity date		Jun. 29, 2021
Weighted Average Interest Rate at End of Period		6.05%
Long-term Debt		$ 168,366,000
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments		$ 206,634,000
1655 and 1715 Third Street | Equity Method Investee | Secured debt maturing on 6/29/21 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)		3.70%
360 Longwood Avenue | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 0	25,240,000
Equity interest percentage (in percent)	27.50%
Area of Real Estate Property | ft²	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 sales of real estate – rental properties		35,700,000
Other unconsolidated real estate joint ventures | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures		$ 3,342,000	$ 0

Deferred leasing costs (Details

Deferred leasing costs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs, gross	$ 557,791	$ 496,387
Accumulated amortization	(318,721)	(274,957)
Deferred leasing costs, net	$ 239,070	$ 221,430

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 234,181	$ 254,381
Restricted cash	37,949	22,805
Cash, cash equivalents, and restricted cash	272,130	277,186	$ 141,366	$ 153,970
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents [Line Items]
Restricted cash	22,681	12,301
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	10,558	4,546
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 4,710	$ 5,958

Summary of Investments (Details

Summary of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Reclassification of net unrealized gains on non-real estate investments	$ 90,750
Investment commitments	$ 248,300
Limited Partnership Maximum Expiration Terms	11 years
Weighted-average remaining liquidation term (in years)	7 years
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 652,109	$ 473,483
Cumulative unrealized gains (losses) on investments	240,155	49,771
Total investments	892,264	523,254
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	121,121	59,740
Cumulative unrealized gains (losses) on investments	62,884	49,771
Investment at fair value, book value	184,005	109,511
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Investment commitments	$ 247,800
Weighted-average remaining liquidation term (in years)	8 years 9 months
Summary of Investment [Abstract]
Investment at fair value, cost	$ 204,646	148,627
Cumulative unrealized gains (losses) on investments	113,159
Investment at fair value, book value	317,805	148,627
Investments in privately held entities that do not report NAV
Schedule of Investments [Line Items]
Investment in privately held entities that do not report NAV, upward price adjustment	64,300
Investment in privately held entities that do not report NAV, downward price adjustment	(200)
Summary of Investment [Abstract]
Investment at fair value, cost		265,116
Investment 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	39,421
Cumulative unrealized gains (losses) on investments	64,112
Investment in privately held entities that do not report fair value, book value	103,533
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	286,921
Cumulative unrealized gains (losses) on investments	0
Investment in privately held entities that do not report fair value, book value	286,921
Accumulated Other Comprehensive Income (Loss)
Schedule of Investments [Line Items]
Reclassification of net unrealized gains on non-real estate investments	$ (49,771)

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Investment Income
Investment income, unrealized gains (losses)	$ 99,634
Investment income, realized gains (losses)	37,129
Investment income	136,763	$ 0	$ 0
Unrealized gains on equity securities		24,400
Investments in publicly traded companies
Net Investment Income
Investment income, unrealized gains (losses)	27,944
Investment income, realized gains (losses)	0
Investment income	27,944
Investments in privately held entities that report NAV
Net Investment Income
Investment income, unrealized gains (losses)	22,389
Investment income, realized gains (losses)	0
Investment income	22,389
Investments in privately held entities that do not report NAV
Net Investment Income
Investment income, unrealized gains (losses)	64,112
Investment income, realized gains (losses)	(5,483)
Investment income	58,629
Total investments at fair value, held at period end
Net Investment Income
Investment income, unrealized gains (losses)	114,445
Investment income, realized gains (losses)	(5,483)
Investment income	108,962
Investment disposed and recognized during the period
Net Investment Income
Investment income, unrealized gains (losses)	0
Investment income, realized gains (losses)	27,801
Investment income	27,801
Investment disposed and previously recognized
Net Investment Income
Investment income, unrealized gains (losses)	(14,811)
Investment income, realized gains (losses)	14,811
Investment income	0
Total investment disposition during the period
Net Investment Income
Investment income, unrealized gains (losses)	(14,811)
Investment income, realized gains (losses)	42,612
Investment income	$ 27,801
Accounting Standards Update 2016-01
Net Investment Income
Investment income		$ 1,300	$ 17,100

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired below-market ground leases	$ 17,434	$ 12,684
Acquired in-place leases	132,906	64,979
Deferred compensation plan assets	19,238	15,534
Deferred financing costs	16,060	10,525
Deposits	12,974	10,576
Furniture, fixtures, and equipment	14,787	11,070
Interest rate hedge assets	2,606	5,260
Net investment in direct financing leases	39,149	38,382
Notes receivable	528	614
Prepaid expenses	13,690	10,972
Property, plant, and equipment	81,024	32,073
Other Assets	19,861	15,784
Total	$ 370,257	$ 228,453

Net investment in direct financ

Net investment in direct financing lease (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Capital Leased Assets [Line Items]
Gross investment in direct financing lease	$ 262,111	$ 263,719
Less: unearned income	(222,962)	(225,337)
Net investment in direct financing leases	39,149	$ 38,382
Direct financing lease
Capital Leased Assets [Line Items]
Gross investment in direct financing lease	262,111
Direct Financing Lease Future Minimum Payments
2,019	1,655
2,020	1,705
2,021	1,756
2,022	1,809
2,023	1,863
Thereafter	$ 253,323

Assets and Liabilities on Recur

Assets and Liabilities on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers In Fair Value Hierarchy	0
Assets:
Interest rate hedge assets	$ 2,606	$ 5,260
Liabilities:
Interest rate hedge liabilities	768	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	0
Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Interest rate hedge assets	2,606	5,260
Liabilities:
Interest rate hedge liabilities	768	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	0
Fair Value | Fair value measured on recurring basis
Assets:
Interest rate hedge assets	2,606	5,260
Liabilities:
Interest rate hedge liabilities	768	103
Investments in publicly traded companies
Assets:
Investment in publicly traded companies	184,005	109,511
Investments in publicly traded companies | Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in publicly traded companies	184,005	109,511
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Investment in publicly traded companies	0	0
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Investment in publicly traded companies	0	0
Investments in publicly traded companies | Fair Value | Fair value measured on recurring basis
Assets:
Investment in publicly traded companies	$ 184,005	$ 109,511

Book and Fair Values (Details)

Book and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	$ 630,547	$ 771,061
Unsecured senior notes payable	4,292,293	3,395,804
Unsecured senior line of credit	208,000	50,000
Unsecured senior bank term loans	347,415	547,942
Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	630,547	771,061
Unsecured senior notes payable	4,292,293	3,395,804
Unsecured senior line of credit	208,000	50,000
Unsecured senior bank term loans	347,415	547,942
Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	638,860	776,222
Unsecured senior notes payable	4,288,335	3,529,713
Unsecured senior line of credit	208,106	49,986
Unsecured senior bank term loans	350,240	549,361
Investments in privately held entities that report NAV
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Investment in privately held entities that report NAV	317,805	$ 148,627
Investments in privately held entities that report NAV | Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Investment in privately held entities that report NAV	317,805
Investments in privately held entities that report NAV | Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Investment in privately held entities that report NAV	$ 317,805

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Fixed rate/hedged variable-rate debt	$ 5,327,152
Unhedged variable-rate debt	151,103
Total Consolidated	$ 5,478,255
Percentage of Total	100.00%
Weighted Average Interest Rate at End of Period	3.99%
Weighted Average Remaining Terms (in years)	5 years 10 months 24 days
Percentage of fixed rate/hedged total debt	97.00%
Percentage of unhedged floating rate total debt	3.00%
Secured notes payable
Debt Instrument [Line Items]
Fixed rate/hedged variable-rate debt	$ 587,444
Unhedged variable-rate debt	43,103
Total Consolidated	$ 630,547
Percentage of Total	11.50%
Weighted Average Interest Rate at End of Period	4.22%
Weighted Average Remaining Terms (in years)	3 years 1 month 6 days
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate/hedged variable-rate debt	$ 4,292,293
Unhedged variable-rate debt	0
Total Consolidated	$ 4,292,293
Percentage of Total	78.40%
Weighted Average Interest Rate at End of Period	4.15%
Weighted Average Remaining Terms (in years)	6 years 4 months 24 days
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Fixed rate/hedged variable-rate debt	$ 100,000
Unhedged variable-rate debt	108,000
Total Consolidated	$ 208,000
Percentage of Total	3.80%
Weighted Average Interest Rate at End of Period	3.07%
Weighted Average Remaining Terms (in years)	5 years 1 month 6 days
Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Fixed rate/hedged variable-rate debt	$ 347,415
Unhedged variable-rate debt	0
Total Consolidated	$ 347,415
Percentage of Total	6.30%
Weighted Average Interest Rate at End of Period	2.21%
Weighted Average Remaining Terms (in years)	5 years 1 month 6 days

Detail of secured and unsecured

Detail of secured and unsecured senior debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Effective rate (as a percent)					3.99%
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 5,498,442
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(20,187)
Total Consolidated					5,478,255
Loss on early extinguishment of debt					$ 1,122	$ 3,451	$ 3,230
Secured notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.94%
Effective rate (as a percent)					4.22%
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 615,442
Unamortized Discount (Premium) and Debt Issuance Costs, Net					15,105
Total Consolidated					$ 630,547
Secured notes payable maturing on 4/1/20
Debt Instrument [Line Items]
Stated interest rate (as a percent)					7.75%
Effective rate (as a percent)					8.15%
Maturity date					Apr. 1, 2020
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 106,661
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(418)
Total Consolidated					$ 106,243
Secured notes payable maturing on 4/1/20 | Subsequent Event
Future principal payments due on secured and unsecured debt
Loss on early extinguishment of debt	$ (7,100)
Secured notes payable maturing on 1/1/23
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.66%
Effective rate (as a percent)					4.91%
Maturity date					Jan. 1, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 33,501
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(263)
Total Consolidated					$ 33,238
Secured notes payable maturing on 3/10/23
Debt Instrument [Line Items]
Stated interest rate (as a percent)					3.93%
Effective rate (as a percent)					3.19%
Maturity date					Mar. 10, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 80,909
Unamortized Discount (Premium) and Debt Issuance Costs, Net					2,303
Total Consolidated					$ 83,212
Secured notes payable maturing on 2/6/24
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.82%
Effective rate (as a percent)					3.40%
Maturity date					Feb. 6, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 200,517
Unamortized Discount (Premium) and Debt Issuance Costs, Net					13,540
Total Consolidated					$ 214,057
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)					6.50%
Effective rate (as a percent)					6.50%
Maturity date					Jul. 1, 2036
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 751
Unamortized Discount (Premium) and Debt Issuance Costs, Net					0
Total Consolidated					$ 751
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)					3.96%
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 4,883,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(35,292)
Total Consolidated					$ 4,847,708
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Effective rate (as a percent)					3.07%
Maturity date					Jan. 28, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 208,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					0
Total Consolidated					$ 208,000
Loss on early extinguishment of debt		$ 634
$2.2 billion unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)				1.00%	0.825%
Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Effective rate (as a percent)					2.21%
Maturity date					Jan. 28, 2024
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(2,585)
Total Consolidated					$ 347,415
Unsecured Senior Bank Term Loan | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)				1.10%	0.90%
2.75% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					2.75%
Effective rate (as a percent)					2.96%
Maturity date					Jan. 15, 2020
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(845)
Total Consolidated					$ 399,155
4.60% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.60%
Effective rate (as a percent)					4.75%
Maturity date					Apr. 1, 2022
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 550,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(2,115)
Total Consolidated					$ 547,885
3.90% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					3.90%
Effective rate (as a percent)					4.04%
Maturity date					Jun. 15, 2023
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 500,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(2,653)
Total Consolidated					$ 497,347
4.00% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.00%	4.00%	4.00%
Effective rate (as a percent)					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
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(3,685)
Total Consolidated					$ 446,315
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					3.45%
Effective rate (as a percent)					3.62%
Maturity date					Apr. 30, 2025
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(5,526)
Total Consolidated					$ 594,474
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.30%
Effective rate (as a percent)					4.50%
Maturity date					Jan. 15, 2026
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(3,414)
Total Consolidated					$ 296,586
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)					3.95%
Effective rate (as a percent)					4.13%
Maturity date					Jan. 15, 2027
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(4,037)
Total Consolidated					$ 345,963
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)					3.95%
Effective rate (as a percent)					4.07%
Maturity date					Jan. 15, 2028
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(3,818)
Total Consolidated					$ 421,182
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.50%
Effective rate (as a percent)					4.60%
Maturity date					Jul. 30, 2029
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(2,344)
Total Consolidated					$ 297,656
4.70% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.70%	4.70%	4.70%
Effective rate (as a percent)					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
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(4,270)
Total Consolidated					$ 445,730
Secured notes payable maturing on 1/28/20 | Construction Loans
Debt Instrument [Line Items]
Effective rate (as a percent)					3.29%
Maturity date					Jan. 28, 2020
Future principal payments due on secured and unsecured debt
Outstanding Balance					$ 193,103
Unamortized Discount (Premium) and Debt Issuance Costs, Net					(57)
Total Consolidated					$ 193,046
Loss on early extinguishment of debt		$ (299)
Secured notes payable maturing on 1/28/20 | Construction Loans | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)					1.50%

Unsecured senior line of credit

Unsecured senior line of credit and unsecured senior bank term loans (Details) $ in Thousands	Sep. 28, 2018	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ 1,122	$ 3,451	$ 3,230
2019 Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ (189)
Repayments of Debt		200,000
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Loan amendment date	Sep. 28, 2018
Debt Instrument, Number of One-Year Maturity Date Extension Option				2
Debt Instrument, Extended Maturity Period				6 months
Unsecured senior line of credit, borrowing capacity			$ 1,650,000	$ 2,200,000
Annual facility fee (as a percent)			0.20%	0.15%
Loss on early extinguishment of debt		$ 634
$2.2 billion unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)			1.00%	0.825%
Unsecured Senior Bank Term Loan | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)			1.10%	0.90%

Unsecured senior notes payable

Unsecured senior notes payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unsecured senior notes payable		$ 4,300,000
Ownership interest in subsidiary (as a percent)		100.00%
Outstanding Balance		$ 5,498,442
Proceeds from issuance of unsecured senior notes payable		899,321	$ 1,023,262	$ 348,604
4.00% and 4.70% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance	$ 900,000
Proceeds from issuance of unsecured senior notes payable	891,400
4.00% unsecured senior note payable
Debt Instrument [Line Items]
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 note payable
Debt Instrument [Line Items]
Outstanding Balance	$ 450,000	$ 450,000
Maturity date	Jul. 1, 2030	Jul. 1, 2030
Stated interest rate (as a percent)	4.70%	4.70%

Repayment of secured notes paya

Repayment of secured notes payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 156,888	$ 396,240	$ 310,903
Loss on early extinguishment of debt		$ 1,122	$ 3,451	$ 3,230
Secured notes payable maturing on 1/28/20 | Construction Loans
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 150,000
Total Aggregate Commitments	200,000
Loss on early extinguishment of debt	$ (299)

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Costs Incurred [Abstract]
Gross interest	$ 223,715	$ 186,867	$ 159,403
Capitalized interest	(66,220)	(58,222)	(52,450)
Interest Expense	$ 157,495	$ 128,645	$ 106,953

Interest rate swap agreements_3

Interest rate swap agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge loss to be reclassified within twelve months	$ 1,900,000
Collateral obligation requirements	0
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 344,000
The percentage of effectiveness of interest rate swap agreements	100.00%	100.00%
Interest rate swap hedge ineffectiveness recognized in earnings	$ 0	$ 0

Outstanding interest rate swap

Outstanding interest rate swap (Details) $ in Thousands	Dec. 31, 2018USD ($)contract
Interest rate hedge agreements
Fair Values	$ 1,838
Notional Amount in Effect as of 2018	600,000
Notional Amount in Effect as of 2019	$ 350,000
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	$ 1,962
Notional Amount in Effect as of 2018	600,000
Notional Amount in Effect as of 2019	$ 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	$ 644
Notional Amount in Effect as of 2018	0
Notional Amount in Effect as of 2019	$ 100,000
2.84% Interest rate swap, effective March 29, 2019
Interest rate hedge agreements
Number of contracts | contract	3
Interest Pay Rate (as a percent)	2.84%
Fair Values	$ (768)
Notional Amount in Effect as of 2018	0
Notional Amount in Effect as of 2019	$ 250,000

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and tenant security deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 491,421	$ 349,884
Acquired below-market leases	134,808	88,184
Conditional asset retirement obligation	10,343	7,397
Deferred rent liabilities	29,547	27,953
Interest rate hedge liabilities	768	103
Unearned rent and tenant security deposits	250,923	248,924
Other liabilities	63,897	41,387
Accounts Payable and Accrued Liabilities	$ 981,707	$ 763,832

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 05, 2018
Class of Stock [Line Items]
Shares of common stock authorized	200,000,000				200,000,000				200,000,000	200,000,000
Reconciliation of basic and diluted EPS
Net income (loss)									$ 402,793	$ 194,204	$ (49,799)
Net income attributable to noncontrolling interest									(23,481)	(25,111)	(16,102)
Dividends on preferred stock									(5,060)	(7,666)	(20,223)
Preferred stock redemption charge									(4,240)	(11,279)	(61,267)
Net income attributable to unvested restricted stock awards									(6,029)	(4,753)	(3,750)
Numerator for basic and diluted EPS – net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 36,831	$ 51,273	$ 31,630	$ 25,661	$ 363,983	$ 145,395	$ (151,141)
Denominator for basic EPS – weighted-average shares of common stock shares outstanding									103,010,000	91,546,000	76,103,000
Dilutive effect of forward equity sales agreements									311,000	517,000	0
Denominator for diluted EPS – weighted-average shares of common stock shares outstanding									103,321,000	92,063,000	76,103,000
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 0.39	$ 0.55	$ 0.35	$ 0.29	$ 3.53	$ 1.59	$ (1.99)
Earnings per share - diluted (USD per share)	(0.30)	1.99	0.51	1.32	$ 0.38	$ 0.55	$ 0.35	0.29	$ 3.52	$ 1.58	$ (1.99)
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, dividend rate (as a percent)									7.00%
January 2018 Forward Equity Sales Agreements
Class of Stock [Line Items]
Public offering price	$ 116.97	$ 116.62	$ 0	$ 118.74					$ 116.97			$ 123.50
Issuance of common stock (in shares)	5,198,700	857,700	0	843,600					6,900,000
January 2018 Forward Equity Sales Agreements | Total Shares
Class of Stock [Line Items]
Shares of common stock authorized												6,900,000
March 2017 Forward Equity Sales Agreements
Class of Stock [Line Items]
Public offering price								$ 108.55
March 2017 Forward Equity Sales Agreements | Total Shares
Class of Stock [Line Items]
Shares of common stock authorized								6,900,000
March 2017 Forward Equity Sales Agreements | Initial issuance shares
Class of Stock [Line Items]
Shares of common stock authorized								2,100,000
March 2017 Forward Equity Sales Agreements | Incremental Shares
Class of Stock [Line Items]
Shares of common stock authorized								4,800,000

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
Income Tax Disclosure [Abstract]
Minimum percentage of taxable income to be distributed	90.00%
Percent of taxable income, generally distributed as dividend	100.00%
Unrecognized Tax Benefits	$ 0

Income Tax Treatment of Distrib

Income Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	69.90%	62.10%	25.20%
Return of capital	3.80%	27.20%	43.90%
Capital gains at 25%	0.10%	0.70%	0.00%
Capital gains at 20%	26.20%	10.00%	30.90%
Total	100.00%	100.00%	100.00%
Dividends declared	$ 3.73	$ 3.45	$ 3.23
Series D Convertible Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	72.70%	85.30%	44.80%
Return of capital	0.00%	0.00%	0.00%
Capital gains at 25%	0.10%	1.00%	0.00%
Capital gains at 20%	27.20%	13.70%	55.20%
Total	100.00%	100.00%	100.00%
Dividends declared	$ 1.75	$ 1.75	$ 1.75
Series E Cumulative Redeemable Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income		85.30%	44.80%
Return of capital		0.00%	0.00%
Capital gains at 25%		1.00%	0.00%
Capital gains at 20%		13.70%	55.20%
Total		100.00%	100.00%
Dividends declared		$ 0.4031	$ 1.6125

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net income (loss)	$ 402,793	$ 194,204	$ (49,799)
Net income attributable to noncontrolling interest	$ (23,481)	(25,111)	(16,102)
Rental revenue recognition		(121,589)	(36,022)
Depreciation and amortization		137,576	79,710
Stock-based compensation		23,466	15,568
Interest expense		(5,256)	(2,597)
Sales of property		12,166	100,047
Impairments		9,011	61,593
Other		3,642	358
Taxable income, before dividend deduction		228,109	152,756
Dividend deduction necessary to eliminate taxable income		(228,109)	(152,756)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 321,800	$ 262,800

Commitments and contingencies_3

Commitments and contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)propertyTenantLease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations		$ 4.1	$ 3.2	$ 2.5
Concentration of credit risk
Largest aggregate notional amount in effect at any single point		$ 150
Number of leases held | Lease		708
Number of client tenants | Tenant		537
Rentable Square Feet Properties Number | property		237
Commitments
Remaining aggregate costs under contracts, under terms of leases		$ 829.9
Letters of credit and performance obligations		9.2
Investment commitments		$ 248.3
Limited Partnership Maximum Expiration Terms		11 years
Weighted-average remaining liquidation term (in years)		7 years
Rent expense
Rent expense		$ 15.8	$ 14	$ 14.3
Number of Properties Subject to Ground Leases | property		29
Term of operating lease obligation related to office leases		3 years
Net book value of one ground lease		$ 8.8
Investments in privately held entities that report NAV
Commitments
Investment commitments		$ 247.8
Weighted-average remaining liquidation term (in years)		8 years 9 months
Minimum
Commitments
Expected period of payment obligation		1 year
Rent expense
Term of ground lease obligation		35 years
Maximum
Commitments
Expected period of payment obligation		3 years
Rent expense
Term of ground lease obligation		96 years
Equity Method Investee | 1655 and 1715 Third Street
Commitments
Equity interest percentage (in percent)		10.00%
Contribution commitments to acquire real estate joint ventures		$ 32
Equity Method Investee | 1655 and 1715 Third Street | Scenario, Forecast
Commitments
Contribution commitments to acquire real estate joint ventures	$ 78
Equity Method Investee | Menlo Gateway
Commitments
Equity interest percentage (in percent)		49.00%
Contribution commitments to acquire real estate joint ventures		$ 177.7
Equity Method Investee | Menlo Gateway | Scenario, Forecast
Commitments
Contribution commitments to acquire real estate joint ventures	$ 269
Single Tenant | Lessee Concentration
Concentration of credit risk
Number of Single Tenant Properties | Tenant		116
Single Tenant Properties as Percentage of Total Properties		49.00%
Three Largest Tenants | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Number of largest tenants		3
Concentration risk, percentage		9.80%
First Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage		3.60%
Second Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage		3.30%
Third Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage		2.90%

Future Minimum Lease Obligation

Future Minimum Lease Obligations Schedule (Details) $ in Thousands	Dec. 31, 2018USD ($)
Office Leases
2,019	$ 1,777
2,020	326
2,021	269
2,022	0
2,023	0
Thereafter	0
Total Office Lease Obligations	2,372
Ground Leases
2,019	12,804
2,020	12,631
2,021	12,198
2,022	12,302
2,023	12,421
Thereafter	525,544
Total Ground Lease Obligations	587,900
Total
2,019	14,581
2,020	12,957
2,021	12,467
2,022	12,302
2,023	12,421
Thereafter	525,544
Total	$ 590,272

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 05, 2018	Dec. 31, 2015
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						$ 1,293,301	$ 1,275,397	$ 1,432,177
Preferred stock
Preferred stock redemption charge						(4,240)	(11,279)	(61,267)
Dividends declared on preferred stock						$ 5,060	$ 7,666	20,223
Shares of common stock issued and outstanding	111,011,816					111,011,816	99,783,686
Shares of preferred stock issued and outstanding	2,573,432					2,573,432
Shares of preferred stock authorized	100,000,000					100,000,000
Number of "excess stock" authorized (in shares)						200,000,000
Number of excess stock authorized issued and outstanding (in shares)	0					0
Additional Paid in Capital [Abstract]
Sale of noncontrolling interests						$ 27,418	$ 52,625	217,183
9625 Towne Centre Drive
Additional Paid in Capital [Abstract]
Proceeds received for real estate joint venture							26,000
Noncontrolling interest, historical cost basis							18,300
Additional Paid-In Capital
Additional Paid in Capital [Abstract]
Sale of noncontrolling interests						$ 257	7,747	$ 44,512
Additional Paid-In Capital | 9625 Towne Centre Drive
Additional Paid in Capital [Abstract]
Sale of noncontrolling interests							$ 7,700
Series D Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding	2,573,432					2,573,432	2,975,432	3,476,547		9,486,500
Number of shares repurchase/redeemed						402,000	501,115	6,009,953
Aggregate price on repurchase of Series D preferred stock						$ 14,000	$ 17,900	$ 206,800
Aggregate price on repurchase of Series D preferred stock, per share						$ 34.77	$ 35.79	$ 34.41
Preferred stock redemption charge						$ (4,200)	$ (5,800)	$ (61,300)
Original issuance costs write-off						$ 13,976	17,934	206,826
Redemption price per share	$ 25					$ 25
Payment of quarterly dividends in arrears at an annual rate (in dollars per share)						$ 1.75
Percentage of the closing sale price per share of the entity's common stock that the then-applicable conversion price must exceed in order for the shares to be automatically converted						150.00%
Minimum number of trading days within 30 consecutive trading days during which the closing sale price per share of entity's common stock equals or exceeds the then-applicable conversion price for the shares to be automatically converted						20 days
Number of consecutive trading day period within which the closing sale price per share of entity's common stock equals or exceeds the then-applicable conversion price for at least 20 trading days for the shares to be automatically converted						30 days
Conversion rate at a option of holders (in shares)						0.2477
Conversion rate which is equivalent to an initial conversion price per share of common stock (in dollars per share)						$ 100.93
Conversion rate dividend adjustment per quarter (in dollars per share)						$ 0.78
Conversion rate (in shares)	0.2502					0.2502
Conversion price (in dollars per share)	$ 99.92					$ 99.92
Dividends declared on preferred stock						$ 5,100	$ 5,200	$ 11,800
Dividend declared on preferred stock, per share						$ 1.75	$ 1.75	$ 1.75
Shares of preferred stock issued and outstanding	2,573,432					2,573,432	2,975,432
Shares of preferred stock authorized	10,000,000					10,000,000	10,000,000
Series D Convertible Preferred Stock | Additional Paid-In Capital
Preferred stock
Original issuance costs write-off						$ (314)	$ (391)	$ (4,690)
Series E Cumulative Redeemable Preferred Stock
Preferred stock
Number of shares repurchase/redeemed					5,200,000
Preferred stock redemption amount					$ 130,000
Preferred stock redemption charge					$ (5,500)
Original issuance costs write-off							130,350
Preferred stock redemption date					Apr. 14, 2017
Redemption price per share					$ 25
Series E Cumulative Redeemable Preferred Stock | Additional Paid-In Capital
Preferred stock
Original issuance costs write-off							$ (5,132)
January 2018 Forward Equity Sales Agreements
Forward equity sales agreements
Issuance of common stock (in shares)	5,198,700	857,700	0	843,600		6,900,000
Average issue price per share	$ 116.97	$ 116.62	$ 0	$ 118.74		$ 116.97			$ 123.50
Underwriting fee, price per share									$ 4.94
Proceeds from the issuance of common stock	$ 608,108	$ 100,022	$ 0	$ 100,169		$ 808,299
January 2018 Forward Equity Sales Agreements | Total Shares
Forward equity sales agreements
Shares of common stock authorized									6,900,000

ATM common stock offering progr

ATM common stock offering program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						12 Months Ended			16 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Aug. 31, 2018	Aug. 31, 2017
Class of Stock [Line Items]
Shares of common stock authorized	200,000,000				200,000,000		200,000,000	200,000,000		200,000,000
Proceeds from the issuance of common stock							$ 1,293,301	$ 1,275,397	$ 1,432,177
ATM Common Stock Offering Program, Established August 2017
Class of Stock [Line Items]
Shares of common stock authorized												750,000,000
Issuance of common stock (in shares)	0	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	$ 0	$ 127.91	$ 124.46	$ 0	$ 125.70	$ 119.94	$ 0	$ 125.70		$ 0
Gross proceeds from issuance of common stock	$ 0	$ 90,000	$ 305,675	$ 0	$ 86,708	$ 249,895	$ 395,675	$ 336,603		$ 732,278
Proceeds from the issuance of common stock	0	$ 88,548	$ 300,837	$ 0	$ 85,375	$ 245,785	389,385	$ 331,160		720,545
Common stock available for future issuance	$ 17,722						$ 17,722			$ 17,722
ATM Common Stock Offering Program, Established August 2018
Class of Stock [Line Items]
Shares of common stock authorized											750,000,000
Issuance of common stock (in shares)	0	855,458
Average issue price per share	$ 0	$ 127.45					$ 0			$ 0
Gross proceeds from issuance of common stock	$ 0	$ 109,031
Proceeds from the issuance of common stock	0	$ 106,956
Common stock available for future issuance	$ 640,969						$ 640,969			$ 640,969

Accumulated other comprehensive

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2017	$ 50,024
Reclassification of net unrealized gains on non-real estate investments	90,750
Unrealized holding gains (losses) arising during the year	0	$ 24,360	$ (79,833)
Unrealized interest rate swap gains (losses) arising during the year	1,622	2,837	(1,150)
Unrealized foreign currency translation gains (losses) during the year	(7,369)	7,774	(2,579)
Other comprehensive income (loss) before reclassifications	(5,747)
Reclassification adjustment for gains included in net income	0	6,118	(18,473)
Reclassification adjustment for amortization of interest expense included in net income	(4,941)	1,915	5,273
Reclassification adjustment for gains included in net income	0	1,599	$ 52,926
Amounts reclassified from other comprehensive income	(4,941)
Net other comprehensive (loss) income	(10,688)
Balance as of December 31, 2018	(10,435)	50,024
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 net unrealized gains on non-real estate investments	(49,771)
Net other comprehensive (loss) income	0
Balance as of December 31, 2018	0	49,771
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 net unrealized gains on non-real estate investments	0
Net other comprehensive (loss) income	(3,319)
Balance as of December 31, 2018	1,838	5,157
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 net unrealized gains on non-real estate investments	0
Net other comprehensive (loss) income	(7,369)
Balance as of December 31, 2018	(12,273)	$ (4,904)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Reclassification of net unrealized gains on non-real estate investments	$ (49,771)

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation [Abstract]
Total grant date fair value of stock awards vested	$ 41,854	$ 36,083	$ 25,630
Total gross compensation recognized for stock awards	57,341	42,292	37,037
Capitalized stock compensation	$ 22,322	$ 16,682	$ 11,604
Shares reserved for granting of future options and share awards	2,433,810
Fair value assumptions, expected term	3 years	3 years
Fair value assumptions, weighted average volatility rate (percent)	16.00%	22.00%
Fair value assumptions, expected dividend rate (percent)	3.10%	3.20%
Fair value assumptions, risk free interest rate (percent)	2.15%	1.46%
Unrecognized compensation related to nonvested share awards	$ 134,400
Unrecognized compensation recognition period (in years)	4 years
Weighted average period recognition period for unrecognized compensation	17 months
Stock Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	1,394,582	1,135,788	814,018
Number of shares granted	741,244	688,295	661,409
Number of shares vested	(403,120)	(423,705)	(325,537)
Number of shares forfeited	(20,330)	(5,796)	(14,102)
Outstanding, ending balance (in shares)	1,712,376	1,394,582	1,135,788
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighed average grant date fair value per share, outstanding beginning balance	$ 95.79	$ 87.21	$ 80.95
Weighed average grant date fair value per share, granted	121.20	108.22	88.98
Weighed average grant date fair value per share, vested	103.83	85.16	78.73
Weighed average grant date fair value per share, forfeited	106.38	101.45	79.10
Weighed average grant date fair value per share, outstanding ending balance	$ 105.22	$ 95.79	$ 87.21

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 32,253	$ 22,361	$ 69,678
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	11
Payments to Noncontrolling Interests	$ 30,700	$ 22,361

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale - area of real estate | ft²	334,144
Net assets from asset held for sale
Total assets	$ 31,260	$ 31,578
Total liabilities	(2,476)	(1,809)
Total accumulated other comprehensive loss (gain)	768	(1,021)
Net assets classified as held for sale	$ 29,552	$ 28,748

Quarterly financial data (Detai

Quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 298,791	$ 285,370	$ 273,059	$ 270,877	$ 1,327,459	$ 1,128,097	$ 921,706
Net Income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 36,831	$ 51,273	$ 31,630	$ 25,661	$ 363,983	$ 145,395	$ (151,141)
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 0.39	$ 0.55	$ 0.35	$ 0.29	$ 3.53	$ 1.59	$ (1.99)
Earnings per share - diluted (USD per share)	$ (0.30)	$ 1.99	$ 0.51	$ 1.32	$ 0.38	$ 0.55	$ 0.35	$ 0.29	$ 3.52	$ 1.58	$ (1.99)

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019USD ($)ft²$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Feb. 04, 2019USD ($)shares	Dec. 31, 2015shares
Subsequent Event [Line Items]
Repayments of Secured Debt		$ 156,888	$ 396,240	$ 310,903
Loss on early extinguishment of debt		1,122	3,451	3,230
Preferred stock redemption charge		(4,240)	(11,279)	(61,267)
Purchase Price		$ 1,037,180	$ 675,584	$ 739,678
Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 196,500
3170 Porter Drive | Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 100,300
Area of Real Estate Property | ft²	98,626
75 and 125 Shoreway Road | Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 73,200
Area of Real Estate Property | ft²	82,462
3911 and 3931 Sorrento Valley Boulevard | Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 23,100
Area of Real Estate Property | ft²	53,220
Series D Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares repurchase | shares		402,000	501,115	6,009,953
Aggregate price on repurchase of Series D preferred stock		$ 14,000	$ 17,900	$ 206,800
Aggregate price on repurchase of Series D preferred stock, per share | $ / shares		$ 34.77	$ 35.79	$ 34.41
Preferred stock redemption charge		$ (4,200)	$ (5,800)	$ (61,300)
Preferred Stock, Shares Outstanding | shares		2,573,432	2,975,432	3,476,547		9,486,500
Series D Convertible Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchase | shares	275,000
Aggregate price on repurchase of Series D preferred stock	$ 9,200
Aggregate price on repurchase of Series D preferred stock, per share | $ / shares	$ 33.60
Preferred stock redemption charge	$ (2,600)
Preferred Stock, Shares Outstanding | shares					2,298,432
Preferred stock redemption amount					$ 57,500
Secured notes payable maturing on 4/1/20
Subsequent Event [Line Items]
Stated interest rate (as a percent)		7.75%
Secured notes payable maturing on 4/1/20 | Subsequent Event
Subsequent Event [Line Items]
Repayments of Secured Debt	106,700
Loss on early extinguishment of debt	$ (7,100)

Balance Sheet (Details)

Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Investments in real estate	$ 11,913,693	$ 10,298,019
Investment in unconsolidated real estate joint ventures	237,507	110,618
Cash and cash equivalents	234,181	254,381
Restricted cash	37,949	22,805
Tenant receivables	9,798	10,262
Deferred rent	530,237	434,731
Deferred leasing costs	239,070	221,430
Investments	892,264	523,254
Investments in and Advances to Affiliates, Balance, Principal Amount	0	0
Other assets	370,257	228,453
Total assets	14,464,956	12,103,953
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	630,547	771,061
Unsecured senior notes payable	4,292,293	3,395,804
Unsecured senior line of credit	208,000	50,000
Unsecured senior bank term loans	347,415	547,942
Accounts payable, accrued expenses, and tenant security deposits	981,707	763,832
Dividends payable	110,280	92,145
Total liabilities	6,570,242	5,620,784
Redeemable noncontrolling interests	10,786	11,509
Alexandria Real Estate Equities, Inc.'s stockholders' equity	7,341,965	5,949,666
Noncontrolling interests	541,963	521,994
Total equity	7,883,928	6,471,660	$ 5,370,971	$ 4,279,746
Total liabilities, noncontrolling interests, and equity	14,464,956	12,103,953
Eliminations
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	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, Balance, Principal Amount	(23,408,191)	(19,164,705)
Other assets	0	0
Total assets	(23,408,191)	(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	(23,408,191)	(19,164,705)
Noncontrolling interests	0	0
Total equity	(23,408,191)	(19,164,705)
Total liabilities, noncontrolling interests, and equity	(23,408,191)	(19,164,705)
Alexandria Real Estate Equities, Inc. (Issuer)
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	0	0
Cash and cash equivalents	119,112	130,364
Restricted cash	193	152
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and Advances to Affiliates, Balance, Principal Amount	12,235,577	9,949,861
Other assets	56,353	45,108
Total assets	12,411,235	10,125,485
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	4,292,293	3,395,804
Unsecured senior line of credit	208,000	50,000
Unsecured senior bank term loans	347,415	547,942
Accounts payable, accrued expenses, and tenant security deposits	111,282	89,928
Dividends payable	110,280	92,145
Total liabilities	5,069,270	4,175,819
Redeemable noncontrolling interests	0	0
Alexandria Real Estate Equities, Inc.'s stockholders' equity	7,341,965	5,949,666
Noncontrolling interests	0	0
Total equity	7,341,965	5,949,666
Total liabilities, noncontrolling interests, and equity	12,411,235	10,125,485
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	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	1,262	1,655
Investments in and Advances to Affiliates, Balance, Principal Amount	10,949,631	9,030,994
Other assets	0	0
Total assets	10,950,893	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	10,950,893	9,032,658
Noncontrolling interests	0	0
Total equity	10,950,893	9,032,658
Total liabilities, noncontrolling interests, and equity	10,950,893	9,032,658
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate	11,913,693	10,298,019
Investment in unconsolidated real estate joint ventures	237,507	110,618
Cash and cash equivalents	115,069	124,008
Restricted cash	37,756	22,653
Tenant receivables	9,798	10,262
Deferred rent	530,237	434,731
Deferred leasing costs	239,070	221,430
Investments	891,002	521,599
Investments in and Advances to Affiliates, Balance, Principal Amount	222,983	183,850
Other assets	313,904	183,345
Total assets	14,511,019	12,110,515
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	630,547	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	870,425	673,904
Dividends payable	0	0
Total liabilities	1,500,972	1,444,965
Redeemable noncontrolling interests	10,786	11,509
Alexandria Real Estate Equities, Inc.'s stockholders' equity	12,457,298	10,132,047
Noncontrolling interests	541,963	521,994
Total equity	12,999,261	10,654,041
Total liabilities, noncontrolling interests, and equity	$ 14,511,019	$ 12,110,515

Income Statement (Details)

Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements
Revenues	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 298,791	$ 285,370	$ 273,059	$ 270,877	$ 1,327,459	$ 1,128,097	$ 921,706
Expenses:
Rental operations									381,120	325,609	278,408
General and administrative									90,405	75,009	63,884
Interest									157,495	128,645	106,953
Depreciation and amortization									477,661	416,783	313,390
Impairment of real estate									6,311	203	209,261
Loss on early extinguishment of debt									1,122	3,451	3,230
Total expenses									1,114,114	949,700	975,126
Equity in earnings (losses) of unconsolidated real estate joint ventures									43,981	15,426	(184)
Equity in earnings of affiliates									0	0	0
Investment income									136,763	0	0
Gain on sales of real estate – rental properties									8,704	270	3,715
Gain on sales of real estate - land parcels									0	111	90
Net income (loss)									402,793	194,204	(49,799)
Net income attributable to noncontrolling interest									(23,481)	(25,111)	(16,102)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									379,312	169,093	(65,901)
Dividends on preferred stock									(5,060)	(7,666)	(20,223)
Preferred stock redemption charge									(4,240)	(11,279)	(61,267)
Net income attributable to unvested restricted stock awards									(6,029)	(4,753)	(3,750)
Net Income attributable to Alexandria's common stockholders									363,983	145,395	(151,141)
Eliminations
Condensed Income Statements
Revenues									(21,538)	(18,169)	(14,038)
Expenses:
Rental operations									0	0	0
General and administrative									(21,538)	(18,169)	(14,038)
Interest									0	0	0
Depreciation and amortization									0	0	0
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									0	0	0
Total expenses									(21,538)	(18,169)	(14,038)
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									(1,056,573)	(672,537)	(129,535)
Investment income									0
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels										0	0
Net income (loss)									(1,056,573)	(672,537)	(129,535)
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									(1,056,573)	(672,537)	(129,535)
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria's common stockholders									(1,056,573)	(672,537)	(129,535)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									19,275	15,238	10,607
Expenses:
Rental operations									0	0	0
General and administrative									88,707	73,897	62,234
Interest									136,036	101,876	85,613
Depreciation and amortization									6,339	7,625	6,792
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									823	670	3,230
Total expenses									231,905	184,068	157,869
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									591,942	337,923	81,361
Investment income									0
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels										0	0
Net income (loss)									379,312	169,093	(65,901)
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									379,312	169,093	(65,901)
Dividends on preferred stock									(5,060)	(7,666)	(20,223)
Preferred stock redemption charge									(4,240)	(11,279)	(61,267)
Net income attributable to unvested restricted stock awards									(6,029)	(4,753)	(3,750)
Net Income attributable to Alexandria's common stockholders									363,983	145,395	(151,141)
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	(2,575)	147
Expenses:
Rental operations									0	0	0
General and administrative									0	0	0
Interest									0	0	0
Depreciation and amortization									0	0	0
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									0	0	0
Total expenses									0	0	0
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									455,574	328,230	47,215
Investment income									528
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels										0	0
Net income (loss)									456,102	325,655	47,362
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									456,102	325,655	47,362
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria's common stockholders									456,102	325,655	47,362
Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									1,329,722	1,133,603	924,990
Expenses:
Rental operations									381,120	325,609	278,408
General and administrative									23,236	19,281	15,688
Interest									21,459	26,769	21,340
Depreciation and amortization									471,322	409,158	306,598
Impairment of real estate									6,311	203	209,261
Loss on early extinguishment of debt									299	2,781	0
Total expenses									903,747	783,801	831,295
Equity in earnings (losses) of unconsolidated real estate joint ventures									43,981	15,426	(184)
Equity in earnings of affiliates									9,057	6,384	959
Investment income									136,235
Gain on sales of real estate – rental properties									8,704	270	3,715
Gain on sales of real estate - land parcels										111	90
Net income (loss)									623,952	371,993	98,275
Net income attributable to noncontrolling interest									(23,481)	(25,111)	(16,102)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									600,471	346,882	82,173
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria's common stockholders									600,471	346,882	82,173
Rental revenues
Condensed Income Statements
Revenues									1,010,718	863,181	673,820
Rental revenues | Eliminations
Condensed Income Statements
Revenues									0	0	0
Rental revenues | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									0	0	0
Rental revenues | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	0	0
Rental revenues | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									1,010,718	863,181	673,820
Tenant recoveries
Condensed Income Statements
Revenues									304,063	259,144	223,655
Tenant recoveries | Eliminations
Condensed Income Statements
Revenues									0	0	0
Tenant recoveries | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									0	0	0
Tenant recoveries | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	0	0
Tenant recoveries | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									304,063	259,144	223,655
Other income
Condensed Income Statements
Revenues									12,678	5,772	24,231
Other income | Eliminations
Condensed Income Statements
Revenues									(21,538)	(18,169)	(14,038)
Other income | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									19,275	15,238	10,607
Other income | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	(2,575)	147
Other income | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									$ 14,941	$ 11,278	$ 27,515

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Statement of Comprehensive Income
Net income (loss)	$ 402,793	$ 194,204	$ (49,799)
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period	0	(24,360)	79,833
Reclassification adjustment for losses (gains) included in net income	0	6,118	(18,473)
Unrealized gains (losses) on available-for-sale equity securities, net	0	30,478	(98,306)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	1,622	2,837	(1,150)
Reclassification adjustment for amortization of interest expense included in net income	(4,941)	1,915	5,273
Unrealized gains (losses) on interest rate swap agreements, net	(3,319)	4,752	4,123
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	(7,369)	7,774	(2,579)
Reclassification adjustment for gains included in net income	0	1,599	52,926
Unrealized gains (losses) on foreign currency translation, net	(7,369)	9,373	50,347
Total other comprehensive income (loss)	(10,688)	44,603	(43,836)
Comprehensive income (loss)	392,105	238,807	(93,635)
Less: comprehensive income attributable to noncontrolling interests	(23,481)	(25,045)	(16,102)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	368,624	213,762	(109,737)
Eliminations
Condensed Statement of Comprehensive Income
Net income (loss)	(1,056,573)	(672,537)	(129,535)
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		0	0
Reclassification adjustment for losses (gains) included in net income		0	0
Unrealized gains (losses) on available-for-sale equity securities, net		0	0
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	0	0	0
Reclassification adjustment for amortization of interest expense included in net income	0	0	0
Unrealized gains (losses) on interest rate swap agreements, net	0	0	0
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	0	0	0
Reclassification adjustment for gains included in net income		0	0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	0	0	0
Comprehensive income (loss)	(1,056,573)	(672,537)	(129,535)
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	(1,056,573)	(672,537)	(129,535)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Statement of Comprehensive Income
Net income (loss)	379,312	169,093	(65,901)
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		0	0
Reclassification adjustment for losses (gains) included in net income		0	0
Unrealized gains (losses) on available-for-sale equity securities, net		0	0
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	1,622	3,025	(1,338)
Reclassification adjustment for amortization of interest expense included in net income	(4,941)	1,914	5,272
Unrealized gains (losses) on interest rate swap agreements, net	(3,319)	4,939	3,934
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	0	0	0
Reclassification adjustment for gains included in net income		0	0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	(3,319)	4,939	3,934
Comprehensive income (loss)	375,993	174,032	(61,967)
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	375,993	174,032	(61,967)
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Statement of Comprehensive Income
Net income (loss)	456,102	325,655	47,362
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		5	(135)
Reclassification adjustment for losses (gains) included in net income		2	(148)
Unrealized gains (losses) on available-for-sale equity securities, net		(3)	(13)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	0	0	0
Reclassification adjustment for amortization of interest expense included in net income	0	0	0
Unrealized gains (losses) on interest rate swap agreements, net	0	0	0
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	0	0	0
Reclassification adjustment for gains included in net income		0	0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	0	(3)	(13)
Comprehensive income (loss)	456,102	325,652	47,349
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	456,102	325,652	47,349
Combined Non- Guarantor Subsidiaries
Condensed Statement of Comprehensive Income
Net income (loss)	623,952	371,993	98,275
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period		(24,365)	79,968
Reclassification adjustment for losses (gains) included in net income		6,116	(18,325)
Unrealized gains (losses) on available-for-sale equity securities, net		30,481	(98,293)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate swap gains (losses) arising during the year	0	(188)	188
Reclassification adjustment for amortization of interest expense included in net income	0	1	1
Unrealized gains (losses) on interest rate swap agreements, net	0	(187)	189
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) during the year	(7,369)	7,774	(2,579)
Reclassification adjustment for gains included in net income		1,599	52,926
Unrealized gains (losses) on foreign currency translation, net	(7,369)	9,373	50,347
Total other comprehensive income (loss)	(7,369)	39,667	(47,757)
Comprehensive income (loss)	616,583	411,660	50,518
Less: comprehensive income attributable to noncontrolling interests	(23,481)	(25,045)	(16,102)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	$ 593,102	$ 386,615	$ 34,416

Cash Flows (Details)

Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net income (loss)	$ 402,793	$ 194,204	$ (49,799)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	477,661	416,783	313,390
Loss on early extinguishment of debt	1,122	3,451	3,230
Impairment of real estate	6,311	203	209,261
Gain on sales of real estate – rental properties	(8,704)	(270)	(3,715)
Gain on sales of real estate - land parcels	0	(111)	(90)
Equity in earnings of unconsolidated real estate joint ventures	(43,981)	(15,426)	184
Distributions of earnings from unconsolidated real estate joint ventures	430	1,618	406
Amortization of loan fees	10,271	11,149	11,872
Amortization of debt discount (premiums)	(2,406)	(2,512)	(500)
Amortization of acquired below-market leases	(21,938)	(19,055)	(5,723)
Deferred rent	(93,883)	(107,643)	(51,673)
Stock compensation expense	35,019	25,610	25,433
Equity in earnings of affiliates	0	0	0
Investment income	(136,763)	(1,329)	(17,133)
Changes in operating assets and liabilities:
Tenant receivables	435	(502)	(285)
Deferred leasing costs	(57,088)	(62,639)	(35,273)
Other assets	(20,849)	(18,222)	(11,420)
Accounts payable, accrued expenses, and tenant security deposits	21,909	25,573	5,322
Net cash provided by operating activities	570,339	450,882	393,487
Investing Activities
Proceeds from sales of real estate	20,190	15,432	123,081
Additions to real estate	(927,168)	(893,685)	(821,690)
Purchase of real estate	(1,037,180)	(675,584)	(739,678)
Deposits for investing activities	(2,000)	(2,300)	(450)
Investments in subsidiaries	0	0	0
Acquisition of interest in unconsolidated real estate joint venture	(35,922)	(60,291)	0
Investments in unconsolidated real estate joint venture	(116,008)	(17,876)	(11,529)
Return of capital from unconsolidated real estate joint ventures	68,592	38,576	0
Additions to investments	(235,943)	(171,881)	(102,284)
Sales of investments	103,679	30,483	38,946
Repayment of notes receivable	0	0	15,198
Net cash used in investing activities	(2,161,760)	(1,737,126)	(1,498,406)
Financing Activities
Borrowings from secured notes payable	17,784	153,405	291,400
Repayments of borrowings from secured notes payable	(156,888)	(396,240)	(310,903)
Proceeds from issuance of unsecured senior notes payable	899,321	1,023,262	348,604
Borrowings from unsecured senior line of credit	4,741,000	3,858,000	4,117,000
Repayments of borrowings from unsecured senior line of credit	(4,583,000)	(3,836,000)	(4,240,000)
Repayment of unsecured senior bank term loan	(200,000)	(200,000)	(200,000)
Transfers to/from parent company	0	0	0
Payment of loan fees	(19,292)	(10,019)	(16,681)
Repurchase of 7.00% Series D convertible preferred stock	(13,976)	(17,934)	(206,826)
Redemption of 6.45% Series E redeemable preferred stock	0	(130,350)	0
Proceeds from the issuance of common stock	1,293,301	1,275,397	1,432,177
Dividends paid on common stock	(380,632)	(312,131)	(240,347)
Dividends paid on preferred stock	(5,207)	(9,619)	(22,414)
Financing costs paid for sales of noncontrolling interests	0	0	(10,044)
Contributions from and sales of noncontrolling interests	28,275	44,931	221,487
Distributions to and purchases of noncontrolling interests	(32,253)	(22,361)	(69,678)
Net cash provided by financing activities	1,588,433	1,420,341	1,093,775
Effect of foreign exchange rate changes on cash and cash equivalents	(2,068)	1,723	(1,460)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(5,056)	135,820	(12,604)
Cash, cash equivalents, and restricted cash as of the beginning of period	277,186	141,366	153,970
Cash, cash equivalents, and restricted cash as of the end of period	272,130	277,186	141,366
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	127,093	112,113	84,907
Non-Cash Investing Activities
Change in accrued construction	81,177	(11,034)	76,848
Payable for purchase of real estate	(65,000)	0	(56,800)
Assumption of secured notes payable in connection with purchase of properties	0	0	(203,000)
Contribution of real estate from noncontrolling interests	0	8,597	0
Contribution of real estate to an unconsolidated real estate joint venture	0	6,998	0
Net investment in direct financing lease	0	0	36,975
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture	0	0	(25,546)
Consolidation of previously unconsolidated real estate joint venture	0	0	87,930
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests	0	0	(5,000)
Contribution from redeemable noncontrolling interest	0	0	2,264
Eliminations
Operating Activities
Net income (loss)	(1,056,573)	(672,537)	(129,535)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0	0
Loss on early extinguishment of debt	0	0	0
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels		0	0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	0	0	0
Amortization of debt discount (premiums)	0	0	0
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	0	0	0
Equity in earnings of affiliates	1,056,573	672,537	129,535
Investment income	0	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	0
Other assets	0	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0	0
Net cash provided by operating activities	0	0	0
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	3,186,913	2,742,690	1,803,721
Acquisition of interest in unconsolidated real estate joint venture	0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0
Additions to investments	0	0	0
Sales of investments	0	0	0
Repayment of notes receivable			0
Net cash used in investing activities	3,186,913	2,742,690	1,803,721
Financing Activities
Borrowings from secured notes payable	0	0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	0	0	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Repayment of unsecured senior bank term loan	0	0	0
Transfers to/from parent company	(3,186,913)	(2,742,690)	(1,803,721)
Payment of loan fees	0	0	0
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock		0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Financing costs paid for sales of noncontrolling interests			0
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	(3,186,913)	(2,742,690)	(1,803,721)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	0	0
Cash, cash equivalents, and restricted cash as of the beginning of period	0	0	0
Cash, cash equivalents, and restricted cash as of the end of period	0	0	0
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	0	0	0
Non-Cash Investing Activities
Change in accrued construction	0	0	0
Payable for purchase of real estate	0		0
Assumption of secured notes payable in connection with purchase of properties			0
Contribution of real estate from noncontrolling interests		0
Contribution of real estate to an unconsolidated real estate joint venture		0
Net investment in direct financing lease			0
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture			0
Consolidation of previously unconsolidated real estate joint venture			0
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests			0
Contribution from redeemable noncontrolling interest			0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income (loss)	379,312	169,093	(65,901)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,339	7,625	6,792
Loss on early extinguishment of debt	823	670	3,230
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels		0	0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	8,777	7,627	7,709
Amortization of debt discount (premiums)	797	608	488
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	35,019	25,610	25,433
Equity in earnings of affiliates	(591,942)	(337,923)	(81,361)
Investment income	0	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	0
Other assets	(14,701)	(9,343)	(10,191)
Accounts payable, accrued expenses, and tenant security deposits	20,663	(10,524)	5,806
Net cash provided by operating activities	(154,913)	(146,557)	(107,995)
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	(1,693,774)	(1,458,973)	(877,512)
Acquisition of interest in unconsolidated real estate joint venture	0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0
Additions to investments	0	0	0
Sales of investments	0	0	0
Repayment of notes receivable			0
Net cash used in investing activities	(1,693,774)	(1,458,973)	(877,512)
Financing Activities
Borrowings from secured notes payable	0	0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	899,321	1,023,262	348,604
Borrowings from unsecured senior line of credit	4,741,000	3,858,000	4,117,000
Repayments of borrowings from unsecured senior line of credit	(4,583,000)	(3,836,000)	(4,240,000)
Repayment of unsecured senior bank term loan	(200,000)	(200,000)	(200,000)
Transfers to/from parent company	105,961	64,156	8,346
Payment of loan fees	(19,292)	(9,440)	(12,401)
Repurchase of 7.00% Series D convertible preferred stock	(13,976)	(17,934)	(206,826)
Redemption of 6.45% Series E redeemable preferred stock		(130,350)
Proceeds from the issuance of common stock	1,293,301	1,275,397	1,432,177
Dividends paid on common stock	(380,632)	(312,131)	(240,347)
Dividends paid on preferred stock	(5,207)	(9,619)	(22,414)
Financing costs paid for sales of noncontrolling interests			0
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	1,837,476	1,705,341	984,139
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	(11,211)	99,811	(1,368)
Cash, cash equivalents, and restricted cash as of the beginning of period	130,516	30,705	32,073
Cash, cash equivalents, and restricted cash as of the end of period	119,305	130,516	30,705
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	104,935	85,705	67,066
Non-Cash Investing Activities
Change in accrued construction	0	0	0
Payable for purchase of real estate	0		0
Assumption of secured notes payable in connection with purchase of properties			0
Contribution of real estate from noncontrolling interests		0
Contribution of real estate to an unconsolidated real estate joint venture		0
Net investment in direct financing lease			0
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture			0
Consolidation of previously unconsolidated real estate joint venture			0
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests			0
Contribution from redeemable noncontrolling interest			0
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income (loss)	456,102	325,655	47,362
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0	0
Loss on early extinguishment of debt	0	0	0
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels		0	0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	0	0	0
Amortization of debt discount (premiums)	0	0	0
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	0	0	0
Equity in earnings of affiliates	(455,574)	(328,230)	(47,215)
Investment income	(528)	2,575	(379)
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	(14)
Other assets	0	0	(1)
Accounts payable, accrued expenses, and tenant security deposits	0	0	(609)
Net cash provided by operating activities	0	0	(856)
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	(1,463,063)	(1,257,845)	(907,695)
Acquisition of interest in unconsolidated real estate joint venture	0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0
Additions to investments	0	0	0
Sales of investments	956	208	1,251
Repayment of notes receivable			0
Net cash used in investing activities	(1,462,107)	(1,257,637)	(906,444)
Financing Activities
Borrowings from secured notes payable	0	0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	0	0	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Repayment of unsecured senior bank term loan	0	0	0
Transfers to/from parent company	1,462,098	1,257,646	907,300
Payment of loan fees	0	0	0
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock		0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Financing costs paid for sales of noncontrolling interests			0
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	1,462,098	1,257,646	907,300
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	(9)	9	0
Cash, cash equivalents, and restricted cash as of the beginning of period	9	0	0
Cash, cash equivalents, and restricted cash as of the end of period	0	9	0
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	0	0	0
Non-Cash Investing Activities
Change in accrued construction	0	0	0
Payable for purchase of real estate	0		0
Assumption of secured notes payable in connection with purchase of properties			0
Contribution of real estate from noncontrolling interests		0
Contribution of real estate to an unconsolidated real estate joint venture		0
Net investment in direct financing lease			0
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture			0
Consolidation of previously unconsolidated real estate joint venture			0
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests			0
Contribution from redeemable noncontrolling interest			0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income (loss)	623,952	371,993	98,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	471,322	409,158	306,598
Loss on early extinguishment of debt	299	2,781	0
Impairment of real estate	6,311	203	209,261
Gain on sales of real estate – rental properties	(8,704)	(270)	(3,715)
Gain on sales of real estate - land parcels		(111)	(90)
Equity in earnings of unconsolidated real estate joint ventures	(43,981)	(15,426)	184
Distributions of earnings from unconsolidated real estate joint ventures	430	1,618	406
Amortization of loan fees	1,494	3,522	4,163
Amortization of debt discount (premiums)	(3,203)	(3,120)	(988)
Amortization of acquired below-market leases	(21,938)	(19,055)	(5,723)
Deferred rent	(93,883)	(107,643)	(51,673)
Stock compensation expense	0	0	0
Equity in earnings of affiliates	(9,057)	(6,384)	(959)
Investment income	(136,235)	(3,904)	(16,754)
Changes in operating assets and liabilities:
Tenant receivables	435	(502)	(285)
Deferred leasing costs	(57,088)	(62,639)	(35,259)
Other assets	(6,148)	(8,879)	(1,228)
Accounts payable, accrued expenses, and tenant security deposits	1,246	36,097	125
Net cash provided by operating activities	725,252	597,439	502,338
Investing Activities
Proceeds from sales of real estate	20,190	15,432	123,081
Additions to real estate	(927,168)	(893,685)	(821,690)
Purchase of real estate	(1,037,180)	(675,584)	(739,678)
Deposits for investing activities	(2,000)	(2,300)	(450)
Investments in subsidiaries	(30,076)	(25,872)	(18,514)
Acquisition of interest in unconsolidated real estate joint venture	(35,922)	(60,291)
Investments in unconsolidated real estate joint venture	(116,008)	(17,876)	(11,529)
Return of capital from unconsolidated real estate joint ventures	68,592	38,576
Additions to investments	(235,943)	(171,881)	(102,284)
Sales of investments	102,723	30,275	37,695
Repayment of notes receivable			15,198
Net cash used in investing activities	(2,192,792)	(1,763,206)	(1,518,171)
Financing Activities
Borrowings from secured notes payable	17,784	153,405	291,400
Repayments of borrowings from secured notes payable	(156,888)	(396,240)	(310,903)
Proceeds from issuance of unsecured senior notes payable	0	0	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Repayment of unsecured senior bank term loan	0	0	0
Transfers to/from parent company	1,618,854	1,420,888	888,075
Payment of loan fees	0	(579)	(4,280)
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock		0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Financing costs paid for sales of noncontrolling interests			(10,044)
Contributions from and sales of noncontrolling interests	28,275	44,931	221,487
Distributions to and purchases of noncontrolling interests	(32,253)	(22,361)	(69,678)
Net cash provided by financing activities	1,475,772	1,200,044	1,006,057
Effect of foreign exchange rate changes on cash and cash equivalents	(2,068)	1,723	(1,460)
Net increase (decrease) in cash, cash equivalents, and restricted cash	6,164	36,000	(11,236)
Cash, cash equivalents, and restricted cash as of the beginning of period	146,661	110,661	121,897
Cash, cash equivalents, and restricted cash as of the end of period	152,825	146,661	110,661
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	22,158	26,408	17,841
Non-Cash Investing Activities
Change in accrued construction	81,177	(11,034)	76,848
Payable for purchase of real estate	$ (65,000)		(56,800)
Assumption of secured notes payable in connection with purchase of properties			(203,000)
Contribution of real estate from noncontrolling interests		8,597
Contribution of real estate to an unconsolidated real estate joint venture		$ 6,998
Net investment in direct financing lease			36,975
Distribution of real estate in connection with purchase of remaining interest in real estate joint venture			(25,546)
Consolidation of previously unconsolidated real estate joint venture			87,930
Non-Cash Financing Activities
Redemption of redeemable noncontrolling interests			5,000
Contribution from redeemable noncontrolling interest			$ 2,264

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)property		Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 630,547
Initial Costs
Land		2,383,346
Buildings & Improvements		4,487,239
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,311,195
Total Costs
Land		2,383,346
Buildings & Improvements		11,798,434
Total		14,181,780	[1]	$ 12,178,255	$ 10,632,518	$ 8,945,261
Accumulated Depreciation		(2,268,087)	[2]	(1,880,236)	$ (1,554,546)	$ (1,315,339)
Net Cost Basis		11,913,693
Secured notes payable		630,547		$ 771,061
Debt balance		$ 5,478,255
Buildings and building improvements | Maximum
Total Costs
Property, Plant and Equipment, Useful Life		40 years
Land improvements | Maximum
Total Costs
Property, Plant and Equipment, Useful Life		20 years
Secured notes payable
Total Costs
Debt balance		$ 630,547
North America
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		630,547
Initial Costs
Land		2,383,346
Buildings & Improvements		4,487,239
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,277,642
Total Costs
Land		2,383,346
Buildings & Improvements		11,764,881
Total	[1]	14,148,227
Accumulated Depreciation	[2]	(2,263,797)
Net Cost Basis		11,884,430
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances	[3],[4]	228,769
Initial Costs
Land		279,668
Buildings & Improvements		205,491
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,404,365
Total Costs
Land		279,668
Buildings & Improvements		1,609,856
Total	[1]	1,889,524
Accumulated Depreciation	[2]	(187,742)
Net Cost Basis		1,701,782
325 Binney Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		84,338
Buildings & Improvements		47
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,592
Total Costs
Land		84,338
Buildings & Improvements		15,639
Total	[1]	99,977
Accumulated Depreciation	[2]	0
Net Cost Basis		99,977
Alexandria Technology Square®
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		619,658
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		214,662
Total Costs
Land		0
Buildings & Improvements		834,320
Total	[1]	834,320
Accumulated Depreciation	[2]	(226,968)
Net Cost Basis		607,352
One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		214,057
Initial Costs
Land		265,614
Buildings & Improvements		483,769
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		196,284
Total Costs
Land		265,614
Buildings & Improvements		680,053
Total	[1]	945,667
Accumulated Depreciation	[2]	(54,566)
Net Cost Basis		891,101
Secured notes payable		35,723
480/500 Arsenal Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,773
Buildings & Improvements		12,773
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		86,231
Total Costs
Land		9,773
Buildings & Improvements		99,004
Total	[1]	108,777
Accumulated Depreciation	[2]	(38,023)
Net Cost Basis		70,754
640 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		83,212
Initial Costs
Land		0
Buildings & Improvements		174,878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		354
Total Costs
Land		0
Buildings & Improvements		175,232
Total	[1]	175,232
Accumulated Depreciation	[2]	(29,119)
Net Cost Basis		146,113
780/790 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		51,485
Total Costs
Land		0
Buildings & Improvements		51,485
Total	[1]	51,485
Accumulated Depreciation	[2]	(22,832)
Net Cost Basis		28,653
167 Sidney Street/99 Erie Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		12,613
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,704
Total Costs
Land		0
Buildings & Improvements		26,317
Total	[1]	26,317
Accumulated Depreciation	[2]	(6,700)
Net Cost Basis		19,617
79/96 Thirteenth Street Charlestown Navy Yard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,247
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,706
Total Costs
Land		0
Buildings & Improvements		14,953
Total	[1]	14,953
Accumulated Depreciation	[2]	(5,083)
Net Cost Basis		9,870
99 A Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,671
Buildings & Improvements		878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,087
Total Costs
Land		31,671
Buildings & Improvements		4,965
Total	[1]	36,636
Accumulated Depreciation	[2]	(342)
Net Cost Basis		36,294
Alexandria Park at 128
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,439
Buildings & Improvements		41,596
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		78,992
Total Costs
Land		10,439
Buildings & Improvements		120,588
Total	[1]	131,027
Accumulated Depreciation	[2]	(40,748)
Net Cost Basis		90,279
225 Second Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,925
Buildings & Improvements		14,913
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		39,739
Total Costs
Land		2,925
Buildings & Improvements		54,652
Total	[1]	57,577
Accumulated Depreciation	[2]	(6,946)
Net Cost Basis		50,631
266 and 275 Second Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		14,161
Buildings & Improvements		55,081
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		14,317
Total Costs
Land		14,161
Buildings & Improvements		69,398
Total	[1]	83,559
Accumulated Depreciation	[2]	(5,487)
Net Cost Basis		78,072
100 Tech Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		11,977
Buildings & Improvements		85,620
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		200
Total Costs
Land		11,977
Buildings & Improvements		85,820
Total	[1]	97,797
Accumulated Depreciation	[2]	(2,035)
Net Cost Basis		95,762
19 Presidential Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		12,833
Buildings & Improvements		27,333
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,135
Total Costs
Land		12,833
Buildings & Improvements		47,468
Total	[1]	60,301
Accumulated Depreciation	[2]	(13,534)
Net Cost Basis		46,767
100 Beaver Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466
Buildings & Improvements		9,046
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,200
Total Costs
Land		1,466
Buildings & Improvements		22,246
Total	[1]	23,712
Accumulated Depreciation	[2]	(6,369)
Net Cost Basis		17,343
285 Bear Hill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		422
Buildings & Improvements		3,538
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,888
Total Costs
Land		422
Buildings & Improvements		10,426
Total	[1]	10,848
Accumulated Depreciation	[2]	(2,164)
Net Cost Basis		8,684
111 and 130 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,146
Buildings & Improvements		15,725
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,260
Total Costs
Land		3,146
Buildings & Improvements		18,985
Total	[1]	22,131
Accumulated Depreciation	[2]	(5,808)
Net Cost Basis		16,323
20 Walkup Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,261
Buildings & Improvements		7,099
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,029
Total Costs
Land		2,261
Buildings & Improvements		16,128
Total	[1]	18,389
Accumulated Depreciation	[2]	(3,395)
Net Cost Basis		14,994
30 Bearfoot Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,220
Buildings & Improvements		22,375
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		45
Total Costs
Land		1,220
Buildings & Improvements		22,420
Total	[1]	23,640
Accumulated Depreciation	[2]	(17,958)
Net Cost Basis		5,682
Alexandria Center for Science and Technology
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		93,813
Buildings & Improvements		210,211
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		402,766
Total Costs
Land		93,813
Buildings & Improvements		612,977
Total	[1]	706,790
Accumulated Depreciation	[2]	(125,115)
Net Cost Basis		581,675
1455 and 1515 Third Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		117,637
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		0
Total Costs
Land		117,637
Buildings & Improvements		0
Total	[1]	117,637
Accumulated Depreciation	[2]	0
Net Cost Basis		117,637
510 Townsend Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		52,105
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		174,108
Total Costs
Land		52,105
Buildings & Improvements		174,108
Total	[1]	226,213
Accumulated Depreciation	[2]	(6,648)
Net Cost Basis		219,565
88 Bluxome Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		148,551
Buildings & Improvements		21,514
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,534
Total Costs
Land		148,551
Buildings & Improvements		52,048
Total	[1]	200,599
Accumulated Depreciation	[2]	(4,593)
Net Cost Basis		196,006
505 Brannan Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,710
Buildings & Improvements		2,540
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		105,965
Total Costs
Land		31,710
Buildings & Improvements		108,505
Total	[1]	140,215
Accumulated Depreciation	[2]	(3,578)
Net Cost Basis		136,637
213, 249, 259, 269, and 279 East Grand Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		59,199
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		486,463
Total Costs
Land		59,199
Buildings & Improvements		486,463
Total	[1]	545,662
Accumulated Depreciation	[2]	(31,738)
Net Cost Basis		513,924
Alexandria Technology Center - Gateway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		45,425
Buildings & Improvements		121,059
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		33,778
Total Costs
Land		45,425
Buildings & Improvements		154,837
Total	[1]	200,262
Accumulated Depreciation	[2]	(54,566)
Net Cost Basis		145,696
701 Gateway Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		25,580
Buildings & Improvements		47,835
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,521
Total Costs
Land		25,580
Buildings & Improvements		51,356
Total	[1]	76,936
Accumulated Depreciation	[2]	(2,046)
Net Cost Basis		74,890
400 and 450 East Jamie Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		113,594
Total Costs
Land		0
Buildings & Improvements		113,594
Total	[1]	113,594
Accumulated Depreciation	[2]	(41,189)
Net Cost Basis		72,405
500 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,596
Buildings & Improvements		69,091
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		17,503
Total Costs
Land		35,596
Buildings & Improvements		86,594
Total	[1]	122,190
Accumulated Depreciation	[2]	(24,988)
Net Cost Basis		97,202
7000 Shoreline Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038
Buildings & Improvements		39,704
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,746
Total Costs
Land		7,038
Buildings & Improvements		56,450
Total	[1]	63,488
Accumulated Depreciation	[2]	(17,384)
Net Cost Basis		46,104
341 and 343 Oyster Point Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		33,682
Total Costs
Land		7,038
Buildings & Improvements		33,682
Total	[1]	40,720
Accumulated Depreciation	[2]	(16,558)
Net Cost Basis		24,162
839 - 863 Mitten and 866 Malcolm
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,211
Buildings & Improvements		8,665
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,113
Total Costs
Land		3,211
Buildings & Improvements		30,778
Total	[1]	33,989
Accumulated Depreciation	[2]	(12,196)
Net Cost Basis		21,793
960 Industrial Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		66,608
Buildings & Improvements		5,419
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,803
Total Costs
Land		66,608
Buildings & Improvements		16,222
Total	[1]	82,830
Accumulated Depreciation	[2]	(2,805)
Net Cost Basis		80,025
825 and 835 Industrial Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		87,566
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		50,289
Total Costs
Land		87,566
Buildings & Improvements		50,289
Total	[1]	137,855
Accumulated Depreciation	[2]	0
Net Cost Basis		137,855
2425 Garcia Avenue & 2450 Bayshore Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		751
Initial Costs
Land		1,512
Buildings & Improvements		21,323
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,187
Total Costs
Land		1,512
Buildings & Improvements		47,510
Total	[1]	49,022
Accumulated Depreciation	[2]	(21,337)
Net Cost Basis		27,685
3165 Porter Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		19,154
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,263
Total Costs
Land		0
Buildings & Improvements		21,417
Total	[1]	21,417
Accumulated Depreciation	[2]	(7,848)
Net Cost Basis		13,569
1450 Page Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		84,467
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		98
Total Costs
Land		0
Buildings & Improvements		84,565
Total	[1]	84,565
Accumulated Depreciation	[2]	(3,432)
Net Cost Basis		81,133
3350 West Bayshore Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800
Buildings & Improvements		6,693
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,736
Total Costs
Land		4,800
Buildings & Improvements		19,429
Total	[1]	24,229
Accumulated Depreciation	[2]	(5,334)
Net Cost Basis		18,895
2625, 2627, and 2631 Hanover Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,628
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,887
Total Costs
Land		0
Buildings & Improvements		18,515
Total	[1]	18,515
Accumulated Depreciation	[2]	(9,761)
Net Cost Basis		8,754
201 Haskins Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,245
Buildings & Improvements		1,287
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,251
Total Costs
Land		32,245
Buildings & Improvements		19,538
Total	[1]	51,783
Accumulated Depreciation	[2]	(1,445)
Net Cost Basis		50,338
Alexandria PARC
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		72,859
Buildings & Improvements		53,309
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,140
Total Costs
Land		72,859
Buildings & Improvements		59,449
Total	[1]	132,308
Accumulated Depreciation	[2]	(1,028)
Net Cost Basis		131,280
Alexandria Center for Life Science
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		840,976
Total Costs
Land		0
Buildings & Improvements		840,976
Total	[1]	840,976
Accumulated Depreciation	[2]	(140,671)
Net Cost Basis		700,305
219 East 42nd Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		141,266
Buildings & Improvements		63,312
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,043
Total Costs
Land		141,266
Buildings & Improvements		65,355
Total	[1]	206,621
Accumulated Depreciation	[2]	(4,522)
Net Cost Basis		202,099
Alexandria Life Science Factory at Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,746
Buildings & Improvements		53,093
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,690
Total Costs
Land		22,746
Buildings & Improvements		55,783
Total	[1]	78,529
Accumulated Depreciation	[2]	(72)
Net Cost Basis		78,457
ARE Spectrum
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,361
Buildings & Improvements		80,957
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		199,768
Total Costs
Land		32,361
Buildings & Improvements		280,725
Total	[1]	313,086
Accumulated Depreciation	[2]	(45,897)
Net Cost Basis		267,189
ARE Torrey Ridge
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,124
Buildings & Improvements		152,840
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		27,818
Total Costs
Land		22,124
Buildings & Improvements		180,658
Total	[1]	202,782
Accumulated Depreciation	[2]	(17,681)
Net Cost Basis		185,101
ARE Sunrise
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,118
Buildings & Improvements		17,947
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		81,293
Total Costs
Land		6,118
Buildings & Improvements		99,240
Total	[1]	105,358
Accumulated Depreciation	[2]	(44,659)
Net Cost Basis		60,699
ARE Nautilus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,684
Buildings & Improvements		27,600
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		122,982
Total Costs
Land		6,684
Buildings & Improvements		150,582
Total	[1]	157,266
Accumulated Depreciation	[2]	(38,844)
Net Cost Basis		118,422
3545 Cray Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		33,238
Initial Costs
Land		7,056
Buildings & Improvements		53,944
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		368
Total Costs
Land		7,056
Buildings & Improvements		54,312
Total	[1]	61,368
Accumulated Depreciation	[2]	(33,490)
Net Cost Basis		27,878
11119 North Torrey Pines Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances	[3]	15,606
Initial Costs
Land		9,994
Buildings & Improvements		37,099
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,084
Total Costs
Land		9,994
Buildings & Improvements		71,183
Total	[1]	81,177
Accumulated Depreciation	[2]	(18,477)
Net Cost Basis		62,700
5200 Illumina Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		38,340
Buildings & Improvements		96,606
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		195,100
Total Costs
Land		38,340
Buildings & Improvements		291,706
Total	[1]	330,046
Accumulated Depreciation	[2]	(40,779)
Net Cost Basis		289,267
Campus Pointe by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		48,644
Buildings & Improvements		211,125
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		280,243
Total Costs
Land		48,644
Buildings & Improvements		491,368
Total	[1]	540,012
Accumulated Depreciation	[2]	(92,388)
Net Cost Basis		447,624
10260 Campus Point Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,139
Buildings & Improvements		16,258
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		336
Total Costs
Land		32,139
Buildings & Improvements		16,594
Total	[1]	48,733
Accumulated Depreciation	[2]	0
Net Cost Basis		48,733
4161 Campus Point Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		38,243
Buildings & Improvements		3,537
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		290
Total Costs
Land		38,243
Buildings & Improvements		3,827
Total	[1]	42,070
Accumulated Depreciation	[2]	0
Net Cost Basis		42,070
ARE Towne Centre
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		8,539
Buildings & Improvements		18,850
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		110,718
Total Costs
Land		8,539
Buildings & Improvements		129,568
Total	[1]	138,107
Accumulated Depreciation	[2]	(48,259)
Net Cost Basis		89,848
ARE Esplanade
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances	[3]	10,713
Initial Costs
Land		9,682
Buildings & Improvements		29,991
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		88,773
Total Costs
Land		9,682
Buildings & Improvements		118,764
Total	[1]	128,446
Accumulated Depreciation	[2]	(22,904)
Net Cost Basis		105,542
Summers Ridge Science Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		21,154
Buildings & Improvements		102,046
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		392
Total Costs
Land		21,154
Buildings & Improvements		102,438
Total	[1]	123,592
Accumulated Depreciation	[2]	(2,628)
Net Cost Basis		120,964
5810 & 5820 & 6138 & 6150 Nancy Ridge Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		5,476
Buildings & Improvements		28,682
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,491
Total Costs
Land		5,476
Buildings & Improvements		41,173
Total	[1]	46,649
Accumulated Depreciation	[2]	(16,675)
Net Cost Basis		29,974
ARE Portola
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,991
Buildings & Improvements		25,153
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		39,490
Total Costs
Land		6,991
Buildings & Improvements		64,643
Total	[1]	71,634
Accumulated Depreciation	[2]	(9,443)
Net Cost Basis		62,191
10121 and 10151 Barnes Canyon Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,608
Buildings & Improvements		5,100
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,102
Total Costs
Land		4,608
Buildings & Improvements		24,202
Total	[1]	28,810
Accumulated Depreciation	[2]	(3,061)
Net Cost Basis		25,749
7330 Carroll Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,650
Buildings & Improvements		19,878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,897
Total Costs
Land		2,650
Buildings & Improvements		21,775
Total	[1]	24,425
Accumulated Depreciation	[2]	(4,564)
Net Cost Basis		19,861
5871 Oberlin Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,349
Buildings & Improvements		8,016
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,925
Total Costs
Land		1,349
Buildings & Improvements		11,941
Total	[1]	13,290
Accumulated Depreciation	[2]	(2,156)
Net Cost Basis		11,134
Vista Wateridge I & II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,286
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		735
Total Costs
Land		3,286
Buildings & Improvements		735
Total	[1]	4,021
Accumulated Depreciation	[2]	0
Net Cost Basis		4,021
11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,156
Buildings & Improvements		11,571
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,373
Total Costs
Land		4,156
Buildings & Improvements		41,944
Total	[1]	46,100
Accumulated Depreciation	[2]	(10,859)
Net Cost Basis		35,241
3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,323
Buildings & Improvements		22,846
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		23,308
Total Costs
Land		4,323
Buildings & Improvements		46,154
Total	[1]	50,477
Accumulated Depreciation	[2]	(20,963)
Net Cost Basis		29,514
13112 Evening Creek Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,393
Buildings & Improvements		27,950
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		188
Total Costs
Land		7,393
Buildings & Improvements		28,138
Total	[1]	35,531
Accumulated Depreciation	[2]	(11,786)
Net Cost Basis		23,745
Townsgate by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		16,416
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,442
Total Costs
Land		16,416
Buildings & Improvements		1,442
Total	[1]	17,858
Accumulated Depreciation	[2]	(3)
Net Cost Basis		17,855
400 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		11,342
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		209,315
Total Costs
Land		11,342
Buildings & Improvements		209,315
Total	[1]	220,657
Accumulated Depreciation	[2]	(12,438)
Net Cost Basis		208,219
701 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,316
Buildings & Improvements		719
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,665
Total Costs
Land		35,316
Buildings & Improvements		2,384
Total	[1]	37,700
Accumulated Depreciation	[2]	(100)
Net Cost Basis		37,600
1201 and 1208 Eastlake Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances	[3]	39,133
Initial Costs
Land		5,810
Buildings & Improvements		47,149
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,212
Total Costs
Land		5,810
Buildings & Improvements		62,361
Total	[1]	68,171
Accumulated Depreciation	[2]	(40,526)
Net Cost Basis		27,645
1616 Eastlake Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,940
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		98,231
Total Costs
Land		6,940
Buildings & Improvements		98,231
Total	[1]	105,171
Accumulated Depreciation	[2]	(30,547)
Net Cost Basis		74,624
1551 Eastlake Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		8,525
Buildings & Improvements		20,064
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		42,607
Total Costs
Land		8,525
Buildings & Improvements		62,671
Total	[1]	71,196
Accumulated Depreciation	[2]	(14,775)
Net Cost Basis		56,421
199 East Blaine Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,528
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		72,331
Total Costs
Land		6,528
Buildings & Improvements		72,331
Total	[1]	78,859
Accumulated Depreciation	[2]	(21,989)
Net Cost Basis		56,870
219 Terry Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,819
Buildings & Improvements		2,302
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,807
Total Costs
Land		1,819
Buildings & Improvements		22,109
Total	[1]	23,928
Accumulated Depreciation	[2]	(6,364)
Net Cost Basis		17,564
1600 Fairview Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,212
Buildings & Improvements		6,788
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,491
Total Costs
Land		2,212
Buildings & Improvements		14,279
Total	[1]	16,491
Accumulated Depreciation	[2]	(4,081)
Net Cost Basis		12,410
1818 Fairview Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		8,444
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		89,865
Total Costs
Land		0
Buildings & Improvements		98,309
Total	[1]	98,309
Accumulated Depreciation	[2]	(97)
Net Cost Basis		98,212
2301 5th Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,543
Buildings & Improvements		76,180
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		607
Total Costs
Land		6,543
Buildings & Improvements		76,787
Total	[1]	83,330
Accumulated Depreciation	[2]	(1,093)
Net Cost Basis		82,237
3000/3018 Western Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,432
Buildings & Improvements		7,497
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,021
Total Costs
Land		1,432
Buildings & Improvements		31,518
Total	[1]	32,950
Accumulated Depreciation	[2]	(13,336)
Net Cost Basis		19,614
410 West Harrison/410 Elliott Avenue West
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,857
Buildings & Improvements		1,989
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,270
Total Costs
Land		3,857
Buildings & Improvements		13,259
Total	[1]	17,116
Accumulated Depreciation	[2]	(5,221)
Net Cost Basis		11,895
9980, 9900, and 9920 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,219
Buildings & Improvements		112,543
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		130,511
Total Costs
Land		20,219
Buildings & Improvements		243,054
Total	[1]	263,273
Accumulated Depreciation	[2]	(68,110)
Net Cost Basis		195,163
9704, 9708, 9712, and 9714 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,258
Buildings & Improvements		74,173
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		534
Total Costs
Land		10,258
Buildings & Improvements		74,707
Total	[1]	84,965
Accumulated Depreciation	[2]	(1,285)
Net Cost Basis		83,680
1330 Piccard Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,800
Buildings & Improvements		11,533
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,768
Total Costs
Land		2,800
Buildings & Improvements		46,301
Total	[1]	49,101
Accumulated Depreciation	[2]	(17,340)
Net Cost Basis		31,761
1500 and 1550 East Gude Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,523
Buildings & Improvements		7,731
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,426
Total Costs
Land		1,523
Buildings & Improvements		14,157
Total	[1]	15,680
Accumulated Depreciation	[2]	(7,444)
Net Cost Basis		8,236
14920 and 15010 Broschart Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,904
Buildings & Improvements		15,846
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,922
Total Costs
Land		4,904
Buildings & Improvements		20,768
Total	[1]	25,672
Accumulated Depreciation	[2]	(5,340)
Net Cost Basis		20,332
1405 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		899
Buildings & Improvements		21,946
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,961
Total Costs
Land		899
Buildings & Improvements		33,907
Total	[1]	34,806
Accumulated Depreciation	[2]	(13,706)
Net Cost Basis		21,100
5 Research Place
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466
Buildings & Improvements		5,708
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		28,437
Total Costs
Land		1,466
Buildings & Improvements		34,145
Total	[1]	35,611
Accumulated Depreciation	[2]	(13,702)
Net Cost Basis		21,909
9920 Belward Campus Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,732
Buildings & Improvements		12,308
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		62
Total Costs
Land		2,732
Buildings & Improvements		12,370
Total	[1]	15,102
Accumulated Depreciation	[2]	(211)
Net Cost Basis		14,891
12301 Parklawn Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,476
Buildings & Improvements		7,267
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,167
Total Costs
Land		1,476
Buildings & Improvements		8,434
Total	[1]	9,910
Accumulated Depreciation	[2]	(2,731)
Net Cost Basis		7,179
5 Research Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,647
Buildings & Improvements		13,258
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		18,293
Total Costs
Land		1,647
Buildings & Improvements		31,551
Total	[1]	33,198
Accumulated Depreciation	[2]	(13,790)
Net Cost Basis		19,408
Alexandria Technology Center - Gaithersburg I
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,183
Buildings & Improvements		59,641
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,242
Total Costs
Land		10,183
Buildings & Improvements		93,883
Total	[1]	104,066
Accumulated Depreciation	[2]	(31,995)
Net Cost Basis		72,071
Alexandria Technology Center - Gaithersburg II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,531
Buildings & Improvements		21,594
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,184
Total Costs
Land		4,531
Buildings & Improvements		53,778
Total	[1]	58,309
Accumulated Depreciation	[2]	(24,973)
Net Cost Basis		33,336
21 First Field Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,407
Buildings & Improvements		13,091
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		80
Total Costs
Land		2,407
Buildings & Improvements		13,171
Total	[1]	15,578
Accumulated Depreciation	[2]	(226)
Net Cost Basis		15,352
50 and 55 West Watkins Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,574
Buildings & Improvements		23,759
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		96
Total Costs
Land		4,574
Buildings & Improvements		23,855
Total	[1]	28,429
Accumulated Depreciation	[2]	(408)
Net Cost Basis		28,021
401 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,129
Buildings & Improvements		6,941
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,379
Total Costs
Land		1,129
Buildings & Improvements		16,320
Total	[1]	17,449
Accumulated Depreciation	[2]	(6,626)
Net Cost Basis		10,823
950 Wind River Lane
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,400
Buildings & Improvements		10,620
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,050
Total Costs
Land		2,400
Buildings & Improvements		11,670
Total	[1]	14,070
Accumulated Depreciation	[2]	(3,062)
Net Cost Basis		11,008
620 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances	[3]	5,068
Initial Costs
Land		784
Buildings & Improvements		4,705
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,353
Total Costs
Land		784
Buildings & Improvements		12,058
Total	[1]	12,842
Accumulated Depreciation	[2]	(4,656)
Net Cost Basis		8,186
8000/9000/10000 Virginia Manor Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		13,679
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,924
Total Costs
Land		0
Buildings & Improvements		20,603
Total	[1]	20,603
Accumulated Depreciation	[2]	(9,956)
Net Cost Basis		10,647
14225 Newbrook Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800
Buildings & Improvements		27,639
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,562
Total Costs
Land		4,800
Buildings & Improvements		39,201
Total	[1]	44,001
Accumulated Depreciation	[2]	(16,389)
Net Cost Basis		27,612
Alexandria Technology Center - Alston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,430
Buildings & Improvements		17,482
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,395
Total Costs
Land		1,430
Buildings & Improvements		47,877
Total	[1]	49,307
Accumulated Depreciation	[2]	(22,117)
Net Cost Basis		27,190
Alexandria Center for AgTech – RTP
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,000
Buildings & Improvements		6,756
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		45,550
Total Costs
Land		2,000
Buildings & Improvements		52,306
Total	[1]	54,306
Accumulated Depreciation	[2]	(61)
Net Cost Basis		54,245
9 Laboratory Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		800
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		833
Total Costs
Land		800
Buildings & Improvements		833
Total	[1]	1,633
Accumulated Depreciation	[2]	0
Net Cost Basis		1,633
108/110/112/114 Alexander Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		376
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		43,025
Total Costs
Land		0
Buildings & Improvements		43,401
Total	[1]	43,401
Accumulated Depreciation	[2]	(18,045)
Net Cost Basis		25,356
Alexandria Innovation Center - Research Triangle Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,065
Buildings & Improvements		21,218
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		29,977
Total Costs
Land		1,065
Buildings & Improvements		51,195
Total	[1]	52,260
Accumulated Depreciation	[2]	(16,690)
Net Cost Basis		35,570
6 Davis Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,029
Buildings & Improvements		10,712
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,484
Total Costs
Land		9,029
Buildings & Improvements		24,196
Total	[1]	33,225
Accumulated Depreciation	[2]	(12,366)
Net Cost Basis		20,859
7 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		701
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,433
Total Costs
Land		701
Buildings & Improvements		32,433
Total	[1]	33,134
Accumulated Depreciation	[2]	(6,403)
Net Cost Basis		26,731
2525 East NC Highway 54
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		713
Buildings & Improvements		12,827
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,642
Total Costs
Land		713
Buildings & Improvements		33,469
Total	[1]	34,182
Accumulated Depreciation	[2]	(7,581)
Net Cost Basis		26,601
407 Davis Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,229
Buildings & Improvements		17,733
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		696
Total Costs
Land		1,229
Buildings & Improvements		18,429
Total	[1]	19,658
Accumulated Depreciation	[2]	(2,885)
Net Cost Basis		16,773
601 Keystone Park Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		785
Buildings & Improvements		11,546
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,074
Total Costs
Land		785
Buildings & Improvements		18,620
Total	[1]	19,405
Accumulated Depreciation	[2]	(5,361)
Net Cost Basis		14,044
6040 George Watts Hill Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,344
Total Costs
Land		0
Buildings & Improvements		26,344
Total	[1]	26,344
Accumulated Depreciation	[2]	(2,328)
Net Cost Basis		24,016
5 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		161
Buildings & Improvements		3,409
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,889
Total Costs
Land		161
Buildings & Improvements		10,298
Total	[1]	10,459
Accumulated Depreciation	[2]	(4,796)
Net Cost Basis		5,663
6101 Quadrangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		951
Buildings & Improvements		3,982
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,128
Total Costs
Land		951
Buildings & Improvements		15,110
Total	[1]	16,061
Accumulated Depreciation	[2]	(2,866)
Net Cost Basis		13,195
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,350
Buildings & Improvements		43,884
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,027
Total Costs
Land		10,350
Buildings & Improvements		52,911
Total	[1]	63,261
Accumulated Depreciation	[2]	(18,887)
Net Cost Basis		44,374
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		58,931
Buildings & Improvements		70,220
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		186,245
Total Costs
Land		58,931
Buildings & Improvements		256,465
Total	[1]	315,396
Accumulated Depreciation	[2]	(50,705)
Net Cost Basis		264,691
China
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		33,553
Total Costs
Land		0
Buildings & Improvements		33,553
Total	[1]	33,553
Accumulated Depreciation	[2]	(4,290)
Net Cost Basis		29,263
One Kendall Square, 1119 North Torrey Pines Road, ARE Esplanade, 1201 and 1208 Eastlake Ave, 620 Professional Drive
Total Costs
Secured notes payable		$ 106,243
Number of real estate properties subject to secured debt | property		6
[1]	The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited).
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.
[3]	Loan of $106,243 secured by six properties identified by this reference.
[4]	Represents $35,723 related to the loan in footnote (5) and $193,046 of other debt.

Schedule III - Consolidated F_3

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 12,178,255		$ 10,632,518	$ 8,945,261
Purchase of real estate	1,057,036		707,522	1,078,959
Additions to real estate	959,410		881,463	914,178
Sale of real estate	(12,921)		(43,248)	(305,880)
Balance at end of period	14,181,780	[1]	12,178,255	10,632,518
Accumulated Depreciation
Balance at beginning of period	1,880,236		1,554,546	1,315,339
Depreciation expense on properties	390,471		348,064	265,387
Sale of properties	(2,620)		(22,374)	(26,180)
Balance at end of period	$ 2,268,087	[2]	$ 1,880,236	$ 1,554,546
[1]	The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited).
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.