Alexandria Real Estate Equities (ARE) 10-Q 29 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 15, 2019
Document Information [Line Items]
Entity Central Index Key	0001035443
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-12993
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4502084
Entity Address, Address Line One	26 North Euclid Avenue
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91101
City Area Code	626
Local Phone Number	578-0777
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ARE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,150,724
Former Address
Document Information [Line Items]
Entity Address, Address Line One	385 East Colorado Boulevard, Suite 299
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91101

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Investments in real estate	$ 13,618,280	$ 11,913,693
Investments in unconsolidated real estate joint ventures	340,190	237,507
Cash and cash equivalents	410,675	234,181
Restricted cash	42,295	37,949
Tenant receivables	10,668	9,798
Deferred rent	615,817	530,237
Deferred leasing costs	252,772	239,070
Investments	990,454	892,264
Other assets	777,003	370,257
Total assets	17,058,154	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	351,852	630,547
Unsecured senior notes payable	6,042,831	4,292,293
Unsecured senior line of credit	343,000	208,000
Unsecured senior bank term loan	0	347,415
Accounts payable, accrued expenses, and other liabilities	1,241,276	981,707
Dividends payable	115,575	110,280
Total liabilities	8,094,534	6,570,242
Commitments and contingencies
Redeemable noncontrolling interests	12,099	10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
7.00% Series D cumulative convertible preferred stock	57,461	64,336
Common stock	1,132	1,110
Additional paid-in capital	7,743,188	7,286,954
Accumulated other comprehensive loss	(11,549)	(10,435)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,790,232	7,341,965
Noncontrolling interests	1,161,289	541,963
Total equity	8,951,521	7,883,928
Total liabilities, noncontrolling interests, and equity	$ 17,058,154	$ 14,464,956

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 390,484	$ 341,823	$ 1,123,182	$ 986,996
Expenses:
Rental operations	116,450	99,759	323,640	283,438
General and administrative	27,930	22,660	79,041	68,020
Interest	46,203	42,244	128,182	117,256
Depreciation and amortization	135,570	119,600	404,094	352,671
Impairment of real estate	0	0	0	6,311
Loss on early extinguishment of debt	40,209	1,122	47,570	1,122
Total expenses	366,362	285,385	982,527	828,818
Equity in earnings of unconsolidated real estate joint ventures	2,951	40,718	5,359	42,952
Investment (loss) income	(63,076)	122,203	41,980	220,294
Net (loss) income	(36,003)	219,359	187,994	421,424
Net income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(47,202)	213,636	160,724	403,996
Dividends on preferred stock	(1,173)	(1,301)	(3,204)	(3,905)
Preferred stock redemption charge	0	0	(2,580)	0
Net income attributable to unvested restricted stock awards	(1,398)	(3,395)	(4,532)	(6,010)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ (49,773)	$ 208,940	$ 150,408	$ 394,081
Earnings per share attributable to Alexandria’s common stockholders – basic and diluted:
Earnings per share – basic (USD per share)	$ (0.44)	$ 2.01	$ 1.35	$ 3.86
Earnings per shares - diluted (USD per share)	$ (0.44)	$ 1.99	$ 1.35	$ 3.85
Income from rentals
Revenue	$ 385,776	$ 336,547	$ 1,112,143	$ 976,996
Other income
Revenue	$ 4,708	$ 5,276	$ 11,039	$ 10,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (36,003)	$ 219,359	$ 187,994	$ 421,424
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	(79)	165	(1,763)	2,808
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	38	(1,432)	(1,777)	(3,241)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702	0	1,702	0
Unrealized gains (losses) on interest rate hedge agreements, net	1,661	(1,267)	(1,838)	(433)
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(2,076)	(59)	724	(3,631)
Unrealized (losses) gains on foreign currency translation, net	(2,076)	(59)	724	(3,631)
Total other comprehensive loss	(415)	(1,326)	(1,114)	(4,064)
Comprehensive income (loss)	(36,418)	218,033	186,880	417,360
Less: comprehensive income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ (47,617)	$ 212,310	$ 159,610	$ 399,932

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)	$ 2.76
Dividends declared on preferred stock (USD per share)								$ 1.3125
Beginning balance (shares) at Dec. 31, 2017		99,783,686
Beginning balance at Dec. 31, 2017	$ 6,471,660	$ 998	$ 5,824,258	$ 0	$ 50,024	$ 521,994			$ 74,386
Increase (Decrease) in Stockholders' Equity
Net Income	(420,777)			(403,996)		(16,781)
Total other comprehensive income (loss)	(4,064)				(4,064)
Reclassification of cumulative net unrealized gains on non-real estate investments	90,750			140,521	(49,771)
Distributions to noncontrolling interests	(23,775)					(23,775)
Contributions from noncontrolling interests	15,087		257			14,830
Issuances of common stock (in shares)		5,716,420
Issuance of common stock	696,532	$ 57	696,475
Issuances pursuant to stock plan (in shares)		303,488
Issuances pursuant to stock plan	29,122	$ 3	29,119
Dividends declared on common stock	(289,571)			(289,571)
Dividends declared on preferred stock	(3,905)			(3,905)
Distributions in excess of earnings	0		251,041	(251,041)
Ending balance (shares) at Sep. 30, 2018		105,803,594
Ending balance at Sep. 30, 2018	$ 7,402,613	$ 1,058	6,801,150	0	(3,811)	529,830			74,386
Beginning balance at Dec. 31, 2017							$ 11,509
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							647
Redemption of noncontrolling interest							(1,497)
Distributions to noncontrolling interests							(638)
Contribution from noncontrolling interests							750
Ending balance at Sep. 30, 2018							10,771
Dividends declared on common stock (USD per share)	$ 0.93
Dividends declared on preferred stock (USD per share)								0.4375
Beginning balance (shares) at Jun. 30, 2018		103,346,117
Beginning balance at Jun. 30, 2018	$ 6,989,274	$ 1,033	6,387,527	0	(2,485)	528,813			74,386
Increase (Decrease) in Stockholders' Equity
Net Income	(219,137)			(213,636)		(5,501)
Total other comprehensive income (loss)	(1,326)				(1,326)
Distributions to noncontrolling interests	(5,757)					(5,757)
Contributions from noncontrolling interests	1,273		0			1,273
Issuances of common stock (in shares)		2,416,783
Issuance of common stock	296,325	$ 24	296,301
Issuances pursuant to stock plan (in shares)		40,694
Issuances pursuant to stock plan	4,988	$ 1	4,987
Dividends declared on common stock	(100,000)			(100,000)
Dividends declared on preferred stock	(1,301)			(1,301)
Distributions in excess of earnings	0		112,335	(112,335)
Ending balance (shares) at Sep. 30, 2018		105,803,594
Ending balance at Sep. 30, 2018	$ 7,402,613	$ 1,058	6,801,150	0	(3,811)	529,830			74,386
Beginning balance at Jun. 30, 2018							10,861
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							222
Redemption of noncontrolling interest							(100)
Distributions to noncontrolling interests							(212)
Contribution from noncontrolling interests							0
Ending balance at Sep. 30, 2018							10,771
Dividends declared on common stock (USD per share)	$ 2.97
Dividends declared on preferred stock (USD per share)								$ 1.3125
Beginning balance (shares) at Dec. 31, 2018		111,011,816
Beginning balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	7,286,954	0	(10,435)	541,963			64,336
Increase (Decrease) in Stockholders' Equity
Net Income	(187,340)			(160,724)		(26,616)
Total other comprehensive income (loss)	(1,114)				(1,114)
Distributions to noncontrolling interests	(38,260)					(38,260)
Contributions from noncontrolling interests	1,012,309		381,339			630,970
Issuances of common stock (in shares)		1,684,484
Issuance of common stock	235,487	$ 17	235,470
Issuances pursuant to stock plan (in shares)		654,067
Issuances pursuant to stock plan	50,637	$ 7	50,630
Taxes paid related to net settlement of equity awards (in shares)		(177,443)
Taxes paid related to net settlement of equity awards	(25,150)	$ (2)	(25,148)
Repurchases of 7.00% Series D preferred stock	(9,240)								(6,875)	$ (215)	$ (2,580)
Dividends declared on common stock	(337,687)			(337,687)
Dividends declared on preferred stock	(3,204)			3,204				$ (3,200)
Distributions in excess of earnings	0		(186,272)	186,272
Ending balance (shares) at Sep. 30, 2019		113,172,924
Ending balance at Sep. 30, 2019	8,951,521	$ 1,132	7,743,188	0	(11,549)	1,161,289			57,461
Beginning balance at Dec. 31, 2018	10,786						10,786
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							654
Distributions to noncontrolling interests							(622)
Contribution from noncontrolling interests							1,281
Ending balance at Sep. 30, 2019	$ 12,099						12,099
Dividends declared on common stock (USD per share)	$ 1
Dividends declared on preferred stock (USD per share)								$ 0.4375
Beginning balance (shares) at Jun. 30, 2019		111,985,568
Beginning balance at Jun. 30, 2019	$ 8,400,475	$ 1,120	7,581,573	0	(11,134)	771,455			57,461
Increase (Decrease) in Stockholders' Equity
Net Income	36,222			47,202		(10,980)
Total other comprehensive income (loss)	(415)				(415)
Distributions to noncontrolling interests	(14,085)					14,085
Contributions from noncontrolling interests	572,032		179,093			392,939
Issuances of common stock (in shares)		1,082,000
Issuance of common stock	150,093	$ 11	150,082
Issuances pursuant to stock plan (in shares)		130,376
Issuances pursuant to stock plan	16,452	$ 2	16,450
Taxes paid related to net settlement of equity awards (in shares)		(25,020)
Taxes paid related to net settlement of equity awards	(21,064)	$ (1)	(21,063)
Dividends declared on common stock	(114,572)			(114,572)
Dividends declared on preferred stock	(1,173)			1,173				$ (1,200)
Distributions in excess of earnings	0		(162,947)	162,947
Ending balance (shares) at Sep. 30, 2019		113,172,924
Ending balance at Sep. 30, 2019	8,951,521	$ 1,132	$ 7,743,188	0	$ (11,549)	$ 1,161,289			$ 57,461
Beginning balance at Jun. 30, 2019							10,994
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							219
Distributions to noncontrolling interests							207
Contribution from noncontrolling interests							1,093
Ending balance at Sep. 30, 2019	12,099						$ 12,099
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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income (loss)	$ 187,994	$ 421,424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	404,094	352,671
Impairment of real estate	0	6,311
Loss on early extinguishment of debt	47,570	1,122
Equity in earnings of unconsolidated real estate joint ventures	(5,359)	(42,952)
Distributions of earnings from unconsolidated real estate joint ventures	2,607	430
Amortization of loan fees	6,864	7,870
Amortization of debt discounts (premiums)	(2,870)	(1,795)
Amortization of acquired below-market leases	(20,976)	(16,588)
Deferred rent	(79,835)	(75,960)
Stock compensation expense	33,401	25,209
Investment income	(41,980)	(220,294)
Changes in operating assets and liabilities:
Tenant receivables	(886)	(807)
Deferred leasing costs	(34,374)	(42,821)
Other assets	(4,986)	(21,629)
Accounts payable, accrued expenses, and tenant security deposits	14,302	21,897
Net cash provided by operating activities	505,566	414,088
Investing Activities
Proceeds from sale of real estate	0	5,748
Additions to real estate	(914,722)	(663,688)
Purchases of real estate	(1,289,319)	(947,013)
Deposits returned for investing activities	1,899	2,500
Acquisition of interest in unconsolidated joint venture	0	35,922
Investments in unconsolidated real estate joint ventures	(99,955)	(77,501)
Return of capital from unconsolidated real estate joint ventures	0	68,592
Additions to investments	(133,866)	(174,195)
Sales of investments	85,093	57,330
Net cash used in investing activities	(2,350,870)	(1,764,149)
Financing Activities
Borrowings from secured notes payable	0	17,784
Repayments of borrowings from secured notes payable	(304,455)	(155,155)
Proceeds from issuance of unsecured senior notes payable	2,721,169	899,321
Repayments of unsecured senior notes payable	(950,000)	0
Borrowings from unsecured senior line of credit	4,068,000	3,894,000
Repayments of borrowings from unsecured senior line of credit	(3,933,000)	(3,531,000)
Repayments of borrowings from unsecured senior bank term loan	(350,000)	(200,000)
Premium paid for early extinguishment of debt	(34,677)	0
Payment of loan fees	(33,854)	(19,066)
Taxes paid related to net settlement of equity awards	(25,150)	0
Repurchase of Series D preferred stock	(9,240)	0
Proceeds from issuance of common stock	235,487	696,532
Dividends on common stock	(332,458)	(280,632)
Dividends on preferred stock	(3,138)	(3,905)
Contributions from and sales of noncontrolling interests	1,015,874	15,837
Distributions to and purchases of noncontrolling interests	(38,882)	(25,910)
Net cash provided by financing activities	2,025,676	1,307,806
Effect of foreign exchange rate changes on cash and cash equivalents	468	(1,051)
Net increase (decrease) in cash, cash equivalents, and restricted cash	180,840	(43,306)
Cash, cash equivalents, and restricted cash, beginning of period	272,130	277,186
Cash, cash equivalents, and restricted cash, end of period	452,970	233,880
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	125,164	99,638
Change in accrued construction	12,128	69,654
Accrued construction for current-period additions to real estate	211,691	225,435
Assumption of secured notes payable in connection with purchase of properties	(28,200)	0
Right-of-use asset	267,559	0
Lease liability	$ (273,545)	$ 0

Organization and basis of prese

Organization and basis of presentation	9 Months Ended
	Sep. 30, 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 ® urban office REIT, is the first and longest-tenured owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech 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	9 Months Ended
	Sep. 30, 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” to these unaudited consolidated financial statements. 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., 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. 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 the general partner or the managing member of a joint venture) 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 (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted 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 in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in 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 services) 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 operations. 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 and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. 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 and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in the accompanying consolidated balance sheets and are amortized over the remaining terms of the related leases. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. 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 operating leases in which we are the 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. Revenue and expense 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, technology, and agtech 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 September 30, 2019 . We recognize both realized and unrealized gains and losses in our consolidated statements of operations, 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 and nine months ended September 30, 2019 (in thousands): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals 385,776 1,112,143 Other income 4,708 11,039 Total revenues $ 390,484 $ 1,123,182 During the three and nine months ended September 30, 2019 , revenues that were subject to the new lease accounting standard aggregated $373.2 million and $1.1 billion , respectively, and represented 95.6% and 95.8% , respectively, of our total revenues. During the three and nine months ended September 30, 2019 , our total revenues also included $17.3 million , or 4.4% , and $47.0 million , or 4.2% , respectively, 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” to these unaudited consolidated financial statements. Lease accounting Transition 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). The new lease accounting standard requires the use of the modified retrospective transition method. Upon adoption of the new lease accounting standard, we elected the following practical expedients and accounting policies provided by this lease standard: • Package of practical expedients – requires us not to 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. • Single component accounting policy – requires us to account for lease and nonlease components within a lease under the new lease accounting standard if certain criteria are met. • 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. • Short-term lease accounting policy – requires us not to record the related lease liabilities and right-of-use assets for operating leases in which we are the lessee with a term of 12 months or less. Upon adoption of the new lease accounting standard, we 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 not to reassess: • Whether any contracts effective prior to 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 that commenced prior to January 1, 2019. Our election of the package of practical expedients requires us not to revisit the classification of our leases that commenced prior to 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

Investments in real estate

Investments in real estate	9 Months Ended
	Sep. 30, 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 – “Assets Classified as Held for Sale,” consisted of the following as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Rental properties: Land (related to rental properties) $ 1,886,807 $ 1,625,349 Buildings and building improvements 11,044,071 9,986,635 Other improvements 1,250,304 976,627 Rental properties 14,181,182 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects 1,872,112 1,460,814 Future development projects 132,167 98,802 Gross investments in real estate 16,185,461 14,148,227 Less: accumulated depreciation (2,596,337 ) (2,263,797 ) Net investments in real estate – North America 13,589,124 11,884,430 Net investments in real estate – Asia 29,156 29,263 Investments in real estate $ 13,618,280 $ 11,913,693 Acquisitions Our real estate asset acquisitions completed during the nine months ended September 30, 2019 , consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Redevelopment 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) Greater Boston 1 293,000 — — 87,163 252,000 San Diego 1 149,000 — 40,000 — 16,000 Seattle 1 188,400 — 18,680 — 28,500 Three months ended June 30, 2019 3 630,400 — 58,680 87,163 296,500 New York City — 135,938 — — — 25,000 San Francisco 2 — 347,912 — — 205,000 San Diego 3 — — — 314,103 140,250 Maryland 3 — — — 138,938 51,130 Other 3 54,000 — 58,814 34,534 37,850 Three months ended September 30, 2019 11 189,938 347,912 58,814 487,575 459,230 Nine months ended September 30, 2019 24 995,338 347,912 246,578 822,508 1,138,680 (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. During the nine months ended September 30, 2019 , we acquired 24 properties for an aggregate purchase price of $1.1 billion . In connection with our acquisitions, we recorded in-place leases aggregating $91.3 million and below-market leases in which we are the lessor aggregating $35.7 million , with a weighted-average remaining lease term of 4.8 years as of September 30, 2019 , in our consolidated balance sheets at various times during the nine months ended September 30, 2019 . As of September 30, 2019 , the weighted-average amortization period remaining on our acquired in-place and below-market leases was 7.3 years and 8.3 years , respectively, and 7.6 years in total. Sales of real estate assets 75/125 Binney Street 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 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. 5200 Illumina Way In August 2019, we completed the sale of a 49% interest in 5200 Illumina Way, a Class A campus in our University Town Center submarket of San Diego, aggregating 792,687 RSF across six operating buildings and a land parcel available for future development. The total sales price of $286.7 million for the 49% partial interest comprises $264.6 million , or $681 per RSF, for the operating buildings and $22.1 million , or $100 per RSF, for the developable land parcel. The operating buildings are 100% occupied by Illumina, Inc. with a remaining lease term of 12 years. This transaction values 100% of the campus at $585.2 million and represents a value in excess of book basis aggregating $269.1 million , or $131.9 million for the 49% interest sold. We accounted for the $131.9 million difference between the consideration received and the book value of the 49% interest sold as an equity transaction with no gain recognized in earnings. We formed a joint venture with the buyer of the partial interest in 5200 Illumina Way. We hold a 51% ownership interest in this joint venture. As part of the joint venture agreement, we are responsible for operations that most significantly impact the economic performance of the joint venture. Our joint venture partner lacks kick-out rights over our role as property manager. Also, our partner lacks substantive participating rights that would allow them to significantly impact the economic performance of the joint venture, and can affect the operations of the joint venture primarily through the exercise of their protective rights. As a result, we have determined that we are the primary beneficiary of the joint venture. Accordingly, we have consolidated the joint venture under the variable interest model. Refer to the “Consolidation” section within Note 2 – “Summary of Significant Accounting Policies” and to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for additional information. 500 Forbes Boulevard In August 2019, we completed the sale of a 90% interest in 500 Forbes Boulevard, located in our South San Francisco submarket, aggregating 155,685 RSF for a sales price of $139.5 million , or $996 per RSF. We accounted for the $48.4 million difference between the consideration received and the book value of the 90% interest sold as an equity transaction with no gain recognized in earnings. The property has been leased to a single investment-grade tenant since 2009. We formed a joint venture with the buyer of the partial interest in 500 Forbes Boulevard. We hold a 10% ownership interest in this joint venture. As part of the joint venture agreement, we are responsible for operations that most significantly impact the economic performance of the joint venture. Our joint venture partner lacks kick-out rights over our role as property manager. Also, our partner lacks substantive participating rights that would allow them to significantly impact the economic performance of the joint venture, and can affect the operations of the joint venture primarily through the exercise of their protective rights. As a result, we have determined that we are the primary beneficiary of the joint venture. Accordingly, we have consolidated the joint venture under the variable interest model. Refer to the “Consolidation” section within Note 2 – “Summary of Significant Accounting Policies” and 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	9 Months Ended
	Sep. 30, 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 September 30, 2019 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest Consolidated joint ventures (1) : 75/125 Binney Street Greater Boston Cambridge 40.0 % 225 Binney Street Greater Boston Cambridge 30.0 % 409 and 499 Illinois Street San Francisco Mission Bay/SoMa 60.0 % 1500 Owens Street San Francisco Mission Bay/SoMa 50.1 % 500 Forbes Boulevard San Francisco South San Francisco 10.0 % Campus Pointe by Alexandria (2) San Diego University Town Center 55.0 % 5200 Illumina Way San Diego University Town Center 51.0 % 9625 Towne Centre Drive San Diego University Town Center 50.1 % Unconsolidated joint ventures (1) : Menlo Gateway San Francisco Greater Stanford 48.3 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (3) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (3) 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % (1) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in five 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 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4161, 4224, and 4242 Campus Point Court in our University Town Center submarket. (3) Represents our ownership interest; our voting interest is limited to 50%. 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 500 Forbes Boulevard Campus Pointe by Alexandria 5200 Illumina Way 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Investments in real estate $ 2,296,317 $ 1,108,385 Cash and cash equivalents 59,095 42,178 Other assets 253,148 74,901 Total assets $ 2,608,560 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 134,966 59,336 Total liabilities 134,966 59,336 Redeemable noncontrolling interests 2,187 874 Alexandria Real Estate Equities, Inc.’s share of equity 1,311,437 624,349 Noncontrolling interests’ share of equity 1,159,970 540,905 Total liabilities and equity $ 2,608,560 $ 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 Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , consisted of the following (in thousands): Property September 30, 2019 December 31, 2018 Menlo Gateway $ 282,280 $ 186,504 1401/1413 Research Boulevard 7,798 8,197 704 Quince Orchard Road 4,679 4,547 1655 and 1725 Third Street 36,508 34,917 Other 8,925 3,342 $ 340,190 $ 237,507 Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE. Our unconsolidated real estate joint ventures have the following non-recourse secured loans that include the following key terms as of September 30, 2019 (dollars in thousands): Maturity Date Stated Rate Interest Rate (1) 100% at Joint Venture Level Unconsolidated Joint Venture Our Share Debt Balance (2) Remaining Commitments 1401/1413 Research Boulevard 65.0% 5/17/20 L+2.50% 5.60% $ 25,467 $ 3,268 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.80% 282,513 92,487 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.23% 7,571 7,300 Menlo Gateway, Phase II 48.3% 5/1/35 4.53% 4.59% 43,700 112,126 Menlo Gateway, Phase I 48.3% 8/10/35 4.15% 4.18% 142,721 — $ 501,972 $ 215,181 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2019 .

Leases

Leases	9 Months Ended
	Sep. 30, 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 operations; • 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” to these unaudited consolidated financial statements for additional information. Leases in which we are the lessor As of September 30, 2019 , we had 269 properties aggregating 25.4 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, technology, and agtech 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 September 30, 2019 , a ll leases in which we are the 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 September 30, 2019 , our 269 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 73.2 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 248,066 2020 1,013,294 2021 1,017,764 2022 1,007,446 2023 953,818 Thereafter 6,723,208 Total $ 10,963,596 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 September 30, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 73.2 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 September 30, 2019 , and December 31, 2018 , are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Gross investment in direct financing lease $ 260,872 $ 262,111 Less: unearned income (221,151 ) (222,962 ) Net investment in direct financing lease $ 39,721 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of September 30, 2019 , are outlined in the table below (in thousands): Year Total 2019 $ 415 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,324 Total $ 260,872 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): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals $ 385,776 $ 1,112,143 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals 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 “Revenues” and “Recognition of revenue arising from contracts with customers” sections of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements 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, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee We have operating lease agreements in 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 ground and office lease arrangements in which we are the lessee. Refer to the “Lessee Accounting” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. As of September 30, 2019 , the present value of the remaining contractual payments, aggregating $702.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $270.6 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 $264.4 million . As of September 30, 2019 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 44 years , and the weighted-average discount rate was 5.25% . Ground lease obligations as of September 30, 2019 , included leases for 31 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 $7.9 million as of September 30, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 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 in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of September 30, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 3,874 2020 15,132 2021 15,875 2022 16,120 2023 16,270 Thereafter 634,708 Total future payments under our operating leases in which we are the lessee 701,979 Effect of discounting (431,365 ) Operating lease liability $ 270,614 Lessee operating costs Operating lease costs represent amounts recognized related to ground and office leases in which we are the lessee. For the three and nine months ended September 30, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating lease costs $ 5,157 $ 4,035 $ 14,581 $ 11,855 Capitalized lease costs (452 ) (36 ) (902 ) (108 ) Expenses for operating leases in which we are the lessee $ 4,705 $ 3,999 $ 13,679 $ 11,747 For the nine months ended September 30, 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 $13.4 million and $11.2 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 operations; • 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” to these unaudited consolidated financial statements for additional information. Leases in which we are the lessor As of September 30, 2019 , we had 269 properties aggregating 25.4 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, technology, and agtech 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 September 30, 2019 , a ll leases in which we are the 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 September 30, 2019 , our 269 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 73.2 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 248,066 2020 1,013,294 2021 1,017,764 2022 1,007,446 2023 953,818 Thereafter 6,723,208 Total $ 10,963,596 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 September 30, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 73.2 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 September 30, 2019 , and December 31, 2018 , are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Gross investment in direct financing lease $ 260,872 $ 262,111 Less: unearned income (221,151 ) (222,962 ) Net investment in direct financing lease $ 39,721 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of September 30, 2019 , are outlined in the table below (in thousands): Year Total 2019 $ 415 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,324 Total $ 260,872 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): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals $ 385,776 $ 1,112,143 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals 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 “Revenues” and “Recognition of revenue arising from contracts with customers” sections of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements 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, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee We have operating lease agreements in 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 ground and office lease arrangements in which we are the lessee. Refer to the “Lessee Accounting” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. As of September 30, 2019 , the present value of the remaining contractual payments, aggregating $702.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $270.6 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 $264.4 million . As of September 30, 2019 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 44 years , and the weighted-average discount rate was 5.25% . Ground lease obligations as of September 30, 2019 , included leases for 31 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 $7.9 million as of September 30, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 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 in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of September 30, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 3,874 2020 15,132 2021 15,875 2022 16,120 2023 16,270 Thereafter 634,708 Total future payments under our operating leases in which we are the lessee 701,979 Effect of discounting (431,365 ) Operating lease liability $ 270,614 Lessee operating costs Operating lease costs represent amounts recognized related to ground and office leases in which we are the lessee. For the three and nine months ended September 30, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating lease costs $ 5,157 $ 4,035 $ 14,581 $ 11,855 Capitalized lease costs (452 ) (36 ) (902 ) (108 ) Expenses for operating leases in which we are the lessee $ 4,705 $ 3,999 $ 13,679 $ 11,747 For the nine months ended September 30, 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 $13.4 million and $11.2 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 operations; • 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” to these unaudited consolidated financial statements for additional information. Leases in which we are the lessor As of September 30, 2019 , we had 269 properties aggregating 25.4 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, technology, and agtech 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 September 30, 2019 , a ll leases in which we are the 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 September 30, 2019 , our 269 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 73.2 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 248,066 2020 1,013,294 2021 1,017,764 2022 1,007,446 2023 953,818 Thereafter 6,723,208 Total $ 10,963,596 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 September 30, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 73.2 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 September 30, 2019 , and December 31, 2018 , are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Gross investment in direct financing lease $ 260,872 $ 262,111 Less: unearned income (221,151 ) (222,962 ) Net investment in direct financing lease $ 39,721 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of September 30, 2019 , are outlined in the table below (in thousands): Year Total 2019 $ 415 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,324 Total $ 260,872 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): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals $ 385,776 $ 1,112,143 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals 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 “Revenues” and “Recognition of revenue arising from contracts with customers” sections of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements 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, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and timely resolving any occurring issues, (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms, and (iv) focusing on making continuous improvements to our sustainability efforts and achievement of our sustainability goals for ground-up development of new buildings, which are targeting Gold or Platinum LEED ® certification. Our environmentally focused design decisions, careful selection of construction materials, and continuous monitoring of our properties throughout their lives are expected to promote the durability of building infrastructure and enhance residual value of our properties. Leases in which we are the lessee We have operating lease agreements in 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 ground and office lease arrangements in which we are the lessee. Refer to the “Lessee Accounting” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements. As of September 30, 2019 , the present value of the remaining contractual payments, aggregating $702.0 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $270.6 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 $264.4 million . As of September 30, 2019 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 44 years , and the weighted-average discount rate was 5.25% . Ground lease obligations as of September 30, 2019 , included leases for 31 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 $7.9 million as of September 30, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 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 in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of September 30, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 3,874 2020 15,132 2021 15,875 2022 16,120 2023 16,270 Thereafter 634,708 Total future payments under our operating leases in which we are the lessee 701,979 Effect of discounting (431,365 ) Operating lease liability $ 270,614 Lessee operating costs Operating lease costs represent amounts recognized related to ground and office leases in which we are the lessee. For the three and nine months ended September 30, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating lease costs $ 5,157 $ 4,035 $ 14,581 $ 11,855 Capitalized lease costs (452 ) (36 ) (902 ) (108 ) Expenses for operating leases in which we are the lessee $ 4,705 $ 3,999 $ 13,679 $ 11,747 For the nine months ended September 30, 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 $13.4 million and $11.2 million , respectively.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 410,675 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 25,631 22,681 Funds held in escrow related to construction projects and investing activities 11,587 10,558 Other 5,077 4,710 42,295 37,949 Total $ 452,970 $ 272,130

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments	Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science, technology, and agtech 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 in the “Investments” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements, and by 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 September 30, 2019 . We classify unrealized and realized gains and losses on our equity investments within investment income in our consolidated statements of operations. 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 173,063 $ 39,956 $ 213,019 Entities that report NAV 253,696 139,608 393,304 Entities that do not report NAV: Entities with observable price changes 42,017 73,812 115,829 Entities without observable price changes 268,302 — 268,302 Total investments $ 737,078 $ 253,376 $ 990,454 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 September 30, 2019 , aggregated $73.8 million , which consisted of upward adjustments representing unrealized gains of $74.5 million and downward adjustments representing unrealized losses of $730 thousand . During the nine months ended September 30, 2019 , adjustments recognized on investments in privately held entities that do not report NAV aggregated $9.7 million , which consisted of upward adjustments of $10.2 million primarily representing unrealized gains, and downward adjustments of $530 thousand representing unrealized losses. Additionally, we recognized an impairment charge of $7.1 million related to three investments in privately held entities that do not report NAV. Refer to the “Investments” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements for further details. Our investment (loss) income for the three and nine months ended September 30, 2019 , consisted of the following (in thousands): Three Months Ended September 30, 2019 Unrealized Gains (Losses) Realized Gains (Losses) Total Investments held at September 30, 2019: Publicly traded companies $ (51,574 ) $ — $ (51,574 ) Entities that report NAV (2,840 ) — (2,840 ) Entities that do not report NAV, held at period end 237 (7,133 ) (6,896 ) Total investments held at September 30, 2019 (54,177 ) (7,133 ) (61,310 ) Investment dispositions during the three months ended September 30, 2019: Recognized in the current period — (1,766 ) (1,766 ) Previously recognized gains (15,866 ) 15,866 — Total investment dispositions during the three months ended September 30, 2019 (15,866 ) 14,100 (1,766 ) Investment (loss) income $ (70,043 ) $ 6,967 $ (63,076 ) Nine Months Ended September 30, 2019 Unrealized Gains Realized Gains (Losses) Total Investments held at September 30, 2019: Publicly traded companies $ 566 $ — $ 566 Entities that report NAV 26,420 — 26,420 Entities that do not report NAV, held at period end 9,701 (7,133 ) 2,568 Total investments held at September 30, 2019 36,687 (7,133 ) 29,554 Investment dispositions during the nine months ended September 30, 2019: Recognized in the current period — 12,426 12,426 Previously recognized gains (23,466 ) 23,466 — Total investment dispositions during the nine months ended September 30, 2019 (23,466 ) 35,892 12,426 Investment income $ 13,221 $ 28,759 $ 41,980 Our investment income for the three and nine months ended September 30, 2018 , consisted of the following (in thousands): Three Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments held at September 30, 2018: Publicly traded companies $ 40,342 $ — $ 40,342 Entities that report NAV 28,948 — 28,948 Entities that do not report NAV, held at period end 48,917 — 48,917 Total investments held at September 30, 2018 118,207 — 118,207 Investment dispositions during the three months ended September 30, 2018: Recognized in the current period — 3,996 3,996 Previously recognized gains (1,019 ) 1,019 — Total investment dispositions during the three months ended September 30, 2018 (1,019 ) 5,015 3,996 Investment income $ 117,188 $ 5,015 $ 122,203 Nine Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments held at September 30, 2018: Publicly traded companies $ 92,148 $ — $ 92,148 Entities that report NAV 48,718 — 48,718 Entities that do not report NAV, held at period end 59,206 — 59,206 Total investments held at September 30, 2018 200,072 — 200,072 Investment dispositions during the nine months ended September 30, 2018: Recognized in the current period — 20,222 20,222 Previously recognized gains (5,588 ) 5,588 — Total investment dispositions during the nine months ended September 30, 2018 (5,588 ) 25,810 20,222 Investment income $ 194,484 $ 25,810 $ 220,294 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 $231.6 million for all investments, which consists primarily of $231.0 million related to investments in limited partnerships. Our funding commitments expire at various dates over the next 12 years , with a weighted-average expiration of 8.6 years as of September 30, 2019 . 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 5.6 years as of September 30, 2019

Other assets

Other assets	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Acquired in-place leases $ 186,845 $ 132,906 Acquired below-market leases in which we are the lessee — (1) 17,434 Deferred compensation plan 20,694 19,238 Deferred financing costs – $2.2 billion unsecured senior line of credit 13,691 16,060 Deposits 11,167 12,974 Furniture, fixtures, and equipment 17,511 14,787 Interest rate hedge assets — 2,606 Net investment in direct financing lease 39,721 39,149 Notes receivable 459 528 Operating lease right-of-use asset (2) 264,351 — Other assets 15,312 19,861 Prepaid expenses 15,487 13,690 Property, plant, and equipment 191,765 81,024 Total $ 777,003 $ 370,257 (1) Upon the adoption of new lease accounting standards on January 1, 2019, the balance related to the acquired below-market leases in which we are the lessee was 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 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 $ 213,019 $ 213,019 $ — $ — 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 $ — During the three months ended September 30, 2019 , in conjunction with the full repayment of our $350.0 million unsecured senior bank term loan described in the “2.75%, 3.375%, and 4.00% Unsecured Senior Notes Payable” section of Note 10 – “Secured and Unsecured Senior Debt” to these unaudited consolidated financial statements, we also terminated all of our interest rate hedge agreements aggregating $350.0 million with a weighted-average interest pay rate of 2.57% . Refer to Note 11 – “Interest rate hedge agreements” to these unaudited consolidated financial statements for further details. Our investments in publicly traded companies are 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. We recognize interest rate hedge agreements at fair value. The carrying values of cash and cash equivalents, restricted cash, tenant receivables, other assets, accounts payable, accrued expenses, and other liabilities 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 September 30, 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): September 30, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 393,304 $ 393,304 $ 317,805 $ 317,805 Liabilities: Secured notes payable $ 351,852 $ 371,321 $ 630,547 $ 638,860 Unsecured senior notes payable $ 6,042,831 $ 6,566,970 $ 4,292,293 $ 4,288,335 $2.2 billion unsecured senior line of credit $ 343,000 $ 342,931 $ 208,000 $ 208,106 Unsecured senior bank term loan $ — $ — $ 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	9 Months Ended
	Sep. 30, 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 September 30, 2019 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 351,852 $ — $ 351,852 5.2 % 3.58 % 4.3 Unsecured senior notes payable 6,042,831 — 6,042,831 89.7 3.99 11.4 $2.2 billion unsecured senior line of credit — 343,000 343,000 5.1 3.14 4.3 Total/weighted average $ 6,394,683 $ 343,000 $ 6,737,683 100.0 % 3.93 % 10.7 Percentage of total debt 95 % 5 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. The following table summarizes our outstanding indebtedness and respective principal payments as of September 30, 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 $ 430 $ 1,763 $ 1,852 $ 1,942 $ 26,259 $ — $ 32,246 $ (214 ) $ 32,032 Greater Boston 3.93 % 3.19 3/10/23 382 1,566 1,628 1,693 74,517 — 79,786 1,904 81,690 Greater Boston 4.82 % 3.40 2/6/24 790 3,206 3,395 3,564 3,742 183,527 198,224 11,639 209,863 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (661 ) 27,539 San Francisco 6.50 % 6.50 7/1/36 — 25 26 28 30 619 728 — 728 Secured debt weighted-average interest rate/subtotal 4.55 % 3.58 1,602 6,560 6,901 7,227 104,548 212,346 339,184 12,668 351,852 $2.2 billion unsecured senior line of credit L+0.825 % 3.14 1/28/24 — — — — — 343,000 343,000 — 343,000 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — — 500,000 — 500,000 (2,212 ) 497,788 Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — — — 650,000 650,000 (600 ) 649,400 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (4,882 ) 595,118 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (3,060 ) 296,940 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,201 ) 346,799 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,674 ) 346,326 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,507 ) 421,493 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,181 ) 297,819 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (4,189 ) 395,811 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,995 ) 446,005 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (7,685 ) 742,315 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,475 ) 296,525 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,492 710,492 Unsecured debt weighted-average interest rate/subtotal 3.95 — — — — 500,000 5,918,000 6,418,000 (32,169 ) 6,385,831 Weighted-average interest rate/total 3.93 % $ 1,602 $ 6,560 $ 6,901 $ 7,227 $ 604,548 $ 6,130,346 $ 6,757,184 $ (19,501 ) $ 6,737,683 (1) Represents the weighted-average interest rate as of the end of the applicable period, including 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 payable 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 Notes”), 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 and will also be used to fund recently completed and future eligible green projects. As of September 30, 2019 , these notes had a weighted-average interest rate of 4.32% and a weighted-average maturity of 14.1 years . 2.75%, 3.375%, and 4.00% unsecured senior notes payable In July 2019, we completed an offering of $1.25 billion of unsecured senior notes payable for net proceeds of $1.24 billion . The unsecured senior notes consisted of $750.0 million of 3.375% unsecured senior notes payable on August 15, 2031 (“ 3.375% Unsecured Senior Notes”) and $500.0 million of 4.00% unsecured senior notes payable on February 1, 2050 (“ 4.00% Unsecured Senior Notes Due 2050”). The proceeds were primarily used to refinance an aggregate of $950.0 million of unsecured senior notes payable comprising $400.0 million of 2.75% unsecured senior notes payable due 2020 and $550.0 million of 4.60% unsecured senior notes payable due 2022, pursuant to a partial cash tender offer completed on July 17, 2019 , and a subsequent call for redemption for the remaining outstanding amounts. The redemption was settled on August 16, 2019 . In September 2019, we completed an offering of $600.0 million of unsecured senior notes for net proceeds of $614.3 million . The unsecured senior notes consisted of $400.0 million of 2.75% unsecured senior notes payable on December 15, 2029 (“2.75% Unsecured Senior Notes Due 2029”) and $200.0 million added to our outstanding 4.00% Unsecured Senior Notes Due 2050, issued at a yield to maturity of 3.441% . As of September 30, 2019 , the 3.375% Unsecured Senior Notes, 4.00% Unsecured Senior Notes Due 2050, and 2.75% Unsecured Senior Notes Due 2029 had a weighted-average interest rate of 3.52% and a weighted-average maturity of 18.5 years . Additionally, a portion of the proceeds from the 3.375% Unsecured Senior Notes, 4.00% Unsecured Senior Notes Due 2050, and 2.75% Unsecured Senior Notes Due 2029 was used to complete the repayment of the remaining principal balance on our unsecured senior bank term loan of $350.0 million , the maturity date of which we had previously extended to January 2, 2025 , and reduced the outstanding balance of our unsecured senior line of credit. As a result of our debt refinancing and repayment, we recognized losses of $41.9 million , comprising $40.2 million related to the early extinguishment of debt and $1.7 million related to the early termination of interest rate hedge agreements. Refer to Note 11 – “Interest rate hedge agreements” to these unaudited consolidated financial statements for further details. $750.0 million commercial paper program In September 2019, we established a commercial paper program, which received credit ratings of A-2 from S&P Global Ratings and Prime-2 from Moody’s Investors Service. Under this program, we have the ability to issue up to $750.0 million of commercial paper notes with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is backed by our $2.2 billion unsecured senior line of credit, and any outstanding balance on our commercial paper program will reduce our line of credit borrowing capacity. The net proceeds of the issuances of the notes are expected to be used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. As of September 30, 2019 , we had no outstanding borrowings under our commercial paper program. 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 and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross interest $ 70,761 $ 59,675 $ 192,923 $ 163,574 Capitalized interest (24,558 ) (17,431 ) (64,741 ) (46,318 ) Interest expense $ 46,203 $ 42,244 $ 128,182 $ 117,256

Interest rate hedge agreements

Interest rate hedge agreements	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate hedge agreements	11. Interest rate hedge agreements Hedge accounting From time to time, we utilize interest rate hedge agreements to manage a portion of our exposure to variable interest rates. As a result, our interest rate hedge agreements are generally 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. For cash flow hedges that are highly effective at inception and continue to be highly effective, we record all changes (effective and ineffective components) in fair value of our hedges, including accrued interest and adjustments for non-performance risk, in accumulated other comprehensive income within total equity and reclassify them into earnings when the hedged item affects earnings. Refer to the “Hedge Accounting” section of Note 2 – “Summary of Significant Accounting Policies” to these unaudited consolidated financial statements for further information about our accounting policy for interest-rate hedge instruments. Historically, our interest rate hedge agreements primarily related to our borrowings with variable interest rates based on LIBOR. However, in connection with the LIBOR cessation projected by the end of 2021 and potential replacement of this rate in the U.S. with SOFR, we have implemented numerous proactive measures to minimize the potential impact of the transition to the Company, specifically: • We have actively reduced borrowings outstanding on our LIBOR-based unsecured senior line of credit, unsecured senior bank term loans, and secured construction loans through repayments: from January 2017 to June 2019, we retired approximately $1.1 billion of such debt. • During the three months ended September 30, 2019 , we further reduced our exposure to LIBOR as follows: • Reduced our outstanding borrowings under our $2.2 billion unsecured senior line of credit to $343.0 million , which represented approximately 5% of our total debt balance outstanding as of September 30, 2019 . • Fully repaid the remaining $350.0 million balance and completed the extinguishment of our LIBOR-based unsecured senior bank term loan. • During the three months ended September 30, 2019 , we established a commercial paper program, under which we have the ability to issue up to $750.0 million of commercial notes, which will bear interest at short-term fixed rates, with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is not subjected to LIBOR and will be used for funding short-term working capital needs. As of September 30, 2019 , we had no borrowings outstanding under our commercial paper program. • In October 2019, we fully repaid the remaining balance of $343.0 million outstanding on our $2.2 billion unsecured senior line of credit as of September 30, 2019 , using the borrowings from our commercial paper program. As of the date of filing of this quarterly report, we had no LIBOR-based debt outstanding, except for that held by our unconsolidated joint ventures. In conjunction with the $350.0 million repayment of our LIBOR-based unsecured senior bank term loan, during the three months ended September 30, 2019, we also terminated all of our interest rate hedge agreements aggregating $350.0 million with a weighted-average interest pay rate of 2.57% . Upon discontinuation of the hedging relationship as required by the applicable accounting standards, we evaluated the probability of our making variable interest payments on LIBOR-based debt by the date the hedging relationship was originally designated to mature, and determined that it was probable that variable interest payments on LIBOR-based debt would not occur. As a result, we reclassified the entire loss on our interest rate hedge agreements aggregating $1.7 million from accumulated other compressive loss into interest expense in our consolidated statements of operations. As of September 30, 2019

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits	9 Months Ended
	Sep. 30, 2019
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	Accounts payable, accrued expenses, and other liabilities The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 203,910 $ 215,539 Accrued construction 287,809 275,882 Acquired below-market leases 149,268 134,808 Conditional asset retirement obligations 14,155 10,343 Deferred rent liabilities (1) 2,932 29,547 Interest rate hedge liabilities — 768 Operating lease liability (1) 270,614 — Unearned rent and tenant security deposits 249,667 250,923 Other liabilities 62,921 63,897 Total $ 1,241,276 $ 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

Earnings per share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings per share	Earnings per share From time to time, we enter into forward equity sales agreements, which are discussed in Note 14 – “Stockholders’ Equity” to these unaudited consolidated financial statements. We 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. For the three months ended September 30, 2019 , the effect on our weighted-average shares – diluted from the forward equity sales agreements was antidilutive due to the net loss attributable our common stockholders incurred during this period. For the nine months ended September 30, 2019 , the effect on our weighted-average shares – diluted from the forward equity sales agreements was 172 thousand weighted-average incremental shares. For the three and nine months ended September 30, 2018 , the effect on our weighted-average shares – diluted from the forward equity sales agreements entered into in January 2018 was 462 thousand and 363 thousand weighted-average incremental shares, respectively. To determine the dilution resulting from our 7.00% Series D cumulative convertible preferred stock (“Series D Convertible Preferred Stock”), we calculate the number of weighted-average shares outstanding – diluted using the if-converted method. For purposes of calculating diluted EPS, we did not assume conversion of our Series D Convertible Preferred Stock for the three and nine months ended September 30, 2019 , and the nine months ended September 30, 2018 , since the result was antidilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders during each period. During the three months ended September 30, 2018 , the effect of assumed conversion of our Series D Convertible Preferred Stock was dilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders and aggregated 744 thousand weighted-average incremental shares. Refer to Note 14 – “Stockholders’ Equity” to these unaudited consolidated financial statements for additional information about 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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (36,003 ) $ 219,359 $ 187,994 $ 421,424 Net income attributable to noncontrolling interests (11,199 ) (5,723 ) (27,270 ) (17,428 ) Dividends on preferred stock (1,173 ) (1,301 ) (3,204 ) (3,905 ) Preferred stock redemption charge — — (2,580 ) — Net income attributable to unvested restricted stock awards (1,398 ) (3,395 ) (4,532 ) (6,010 ) Numerator for basic EPS – net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders (49,773 ) 208,940 150,408 394,081 Dilutive effect of Series D Convertible Preferred Stock — 1,301 — — Numerator for diluted EPS – net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (49,773 ) $ 210,241 $ 150,408 $ 394,081 Denominator for basic EPS – weighted-average shares of common stock outstanding 112,120 104,179 111,540 101,991 Dilutive effect of forward equity sales agreements — 462 172 363 Dilutive effect of Series D Convertible Preferred Stock — 744 — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 112,120 105,385 111,712 102,354 Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ (0.44 ) $ 2.01 $ 1.35 $ 3.86 Diluted $ (0.44 ) $ 1.99 $ 1.35 $ 3.85

Stockholders' equity

Stockholders' equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity Common equity transactions During the nine months ended September 30, 2019 , we completed issuances and entered into forward equity sales agreements for an aggregate of 8.7 million shares of common stock at a weighted-average price of $144.50 per share, for aggregate net proceeds of approximately $1.2 billion , as follows: Aggregate Shares Sold Shares Issued During the Nine Months Ended 9/30/2019 Remaining Shares to be Issued as of 9/30/2019 Issuance of common stock 602,484 602,484 — Sales under forward equity sales agreements 8,120,592 1,082,000 7,038,592 8,723,076 1,684,484 7,038,592 • Entered into forward equity sales agreements to sell an aggregate of 8.1 million shares of common stock, at a weighted-average price of $144.42 per share, for aggregate proceeds (net of underwriters’ discounts) of approximately $1.1 billion , to be further adjusted as provided in the forward equity sales agreements, including: (i) agreements to issue 4.4 million shares at a price of $145.00 per share expiring in June 2020; and (ii) agreements to issue 3.7 million shares at a weighted-average price of $143.73 per share expiring in July 2020. We incurred initial issuance costs aggregating $700 thousand in connection with these forward equity sales agreements. • Issued 602,484 shares of common stock under our ATM program at a weighted-average price of $145.58 per share for net proceeds of $86.1 million , during the three months ended June 30, 2019. As of September 30, 2019 , we had approximately $22.5 million of gross proceeds available to be issued under our ATM program. • Issued 1.1 million shares of common stock pursuant to the partial settlement of forward equity sales agreements at a weighted-average price of $138.72 and received proceeds of $150.1 million , net of underwriting discounts, during the three months ended September 30, 2019 . • As of September 30, 2019 , we had 7.0 million shares of common stock remaining to be settled under these forward equity sales agreements expiring in June 2020. 7.00% Series D Convertible Preferred Stock As of September 30, 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 nine months ended September 30, 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 nine months ended September 30, 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. In October 2019, we elected to convert the remaining 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock. The Series D Convertible Preferred Stock became eligible for mandatory conversion at our discretion, at a set conversion rate of 0.2513 shares of common stock to one share of preferred stock, upon our common stock price exceeding $149.46 per share for the specified period of time required to cause the mandatory conversion. We converted the Series D Convertible Preferred Stock into 578 thousand shares of common stock. This conversion was accounted for as an equity transaction, and we did not recognize a gain or loss. As of the date of filing of this quarterly report, we had no Series D Convertible Preferred Stock outstanding. Dividends During the three months ended September 30, 2019 , we declared cash dividends on our common stock aggregating $114.6 million , or $1.00 per share, and cash dividends on our Series D Convertible Preferred Stock aggregating $1.2 million , or $0.4375 per share. In October 2019 , we paid the cash dividends on our common stock and Series D Convertible Preferred Stock declared for the three months ended September 30, 2019 . During the nine months ended September 30, 2019 , we declared cash dividends on our common stock aggregating $337.7 million , or $2.97 per share, and cash dividends on our Series D Convertible Preferred Stock aggregating $3.2 million , or $1.3125 per share. Accumulated other comprehensive income (loss) The following table presents the changes in each component of accumulated other comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the nine months ended September 30, 2019 (in thousands): Net Unrealized Gains (Losses) 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 (1,763 ) 724 (1,039 ) Reclassification of amortization income to interest expense (1,777 ) — (1,777 ) Reclassification of losses in accumulated other comprehensive income (loss) to interest expense upon swap termination 1,702 — 1,702 Net other comprehensive (loss) income (1,838 ) 724 (1,114 ) Balance as of September 30, 2019 $ — $ (11,549 ) $ (11,549 ) Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 113.2 million shares were issued and outstanding as of September 30, 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 September 30, 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 September 30, 2019 . In October 2019, we converted the remaining 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock, as described in the “7.00% Series D Convertible Preferred Stock” section within this Note 14. As of the date of filing of this quarterly report, we had no shares of Series D Convertible Preferred Stock outstanding.

Noncontrolling interests

Noncontrolling interests	9 Months Ended
	Sep. 30, 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 25 properties as of September 30, 2019 , and are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the nine months ended September 30, 2019 and 2018 , we distributed $38.9 million and $24.4 million , respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized.

Assets classified as held for s

Assets classified as held for sale	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets classified as held for sale	Assets classified as held for sale As of September 30, 2019 , three properties aggregating 458,842 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 September 30, 2019 , and December 31, 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): September 30, 2019 December 31, 2018 Total assets $ 53,168 $ 31,260 Total liabilities (2,499 ) (2,476 ) Total accumulated other comprehensive income 1,479 768 Net assets classified as held for sale $ 52,148 $ 29,552

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent events In October 2019, we fully repaid the remaining balance of $343.0 million outstanding on our $2.2 billion unsecured senior line of credit as of September 30, 2019 , using the borrowings from our commercial paper program. As of the date of filing of this quarterly report, we had no LIBOR-based debt outstanding, except for that held by our unconsolidated joint ventures. In October 2019, we completed the conversion of all 2.3 million outstanding shares of our Series D Convertible Preferred Stock. Refer to Note 14 – “Stockholders’ Equity” to these unaudited consolidated financial statements for further discussion.

Condensed consolidating financi

Condensed consolidating financial information	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 , the condensed consolidating statements of operations and comprehensive income for the three and nine months ended September 30, 2019 and 2018 , and the condensed consolidating statements of cash flows for the nine months ended September 30, 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 September 30, 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 $ — $ — $ 13,618,280 $ — $ 13,618,280 Investments in unconsolidated real estate JVs — — 340,190 — 340,190 Cash and cash equivalents 275,498 — 135,177 — 410,675 Restricted cash 223 — 42,072 — 42,295 Tenant receivables — — 10,668 — 10,668 Deferred rent — — 615,817 — 615,817 Deferred leasing costs — — 252,772 — 252,772 Investments — 1,123 989,331 — 990,454 Investments in and advances to affiliates 14,076,652 12,685,103 258,380 (27,020,135 ) — Other assets 69,236 — 707,767 — 777,003 Total assets $ 14,421,609 $ 12,686,226 $ 16,970,454 $ (27,020,135 ) $ 17,058,154 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 351,852 $ — $ 351,852 Unsecured senior notes payable 6,042,831 — — — 6,042,831 Unsecured senior line of credit 343,000 — — — 343,000 Accounts payable, accrued expenses, and other liabilities 129,971 — 1,111,305 — 1,241,276 Dividends payable 115,575 — — — 115,575 Total liabilities 6,631,377 — 1,463,157 — 8,094,534 Redeemable noncontrolling interests — — 12,099 — 12,099 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,790,232 12,686,226 14,333,909 (27,020,135 ) 7,790,232 Noncontrolling interests — — 1,161,289 — 1,161,289 Total equity 7,790,232 12,686,226 15,495,198 (27,020,135 ) 8,951,521 Total liabilities, noncontrolling interests, and equity $ 14,421,609 $ 12,686,226 $ 16,970,454 $ (27,020,135 ) $ 17,058,154 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 other liabilities 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 Operations for the Three Months Ended September 30, 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 $ — $ — $ 385,776 $ — $ 385,776 Other income 6,523 — 4,468 (6,283 ) 4,708 Total revenues 6,523 — 390,244 (6,283 ) 390,484 Expenses: Rental operations — — 116,450 — 116,450 General and administrative 27,488 — 6,725 (6,283 ) 27,930 Interest 44,120 — 2,083 — 46,203 Depreciation and amortization 1,929 — 133,641 — 135,570 Loss on early extinguishment of debt 40,209 — — — 40,209 Total expenses 113,746 — 258,899 (6,283 ) 366,362 Equity in earnings of unconsolidated real estate JVs — — 2,951 — 2,951 Equity in earnings of affiliates 60,021 129,029 2,544 (191,594 ) — Investment loss — (80 ) (62,996 ) — (63,076 ) Net (loss) income (47,202 ) 128,949 73,844 (191,594 ) (36,003 ) Net income attributable to noncontrolling interests — — (11,199 ) — (11,199 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (47,202 ) 128,949 62,645 (191,594 ) (47,202 ) Dividends on preferred stock (1,173 ) — — — (1,173 ) Net income attributable to unvested restricted stock awards (1,398 ) — — — (1,398 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (49,773 ) $ 128,949 $ 62,645 $ (191,594 ) $ (49,773 ) Condensed Consolidating Statement of Operations for the Three Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 336,547 $ — $ 336,547 Other income 5,017 — 5,723 (5,464 ) 5,276 Total revenues 5,017 — 342,270 (5,464 ) 341,823 Expenses: Rental operations — — 99,759 — 99,759 General and administrative 21,803 — 6,321 (5,464 ) 22,660 Interest 37,236 — 5,008 — 42,244 Depreciation and amortization 1,506 — 118,094 — 119,600 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 61,368 — 229,481 (5,464 ) 285,385 Equity in earnings of unconsolidated real estate JVs — — 40,718 — 40,718 Equity in earnings of affiliates 269,987 147,999 2,912 (420,898 ) — Investment income — 111 122,092 — 122,203 Net income 213,636 148,110 278,511 (420,898 ) 219,359 Net income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 213,636 148,110 272,788 (420,898 ) 213,636 Dividends on preferred stock (1,301 ) — — — (1,301 ) Net income attributable to unvested restricted stock awards (3,395 ) — — — (3,395 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 208,940 $ 148,110 $ 272,788 $ (420,898 ) $ 208,940 Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 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 $ — $ — $ 1,112,143 $ — $ 1,112,143 Other income 16,755 — 11,414 (17,130 ) 11,039 Total revenues 16,755 — 1,123,557 (17,130 ) 1,123,182 Expenses: Rental operations — — 323,640 — 323,640 General and administrative 78,291 — 17,880 (17,130 ) 79,041 Interest 120,826 — 7,356 — 128,182 Depreciation and amortization 5,344 — 398,750 — 404,094 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Total expenses 244,670 — 754,987 (17,130 ) 982,527 Equity in earnings of unconsolidated real estate JVs — — 5,359 — 5,359 Equity in earnings of affiliates 388,639 348,947 6,867 (744,453 ) — Investment income — 33 41,947 — 41,980 Net income 160,724 348,980 422,743 (744,453 ) 187,994 Net income attributable to noncontrolling interests — — (27,270 ) — (27,270 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 160,724 348,980 395,473 (744,453 ) 160,724 Dividends on preferred stock (3,204 ) — — — (3,204 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (4,532 ) — — — (4,532 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 150,408 $ 348,980 $ 395,473 $ (744,453 ) $ 150,408 Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 976,996 $ — $ 976,996 Other income 14,106 — 11,760 (15,866 ) 10,000 Total revenues 14,106 — 988,756 (15,866 ) 986,996 Expenses: Rental operations — — 283,438 — 283,438 General and administrative 66,694 — 17,192 (15,866 ) 68,020 Interest 100,470 — 16,786 — 117,256 Depreciation and amortization 4,830 — 347,841 — 352,671 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 172,817 — 671,867 (15,866 ) 828,818 Equity in earnings of unconsolidated real estate JVs — — 42,952 — 42,952 Equity in earnings of affiliates 562,707 345,676 6,809 (915,192 ) — Investment income — 487 219,807 — 220,294 Net income 403,996 346,163 586,457 (915,192 ) 421,424 Net income attributable to noncontrolling interests — — (17,428 ) — (17,428 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 403,996 346,163 569,029 (915,192 ) 403,996 Dividends on preferred stock (3,905 ) — — — (3,905 ) Net income attributable to unvested restricted stock awards (6,010 ) — — — (6,010 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 394,081 $ 346,163 $ 569,029 $ (915,192 ) $ 394,081 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 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 (loss) income $ (47,202 ) $ 128,949 $ 73,844 $ (191,594 ) $ (36,003 ) Other comprehensive income (loss): Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (79 ) — — — (79 ) Reclassification adjustment for amortization expense to interest expense included in net (loss) income 38 — — — 38 Reclassification of swap termination losses to interest expense included in net income 1,702 — — — 1,702 Unrealized gains on interest rate hedge agreements, net 1,661 — — — 1,661 Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (2,076 ) — (2,076 ) Unrealized losses on foreign currency translation, net — — (2,076 ) — (2,076 ) Total other comprehensive income (loss) 1,661 — (2,076 ) — (415 ) Comprehensive (loss) income (45,541 ) 128,949 71,768 (191,594 ) (36,418 ) Less: comprehensive income attributable to noncontrolling interests — — (11,199 ) — (11,199 ) Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ (45,541 ) $ 128,949 $ 60,569 $ (191,594 ) $ (47,617 ) Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 213,636 $ 148,110 $ 278,511 $ (420,898 ) $ 219,359 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 165 — — — 165 Reclassification of gains to interest expense included in net income (1,432 ) — — — (1,432 ) Unrealized losses on interest rate hedge agreements, net (1,267 ) — — — (1,267 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (59 ) — (59 ) Unrealized losses on foreign currency translation, net — — (59 ) — (59 ) Total other comprehensive loss (1,267 ) — (59 ) — (1,326 ) Comprehensive income 212,369 148,110 278,452 (420,898 ) 218,033 Less: comprehensive income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 212,369 $ 148,110 $ 272,729 $ (420,898 ) $ 212,310 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 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 $ 160,724 $ 348,980 $ 422,743 $ (744,453 ) $ 187,994 Other comprehensive (loss) income: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (1,763 ) — — — (1,763 ) Reclassification adjustment for amortization income to interest expense included in net income (1,777 ) — — — (1,777 ) Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net income 1,702 — — — 1,702 Unrealized losses on interest rate hedge agreements, net (1,838 ) — — — (1,838 ) Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 724 — 724 Unrealized gains on foreign currency translation, net — — 724 — 724 Total other comprehensive (loss) income (1,838 ) — 724 — (1,114 ) Comprehensive income 158,886 348,980 423,467 (744,453 ) 186,880 Less: comprehensive income attributable to noncontrolling interests — — (27,270 ) — (27,270 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 158,886 $ 348,980 $ 396,197 $ (744,453 ) $ 159,610 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 2,808 — — — 2,808 Reclassification of gains to interest expense included in net income (3,241 ) — — — (3,241 ) Unrealized losses on interest rate hedge agreements, net (433 ) — — — (433 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (3,631 ) — (3,631 ) Unrealized losses on foreign currency translation, net — — (3,631 ) — (3,631 ) Total other comprehensive loss (433 ) — (3,631 ) — (4,064 ) Comprehensive income 403,563 346,163 582,826 (915,192 ) 417,360 Less: comprehensive income attributable to noncontrolling interests — — (17,428 ) — (17,428 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 403,563 $ 346,163 $ 565,398 $ (915,192 ) $ 399,932 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 160,724 $ 348,980 $ 422,743 $ (744,453 ) $ 187,994 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 5,344 — 398,750 — 404,094 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Equity in earnings of unconsolidated real estate JVs — — (5,359 ) — (5,359 ) Distributions of earnings from unconsolidated real estate JVs — — 2,607 — 2,607 Amortization of loan fees 6,601 — 263 — 6,864 Amortization of debt premiums (484 ) — (2,386 ) — (2,870 ) Amortization of acquired below-market leases — — (20,976 ) — (20,976 ) Deferred rent — — (79,835 ) — (79,835 ) Stock compensation expense 33,401 — — — 33,401 Equity in earnings of affiliates (388,639 ) (348,947 ) (6,867 ) 744,453 — Investment income — (33 ) (41,947 ) — (41,980 ) Changes in operating assets and liabilities: Tenant receivables — — (886 ) — (886 ) Deferred leasing costs — — (34,374 ) — (34,374 ) Other assets (3,989 ) — (997 ) — (4,986 ) Accounts payable, accrued expenses, and other liabilities (537 ) — 14,839 — 14,302 Net cash (used in) provided by operating activities (147,370 ) — 652,936 — 505,566 Investing Activities Additions to real estate — — (914,722 ) — (914,722 ) Purchases of real estate — — (1,289,319 ) — (1,289,319 ) Deposits returned for investing activities — — 1,899 — 1,899 Investments in subsidiaries (1,452,436 ) (1,386,525 ) (28,530 ) 2,867,491 — Investments in unconsolidated real estate JVs — — (99,955 ) — (99,955 ) Additions to investments — — (133,866 ) — (133,866 ) Sales of investments — 172 84,921 — 85,093 Net cash used in investing activities $ (1,452,436 ) $ (1,386,353 ) $ (2,379,572 ) $ 2,867,491 $ (2,350,870 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (304,455 ) $ — $ (304,455 ) Proceeds from issuance of unsecured senior notes payable 2,721,169 — — — 2,721,169 Repayments of unsecured senior notes payable (950,000 ) — — — (950,000 ) Borrowings from unsecured senior line of credit 4,068,000 — — — 4,068,000 Repayments of borrowings from unsecured senior line of credit (3,933,000 ) — — — (3,933,000 ) Repayments of borrowings from unsecured senior bank term loan (350,000 ) — — — (350,000 ) Premium paid for early extinguishment of debt (34,677 ) — — — (34,677 ) Transfers to/from parent company 396,001 1,386,353 1,085,137 (2,867,491 ) — Payment of loan fees (26,772 ) — (7,082 ) — (33,854 ) Taxes paid related to net settlement of equity awards (25,150 ) — — — (25,150 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Proceeds from issuance of common stock 235,487 — — — 235,487 Dividends on common stock (332,458 ) — — — (332,458 ) Dividends on preferred stock (3,138 ) — — — (3,138 ) Contributions from and sales of noncontrolling interests — — 1,015,874 — 1,015,874 Distributions to and purchases of noncontrolling interests — — (38,882 ) — (38,882 ) Net cash provided by financing activities 1,756,222 1,386,353 1,750,592 (2,867,491 ) 2,025,676 Effect of foreign exchange rate changes on cash and cash equivalents — — 468 — 468 Net increase in cash, cash equivalents, and restricted cash 156,416 — 24,424 — 180,840 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 $ 275,721 $ — $ 177,249 $ — $ 452,970 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 114,951 $ — $ 10,213 $ — $ 125,164 Change in accrued construction $ — $ — $ 12,128 $ — $ 12,128 Accrued construction for current-period additions to real estate $ — $ — $ 211,691 $ — $ 211,691 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 267,559 $ — $ 267,559 Lease liability $ — $ — $ (273,545 ) $ — $ (273,545 ) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Operating Activities Net income $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 4,830 — 347,841 — 352,671 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Equity in earnings of unconsolidated real estate JVs — — (42,952 ) — (42,952 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 6,685 — 1,185 — 7,870 Amortization of debt discounts (premiums) 587 — (2,382 ) — (1,795 ) Amortization of acquired below-market leases — — (16,588 ) — (16,588 ) Deferred rent — — (75,960 ) — (75,960 ) Stock compensation expense 25,209 — — — 25,209 Equity in earnings of affiliates (562,707 ) (345,676 ) (6,809 ) 915,192 — Investment income — (487 ) (219,807 ) — (220,294 ) Changes in operating assets and liabilities: Tenant receivables — — (807 ) — (807 ) Deferred leasing costs — — (42,821 ) — (42,821 ) Other assets (14,955 ) — (6,674 ) — (21,629 ) Accounts payable, accrued expenses, and other liabilities (4,371 ) — 26,268 — 21,897 Net cash (used in) provided by operating activities (139,903 ) — 553,991 — 414,088 Investing Activities Proceeds from sales of real estate — — 5,748 — 5,748 Additions to real estate — — (663,688 ) — (663,688 ) Purchases of real estate — — (947,013 ) — (947,013 ) Deposits returned for investing activities — — 2,500 — 2,500 Investments in subsidiaries (1,453,711 ) (1,234,186 ) (25,477 ) 2,713,374 — Acquisitions of interests in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (77,501 ) — (77,501 ) Return of capital from unconsolidated real estate joint ventures — — 68,592 — 68,592 Additions to investments — — (174,195 ) — (174,195 ) Sales of investments — 420 56,910 — 57,330 Net cash used in investing activities $ (1,453,711 ) $ (1,233,766 ) $ (1,790,046 ) $ 2,713,374 $ (1,764,149 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (155,155 ) — (155,155 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 3,894,000 — — — 3,894,000 Repayments of borrowings from unsecured senior line of credit (3,531,000 ) — — — (3,531,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfers to/from parent company 102,582 1,233,757 1,377,035 (2,713,374 ) — Payment of loan fees (19,066 ) — — — (19,066 ) Proceeds from issuance of common stock 696,532 — — — 696,532 Dividends on common stock (280,632 ) — — — (280,632 ) Dividends on preferred stock (3,905 ) — — — (3,905 ) Contributions from noncontrolling interests — — 15,837 — 15,837 Distributions to noncontrolling interests — — (25,910 ) — (25,910 ) Net cash provided by financing activities 1,557,832 1,233,757 1,229,591 (2,713,374 ) 1,307,806 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,051 ) — (1,051 ) Net decrease in cash, cash equivalents, and restricted cash (35,782 ) (9 ) (7,515 ) — (43,306 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 94,734 $ — $ 139,146 $ — $ 233,880 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 81,888 $ — $ 17,750 $ — $ 99,638 Change in accrued construction $ — $ — $ 69,654 $ — $ 69,654 Accrued construction for current-period additions to real estate $ — $ — $ 225,435 $ — $ 225,435

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 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” to these unaudited consolidated financial statements.
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., 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. 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 the general partner or the managing member of a joint venture) 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 (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to these unaudited consolidated financial statements for further information on our unconsolidated real estate joint ventures that qualify for evaluation under the voting model.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Investments in real estate and properties classified as held for sale	Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted 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 in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in 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 services) 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 operations. 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 and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. 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 and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in the accompanying consolidated balance sheets and are amortized over the remaining terms of the related leases. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. 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 operating leases in which we are the 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. Revenue and expense 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, technology, and agtech 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 September 30, 2019 . We recognize both realized and unrealized gains and losses in our consolidated statements of operations, 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 and nine months ended September 30, 2019 (in thousands): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals 385,776 1,112,143 Other income 4,708 11,039 Total revenues $ 390,484 $ 1,123,182 During the three and nine months ended September 30, 2019 , revenues that were subject to the new lease accounting standard aggregated $373.2 million and $1.1 billion , respectively, and represented 95.6% and 95.8% , respectively, of our total revenues. During the three and nine months ended September 30, 2019 , our total revenues also included $17.3 million , or 4.4% , and $47.0 million , or 4.2% , respectively, 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” to these unaudited consolidated financial statements.
Leases Summary	Lease accounting Transition 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). The new lease accounting standard requires the use of the modified retrospective transition method. Upon adoption of the new lease accounting standard, we elected the following practical expedients and accounting policies provided by this lease standard: • Package of practical expedients – requires us not to 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. • Single component accounting policy – requires us to account for lease and nonlease components within a lease under the new lease accounting standard if certain criteria are met. • 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. • Short-term lease accounting policy – requires us not to record the related lease liabilities and right-of-use assets for operating leases in which we are the lessee with a term of 12 months or less. Upon adoption of the new lease accounting standard, we 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 not to reassess: • Whether any contracts effective prior to 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 that commenced prior to January 1, 2019. Our election of the package of practical expedients requires us not to revisit the classification of our leases that commenced prior to 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 that commenced prior to January 1, 2019. Our election of the package of practical expedients and the optional transition method requires us not 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. We applied the package of practical expedients consistently to all leases (i.e., in which we are the lessee or the lessor) that commenced before January 1, 2019. The election of this package permits us to “run off” our leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease accounting standard to leases commencing or modified after January 1, 2019. For our leases that had commenced prior to January 1, 2019, under the package of practical expedients and optional transition method, we are not required to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease accounting standard in connection with such leases qualified 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, as required by the new lease accounting standard, we recognized a cumulative adjustment to retained earnings aggregating $3.5 million to write off initial direct leasing 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. 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, in which we are the lessee, continue to be classified as operating leases subsequent to the adoption of the new lease accounting standard. In accordance with the new lease accounting standard, we were required to classify in our consolidated balance sheets the present value of remaining future rental payments aggregating $590.3 million related to ground and office leases in which we are the lessee existing as of January 1, 2019. Consequently, on January 1, 2019, we recognized a lease liability aggregating $218.7 million classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, which included approximately $27.0 million reclassified out of the deferred rent liabilities balance in accordance with the new lease standard. We have also recognized a corresponding right-of-use asset, which was classified within other assets in our consolidated balance sheets. The present value of the remaining lease payments was calculated for each operating lease existing as of January 1, 2019, in which we were the lessee by using each respective remaining lease term and a corresponding estimated incremental borrowing rate. The incremental borrowing rate is the interest rate that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequent application of the new lease accounting guidance Definition of a lease Effective January 1, 2019, when we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet all three criteria: (i) One party (lessor) must hold an identified asset, (ii) The counterparty (lessee) must have 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 (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. Lease classification 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. Therefore, under the new lease accounting standard, lessees 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.
Leases, lessor accounting	Lessor accounting Costs to execute leases The new lease accounting standard requires that lessors (and, if applicable, 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. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed employee compensation, tax, or legal advice to negotiate lease terms, and other costs, are expensed as incurred. Operating leases We account for the revenue from our lease contracts utilizing the single component accounting policy. This policy requires us to account for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single component if two criteria are met: (i) The timing and pattern of transfer of the lease component and the nonlease component(s) are the same, and (ii) The lease component would be classified as an operating lease if it were accounted for separately. Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of rental operating expenses under our triple net lease structure, including recoveries for utilities, repairs and maintenance, and common area expenses. If the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with the new lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under the new lease accounting standard and classify these revenues as income from rentals in our consolidated statements of operations. 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. Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the respective operating lease terms. We classify amounts expected to be received in later periods as deferred rent in our consolidated balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. Income from rentals related to variable payments includes tenant recoveries and contingent rental payments. 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. We assess collectibility from our tenants of future lease payments for each of our operating leases. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that collectibility is not probable, we recognize an adjustment to lower our income from rentals. As of September 30, 2019 , we assessed the collectibility of remaining lease payments under each operating lease in which we are the lessor and determined that collectibility of each lease was probable. Reclassification of the prior-year presentation of rental revenues and tenant recoveries As described above, rental revenues and tenant recoveries related to operating leases in which we are the lessor qualified for the single component practical expedient and were classified as income from rentals in our consolidated statements of operations. Prior to the adoption of the new lease accounting standard, we classified rental revenues and tenant recoveries separately in our consolidated statements of operations, in accordance with the guidance in effect prior to January 1, 2019. Upon adoption of the new lease accounting standard, our comparative statements of operations of prior periods have been reclassified to conform to the new single component presentation of rental revenues and tenant recoveries. The table below provides a reconciliation of the prior-period presentation of the line items that were reclassified in our consolidated statements of operations to conform to the current-period presentation, pursuant to our adoption of the new lease accounting standard and election of the single component practical expedient (in thousands): September 30, 2018 Three Months Ended Nine Months Ended Rental revenues (presentation prior to January 1, 2019) $ 255,496 $ 750,616 Tenant recoveries (presentation prior to January 1, 2019) 81,051 226,380 Income from rentals (presentation effective January 1, 2019) $ 336,547 $ 976,996 Direct financing and sales-type leases As of September 30, 2019 , we had one direct financing lease and no sales-type leases. Income from rentals related to our direct financing lease is recognized over the lease term 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 operations, producing a constant periodic rate of return on the net investment in the direct financing lease. Subsequent to lease commencement, 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. If we determine that collectibility is not probable, we evaluate our net investment in the direct financing 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 direct financing lease to its estimated fair value. As of September 30, 2019 , we assessed the collectibility of future lease payments under our direct financing lease and determined that collectibility was probable.
Leases, lessee accounting	Lessee accounting We have operating lease agreements in which we are the lessee consisting of ground and office leases. At the lease commencement date (or at the acquisition date if the lease is acquired as part of a real estate acquisition), we are required to recognize a liability to account for our future obligations under these operating leases, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments, including payments during the term under our extension options that we are reasonably certain to exercise. The present value of the future lease payments is 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. 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. We classify the operating lease liability in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. The right-of-use asset is measured based on the corresponding lease liability, adjusted for initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as adjustments to reflect favorable or unfavorable terms of an acquired lease when compared with market terms at the time of acquisition. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. We classify the right-of-use asset in other assets in our consolidated balance sheets.
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 and nine months ended September 30, 2019 , included $12.6 million and $35.9 million , respectively, primarily related to short-term parking revenues associated with long-term lease agreements. These revenues are classified within income from rentals in our consolidated statements of operations. 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 2018 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.
Forward equity sales agreements	Forward equity sales agreements To account for the forward equity sales agreements, we consider the accounting guidance governing financial instruments and derivatives. As of September 30, 2019 , none of our forward equity sales agreements were deemed to be 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.
Hedge accounting	Hedge accounting From time to time, we utilize interest rate hedge agreements to manage a portion of our exposure to variable interest rates. Historically, our interest rate hedge agreements primarily related to our borrowings with variable interest rates based on LIBOR. However, in connection with the LIBOR cessation projected by the end of 2021 and the potential replacement of this rate in the U.S. with the Secured Overnight Financing Rate (“SOFR”), we have paid down the majority of our outstanding borrowings of LIBOR-based debt and terminated our related interest rate hedge agreements, to minimize our exposure to LIBOR. As a result, as of September 30, 2019 , we had no outstanding interest rate hedge agreements and no LIBOR-based debt other than the remaining balance of $343.0 million outstanding under our $2.2 billion unsecured senior line of credit facility, which was repaid in full in October 2019. In October 2018, the FASB issued an accounting standard that expanded the list of U.S. benchmark interest rates permitted in the application of hedge accounting to include the overnight index swap rate based on SOFR. The accounting standard became effective for us and was adopted on January 1, 2019. Upon adoption on January 1, 2019, and during the nine months ended September 30, 2019 , we had no hedges based on SOFR; therefore, the adoption of this accounting standard had no effect on our consolidated financial statements. Should we issue variable interest rate debt in the future, including SOFR-based debt, and enter into related interest rate hedge agreements to manage our exposure to variable interest rates, we will continue applying the interest hedge accounting policy, described below, that has been applied to our interest rate hedge agreements based on LIBOR. When we issue variable interest rate debt, we may enter into interest rate hedge agreements to manage our exposure to variable interest rates. As a result, our interest rate hedge agreements are generally designated as cash flow hedges. At the 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. For cash flow hedges that are highly effective at inception and continue to be highly effective, we record all changes (effective and ineffective components) in the fair value of our hedges, including accrued interest and adjustments for non-performance risk, in accumulated other comprehensive income within total equity and reclassify them into earnings when the hedged item affects earnings. Subsequently, we may perform only a qualitative assessment, unless facts and circumstances change. 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.
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 our 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
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 will require companies to estimate and recognize lifetime expected losses, rather than incurred losses, which will result in the earlier recognition of credit losses. 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). An entity’s estimate of expected credit losses shall include a measure of the expected risk of credit loss even if that risk is remote. 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 a lessor, this standard will apply to our net investments in direct financing leases and will not apply to the receivables arising from our operating leases. An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on this assessment will continue to be governed by the lease accounting standard discussed in the “Lease Accounting” section earlier within this Note 2. As of September 30, 2019 , we had one lease classified as a direct financing lease with a net investment balance aggregating $39.7 million , which will be subject to this new guidance. We have had no collectibility issues historically related to this direct financing lease, and the payment obligation of the lessee is collateralized. These factors, among others, will be taken into consideration when we estimate the expected credit loss of our net investment in this direct financing lease upon adoption of the ASU. In addition to direct financing lease, the accounting standard on credit losses will apply to our receivables that result from revenue transactions within the scope of the revenue recognition standard discussed in the “Recognition of Revenue Arising From Contracts With Customers” section earlier within this Note 2. As of September 30, 2019 , our receivables resulting from revenue transactions within the scope of revenue recognition standard aggregated $9.7 million . These receivables are short term in nature. We are still evaluating the impact this accounting standard will have on our financial statements. Recognition and measurement of financial instruments

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 (in thousands): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals 385,776 1,112,143 Other income 4,708 11,039 Total revenues $ 390,484 $ 1,123,182
Reconciliation of prior period presentation of income statement line items	The table below provides a reconciliation of the prior-period presentation of the line items that were reclassified in our consolidated statements of operations to conform to the current-period presentation, pursuant to our adoption of the new lease accounting standard and election of the single component practical expedient (in thousands): September 30, 2018 Three Months Ended Nine Months Ended Rental revenues (presentation prior to January 1, 2019) $ 255,496 $ 750,616 Tenant recoveries (presentation prior to January 1, 2019) 81,051 226,380 Income from rentals (presentation effective January 1, 2019) $ 336,547 $ 976,996

Investments in real estate (Tab

Investments in real estate (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	Our consolidated investments in real estate, including real estate assets held for sale as described in Note 16 – “Assets Classified as Held for Sale,” consisted of the following as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Rental properties: Land (related to rental properties) $ 1,886,807 $ 1,625,349 Buildings and building improvements 11,044,071 9,986,635 Other improvements 1,250,304 976,627 Rental properties 14,181,182 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects 1,872,112 1,460,814 Future development projects 132,167 98,802 Gross investments in real estate 16,185,461 14,148,227 Less: accumulated depreciation (2,596,337 ) (2,263,797 ) Net investments in real estate – North America 13,589,124 11,884,430 Net investments in real estate – Asia 29,156 29,263 Investments in real estate $ 13,618,280 $ 11,913,693
Real estate assets acquisitions	Our real estate asset acquisitions completed during the nine months ended September 30, 2019 , consisted of the following (dollars in thousands): Square Footage Market Number of Properties Future Development Active Redevelopment 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) Greater Boston 1 293,000 — — 87,163 252,000 San Diego 1 149,000 — 40,000 — 16,000 Seattle 1 188,400 — 18,680 — 28,500 Three months ended June 30, 2019 3 630,400 — 58,680 87,163 296,500 New York City — 135,938 — — — 25,000 San Francisco 2 — 347,912 — — 205,000 San Diego 3 — — — 314,103 140,250 Maryland 3 — — — 138,938 51,130 Other 3 54,000 — 58,814 34,534 37,850 Three months ended September 30, 2019 11 189,938 347,912 58,814 487,575 459,230 Nine months ended September 30, 2019 24 995,338 347,912 246,578 822,508 1,138,680 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest Consolidated joint ventures (1) : 75/125 Binney Street Greater Boston Cambridge 40.0 % 225 Binney Street Greater Boston Cambridge 30.0 % 409 and 499 Illinois Street San Francisco Mission Bay/SoMa 60.0 % 1500 Owens Street San Francisco Mission Bay/SoMa 50.1 % 500 Forbes Boulevard San Francisco South San Francisco 10.0 % Campus Pointe by Alexandria (2) San Diego University Town Center 55.0 % 5200 Illumina Way San Diego University Town Center 51.0 % 9625 Towne Centre Drive San Diego University Town Center 50.1 % Unconsolidated joint ventures (1) : Menlo Gateway San Francisco Greater Stanford 48.3 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (3) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (3) 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % (1) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in five 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 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4161, 4224, and 4242 Campus Point Court in our University Town Center submarket. (3) Represents our ownership interest; our voting interest is limited to 50%.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Investments in real estate $ 2,296,317 $ 1,108,385 Cash and cash equivalents 59,095 42,178 Other assets 253,148 74,901 Total assets $ 2,608,560 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 134,966 59,336 Total liabilities 134,966 59,336 Redeemable noncontrolling interests 2,187 874 Alexandria Real Estate Equities, Inc.’s share of equity 1,311,437 624,349 Noncontrolling interests’ share of equity 1,159,970 540,905 Total liabilities and equity $ 2,608,560 $ 1,225,464
Investment in unconsolidated real estate joint ventures	Our investments in unconsolidated real estate joint ventures, accounted for under the equity method of accounting presented in our consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , consisted of the following (in thousands): Property September 30, 2019 December 31, 2018 Menlo Gateway $ 282,280 $ 186,504 1401/1413 Research Boulevard 7,798 8,197 704 Quince Orchard Road 4,679 4,547 1655 and 1725 Third Street 36,508 34,917 Other 8,925 3,342 $ 340,190 $ 237,507
Summary of unconsolidated real estate joint ventures loans	Our unconsolidated real estate joint ventures have the following non-recourse secured loans that include the following key terms as of September 30, 2019 (dollars in thousands): Maturity Date Stated Rate Interest Rate (1) 100% at Joint Venture Level Unconsolidated Joint Venture Our Share Debt Balance (2) Remaining Commitments 1401/1413 Research Boulevard 65.0% 5/17/20 L+2.50% 5.60% $ 25,467 $ 3,268 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.80% 282,513 92,487 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 4.23% 7,571 7,300 Menlo Gateway, Phase II 48.3% 5/1/35 4.53% 4.59% 43,700 112,126 Menlo Gateway, Phase I 48.3% 8/10/35 4.15% 4.18% 142,721 — $ 501,972 $ 215,181 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2019 .

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Lessor
Operating Lease - Schedule of Future Minimum Lease Receivable	As of September 30, 2019 , our 269 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 73.2 years . Our leases generally contain options to extend lease terms at prevailing market rates at the time of expiration. Certain operating leases contain early termination options that require advance notification and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of September 30, 2019 , are outlined in the table below (in thousands): Year Amount 2019 $ 248,066 2020 1,013,294 2021 1,017,764 2022 1,007,446 2023 953,818 Thereafter 6,723,208 Total $ 10,963,596
Net investment in direct financing lease	As of September 30, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 73.2 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 September 30, 2019 , and December 31, 2018 , are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Gross investment in direct financing lease $ 260,872 $ 262,111 Less: unearned income (221,151 ) (222,962 ) Net investment in direct financing lease $ 39,721 $ 39,149
Direct Financing Leases - Schedule of Future Minimum Payment Receivable	Future lease payments to be received under the terms of our direct financing lease as of September 30, 2019 , are outlined in the table below (in thousands): Year Total 2019 $ 415 2020 1,705 2021 1,756 2022 1,809 2023 1,863 Thereafter 253,324 Total $ 260,872
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): September 30, 2019 Three Months Ended Nine Months Ended Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 372,593 $ 1,074,395 Direct financing lease 607 1,812 Revenues subject to the new lease accounting standard 373,200 1,076,207 Revenues subject to the revenue recognition accounting standard 12,576 35,936 Income from rentals $ 385,776 $ 1,112,143
Lessee
Operating Lease - Schedule of Future Minimum Lease Payable	The reconciliation of future lease payments, under non-cancelable operating ground and office leases in which we are the lessee, to the operating lease liability reflected in our consolidated balance sheet as of September 30, 2019 , is presented in the table below (in thousands): Year Total 2019 $ 3,874 2020 15,132 2021 15,875 2022 16,120 2023 16,270 Thereafter 634,708 Total future payments under our operating leases in which we are the lessee 701,979 Effect of discounting (431,365 ) Operating lease liability $ 270,614
Lessee Operating Costs	Operating lease costs represent amounts recognized related to ground and office leases in which we are the lessee. For the three and nine months ended September 30, 2019 and 2018 , our costs for operating leases in which we are the lessee were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating lease costs $ 5,157 $ 4,035 $ 14,581 $ 11,855 Capitalized lease costs (452 ) (36 ) (902 ) (108 ) Expenses for operating leases in which we are the lessee $ 4,705 $ 3,999 $ 13,679 $ 11,747

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 410,675 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 25,631 22,681 Funds held in escrow related to construction projects and investing activities 11,587 10,558 Other 5,077 4,710 42,295 37,949 Total $ 452,970 $ 272,130

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 173,063 $ 39,956 $ 213,019 Entities that report NAV 253,696 139,608 393,304 Entities that do not report NAV: Entities with observable price changes 42,017 73,812 115,829 Entities without observable price changes 268,302 — 268,302 Total investments $ 737,078 $ 253,376 $ 990,454 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 investment (loss) income for the three and nine months ended September 30, 2019 , consisted of the following (in thousands): Three Months Ended September 30, 2019 Unrealized Gains (Losses) Realized Gains (Losses) Total Investments held at September 30, 2019: Publicly traded companies $ (51,574 ) $ — $ (51,574 ) Entities that report NAV (2,840 ) — (2,840 ) Entities that do not report NAV, held at period end 237 (7,133 ) (6,896 ) Total investments held at September 30, 2019 (54,177 ) (7,133 ) (61,310 ) Investment dispositions during the three months ended September 30, 2019: Recognized in the current period — (1,766 ) (1,766 ) Previously recognized gains (15,866 ) 15,866 — Total investment dispositions during the three months ended September 30, 2019 (15,866 ) 14,100 (1,766 ) Investment (loss) income $ (70,043 ) $ 6,967 $ (63,076 ) Nine Months Ended September 30, 2019 Unrealized Gains Realized Gains (Losses) Total Investments held at September 30, 2019: Publicly traded companies $ 566 $ — $ 566 Entities that report NAV 26,420 — 26,420 Entities that do not report NAV, held at period end 9,701 (7,133 ) 2,568 Total investments held at September 30, 2019 36,687 (7,133 ) 29,554 Investment dispositions during the nine months ended September 30, 2019: Recognized in the current period — 12,426 12,426 Previously recognized gains (23,466 ) 23,466 — Total investment dispositions during the nine months ended September 30, 2019 (23,466 ) 35,892 12,426 Investment income $ 13,221 $ 28,759 $ 41,980 Our investment income for the three and nine months ended September 30, 2018 , consisted of the following (in thousands): Three Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments held at September 30, 2018: Publicly traded companies $ 40,342 $ — $ 40,342 Entities that report NAV 28,948 — 28,948 Entities that do not report NAV, held at period end 48,917 — 48,917 Total investments held at September 30, 2018 118,207 — 118,207 Investment dispositions during the three months ended September 30, 2018: Recognized in the current period — 3,996 3,996 Previously recognized gains (1,019 ) 1,019 — Total investment dispositions during the three months ended September 30, 2018 (1,019 ) 5,015 3,996 Investment income $ 117,188 $ 5,015 $ 122,203 Nine Months Ended September 30, 2018 Unrealized Gains Realized Gains Total Investments held at September 30, 2018: Publicly traded companies $ 92,148 $ — $ 92,148 Entities that report NAV 48,718 — 48,718 Entities that do not report NAV, held at period end 59,206 — 59,206 Total investments held at September 30, 2018 200,072 — 200,072 Investment dispositions during the nine months ended September 30, 2018: Recognized in the current period — 20,222 20,222 Previously recognized gains (5,588 ) 5,588 — Total investment dispositions during the nine months ended September 30, 2018 (5,588 ) 25,810 20,222 Investment income $ 194,484 $ 25,810 $ 220,294

Other assets (Tables)

Other assets (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Acquired in-place leases $ 186,845 $ 132,906 Acquired below-market leases in which we are the lessee — (1) 17,434 Deferred compensation plan 20,694 19,238 Deferred financing costs – $2.2 billion unsecured senior line of credit 13,691 16,060 Deposits 11,167 12,974 Furniture, fixtures, and equipment 17,511 14,787 Interest rate hedge assets — 2,606 Net investment in direct financing lease 39,721 39,149 Notes receivable 459 528 Operating lease right-of-use asset (2) 264,351 — Other assets 15,312 19,861 Prepaid expenses 15,487 13,690 Property, plant, and equipment 191,765 81,024 Total $ 777,003 $ 370,257 (1) Upon the adoption of new lease accounting standards on January 1, 2019, the balance related to the acquired below-market leases in which we are the lessee was 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 (in thousands): September 30, 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 $ 213,019 $ 213,019 $ — $ — 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 September 30, 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): September 30, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Assets: Investments in privately held entities that report NAV $ 393,304 $ 393,304 $ 317,805 $ 317,805 Liabilities: Secured notes payable $ 351,852 $ 371,321 $ 630,547 $ 638,860 Unsecured senior notes payable $ 6,042,831 $ 6,566,970 $ 4,292,293 $ 4,288,335 $2.2 billion unsecured senior line of credit $ 343,000 $ 342,931 $ 208,000 $ 208,106 Unsecured senior bank term loan $ — $ — $ 347,415 $ 350,240

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of September 30, 2019 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 351,852 $ — $ 351,852 5.2 % 3.58 % 4.3 Unsecured senior notes payable 6,042,831 — 6,042,831 89.7 3.99 11.4 $2.2 billion unsecured senior line of credit — 343,000 343,000 5.1 3.14 4.3 Total/weighted average $ 6,394,683 $ 343,000 $ 6,737,683 100.0 % 3.93 % 10.7 Percentage of total debt 95 % 5 % 100 % (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
Schedule of maturities of secured and unsecured debt	The following table summarizes our outstanding indebtedness and respective principal payments as of September 30, 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 $ 430 $ 1,763 $ 1,852 $ 1,942 $ 26,259 $ — $ 32,246 $ (214 ) $ 32,032 Greater Boston 3.93 % 3.19 3/10/23 382 1,566 1,628 1,693 74,517 — 79,786 1,904 81,690 Greater Boston 4.82 % 3.40 2/6/24 790 3,206 3,395 3,564 3,742 183,527 198,224 11,639 209,863 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (661 ) 27,539 San Francisco 6.50 % 6.50 7/1/36 — 25 26 28 30 619 728 — 728 Secured debt weighted-average interest rate/subtotal 4.55 % 3.58 1,602 6,560 6,901 7,227 104,548 212,346 339,184 12,668 351,852 $2.2 billion unsecured senior line of credit L+0.825 % 3.14 1/28/24 — — — — — 343,000 343,000 — 343,000 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — — 500,000 — 500,000 (2,212 ) 497,788 Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — — — 650,000 650,000 (600 ) 649,400 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (4,882 ) 595,118 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (3,060 ) 296,940 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,201 ) 346,799 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,674 ) 346,326 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,507 ) 421,493 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,181 ) 297,819 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (4,189 ) 395,811 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,995 ) 446,005 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (7,685 ) 742,315 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,475 ) 296,525 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,492 710,492 Unsecured debt weighted-average interest rate/subtotal 3.95 — — — — 500,000 5,918,000 6,418,000 (32,169 ) 6,385,831 Weighted-average interest rate/total 3.93 % $ 1,602 $ 6,560 $ 6,901 $ 7,227 $ 604,548 $ 6,130,346 $ 6,757,184 $ (19,501 ) $ 6,737,683 (1) Represents the weighted-average interest rate as of the end of the applicable period, including 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 and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Gross interest $ 70,761 $ 59,675 $ 192,923 $ 163,574 Capitalized interest (24,558 ) (17,431 ) (64,741 ) (46,318 ) Interest expense $ 46,203 $ 42,244 $ 128,182 $ 117,256

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and tenant security deposits (Tables)	9 Months Ended
	Sep. 30, 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 other liabilities as of September 30, 2019 , and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 203,910 $ 215,539 Accrued construction 287,809 275,882 Acquired below-market leases 149,268 134,808 Conditional asset retirement obligations 14,155 10,343 Deferred rent liabilities (1) 2,932 29,547 Interest rate hedge liabilities — 768 Operating lease liability (1) 270,614 — Unearned rent and tenant security deposits 249,667 250,923 Other liabilities 62,921 63,897 Total $ 1,241,276 $ 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (36,003 ) $ 219,359 $ 187,994 $ 421,424 Net income attributable to noncontrolling interests (11,199 ) (5,723 ) (27,270 ) (17,428 ) Dividends on preferred stock (1,173 ) (1,301 ) (3,204 ) (3,905 ) Preferred stock redemption charge — — (2,580 ) — Net income attributable to unvested restricted stock awards (1,398 ) (3,395 ) (4,532 ) (6,010 ) Numerator for basic EPS – net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders (49,773 ) 208,940 150,408 394,081 Dilutive effect of Series D Convertible Preferred Stock — 1,301 — — Numerator for diluted EPS – net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (49,773 ) $ 210,241 $ 150,408 $ 394,081 Denominator for basic EPS – weighted-average shares of common stock outstanding 112,120 104,179 111,540 101,991 Dilutive effect of forward equity sales agreements — 462 172 363 Dilutive effect of Series D Convertible Preferred Stock — 744 — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 112,120 105,385 111,712 102,354 Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ (0.44 ) $ 2.01 $ 1.35 $ 3.86 Diluted $ (0.44 ) $ 1.99 $ 1.35 $ 3.85

Stockholders' equity (Tables)

Stockholders' equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Summary of ATM common stock offering program and forward equity sales agreements	During the nine months ended September 30, 2019 , we completed issuances and entered into forward equity sales agreements for an aggregate of 8.7 million shares of common stock at a weighted-average price of $144.50 per share, for aggregate net proceeds of approximately $1.2 billion , as follows: Aggregate Shares Sold Shares Issued During the Nine Months Ended 9/30/2019 Remaining Shares to be Issued as of 9/30/2019 Issuance of common stock 602,484 602,484 — Sales under forward equity sales agreements 8,120,592 1,082,000 7,038,592 8,723,076 1,684,484 7,038,592
Accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.	The following table presents the changes in each component of accumulated other comprehensive income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the nine months ended September 30, 2019 (in thousands): Net Unrealized Gains (Losses) 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 (1,763 ) 724 (1,039 ) Reclassification of amortization income to interest expense (1,777 ) — (1,777 ) Reclassification of losses in accumulated other comprehensive income (loss) to interest expense upon swap termination 1,702 — 1,702 Net other comprehensive (loss) income (1,838 ) 724 (1,114 ) Balance as of September 30, 2019 $ — $ (11,549 ) $ (11,549 )

Assets classified as held for_2

Assets classified as held for sale (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 , and December 31, 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): September 30, 2019 December 31, 2018 Total assets $ 53,168 $ 31,260 Total liabilities (2,499 ) (2,476 ) Total accumulated other comprehensive income 1,479 768 Net assets classified as held for sale $ 52,148 $ 29,552

Condensed consolidating finan_2

Condensed consolidating financial information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Consolidated Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet as of September 30, 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 $ — $ — $ 13,618,280 $ — $ 13,618,280 Investments in unconsolidated real estate JVs — — 340,190 — 340,190 Cash and cash equivalents 275,498 — 135,177 — 410,675 Restricted cash 223 — 42,072 — 42,295 Tenant receivables — — 10,668 — 10,668 Deferred rent — — 615,817 — 615,817 Deferred leasing costs — — 252,772 — 252,772 Investments — 1,123 989,331 — 990,454 Investments in and advances to affiliates 14,076,652 12,685,103 258,380 (27,020,135 ) — Other assets 69,236 — 707,767 — 777,003 Total assets $ 14,421,609 $ 12,686,226 $ 16,970,454 $ (27,020,135 ) $ 17,058,154 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 351,852 $ — $ 351,852 Unsecured senior notes payable 6,042,831 — — — 6,042,831 Unsecured senior line of credit 343,000 — — — 343,000 Accounts payable, accrued expenses, and other liabilities 129,971 — 1,111,305 — 1,241,276 Dividends payable 115,575 — — — 115,575 Total liabilities 6,631,377 — 1,463,157 — 8,094,534 Redeemable noncontrolling interests — — 12,099 — 12,099 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 7,790,232 12,686,226 14,333,909 (27,020,135 ) 7,790,232 Noncontrolling interests — — 1,161,289 — 1,161,289 Total equity 7,790,232 12,686,226 15,495,198 (27,020,135 ) 8,951,521 Total liabilities, noncontrolling interests, and equity $ 14,421,609 $ 12,686,226 $ 16,970,454 $ (27,020,135 ) $ 17,058,154 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 other liabilities 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 Operations for the Three Months Ended September 30, 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 $ — $ — $ 385,776 $ — $ 385,776 Other income 6,523 — 4,468 (6,283 ) 4,708 Total revenues 6,523 — 390,244 (6,283 ) 390,484 Expenses: Rental operations — — 116,450 — 116,450 General and administrative 27,488 — 6,725 (6,283 ) 27,930 Interest 44,120 — 2,083 — 46,203 Depreciation and amortization 1,929 — 133,641 — 135,570 Loss on early extinguishment of debt 40,209 — — — 40,209 Total expenses 113,746 — 258,899 (6,283 ) 366,362 Equity in earnings of unconsolidated real estate JVs — — 2,951 — 2,951 Equity in earnings of affiliates 60,021 129,029 2,544 (191,594 ) — Investment loss — (80 ) (62,996 ) — (63,076 ) Net (loss) income (47,202 ) 128,949 73,844 (191,594 ) (36,003 ) Net income attributable to noncontrolling interests — — (11,199 ) — (11,199 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (47,202 ) 128,949 62,645 (191,594 ) (47,202 ) Dividends on preferred stock (1,173 ) — — — (1,173 ) Net income attributable to unvested restricted stock awards (1,398 ) — — — (1,398 ) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (49,773 ) $ 128,949 $ 62,645 $ (191,594 ) $ (49,773 ) Condensed Consolidating Statement of Operations for the Three Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 336,547 $ — $ 336,547 Other income 5,017 — 5,723 (5,464 ) 5,276 Total revenues 5,017 — 342,270 (5,464 ) 341,823 Expenses: Rental operations — — 99,759 — 99,759 General and administrative 21,803 — 6,321 (5,464 ) 22,660 Interest 37,236 — 5,008 — 42,244 Depreciation and amortization 1,506 — 118,094 — 119,600 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 61,368 — 229,481 (5,464 ) 285,385 Equity in earnings of unconsolidated real estate JVs — — 40,718 — 40,718 Equity in earnings of affiliates 269,987 147,999 2,912 (420,898 ) — Investment income — 111 122,092 — 122,203 Net income 213,636 148,110 278,511 (420,898 ) 219,359 Net income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 213,636 148,110 272,788 (420,898 ) 213,636 Dividends on preferred stock (1,301 ) — — — (1,301 ) Net income attributable to unvested restricted stock awards (3,395 ) — — — (3,395 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 208,940 $ 148,110 $ 272,788 $ (420,898 ) $ 208,940 Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 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 $ — $ — $ 1,112,143 $ — $ 1,112,143 Other income 16,755 — 11,414 (17,130 ) 11,039 Total revenues 16,755 — 1,123,557 (17,130 ) 1,123,182 Expenses: Rental operations — — 323,640 — 323,640 General and administrative 78,291 — 17,880 (17,130 ) 79,041 Interest 120,826 — 7,356 — 128,182 Depreciation and amortization 5,344 — 398,750 — 404,094 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Total expenses 244,670 — 754,987 (17,130 ) 982,527 Equity in earnings of unconsolidated real estate JVs — — 5,359 — 5,359 Equity in earnings of affiliates 388,639 348,947 6,867 (744,453 ) — Investment income — 33 41,947 — 41,980 Net income 160,724 348,980 422,743 (744,453 ) 187,994 Net income attributable to noncontrolling interests — — (27,270 ) — (27,270 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 160,724 348,980 395,473 (744,453 ) 160,724 Dividends on preferred stock (3,204 ) — — — (3,204 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (4,532 ) — — — (4,532 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 150,408 $ 348,980 $ 395,473 $ (744,453 ) $ 150,408 Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 976,996 $ — $ 976,996 Other income 14,106 — 11,760 (15,866 ) 10,000 Total revenues 14,106 — 988,756 (15,866 ) 986,996 Expenses: Rental operations — — 283,438 — 283,438 General and administrative 66,694 — 17,192 (15,866 ) 68,020 Interest 100,470 — 16,786 — 117,256 Depreciation and amortization 4,830 — 347,841 — 352,671 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 172,817 — 671,867 (15,866 ) 828,818 Equity in earnings of unconsolidated real estate JVs — — 42,952 — 42,952 Equity in earnings of affiliates 562,707 345,676 6,809 (915,192 ) — Investment income — 487 219,807 — 220,294 Net income 403,996 346,163 586,457 (915,192 ) 421,424 Net income attributable to noncontrolling interests — — (17,428 ) — (17,428 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 403,996 346,163 569,029 (915,192 ) 403,996 Dividends on preferred stock (3,905 ) — — — (3,905 ) Net income attributable to unvested restricted stock awards (6,010 ) — — — (6,010 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 394,081 $ 346,163 $ 569,029 $ (915,192 ) $ 394,081
Condensed consolidating statement comprehensive income	Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 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 (loss) income $ (47,202 ) $ 128,949 $ 73,844 $ (191,594 ) $ (36,003 ) Other comprehensive income (loss): Unrealized gains on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (79 ) — — — (79 ) Reclassification adjustment for amortization expense to interest expense included in net (loss) income 38 — — — 38 Reclassification of swap termination losses to interest expense included in net income 1,702 — — — 1,702 Unrealized gains on interest rate hedge agreements, net 1,661 — — — 1,661 Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (2,076 ) — (2,076 ) Unrealized losses on foreign currency translation, net — — (2,076 ) — (2,076 ) Total other comprehensive income (loss) 1,661 — (2,076 ) — (415 ) Comprehensive (loss) income (45,541 ) 128,949 71,768 (191,594 ) (36,418 ) Less: comprehensive income attributable to noncontrolling interests — — (11,199 ) — (11,199 ) Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ (45,541 ) $ 128,949 $ 60,569 $ (191,594 ) $ (47,617 ) Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 213,636 $ 148,110 $ 278,511 $ (420,898 ) $ 219,359 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 165 — — — 165 Reclassification of gains to interest expense included in net income (1,432 ) — — — (1,432 ) Unrealized losses on interest rate hedge agreements, net (1,267 ) — — — (1,267 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (59 ) — (59 ) Unrealized losses on foreign currency translation, net — — (59 ) — (59 ) Total other comprehensive loss (1,267 ) — (59 ) — (1,326 ) Comprehensive income 212,369 148,110 278,452 (420,898 ) 218,033 Less: comprehensive income attributable to noncontrolling interests — — (5,723 ) — (5,723 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 212,369 $ 148,110 $ 272,729 $ (420,898 ) $ 212,310 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 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 $ 160,724 $ 348,980 $ 422,743 $ (744,453 ) $ 187,994 Other comprehensive (loss) income: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge losses arising during the period (1,763 ) — — — (1,763 ) Reclassification adjustment for amortization income to interest expense included in net income (1,777 ) — — — (1,777 ) Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net income 1,702 — — — 1,702 Unrealized losses on interest rate hedge agreements, net (1,838 ) — — — (1,838 ) Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 724 — 724 Unrealized gains on foreign currency translation, net — — 724 — 724 Total other comprehensive (loss) income (1,838 ) — 724 — (1,114 ) Comprehensive income 158,886 348,980 423,467 (744,453 ) 186,880 Less: comprehensive income attributable to noncontrolling interests — — (27,270 ) — (27,270 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 158,886 $ 348,980 $ 396,197 $ (744,453 ) $ 159,610 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Other comprehensive loss: Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 2,808 — — — 2,808 Reclassification of gains to interest expense included in net income (3,241 ) — — — (3,241 ) Unrealized losses on interest rate hedge agreements, net (433 ) — — — (433 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (3,631 ) — (3,631 ) Unrealized losses on foreign currency translation, net — — (3,631 ) — (3,631 ) Total other comprehensive loss (433 ) — (3,631 ) — (4,064 ) Comprehensive income 403,563 346,163 582,826 (915,192 ) 417,360 Less: comprehensive income attributable to noncontrolling interests — — (17,428 ) — (17,428 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 403,563 $ 346,163 $ 565,398 $ (915,192 ) $ 399,932
Condensed consolidating statement cash flows	Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 160,724 $ 348,980 $ 422,743 $ (744,453 ) $ 187,994 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 5,344 — 398,750 — 404,094 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Equity in earnings of unconsolidated real estate JVs — — (5,359 ) — (5,359 ) Distributions of earnings from unconsolidated real estate JVs — — 2,607 — 2,607 Amortization of loan fees 6,601 — 263 — 6,864 Amortization of debt premiums (484 ) — (2,386 ) — (2,870 ) Amortization of acquired below-market leases — — (20,976 ) — (20,976 ) Deferred rent — — (79,835 ) — (79,835 ) Stock compensation expense 33,401 — — — 33,401 Equity in earnings of affiliates (388,639 ) (348,947 ) (6,867 ) 744,453 — Investment income — (33 ) (41,947 ) — (41,980 ) Changes in operating assets and liabilities: Tenant receivables — — (886 ) — (886 ) Deferred leasing costs — — (34,374 ) — (34,374 ) Other assets (3,989 ) — (997 ) — (4,986 ) Accounts payable, accrued expenses, and other liabilities (537 ) — 14,839 — 14,302 Net cash (used in) provided by operating activities (147,370 ) — 652,936 — 505,566 Investing Activities Additions to real estate — — (914,722 ) — (914,722 ) Purchases of real estate — — (1,289,319 ) — (1,289,319 ) Deposits returned for investing activities — — 1,899 — 1,899 Investments in subsidiaries (1,452,436 ) (1,386,525 ) (28,530 ) 2,867,491 — Investments in unconsolidated real estate JVs — — (99,955 ) — (99,955 ) Additions to investments — — (133,866 ) — (133,866 ) Sales of investments — 172 84,921 — 85,093 Net cash used in investing activities $ (1,452,436 ) $ (1,386,353 ) $ (2,379,572 ) $ 2,867,491 $ (2,350,870 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2019 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (304,455 ) $ — $ (304,455 ) Proceeds from issuance of unsecured senior notes payable 2,721,169 — — — 2,721,169 Repayments of unsecured senior notes payable (950,000 ) — — — (950,000 ) Borrowings from unsecured senior line of credit 4,068,000 — — — 4,068,000 Repayments of borrowings from unsecured senior line of credit (3,933,000 ) — — — (3,933,000 ) Repayments of borrowings from unsecured senior bank term loan (350,000 ) — — — (350,000 ) Premium paid for early extinguishment of debt (34,677 ) — — — (34,677 ) Transfers to/from parent company 396,001 1,386,353 1,085,137 (2,867,491 ) — Payment of loan fees (26,772 ) — (7,082 ) — (33,854 ) Taxes paid related to net settlement of equity awards (25,150 ) — — — (25,150 ) Repurchase of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Proceeds from issuance of common stock 235,487 — — — 235,487 Dividends on common stock (332,458 ) — — — (332,458 ) Dividends on preferred stock (3,138 ) — — — (3,138 ) Contributions from and sales of noncontrolling interests — — 1,015,874 — 1,015,874 Distributions to and purchases of noncontrolling interests — — (38,882 ) — (38,882 ) Net cash provided by financing activities 1,756,222 1,386,353 1,750,592 (2,867,491 ) 2,025,676 Effect of foreign exchange rate changes on cash and cash equivalents — — 468 — 468 Net increase in cash, cash equivalents, and restricted cash 156,416 — 24,424 — 180,840 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 $ 275,721 $ — $ 177,249 $ — $ 452,970 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 114,951 $ — $ 10,213 $ — $ 125,164 Change in accrued construction $ — $ — $ 12,128 $ — $ 12,128 Accrued construction for current-period additions to real estate $ — $ — $ 211,691 $ — $ 211,691 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 267,559 $ — $ 267,559 Lease liability $ — $ — $ (273,545 ) $ — $ (273,545 ) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Operating Activities Net income $ 403,996 $ 346,163 $ 586,457 $ (915,192 ) $ 421,424 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 4,830 — 347,841 — 352,671 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Equity in earnings of unconsolidated real estate JVs — — (42,952 ) — (42,952 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 6,685 — 1,185 — 7,870 Amortization of debt discounts (premiums) 587 — (2,382 ) — (1,795 ) Amortization of acquired below-market leases — — (16,588 ) — (16,588 ) Deferred rent — — (75,960 ) — (75,960 ) Stock compensation expense 25,209 — — — 25,209 Equity in earnings of affiliates (562,707 ) (345,676 ) (6,809 ) 915,192 — Investment income — (487 ) (219,807 ) — (220,294 ) Changes in operating assets and liabilities: Tenant receivables — — (807 ) — (807 ) Deferred leasing costs — — (42,821 ) — (42,821 ) Other assets (14,955 ) — (6,674 ) — (21,629 ) Accounts payable, accrued expenses, and other liabilities (4,371 ) — 26,268 — 21,897 Net cash (used in) provided by operating activities (139,903 ) — 553,991 — 414,088 Investing Activities Proceeds from sales of real estate — — 5,748 — 5,748 Additions to real estate — — (663,688 ) — (663,688 ) Purchases of real estate — — (947,013 ) — (947,013 ) Deposits returned for investing activities — — 2,500 — 2,500 Investments in subsidiaries (1,453,711 ) (1,234,186 ) (25,477 ) 2,713,374 — Acquisitions of interests in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (77,501 ) — (77,501 ) Return of capital from unconsolidated real estate joint ventures — — 68,592 — 68,592 Additions to investments — — (174,195 ) — (174,195 ) Sales of investments — 420 56,910 — 57,330 Net cash used in investing activities $ (1,453,711 ) $ (1,233,766 ) $ (1,790,046 ) $ 2,713,374 $ (1,764,149 ) Condensed Consolidating Statement of Cash Flows (continued) for the Nine Months Ended September 30, 2018 (In thousands) (Unaudited) Alexandria Alexandria Combined Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (155,155 ) — (155,155 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 3,894,000 — — — 3,894,000 Repayments of borrowings from unsecured senior line of credit (3,531,000 ) — — — (3,531,000 ) Repayments of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfers to/from parent company 102,582 1,233,757 1,377,035 (2,713,374 ) — Payment of loan fees (19,066 ) — — — (19,066 ) Proceeds from issuance of common stock 696,532 — — — 696,532 Dividends on common stock (280,632 ) — — — (280,632 ) Dividends on preferred stock (3,905 ) — — — (3,905 ) Contributions from noncontrolling interests — — 15,837 — 15,837 Distributions to noncontrolling interests — — (25,910 ) — (25,910 ) Net cash provided by financing activities 1,557,832 1,233,757 1,229,591 (2,713,374 ) 1,307,806 Effect of foreign exchange rate changes on cash and cash equivalents — — (1,051 ) — (1,051 ) Net decrease in cash, cash equivalents, and restricted cash (35,782 ) (9 ) (7,515 ) — (43,306 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 94,734 $ — $ 139,146 $ — $ 233,880 Supplemental Disclosures and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 81,888 $ — $ 17,750 $ — $ 99,638 Change in accrued construction $ — $ — $ 69,654 $ — $ 69,654 Accrued construction for current-period additions to real estate $ — $ — $ 225,435 $ — $ 225,435

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	Jan. 01, 2019USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net		$ 343,000		$ 343,000
Maximum expected period of sale of property (in years)				1 year
Cost method investment ownership percentage		10.00%		10.00%
Percentage of total revenues		95.60%		95.80%
Ground and Operating Lease Obligation Due	$ 590,300	$ 702,000		$ 702,000
Operating lease liability	218,700	270,614		$ 270,614		$ 0
Reclassification of deferred rent liabilities	27,000
Write-off of lease origination costs that were capitalized in connection with leases executed prior to 1/1/19	$ 3,500
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		39,721		$ 39,721		$ 39,149
Income from rentals
Operating lease income		372,593		1,074,395
Direct financing lease income		607		1,812
Revenues subject to the new lease accounting standard		373,200		1,076,207
Revenue		$ 390,484	$ 341,823	$ 1,123,182	$ 986,996
Land improvements | Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life				20 years
Buildings and building improvements | Maximum
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Estimated useful life				40 years
Canada
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property		3		3
China
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Number of Real Estate Properties | property		1		1
Income from rentals
Income from rentals
Revenue		$ 385,776	336,547	$ 1,112,143	976,996
Other income
Income from rentals
Revenue		$ 4,708	5,276	$ 11,039	10,000
Revenues subject to other accounting guidance
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Percentage of total revenues		4.40%		4.20%
Income from rentals
Revenue		$ 17,300		$ 47,000
Rental revenues
Income from rentals
Revenue			255,496		750,616
Tenant recoveries
Income from rentals
Revenue			$ 81,051		$ 226,380
Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Receivables from revenue transactions within scope of revenue recognition		9,700		9,700
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenue subject to the revenue recognition ASU		12,576		35,936
$2.2 billion unsecured senior line of credit
Property, plant and equipment depreciated on a straight-line basis using an estimated life
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net		$ 343,000		$ 343,000

Schedule of investment in real

Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate Properties
Investments in real estate	$ 13,618,280	$ 11,913,693
North America
Real Estate Properties
Land (related to rental properties)	1,886,807	1,625,349
Buildings and building improvements	11,044,071	9,986,635
Other improvements	1,250,304	976,627
Rental properties	14,181,182	12,588,611
Development and redevelopment projects (under construction or pre-construction)	1,872,112	1,460,814
Future development projects	132,167	98,802
Gross investments in real estate	16,185,461	14,148,227
Less: accumulated depreciation	(2,596,337)	(2,263,797)
Investments in real estate	13,589,124	11,884,430
Asia
Real Estate Properties
Investments in real estate	$ 29,156	$ 29,263

Acquisition (Details)

Acquisition (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019USD ($)ft²	Jun. 30, 2019USD ($)ft²	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)ft²	Sep. 30, 2018USD ($)
Real Estate
Number of Real Estate Properties Acquired	11	3	10		11
Purchase price | $					$ 1,289,319	$ 947,013
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
Greater Boston
Real Estate
Number of Real Estate Properties Acquired		1	0
Purchase price | $		$ 252,000	$ 81,100
New York City
Real Estate
Number of Real Estate Properties Acquired	0				0
Purchase price | $	$ 25,000
San Francisco
Real Estate
Number of Real Estate Properties Acquired	2		4		2
Purchase price | $	$ 205,000		$ 239,450
San Diego
Real Estate
Number of Real Estate Properties Acquired	3	1	2		3
Purchase price | $	$ 140,250	$ 16,000	$ 23,250
Seattle
Real Estate
Number of Real Estate Properties Acquired		1
Purchase price | $		$ 28,500
Maryland
Real Estate
Number of Real Estate Properties Acquired	3				3
Purchase price | $	$ 51,130
Other markets
Real Estate
Number of Real Estate Properties Acquired	3		4		3
Purchase price | $	$ 37,850		$ 39,150
North America
Real Estate
Number of Real Estate Properties Acquired	24				24
Area of Real Estate Property	25,400,000				25,400,000
Purchase price | $	$ 459,230	$ 296,500	$ 382,950		$ 1,138,680
Future development
Real Estate
Area of Real Estate Property	189,938	630,400	175,000		189,938
Future development | Greater Boston
Real Estate
Area of Real Estate Property		293,000	175,000
Future development | New York City
Real Estate
Area of Real Estate Property	135,938				135,938
Future development | San Francisco
Real Estate
Area of Real Estate Property	0		0		0
Future development | San Diego
Real Estate
Area of Real Estate Property	0	149,000	0		0
Future development | Seattle
Real Estate
Area of Real Estate Property		188,400
Future development | Maryland
Real Estate
Area of Real Estate Property	0				0
Future development | Other markets
Real Estate
Area of Real Estate Property	54,000		0		54,000
Future development | North America
Real Estate
Area of Real Estate Property	995,338				995,338
Active redevelopment
Real Estate
Area of Real Estate Property	347,912	0	0		347,912
Active redevelopment | Greater Boston
Real Estate
Area of Real Estate Property		0	0
Active redevelopment | New York City
Real Estate
Area of Real Estate Property	0				0
Active redevelopment | San Francisco
Real Estate
Area of Real Estate Property	347,912		0		347,912
Active redevelopment | San Diego
Real Estate
Area of Real Estate Property	0	0	0		0
Active redevelopment | Seattle
Real Estate
Area of Real Estate Property		0
Active redevelopment | Maryland
Real Estate
Area of Real Estate Property	0				0
Active redevelopment | Other markets
Real Estate
Area of Real Estate Property	0		0		0
Active redevelopment | North America
Real Estate
Area of Real Estate Property	347,912				347,912
Operating with future development/redevelopment
Real Estate
Area of Real Estate Property	58,814	58,680	129,084		58,814
Operating with future development/redevelopment | Greater Boston
Real Estate
Area of Real Estate Property		0	0
Operating with future development/redevelopment | New York City
Real Estate
Area of Real Estate Property	0				0
Operating with future development/redevelopment | San Francisco
Real Estate
Area of Real Estate Property	0		0		0
Operating with future development/redevelopment | San Diego
Real Estate
Area of Real Estate Property	0	40,000	53,220		0
Operating with future development/redevelopment | Seattle
Real Estate
Area of Real Estate Property		18,680
Operating with future development/redevelopment | Maryland
Real Estate
Area of Real Estate Property	0				0
Operating with future development/redevelopment | Other markets
Real Estate
Area of Real Estate Property	58,814		75,864		58,814
Operating with future development/redevelopment | North America
Real Estate
Area of Real Estate Property	246,578				246,578
Operating property
Real Estate
Area of Real Estate Property	487,575	87,163	247,770		487,575
Acquired in-place leases | $	$ 91,300				$ 91,300
Below-market leases | $	$ 35,700				$ 35,700
Weighted average remaining lease term for below-market leases					4 years 9 months 18 days
Weighted average remaining amortization period, acquired in-place and below-market leases					7 years 7 months 6 days
Operating property | Acquired in-place leases
Real Estate
Weighted average remaining amortization period, acquired in-place and below-market leases					7 years 3 months 18 days
Operating property | Below-market leases
Real Estate
Weighted average remaining amortization period, acquired in-place and below-market leases					8 years 3 months 18 days
Operating property | Greater Boston
Real Estate
Area of Real Estate Property		87,163	0
Operating property | New York City
Real Estate
Area of Real Estate Property	0				0
Operating property | San Francisco
Real Estate
Area of Real Estate Property	0		247,770		0
Operating property | San Diego
Real Estate
Area of Real Estate Property	314,103	0	0		314,103
Operating property | Seattle
Real Estate
Area of Real Estate Property		0
Operating property | Maryland
Real Estate
Area of Real Estate Property	138,938				138,938
Operating property | Other markets
Real Estate
Area of Real Estate Property	34,534		0		34,534
Operating property | North America
Real Estate
Area of Real Estate Property	822,508				822,508

Real estate asset sales (Detail

Real estate asset sales (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2019USD ($)ft²	Mar. 31, 2019USD ($)ft²	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)ft²	Sep. 30, 2018USD ($)	Jun. 30, 2019ft²
Real Estate
Contributions from noncontrolling interests	$ 572,032,000		$ 1,273,000	$ 1,012,309,000	$ 15,087,000
Additional Paid-In Capital
Real Estate
Contributions from noncontrolling interests	179,093,000		0	381,339,000	257,000
Noncontrolling Interests
Real Estate
Contributions from noncontrolling interests	$ 392,939,000		$ 1,273,000	$ 630,970,000	$ 14,830,000
Future development
Real Estate
Area of Real Estate Property | ft²	189,938	175,000		189,938		630,400
Operating property
Real Estate
Area of Real Estate Property | ft²	487,575	247,770		487,575		87,163
75/125 Binney Street
Real Estate
Noncontrolling Interest Share (in percentage)	60.00%			60.00%
Our ownership percentage (in percent)	40.00%			40.00%
Area of Real Estate Property | ft²	388,270			388,270
Proceeds from sale of real estate		$ 438,000,000
Proceeds from Sale of Real Estate (Per RSF)		1,880
75/125 Binney Street | Additional Paid-In Capital
Real Estate
Contributions from noncontrolling interests		$ 202,200,000
5200 Illumina Way
Real Estate
Noncontrolling Interest Share (in percentage)	49.00%			49.00%
Our ownership percentage (in percent)	51.00%			51.00%
Area of Real Estate Property | ft²	792,687			792,687
Number of Real Estate Properties	6			6
Proceeds from sale of real estate	$ 585,200,000
5200 Illumina Way | Additional Paid-In Capital
Real Estate
Contributions from noncontrolling interests	269,100,000
5200 Illumina Way | Noncontrolling Interests
Real Estate
Proceeds from sale of real estate	286,700,000
Contributions from noncontrolling interests	131,900,000
5200 Illumina Way | Future development | Noncontrolling Interests
Real Estate
Proceeds from sale of real estate	22,100,000
Proceeds from Sale of Real Estate (Per RSF)	100
5200 Illumina Way | Operating property | Noncontrolling Interests
Real Estate
Proceeds from sale of real estate	264,600,000
Proceeds from Sale of Real Estate (Per RSF)	$ 681
500 Forbes Boulevard
Real Estate
Noncontrolling Interest Share (in percentage)	90.00%			90.00%
Our ownership percentage (in percent)	10.00%			10.00%
Area of Real Estate Property | ft²	155,685			155,685
Proceeds from sale of real estate	$ 139,500,000
Proceeds from Sale of Real Estate (Per RSF)	996
500 Forbes Boulevard | Additional Paid-In Capital
Real Estate
Contributions from noncontrolling interests	$ 48,400,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	Sep. 30, 2019
75/125 Binney Street
Schedule of Equity Method Investments
Our ownership percentage (in percent)	40.00%
225 Binney Street
Schedule of Equity Method Investments
Our ownership percentage (in percent)	30.00%
409/499 Illinois Street
Schedule of Equity Method Investments
Our ownership percentage (in percent)	60.00%
1500 Owens Street
Schedule of Equity Method Investments
Our ownership percentage (in percent)	50.10%
500 Forbes Boulevard
Schedule of Equity Method Investments
Our ownership percentage (in percent)	10.00%
Campus Pointe by Alexandria
Schedule of Equity Method Investments
Our ownership percentage (in percent)	55.00%
5200 Illumina Way
Schedule of Equity Method Investments
Our ownership percentage (in percent)	51.00%
9625 Towne Centre Drive
Schedule of Equity Method Investments
Our ownership percentage (in percent)	50.10%
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Our ownership percentage (in percent)	48.30%
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Our ownership percentage (in percent)	65.00%
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Our ownership percentage (in percent)	56.80%
Equity Method Investee | 1655 and 1725 Third Street
Schedule of Equity Method Investments
Our ownership percentage (in percent)	10.00%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity
Investments in real estate	$ 13,618,280	$ 11,913,693
Cash and cash equivalents	410,675	234,181
Other assets	777,003	370,257
Total assets	17,058,154	14,464,956
Secured notes payable	351,852	630,547
Total liabilities	8,094,534	6,570,242
Redeemable noncontrolling interests	12,099	10,786
Alexandria Real Estate Equities, Inc.'s share of equity	7,790,232	7,341,965
Noncontrolling interests' share of equity	1,161,289	541,963
Total liabilities, noncontrolling interests, and equity	17,058,154	14,464,956
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Investments in real estate	2,296,317	1,108,385
Cash and cash equivalents	59,095	42,178
Other assets	253,148	74,901
Total assets	2,608,560	1,225,464
Secured notes payable	0	0
Other Liabilities	134,966	59,336
Total liabilities	134,966	59,336
Redeemable noncontrolling interests	2,187	874
Alexandria Real Estate Equities, Inc.'s share of equity	1,311,437	624,349
Noncontrolling interests' share of equity	1,159,970	540,905
Total liabilities, noncontrolling interests, and equity	$ 2,608,560	$ 1,225,464

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 340,190	$ 237,507
Unconsolidated Real Estate Joint Ventures Debt
Weighted-Average Interest Rate at End of Period	3.93%
Long-term Debt	$ 6,737,683
Equity Method Investee
Unconsolidated Real Estate Joint Ventures Debt
Long-term Debt	501,972
Long-term Debt, Remaining Commitments	215,181
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 282,280	186,504
Our ownership percentage (in percent)	48.30%
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 7,798	8,197
Our ownership percentage (in percent)	65.00%
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 4,679	4,547
Our ownership 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	$ 36,508	34,917
Our ownership 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	$ 8,925	$ 3,342
Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	May 17, 2020
Weighted-Average Interest Rate at End of Period	5.60%
Long-term Debt	$ 25,467
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 3,268
Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Maturity Date	Jun. 29, 2021
Weighted-Average Interest Rate at End of Period	5.80%
Long-term Debt	$ 282,513
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 92,487
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	4.23%
Long-term Debt	$ 7,571
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 7,300
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	4.59%
Long-term Debt	$ 43,700
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	$ 112,126
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	$ 142,721
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	$ 0
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 5/17/20 | Equity Method Investee | 1401/1413 Research Boulevard
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	2.50%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 6/29/21 | Equity Method Investee | 1655 and 1725 Third Street
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	3.70%
London Interbank Offered Rate (LIBOR) | Secured debt maturing on 3/16/23 | Equity Method Investee | 704 Quince Orchard Road
Unconsolidated Real Estate Joint Ventures Debt
Applicable margin (as a percent)	1.95%

Lessor (Details)

Lessor (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)ft²	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)ft²	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Operating Lease
Land parcel subject to lease agreement that contains a purchase option	2		2
Rent Commence Date			Oct. 1, 2017
Lessee Option to Purchase Underlying Asset			30 years
Operating Leases, Future Minimum Payments Receivable
2019	$ 248,066		$ 248,066
2020	1,013,294		1,013,294
2021	1,017,764		1,017,764
2022	1,007,446		1,007,446
2023	953,818		953,818
Thereafter	6,723,208		6,723,208
Total	10,963,596		$ 10,963,596
Direct Financing Lease
Remaining lease term			73 years 2 months 12 days
Lessee Option to Purchase Underlying Asset			30 years
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease	260,872		$ 260,872		$ 262,111
Less: unearned income	(221,151)		(221,151)		(222,962)
Net investment in direct financing lease	39,721		39,721		39,149
Direct Financing Leases, Future Minimum Payments Receivable
2019	415		415
2020	1,705		1,705
2021	1,756		1,756
2022	1,809		1,809
2023	1,863		1,863
Thereafter	253,324		253,324
Gross investment in direct financing lease	260,872		260,872		$ 262,111
Income from rentals
Operating lease income	372,593		1,074,395
Direct financing lease income	607		1,812
Revenues subject to the new lease accounting standard	373,200		1,076,207
Revenue	$ 390,484	$ 341,823	$ 1,123,182	$ 986,996
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 2 months 12 days
North America
Lessor, Lease, Description [Line Items]
Number of Real Estate Properties	269		269
Area of Real Estate Property | ft²	25,400,000		25,400,000
Income from rentals
Income from rentals
Revenue	$ 385,776	$ 336,547	$ 1,112,143	$ 976,996
Income from rentals | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Income from rentals
Revenue subject to the revenue recognition ASU	$ 12,576		$ 35,936

Lessee (Details)

Lessee (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Ground and Operating Lease Obligation Due	$ 702,000		$ 702,000		$ 590,300
Operating lease liability	270,614		270,614		218,700	$ 0
Operating lease right-of-use asset	$ 264,351		$ 264,351			0
Operating lease discount rate	5.25%		5.25%
Number of Properties Subject to Ground Leases | property	31		31
Net book value for the exclusion of one ground lease related to one operating property	$ 7,900		$ 7,900
Operating lease costs - cash rents			13,400	$ 11,200
Operating Lease Liabilities, Payments Due
2019	3,874		3,874
2020	15,132		15,132
2021	15,875		15,875
2022	16,120		16,120
2023	16,270		16,270
Thereafter	634,708		634,708
Total future payments under our operating leases for which we are a lessee	701,979		701,979
Effect of discounting	(431,365)		(431,365)
Operating lease liability	270,614		270,614		$ 218,700	$ 0
Leasee operating costs
Gross operating lease costs	5,157	$ 4,035	14,581	11,855
Capitalized lease costs	(452)	(36)	(902)	(108)
Expenses for operating leases in which we are the lessee	$ 4,705	$ 3,999	$ 13,679	$ 11,747
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation			34 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation			95 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term	44 years		44 years

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents
Cash and cash equivalents	$ 410,675	$ 234,181
Restricted cash	42,295	37,949
Cash, cash equivalents, and restricted cash	452,970	272,130	$ 233,880	$ 233,880	$ 277,186
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents
Restricted cash	25,631	22,681
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents
Restricted cash	11,587	10,558
Other restricted cash
Cash and Cash Equivalents
Restricted cash	$ 5,077	$ 4,710

Summary of Investments (Details

Summary of Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments
Investment commitments	$ 231,600
Limited partnership maximum expiration terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 7 months 6 days
Limited partnership liquidation, expected initial term (in years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 737,078	$ 652,109
Cumulative unrealized gains (losses) on investments	253,376	240,155
Total investments	990,454	892,264
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	173,063	121,121
Cumulative unrealized gains (losses) on investments	39,956	62,884
Investments at fair value, book value	213,019	184,005
Investments in privately held entities that report NAV
Schedule of Investments
Investment commitments	$ 231,000
Weighted-average remaining liquidation term (in years)	8 years 7 months 6 days
Summary of Investment [Abstract]
Investment at fair value, cost	$ 253,696	204,646
Cumulative unrealized gains (losses) on investments	139,608	113,159
Investments at fair value, book value	393,304	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	74,500
Investments in privately held entities that do not report NAV, cumulative downward price adjustment	(730)
Annual adjustments recognized on investments in privately held entities that do not report NAV	9,700
Investments in privately held entities that do not report NAV, annual upward price adjustment	10,200
Investments in privately held entities that do not report NAV, annual downward price adjustment	(530)
Summary of Investment [Abstract]
Investment at fair value, cost	42,017	39,421
Cumulative unrealized gains (losses) on investments	73,812	64,112
Investments in privately held entities that do not report fair value, book value	115,829	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	268,302	286,921
Cumulative unrealized gains (losses) on investments	0	0
Investments in privately held entities that do not report fair value, book value	$ 268,302	$ 286,921

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Investment Income
Investment income, unrealized gains (losses)	$ (70,043)	$ 117,188	$ 13,221	$ 194,484
Investment income, realized gains (losses)	6,967	5,015	28,759	25,810
Investment income	(63,076)	122,203	41,980	220,294
Investments in publicly traded companies
Net Investment Income
Investment income, unrealized gains (losses)	(51,574)	40,342	566	92,148
Investment income, realized gains (losses)	0	0	0	0
Investment income	(51,574)	40,342	566	92,148
Investments in privately held entities that report NAV
Net Investment Income
Investment income, unrealized gains (losses)	(2,840)	28,948	26,420	48,718
Investment income, realized gains (losses)	0	0	0	0
Investment income	(2,840)	28,948	26,420	48,718
Investments in privately held entities that do not report NAV
Net Investment Income
Investment income, unrealized gains (losses)	237	48,917	9,701	59,206
Investment income, realized gains (losses)	(7,133)	0	(7,133)	0
Investment income	(6,896)	48,917	2,568	59,206
Total investments at fair value, held at period end
Net Investment Income
Investment income, unrealized gains (losses)	(54,177)	118,207	36,687	200,072
Investment income, realized gains (losses)	(7,133)	0	(7,133)	0
Investment income	(61,310)	118,207	29,554	200,072
Investment disposed and recognized during the period
Net Investment Income
Investment income, unrealized gains (losses)	0	0	0	0
Investment income, realized gains (losses)	(1,766)	3,996	12,426	20,222
Investment income	(1,766)	3,996	12,426	20,222
Investment disposed and previously recognized
Net Investment Income
Investment income, unrealized gains (losses)	(15,866)	(1,019)	(23,466)	(5,588)
Investment income, realized gains (losses)	15,866	1,019	23,466	5,588
Investment income	0	0	0	0
Total investment disposition during the period
Net Investment Income
Investment income, unrealized gains (losses)	(15,866)	(1,019)	(23,466)	(5,588)
Investment income, realized gains (losses)	14,100	5,015	35,892	25,810
Investment income	$ (1,766)	$ 3,996	$ 12,426	$ 20,222

Other assets (Detail)

Other assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired in-place leases	$ 186,845	$ 132,906
Acquired below-market ground leases in which we are the lessee	0	17,434
Deferred compensation plan	20,694	19,238
Deferred financing costs – $2.2 billion unsecured senior line of credit	13,691	16,060
Deposits	11,167	12,974
Furniture, fixtures, and equipment	17,511	14,787
Interest rate hedge assets	0	2,606
Net investment in direct financing lease	39,721	39,149
Notes receivable	459	528
Operating lease right-of-use asset	264,351	0
Other assets	15,312	19,861
Prepaid expenses	15,487	13,690
Property, plant, and equipment	191,765	81,024
Total	$ 777,003	$ 370,257

Assets and Liabilities on Recur

Assets and Liabilities on Recurring Basis (Details) $ in Thousands	3 Months Ended	9 Months Ended	30 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)transfer	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Repayments of unsecured senior bank term loan			$ 1,100,000
Transfers in Fair Value Hierarchy | transfer		0
Interest rate hedge agreements, notional amount	$ 350,000	$ 350,000
Weighted-average interest pay rate for interest rate hedge agreements	2.57%	2.57%
Assets:
Interest rate hedge assets	$ 0	$ 0		$ 2,606
Liabilities:
Interest rate hedge liabilities	0	0		768
Unsecured Senior Bank Term Loan
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Repayments of unsecured senior bank term loan	350,000
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate hedge assets				0
Liabilities:
Interest rate hedge liabilities				0
Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Interest rate hedge assets				2,606
Liabilities:
Interest rate hedge liabilities				768
Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Interest rate hedge assets				0
Liabilities:
Interest rate hedge liabilities				0
Fair Value | Fair value measured on recurring basis
Assets:
Interest rate hedge assets				2,606
Liabilities:
Interest rate hedge liabilities				768
Investments in publicly traded companies
Assets:
Investments in publicly traded companies	213,019	213,019		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	213,019	213,019		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		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		0
Investments in publicly traded companies | Fair Value | Fair value measured on recurring basis
Assets:
Investments in publicly traded companies	$ 213,019	$ 213,019		$ 184,005

Book and Fair Values (Details)

Book and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 351,852	$ 630,547
Unsecured senior notes payable	6,042,831	4,292,293
Unsecured senior line of credit	343,000	208,000
Unsecured senior bank term loan	0	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	351,852	630,547
Unsecured senior notes payable	6,042,831	4,292,293
Unsecured senior line of credit	343,000	208,000
Unsecured senior bank term loan	0	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	371,321	638,860
Unsecured senior notes payable	6,566,970	4,288,335
Unsecured senior line of credit	342,931	208,106
Unsecured senior bank term loans		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	393,304	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	393,304	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	$ 393,304	$ 317,805

Summary of secured and unsecure

Summary of secured and unsecured debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Debt Instrument
Long-term Debt	$ 6,394,683
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	343,000
Total Consolidated	$ 6,737,683
Percentage of Total	100.00%
Weighted-Average Interest Rate at End of Period	3.93%
Weighted Average Remaining Terms (in years)	10 years 8 months 12 days
Percentage of fixed rate/hedged total debt	95.00%
Percentage of unhedged floating rate total debt	5.00%
Secured notes payable
Debt Instrument
Long-term Debt	$ 351,852
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 351,852
Percentage of Total	5.20%
Weighted-Average Interest Rate at End of Period	3.58%
Weighted Average Remaining Terms (in years)	4 years 3 months 18 days
Unsecured senior notes payable
Debt Instrument
Long-term Debt	$ 6,042,831
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	0
Total Consolidated	$ 6,042,831
Percentage of Total	89.70%
Weighted-Average Interest Rate at End of Period	3.99%
Weighted Average Remaining Terms (in years)	11 years 4 months 24 days
$2.2 billion unsecured senior line of credit
Debt Instrument
Long-term Debt	$ 0
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	343,000
Total Consolidated	$ 343,000
Percentage of Total	5.10%
Weighted-Average Interest Rate at End of Period	3.14%
Weighted Average Remaining Terms (in years)	4 years 3 months 18 days

Detail of secured and unsecured

Detail of secured and unsecured debt (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 12, 2019	Jul. 15, 2019
Debt Instrument
Effective rate (as a percent)		3.93%
Future principal payments due on secured and unsecured debt
2019		$ 1,602
2020		6,560
2021		6,901
2022		7,227
2023		604,548
Thereafter		6,130,346
Outstanding Balance		6,757,184
Unamortized (Deferred Financing Cost), (Discount) Premium		(19,501)
Total Consolidated		$ 6,737,683
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		$ 1,602
2020		6,560
2021		6,901
2022		7,227
2023		104,548
Thereafter		212,346
Outstanding Balance		339,184
Unamortized (Deferred Financing Cost), (Discount) Premium		12,668
Total Consolidated		$ 351,852
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		$ 430
2020		1,763
2021		1,852
2022		1,942
2023		26,259
Thereafter		0
Outstanding Balance		32,246
Unamortized (Deferred Financing Cost), (Discount) Premium		(214)
Total Consolidated		$ 32,032
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		$ 382
2020		1,566
2021		1,628
2022		1,693
2023		74,517
Thereafter		0
Outstanding Balance		79,786
Unamortized (Deferred Financing Cost), (Discount) Premium		1,904
Total Consolidated		$ 81,690
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		$ 790
2020		3,206
2021		3,395
2022		3,564
2023		3,742
Thereafter		183,527
Outstanding Balance		198,224
Unamortized (Deferred Financing Cost), (Discount) Premium		11,639
Total Consolidated		$ 209,863
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		(661)
Total Consolidated		$ 27,539
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		$ 0
2020		25
2021		26
2022		28
2023		30
Thereafter		619
Outstanding Balance		728
Unamortized (Deferred Financing Cost), (Discount) Premium		0
Total Consolidated		$ 728
Unsecured Debt
Debt Instrument
Effective rate (as a percent)		3.95%
Future principal payments due on secured and unsecured debt
2019		$ 0
2020		0
2021		0
2022		0
2023		500,000
Thereafter		5,918,000
Outstanding Balance		6,418,000
Unamortized (Deferred Financing Cost), (Discount) Premium		(32,169)
Total Consolidated		$ 6,385,831
$2.2 billion unsecured senior line of credit
Debt Instrument
Effective rate (as a percent)		3.14%
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		343,000
Outstanding Balance		343,000
Unamortized (Deferred Financing Cost), (Discount) Premium		0
Total Consolidated		$ 343,000
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		(2,212)
Total Consolidated		$ 497,788
4.00% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.00%	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		(600)
Total Consolidated		$ 649,400
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		(4,882)
Total Consolidated		$ 595,118
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		(3,060)
Total Consolidated		$ 296,940
3.80% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	3.80%	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	350,000
Unamortized (Deferred Financing Cost), (Discount) Premium		(3,201)
Total Consolidated		$ 346,799
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		(3,674)
Total Consolidated		$ 346,326
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		(3,507)
Total Consolidated		$ 421,493
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		(2,181)
Total Consolidated		$ 297,819
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument
Stated interest rate (as a percent)		2.75%
Effective rate (as a percent)		2.87%
Maturity Date		Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2019		$ 0
2020		0
2021		0
2022		0
2023		0
Thereafter		400,000
Outstanding Balance		400,000
Unamortized (Deferred Financing Cost), (Discount) Premium		(4,189)
Total Consolidated		$ 395,811
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		(3,995)
Total Consolidated		$ 446,005
3.375% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)		3.375%
Effective rate (as a percent)		3.48%
Maturity Date		Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2019		$ 0
2020		0
2021		0
2022		0
2023		0
Thereafter		750,000
Outstanding Balance		750,000
Unamortized (Deferred Financing Cost), (Discount) Premium		(7,685)
Total Consolidated		$ 742,315
4.85% Unsecured Senior Notes Payable
Debt Instrument
Stated interest rate (as a percent)	4.85%	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	300,000
Unamortized (Deferred Financing Cost), (Discount) Premium		(3,475)
Total Consolidated		$ 296,525
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument
Stated interest rate (as a percent)		4.00%
Effective rate (as a percent)		3.91%
Maturity Date		Feb. 1, 2050
Future principal payments due on secured and unsecured debt
2019		$ 0
2020		0
2021		0
2022		0
2023		0
Thereafter		700,000
Outstanding Balance		700,000	$ 200,000	$ 500,000
Unamortized (Deferred Financing Cost), (Discount) Premium		10,492
Total Consolidated		$ 710,492
London Interbank Offered Rate (LIBOR) | $2.2 billion unsecured senior line of credit
Debt Instrument
Applicable margin (as a percent)		0.825%

Unsecured senior notes payable

Unsecured senior notes payable (Details) $ in Thousands	Aug. 16, 2019	Jul. 17, 2019	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Sep. 12, 2019USD ($)	Jul. 15, 2019USD ($)
Debt Instrument
Outstanding Balance			$ 6,757,184			$ 6,757,184
Proceeds from issuance of unsecured senior notes payable						$ 2,721,169	$ 899,321
Weighted Average Remaining Terms (in years)						10 years 8 months 12 days
Repayments of unsecured senior bank term loan								$ 1,100,000
Loss primarily related to the early extinguishment of debt			41,900
Loss on early extinguishment of debt			40,209		$ 1,122	$ 47,570	$ 1,122
Loss recognized related to the early termination of interest rate hedge agreements			1,700
Commercial Paper
Debt Instrument
Commercial paper issuance balance			$ 750,000			$ 750,000
Commercial Paper | Maximum
Debt Instrument
Number of maturity days from date of issuance						397
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
Weighted Average Interest Rate			4.32%			4.32%
Weighted Average Remaining Terms (in years)						14 years 1 month 6 days
4.85% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 300,000	$ 300,000		$ 300,000
Maturity Date				Apr. 15, 2049
Stated interest rate (as a percent)			4.85%	4.85%		4.85%
3.80% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 350,000	$ 350,000		$ 350,000
Maturity Date				Apr. 15, 2026
Stated interest rate (as a percent)			3.80%	3.80%		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			$ 650,000
Maturity Date						Jan. 15, 2024
Stated interest rate (as a percent)			4.00%	4.00%		4.00%
Yield to maturity rate (as a percent)				3.453%
3.375% and 4.00% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 1,250,000			$ 1,250,000
Proceeds from issuance of unsecured senior notes payable			1,240,000
3.375% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 750,000			$ 750,000
Maturity Date						Aug. 15, 2031
Stated interest rate (as a percent)			3.375%			3.375%
2.75% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 400,000			$ 400,000
Stated interest rate (as a percent)			2.75%			2.75%
4.60% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 550,000			$ 550,000
Stated interest rate (as a percent)			4.60%			4.60%
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument
Outstanding Balance			$ 700,000			$ 700,000			$ 200,000	$ 500,000
Maturity Date						Feb. 1, 2050
Stated interest rate (as a percent)			4.00%			4.00%
Yield to maturity rate (as a percent)									3.441%
2.75% Unsecured Senior Notes Payable Due 2029 and Re-opening of 4.00% Unsecured Senior Notes Payable Due 2050
Debt Instrument
Outstanding Balance			$ 600,000			$ 600,000
Proceeds from issuance of unsecured senior notes payable			614,300
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument
Outstanding Balance			$ 400,000			$ 400,000
Maturity Date						Dec. 15, 2029
Stated interest rate (as a percent)			2.75%			2.75%
2.75% and 4.60% Unsecured Senior Notes Payable
Debt Instrument
Outstanding Balance			$ 950,000			$ 950,000
Cash tender offer settlement date		Jul. 17, 2019
Unsecured senior notes payable redemption date	Aug. 16, 2019
3.375% Unsecured Senior Notes, 4.00% Unsecured Semior Notes Due 2050, and 2.75% Unsecured Senior Notes Due 2029
Debt Instrument
Weighted Average Interest Rate			3.52%			3.52%
Weighted Average Remaining Terms (in years)						18 years 6 months
Unsecured Senior Bank Term Loan
Debt Instrument
Maturity Date						Jan. 2, 2025
Repayments of unsecured senior bank term loan			$ 350,000

Repayment of unsecured senior b

Repayment of unsecured senior bank term loans and secured notes payable (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument
Repayments of Secured Debt				$ 304,455	$ 155,155
Loss on early extinguishment of debt	$ (40,209)		$ (1,122)	$ (47,570)	$ (1,122)
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest expense incurred
Gross interest	$ 70,761	$ 59,675	$ 192,923	$ 163,574
Capitalized interest	(24,558)	(17,431)	(64,741)	(46,318)
Interest expense	$ 46,203	$ 42,244	$ 128,182	$ 117,256

Interest rate hedge agreements

Interest rate hedge agreements (Details) $ in Thousands	3 Months Ended	9 Months Ended	30 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	$ 343,000	$ 343,000
Percentage of unhedged floating rate total debt	5.00%	5.00%
Repayments of Libor-based debt			$ 1,100,000
Interest rate hedge agreements, notional amount	$ 350,000	$ 350,000
Weighted-average interest pay rate for interest rate hedge agreements	2.57%	2.57%
Loss recognized related to the early termination of interest rate hedge agreements	$ 1,700
$2.2 billion unsecured senior line of credit
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount, Net	343,000	$ 343,000
Unsecured Senior Bank Term Loan
Derivative [Line Items]
Repayments of Libor-based debt	350,000
Commercial Paper
Derivative [Line Items]
Commercial paper issuance balance	$ 750,000	$ 750,000
Commercial Paper | Maximum
Derivative [Line Items]
Number of maturity days from date of issuance		397

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and tenant security deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Accounts payable, accrued expenses, and tenant security deposits [Abstract]
Accounts payable and accrued expenses	$ 203,910		$ 215,539
Accrued construction	287,809		275,882
Acquired below-market leases	149,268		134,808
Conditional asset retirement obligations	14,155		10,343
Deferred rent liabilities	2,932		29,547
Interest rate hedge liabilities	0		768
Operating lease liability	270,614	$ 218,700	0
Unearned rent and tenant security deposits	249,667		250,923
Other liabilities	62,921		63,897
Accounts Payable and Accrued Liabilities	$ 1,241,276		$ 981,707

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Reconciliation
Net income (loss)	$ (36,003)	$ 219,359	$ 187,994	$ 421,424
Net income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Dividends on preferred stock	(1,173)	(1,301)	(3,204)	(3,905)
Preferred stock redemption charge	0	0	(2,580)	0
Net income attributable to unvested restricted stock awards	(1,398)	(3,395)	(4,532)	(6,010)
Numerator for basic EPS – net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	(49,773)	208,940	150,408	394,081
Dilutive effect of Series D Convertible Preferred Stock	0	1,301	0	0
Numerator for diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ (49,773)	$ 210,241	$ 150,408	$ 394,081
Denominator for basic EPS – weighted-average shares of common stock outstanding	112,120	104,179	111,540	101,991
Dilutive effect of forward equity sales agreements	0	462	172	363
Dilutive effect of Series D Convertible Preferred Stock	0	744	0	0
Denominator for diluted EPS – weighted-average shares of common stock outstanding	112,120	105,385	111,712	102,354
Earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders - basic and diluted:
Earnings per share – basic (USD per share)	$ (0.44)	$ 2.01	$ 1.35	$ 3.86
Earnings per shares - diluted (USD per share)	$ (0.44)	$ 1.99	$ 1.35	$ 3.85
Series D Convertible Preferred Stock
Class of Stock
Preferred stock, dividend rate (as a percent)			7.00%

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 29, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Preferred stock
Preferred stock redemption charge		$ 0	$ 0	$ 2,580	$ 0
Dividends declared on common stock		$ 114,572	$ 100,000	$ 337,687	$ 289,571
Dividends declared on common stock (USD per share)		$ 1	$ 0.93	$ 2.97	$ 2.76
Dividends declared on preferred stock		$ 1,173	$ 1,301	$ 3,204	$ 3,905
Shares of common stock authorized		200,000,000		200,000,000
Shares of common stock issued and outstanding		113,200,000		113,200,000
Shares of preferred stock authorized		100,000,000		100,000,000
Shares of preferred stock issued and outstanding		2,300,000		2,300,000
Number of "excess stock" authorized (in shares)				200,000,000
Number of excess stock authorized issued and outstanding (in shares)		0		0
7.00% Series D Cumulative Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding		2,300,000		2,300,000		2,600,000
Number of shares repurchased/redeemed				275,000
Aggregate price on repurchase of Series D preferred stock				$ 9,200
Aggregate price on repurchase of Series D preferred stock, per share				$ 33.60
Preferred stock redemption charge				$ 2,600
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		$ 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)		0.2513		0.2513
Closing sales price per share that the then-applicable conversion price must exceed in order for the shares to be automatically converted				$ 149.46
Dividends declared on preferred stock		$ 1,200		$ 3,200
Dividends declared on preferred stock (USD per share)		$ 0.4375	$ 0.4375	$ 1.3125	$ 1.3125
Subsequent Event
Preferred stock
Number of shares of common stock converted from preferred stock	578,000
Subsequent Event | 7.00% Series D Cumulative Convertible Preferred Stock
Preferred stock
Number of shares repurchased/redeemed	2,300,000

ATM common stock offering progr

ATM common stock offering program and Forward Equity Sales Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended		13 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Jun. 25, 2019	May 16, 2019
Class of Stock
Shares of common stock authorized	200,000,000	200,000,000		200,000,000
Net proceeds from issuance of common stock		$ 235,487	$ 696,532
Forward Equity Sales Agreements Entered in June 2019
Class of Stock
Shares of common stock authorized					4,400,000
Issuances of common stock (in shares)		1,082,000
Average issue price per share	$ 138.72	$ 138.72		$ 138.72	$ 145
Net proceeds from issuance of common stock		$ 150,100
Write-off of stock issuance costs	$ 700
Forward Equity Sales Agreements Entered Under the ATM Program Established in August 2018
Class of Stock
Shares of common stock authorized						3,700,000
Average issue price per share						$ 143.73
Forward Equity Sales Agreements Entered in June 2019 and Under ATM Program Established in August 2018
Class of Stock
Shares of common stock authorized	8,120,592	8,120,592		8,120,592
Average issue price per share	$ 144.42	$ 144.42		$ 144.42
Net proceeds from issuance of common stock	$ 1,100,000
Common stock available for future issuance (in shares)		7,038,592
ATM Common Stock Offering Program, Established August 2018
Class of Stock
Issuances of common stock (in shares)		602,484		602,484
Average issue price per share	$ 145.58	$ 145.58		$ 145.58
Net proceeds from issuance of common stock		$ 86,100
Common stock available for future issuance (in shares)		0
Common stock available for future issuance (in dollars)	$ 22,500	$ 22,500		$ 22,500
ATM Common Stock Offering Program, Established August 2018 | Forward Equity Sales Agreements Entered in June 2019 and Under ATM Program Established in August 2018
Class of Stock
Issuances of common stock (in shares)		1,684,484		8,723,076
Average issue price per share	$ 144.50	$ 144.50		$ 144.50
Net proceeds from issuance of common stock				$ 1,200,000
Common stock available for future issuance (in shares)		7,038,592

Accumulated other comprehensive

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	$ (79)	$ 165	(1,763)	$ 2,808
Unrealized foreign currency translation (losses) gains arising during the period	(2,076)	(59)	724	(3,631)
Other comprehensive (loss) income before reclassifications			(1,039)
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	38	(1,432)	(1,777)	(3,241)
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation			0
Reclassification of amortization income to interest expense			(1,777)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	(1,702)	$ 0	(1,702)	$ 0
Reclassification of losses in accumulated other comprehensive income (loss) to interest expense upon swap termination			1,702
Net other comprehensive income (loss)			(1,114)
Balance as of September 30, 2019	(11,549)		(11,549)
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)			(1,838)
Balance as of September 30, 2019	0		0
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)			724
Balance as of September 30, 2019	$ (11,549)		$ (11,549)

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 38,882	$ 25,910
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	25
Payments to Noncontrolling Interests	$ 38,900	$ 24,400

Assets classified as held for_3

Assets classified as held for sale (Details) $ in Thousands	Sep. 30, 2019USD ($)ft²	Dec. 31, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale - area of real estate | ft²	458,842
Net assets held for sale [Abstract]
Total assets	$ 53,168	$ 31,260
Total liabilities	(2,499)	(2,476)
Total accumulated other comprehensive income	1,479	768
Net assets classified as held for sale	$ 52,148	$ 29,552

Subsequent events (Details)

Subsequent events (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 29, 2019	Sep. 30, 2019
Subsequent Event [Line Items]
Unsecured senior line of credit, outstanding balance		$ 6,130,346,000
7.00% Series D Cumulative Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares repurchased/redeemed		275,000
$2.2 billion unsecured senior line of credit
Subsequent Event [Line Items]
Unsecured senior line of credit, outstanding balance		$ 343,000,000
Subsequent Event
Subsequent Event [Line Items]
Outstanding balance of Libor-based debt	$ 0
Subsequent Event | 7.00% Series D Cumulative Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares repurchased/redeemed	2,300,000

Condensed Consolidating Finan_3

Condensed Consolidating Financials - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 13,618,280		$ 11,913,693
Investments in and advances to affiliates	340,190		237,507
Cash and cash equivalents	410,675		234,181
Restricted cash	42,295		37,949
Tenant receivables	10,668		9,798
Deferred rent	615,817		530,237
Deferred leasing costs	252,772		239,070
Investments	990,454		892,264
Investments in and advances to affiliates	0		0
Other assets	777,003		370,257
Total assets	17,058,154		14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	351,852		630,547
Unsecured senior notes payable	6,042,831		4,292,293
Unsecured senior line of credit	343,000		208,000
Unsecured senior bank term loan	0		347,415
Accounts payable, accrued expenses, and other liabilities	1,241,276		981,707
Dividends payable	115,575		110,280
Total liabilities	8,094,534		6,570,242
Redeemable noncontrolling interests	12,099		10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,790,232		7,341,965
Noncontrolling interests	1,161,289		541,963
Total equity	8,951,521	$ 8,400,475	7,883,928	$ 7,402,613	$ 6,989,274	$ 6,471,660
Total liabilities, noncontrolling interests, and equity	17,058,154		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	(27,020,135)		(23,408,191)
Other assets	0		0
Total assets	(27,020,135)		(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
Accounts payable, accrued expenses, and other liabilities	0		0
Dividends payable	0		0
Total liabilities	0		0
Redeemable noncontrolling interests	0		0
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	(27,020,135)		(23,408,191)
Noncontrolling interests	0		0
Total equity	(27,020,135)		(23,408,191)
Total liabilities, noncontrolling interests, and equity	(27,020,135)		(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	275,498		119,112
Restricted cash	223		193
Tenant receivables	0		0
Deferred rent	0		0
Deferred leasing costs	0		0
Investments	0		0
Investments in and advances to affiliates	14,076,652		12,235,577
Other assets	69,236		56,353
Total assets	14,421,609		12,411,235
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0		0
Unsecured senior notes payable	6,042,831		4,292,293
Unsecured senior line of credit	343,000		208,000
Unsecured senior bank term loan			347,415
Accounts payable, accrued expenses, and other liabilities	129,971		111,282
Dividends payable	115,575		110,280
Total liabilities	6,631,377		5,069,270
Redeemable noncontrolling interests	0		0
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,790,232		7,341,965
Noncontrolling interests	0		0
Total equity	7,790,232		7,341,965
Total liabilities, noncontrolling interests, and equity	14,421,609		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	1,123		1,262
Investments in and advances to affiliates	12,685,103		10,949,631
Other assets	0		0
Total assets	12,686,226		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
Accounts payable, accrued expenses, and other liabilities	0		0
Dividends payable	0		0
Total liabilities	0		0
Redeemable noncontrolling interests	0		0
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	12,686,226		10,950,893
Noncontrolling interests	0		0
Total equity	12,686,226		10,950,893
Total liabilities, noncontrolling interests, and equity	12,686,226		10,950,893
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate	13,618,280		11,913,693
Investments in and advances to affiliates	340,190		237,507
Cash and cash equivalents	135,177		115,069
Restricted cash	42,072		37,756
Tenant receivables	10,668		9,798
Deferred rent	615,817		530,237
Deferred leasing costs	252,772		239,070
Investments	989,331		891,002
Investments in and advances to affiliates	258,380		222,983
Other assets	707,767		313,904
Total assets	16,970,454		14,511,019
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	351,852		630,547
Unsecured senior notes payable	0		0
Unsecured senior line of credit	0		0
Unsecured senior bank term loan			0
Accounts payable, accrued expenses, and other liabilities	1,111,305		870,425
Dividends payable	0		0
Total liabilities	1,463,157		1,500,972
Redeemable noncontrolling interests	12,099		10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	14,333,909		12,457,298
Noncontrolling interests	1,161,289		541,963
Total equity	15,495,198		12,999,261
Total liabilities, noncontrolling interests, and equity	$ 16,970,454		$ 14,511,019

Condensed Consolidated Financia

Condensed Consolidated Financials - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Income Statements
Revenue	$ 390,484	$ 341,823	$ 1,123,182	$ 986,996
Expenses:
Rental operations	116,450	99,759	323,640	283,438
General and administrative	27,930	22,660	79,041	68,020
Interest	46,203	42,244	128,182	117,256
Depreciation and amortization	135,570	119,600	404,094	352,671
Impairment of real estate	0	0	0	6,311
Loss on early extinguishment of debt	40,209	1,122	47,570	1,122
Total expenses	366,362	285,385	982,527	828,818
Equity in earnings of unconsolidated real estate joint ventures	2,951	40,718	5,359	42,952
Equity in earnings of affiliates	0	0	0	0
Investment income	(63,076)	122,203	41,980	220,294
Net (loss) income	(36,003)	219,359	187,994	421,424
Net income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(47,202)	213,636	160,724	403,996
Dividends on preferred stock	(1,173)	(1,301)	(3,204)	(3,905)
Preferred stock redemption charge	0	0	(2,580)	0
Net income attributable to unvested restricted stock awards	(1,398)	(3,395)	(4,532)	(6,010)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	(49,773)	208,940	150,408	394,081
Eliminations
Condensed Income Statements
Revenue	(6,283)	(5,464)	(17,130)	(15,866)
Expenses:
Rental operations	0	0	0	0
General and administrative	(6,283)	(5,464)	(17,130)	(15,866)
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of real estate				0
Loss on early extinguishment of debt	0	0	0	0
Total expenses	(6,283)	(5,464)	(17,130)	(15,866)
Equity in earnings of unconsolidated real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	(191,594)	(420,898)	(744,453)	(915,192)
Investment income	0	0	0	0
Net (loss) income	(191,594)	(420,898)	(744,453)	(915,192)
Net income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(191,594)	(420,898)	(744,453)	(915,192)
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge			0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	(191,594)	(420,898)	(744,453)	(915,192)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	6,523	5,017	16,755	14,106
Expenses:
Rental operations	0	0	0	0
General and administrative	27,488	21,803	78,291	66,694
Interest	44,120	37,236	120,826	100,470
Depreciation and amortization	1,929	1,506	5,344	4,830
Impairment of real estate				0
Loss on early extinguishment of debt	40,209	823	40,209	823
Total expenses	113,746	61,368	244,670	172,817
Equity in earnings of unconsolidated real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	60,021	269,987	388,639	562,707
Investment income	0	0	0	0
Net (loss) income	(47,202)	213,636	160,724	403,996
Net income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(47,202)	213,636	160,724	403,996
Dividends on preferred stock	(1,173)	(1,301)	(3,204)	(3,905)
Preferred stock redemption charge			(2,580)
Net income attributable to unvested restricted stock awards	(1,398)	(3,395)	(4,532)	(6,010)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	(49,773)	208,940	150,408	394,081
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0	0	0
Expenses:
Rental operations	0	0	0	0
General and administrative	0	0	0	0
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of real estate				0
Loss on early extinguishment of debt	0	0	0	0
Total expenses	0	0	0	0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0	0
Equity in earnings of affiliates	129,029	147,999	348,947	345,676
Investment income	(80)	111	33	487
Net (loss) income	128,949	148,110	348,980	346,163
Net income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	128,949	148,110	348,980	346,163
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge			0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	128,949	148,110	348,980	346,163
Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	390,244	342,270	1,123,557	988,756
Expenses:
Rental operations	116,450	99,759	323,640	283,438
General and administrative	6,725	6,321	17,880	17,192
Interest	2,083	5,008	7,356	16,786
Depreciation and amortization	133,641	118,094	398,750	347,841
Impairment of real estate				6,311
Loss on early extinguishment of debt	0	299	7,361	299
Total expenses	258,899	229,481	754,987	671,867
Equity in earnings of unconsolidated real estate joint ventures	2,951	40,718	5,359	42,952
Equity in earnings of affiliates	2,544	2,912	6,867	6,809
Investment income	(62,996)	122,092	41,947	219,807
Net (loss) income	73,844	278,511	422,743	586,457
Net income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	62,645	272,788	395,473	569,029
Dividends on preferred stock	0	0	0	0
Preferred stock redemption charge			0
Net income attributable to unvested restricted stock awards	0	0	0	0
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	62,645	272,788	395,473	569,029
Income from rentals
Condensed Income Statements
Revenue	385,776	336,547	1,112,143	976,996
Income from rentals | Eliminations
Condensed Income Statements
Revenue	0	0	0	0
Income from rentals | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	0	0	0	0
Income from rentals | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0	0	0
Income from rentals | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	385,776	336,547	1,112,143	976,996
Other income
Condensed Income Statements
Revenue	4,708	5,276	11,039	10,000
Other income | Eliminations
Condensed Income Statements
Revenue	(6,283)	(5,464)	(17,130)	(15,866)
Other income | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenue	6,523	5,017	16,755	14,106
Other income | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenue	0	0	0	0
Other income | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenue	$ 4,468	$ 5,723	$ 11,414	$ 11,760

Condensed Consolidating Finan_4

Condensed Consolidating Financials - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Statement of Comprehensive Income
Net income (loss)	$ (36,003)	$ 219,359	$ 187,994	$ 421,424
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	(79)	165	(1,763)	2,808
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	38	(1,432)	(1,777)	(3,241)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702	0	1,702	0
Unrealized gains (losses) on interest rate hedge agreements, net	1,661	(1,267)	(1,838)	(433)
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(2,076)	(59)	724	(3,631)
Unrealized (losses) gains on foreign currency translation, net	(2,076)	(59)	724	(3,631)
Total other comprehensive loss	(415)	(1,326)	(1,114)	(4,064)
Comprehensive income (loss)	(36,418)	218,033	186,880	417,360
Less: comprehensive income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(47,617)	212,310	159,610	399,932
Eliminations
Condensed Statement of Comprehensive Income
Net income (loss)	(191,594)	(420,898)	(744,453)	(915,192)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0	0	0
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	0	0	0	0
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0		0
Unrealized gains (losses) on interest rate hedge agreements, net	0	0	0	0
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income (loss)	(191,594)	(420,898)	(744,453)	(915,192)
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(191,594)	(420,898)	(744,453)	(915,192)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Statement of Comprehensive Income
Net income (loss)	(47,202)	213,636	160,724	403,996
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	(79)	165	(1,763)	2,808
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	38	(1,432)	(1,777)	(3,241)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702		1,702
Unrealized gains (losses) on interest rate hedge agreements, net	1,661	(1,267)	(1,838)	(433)
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive loss	1,661	(1,267)	(1,838)	(433)
Comprehensive income (loss)	(45,541)	212,369	158,886	403,563
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(45,541)	212,369	158,886	403,563
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Statement of Comprehensive Income
Net income (loss)	128,949	148,110	348,980	346,163
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0	0	0
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	0	0	0	0
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0		0
Unrealized gains (losses) on interest rate hedge agreements, net	0	0	0	0
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	0	0	0	0
Unrealized (losses) gains on foreign currency translation, net	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income (loss)	128,949	148,110	348,980	346,163
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	128,949	148,110	348,980	346,163
Combined Non- Guarantor Subsidiaries
Condensed Statement of Comprehensive Income
Net income (loss)	73,844	278,511	422,743	586,457
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	0	0	0	0
Reclassification adjustment for amortization expense (income) to interest expense included in net (loss) income	0	0	0	0
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0		0
Unrealized gains (losses) on interest rate hedge agreements, net	0	0	0	0
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(2,076)	(59)	724	(3,631)
Unrealized (losses) gains on foreign currency translation, net	(2,076)	(59)	724	(3,631)
Total other comprehensive loss	(2,076)	(59)	724	(3,631)
Comprehensive income (loss)	71,768	278,452	423,467	582,826
Less: comprehensive income attributable to noncontrolling interests	(11,199)	(5,723)	(27,270)	(17,428)
Comprehensive (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 60,569	$ 272,729	$ 396,197	$ 565,398

Condensed Consolidating Finan_5

Condensed Consolidating Financials - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income	$ (36,003)		$ 219,359	$ 187,994	$ 421,424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,570		119,600	404,094	352,671
Impairment of real estate	0		0	0	6,311
Loss on early extinguishment of debt	40,209		1,122	47,570	1,122
Equity in earnings of unconsolidated real estate JVs	(2,951)		(40,718)	(5,359)	(42,952)
Distributions of earnings from unconsolidated real estate joint ventures				2,607	430
Amortization of loan fees				6,864	7,870
Amortization of debt discounts (premiums)				(2,870)	(1,795)
Amortization of acquired below-market leases				(20,976)	(16,588)
Deferred rent				(79,835)	(75,960)
Stock compensation expense				33,401	25,209
Equity in earnings of affiliates	0		0	0	0
Investment income				(41,980)	(220,294)
Changes in operating assets and liabilities:
Tenant receivables				(886)	(807)
Deferred leasing costs				(34,374)	(42,821)
Other assets				(4,986)	(21,629)
Accounts payable, accrued expenses, and tenant security deposits				14,302	21,897
Net cash (used in) provided by operating activities				505,566	414,088
Investing Activities
Proceeds from sale of real estate				0	5,748
Additions to real estate				(914,722)	(663,688)
Purchases of real estate				(1,289,319)	(947,013)
Deposits returned for investing activities				1,899	2,500
Investments in subsidiaries				0	0
Acquisition of interest in unconsolidated joint venture				0	(35,922)
Investments in unconsolidated real estate joint ventures				(99,955)	(77,501)
Return of capital from unconsolidated real estate joint ventures				0	68,592
Additions to investments				(133,866)	(174,195)
Sales of investments				85,093	57,330
Net cash used in investing activities				(2,350,870)	(1,764,149)
Financing Activities
Borrowings from secured notes payable				0	17,784
Repayments of borrowings from secured notes payable				(304,455)	(155,155)
Proceeds from issuance of unsecured senior notes payable				2,721,169	899,321
Repayments of unsecured senior notes payable				(950,000)	0
Borrowings from unsecured senior line of credit				4,068,000	3,894,000
Repayments of borrowings from unsecured senior line of credit				(3,933,000)	(3,531,000)
Repayments of borrowings from unsecured senior bank term loan				(350,000)	(200,000)
Premium paid for early extinguishment of debt				(34,677)	0
Transfers to/from parent company				0	0
Payment of loan fees				(33,854)	(19,066)
Taxes paid related to net settlement of equity awards				(25,150)	0
Repurchase of Series D preferred stock				(9,240)	0
Proceeds from issuance of common stock				235,487	696,532
Dividends on common stock				(332,458)	(280,632)
Dividends on preferred stock				(3,138)	(3,905)
Contributions from and sales of noncontrolling interests				1,015,874	15,837
Distributions to and purchases of noncontrolling interests				(38,882)	(25,910)
Net cash provided by financing activities				2,025,676	1,307,806
Effect of foreign exchange rate changes on cash and cash equivalents				468	(1,051)
Net increase (decrease) in cash, cash equivalents, and restricted cash				180,840	(43,306)
Cash, cash equivalents, and restricted cash, beginning of period		$ 233,880	233,880	272,130	277,186
Cash, cash equivalents, and restricted cash, end of period	452,970	272,130	233,880	452,970	233,880
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized				125,164	99,638
Non-Cash Investing Activities
Change in accrued construction				12,128	69,654
Accrued construction for current-period additions to real estate				211,691	225,435
Assumption of secured notes payable in connection with purchase of properties				(28,200)	0
Right-of-use asset				267,559	0
Lease liability				(273,545)	0
Eliminations
Operating Activities
Net income	(191,594)		(420,898)	(744,453)	(915,192)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0		0	0	0
Impairment of real estate					0
Loss on early extinguishment of debt	0		0	0	0
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				0	0
Amortization of debt discounts (premiums)				0	0
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				0	0
Equity in earnings of affiliates	191,594		420,898	744,453	915,192
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 (used in) provided by operating activities				0	0
Investing Activities
Proceeds from sale of real estate					0
Additions to real estate				0	0
Purchases of real estate				0	0
Deposits returned for investing activities				0	0
Investments in subsidiaries				2,867,491	2,713,374
Acquisition of interest in unconsolidated joint venture					0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures					0
Additions to investments				0	0
Sales of investments				0	0
Net cash used in investing activities				2,867,491	2,713,374
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	0
Repayments 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
Repayments of borrowings from unsecured senior bank term loan				0	0
Premium paid for early extinguishment of debt				0
Transfers to/from parent company				(2,867,491)	(2,713,374)
Payment of loan fees				0	0
Taxes paid related to net settlement of equity awards				0
Repurchase of Series D preferred stock				0
Proceeds from issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from and sales of noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				(2,867,491)	(2,713,374)
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	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
Right-of-use asset				0
Lease liability				0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income	(47,202)		213,636	160,724	403,996
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,929		1,506	5,344	4,830
Impairment of real estate					0
Loss on early extinguishment of debt	40,209		823	40,209	823
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				6,601	6,685
Amortization of debt discounts (premiums)				(484)	587
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				33,401	25,209
Equity in earnings of affiliates	(60,021)		(269,987)	(388,639)	(562,707)
Investment income				0	0
Changes in operating assets and liabilities:
Tenant receivables				0	0
Deferred leasing costs				0	0
Other assets				(3,989)	(14,955)
Accounts payable, accrued expenses, and tenant security deposits				(537)	(4,371)
Net cash (used in) provided by operating activities				(147,370)	(139,903)
Investing Activities
Proceeds from sale of real estate					0
Additions to real estate				0	0
Purchases of real estate				0	0
Deposits returned for investing activities				0	0
Investments in subsidiaries				(1,452,436)	(1,453,711)
Acquisition of interest in unconsolidated joint venture					0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures					0
Additions to investments				0	0
Sales of investments				0	0
Net cash used in investing activities				(1,452,436)	(1,453,711)
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				2,721,169	899,321
Repayments of unsecured senior notes payable				(950,000)
Borrowings from unsecured senior line of credit				4,068,000	3,894,000
Repayments of borrowings from unsecured senior line of credit				(3,933,000)	(3,531,000)
Repayments of borrowings from unsecured senior bank term loan				(350,000)	(200,000)
Premium paid for early extinguishment of debt				(34,677)
Transfers to/from parent company				396,001	102,582
Payment of loan fees				(26,772)	(19,066)
Taxes paid related to net settlement of equity awards				(25,150)
Repurchase of Series D preferred stock				(9,240)
Proceeds from issuance of common stock				235,487	696,532
Dividends on common stock				(332,458)	(280,632)
Dividends on preferred stock				(3,138)	(3,905)
Contributions from and sales of noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				1,756,222	1,557,832
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash				156,416	(35,782)
Cash, cash equivalents, and restricted cash, beginning of period		94,734		119,305	130,516
Cash, cash equivalents, and restricted cash, end of period	275,721	119,305	94,734	275,721	94,734
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized				114,951	81,888
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
Right-of-use asset				0
Lease liability				0
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income	128,949		148,110	348,980	346,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0		0	0	0
Impairment of real estate					0
Loss on early extinguishment of debt	0		0	0	0
Equity in earnings of unconsolidated real estate JVs	0		0	0	0
Distributions of earnings from unconsolidated real estate joint ventures				0	0
Amortization of loan fees				0	0
Amortization of debt discounts (premiums)				0	0
Amortization of acquired below-market leases				0	0
Deferred rent				0	0
Stock compensation expense				0	0
Equity in earnings of affiliates	(129,029)		(147,999)	(348,947)	(345,676)
Investment income				(33)	(487)
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 (used in) provided by operating activities				0	0
Investing Activities
Proceeds from sale of real estate					0
Additions to real estate				0	0
Purchases of real estate				0	0
Deposits returned for investing activities				0	0
Investments in subsidiaries				(1,386,525)	(1,234,186)
Acquisition of interest in unconsolidated joint venture					0
Investments in unconsolidated real estate joint ventures				0	0
Return of capital from unconsolidated real estate joint ventures					0
Additions to investments				0	0
Sales of investments				172	420
Net cash used in investing activities				(1,386,353)	(1,233,766)
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	0
Repayments 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
Repayments of borrowings from unsecured senior bank term loan				0	0
Premium paid for early extinguishment of debt				0
Transfers to/from parent company				1,386,353	1,233,757
Payment of loan fees				0	0
Taxes paid related to net settlement of equity awards				0
Repurchase of Series D preferred stock				0
Proceeds from issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from and sales of noncontrolling interests				0	0
Distributions to and purchases of noncontrolling interests				0	0
Net cash provided by financing activities				1,386,353	1,233,757
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		0	9
Cash, cash equivalents, and restricted cash, end of period	0	0	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
Right-of-use asset				0
Lease liability				0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income	73,844		278,511	422,743	586,457
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133,641		118,094	398,750	347,841
Impairment of real estate					6,311
Loss on early extinguishment of debt	0		299	7,361	299
Equity in earnings of unconsolidated real estate JVs	(2,951)		(40,718)	(5,359)	(42,952)
Distributions of earnings from unconsolidated real estate joint ventures				2,607	430
Amortization of loan fees				263	1,185
Amortization of debt discounts (premiums)				(2,386)	(2,382)
Amortization of acquired below-market leases				(20,976)	(16,588)
Deferred rent				(79,835)	(75,960)
Stock compensation expense				0	0
Equity in earnings of affiliates	(2,544)		(2,912)	(6,867)	(6,809)
Investment income				(41,947)	(219,807)
Changes in operating assets and liabilities:
Tenant receivables				(886)	(807)
Deferred leasing costs				(34,374)	(42,821)
Other assets				(997)	(6,674)
Accounts payable, accrued expenses, and tenant security deposits				14,839	26,268
Net cash (used in) provided by operating activities				652,936	553,991
Investing Activities
Proceeds from sale of real estate					5,748
Additions to real estate				(914,722)	(663,688)
Purchases of real estate				(1,289,319)	(947,013)
Deposits returned for investing activities				1,899	2,500
Investments in subsidiaries				(28,530)	(25,477)
Acquisition of interest in unconsolidated joint venture					(35,922)
Investments in unconsolidated real estate joint ventures				(99,955)	(77,501)
Return of capital from unconsolidated real estate joint ventures					68,592
Additions to investments				(133,866)	(174,195)
Sales of investments				84,921	56,910
Net cash used in investing activities				(2,379,572)	(1,790,046)
Financing Activities
Borrowings from secured notes payable					17,784
Repayments of borrowings from secured notes payable				(304,455)	(155,155)
Proceeds from issuance of unsecured senior notes payable				0	0
Repayments 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
Repayments of borrowings from unsecured senior bank term loan				0	0
Premium paid for early extinguishment of debt				0
Transfers to/from parent company				1,085,137	1,377,035
Payment of loan fees				(7,082)	0
Taxes paid related to net settlement of equity awards				0
Repurchase of Series D preferred stock				0
Proceeds from issuance of common stock				0	0
Dividends on common stock				0	0
Dividends on preferred stock				0	0
Contributions from and sales of noncontrolling interests				1,015,874	15,837
Distributions to and purchases of noncontrolling interests				(38,882)	(25,910)
Net cash provided by financing activities				1,750,592	1,229,591
Effect of foreign exchange rate changes on cash and cash equivalents				468	(1,051)
Net increase (decrease) in cash, cash equivalents, and restricted cash				24,424	(7,515)
Cash, cash equivalents, and restricted cash, beginning of period		139,146		152,825	146,661
Cash, cash equivalents, and restricted cash, end of period	$ 177,249	$ 152,825	$ 139,146	177,249	139,146
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized				10,213	17,750
Non-Cash Investing Activities
Change in accrued construction				12,128	69,654
Accrued construction for current-period additions to real estate				211,691	$ 225,435
Assumption of secured notes payable in connection with purchase of properties				(28,200)
Right-of-use asset				267,559
Lease liability				$ (273,545)