Alexandria Real Estate Equities (ARE) 10-Q 30 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 15, 2019
Document and Entity Information
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES INC
Entity Central Index Key	0001035443
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Emerging Growth Company	false
Small Business	false
Entity Common Stock, Shares Outstanding		112,935,703
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Investments in real estate	$ 12,410,350	$ 11,913,693
Investments in unconsolidated real estate joint ventures	290,405	237,507
Cash and cash equivalents	261,372	234,181
Restricted cash	54,433	37,949
Tenant receivables	9,645	9,798
Deferred rent	558,103	530,237
Deferred leasing costs	241,268	239,070
Investments	1,000,904	892,264
Other assets	653,726	370,257
Total assets	15,480,206	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	356,461	630,547
Unsecured senior notes payable	5,139,500	4,292,293
Unsecured senior line of credit	0	208,000
Unsecured senior bank term loan	347,542	347,415
Accounts payable, accrued expenses, and tenant security deposits	1,171,377	981,707
Dividends payable	110,412	110,280
Total liabilities	7,125,292	6,570,242
Commitments and contingencies
Redeemable noncontrolling interests	10,889	10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
7.00% Series D cumulative convertible preferred stock	57,461	64,336
Common stock	1,112	1,110
Additional paid-in capital	7,518,716	7,286,954
Accumulated other comprehensive loss	(10,712)	(10,435)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,566,577	7,341,965
Noncontrolling interests	777,448	541,963
Total equity	8,344,025	7,883,928
Total liabilities, noncontrolling interests, and equity	$ 15,480,206	$ 14,464,956

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue	$ 358,842	$ 320,139
Expenses:
Rental operations	101,501	91,771
General and administrative	24,677	22,421
Interest	39,100	36,915
Depreciation and amortization	134,087	114,219
Loss on early extinguishment of debt	7,361	0
Total expenses	306,726	265,326
Equity in earnings of unconsolidated real estate joint ventures	1,146	1,144
Investment income	83,556	85,561
Net income	136,818	141,518
Net income attributable to noncontrolling interests	(7,659)	(5,888)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	129,159	135,630
Dividends on preferred stock	(1,026)	(1,302)
Preferred stock redemption charge	(2,580)	0
Net income attributable to unvested restricted stock awards	(1,955)	(1,941)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 123,598	$ 132,387
Earnings per share attributable to Alexandria’s common stockholders – basic and diluted:
Earnings per share – basic (USD per share)	$ 1.11	$ 1.33
Earnings per shares - diluted (USD per share)	$ 1.11	$ 1.32
Income from rentals
Revenue	$ 354,749	$ 317,655
Other income
Revenue	$ 4,093	$ 2,484

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 136,818	$ 141,518
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	(558)	1,982
Reclassification adjustment for amortization of interest income included in net income	(1,929)	(678)
Unrealized (losses) gains on interest rate hedge agreements, net	(2,487)	1,304
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	2,210	(329)
Unrealized gains (losses) on foreign currency translation, net	2,210	(329)
Total other comprehensive (loss) income	(277)	975
Comprehensive income (loss)	136,541	142,493
Less: comprehensive income attributable to noncontrolling interests	(7,659)	(5,888)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 128,882	$ 136,605

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Noncontrolling Interests	7.00% Series D Cumulative Convertible Preferred Stock	7.00% Series D Cumulative Convertible Preferred StockPreferred Stock	7.00% Series D Cumulative Convertible Preferred StockAdditional Paid-In Capital	7.00% Series D Cumulative Convertible Preferred StockRetained Earnings
Dividends declared on common stock (USD per share)	$ 0.90
Dividends declared on preferred stock (USD per share)								$ 0.4375
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	$ 6,471,660	$ 998	$ 5,824,258	$ 0	$ 50,024	$ 521,994			$ 74,386
Increase (Decrease) in Stockholders' Equity
Net Income	141,304			135,630		5,674
Total other comprehensive income (loss)	975				975
Reclassification of cumulative net unrealized gains on non-real estate investments	90,750			140,521	(49,771)
Distributions to noncontrolling interests	(5,709)					(5,709)
Contributions from noncontrolling interests	$ 6,579					6,579
Issuances of common stock (in shares)	843,600
Issuance of common stock	$ 99,369	$ 8	99,361
Issuances pursuant to stock plan (in shares)		69,075
Issuances pursuant to stock plan	11,489	$ 1	11,488
Dividends declared on common stock	(91,980)			(91,980)
Dividends declared on preferred stock	(1,302)			(1,302)
Distributions in excess of earnings	0		182,869	(182,869)
Ending balance (shares) at Mar. 31, 2018		100,696,361
Ending balance at Mar. 31, 2018	6,723,135	$ 1,007	6,117,976	0	1,228	528,538			74,386
Beginning balance at Dec. 31, 2017							$ 11,509
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							214
Redemption of noncontrolling interest							(1,297)
Distributions to noncontrolling interests							(214)
Ending balance at Mar. 31, 2018							10,212
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	6,471,660	$ 998	5,824,258	0	50,024	521,994			74,386
Ending balance (shares) at Dec. 31, 2018		111,011,816
Ending balance at Dec. 31, 2018	7,883,928	$ 1,110	7,286,954	0	(10,435)	541,963			64,336
Beginning balance at Dec. 31, 2017							11,509
Ending balance at Dec. 31, 2018	$ 10,786						10,786
Dividends declared on common stock (USD per share)	$ 0.97
Dividends declared on preferred stock (USD per share)								$ 0.4375
Increase (Decrease) in Stockholders' Equity
Net Income	$ 136,601			129,159		7,442
Total other comprehensive income (loss)	(277)				(277)
Distributions to noncontrolling interests	(9,501)					(9,501)
Contributions from noncontrolling interests	439,790		202,246			237,544
Issuances pursuant to stock plan (in shares)		195,992
Issuances pursuant to stock plan	$ 16,938	$ 2	16,936
Taxes paid related to net settlement of equity awards (in shares)	(27,149)
Taxes paid related to net settlement of equity awards	$ (89)		(89)
Repurchases of 7.00% Series D preferred stock	(9,240)								(6,875)	$ (215)	$ (2,580)
Dividends declared on common stock	(109,574)			(109,574)
Dividends declared on preferred stock	(1,026)			(1,026)				$ (1,026)
Distributions in excess of earnings	0		12,454	(12,454)
Ending balance (shares) at Mar. 31, 2019		111,180,659
Ending balance at Mar. 31, 2019	8,344,025	$ 1,112	$ 7,518,716	0	$ (10,712)	$ 777,448			$ 57,461
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							217
Distributions to noncontrolling interests							(208)
Contribution from noncontrolling interests							94
Ending balance at Mar. 31, 2019	10,889						$ 10,889
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adjustment upon adoption of new ASU on lease accounting on January 1, 2019	$ (3,525)			$ (3,525)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Operating Activities
Net income (loss)	$ 136,818	$ 141,518
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	134,087	114,219
Loss on early extinguishment of debt	7,361	0
Equity in earnings of unconsolidated real estate joint ventures	(1,146)	(1,144)
Distributions of earnings from unconsolidated real estate joint ventures	858	144
Amortization of loan fees	2,233	2,543
Amortization of debt discounts (premiums)	(801)	(575)
Amortization of acquired below-market leases	(7,148)	(6,170)
Deferred rent	(26,965)	(32,631)
Stock compensation expense	11,029	7,248
Investment income	(83,556)	(85,561)
Changes in operating assets and liabilities:
Tenant receivables	167	(988)
Deferred leasing costs	(11,279)	(13,819)
Other assets	(8,684)	(14,279)
Accounts payable, accrued expenses, and tenant security deposits	(16,244)	18,416
Net cash provided by operating activities	136,730	128,921
Investing Activities
Additions to real estate	(241,049)	(206,404)
Purchases of real estate	(418,358)	(303,156)
Returns of deposits/(deposits) for investing activities	500	(7,786)
Acquisition of interest in unconsolidated joint venture	0	35,922
Investments in unconsolidated real estate joint ventures	(52,634)	(22,325)
Additions to investments	(48,992)	(50,287)
Sales of investments	26,200	27,842
Net cash used in investing activities	(734,333)	(598,038)
Financing Activities
Borrowings from secured notes payable	0	6,142
Repayments of borrowings from secured notes payable	(301,343)	(1,189)
Proceeds from issuance of unsecured senior notes payable	854,209	0
Borrowings from unsecured senior line of credit	1,405,000	1,035,000
Repayments of borrowings from unsecured senior line of credit	(1,613,000)	(595,000)
Payment of loan fees	(15,225)	0
Taxes paid related to net settlement of equity awards	(89)	0
Repurchase of Series D preferred stock	(9,240)	0
Proceeds from issuance of common stock	0	99,369
Dividends on common stock	(109,342)	(91,060)
Dividends on preferred stock	(1,126)	(1,302)
Contributions from and sales of noncontrolling interests	440,671	6,579
Distributions to noncontrolling interests	(9,709)	(7,220)
Net cash provided by financing activities	640,806	451,319
Effect of foreign exchange rate changes on cash and cash equivalents	472	(406)
Net increase (decrease) in cash, cash equivalents, and restricted cash	43,675	(18,204)
Cash, cash equivalents, and restricted cash, beginning of period	272,130	277,186	$ 277,186
Cash, cash equivalents, and restricted cash, end of period	315,805	258,982	$ 272,130
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	49,600	35,493
Change in accrued construction	9,939	19,565
Accrued construction for current period additions to real estate	133,502	130,761
Assumption of secured notes payable in connection with purchase of properties	(28,200)	0
Right-of-use asset	239,653	0
Lease liability	$ (245,638)	$ 0

Organization and basis of prese

Organization and basis of presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations. As used in this quarterly report on Form 10‑Q, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC. In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our annual report on Form 10‑K for the year ended December 31, 2018 . Any references to our market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or occupancy percentage, and any amounts derived from these values in these notes to consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Refer to the “Lease Accounting” section within this Note 2 – “Summary of Significant Accounting Policies.” Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., where the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders’ interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than us in each of our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits – that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (due to insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on 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. 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 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. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases for which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases for which we are the lessor. In addition, for acquired in-place operating leases for which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. 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. 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). 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 sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs (such as legal and third-party expenses) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the differing depreciable and amortizable lives of each component and the recognition of the related depreciation and amortization expense in our consolidated statements of income. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available comparable market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. 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. If there is a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term of an in-place lease, we evaluate intangible factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. 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 respective ground lease term, estimated useful life, or up to 40 years , for buildings and building improvements, estimated life, or 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 in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of income, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains/losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts 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 (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we 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 is recognized as revenue as we transfer 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 we retain a controlling or noncontrolling interest. If we retain a controlling interest upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the partial sale of real estate, we would recognize a gain or loss as if 100% of the real estate were sold. Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets 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, 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, right-of-use assets related to our operating leases in which we are a lessee, 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. Triggering events or impairment indicators for long-lived assets to be held and used 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 asset, 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 or amortization 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 asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale. The held for sale impairment model is different from the held and used impairment model. Under the held for sale impairment model, an impairment loss is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale. International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment. Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. As a REIT, we generally limit our ownership percentage in the voting stock of each individual entity to less than 10% . Our equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured 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. The fair values for our investments in publicly traded companies are 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 per share reported by limited partnerships without adjustment, unless we are aware of information indicating that the NAV per share reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. We disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse (or indicate if this timing is unknown) if the investee has communicated this information to us or has announced it publicly. • Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative that measures 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 per share, 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. We monitor investments in privately held entities that do not report NAV per share throughout the year for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or 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 that 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 in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities are accounted for under the equity method unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we 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 March 31, 2019 . We recognize both realized and unrealized gains and losses in our consolidated statements of income, classified within investment income. 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 per share, and observable price changes on our investments in privately held entities that do not report NAV per share. 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 per share 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. Revenues The table below provides detail of our consolidated total revenues for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals 354,749 Other income 4,093 Total revenues $ 358,842 During the three months ended March 31, 2019 , revenues that were subject to the new lease accounting standard aggregated $343.9 million and represented 95.8% of our total revenues. Our total revenues also included $14.9 million , or 4.2% , subject to other accounting guidance. For a detailed discussion related to our revenue streams, refer to the “Lease Accounting” and “Recognition of Revenue Arising From Contracts With Customers” sections within this Note 2 – “Summary of Significant Accounting Policies.” Lease accounting On January 1, 2019, we adopted a new lease accounting standard 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). Upon adoption of the new lease accounting standard, we elected the following practical expedients provided by this lease standard and discussed in greater detail within this “Lease Accounting” section of Note 2. The summary of the practical expedients we elected is provided below: • Package of practical expedients – requires us to not reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting standard. • Optional transition method practical expedient – requires us to apply the new lease accounting standard prospectively from the adoption date of January 1, 2019. • Land easements practical expedient – requires us to continue 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 accounting standard if certain criteria are met. • Short-term lease practical expedient – requires us to not record the related lease liabilities and right-of-use assets for our operating leases with a term of 12 months or less in which we are the lessee. Overview related to both lessee and lessor accounting Upon adoption of the new lease accounting standard, we elected the package of practical expedients, which requires us to not assess whether our expired or existing contracts as of January 1, 2019, are or contain leases. When we enter into a contract or amend an existing contract subsequent to adoption, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet three criteria: (i) there must be an identified asset held by one party to the contract (the lessor), (ii) the counterparty (the lessee) has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract, and (iii) the counterparty has the right to direct the use of the identified asset throughout the period of the contract. We have determined which of our contracts meet these three criteria and are considered leases, including rental property leases where we are the lessor and operating leases where we are the lessee. Our leases generally contain contractual fixed and variable rental payments. Fixed payments represent our scheduled rental amounts due under our leases. Variable payments relate primarily to the reimbursements of rental operating expenses under our triple net lease structure. The new lease accounting standard also sets 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 any of the following: (i) ownership is transferred f

Investments in real estate

Investments in real estate	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investments in real estate	Investments in real estate Our consolidated investments in real estate, including real estate assets held for sale as described in Note 16, consisted of the following as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Rental properties: Land (related to rental properties) $ 1,737,610 $ 1,625,349 Buildings and building improvements 10,473,469 9,986,635 Other improvements 1,061,034 976,627 Rental properties 13,272,113 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre‑construction) 1,296,913 1,460,814 Future development projects 181,859 98,802 Gross investments in real estate 14,750,885 14,148,227 Less: accumulated depreciation (2,371,088 ) (2,263,797 ) Net investments in real estate – North America 12,379,797 11,884,430 Net investments in real estate – Asia 30,553 29,263 Investments in real estate $ 12,410,350 $ 11,913,693 Acquisitions Our real estate asset acquisitions during the three months ended March 31, 2019 , consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston — 175,000 — — $ 81,100 San Francisco 4 — — 247,770 239,450 San Diego 2 — 53,220 — 23,250 Other 4 — 75,864 — 39,150 Three months ended March 31, 2019 10 175,000 129,084 247,770 $ 382,950 (1) (1) Excludes $65.0 million paid in January 2019 for two properties at 10260 Campus Point Drive and 4161 Campus Point Court that we acquired in December 2018. Total purchase price was $80.0 million , of which $15.0 million was paid in December 2018. 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. Based upon our evaluation of each acquisition, we 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 associated with 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. Sale of real estate asset In February 2019, we completed a partial sale of a 60% interest in 75/125 Binney Street, a Class A property in our Cambridge submarket aggregating 388,270 RSF, for a sales price of $438 million , or $1,880 per RSF. We retained control over, and continue to consolidate, the new joint venture. We accounted for the $202.2 million difference between the consideration received and the book value of the 60% interest sold as an equity transaction with no gain recognized in earnings. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for additional information.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Consolidated and unconsolidated real estate joint ventures From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of March 31, 2019 , 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) : 75/125 Binney Street Greater Boston Cambridge 40.0 % 388,270 225 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 44.5 % (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. (3) As of March 31, 2019 , we have a 44.5% ownership interest in Menlo Gateway 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 of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”). We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of income and losses. The table below shows the categorization of our existing significant joint ventures under the consolidation framework: Property Consolidation Model Voting Interest Consolidation Analysis Conclusion 75/125 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 225 Binney Street 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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Investments in real estate $ 1,431,694 $ 1,108,385 Cash and cash equivalents 50,291 42,178 Other assets 133,148 74,901 Total assets $ 1,615,133 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 55,582 59,336 Total liabilities 55,582 59,336 Redeemable noncontrolling interests 977 874 Alexandria Real Estate Equities, Inc.’s share of equity 782,417 624,349 Noncontrolling interests’ share of equity 776,157 540,905 Total liabilities and equity $ 1,615,133 $ 1,225,464 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 March 31, 2019 , and December 31, 2018 , our investments in unconsolidated real estate joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheets consist of the following (in thousands): Property March 31, 2019 December 31, 2018 Menlo Gateway $ 239,000 $ 186,504 1401/1413 Research Boulevard 7,936 8,197 704 Quince Orchard Road 4,511 4,547 1655 and 1725 Third Street 35,414 34,917 Other 3,544 3,342 $ 290,405 $ 237,507 Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE. As of March 31, 2019 , 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% 5.97% $ 22,364 $ 6,315 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 6.19% 204,830 170,170 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.68% 6,020 8,833 Menlo Gateway, Phase II 44.5% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 44.5% 8/10/35 4.15% 4.18% 143,940 408 $ 377,154 $ 342,996 (1) Includes interest expense and amortization of loan fees for the three months ended March 31, 2019 . (2) Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2019 .

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard 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). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of income; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease Accounting” section of Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are a lessor As of March 31, 2019 , we had 250 properties aggregating 23.2 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science and technology entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of March 31, 2019 , a ll our leases in which we are a lessor were classified as operating leases with one exception of a direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of March 31, 2019 , our 250 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 73.7 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration and do not have options to early terminate. Lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of March 31, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 689,769 2020 947,419 2021 930,216 2022 891,279 2023 831,843 Thereafter 5,968,778 Total $ 10,259,304 Refer to Note 3 – “Investments in Real Estate” to these unaudited consolidated financial statements for additional information on our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of March 31, 2019 , we have one direct financing lease agreement for a parking structure with a remaining lease term of 73.7 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our net investment in our direct financing lease as of March 31, 2019 and December 31, 2018 , are summarized in the table below (in thousands): March 31, 2019 December 31, 2018 Gross investment in direct financing lease $ 261,702 $ 262,111 Less: unearned income (222,361 ) (222,962 ) Net investment in direct financing lease $ 39,341 $ 39,149 Future lease payments to be received under our direct financing lease as of March 31, 2019 , were as follows (in thousands): Year Total 2019 $ 1,246 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 261,702 Income from rentals Our total income from rentals includes revenue related to agreements for rental of our investments in real estate, which primarily includes revenues subject to the guidance of the new lease accounting standard, as well as revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals $ 354,749 Our revenues that are subject to the revenue recognition accounting standard relate primarily to parking revenues, which consist of short-term rental revenues that are not considered lease revenue under the new lease accounting standard. Refer to the “Revenue” and “Recognition of revenue arising from contracts with customers” sections of Note 2 for additional information. Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to primarily invest in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Upon the expiration or termination of a lease, we often have the ability to renew the space with an existing tenant or re-lease to a new tenant within a reasonable amount of time. Leases in which we are a lessee We have operating lease agreements for which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. Under the new lease accounting standard, we are required to recognize a right-of-use asset and a related liability to account for our future obligations under our ground and office lease arrangements for which we are the lessee. At the lease commencement date or at the acquisition date, if lease is acquired as part of our real estate acquisition, the lease liability is measured based on the present value of the future lease payments and the right-of-use asset is measured based on the corresponding lease liability, adjusted for the initial direct leasing cost and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as, adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period, and is reduced by the payments made during the period. The right-of-use asset is amortized on a straight-line basis during the lease term. As of January 1, 2019, the present value of the remaining contractual payments, aggregating $590.3 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $218.7 million . 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 as of January 1, 2019, 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. On January 1, 2019, we recognized a lease liability along with a corresponding right-of-use asset. As of March 31, 2019 , the present value of the remaining contractual payments, aggregating $657.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $244.6 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $238.4 million . As of March 31, 2019 , the weighted-average remaining lease term of our operating leases for which we are a lessee was approximately 45 years , and the weighted-average discount rate was 5.37% . Ground lease obligations as of March 31, 2019 , included leases for 30 of our properties, which accounted for approximately 12% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $8.2 million as of March 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 35 years to 96 years , including extension options which we are reasonably certain to exercise. The reconciliation of future lease payments, under non-cancelable operating ground and office leases for which we are a lessee, to the operating lease liability reflected in our consolidated balance sheet as of March 31, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 11,859 2020 14,208 2021 14,257 2022 14,390 2023 14,508 Thereafter 587,787 Total future payments under our operating leases for which we are a lessee 657,009 Effect of discounting (412,408 ) Operating lease liability $ 244,601 Lessee operating costs Operating lease costs represent amounts recognized, either expensed or capitalized, related to ground leases and leases for corporate office space in which we are the lessee. For the three months ended March 31, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended March 31, 2019 2018 Gross operating lease costs $ 4,554 $ 3,868 Capitalized lease costs (62 ) (36 ) Expenses for operating leases in which we are the lessee $ 4,492 $ 3,832 For the three months ended March 31, 2019 and 2018 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $4.4 million and $3.6 million , respectively.
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard 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). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of income; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease Accounting” section of Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are a lessor As of March 31, 2019 , we had 250 properties aggregating 23.2 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science and technology entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of March 31, 2019 , a ll our leases in which we are a lessor were classified as operating leases with one exception of a direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of March 31, 2019 , our 250 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 73.7 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration and do not have options to early terminate. Lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of March 31, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 689,769 2020 947,419 2021 930,216 2022 891,279 2023 831,843 Thereafter 5,968,778 Total $ 10,259,304 Refer to Note 3 – “Investments in Real Estate” to these unaudited consolidated financial statements for additional information on our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of March 31, 2019 , we have one direct financing lease agreement for a parking structure with a remaining lease term of 73.7 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our net investment in our direct financing lease as of March 31, 2019 and December 31, 2018 , are summarized in the table below (in thousands): March 31, 2019 December 31, 2018 Gross investment in direct financing lease $ 261,702 $ 262,111 Less: unearned income (222,361 ) (222,962 ) Net investment in direct financing lease $ 39,341 $ 39,149 Future lease payments to be received under our direct financing lease as of March 31, 2019 , were as follows (in thousands): Year Total 2019 $ 1,246 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 261,702 Income from rentals Our total income from rentals includes revenue related to agreements for rental of our investments in real estate, which primarily includes revenues subject to the guidance of the new lease accounting standard, as well as revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals $ 354,749 Our revenues that are subject to the revenue recognition accounting standard relate primarily to parking revenues, which consist of short-term rental revenues that are not considered lease revenue under the new lease accounting standard. Refer to the “Revenue” and “Recognition of revenue arising from contracts with customers” sections of Note 2 for additional information. Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to primarily invest in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Upon the expiration or termination of a lease, we often have the ability to renew the space with an existing tenant or re-lease to a new tenant within a reasonable amount of time. Leases in which we are a lessee We have operating lease agreements for which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. Under the new lease accounting standard, we are required to recognize a right-of-use asset and a related liability to account for our future obligations under our ground and office lease arrangements for which we are the lessee. At the lease commencement date or at the acquisition date, if lease is acquired as part of our real estate acquisition, the lease liability is measured based on the present value of the future lease payments and the right-of-use asset is measured based on the corresponding lease liability, adjusted for the initial direct leasing cost and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as, adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period, and is reduced by the payments made during the period. The right-of-use asset is amortized on a straight-line basis during the lease term. As of January 1, 2019, the present value of the remaining contractual payments, aggregating $590.3 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $218.7 million . 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 as of January 1, 2019, 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. On January 1, 2019, we recognized a lease liability along with a corresponding right-of-use asset. As of March 31, 2019 , the present value of the remaining contractual payments, aggregating $657.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $244.6 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $238.4 million . As of March 31, 2019 , the weighted-average remaining lease term of our operating leases for which we are a lessee was approximately 45 years , and the weighted-average discount rate was 5.37% . Ground lease obligations as of March 31, 2019 , included leases for 30 of our properties, which accounted for approximately 12% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $8.2 million as of March 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 35 years to 96 years , including extension options which we are reasonably certain to exercise. The reconciliation of future lease payments, under non-cancelable operating ground and office leases for which we are a lessee, to the operating lease liability reflected in our consolidated balance sheet as of March 31, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 11,859 2020 14,208 2021 14,257 2022 14,390 2023 14,508 Thereafter 587,787 Total future payments under our operating leases for which we are a lessee 657,009 Effect of discounting (412,408 ) Operating lease liability $ 244,601 Lessee operating costs Operating lease costs represent amounts recognized, either expensed or capitalized, related to ground leases and leases for corporate office space in which we are the lessee. For the three months ended March 31, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended March 31, 2019 2018 Gross operating lease costs $ 4,554 $ 3,868 Capitalized lease costs (62 ) (36 ) Expenses for operating leases in which we are the lessee $ 4,492 $ 3,832 For the three months ended March 31, 2019 and 2018 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $4.4 million and $3.6 million , respectively.
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard 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). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of income; • Income classified separately for operating leases and direct financing leases; and • Our risk management strategy to mitigate declines in residual value of the leased assets. As a lessee, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • The amounts of lease liabilities and corresponding right-of-use assets and their respective locations in the balance sheet; • The weighted-average remaining lease term and weighted-average discount rate of leases; • Tabular presentation of undiscounted cash flows of our remaining lease payment obligations over the next five years and thereafter; and • Total lease costs, including cash paid, amounts expensed, and amounts capitalized. Refer to the “Lease Accounting” section of Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are a lessor As of March 31, 2019 , we had 250 properties aggregating 23.2 million operating RSF locate d in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. We focus on developing Class A properties in AAA innovation cluster locations, which we consider to be highly desirable for tenancy by life science and technology entities. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. As of March 31, 2019 , a ll our leases in which we are a lessor were classified as operating leases with one exception of a direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of March 31, 2019 , our 250 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 73.7 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration and do not have options to early terminate. Lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of March 31, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 689,769 2020 947,419 2021 930,216 2022 891,279 2023 831,843 Thereafter 5,968,778 Total $ 10,259,304 Refer to Note 3 – “Investments in Real Estate” to these unaudited consolidated financial statements for additional information on our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of March 31, 2019 , we have one direct financing lease agreement for a parking structure with a remaining lease term of 73.7 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our net investment in our direct financing lease as of March 31, 2019 and December 31, 2018 , are summarized in the table below (in thousands): March 31, 2019 December 31, 2018 Gross investment in direct financing lease $ 261,702 $ 262,111 Less: unearned income (222,361 ) (222,962 ) Net investment in direct financing lease $ 39,341 $ 39,149 Future lease payments to be received under our direct financing lease as of March 31, 2019 , were as follows (in thousands): Year Total 2019 $ 1,246 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 261,702 Income from rentals Our total income from rentals includes revenue related to agreements for rental of our investments in real estate, which primarily includes revenues subject to the guidance of the new lease accounting standard, as well as revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals $ 354,749 Our revenues that are subject to the revenue recognition accounting standard relate primarily to parking revenues, which consist of short-term rental revenues that are not considered lease revenue under the new lease accounting standard. Refer to the “Revenue” and “Recognition of revenue arising from contracts with customers” sections of Note 2 for additional information. Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to primarily invest in high-demand markets with limited supply of available space, (ii) directly managing our leased properties, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Upon the expiration or termination of a lease, we often have the ability to renew the space with an existing tenant or re-lease to a new tenant within a reasonable amount of time. Leases in which we are a lessee We have operating lease agreements for which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. Under the new lease accounting standard, we are required to recognize a right-of-use asset and a related liability to account for our future obligations under our ground and office lease arrangements for which we are the lessee. At the lease commencement date or at the acquisition date, if lease is acquired as part of our real estate acquisition, the lease liability is measured based on the present value of the future lease payments and the right-of-use asset is measured based on the corresponding lease liability, adjusted for the initial direct leasing cost and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as, adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period, and is reduced by the payments made during the period. The right-of-use asset is amortized on a straight-line basis during the lease term. As of January 1, 2019, the present value of the remaining contractual payments, aggregating $590.3 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $218.7 million . 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 as of January 1, 2019, 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. On January 1, 2019, we recognized a lease liability along with a corresponding right-of-use asset. As of March 31, 2019 , the present value of the remaining contractual payments, aggregating $657.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $244.6 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $238.4 million . As of March 31, 2019 , the weighted-average remaining lease term of our operating leases for which we are a lessee was approximately 45 years , and the weighted-average discount rate was 5.37% . Ground lease obligations as of March 31, 2019 , included leases for 30 of our properties, which accounted for approximately 12% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $8.2 million as of March 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 35 years to 96 years , including extension options which we are reasonably certain to exercise. The reconciliation of future lease payments, under non-cancelable operating ground and office leases for which we are a lessee, to the operating lease liability reflected in our consolidated balance sheet as of March 31, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 11,859 2020 14,208 2021 14,257 2022 14,390 2023 14,508 Thereafter 587,787 Total future payments under our operating leases for which we are a lessee 657,009 Effect of discounting (412,408 ) Operating lease liability $ 244,601 Lessee operating costs Operating lease costs represent amounts recognized, either expensed or capitalized, related to ground leases and leases for corporate office space in which we are the lessee. For the three months ended March 31, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended March 31, 2019 2018 Gross operating lease costs $ 4,554 $ 3,868 Capitalized lease costs (62 ) (36 ) Expenses for operating leases in which we are the lessee $ 4,492 $ 3,832 For the three months ended March 31, 2019 and 2018 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $4.4 million and $3.6 million , respectively.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 261,372 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 25,378 22,681 Funds held in escrow related to construction projects and investing activities 25,142 10,558 Other 3,913 4,710 54,433 37,949 Total $ 315,805 $ 272,130

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. Investments in publicly traded companies are classified as investments with readily determinable fair values, and are carried at fair value, with changes in fair value classified in net income. Our investments in privately held entities consist of (i) investments that report NAV, such as our privately held investments in limited partnerships, which are carried at fair value using NAV as a practical expedient with changes in fair value classified in net income, and (ii) investments in privately held entities that do not report NAV, which are measured at cost, adjusted for observable price changes and impairments, with changes 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. • 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 March 31, 2019 . We classify unrealized and realized gains and losses on our equity investments within investment income in our consolidated statements of income. Unrealized gains and losses represent (i) changes in fair value for investments in publicly traded companies, (ii) changes in NAV, as a practical expedient to estimate fair value, for investments in privately held entities that report NAV, and (iii) observable price changes on our 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. Realized gains and losses represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. 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. The following tables summarize our investments as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 127,760 $ 97,194 $ 224,954 Entities that report NAV 223,986 145,616 369,602 Entities that do not report NAV: Entities with observable price changes 42,865 69,551 112,416 Entities without observable price changes 293,932 — 293,932 Total investments $ 688,543 $ 312,361 $ 1,000,904 December 31, 2018 Cost Adjustments Carrying Amount Investments: 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 39,421 64,112 103,533 Entities without observable price changes 286,921 — 286,921 Total investments $ 652,109 $ 240,155 $ 892,264 Cumulative adjustments recognized on investments in privately held entities that do not report NAV held as of March 31, 2019 , aggregated $69.6 million , which consisted of upward adjustments representing unrealized gains of $69.8 million and downward adjustments representing unrealized losses of $247 thousand . Adjustments recognized on investments in privately held entities that do not report NAV aggregated $5.4 million during the three months ended March 31, 2019 , which consisted of upward adjustments representing unrealized gains of $5.5 million and downward adjustments representing unrealized losses of $47 thousand . Our income from investments during the three months ended March 31, 2019 , consisted of the following (in thousands): Three Months Ended March 31, 2019 Unrealized Gains Realized Gains Total Investments held at March 31, 2019: Publicly traded companies $ 43,654 $ — $ 43,654 Entities that report NAV 32,429 — 32,429 Entities that do not report NAV, held at period end 5,440 — 5,440 Total investments held at March 31, 2019 81,523 — 81,523 Investment dispositions during the three months ended March 31, 2019: Recognized in the current period — 2,033 2,033 Previously recognized gains (9,317 ) 9,317 — Total investment dispositions during the three months ended March 31, 2019 (9,317 ) 11,350 2,033 Investment income $ 72,206 $ 11,350 $ 83,556 Our investment income for the three months ended March 31, 2018 , consisted of the following (in thousands): Three Months Ended March 31, 2018 Unrealized Gains Realized Gains Total Investments held at March 31, 2018: Publicly traded companies $ 50,888 $ — $ 50,888 Entities that report NAV 15,087 — 15,087 Entities that do not report NAV, held at period end 11,043 — 11,043 Total investments held at March 31, 2018 77,018 — 77,018 Investment dispositions during the three months ended March 31, 2018: Recognized in the current period — 8,543 8,543 Previously recognized gains (4,789 ) 4,789 — Total investment dispositions during the three months ended March 31, 2018 (4,789 ) 13,332 8,543 Investment income $ 72,229 $ 13,332 $ 85,561 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 $233.8 million for all investments, primarily consisting of $233.3 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 8.7 years . These investments are not redeemable by us, but we normally receive distributions from these investments throughout their term. Our investments in privately held entities that report NAV generally have expected initial terms in excess of 10 years. The weighted-average remaining term during which these investments are expected to be liquidated was 8.6 years as of March 31, 2019 .

Other assets

Other assets	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	Other assets The following table summarizes the components of other assets as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Acquired below-market ground leases $ — (1) $ 17,434 Acquired in-place leases 157,194 132,906 Deferred compensation plan 19,124 19,238 Deferred financing costs – $2.2 billion unsecured senior line of credit 15,271 16,060 Deposits 12,524 12,974 Furniture, fixtures, and equipment 15,893 14,787 Interest rate hedge assets 494 2,606 Net investment in direct financing lease 39,341 39,149 Notes receivable 506 528 Operating lease right-of-use asset (2) 238,433 — Other assets 19,735 19,861 Prepaid expenses 23,012 13,690 Property, plant, and equipment 112,199 81,024 Total $ 653,726 $ 370,257 (1) Upon the adoption of new lease accounting standards on January 1, 2019, this amount has been included in the calculation of our operating lease right-of-use asset. (2) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to these unaudited consolidated financial statements for additional information.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 . 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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Investments in publicly traded companies $ 224,954 $ 224,954 $ — $ — Interest rate hedge agreements $ 494 $ — $ 494 $ — Liabilities: Interest rate hedge agreements $ 1,143 $ — $ 1,143 $ — 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 $ — 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 these unaudited 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 these unaudited consolidated financial statements for further details. The carrying values of cash and cash equivalents, restricted cash, tenant receivables, other assets, accounts payable, accrued expenses, and tenant security deposits approximate fair value. The fair values of our secured notes payable, unsecured senior notes payable, $2.2 billion unsecured senior line of credit, and unsecured senior bank term loan 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 March 31, 2019 , and December 31, 2018 , the book and estimated fair values of our investments in privately held entities that report NAV, secured notes payable, unsecured senior notes payable, $2.2 billion unsecured senior line of credit, and unsecured senior bank term loan were as follows (in thousands): March 31, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 369,602 $ 369,602 $ 317,805 $ 317,805 Liabilities: Secured notes payable $ 356,461 $ 360,808 $ 630,547 $ 638,860 Unsecured senior notes payable $ 5,139,500 $ 5,331,153 $ 4,292,293 $ 4,288,335 $2.2 billion unsecured senior line of credit $ — $ — $ 208,000 $ 208,106 Unsecured senior bank term loan $ 347,542 $ 349,983 $ 347,415 $ 350,240 Nonrecurring fair value measurements Refer to Note 7 – “Investments” and Note 16 – “Assets Classified as Held for Sale” to these unaudited consolidated financial statements for further discussion.

Secured and unsecured senior de

Secured and unsecured senior debt	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 356,461 $ — $ 356,461 6.1 % 3.58 % 4.8 Unsecured senior notes payable 5,139,500 — 5,139,500 88.0 4.16 7.5 $2.2 billion unsecured senior line of credit — — — — N/A 4.8 Unsecured senior bank term loan 347,542 — 347,542 5.9 3.62 4.8 Total/weighted average $ 5,843,503 $ — $ 5,843,503 100.0 % 4.09 % 7.2 Percentage of total debt 100 % — 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 March 31, 2019 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2019 2020 2021 2022 2023 Thereafter Principal Total Secured notes payable San Diego 4.66 % 4.90 % 1/1/23 $ 1,266 $ 1,763 $ 1,852 $ 1,942 $ 26,259 $ — $ 33,082 $ (247 ) $ 32,835 Greater Boston 3.93 % 3.19 3/10/23 1,135 1,566 1,628 1,693 74,517 — 80,539 2,170 82,709 Greater Boston 4.82 % 3.40 2/6/24 2,291 3,206 3,395 3,564 3,742 183,527 199,725 12,939 212,664 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (698 ) 27,502 San Francisco 6.50 % 6.50 7/1/36 23 25 26 28 30 619 751 — 751 Secured debt weighted-average interest rate/subtotal 4.55 % 3.58 4,715 6,560 6,901 7,227 104,548 212,346 342,297 14,164 356,461 $2.2 billion unsecured senior line of credit L+0.825 % N/A 1/28/24 — — — — — — — — — Unsecured senior bank term loan L+0.90 % 3.62 1/28/24 — — — — — 350,000 350,000 (2,458 ) 347,542 Unsecured senior notes payable 2.75 % 2.96 1/15/20 — 400,000 — — — — 400,000 (649 ) 399,351 Unsecured senior notes payable 4.60 % 4.75 4/1/22 — — — 550,000 — — 550,000 (1,953 ) 548,047 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — — 500,000 — 500,000 (2,507 ) 497,493 Unsecured senior notes payable – green bonds 4.00 % 4.03 1/15/24 — — — — — 650,000 650,000 (711 ) 649,289 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (5,312 ) 594,688 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (3,296 ) 296,704 Unsecured senior notes payable – green bonds 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,441 ) 346,559 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,917 ) 346,083 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,714 ) 421,286 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,290 ) 297,710 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (4,178 ) 445,822 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,532 ) 296,468 Unsecured debt weighted average/subtotal 4.13 — 400,000 — 550,000 500,000 4,075,000 5,525,000 (37,958 ) 5,487,042 Weighted-average interest rate/total 4.09 % $ 4,715 $ 406,560 $ 6,901 $ 557,227 $ 604,548 $ 4,287,346 $ 5,867,297 $ (23,794 ) $ 5,843,503 (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. 4.85%, 3.80%, and 4.00% Unsecured senior notes payables In March 2019, we completed an offering of $850.0 million of unsecured senior notes for net proceeds of $846.1 million . The unsecured senior notes consisted of $300.0 million of 4.85% unsecured senior notes payable on April 15, 2049 (“4.85% Unsecured Senior Notes”); $350.0 million of 3.80% unsecured senior notes payable on April 15, 2026 (“3.80% Unsecured Senior Note”), which will be allocated to fund certain eligible green development and redevelopment projects and the repayment of a secured note payable related to 50/60 Binney Street, a recently completed Class A property, which was awarded LEED ® Gold certification; and $200.0 million added to our outstanding 4.00% unsecured senior notes payable due on January 15, 2024 , issued at a yield to maturity of 3.453% , which are part of the same series that was originally issued in 2018. The net proceeds will also be used to fund recently completed and future eligible green projects. Repayment of secured notes payable In January 2019, we repaid early one secured note payable aggregating $106.7 million , which was originally due in 2020 and 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. In March 2019, we repaid early the remaining $193.1 million balance of our secured construction loan related to 50/60 Binney Street, which was due in 2020 and bore interest at LIBOR+1.5% , and recognized a loss on early extinguishment of debt of $269 thousand . Interest expense The following table summarizes interest expense for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Gross interest $ 57,609 $ 50,275 Capitalized interest (18,509 ) (13,360 ) Interest expense $ 39,100 $ 36,915

Interest rate hedge agreements

Interest rate hedge agreements	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate hedge agreements	Interest rate hedge agreements We use interest rate derivatives to hedge the variable cash flows associated with certain of our existing LIBOR-based variable-rate debt, including our $2.2 billion unsecured senior line of credit and unsecured senior bank term loan, 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 $649 thousand from accumulated other comprehensive income to earnings as an increase of interest expense. As of March 31, 2019 , and December 31, 2018 , 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 these unaudited consolidated financial statements for further details. Under our interest rate hedge agreements, we have no collateral posting requirements. We have agreements with certain of our derivative counterparties that contain a provision wherein we could be declared in default on our derivative obligations 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 March 31, 2019 , we could have been required to settle our obligations under the agreements at their termination value of $1.2 million . We had the following outstanding interest rate hedge agreements that were designated as cash flow hedges of interest rate risk as of March 31, 2019 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of Notional Amount in Effect as of Effective Date Maturity Date 3/31/19 3/31/19 12/31/19 March 29, 2019 March 31, 2020 1 1.89% $ 494 $ 100,000 $ 100,000 March 29, 2019 March 31, 2020 3 2.84% (1,143 ) 250,000 250,000 Total $ (649 ) $ 350,000 $ 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 March 31, 2019 , 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 these unaudited consolidated financial statements.

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits	3 Months Ended
	Mar. 31, 2019
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	Accounts payable, accrued expenses, and tenant security deposits The following table summarizes the components of accounts payable, accrued expenses, and tenant security deposits as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Accounts payable and accrued expenses $ 167,350 $ 215,539 Accrued construction 285,821 275,882 Acquired below-market leases 162,177 134,808 Conditional asset retirement obligations 9,878 10,343 Deferred rent liabilities 2,100 29,547 Interest rate hedge liabilities 1,143 768 Operating lease liability (1) 244,601 — Unearned rent and tenant security deposits 246,342 250,923 Other liabilities 51,965 63,897 Total $ 1,171,377 $ 981,707 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to these unaudited consolidated financial statements for additional information. Some of our properties may contain asbestos, which, under certain conditions, requires remediation. Although we believe that the asbestos is appropriately contained in accordance with environmental regulations, our practice is to remediate the asbestos upon the development or redevelopment of the affected property. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. For certain properties we do not recognize an asset retirement obligation when there is an indeterminate settlement date for the obligation because the period in which we may remediate the obligation may not be estimated with any level of precision to provide for a meaningful estimate of the retirement obligation.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings per share	Earnings per share In January 2018, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $123.50 per share, before underwriting discounts 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. 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. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding – diluted using the treasury stock method. There were no forward equity sales agreements outstanding during the three months ended March 31, 2019 . For the three months ended March 31, 2018 , the effect on our weighted-average shares – diluted from the forward equity sales agreements entered into in January 2018 was 270 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 three months ended March 31, 2019 and 2018 , since the result was antidilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders from continuing operations during each period. Refer to Note 14 – “Stockholders’ Equity” to these unaudited consolidated financial statements for further discussion of the partial repurchases of our Series D Convertible Preferred Stock. We account for unvested restricted stock awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Our Series D Convertible Preferred Stock and forward equity sales agreements are not participating securities and 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 three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income $ 136,818 $ 141,518 Net income attributable to noncontrolling interests (7,659 ) (5,888 ) Dividends on preferred stock (1,026 ) (1,302 ) Preferred stock redemption charge (2,580 ) — Net income attributable to unvested restricted stock awards (1,955 ) (1,941 ) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 132,387 Denominator for basic EPS – weighted-average shares of common stock outstanding 111,054 99,855 Dilutive effect of forward equity sales agreements — 270 Denominator for diluted EPS – weighted-average shares of common stock outstanding 111,054 100,125 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 1.11 $ 1.33 Diluted $ 1.11 $ 1.32

Stockholders' equity

Stockholders' equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity ATM common stock offering program In August 2018, 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 ATM program (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Cumulative activity through December 31, 2018 855,458 $ 127.45 $ 109,031 $ 106,956 Three months ended March 31, 2019 — $ — — — Cumulative activity through March 31, 2019 855,458 109,031 $ 106,956 Remaining availability as of March 31, 2019 640,969 Total August 2018 ATM common stock offering program $ 750,000 7.00% Series D cumulative convertible preferred stock repurchases As of March 31, 2019 and December 31, 2018 , 2.3 million and 2.6 million shares of our Series D Convertible Preferred Stock were outstanding, respectively. During the three months ended March 31, 2019 , we repurchased, in privately negotiated transactions, 275,000 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $9.2 million , or $33.60 per share. We recognized a preferred stock redemption charge of $2.6 million during the three months ended March 31, 2019 , including the write-off of original issuance costs of approximately $215 thousand . 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 March 31, 2019 , the Series D Convertible Preferred Stock had a conversion rate of approximately 0.2505 shares of common stock per $25.00 liquidation preference, which is equivalent to a conversion price of approximately $99.80 per share of common stock. Dividends In March 2019 , we declared cash dividends on our common stock for the three months ended March 31, 2019 , aggregating $109.6 million , or $0.97 per share. Also in March 2019 , we declared cash dividends on our Series D Convertible Preferred Stock for the three months ended March 31, 2019 , aggregating approximately $1.0 million , or $0.4375 per share. In April 2019 , we paid the cash dividends on our common stock and Series D Convertible Preferred Stock declared for the three months ended March 31, 2019 . Accumulated other comprehensive loss Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders consists of the following (in thousands): Net Unrealized Gain (Loss) on: Interest Rate Foreign Currency Translation Total Balance as of December 31, 2018 $ 1,838 $ (12,273 ) $ (10,435 ) Other comprehensive (loss) income before reclassifications (558 ) 2,210 1,652 Amounts reclassified from other comprehensive income to net income (1,929 ) — (1,929 ) Net other comprehensive (loss) income (2,487 ) 2,210 (277 ) Balance as of March 31, 2019 $ (649 ) $ (10,063 ) $ (10,712 ) Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 111.2 million shares were issued and outstanding as of March 31, 2019 . Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, of which 2.3 million shares were issued and outstanding as of March 31, 2019 . 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 March 31, 2019 .

Noncontrolling interests

Noncontrolling interests	3 Months Ended
	Mar. 31, 2019
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 12 properties as of March 31, 2019 , and are included in our unaudited consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the three months ended March 31, 2019 and 2018 , we distributed $9.7 million and $7.2 million , respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized.

Assets classified as held for s

Assets classified as held for sale	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets classified as held for sale	Assets classified as held for sale As of March 31, 2019 , two properties aggregating 402,144 RSF were 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 March 31, 2019 , and December 31, 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): March 31, 2019 December 31, 2018 Total assets $ 47,044 $ 31,260 Total liabilities (1,946 ) (2,476 ) Total accumulated other comprehensive income 4 768 Net assets classified as held for sale $ 45,102 $ 29,552

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent events Unsecured senior bank term loan extension In April 2019, we entered into an agreement to extend our unsecured senior bank term loan maturity date to January 2, 2025 . We expect that the extension will become effective in June 2019 upon the satisfaction of certain conditions.

Condensed consolidating financi

Condensed consolidating financial information	3 Months Ended
	Mar. 31, 2019
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating financial information	Condensed consolidating financial information Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act of 1933, as amended, that are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the “LP” or the “Guarantor Subsidiary”), an indirectly 100% owned subsidiary of the Issuer. The Issuer’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of its real estate (collectively, the “Combined Non-Guarantor Subsidiaries”), will not provide a guarantee of such securities, including the subsidiaries that are partially or 100% owned by the LP. The following condensed consolidating financial information presents the condensed consolidating balance sheets as of March 31, 2019 , and December 31, 2018 , the condensed consolidating statements of income and comprehensive income for the three months ended March 31, 2019 and 2018 , and the condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 , 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 March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 12,410,350 $ — $ 12,410,350 Investments in unconsolidated real estate JVs — — 290,405 — 290,405 Cash and cash equivalents 124,562 — 136,810 — 261,372 Restricted cash 143 — 54,290 — 54,433 Tenant receivables — — 9,645 — 9,645 Deferred rent — — 558,103 — 558,103 Deferred leasing costs — — 241,268 — 241,268 Investments — 1,232 999,672 — 1,000,904 Investments in and advances to affiliates 13,091,955 11,679,065 237,842 (25,008,862 ) — Other assets 57,817 — 595,909 — 653,726 Total assets $ 13,274,477 $ 11,680,297 $ 15,534,294 $ (25,008,862 ) $ 15,480,206 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 356,461 $ — $ 356,461 Unsecured senior notes payable 5,139,500 — — — 5,139,500 Unsecured senior line of credit — — — — — Unsecured senior bank term loan 347,542 — — — 347,542 Accounts payable, accrued expenses, and tenant security deposits 110,446 — 1,060,931 — 1,171,377 Dividends payable 110,412 — — — 110,412 Total liabilities 5,707,900 — 1,417,392 — 7,125,292 Redeemable noncontrolling interests — — 10,889 — 10,889 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,566,577 11,680,297 13,328,565 (25,008,862 ) 7,566,577 Noncontrolling interests — — 777,448 — 777,448 Total equity 7,566,577 11,680,297 14,106,013 (25,008,862 ) 8,344,025 Total liabilities, noncontrolling interests, and equity $ 13,274,477 $ 11,680,297 $ 15,534,294 $ (25,008,862 ) $ 15,480,206 Condensed Consolidating Balance Sheet as of December 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 11,913,693 $ — $ 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 loan 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 Statement of Income for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 354,749 $ — $ 354,749 Other income 5,034 — 4,415 (5,356 ) 4,093 Total revenues 5,034 — 359,164 (5,356 ) 358,842 Expenses: Rental operations — — 101,501 — 101,501 General and administrative 24,350 — 5,683 (5,356 ) 24,677 Interest 35,829 — 3,271 — 39,100 Depreciation and amortization 1,663 — 132,424 — 134,087 Loss on early extinguishment of debt — — 7,361 — 7,361 Total expenses 61,842 — 250,240 (5,356 ) 306,726 Equity in earnings of unconsolidated real estate JVs — — 1,146 — 1,146 Equity in earnings of affiliates 185,967 100,971 1,985 (288,923 ) — Investment income — 142 83,414 — 83,556 Net income 129,159 101,113 195,469 (288,923 ) 136,818 Net income attributable to noncontrolling interests — — (7,659 ) — (7,659 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 129,159 101,113 187,810 (288,923 ) 129,159 Dividends on preferred stock (1,026 ) — — — (1,026 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (1,955 ) — — — (1,955 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 101,113 $ 187,810 $ (288,923 ) $ 123,598 Condensed Consolidating Statement of Income for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 317,655 $ — $ 317,655 Other income 4,124 — 2,925 (4,565 ) 2,484 Total revenues 4,124 — 320,580 (4,565 ) 320,139 Expenses: Rental operations — — 91,771 — 91,771 General and administrative 21,890 — 5,096 (4,565 ) 22,421 Interest 31,095 — 5,820 — 36,915 Depreciation and amortization 1,677 — 112,542 — 114,219 Total expenses 54,662 — 215,229 (4,565 ) 265,326 Equity in earnings of unconsolidated real estate JVs — — 1,144 — 1,144 Equity in earnings of affiliates 186,168 98,882 1,954 (287,004 ) — Investment income — 473 85,088 — 85,561 Net income 135,630 99,355 193,537 (287,004 ) 141,518 Net income attributable to noncontrolling interests — — (5,888 ) — (5,888 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 135,630 99,355 187,649 (287,004 ) 135,630 Dividends on preferred stock (1,302 ) — — — (1,302 ) Net income attributable to unvested restricted stock awards (1,941 ) — — — (1,941 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 99,355 $ 187,649 $ (287,004 ) $ 132,387 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 129,159 $ 101,113 $ 195,469 $ (288,923 ) $ 136,818 Other comprehensive (loss) income: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (558 ) — — — (558 ) Reclassification adjustment for amortization of interest income included in net income (1,929 ) — — — (1,929 ) Unrealized losses on interest rate hedge agreements, net (2,487 ) — — — (2,487 ) Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 2,210 — 2,210 Unrealized gains on foreign currency translation, net — — 2,210 — 2,210 Total other comprehensive (loss) income (2,487 ) — 2,210 — (277 ) Comprehensive income 126,672 101,113 197,679 (288,923 ) 136,541 Less: comprehensive income attributable to noncontrolling interests — — (7,659 ) — (7,659 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 126,672 $ 101,113 $ 190,020 $ (288,923 ) $ 128,882 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 135,630 $ 99,355 $ 193,537 $ (287,004 ) $ 141,518 Other comprehensive income (loss): Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,982 — — — 1,982 Reclassification adjustment for amortization of interest income included in net income (678 ) — — — (678 ) Unrealized gains on interest rate hedge agreements, net 1,304 — — — 1,304 Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (329 ) — (329 ) Unrealized losses on foreign currency translation, net — — (329 ) — (329 ) Total other comprehensive income (loss) 1,304 — (329 ) — 975 Comprehensive income 136,934 99,355 193,208 (287,004 ) 142,493 Less: comprehensive income attributable to noncontrolling interests — — (5,888 ) — (5,888 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 136,934 $ 99,355 $ 187,320 $ (287,004 ) $ 136,605 Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 129,159 $ 101,113 $ 195,469 $ (288,923 ) $ 136,818 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,663 — 132,424 — 134,087 Loss on early extinguishment of debt — — 7,361 — 7,361 Equity in earnings of unconsolidated real estate JVs — — (1,146 ) — (1,146 ) Distributions of earnings from unconsolidated real estate JVs — — 858 — 858 Amortization of loan fees 2,094 — 139 — 2,233 Amortization of debt premiums (29 ) — (772 ) — (801 ) Amortization of acquired below-market leases — — (7,148 ) — (7,148 ) Deferred rent — — (26,965 ) — (26,965 ) Stock compensation expense 11,029 — — — 11,029 Equity in earnings of affiliates (185,967 ) (100,971 ) (1,985 ) 288,923 — Investment income — (142 ) (83,414 ) — (83,556 ) Changes in operating assets and liabilities: Tenant receivables — — 167 — 167 Deferred leasing costs — — (11,279 ) — (11,279 ) Other assets 1,200 — (9,884 ) — (8,684 ) Accounts payable, accrued expenses, and tenant security deposits (8,530 ) — (7,714 ) — (16,244 ) Net cash (used in) provided by operating activities (49,381 ) — 186,111 — 136,730 Investing Activities Additions to real estate — — (241,049 ) — (241,049 ) Purchases of real estate — — (418,358 ) — (418,358 ) Returns of deposits for investing activities — — 500 — 500 Investments in subsidiaries (670,411 ) (628,463 ) (12,874 ) 1,311,748 — Investments in unconsolidated real estate JVs — — (52,634 ) — (52,634 ) Additions to investments — — (48,992 ) — (48,992 ) Sales of investments — 172 26,028 — 26,200 Net cash used in investing activities $ (670,411 ) $ (628,291 ) $ (747,379 ) $ 1,311,748 $ (734,333 ) Condensed Consolidating Statement of Cash Flows (continued) for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (301,343 ) $ — $ (301,343 ) Proceeds from issuance of unsecured senior notes payable 854,209 — — — 854,209 Borrowings from unsecured senior line of credit 1,405,000 — — — 1,405,000 Repayments of borrowings from unsecured senior line of credit (1,613,000 ) — — — (1,613,000 ) Transfers to/from parent company 206,930 628,291 476,527 (1,311,748 ) — Payment of loan fees (8,150 ) — (7,075 ) — (15,225 ) Taxes paid related to net settlement of equity awards (89 ) — — — (89 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Dividends on common stock (109,342 ) — — — (109,342 ) Dividends on preferred stock (1,126 ) — — — (1,126 ) Contributions from and sales of noncontrolling interests — — 440,671 — 440,671 Distributions to and purchases of noncontrolling interests — — (9,709 ) — (9,709 ) Net cash provided by financing activities 725,192 628,291 599,071 (1,311,748 ) 640,806 Effect of foreign exchange rate changes on cash and cash equivalents — — 472 — 472 Net increase in cash, cash equivalents, and restricted cash 5,400 — 38,275 — 43,675 Cash, cash equivalents, and restricted cash as of the beginning of period 119,305 — 152,825 — 272,130 Cash, cash equivalents, and restricted cash as of the end of period $ 124,705 $ — $ 191,100 $ — $ 315,805 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 45,150 $ — $ 4,450 $ — $ 49,600 Change in accrued construction $ — $ — $ 9,939 $ — $ 9,939 Accrued construction for current period additions to real estate $ — $ — $ 133,502 $ — $ 133,502 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 239,653 $ — $ 239,653 Lease liability $ — $ — $ (245,638 ) $ — $ (245,638 ) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Operating Activities Net income $ 135,630 $ 99,355 $ 193,537 $ (287,004 ) $ 141,518 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,677 — 112,542 — 114,219 Equity in earnings of unconsolidated real estate JVs — — (1,144 ) — (1,144 ) Distributions of earnings from unconsolidated real estate JVs — — 144 — 144 Amortization of loan fees 2,105 — 438 — 2,543 Amortization of debt discounts (premiums) 187 — (762 ) — (575 ) Amortization of acquired below-market leases — — (6,170 ) — (6,170 ) Deferred rent — — (32,631 ) — (32,631 ) Stock compensation expense 7,248 — — — 7,248 Equity in earnings of affiliates (186,168 ) (98,882 ) (1,954 ) 287,004 — Investment income — (473 ) (85,088 ) — (85,561 ) Changes in operating assets and liabilities: Tenant receivables — — (988 ) — (988 ) Deferred leasing costs — — (13,819 ) — (13,819 ) Other assets (6,398 ) — (7,881 ) — (14,279 ) Accounts payable, accrued expenses, and tenant security deposits (3,125 ) — 21,541 — 18,416 Net cash (used in) provided by operating activities (48,844 ) — 177,765 — 128,921 Investing Activities Additions to real estate — — (206,404 ) — (206,404 ) Purchases of real estate — — (303,156 ) — (303,156 ) Deposits for investing activities — — (7,786 ) — (7,786 ) Investments in subsidiaries (507,351 ) (399,482 ) (8,256 ) 915,089 — Acquisitions of interests in unconsolidated real estate joint ventures — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (22,325 ) — (22,325 ) Additions to investments — — (50,287 ) — (50,287 ) Sales of investments — 364 27,478 — 27,842 Net cash used in investing activities $ (507,351 ) $ (399,118 ) $ (606,658 ) $ 915,089 $ (598,038 ) Condensed Consolidating Statement of Cash Flows (continued) for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 6,142 $ — $ 6,142 Repayments of borrowings from secured notes payable — — (1,189 ) — (1,189 ) Borrowings from unsecured senior line of credit 1,035,000 — — — 1,035,000 Repayments of borrowings from unsecured senior line of credit (595,000 ) — — — (595,000 ) Transfers to/from parent company 94,702 399,109 421,278 (915,089 ) — Proceeds from issuance of common stock 99,369 — — — 99,369 Dividends on common stock (91,060 ) — — — (91,060 ) Dividends on preferred stock (1,302 ) — — — (1,302 ) Contributions from noncontrolling interests — — 6,579 — 6,579 Distributions to noncontrolling interests — — (7,220 ) — (7,220 ) Net cash provided by financing activities 541,709 399,109 425,590 (915,089 ) 451,319 Effect of foreign exchange rate changes on cash and cash equivalents — — (406 ) — (406 ) Net decrease in cash, cash equivalents, and restricted cash (14,486 ) (9 ) (3,709 ) — (18,204 ) 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 $ 116,030 $ — $ 142,952 $ — $ 258,982 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 29,348 $ — $ 6,145 $ — $ 35,493 Change in accrued construction $ — $ — $ 19,565 $ — $ 19,565 Accrued construction for current period additions to real estate $ — $ — $ 130,761 $ — $ 130,761

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Refer to the “Lease Accounting” section within this Note 2 – “Summary of Significant Accounting Policies.”
Consolidation	Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., where the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders’ interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships or limited liability companies. For an entity structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than us in each of our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits – that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (due to insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on 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.
Investments in real estate and properties classified as held for sale	Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted 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 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. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases for which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases for which we are the lessor. In addition, for acquired in-place operating leases for which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. 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. 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). 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 sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs (such as legal and third-party expenses) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the differing depreciable and amortizable lives of each component and the recognition of the related depreciation and amortization expense in our consolidated statements of income. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available comparable market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. 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. If there is a bargain fixed-rate renewal option for the period beyond the non-cancelable lease term of an in-place lease, we evaluate intangible factors such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. 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 respective ground lease term, estimated useful life, or up to 40 years , for buildings and building improvements, estimated life, or 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 in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of income, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains/losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts 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 (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we 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 is recognized as revenue as we transfer 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 we retain a controlling or noncontrolling interest. If we retain a controlling interest upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the partial sale of real estate, we would recognize a gain or loss as if 100% of the real estate were sold.
Impairment of long-lived assets	Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets 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, 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, right-of-use assets related to our operating leases in which we are a lessee, 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. Triggering events or impairment indicators for long-lived assets to be held and used 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 asset, 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 or amortization 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 asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale. The held for sale impairment model is different from the held and used impairment model. Under the held for sale impairment model, an impairment loss is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale.
International operations	International operations In addition to operating properties in the U.S., we have three operating properties in Canada and one operating property in China. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The functional currencies for our foreign subsidiaries are the local currencies in each respective country. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income. Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income are reclassified to net income when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science and technology industries. As a REIT, we generally limit our ownership percentage in the voting stock of each individual entity to less than 10% . Our equity investments (except those accounted for under the equity method and those that result in consolidation of the investee) are measured 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. The fair values for our investments in publicly traded companies are 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 per share reported by limited partnerships without adjustment, unless we are aware of information indicating that the NAV per share reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. We disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse (or indicate if this timing is unknown) if the investee has communicated this information to us or has announced it publicly. • Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative that measures 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 per share, 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. We monitor investments in privately held entities that do not report NAV per share throughout the year for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or 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 that 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 in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investments in privately held entities are accounted for under the equity method unless our interest in the entity is deemed to be so minor that we have virtually no influence over the entity’s operating and financial policies. Under the equity method of accounting, we 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 March 31, 2019 . We recognize both realized and unrealized gains and losses in our consolidated statements of income, classified within investment income. 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 per share, and observable price changes on our investments in privately held entities that do not report NAV per share. 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 per share 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.
Revenues	Revenues The table below provides detail of our consolidated total revenues for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals 354,749 Other income 4,093 Total revenues $ 358,842 During the three months ended March 31, 2019 , revenues that were subject to the new lease accounting standard aggregated $343.9 million and represented 95.8% of our total revenues. Our total revenues also included $14.9 million , or 4.2% , subject to other accounting guidance. For a detailed discussion related to our revenue streams, refer to the “Lease Accounting” and “Recognition of Revenue Arising From Contracts With Customers” sections within this Note 2 – “Summary of Significant Accounting Policies.”
Leases Summary	Lease accounting On January 1, 2019, we adopted a new lease accounting standard 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). Upon adoption of the new lease accounting standard, we elected the following practical expedients provided by this lease standard and discussed in greater detail within this “Lease Accounting” section of Note 2. The summary of the practical expedients we elected is provided below: • Package of practical expedients – requires us to not reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting standard. • Optional transition method practical expedient – requires us to apply the new lease accounting standard prospectively from the adoption date of January 1, 2019. • Land easements practical expedient – requires us to continue 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 accounting standard if certain criteria are met. • Short-term lease practical expedient – requires us to not record the related lease liabilities and right-of-use assets for our operating leases with a term of 12 months or less in which we are the lessee. Overview related to both lessee and lessor accounting Upon adoption of the new lease accounting standard, we elected the package of practical expedients, which requires us to not assess whether our expired or existing contracts as of January 1, 2019, are or contain leases. When we enter into a contract or amend an existing contract subsequent to adoption, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet three criteria: (i) there must be an identified asset held by one party to the contract (the lessor), (ii) the counterparty (the lessee) has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract, and (iii) the counterparty has the right to direct the use of the identified asset throughout the period of the contract. We have determined which of our contracts meet these three criteria and are considered leases, including rental property leases where we are the lessor and operating leases where we are the lessee. Our leases generally contain contractual fixed and variable rental payments. Fixed payments represent our scheduled rental amounts due under our leases. Variable payments relate primarily to the reimbursements of rental operating expenses under our triple net lease structure. The new lease accounting standard also sets 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 any of 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, or (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. Initial adoption method, package of practical expedients, and optional transition method The new lease accounting standard requires the use of the modified retrospective transition method. On January 1, 2019, we adopted the new lease accounting standard and elected the package of practical expedients and the optional transition method, which permitted January 1, 2019 to be our initial application date. Our election of the package of practical expedients and the optional transition method allowed us to not reassess: • Whether any expired or existing contracts as of January 1, 2019, are leases or contain 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 requires us to not 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 accounting standard. • Previously capitalized initial direct costs for any leases existing as of January 1, 2019. Our election of the package of practical expedients and the optional transition method requires us to not reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease accounting standard in connection with the leases that commenced prior to January 1, 2019, qualify for capitalization under the new lease accounting standard. We continue to amortize these costs over the lease term, consistent with the lease accounting guidance 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, unless our existing leases are modified, and to apply the new lease accounting standard to leases commencing or modified after January 1, 2019. 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 lease payments remaining as of the initial application date of January 1, 2019. On January 1, 2019, we also recognized a right-of-use asset corresponding to the lease liability, adjusted for initial direct leasing cost and other consideration exchanges with the landlord prior to the commencement of the lease. Refer to our discussion in the “Lessee Accounting” subsection below for additional information. 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 accounting standard had no effect on our accounting for land easements existing on January 1, 2019. Costs to execute leases The new lease accounting standard requires 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 other costs are expensed as incurred. Under the package of practical expedients and optional transition method 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 accounting standard in connection with the leases that commenced prior to January 1, 2019, qualify for capitalization under the new lease accounting standard. Therefore, we continue to amortize these initial direct leasing costs over their respective lease terms. On January 1, 2019, we recognized a cumulative adjustment, as required by the new lease accounting standard, 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 accounting standard.
Leases, lessor accounting	Lessor accounting Under the new lease accounting standard, each lease agreement is evaluated to identify the lease and nonlease components at lease inception. Lease components consist primarily of fixed rental payments, and nonlease components consist primarily of specific tenant recoveries, including recoveries for utilities, repairs and maintenance, and common area expenses. The total consideration in each lease agreement is allocated to the lease and nonlease components based on their relative stand-alone selling prices. If an entity does not elect the single component practical expedient discussed below, revenue related to nonlease components is subject to the revenue recognition accounting standard. On January 1, 2019, we elected the single component practical expedient, which requires us, by class of underlying asset, to not 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 each 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. This expedient is applicable to any lease not subject to the aforementioned package of practical expedients and optional transition method. Under the single component practical expedient, if we determine that the lease component is the predominant component, we are required to account for all of the revenues under such lease as a single component in accordance with the new lease accounting standard. Conversely, if we determine that the nonlease component is the predominant component, we are required to account for all of the revenues under such lease as a single component in accordance with the revenue recognition accounting standard. Our operating leases for which we are the lessor qualified for the single component practical expedient accounting under the new lease accounting standard because the lease components in each of our leases were predominant. Upon adoption of the new lease standard, we classified all revenues recognized under the new lease accounting standard as income from rentals in our consolidated statements of income. Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the respective operating lease terms. Income from rentals related to variable payments includes contingent rental payments and tenant recoveries. Tenant recoveries, including reimbursements of utilities, repairs and maintenance, common area expenses, real estate taxes and insurance, 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. Income from rentals related to other variable payments is recognized when associated contingencies are removed. Income from rentals related to direct financing leases is recognized over the respective lease terms using the effective interest rate method. At lease commencement, 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 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 income from rentals in our consolidated statements of income and produces a constant periodic rate of return on the net investment in the direct financing lease. We classify 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 income from rentals related to the operating leases at the date the property is ready for its intended use by the tenant and the tenant takes possession, or controls the physical use, of the leased asset. Subsequent to lease commencement, for each of our leases, we assess collectibility from our tenants of future lease payments. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. For our operating leases, if we determine that collectibility is not probable, we recognize an adjustment to lower our income from rentals rather than a bad debt expense. For our direct financing lease, if we determine that collectibility is not probable, we evaluate our net investment in the lease for impairment. Upon determination that an impairment has occurred, an impairment charge is recognized to reduce the carrying balance in the net investment in the lease to its estimated fair value. As of March 31, 2019 , we assessed the collectibility of future lease payments under all our leases in which we are a lessor, and determined that collectibility was probable. Reclassification of the prior year presentation of rental revenues and tenant recoveries As described above, rental revenues and tenant recoveries related to our operating leases for which we are the lessor qualified for the single component practical expedient and were classified as income from rentals in our consolidated statements of income. Prior to the adoption of the new lease accounting standard, we classified rental revenues and tenant recoveries separately in our consolidated statements of income, in accordance with the guidance in effect prior to January 1, 2019. Upon adoption of the new lease accounting standard, our comparative income statements of prior years have been reclassified to conform to the new single component presentation of rental revenues and tenant recoveries, classified within income from rentals in our consolidated statements of income. The table below provides a reconciliation of the prior period presentation of the income statement line items that were reclassified in our consolidated statements of income to conform to the current period presentation, pursuant to the adoption of the new lease accounting standard and election of the single component practical expedient (in thousands): Three Months Ended March 31, 2018 Rental revenues (presentation prior to January 1, 2019) $ 244,485 Tenant recoveries (presentation prior to January 1, 2019) 73,170 Income from rentals (presentation effective January 1, 2019) $ 317,655
Leases, lessee accounting	Lessee accounting Under the new lease accounting standard, 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. Under the package of practical expedients that we elected upon adoption of the new lease accounting standard, 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 accounting standard. On January 1, 2019, we recognized a lease liability aggregating $218.7 million and a corresponding right-of-use asset, which represents our obligation for remaining future rental payments related to our operating leases existing as of January 1, 2019, for which we are the lessee. The right-of-use asset was classified in other assets, and the lease liability was classified in accounts payable, accrued expenses, and tenant security deposits in our consolidated balance sheets. The lease 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.
Recognition of revenue arising from contracts with customers	Recognition of revenue arising from contracts with customers We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the new lease accounting standard discussed in the “Lease Accounting” section above, in accordance with the revenue recognition accounting standard. 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. We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer contracts, we use a five-step model to (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. We 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. We consider whether we control the goods or services prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of consideration we are entitled to retain in the exchange. Total revenues subject to the revenue recognition accounting standard for the three months ended March 31, 2019 , include $10.8 million primarily related to short term parking revenues associated with long term lease agreements. These revenues are classified within income from rentals in our consolidated income statements. Short-term parking revenues do not qualify for the single lease component practical expedient, discussed in the “Lessor Accounting” subsection of the “Lease Accounting” section within this Note 2, due to the difference in the timing and pattern of transfer of our parking service obligations and associated lease components within the same lease agreement. We recognize short-term parking revenues in accordance with the revenue recognition accounting standard when the services are provided and the performance obligations are satisfied, which normally occurs at a point in time.
Monitoring 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.
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 classified in retained earnings and reclassified to compensation cost only if forfeitures of the underlying awards occur. Our employee and non-employee share-based awards are measured on the grant date and recognized over the required service period of the recipient.
Hedge accounting	Hedge accounting We utilize interest rate hedge agreements to manage 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. At inception of a hedge agreement, we are required to perform an initial quantitative assessment to determine whether a hedge is highly effective in offsetting changes in cash flows associated with the hedged item. Subsequently, we may perform only a qualitative assessment, unless facts and circumstances change. We determined that each our cash flow hedges were highly effective at inception and continue to be highly effective. Therefore, we record all changes (effective and ineffective components) in fair value of our hedges in accumulated other comprehensive income within total equity and reclassify them into earnings when the hedged item affects earnings. In October 2018, the FASB issued an accounting standard 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 accounting standard became effective for us and was adopted on January 1, 2019. We have no hedges based on SOFR; therefore, the adoption of this accounting standard had no effect on our consolidated financial statements.
Joint venture distribution	Joint venture distributions We use the “nature of the distribution” approach to determine the classification within our statement of cash flows of cash distributions received from equity method investments, including unconsolidated joint ventures. Under this approach, distributions are classified based on the nature of the underlying activity that generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, 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.
Restricted cash	Restricted cash We present cash and cash equivalents separately from restricted cash within our consolidated balance sheets. We include restricted cash with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown in the consolidated statements of cash flows. We provide a reconciliation between the balance sheet and statement of cash flows, as required when the balance includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. We also provide a disclosure of the nature of the restrictions related to material restricted cash and restricted cash equivalents balances.
Recent accounting pronouncements	Recent accounting pronouncements Allowance for credit losses In June 2016, the FASB issued an accounting standard (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 accounting standard 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). This standard applies to net investments in leases resulting from sales-type or direct financing leases recognized by a lessor and does not apply to the receivables arising from operating leases, which are accounted for under the new lease accounting standard discussed in “Lease Accounting” section within Note 2 - Summary of Significant Accounting Policies.” The accounting standard 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. As of March 31, 2019 , we had one lease classified as a direct financing lease with a net investment balance aggregating $39.3 million which will be subject to this new guidance. We are currently assessing the potential effect the adoption of this accounting standard will have on our consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new revenue recognition and lease ASUs	The table below provides detail of our consolidated total revenues for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals 354,749 Other income 4,093 Total revenues $ 358,842
Reconciliation of prior period presentation of income statement line items	The table below provides a reconciliation of the prior period presentation of the income statement line items that were reclassified in our consolidated statements of income to conform to the current period presentation, pursuant to the adoption of the new lease accounting standard and election of the single component practical expedient (in thousands): Three Months Ended March 31, 2018 Rental revenues (presentation prior to January 1, 2019) $ 244,485 Tenant recoveries (presentation prior to January 1, 2019) 73,170 Income from rentals (presentation effective January 1, 2019) $ 317,655

Investments in real estate (Tab

Investments in real estate (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Summary of investments in real estate	Our consolidated investments in real estate, including real estate assets held for sale as described in Note 16, consisted of the following as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Rental properties: Land (related to rental properties) $ 1,737,610 $ 1,625,349 Buildings and building improvements 10,473,469 9,986,635 Other improvements 1,061,034 976,627 Rental properties 13,272,113 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects (under construction, marketing, or pre‑construction) 1,296,913 1,460,814 Future development projects 181,859 98,802 Gross investments in real estate 14,750,885 14,148,227 Less: accumulated depreciation (2,371,088 ) (2,263,797 ) Net investments in real estate – North America 12,379,797 11,884,430 Net investments in real estate – Asia 30,553 29,263 Investments in real estate $ 12,410,350 $ 11,913,693
Real estate assets acquisitions	Our real estate asset acquisitions during the three months ended March 31, 2019 , consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Operating With Future Development/Redevelopment Operating Purchase Price Greater Boston — 175,000 — — $ 81,100 San Francisco 4 — — 247,770 239,450 San Diego 2 — 53,220 — 23,250 Other 4 — 75,864 — 39,150 Three months ended March 31, 2019 10 175,000 129,084 247,770 $ 382,950 (1) (1) Excludes $65.0 million paid in January 2019 for two properties at 10260 Campus Point Drive and 4161 Campus Point Court that we acquired in December 2018. Total purchase price was $80.0 million , of which $15.0 million was paid in December 2018.

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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) : 75/125 Binney Street Greater Boston Cambridge 40.0 % 388,270 225 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 44.5 % (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. (3) As of March 31, 2019 , we have a 44.5% ownership interest in Menlo Gateway 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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Investments in real estate $ 1,431,694 $ 1,108,385 Cash and cash equivalents 50,291 42,178 Other assets 133,148 74,901 Total assets $ 1,615,133 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 55,582 59,336 Total liabilities 55,582 59,336 Redeemable noncontrolling interests 977 874 Alexandria Real Estate Equities, Inc.’s share of equity 782,417 624,349 Noncontrolling interests’ share of equity 776,157 540,905 Total liabilities and equity $ 1,615,133 $ 1,225,464
Investment in unconsolidated real estate joint ventures	As of March 31, 2019 , and December 31, 2018 , our investments in unconsolidated real estate joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheets consist of the following (in thousands): Property March 31, 2019 December 31, 2018 Menlo Gateway $ 239,000 $ 186,504 1401/1413 Research Boulevard 7,936 8,197 704 Quince Orchard Road 4,511 4,547 1655 and 1725 Third Street 35,414 34,917 Other 3,544 3,342 $ 290,405 $ 237,507
Summary of unconsolidated real estate joint ventures loans	As of March 31, 2019 , 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% 5.97% $ 22,364 $ 6,315 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 6.19% 204,830 170,170 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.68% 6,020 8,833 Menlo Gateway, Phase II 44.5% 5/1/35 4.53% N/A — 157,270 Menlo Gateway, Phase I 44.5% 8/10/35 4.15% 4.18% 143,940 408 $ 377,154 $ 342,996 (1) Includes interest expense and amortization of loan fees for the three months ended March 31, 2019 . (2) Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2019 .

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Lessor
Operating Lease - Schedule of Future Minimum Lease Receivable	As of March 31, 2019 , our 250 properties were subject to operating lease agreements. Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 73.7 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration and do not have options to early terminate. Lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of March 31, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 689,769 2020 947,419 2021 930,216 2022 891,279 2023 831,843 Thereafter 5,968,778 Total $ 10,259,304
Net investment in direct financing lease	As of March 31, 2019 , we have one direct financing lease agreement for a parking structure with a remaining lease term of 73.7 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our net investment in our direct financing lease as of March 31, 2019 and December 31, 2018 , are summarized in the table below (in thousands): March 31, 2019 December 31, 2018 Gross investment in direct financing lease $ 261,702 $ 262,111 Less: unearned income (222,361 ) (222,962 ) Net investment in direct financing lease $ 39,341 $ 39,149
Direct Financing Leases - Schedule of Future Minimum Payment Receivable	Future lease payments to be received under our direct financing lease as of March 31, 2019 , were as follows (in thousands): Year Total 2019 $ 1,246 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,323 Total $ 261,702
Income from rentals	Our total income from rentals includes revenue related to agreements for rental of our investments in real estate, which primarily includes revenues subject to the guidance of the new lease accounting standard, as well as revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Three Months Ended March 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 343,339 Direct financing leases 601 Revenues subject to the new lease accounting standard 343,940 Revenues subject to the revenue recognition accounting standard 10,809 Income from rentals $ 354,749
Lessee
Operating Lease - Schedule of Future Minimum Lease Payable	The reconciliation of future lease payments, under non-cancelable operating ground and office leases for which we are a lessee, to the operating lease liability reflected in our consolidated balance sheet as of March 31, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 11,859 2020 14,208 2021 14,257 2022 14,390 2023 14,508 Thereafter 587,787 Total future payments under our operating leases for which we are a lessee 657,009 Effect of discounting (412,408 ) Operating lease liability $ 244,601
Lessee Operating Costs	Operating lease costs represent amounts recognized, either expensed or capitalized, related to ground leases and leases for corporate office space in which we are the lessee. For the three months ended March 31, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended March 31, 2019 2018 Gross operating lease costs $ 4,554 $ 3,868 Capitalized lease costs (62 ) (36 ) Expenses for operating leases in which we are the lessee $ 4,492 $ 3,832

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 261,372 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 25,378 22,681 Funds held in escrow related to construction projects and investing activities 25,142 10,558 Other 3,913 4,710 54,433 37,949 Total $ 315,805 $ 272,130

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 127,760 $ 97,194 $ 224,954 Entities that report NAV 223,986 145,616 369,602 Entities that do not report NAV: Entities with observable price changes 42,865 69,551 112,416 Entities without observable price changes 293,932 — 293,932 Total investments $ 688,543 $ 312,361 $ 1,000,904 December 31, 2018 Cost Adjustments Carrying Amount Investments: 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 39,421 64,112 103,533 Entities without observable price changes 286,921 — 286,921 Total investments $ 652,109 $ 240,155 $ 892,264
Schedule of net investment income	Our income from investments during the three months ended March 31, 2019 , consisted of the following (in thousands): Three Months Ended March 31, 2019 Unrealized Gains Realized Gains Total Investments held at March 31, 2019: Publicly traded companies $ 43,654 $ — $ 43,654 Entities that report NAV 32,429 — 32,429 Entities that do not report NAV, held at period end 5,440 — 5,440 Total investments held at March 31, 2019 81,523 — 81,523 Investment dispositions during the three months ended March 31, 2019: Recognized in the current period — 2,033 2,033 Previously recognized gains (9,317 ) 9,317 — Total investment dispositions during the three months ended March 31, 2019 (9,317 ) 11,350 2,033 Investment income $ 72,206 $ 11,350 $ 83,556 Our investment income for the three months ended March 31, 2018 , consisted of the following (in thousands): Three Months Ended March 31, 2018 Unrealized Gains Realized Gains Total Investments held at March 31, 2018: Publicly traded companies $ 50,888 $ — $ 50,888 Entities that report NAV 15,087 — 15,087 Entities that do not report NAV, held at period end 11,043 — 11,043 Total investments held at March 31, 2018 77,018 — 77,018 Investment dispositions during the three months ended March 31, 2018: Recognized in the current period — 8,543 8,543 Previously recognized gains (4,789 ) 4,789 — Total investment dispositions during the three months ended March 31, 2018 (4,789 ) 13,332 8,543 Investment income $ 72,229 $ 13,332 $ 85,561

Other assets (Tables)

Other assets (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Acquired below-market ground leases $ — (1) $ 17,434 Acquired in-place leases 157,194 132,906 Deferred compensation plan 19,124 19,238 Deferred financing costs – $2.2 billion unsecured senior line of credit 15,271 16,060 Deposits 12,524 12,974 Furniture, fixtures, and equipment 15,893 14,787 Interest rate hedge assets 494 2,606 Net investment in direct financing lease 39,341 39,149 Notes receivable 506 528 Operating lease right-of-use asset (2) 238,433 — Other assets 19,735 19,861 Prepaid expenses 23,012 13,690 Property, plant, and equipment 112,199 81,024 Total $ 653,726 $ 370,257 (1) Upon the adoption of new lease accounting standards on January 1, 2019, this amount has been included in the calculation of our operating lease right-of-use asset. (2) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to these unaudited consolidated financial statements for additional information.

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Investments in publicly traded companies $ 224,954 $ 224,954 $ — $ — Interest rate hedge agreements $ 494 $ — $ 494 $ — Liabilities: Interest rate hedge agreements $ 1,143 $ — $ 1,143 $ — 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 $ —
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 March 31, 2019 , and December 31, 2018 , the book and estimated fair values of our investments in privately held entities that report NAV, secured notes payable, unsecured senior notes payable, $2.2 billion unsecured senior line of credit, and unsecured senior bank term loan were as follows (in thousands): March 31, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 369,602 $ 369,602 $ 317,805 $ 317,805 Liabilities: Secured notes payable $ 356,461 $ 360,808 $ 630,547 $ 638,860 Unsecured senior notes payable $ 5,139,500 $ 5,331,153 $ 4,292,293 $ 4,288,335 $2.2 billion unsecured senior line of credit $ — $ — $ 208,000 $ 208,106 Unsecured senior bank term loan $ 347,542 $ 349,983 $ 347,415 $ 350,240

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of March 31, 2019 (dollars in thousands): Fixed-Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 356,461 $ — $ 356,461 6.1 % 3.58 % 4.8 Unsecured senior notes payable 5,139,500 — 5,139,500 88.0 4.16 7.5 $2.2 billion unsecured senior line of credit — — — — N/A 4.8 Unsecured senior bank term loan 347,542 — 347,542 5.9 3.62 4.8 Total/weighted average $ 5,843,503 $ — $ 5,843,503 100.0 % 4.09 % 7.2 Percentage of total debt 100 % — 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 March 31, 2019 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2019 2020 2021 2022 2023 Thereafter Principal Total Secured notes payable San Diego 4.66 % 4.90 % 1/1/23 $ 1,266 $ 1,763 $ 1,852 $ 1,942 $ 26,259 $ — $ 33,082 $ (247 ) $ 32,835 Greater Boston 3.93 % 3.19 3/10/23 1,135 1,566 1,628 1,693 74,517 — 80,539 2,170 82,709 Greater Boston 4.82 % 3.40 2/6/24 2,291 3,206 3,395 3,564 3,742 183,527 199,725 12,939 212,664 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (698 ) 27,502 San Francisco 6.50 % 6.50 7/1/36 23 25 26 28 30 619 751 — 751 Secured debt weighted-average interest rate/subtotal 4.55 % 3.58 4,715 6,560 6,901 7,227 104,548 212,346 342,297 14,164 356,461 $2.2 billion unsecured senior line of credit L+0.825 % N/A 1/28/24 — — — — — — — — — Unsecured senior bank term loan L+0.90 % 3.62 1/28/24 — — — — — 350,000 350,000 (2,458 ) 347,542 Unsecured senior notes payable 2.75 % 2.96 1/15/20 — 400,000 — — — — 400,000 (649 ) 399,351 Unsecured senior notes payable 4.60 % 4.75 4/1/22 — — — 550,000 — — 550,000 (1,953 ) 548,047 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — — 500,000 — 500,000 (2,507 ) 497,493 Unsecured senior notes payable – green bonds 4.00 % 4.03 1/15/24 — — — — — 650,000 650,000 (711 ) 649,289 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (5,312 ) 594,688 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (3,296 ) 296,704 Unsecured senior notes payable – green bonds 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,441 ) 346,559 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,917 ) 346,083 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,714 ) 421,286 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,290 ) 297,710 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (4,178 ) 445,822 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,532 ) 296,468 Unsecured debt weighted average/subtotal 4.13 — 400,000 — 550,000 500,000 4,075,000 5,525,000 (37,958 ) 5,487,042 Weighted-average interest rate/total 4.09 % $ 4,715 $ 406,560 $ 6,901 $ 557,227 $ 604,548 $ 4,287,346 $ 5,867,297 $ (23,794 ) $ 5,843,503 (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.
Schedule of Interest Incurred	The following table summarizes interest expense for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Gross interest $ 57,609 $ 50,275 Capitalized interest (18,509 ) (13,360 ) Interest expense $ 39,100 $ 36,915

Interest rate hedge agreements

Interest rate hedge agreements (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 (dollars in thousands): Number of Contracts Weighted-Average Interest Pay Rate (1) Fair Value as of Notional Amount in Effect as of Effective Date Maturity Date 3/31/19 3/31/19 12/31/19 March 29, 2019 March 31, 2020 1 1.89% $ 494 $ 100,000 $ 100,000 March 29, 2019 March 31, 2020 3 2.84% (1,143 ) 250,000 250,000 Total $ (649 ) $ 350,000 $ 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 March 31, 2019 , 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 these unaudited consolidated financial statements.

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and tenant security deposits (Tables)	3 Months Ended
	Mar. 31, 2019
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Schedule of accounts payable and accrued liabilities	The following table summarizes the components of accounts payable, accrued expenses, and tenant security deposits as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Accounts payable and accrued expenses $ 167,350 $ 215,539 Accrued construction 285,821 275,882 Acquired below-market leases 162,177 134,808 Conditional asset retirement obligations 9,878 10,343 Deferred rent liabilities 2,100 29,547 Interest rate hedge liabilities 1,143 768 Operating lease liability (1) 244,601 — Unearned rent and tenant security deposits 246,342 250,923 Other liabilities 51,965 63,897 Total $ 1,171,377 $ 981,707 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to these unaudited consolidated financial statements for additional information.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income $ 136,818 $ 141,518 Net income attributable to noncontrolling interests (7,659 ) (5,888 ) Dividends on preferred stock (1,026 ) (1,302 ) Preferred stock redemption charge (2,580 ) — Net income attributable to unvested restricted stock awards (1,955 ) (1,941 ) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 132,387 Denominator for basic EPS – weighted-average shares of common stock outstanding 111,054 99,855 Dilutive effect of forward equity sales agreements — 270 Denominator for diluted EPS – weighted-average shares of common stock outstanding 111,054 100,125 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 1.11 $ 1.33 Diluted $ 1.11 $ 1.32

Stockholders' equity (Tables)

Stockholders' equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
ATM Common Stock Offering Program Summary, Established August 2018	In August 2018, 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 ATM program (dollars in thousands, except per share amounts): Shares Issued Average Issue Price per Share Gross Proceeds Net Proceeds Cumulative activity through December 31, 2018 855,458 $ 127.45 $ 109,031 $ 106,956 Three months ended March 31, 2019 — $ — — — Cumulative activity through March 31, 2019 855,458 109,031 $ 106,956 Remaining availability as of March 31, 2019 640,969 Total August 2018 ATM common stock offering program $ 750,000
Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.	Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders consists of the following (in thousands): Net Unrealized Gain (Loss) on: Interest Rate Foreign Currency Translation Total Balance as of December 31, 2018 $ 1,838 $ (12,273 ) $ (10,435 ) Other comprehensive (loss) income before reclassifications (558 ) 2,210 1,652 Amounts reclassified from other comprehensive income to net income (1,929 ) — (1,929 ) Net other comprehensive (loss) income (2,487 ) 2,210 (277 ) Balance as of March 31, 2019 $ (649 ) $ (10,063 ) $ (10,712 )

Assets classified as held for_2

Assets classified as held for sale (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of net assets of discontinued operations and (loss) income from discontinued operations, net	The following is a summary of net assets as of March 31, 2019 , and December 31, 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): March 31, 2019 December 31, 2018 Total assets $ 47,044 $ 31,260 Total liabilities (1,946 ) (2,476 ) Total accumulated other comprehensive income 4 768 Net assets classified as held for sale $ 45,102 $ 29,552

Condensed consolidating finan_2

Condensed consolidating financial information (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet as of March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 12,410,350 $ — $ 12,410,350 Investments in unconsolidated real estate JVs — — 290,405 — 290,405 Cash and cash equivalents 124,562 — 136,810 — 261,372 Restricted cash 143 — 54,290 — 54,433 Tenant receivables — — 9,645 — 9,645 Deferred rent — — 558,103 — 558,103 Deferred leasing costs — — 241,268 — 241,268 Investments — 1,232 999,672 — 1,000,904 Investments in and advances to affiliates 13,091,955 11,679,065 237,842 (25,008,862 ) — Other assets 57,817 — 595,909 — 653,726 Total assets $ 13,274,477 $ 11,680,297 $ 15,534,294 $ (25,008,862 ) $ 15,480,206 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 356,461 $ — $ 356,461 Unsecured senior notes payable 5,139,500 — — — 5,139,500 Unsecured senior line of credit — — — — — Unsecured senior bank term loan 347,542 — — — 347,542 Accounts payable, accrued expenses, and tenant security deposits 110,446 — 1,060,931 — 1,171,377 Dividends payable 110,412 — — — 110,412 Total liabilities 5,707,900 — 1,417,392 — 7,125,292 Redeemable noncontrolling interests — — 10,889 — 10,889 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,566,577 11,680,297 13,328,565 (25,008,862 ) 7,566,577 Noncontrolling interests — — 777,448 — 777,448 Total equity 7,566,577 11,680,297 14,106,013 (25,008,862 ) 8,344,025 Total liabilities, noncontrolling interests, and equity $ 13,274,477 $ 11,680,297 $ 15,534,294 $ (25,008,862 ) $ 15,480,206 Condensed Consolidating Balance Sheet as of December 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 11,913,693 $ — $ 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 loan 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 statements of income	Condensed Consolidating Statement of Income for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 354,749 $ — $ 354,749 Other income 5,034 — 4,415 (5,356 ) 4,093 Total revenues 5,034 — 359,164 (5,356 ) 358,842 Expenses: Rental operations — — 101,501 — 101,501 General and administrative 24,350 — 5,683 (5,356 ) 24,677 Interest 35,829 — 3,271 — 39,100 Depreciation and amortization 1,663 — 132,424 — 134,087 Loss on early extinguishment of debt — — 7,361 — 7,361 Total expenses 61,842 — 250,240 (5,356 ) 306,726 Equity in earnings of unconsolidated real estate JVs — — 1,146 — 1,146 Equity in earnings of affiliates 185,967 100,971 1,985 (288,923 ) — Investment income — 142 83,414 — 83,556 Net income 129,159 101,113 195,469 (288,923 ) 136,818 Net income attributable to noncontrolling interests — — (7,659 ) — (7,659 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 129,159 101,113 187,810 (288,923 ) 129,159 Dividends on preferred stock (1,026 ) — — — (1,026 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (1,955 ) — — — (1,955 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 101,113 $ 187,810 $ (288,923 ) $ 123,598 Condensed Consolidating Statement of Income for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 317,655 $ — $ 317,655 Other income 4,124 — 2,925 (4,565 ) 2,484 Total revenues 4,124 — 320,580 (4,565 ) 320,139 Expenses: Rental operations — — 91,771 — 91,771 General and administrative 21,890 — 5,096 (4,565 ) 22,421 Interest 31,095 — 5,820 — 36,915 Depreciation and amortization 1,677 — 112,542 — 114,219 Total expenses 54,662 — 215,229 (4,565 ) 265,326 Equity in earnings of unconsolidated real estate JVs — — 1,144 — 1,144 Equity in earnings of affiliates 186,168 98,882 1,954 (287,004 ) — Investment income — 473 85,088 — 85,561 Net income 135,630 99,355 193,537 (287,004 ) 141,518 Net income attributable to noncontrolling interests — — (5,888 ) — (5,888 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 135,630 99,355 187,649 (287,004 ) 135,630 Dividends on preferred stock (1,302 ) — — — (1,302 ) Net income attributable to unvested restricted stock awards (1,941 ) — — — (1,941 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 99,355 $ 187,649 $ (287,004 ) $ 132,387
Condensed consolidating statement comprehensive income	Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 129,159 $ 101,113 $ 195,469 $ (288,923 ) $ 136,818 Other comprehensive (loss) income: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (558 ) — — — (558 ) Reclassification adjustment for amortization of interest income included in net income (1,929 ) — — — (1,929 ) Unrealized losses on interest rate hedge agreements, net (2,487 ) — — — (2,487 ) Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 2,210 — 2,210 Unrealized gains on foreign currency translation, net — — 2,210 — 2,210 Total other comprehensive (loss) income (2,487 ) — 2,210 — (277 ) Comprehensive income 126,672 101,113 197,679 (288,923 ) 136,541 Less: comprehensive income attributable to noncontrolling interests — — (7,659 ) — (7,659 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 126,672 $ 101,113 $ 190,020 $ (288,923 ) $ 128,882 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 135,630 $ 99,355 $ 193,537 $ (287,004 ) $ 141,518 Other comprehensive income (loss): Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,982 — — — 1,982 Reclassification adjustment for amortization of interest income included in net income (678 ) — — — (678 ) Unrealized gains on interest rate hedge agreements, net 1,304 — — — 1,304 Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (329 ) — (329 ) Unrealized losses on foreign currency translation, net — — (329 ) — (329 ) Total other comprehensive income (loss) 1,304 — (329 ) — 975 Comprehensive income 136,934 99,355 193,208 (287,004 ) 142,493 Less: comprehensive income attributable to noncontrolling interests — — (5,888 ) — (5,888 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 136,934 $ 99,355 $ 187,320 $ (287,004 ) $ 136,605
Condensed consolidating statement cash flows	Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 129,159 $ 101,113 $ 195,469 $ (288,923 ) $ 136,818 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,663 — 132,424 — 134,087 Loss on early extinguishment of debt — — 7,361 — 7,361 Equity in earnings of unconsolidated real estate JVs — — (1,146 ) — (1,146 ) Distributions of earnings from unconsolidated real estate JVs — — 858 — 858 Amortization of loan fees 2,094 — 139 — 2,233 Amortization of debt premiums (29 ) — (772 ) — (801 ) Amortization of acquired below-market leases — — (7,148 ) — (7,148 ) Deferred rent — — (26,965 ) — (26,965 ) Stock compensation expense 11,029 — — — 11,029 Equity in earnings of affiliates (185,967 ) (100,971 ) (1,985 ) 288,923 — Investment income — (142 ) (83,414 ) — (83,556 ) Changes in operating assets and liabilities: Tenant receivables — — 167 — 167 Deferred leasing costs — — (11,279 ) — (11,279 ) Other assets 1,200 — (9,884 ) — (8,684 ) Accounts payable, accrued expenses, and tenant security deposits (8,530 ) — (7,714 ) — (16,244 ) Net cash (used in) provided by operating activities (49,381 ) — 186,111 — 136,730 Investing Activities Additions to real estate — — (241,049 ) — (241,049 ) Purchases of real estate — — (418,358 ) — (418,358 ) Returns of deposits for investing activities — — 500 — 500 Investments in subsidiaries (670,411 ) (628,463 ) (12,874 ) 1,311,748 — Investments in unconsolidated real estate JVs — — (52,634 ) — (52,634 ) Additions to investments — — (48,992 ) — (48,992 ) Sales of investments — 172 26,028 — 26,200 Net cash used in investing activities $ (670,411 ) $ (628,291 ) $ (747,379 ) $ 1,311,748 $ (734,333 ) Condensed Consolidating Statement of Cash Flows (continued) for the Three Months Ended March 31, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (301,343 ) $ — $ (301,343 ) Proceeds from issuance of unsecured senior notes payable 854,209 — — — 854,209 Borrowings from unsecured senior line of credit 1,405,000 — — — 1,405,000 Repayments of borrowings from unsecured senior line of credit (1,613,000 ) — — — (1,613,000 ) Transfers to/from parent company 206,930 628,291 476,527 (1,311,748 ) — Payment of loan fees (8,150 ) — (7,075 ) — (15,225 ) Taxes paid related to net settlement of equity awards (89 ) — — — (89 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Dividends on common stock (109,342 ) — — — (109,342 ) Dividends on preferred stock (1,126 ) — — — (1,126 ) Contributions from and sales of noncontrolling interests — — 440,671 — 440,671 Distributions to and purchases of noncontrolling interests — — (9,709 ) — (9,709 ) Net cash provided by financing activities 725,192 628,291 599,071 (1,311,748 ) 640,806 Effect of foreign exchange rate changes on cash and cash equivalents — — 472 — 472 Net increase in cash, cash equivalents, and restricted cash 5,400 — 38,275 — 43,675 Cash, cash equivalents, and restricted cash as of the beginning of period 119,305 — 152,825 — 272,130 Cash, cash equivalents, and restricted cash as of the end of period $ 124,705 $ — $ 191,100 $ — $ 315,805 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 45,150 $ — $ 4,450 $ — $ 49,600 Change in accrued construction $ — $ — $ 9,939 $ — $ 9,939 Accrued construction for current period additions to real estate $ — $ — $ 133,502 $ — $ 133,502 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 239,653 $ — $ 239,653 Lease liability $ — $ — $ (245,638 ) $ — $ (245,638 ) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Operating Activities Net income $ 135,630 $ 99,355 $ 193,537 $ (287,004 ) $ 141,518 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,677 — 112,542 — 114,219 Equity in earnings of unconsolidated real estate JVs — — (1,144 ) — (1,144 ) Distributions of earnings from unconsolidated real estate JVs — — 144 — 144 Amortization of loan fees 2,105 — 438 — 2,543 Amortization of debt discounts (premiums) 187 — (762 ) — (575 ) Amortization of acquired below-market leases — — (6,170 ) — (6,170 ) Deferred rent — — (32,631 ) — (32,631 ) Stock compensation expense 7,248 — — — 7,248 Equity in earnings of affiliates (186,168 ) (98,882 ) (1,954 ) 287,004 — Investment income — (473 ) (85,088 ) — (85,561 ) Changes in operating assets and liabilities: Tenant receivables — — (988 ) — (988 ) Deferred leasing costs — — (13,819 ) — (13,819 ) Other assets (6,398 ) — (7,881 ) — (14,279 ) Accounts payable, accrued expenses, and tenant security deposits (3,125 ) — 21,541 — 18,416 Net cash (used in) provided by operating activities (48,844 ) — 177,765 — 128,921 Investing Activities Additions to real estate — — (206,404 ) — (206,404 ) Purchases of real estate — — (303,156 ) — (303,156 ) Deposits for investing activities — — (7,786 ) — (7,786 ) Investments in subsidiaries (507,351 ) (399,482 ) (8,256 ) 915,089 — Acquisitions of interests in unconsolidated real estate joint ventures — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (22,325 ) — (22,325 ) Additions to investments — — (50,287 ) — (50,287 ) Sales of investments — 364 27,478 — 27,842 Net cash used in investing activities $ (507,351 ) $ (399,118 ) $ (606,658 ) $ 915,089 $ (598,038 ) Condensed Consolidating Statement of Cash Flows (continued) for the Three Months Ended March 31, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 6,142 $ — $ 6,142 Repayments of borrowings from secured notes payable — — (1,189 ) — (1,189 ) Borrowings from unsecured senior line of credit 1,035,000 — — — 1,035,000 Repayments of borrowings from unsecured senior line of credit (595,000 ) — — — (595,000 ) Transfers to/from parent company 94,702 399,109 421,278 (915,089 ) — Proceeds from issuance of common stock 99,369 — — — 99,369 Dividends on common stock (91,060 ) — — — (91,060 ) Dividends on preferred stock (1,302 ) — — — (1,302 ) Contributions from noncontrolling interests — — 6,579 — 6,579 Distributions to noncontrolling interests — — (7,220 ) — (7,220 ) Net cash provided by financing activities 541,709 399,109 425,590 (915,089 ) 451,319 Effect of foreign exchange rate changes on cash and cash equivalents — — (406 ) — (406 ) Net decrease in cash, cash equivalents, and restricted cash (14,486 ) (9 ) (3,709 ) — (18,204 ) 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 $ 116,030 $ — $ 142,952 $ — $ 258,982 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 29,348 $ — $ 6,145 $ — $ 35,493 Change in accrued construction $ — $ — $ 19,565 $ — $ 19,565 Accrued construction for current period additions to real estate $ — $ — $ 130,761 $ — $ 130,761

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	Jan. 01, 2019USD ($)	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Maximum expected period of sale of property (in years)		1 year
Cost method investment ownership percentage		10.00%
Percentage of total revenues		95.80%
Operating Lease Liability	$ 218,700	$ 244,601		$ 0
Write-off of lease origination costs that were capitalized in connection with leases executed prior to 1/1/19	3,500
Ground and Operating Lease Obligation Due	$ 590,300	$ 657,000
Minimum percentage of taxable income to be distributed		90.00%
Percent of Taxable Income, Generally Distributed as Dividend		100.00%
Net investment in direct financing lease		$ 39,341		$ 39,149
Income from rentals
Operating lease income		343,339
Direct financing lease income		601
Revenues subject to the new lease accounting standard		343,940
Revenue		$ 358,842	$ 320,139
Land improvements | Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life		20 years
Buildings and building improvements | Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life		40 years
Canada
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property		3
China
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property		1
Income from rentals
Income from rentals
Revenue		$ 354,749	317,655
Other income
Income from rentals
Revenue		$ 4,093	2,484
Revenues subject to other accounting guidance
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Percentage of total revenues		4.20%
Income from rentals
Revenue		$ 14,900
Rental revenues
Income from rentals
Revenue			244,485
Tenant recoveries
Income from rentals
Revenue			$ 73,170
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenue subject to the revenue recognition ASU		$ 10,809

Schedule of investment in real

Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate Properties
Investments in real estate	$ 12,410,350	$ 11,913,693
North America
Real Estate Properties
Land (related to rental properties)	1,737,610	1,625,349
Buildings and building improvements	10,473,469	9,986,635
Other improvements	1,061,034	976,627
Rental properties	13,272,113	12,588,611
Development and redevelopment projects (under construction, marketing, or pre-construction)	1,296,913	1,460,814
Future development projects	181,859	98,802
Gross investments in real estate	14,750,885	14,148,227
Less: accumulated depreciation	(2,371,088)	(2,263,797)
Investments in real estate	12,379,797	11,884,430
Asia
Real Estate Properties
Investments in real estate	$ 30,553	$ 29,263

Acquisition (Details)

Acquisition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Real Estate
Number of Real Estate Properties Acquired	10
Purchase price | $	$ 418,358		$ 303,156
Greater Boston
Real Estate
Number of Real Estate Properties Acquired	0
Purchase price | $	$ 81,100
San Francisco
Real Estate
Number of Real Estate Properties Acquired	4
Purchase price | $	$ 239,450
San Diego
Real Estate
Number of Real Estate Properties Acquired	2
Purchase price | $	$ 23,250
Other markets
Real Estate
Number of Real Estate Properties Acquired	4
Purchase price | $	$ 39,150
North America
Real Estate
Area of Real Estate Property	23,200,000
Purchase price | $	$ 382,950
Future development
Real Estate
Area of Real Estate Property	175,000
Future development | Greater Boston
Real Estate
Area of Real Estate Property	175,000
Future development | San Francisco
Real Estate
Area of Real Estate Property	0
Future development | San Diego
Real Estate
Area of Real Estate Property	0
Future development | Other markets
Real Estate
Area of Real Estate Property	0
Operating with future development/redevelopment
Real Estate
Area of Real Estate Property	129,084
Operating with future development/redevelopment | Greater Boston
Real Estate
Area of Real Estate Property	0
Operating with future development/redevelopment | San Francisco
Real Estate
Area of Real Estate Property	0
Operating with future development/redevelopment | San Diego
Real Estate
Area of Real Estate Property	53,220
Operating with future development/redevelopment | Other markets
Real Estate
Area of Real Estate Property	75,864
Operating property
Real Estate
Area of Real Estate Property	247,770
Operating property | Greater Boston
Real Estate
Area of Real Estate Property	0
Operating property | San Francisco
Real Estate
Area of Real Estate Property	247,770
Operating property | San Diego
Real Estate
Area of Real Estate Property	0
Operating property | Other markets
Real Estate
Area of Real Estate Property	0
10260 Campus Point Drive and 4161 Campus Point Court
Real Estate
Purchase price | $		$ 80,000
10260 Campus Point Drive and 4161 Campus Point Court | First Installment Payment
Real Estate
Purchase price | $		$ 15,000
10260 Campus Point Drive and 4161 Campus Point Court | Final Installment Payment
Real Estate
Purchase price | $	$ 65,000

Real estate asset sales (Detail

Real estate asset sales (Details)	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2018USD ($)
Real Estate
Contributions from noncontrolling interests	$ 439,790,000	$ 6,579,000
75/125 Binney Street
Real Estate
Noncontrolling Interest Share (in percentage)	60.00%
Area of Real Estate Property | ft²	388,270
Proceeds from sale of real estate	$ 438,000,000
Proceeds from Sale of Real Estate (Per RSF)	1,880
Additional Paid-In Capital
Real Estate
Contributions from noncontrolling interests	$ 202,246,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	Mar. 31, 2019ft²
75/125 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	40.00%
Area of Real Estate Property	388,270
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 1725 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10.00%
Area of Real Estate Property	593,765
Initial ownership interest | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	44.50%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity
Investments in real estate	$ 12,410,350	$ 11,913,693
Cash and cash equivalents	261,372	234,181
Other assets	653,726	370,257
Total assets	15,480,206	14,464,956
Secured notes payable	356,461	630,547
Total liabilities	7,125,292	6,570,242
Redeemable noncontrolling interests	10,889	10,786
Alexandria Real Estate Equities, Inc.'s share of equity	7,566,577	7,341,965
Noncontrolling interests' share of equity	777,448	541,963
Total liabilities, noncontrolling interests, and equity	15,480,206	14,464,956
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Investments in real estate	1,431,694	1,108,385
Cash and cash equivalents	50,291	42,178
Other assets	133,148	74,901
Total assets	1,615,133	1,225,464
Secured notes payable	0	0
Other Liabilities	55,582	59,336
Total liabilities	55,582	59,336
Redeemable noncontrolling interests	977	874
Alexandria Real Estate Equities, Inc.'s share of equity	782,417	624,349
Noncontrolling interests' share of equity	776,157	540,905
Total liabilities, noncontrolling interests, and equity	$ 1,615,133	$ 1,225,464

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 290,405	$ 237,507
Unconsolidated Real Estate Joint Ventures Debt
Weighted-Average Interest Rate at End of Period	4.09%
Long-term Debt	$ 5,843,503
Equity Method Investee
Unconsolidated Real Estate Joint Ventures Debt
Long-term Debt	377,154
Long-term Debt, Remaining Commitments	342,996
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 239,000	186,504
Equity interest percentage (in percent)	49.00%
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 7,936	8,197
Equity interest percentage (in percent)	65.00%
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 4,511	4,547
Equity interest percentage (in percent)	56.80%
Equity Method Investee | 1655 and 1725 Third Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 35,414	34,917
Equity interest percentage (in percent)	10.00%
Equity Method Investee | Other unconsolidated real estate joint ventures
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 3,544	$ 3,342
Initial ownership interest | Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)	44.50%
Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	May 17, 2020
Weighted-Average Interest Rate at End of Period	5.97%
Long-term Debt	$ 22,364
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 6,315
Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Jun. 29, 2021
Weighted-Average Interest Rate at End of Period	6.19%
Long-term Debt	$ 204,830
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 170,170
Secured debt maturing on 3/16/23 | Equity Method Investee | 704 Quince Orchard Road
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Mar. 16, 2023
Weighted-Average Interest Rate at End of Period	4.68%
Long-term Debt	$ 6,020
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 8,833
Secured debt maturing on 5/1/35 | Equity Method Investee | Menlo Gateway
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	May 1, 2035
Stated interest rate (as a percent)	4.53%
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
Secured debt maturing on 8/10/35 | Equity Method Investee | Menlo Gateway
Unconsolidated Real Estate Joint Ventures 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	$ 143,940
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	$ 408
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	2.50%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	3.70%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 3/16/23 | Equity Method Investee | 704 Quince Orchard Road
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	1.95%

Lessor (Details)

Lessor (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Operating Lease
Land parcel subject to lease agreement that contains a purchase option	2
Rent Commence Date	Oct. 1, 2017
Lessee Option to Purchase Underlying Asset	30 years
Operating Leases, Future Minimum Payments Receivable
2019	$ 689,769
2020	947,419
2021	930,216
2022	891,279
2023	831,843
Thereafter	5,968,778
Total	$ 10,259,304
Direct Financing Lease
Remaining lease term	73 years 8 months
Lessee Option to Purchase Underlying Asset	30 years
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease	$ 261,702		$ 262,111
Less: unearned income	222,361		222,962
Net investment in direct financing lease	39,341		39,149
Direct Financing Leases, Future Minimum Payments Receivable
2019	1,246
2020	1,705
2021	1,756
2022	1,809
2023	1,863
Thereafter	253,323
Gross investment in direct financing lease	261,702		$ 262,111
Income from rentals
Operating lease income	343,339
Direct financing lease income	601
Revenues subject to the new lease accounting standard	343,940
Revenue	$ 358,842	$ 320,139
Minimum
Operating Lease
Lessee Option to Purchase Underlying Asset	15 years
Direct Financing Lease
Lessee Option to Purchase Underlying Asset	15 years
Maximum
Operating Lease
Lessee Option to Purchase Underlying Asset	74.5 years
Direct Financing Lease
Lessee Option to Purchase Underlying Asset	74.5 years
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining lease term	73 years 8 months
North America
Lessor, Lease, Description [Line Items]
Number of Real Estate Properties	250
Area of Real Estate Property | ft²	23.2
Income from rentals
Income from rentals
Revenue	$ 354,749	$ 317,655
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenue subject to the revenue recognition ASU	$ 10,809

Lessee (Details)

Lessee (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Ground and Operating Lease Obligation Due	$ 657,000		$ 590,300
Operating Lease Liability	244,601		218,700	$ 0
Operating lease right-of-use asset	$ 238,433			0
Operating lease discount rate	5.37%
Number of Properties Subject to Ground Leases | property	30
Net book value for the exclusion of one ground lease related to one operating property	$ 8,200
Operating lease costs - cash rents	4,400	$ 3,600
Operating Lease Liabilities, Payments Due
2019	11,859
2020	14,208
2021	14,257
2022	14,390
2023	14,508
Thereafter	587,787
Total future payments under our operating leases for which we are a lessee	657,009
Effect of discounting	(412,408)
Operating Lease Liability	244,601		$ 218,700	$ 0
Leasee operating costs
Gross operating lease costs	4,554	3,868
Capitalized lease costs	(62)	(36)
Expenses for operating leases in which we are the lessee	$ 4,492	$ 3,832
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	35 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation	96 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term	45 years

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents
Cash and cash equivalents	$ 261,372	$ 234,181
Restricted cash	54,433	37,949
Cash, cash equivalents, and restricted cash	315,805	272,130	$ 258,982	$ 277,186
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents
Restricted cash	25,378	22,681
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents
Restricted cash	25,142	10,558
Other restricted cash
Cash and Cash Equivalents
Restricted cash	$ 3,913	$ 4,710

Summary of Investments (Details

Summary of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule of Investments
Investment commitments	$ 233,800
Limited partnership maximum expiration terms	11 years
Weighted-average remaining liquidation term (in years)	8 years 7 months
Limited partnership liquidation, expected initial term (in years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 688,543	$ 652,109
Cumulative unrealized gains (losses) on investments	312,361	240,155
Total investments	1,000,904	892,264
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	127,760	121,121
Cumulative unrealized gains (losses) on investments	97,194	62,884
Investments at fair value, book value	224,954	184,005
Investments in privately held entities that report NAV
Schedule of Investments
Investment commitments	$ 233,300
Weighted-average remaining liquidation term (in years)	8 years 8 months
Summary of Investment [Abstract]
Investment at fair value, cost	$ 223,986	204,646
Cumulative unrealized gains (losses) on investments	145,616	113,159
Investments at fair value, book value	369,602	317,805
Investments in privately held entities that do not report NAV | Entities with observable price change
Schedule of Investments
Investments in privately held entities that do not report NAV, cumulative upward price adjustment	69,800
Investments in privately held entities that do not report NAV, cumulative downward price adjustment	(247)
Annual adjustments recognized on investments in privately held entities that do not report NAV	5,400
Investments in privately held entities that do not report NAV, annual upward price adjustment	5,500
Investments in privately held entities that do not report NAV, annual downward price adjustment	(47)
Summary of Investment [Abstract]
Investment at fair value, cost	42,865	39,421
Cumulative unrealized gains (losses) on investments	69,551	64,112
Investments in privately held entities that do not report fair value, book value	112,416	103,533
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	293,932	286,921
Cumulative unrealized gains (losses) on investments	0	0
Investments in privately held entities that do not report fair value, book value	$ 293,932	$ 286,921

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment Income
Investment income, unrealized gains (losses)	$ 72,206	$ 72,229
Investment income, realized gains (losses)	11,350	13,332
Investment income	83,556	85,561
Investments in publicly traded companies
Net Investment Income
Investment income, unrealized gains (losses)	43,654	50,888
Investment income, realized gains (losses)	0	0
Investment income	43,654	50,888
Investments in privately held entities that report NAV
Net Investment Income
Investment income, unrealized gains (losses)	32,429	15,087
Investment income, realized gains (losses)	0	0
Investment income	32,429	15,087
Investments in privately held entities that do not report NAV
Net Investment Income
Investment income, unrealized gains (losses)	5,440	11,043
Investment income, realized gains (losses)	0	0
Investment income	5,440	11,043
Total investments at fair value, held at period end
Net Investment Income
Investment income, unrealized gains (losses)	81,523	77,018
Investment income, realized gains (losses)	0	0
Investment income	81,523	77,018
Investment disposed and recognized during the period
Net Investment Income
Investment income, unrealized gains (losses)	0	0
Investment income, realized gains (losses)	2,033	8,543
Investment income	2,033	8,543
Investment disposed and previously recognized
Net Investment Income
Investment income, unrealized gains (losses)	(9,317)	(4,789)
Investment income, realized gains (losses)	9,317	4,789
Investment income	0	0
Total investment disposition during the period
Net Investment Income
Investment income, unrealized gains (losses)	(9,317)	(4,789)
Investment income, realized gains (losses)	11,350	13,332
Investment income	$ 2,033	$ 8,543

Other assets (Detail)

Other assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired below-market ground leases	$ 0	$ 17,434
Acquired in-place leases	157,194	132,906
Deferred compensation plan	19,124	19,238
Deferred financing costs – $2.2 billion unsecured senior line of credit	15,271	16,060
Deposits	12,524	12,974
Furniture, fixtures, and equipment	15,893	14,787
Interest rate hedge assets	494	2,606
Net investment in direct financing lease	39,341	39,149
Notes receivable	506	528
Operating lease right-of-use asset	238,433	0
Other assets	19,735	19,861
Prepaid expenses	23,012	13,690
Property, plant, and equipment	112,199	81,024
Total	$ 653,726	$ 370,257

Assets and Liabilities on Recur

Assets and Liabilities on Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)transfer	Dec. 31, 2018USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers in Fair Value Hierarchy | transfer	0
Assets:
Interest rate hedge assets	$ 494	$ 2,606
Liabilities:
Interest rate hedge liabilities	1,143	768
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	494	2,606
Liabilities:
Interest rate hedge liabilities	1,143	768
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	494	2,606
Liabilities:
Interest rate hedge liabilities	1,143	768
Investments in publicly traded companies
Assets:
Investments in publicly traded companies	224,954	184,005
Investments in publicly traded companies | Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investments in publicly traded companies	224,954	184,005
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Investments in publicly traded companies	0	0
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Investments in publicly traded companies	0	0
Investments in publicly traded companies | Fair Value | Fair value measured on recurring basis
Assets:
Investments in publicly traded companies	$ 224,954	$ 184,005

Book and Fair Values (Details)

Book and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	$ 356,461	$ 630,547
Unsecured senior notes payable	5,139,500	4,292,293
Unsecured senior line of credit	0	208,000
Unsecured senior bank term loan	347,542	347,415
Book Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	356,461	630,547
Unsecured senior notes payable	5,139,500	4,292,293
Unsecured senior line of credit	0	208,000
Unsecured senior bank term loan	347,542	347,415
Fair Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Secured notes payable	360,808	638,860
Unsecured senior notes payable	5,331,153	4,288,335
Unsecured senior line of credit	0	208,106
Unsecured senior bank term loans	349,983	350,240
Investments in privately held entities that report NAV
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	369,602	317,805
Investments in privately held entities that report NAV | Book Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	369,602	317,805
Investments in privately held entities that report NAV | Fair Value
Summary of investments in privately held entities that report NAV, secured notes payable, unsecured senior line of credit, and unsecured term loans
Investments in privately held entities that report NAV	$ 369,602	$ 317,805

Summary of secured and unsecure

Summary of secured and unsecured debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Instrument
Long-term Debt	$ 5,843,503
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 5,843,503
Percentage of Total	100.00%
Weighted-Average Interest Rate at End of Period	4.09%
Weighted Average Remaining Terms (in years)	7 years 2 months 12 days
Percentage of fixed rate/hedged total debt	100.00%
Percentage of unhedged floating rate total debt	0.00%
Secured notes payable
Debt Instrument
Long-term Debt	$ 356,461
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 356,461
Percentage of Total	6.10%
Weighted-Average Interest Rate at End of Period	3.58%
Weighted Average Remaining Terms (in years)	4 years 9 months 18 days
Unsecured senior notes payable
Debt Instrument
Long-term Debt	$ 5,139,500
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 5,139,500
Percentage of Total	88.00%
Weighted-Average Interest Rate at End of Period	4.16%
Weighted Average Remaining Terms (in years)	7 years 6 months
$2.2 billion unsecured senior line of credit
Debt Instrument
Long-term Debt	$ 0
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 0
Percentage of Total	0.00%
Weighted-Average Interest Rate at End of Period	0.00%
Weighted Average Remaining Terms (in years)	4 years 9 months 18 days
Unsecured Senior Bank Term Loan
Debt Instrument
Long-term Debt	$ 347,542
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 347,542
Percentage of Total	5.90%
Weighted-Average Interest Rate at End of Period	3.62%
Weighted Average Remaining Terms (in years)	4 years 9 months 18 days

Detail of secured and unsecured

Detail of secured and unsecured debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Instrument
Effective rate (as a percent)	4.09%
Future principal payments due on secured and unsecured debt
2019	$ 4,715
2020	406,560
2021	6,901
2022	557,227
2023	604,548
Thereafter	4,287,346
Outstanding Balance	5,867,297
Unamortized (Deferred Financing Cost), (Discount) Premium	(23,794)
Total Consolidated	$ 5,843,503
Secured notes payable
Debt Instrument
Stated interest rate (as a percent)	4.55%
Effective rate (as a percent)	3.58%
Future principal payments due on secured and unsecured debt
2019	$ 4,715
2020	6,560
2021	6,901
2022	7,227
2023	104,548
Thereafter	212,346
Outstanding Balance	342,297
Unamortized (Deferred Financing Cost), (Discount) Premium	14,164
Total Consolidated	$ 356,461
Secured Notes Payable Maturing on 1/1/23
Debt Instrument
Stated interest rate (as a percent)	4.66%
Effective rate (as a percent)	4.90%
Maturity Date	Jan. 1, 2023
Future principal payments due on secured and unsecured debt
2019	$ 1,266
2020	1,763
2021	1,852
2022	1,942
2023	26,259
Thereafter	0
Outstanding Balance	33,082
Unamortized (Deferred Financing Cost), (Discount) Premium	(247)
Total Consolidated	$ 32,835
Secured Notes Payable Maturing on 3/10/23
Debt Instrument
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
2019	$ 1,135
2020	1,566
2021	1,628
2022	1,693
2023	74,517
Thereafter	0
Outstanding Balance	80,539
Unamortized (Deferred Financing Cost), (Discount) Premium	2,170
Total Consolidated	$ 82,709
Secured Notes Payable Maturing on 2/6/24
Debt Instrument
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
2019	$ 2,291
2020	3,206
2021	3,395
2022	3,564
2023	3,742
Thereafter	183,527
Outstanding Balance	199,725
Unamortized (Deferred Financing Cost), (Discount) Premium	12,939
Total Consolidated	$ 212,664
Secured Notes Payable Maturing on 7/1/26
Debt Instrument
Stated interest rate (as a percent)	4.14%
Effective rate (as a percent)	4.42%
Maturity Date	Jul. 1, 2026
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	28,200
Outstanding Balance	28,200
Unamortized (Deferred Financing Cost), (Discount) Premium	(698)
Total Consolidated	$ 27,502
Secured Notes Payable Maturing on 7/1/36
Debt Instrument
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
2019	$ 23
2020	25
2021	26
2022	28
2023	30
Thereafter	619
Outstanding Balance	751
Unamortized (Deferred Financing Cost), (Discount) Premium	0
Total Consolidated	$ 751
Unsecured Debt
Debt Instrument
Effective rate (as a percent)	4.13%
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	400,000
2021	0
2022	550,000
2023	500,000
Thereafter	4,075,000
Outstanding Balance	5,525,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(37,958)
Total Consolidated	$ 5,487,042
$2.2 billion unsecured senior line of credit
Debt Instrument
Effective rate (as a percent)	0.00%
Maturity Date	Jan. 28, 2024
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	0
Outstanding Balance	0
Unamortized (Deferred Financing Cost), (Discount) Premium	0
Total Consolidated	$ 0
Unsecured Senior Bank Term Loan
Debt Instrument
Effective rate (as a percent)	3.62%
Maturity Date	Jan. 28, 2024
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	350,000
Outstanding Balance	350,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,458)
Total Consolidated	$ 347,542
2.75% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	400,000
2021	0
2022	0
2023	0
Thereafter	0
Outstanding Balance	400,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(649)
Total Consolidated	$ 399,351
4.60% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	550,000
2023	0
Thereafter	0
Outstanding Balance	550,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(1,953)
Total Consolidated	$ 548,047
3.90% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	500,000
Thereafter	0
Outstanding Balance	500,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,507)
Total Consolidated	$ 497,493
4.00% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.00%
Effective rate (as a percent)	4.03%
Maturity Date	Jan. 15, 2024
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	650,000
Outstanding Balance	650,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(711)
Total Consolidated	$ 649,289
3.45% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	600,000
Outstanding Balance	600,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(5,312)
Total Consolidated	$ 594,688
4.30% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,296)
Total Consolidated	$ 296,704
3.80% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	3.80%
Effective rate (as a percent)	3.96%
Maturity Date	Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	350,000
Outstanding Balance	350,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,441)
Total Consolidated	$ 346,559
3.95% Unsecured Senior Notes Payable Due in 2027
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	350,000
Outstanding Balance	350,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,917)
Total Consolidated	$ 346,083
3.95% Unsecured Senior Notes Payable Due in 2028
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	425,000
Outstanding Balance	425,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,714)
Total Consolidated	$ 421,286
4.50% Unsecured Senior Notes Payable
Debt Instrument
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
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(2,290)
Total Consolidated	$ 297,710
4.70% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.70%
Effective rate (as a percent)	4.81%
Maturity Date	Jul. 1, 2030
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	450,000
Outstanding Balance	450,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(4,178)
Total Consolidated	$ 445,822
4.85% Unsecured Senior Note Payable
Debt Instrument
Stated interest rate (as a percent)	4.85%
Effective rate (as a percent)	4.93%
Maturity Date	Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2019	$ 0
2020	0
2021	0
2022	0
2023	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized (Deferred Financing Cost), (Discount) Premium	(3,532)
Total Consolidated	$ 296,468
London Interbank Offered Rate (LIBOR) | $2.2 billion unsecured senior line of credit
Debt Instrument
Applicable margin (as a percent)	0.825%
London Interbank Offered Rate (LIBOR) | Unsecured Senior Bank Term Loan
Debt Instrument
Applicable margin (as a percent)	0.90%

Unsecured senior notes payable

Unsecured senior notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument
Outstanding Balance	$ 5,867,297
Proceeds from issuance of unsecured senior notes payable	854,209	$ 0
3.80%, 4.00%, and 4.85% Unsecured Senior Notes Payables
Debt Instrument
Outstanding Balance	850,000
Proceeds from issuance of unsecured senior notes payable	846,100
4.85% Unsecured Senior Note Payable
Debt Instrument
Outstanding Balance	$ 300,000
Maturity Date	Apr. 15, 2049
Stated interest rate (as a percent)	4.85%
3.80% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance	$ 350,000
Maturity Date	Apr. 15, 2026
Stated interest rate (as a percent)	3.80%
Re-opening of 4.00% Unsecured Senior Note Payable
Debt Instrument
Outstanding Balance	$ 200,000
4.00% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance	$ 650,000
Maturity Date	Jan. 15, 2024
Stated interest rate (as a percent)	4.00%
Yield to maturity rate (as a percent)	3.453%

Repayment of unsecured senior b

Repayment of unsecured senior bank term loans and secured notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument
Repayments of Secured Debt	$ 301,343	$ 1,189
Loss on early extinguishment of debt	(7,361)	$ 0
Secured Notes Payable Maturing on 4/1/20
Debt Instrument
Repayments of Secured Debt	$ 106,700
Stated interest rate (as a percent)	7.75%
Loss on early extinguishment of debt	$ 7,100
Secured Notes Payable Maturing on 1/28/20
Debt Instrument
Repayments of Secured Debt	193,100
Loss on early extinguishment of debt	$ 269
London Interbank Offered Rate (LIBOR) | Secured Notes Payable Maturing on 1/28/20
Debt Instrument
Applicable margin (as a percent)	1.50%

Schedule of interest expense in

Schedule of interest expense incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest expense incurred
Gross interest	$ 57,609	$ 50,275
Capitalized interest	(18,509)	(13,360)
Interest expense	$ 39,100	$ 36,915

Interest rate hedge agreement_2

Interest rate hedge agreements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The percentage of effectiveness of interest rate swap agreements	100.00%	100.00%
Interest rate swap hedge ineffectiveness recognized in earnings	$ 0	$ 0
Cash flow hedge loss to be reclassified within twelve month	649,000
Collateral obligation requirements	0
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 1,200,000

Outstanding interest rate swap

Outstanding interest rate swap (Details) $ in Thousands	Mar. 31, 2019USD ($)contract
Interest rate hedge agreements
Fair Values	$ (649)
Notional Amount in Effect as of 3/31/19	350,000
Notional Amount in Effect as of 12/31/19	$ 350,000
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	$ 494
Notional Amount in Effect as of 3/31/19	100,000
Notional Amount in Effect as of 12/31/19	$ 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	$ (1,143)
Notional Amount in Effect as of 3/31/19	250,000
Notional Amount in Effect as of 12/31/19	$ 250,000

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and tenant security deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable and accrued expenses	$ 167,350		$ 215,539
Accrued construction	285,821		275,882
Acquired below market leases	162,177		134,808
Conditional Asset Retirement Obligation	9,878		10,343
Deferred Rent Liability	2,100		29,547
Interest rate hedge liabilities	1,143		768
Operating Lease Liability	244,601	$ 218,700	0
Unearned Rent and Tenant Security Deposits	246,342		250,923
Other Accounts Payable and Accrued Liabilities	51,965		63,897
Accounts Payable and Accrued Liabilities	$ 1,171,377		$ 981,707

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Jan. 05, 2018
Class of Stock
Shares of common stock authorized	200,000,000
Issuances of common stock (in shares)			843,600
Earnings Per Share Reconciliation
Net income (loss)	$ 136,818		$ 141,518
Net income attributable to noncontrolling interests	(7,659)		(5,888)
Dividends on preferred stock	(1,026)		(1,302)
Preferred stock redemption charge	(2,580)		0
Net income attributable to unvested restricted stock awards	(1,955)		(1,941)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 123,598		$ 132,387
Denominator for basic EPS – weighted-average shares of common stock outstanding	111,054,000		99,855,000
Dilutive effect of forward equity sales agreements	0		270,000
Denominator for diluted EPS – weighted-average shares of common stock outstanding	111,054,000		100,125,000
Earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted:
Earnings per share – basic (USD per share)	$ 1.11		$ 1.33
Earnings per shares - diluted (USD per share)	$ 1.11		$ 1.32
Series D Convertible Preferred Stock
Class of Stock
Preferred stock, dividend rate (as a percent)	7.00%
January 2018 forward equity sales agreement
Class of Stock
Average issue price per share				$ 123.50
Issuances of common stock (in shares)	6,900,000	5,200,000
January 2018 forward equity sales agreement | Total Shares
Class of Stock
Shares of common stock authorized				6,900,000

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Preferred stock
Preferred stock redemption charge	$ 2,580	$ 0
Dividends declared on common stock	$ 109,574	$ 91,980
Dividends declared on common stock (USD per share)	$ 0.97	$ 0.90
Dividends declared on preferred stock	$ 1,026	$ 1,302
Shares of common stock authorized	200,000,000
Shares of common stock issued and outstanding	111,180,659
Shares of preferred stock authorized	100,000,000
Shares of preferred stock issued and outstanding	2,298,432
Number of "excess stock" authorized (in shares)	200,000,000
Number of excess stock authorized issued and outstanding (in shares)	0
7.00% Series D Cumulative Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding	2,298,432		2,573,432
Number of shares repurchased/redeemed	275,000
Aggregate price on repurchase of Series D preferred stock	$ 9,240
Aggregate price on repurchase of Series D preferred stock, per share	$ 33.60
Preferred stock redemption charge	$ 2,580
Write-off of stock issuance costs	$ 215
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 option of holder (in shares)	0.2477
Redemption price per share	$ 25
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)	0.2505
Conversion rate (in dollars per share)	$ 99.80
Dividends declared on preferred stock	$ 1,026
Dividends declared on preferred stock (USD per share)	$ 0.4375	$ 0.4375

ATM common stock offering progr

ATM common stock offering program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		7 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Aug. 31, 2018
Class of Stock
Shares of common stock authorized	200,000,000		200,000,000
Issuances of common stock (in shares)		843,600
Proceeds from issuance of common stock	$ 0	$ 99,369
ATM Common Stock Offering Program, Established August 2018
Class of Stock
Shares of common stock authorized					750,000,000
Issuances of common stock (in shares)	0		855,458	855,458
Average issue price per share	$ 0		$ 0	$ 127.45
Gross proceeds from issuance of common stock	$ 0		$ 109,031	$ 109,031
Proceeds from issuance of common stock	0		106,956	$ 106,956
Common stock value available for future issuance	$ 640,969		$ 640,969

Accumulated other comprehensive

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2018	$ (10,435)
Unrealized interest rate hedge gains (losses) arising during the period	(558)	$ 1,982
Unrealized foreign currency translation gains (losses) arising during the period	2,210	(329)
Other comprehensive (loss) income before reclassifications	1,652
Reclassification adjustment for amortization of interest income included in net income	(1,929)	$ (678)
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	0
Amounts reclassified from other comprehensive income to net income	(1,929)
Net other comprehensive income (loss)	(277)
Balance as of March 31, 2019	(10,712)
Interest Rate Hedge Agreements
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2018	1,838
Net other comprehensive income (loss)	(2,487)
Balance as of March 31, 2019	(649)
Foreign Currency Translation
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2018	(12,273)
Net other comprehensive income (loss)	2,210
Balance as of March 31, 2019	$ (10,063)

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 9,709	$ 7,220
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	12
Payments to Noncontrolling Interests	$ 9,700	$ 7,220

Assets classified as held for_3

Assets classified as held for sale (Details) $ in Thousands	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale - area of real estate | ft²	402,144
Net assets held for sale [Abstract]
Total assets	$ 47,044	$ 31,260
Total liabilities	(1,946)	(2,476)
Total accumulated other comprehensive income	4	768
Net assets classified as held for sale	$ 45,102	$ 29,552

Condensed Consolidating Finan_3

Condensed Consolidating Financials - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 12,410,350	$ 11,913,693
Investments in and advances to affiliates	290,405	237,507
Cash and cash equivalents	261,372	234,181
Restricted cash	54,433	37,949
Tenant receivables	9,645	9,798
Deferred rent	558,103	530,237
Deferred leasing costs	241,268	239,070
Investments	1,000,904	892,264
Investments in and advances to affiliates	0	0
Other assets	653,726	370,257
Total assets	15,480,206	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	356,461	630,547
Unsecured senior notes payable	5,139,500	4,292,293
Unsecured senior line of credit	0	208,000
Unsecured senior bank term loan	347,542	347,415
Accounts payable, accrued expenses, and tenant security deposits	1,171,377	981,707
Dividends payable	110,412	110,280
Total liabilities	7,125,292	6,570,242
Redeemable noncontrolling interests	10,889	10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,566,577	7,341,965
Noncontrolling interests	777,448	541,963
Total equity	8,344,025	7,883,928	$ 6,723,135	$ 6,471,660
Total liabilities, noncontrolling interests, and equity	15,480,206	14,464,956
Eliminations
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	(25,008,862)	(23,408,191)
Other assets	0	0
Total assets	(25,008,862)	(23,408,191)
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 loan	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	(25,008,862)	(23,408,191)
Noncontrolling interests	0	0
Total equity	(25,008,862)	(23,408,191)
Total liabilities, noncontrolling interests, and equity	(25,008,862)	(23,408,191)
Alexandria Real Estate Equities, Inc. (Issuer)
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	124,562	119,112
Restricted cash	143	193
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	13,091,955	12,235,577
Other assets	57,817	56,353
Total assets	13,274,477	12,411,235
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	5,139,500	4,292,293
Unsecured senior line of credit	0	208,000
Unsecured senior bank term loan	347,542	347,415
Accounts payable, accrued expenses, and tenant security deposits	110,446	111,282
Dividends payable	110,412	110,280
Total liabilities	5,707,900	5,069,270
Redeemable noncontrolling interests	0	0
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,566,577	7,341,965
Noncontrolling interests	0	0
Total equity	7,566,577	7,341,965
Total liabilities, noncontrolling interests, and equity	13,274,477	12,411,235
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Assets
Investments in real estate	0	0
Investments in and advances to affiliates	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	1,232	1,262
Investments in and advances to affiliates	11,679,065	10,949,631
Other assets	0	0
Total assets	11,680,297	10,950,893
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 loan	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	11,680,297	10,950,893
Noncontrolling interests	0	0
Total equity	11,680,297	10,950,893
Total liabilities, noncontrolling interests, and equity	11,680,297	10,950,893
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate	12,410,350	11,913,693
Investments in and advances to affiliates	290,405	237,507
Cash and cash equivalents	136,810	115,069
Restricted cash	54,290	37,756
Tenant receivables	9,645	9,798
Deferred rent	558,103	530,237
Deferred leasing costs	241,268	239,070
Investments	999,672	891,002
Investments in and advances to affiliates	237,842	222,983
Other assets	595,909	313,904
Total assets	15,534,294	14,511,019
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	356,461	630,547
Unsecured senior notes payable	0	0
Unsecured senior line of credit	0	0
Unsecured senior bank term loan	0	0
Accounts payable, accrued expenses, and tenant security deposits	1,060,931	870,425
Dividends payable	0	0
Total liabilities	1,417,392	1,500,972
Redeemable noncontrolling interests	10,889	10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	13,328,565	12,457,298
Noncontrolling interests	777,448	541,963
Total equity	14,106,013	12,999,261
Total liabilities, noncontrolling interests, and equity	$ 15,534,294	$ 14,511,019

Condensed Consolidated Financia

Condensed Consolidated Financials - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements
Revenue	$ 358,842	$ 320,139
Expenses:
Rental operations	101,501	91,771
General and administrative	24,677	22,421
Interest	39,100	36,915
Depreciation and amortization	134,087	114,219
Loss on early extinguishment of debt	7,361	0
Total expenses	306,726	265,326
Equity in earnings of unconsolidated real estate joint ventures	1,146	1,144
Equity in earnings of affiliates	0	0
Investment income	83,556	85,561
Net income	136,818	141,518
Net income attributable to noncontrolling interests	(7,659)	(5,888)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	129,159	135,630
Dividends on preferred stock	(1,026)	(1,302)
Preferred stock redemption charge	(2,580)	0
Net income attributable to unvested restricted stock awards	(1,955)	(1,941)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	123,598	132,387
Eliminations
Condensed Income Statements
Revenue	(5,356)	(4,565)
Expenses:
Rental operations	0	0
General and administrative	(5,356)	(4,565)
Interest	0	0
Depreciation and amortization	0	0
Loss on early extinguishment of debt	0
Total expenses	(5,356)	(4,565)
Equity in earnings of unconsolidated real estate joint ventures	0	0
Equity in earnings of affiliates	(288,923)	(287,004)
Investment income	0	0
Net income	(288,923)	(287,004)
Net income attributable to noncontrolling interests	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(288,923)	(287,004)
Dividends on preferred stock	0	0
Preferred stock redemption charge	0
Net income attributable to unvested restricted stock awards	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	(288,923)	(287,004)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	5,034	4,124
Expenses:
Rental operations	0	0
General and administrative	24,350	21,890
Interest	35,829	31,095
Depreciation and amortization	1,663	1,677
Loss on early extinguishment of debt	0
Total expenses	61,842	54,662
Equity in earnings of unconsolidated real estate joint ventures	0	0
Equity in earnings of affiliates	185,967	186,168
Investment income	0	0
Net income	129,159	135,630
Net income attributable to noncontrolling interests	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	129,159	135,630
Dividends on preferred stock	(1,026)	(1,302)
Preferred stock redemption charge	(2,580)
Net income attributable to unvested restricted stock awards	(1,955)	(1,941)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	123,598	132,387
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0
Expenses:
Rental operations	0	0
General and administrative	0	0
Interest	0	0
Depreciation and amortization	0	0
Loss on early extinguishment of debt	0
Total expenses	0	0
Equity in earnings of unconsolidated real estate joint ventures	0	0
Equity in earnings of affiliates	100,971	98,882
Investment income	142	473
Net income	101,113	99,355
Net income attributable to noncontrolling interests	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	101,113	99,355
Dividends on preferred stock	0	0
Preferred stock redemption charge	0
Net income attributable to unvested restricted stock awards	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	101,113	99,355
Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	359,164	320,580
Expenses:
Rental operations	101,501	91,771
General and administrative	5,683	5,096
Interest	3,271	5,820
Depreciation and amortization	132,424	112,542
Loss on early extinguishment of debt	7,361
Total expenses	250,240	215,229
Equity in earnings of unconsolidated real estate joint ventures	1,146	1,144
Equity in earnings of affiliates	1,985	1,954
Investment income	83,414	85,088
Net income	195,469	193,537
Net income attributable to noncontrolling interests	(7,659)	(5,888)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	187,810	187,649
Dividends on preferred stock	0	0
Preferred stock redemption charge	0
Net income attributable to unvested restricted stock awards	0	0
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	187,810	187,649
Income from rentals
Condensed Income Statements
Revenue	354,749	317,655
Income from rentals | Eliminations
Condensed Income Statements
Revenue	0	0
Income from rentals | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	0	0
Income from rentals | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0
Income from rentals | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	354,749	317,655
Other income
Condensed Income Statements
Revenue	4,093	2,484
Other income | Eliminations
Condensed Income Statements
Revenue	(5,356)	(4,565)
Other income | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	5,034	4,124
Other income | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0
Other income | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	$ 4,415	$ 2,925

Condensed Consolidating Finan_4

Condensed Consolidating Financials - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Statement of Comprehensive Income
Net income (loss)	$ 136,818	$ 141,518
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	(558)	1,982
Reclassification adjustment for amortization of interest income included in net income	(1,929)	(678)
Unrealized (losses) gains on interest rate hedge agreements, net	(2,487)	1,304
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	2,210	(329)
Unrealized gains (losses) on foreign currency translation, net	2,210	(329)
Total other comprehensive (loss) income	(277)	975
Comprehensive income (loss)	136,541	142,493
Less: comprehensive income attributable to noncontrolling interests	(7,659)	(5,888)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	128,882	136,605
Eliminations
Condensed Statement of Comprehensive Income
Net income (loss)	(288,923)	(287,004)
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0
Reclassification adjustment for amortization of interest income included in net income	0	0
Unrealized (losses) gains on interest rate hedge agreements, net	0	0
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	0	0
Unrealized gains (losses) on foreign currency translation, net	0	0
Total other comprehensive (loss) income	0	0
Comprehensive income (loss)	(288,923)	(287,004)
Less: comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(288,923)	(287,004)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Statement of Comprehensive Income
Net income (loss)	129,159	135,630
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	(558)	1,982
Reclassification adjustment for amortization of interest income included in net income	(1,929)	(678)
Unrealized (losses) gains on interest rate hedge agreements, net	(2,487)	1,304
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	0	0
Unrealized gains (losses) on foreign currency translation, net	0	0
Total other comprehensive (loss) income	(2,487)	1,304
Comprehensive income (loss)	126,672	136,934
Less: comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	126,672	136,934
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Statement of Comprehensive Income
Net income (loss)	101,113	99,355
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0
Reclassification adjustment for amortization of interest income included in net income	0	0
Unrealized (losses) gains on interest rate hedge agreements, net	0	0
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	0	0
Unrealized gains (losses) on foreign currency translation, net	0	0
Total other comprehensive (loss) income	0	0
Comprehensive income (loss)	101,113	99,355
Less: comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	101,113	99,355
Combined Non- Guarantor Subsidiaries
Condensed Statement of Comprehensive Income
Net income (loss)	195,469	193,537
Unrealized (losses) gains on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0
Reclassification adjustment for amortization of interest income included in net income	0	0
Unrealized (losses) gains on interest rate hedge agreements, net	0	0
Unrealized gains (losses) on foreign currency translation:
Unrealized foreign currency translation gains (losses) arising during the period	2,210	(329)
Unrealized gains (losses) on foreign currency translation, net	2,210	(329)
Total other comprehensive (loss) income	2,210	(329)
Comprehensive income (loss)	197,679	193,208
Less: comprehensive income attributable to noncontrolling interests	(7,659)	(5,888)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 190,020	$ 187,320

Condensed Consolidating Finan_5

Condensed Consolidating Financials - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Operating Activities
Net income	$ 136,818	$ 141,518
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	134,087	114,219
Loss on early extinguishment of debt	7,361	0
Equity in earnings of unconsolidated real estate JVs	(1,146)	(1,144)
Distributions of earnings from unconsolidated real estate joint ventures	858	144
Amortization of loan fees	2,233	2,543
Amortization of debt discounts (premiums)	(801)	(575)
Amortization of acquired below-market leases	(7,148)	(6,170)
Deferred rent	(26,965)	(32,631)
Stock compensation expense	11,029	7,248
Equity in earnings of affiliates	0	0
Investment income	(83,556)	(85,561)
Changes in operating assets and liabilities:
Tenant receivables	167	(988)
Deferred leasing costs	(11,279)	(13,819)
Other assets	(8,684)	(14,279)
Accounts payable, accrued expenses, and tenant security deposits	(16,244)	18,416
Net cash provided by operating activities	136,730	128,921
Investing Activities
Additions to real estate	(241,049)	(206,404)
Purchases of real estate	(418,358)	(303,156)
Returns of deposits/(deposits) for investing activities	500	(7,786)
Investments in subsidiaries	0	0
Acquisition of interest in unconsolidated joint venture	0	(35,922)
Investments in unconsolidated real estate joint ventures	(52,634)	(22,325)
Additions to investments	(48,992)	(50,287)
Sales of investments	26,200	27,842
Net cash used in investing activities	(734,333)	(598,038)
Financing Activities
Borrowings from secured notes payable	0	6,142
Repayments of borrowings from secured notes payable	(301,343)	(1,189)
Proceeds from issuance of unsecured senior notes payable	854,209	0
Borrowings from unsecured senior line of credit	1,405,000	1,035,000
Repayments of borrowings from unsecured senior line of credit	(1,613,000)	(595,000)
Transfers to/from parent company	0	0
Proceeds from issuance of common stock	0	99,369
Payment of loan fees	(15,225)	0
Taxes paid related to net settlement of equity awards	(89)	0
Repurchase of Series D preferred stock	(9,240)	0
Dividends on common stock	(109,342)	(91,060)
Dividends on preferred stock	(1,126)	(1,302)
Contributions from and sales of noncontrolling interests	440,671	6,579
Distributions to noncontrolling interests	(9,709)	(7,220)
Net cash provided by financing activities	640,806	451,319
Effect of foreign exchange rate changes on cash and cash equivalents	472	(406)
Net increase (decrease) in cash, cash equivalents, and restricted cash	43,675	(18,204)
Cash, cash equivalents, and restricted cash, beginning of period	272,130	277,186	$ 277,186
Cash, cash equivalents, and restricted cash, end of period	315,805	258,982	272,130
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	49,600	35,493
Non-Cash Investing Activities
Change in accrued construction	9,939	19,565
Accrued construction for current period additions to real estate	133,502	130,761
Assumption of secured notes payable in connection with purchase of properties	(28,200)	0
Noncash, right-of-use asset	239,653	0
Noncash, lease liability	(245,638)	0
Eliminations
Operating Activities
Net income	(288,923)	(287,004)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Loss on early extinguishment of debt	0
Equity in earnings of unconsolidated real estate JVs	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0
Amortization of loan fees	0	0
Amortization of debt discounts (premiums)	0	0
Amortization of acquired below-market leases	0	0
Deferred rent	0	0
Stock compensation expense	0	0
Equity in earnings of affiliates	288,923	287,004
Investment income	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0
Deferred leasing costs	0	0
Other assets	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0
Net cash provided by operating activities	0	0
Investing Activities
Additions to real estate	0	0
Purchases of real estate	0	0
Returns of deposits/(deposits) for investing activities	0	0
Investments in subsidiaries	1,311,748	915,089
Acquisition of interest in unconsolidated joint venture		0
Investments in unconsolidated real estate joint ventures	0	0
Additions to investments	0	0
Sales of investments	0	0
Net cash used in investing activities	1,311,748	915,089
Financing Activities
Borrowings from secured notes payable		0
Repayments of borrowings from secured notes payable	0	0
Proceeds from issuance of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0
Repayments of borrowings from unsecured senior line of credit	0	0
Transfers to/from parent company	(1,311,748)	(915,089)
Proceeds from issuance of common stock		0
Payment of loan fees	0
Taxes paid related to net settlement of equity awards	0
Repurchase of Series D preferred stock	0
Dividends on common stock	0	0
Dividends on preferred stock	0	0
Contributions from and sales of noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Net cash provided by financing activities	(1,311,748)	(915,089)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	0
Cash, cash equivalents, and restricted cash, beginning of period	0	0	0
Cash, cash equivalents, and restricted cash, end of period	0	0	0
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	0	0
Non-Cash Investing Activities
Change in accrued construction	0	0
Accrued construction for current period additions to real estate	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Noncash, right-of-use asset	0
Noncash, lease liability	0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income	129,159	135,630
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,663	1,677
Loss on early extinguishment of debt	0
Equity in earnings of unconsolidated real estate JVs	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0
Amortization of loan fees	2,094	2,105
Amortization of debt discounts (premiums)	(29)	187
Amortization of acquired below-market leases	0	0
Deferred rent	0	0
Stock compensation expense	11,029	7,248
Equity in earnings of affiliates	(185,967)	(186,168)
Investment income	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0
Deferred leasing costs	0	0
Other assets	1,200	(6,398)
Accounts payable, accrued expenses, and tenant security deposits	(8,530)	(3,125)
Net cash provided by operating activities	(49,381)	(48,844)
Investing Activities
Additions to real estate	0	0
Purchases of real estate	0	0
Returns of deposits/(deposits) for investing activities	0	0
Investments in subsidiaries	(670,411)	(507,351)
Acquisition of interest in unconsolidated joint venture		0
Investments in unconsolidated real estate joint ventures	0	0
Additions to investments	0	0
Sales of investments	0	0
Net cash used in investing activities	(670,411)	(507,351)
Financing Activities
Borrowings from secured notes payable		0
Repayments of borrowings from secured notes payable	0	0
Proceeds from issuance of unsecured senior notes payable	854,209
Borrowings from unsecured senior line of credit	1,405,000	1,035,000
Repayments of borrowings from unsecured senior line of credit	(1,613,000)	(595,000)
Transfers to/from parent company	206,930	94,702
Proceeds from issuance of common stock		99,369
Payment of loan fees	(8,150)
Taxes paid related to net settlement of equity awards	(89)
Repurchase of Series D preferred stock	(9,240)
Dividends on common stock	(109,342)	(91,060)
Dividends on preferred stock	(1,126)	(1,302)
Contributions from and sales of noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Net cash provided by financing activities	725,192	541,709
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	5,400	(14,486)
Cash, cash equivalents, and restricted cash, beginning of period	119,305	130,516	130,516
Cash, cash equivalents, and restricted cash, end of period	124,705	116,030	119,305
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	45,150	29,348
Non-Cash Investing Activities
Change in accrued construction	0	0
Accrued construction for current period additions to real estate	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Noncash, right-of-use asset	0
Noncash, lease liability	0
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income	101,113	99,355
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Loss on early extinguishment of debt	0
Equity in earnings of unconsolidated real estate JVs	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0
Amortization of loan fees	0	0
Amortization of debt discounts (premiums)	0	0
Amortization of acquired below-market leases	0	0
Deferred rent	0	0
Stock compensation expense	0	0
Equity in earnings of affiliates	(100,971)	(98,882)
Investment income	(142)	(473)
Changes in operating assets and liabilities:
Tenant receivables	0	0
Deferred leasing costs	0	0
Other assets	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0
Net cash provided by operating activities	0	0
Investing Activities
Additions to real estate	0	0
Purchases of real estate	0	0
Returns of deposits/(deposits) for investing activities	0	0
Investments in subsidiaries	(628,463)	(399,482)
Acquisition of interest in unconsolidated joint venture		0
Investments in unconsolidated real estate joint ventures	0	0
Additions to investments	0	0
Sales of investments	172	364
Net cash used in investing activities	(628,291)	(399,118)
Financing Activities
Borrowings from secured notes payable		0
Repayments of borrowings from secured notes payable	0	0
Proceeds from issuance of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0
Repayments of borrowings from unsecured senior line of credit	0	0
Transfers to/from parent company	628,291	399,109
Proceeds from issuance of common stock		0
Payment of loan fees	0
Taxes paid related to net settlement of equity awards	0
Repurchase of Series D preferred stock	0
Dividends on common stock	0	0
Dividends on preferred stock	0	0
Contributions from and sales of noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Net cash provided by financing activities	628,291	399,109
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	(9)
Cash, cash equivalents, and restricted cash, beginning of period	0	9	9
Cash, cash equivalents, and restricted cash, end of period	0	0	0
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	0	0
Non-Cash Investing Activities
Change in accrued construction	0	0
Accrued construction for current period additions to real estate	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Noncash, right-of-use asset	0
Noncash, lease liability	0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income	195,469	193,537
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	132,424	112,542
Loss on early extinguishment of debt	7,361
Equity in earnings of unconsolidated real estate JVs	(1,146)	(1,144)
Distributions of earnings from unconsolidated real estate joint ventures	858	144
Amortization of loan fees	139	438
Amortization of debt discounts (premiums)	(772)	(762)
Amortization of acquired below-market leases	(7,148)	(6,170)
Deferred rent	(26,965)	(32,631)
Stock compensation expense	0	0
Equity in earnings of affiliates	(1,985)	(1,954)
Investment income	(83,414)	(85,088)
Changes in operating assets and liabilities:
Tenant receivables	167	(988)
Deferred leasing costs	(11,279)	(13,819)
Other assets	(9,884)	(7,881)
Accounts payable, accrued expenses, and tenant security deposits	(7,714)	21,541
Net cash provided by operating activities	186,111	177,765
Investing Activities
Additions to real estate	(241,049)	(206,404)
Purchases of real estate	(418,358)	(303,156)
Returns of deposits/(deposits) for investing activities	500	(7,786)
Investments in subsidiaries	(12,874)	(8,256)
Acquisition of interest in unconsolidated joint venture		(35,922)
Investments in unconsolidated real estate joint ventures	(52,634)	(22,325)
Additions to investments	(48,992)	(50,287)
Sales of investments	26,028	27,478
Net cash used in investing activities	(747,379)	(606,658)
Financing Activities
Borrowings from secured notes payable		6,142
Repayments of borrowings from secured notes payable	(301,343)	(1,189)
Proceeds from issuance of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0
Repayments of borrowings from unsecured senior line of credit	0	0
Transfers to/from parent company	476,527	421,278
Proceeds from issuance of common stock		0
Payment of loan fees	(7,075)
Taxes paid related to net settlement of equity awards	0
Repurchase of Series D preferred stock	0
Dividends on common stock	0	0
Dividends on preferred stock	0	0
Contributions from and sales of noncontrolling interests	440,671	6,579
Distributions to noncontrolling interests	(9,709)	(7,220)
Net cash provided by financing activities	599,071	425,590
Effect of foreign exchange rate changes on cash and cash equivalents	472	(406)
Net increase (decrease) in cash, cash equivalents, and restricted cash	38,275	(3,709)
Cash, cash equivalents, and restricted cash, beginning of period	152,825	146,661	146,661
Cash, cash equivalents, and restricted cash, end of period	191,100	142,952	$ 152,825
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	4,450	6,145
Non-Cash Investing Activities
Change in accrued construction	9,939	19,565
Accrued construction for current period additions to real estate	133,502	$ 130,761
Assumption of secured notes payable in connection with purchase of properties	(28,200)
Noncash, right-of-use asset	239,653
Noncash, lease liability	$ (245,638)